BANKING & FINANCE :
RBI asks SBM Bank to stop all remittance transactions under LRS
- The Reserve Bank of India (RBI) has directed the SBM Bank (India) Ltd to stop all Liberalised Remittance Scheme (LRS) transactions with immediate effect till further orders.
- The RBI under sections 35A and 36(1)(a) of the Banking Regulation Act, 1949, has directed SBM Bank to stop LRS transactions.
