RBI orders SBM Bank to stop transactions under remittance scheme
The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year
 "Reserve Bank of India, RBI")
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A security personal outside Reserve Bank of India (RBI) headquarters, in Mumbai (PTI Photo)
The Reserve Bank of India on Monday ordered SBM Bank (India) Ltd to stop all transactions under the liberalised remittance scheme until further orders after the regulator found "material supervisory concerns" in the bank.
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Topics : Remittance RBI Banks