The Reserve Bank of India (RBI) recently ordered State Bank of Mauritius (SBM)’s Indian subsidiary SBM Bank (India) Ltd to stop processing any international remittances under the liberalised remittance scheme (LRS) after discovering “material supervisory concerns”.
“RBI, in the exercise of its powers under sections 35A and 36(1)(a) of the Banking Regulation Act, 1949, directed SBM Bank…
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