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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

A security personal outside Reserve Bank of India (RBI) headquarters, in Mumbai (PTI Photo)
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A security personal outside Reserve Bank of India (RBI) headquarters, in Mumbai (PTI Photo)

Reuters Bengaluru
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.
 
The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year.

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First Published: Jan 23 2023 | 7:25 PM IST

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