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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/01\/23\/india-central-bank-orders-sbm-local-unit-to-stop-outward-remittance-transactions\/<\/a><\/br> 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 <\/br><\/br><\/br><\/p>\n
\nIndia central bank orders SBM local unit to stop outward remittance transactions<\/br>
\n2023-01-23 22:15:33<\/br><\/p>\n