RBI eases restrictions on SBM Bank India
- ByStartupStory | February 1, 2023
The Reserve Bank of India (RBI) has partially eased the restrictions it recently imposed on SBM Bank (India) Ltd (State Bank of Mauritius) by allowing ATM/POS transactions under the Liberalised Remittance Scheme (LRS) through the bank’s KYC-compliant internationally active debit cards.
On January 23, 2023, the RBI directed the bank to halt all LRS transactions with immediate effect until further orders were issued. The order was issued by the Central Bank in response to certain material supervisory concerns identified in the bank.
“The bank has since initiated corrective actions and made submission for relaxation of the restrictions. Based on the submission and also to provide relief to the affected customers of the bank, it has been decided to partially relax the restrictions,” RBI said in a statement.
The Central bank said the relaxation is till March 15, 2023, or until further orders, whichever is earlier.
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