The Reserve Bank of India has today, in exercise of its powers under sections 35A and 36(1)(a) of the Banking Regulation Act, 1949, directed SBM Bank (India) Ltd to stop, with immediate effect, all transactions under Liberalised Remittance Scheme (LRS) till further orders.

This action is based on certain material supervisory concerns observed in the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/1597