You are here: Home » Finance » News » Banks
Need to create specialised SME digital bank: Co-founder of Biz2Credit
icon-arrow-left
Business Standard

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

Topics
RBI | Banks

Reuters  |  Bengaluru 



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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, January 23 2023. 19:25 IST

RECOMMENDED FOR YOU

.