RBI directs SBM Bank to stop outward remittance business
SBM Bank India is a subsidiary of the State Bank of Mauritius and became the first foreign bank to receive a universal banking licence under an Indian scheme for wholly owned subsidiaries, which allowed foreign lenders to compete with Indian banks.
New Delhi: The Reserve Bank of India (RBI) on Monday barred SBM Bank (India) Ltd from undertaking outward remittance transactions till further orders.
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