{"id":17899,"date":"2023-01-23T22:15:33","date_gmt":"2023-01-23T22:15:33","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/"},"modified":"2023-01-23T22:15:34","modified_gmt":"2023-01-23T22:15:34","slug":"india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/","title":{"rendered":"India central bank orders SBM local unit to stop outward remittance transactions"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/<\/a><\/br>
\nIndia central bank orders SBM local unit to stop outward remittance transactions<\/br>
\n2023-01-23 22:15:33<\/br><\/p>\n

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India\u2019s central bank has directed SBM Bank India to stop all outward remittance transactions in a blow to the bank and many of its fintech partners that offer services allowing users to invest in foreign services.<\/p>\n

The Reserve Bank of India (RBI) said in a brief statement Monday that it has ordered SBM Bank India to stop all transactions under Liberalised Remittance Scheme (LRS) till further orders.<\/p>\n

LRS is a set of guidelines by the RBI that enable Indian residents to remit capital overseas.<\/p>\n

\u201cCertain material supervisory concerns\u201d at the bank prompted the central bank to reach the decision, RBI said.<\/p>\n

SBM Bank India is one of the most fintech-friendly startups and has tie ups with dozens of young firms.<\/p>\n

A number of startups \u2014 including INDMoney, Vested and NiYO Global, according to descriptions on their websites \u2014 have tieups with the bank to offer their customers a number of features, including forex transactions and the ability to purchase foreign stocks.<\/p>\n

Some of these startups are already working to partner with an alternative bank, according to a source familiar with the matter.<\/p>\n

SBM Bank India was in talks late last year to raise between $50 million to $75 million<\/a> at a pre-money valuation of about $200 million, TechCrunch reported earlier.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/ India central bank orders SBM local unit to stop outward remittance transactions 2023-01-23 22:15:33 India\u2019s central bank has directed SBM Bank India to stop all outward remittance transactions in a blow to the bank and many of its fintech partners that offer services allowing users to invest in foreign services. The Reserve Bank of […]<\/p>\n","protected":false},"author":1,"featured_media":17900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-17899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nIndia central bank orders SBM local unit to stop outward remittance transactions - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India central bank orders SBM local unit to stop outward remittance transactions - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/ India central bank orders SBM local unit to stop outward remittance transactions 2023-01-23 22:15:33 India\u2019s central bank has directed SBM Bank India to stop all outward remittance transactions in a blow to the bank and many of its fintech partners that offer services allowing users to invest in foreign services. The Reserve Bank of […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Science and Nerds\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-23T22:15:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-23T22:15:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scienceandnerds.com\/wp-content\/uploads\/2023\/01\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions_63cf0705a4de1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"601\" \/>\n\t<meta property=\"og:image:height\" content=\"399\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/\",\"url\":\"https:\/\/scienceandnerds.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/\",\"name\":\"India central bank orders SBM local unit to stop outward remittance transactions - 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