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The Reserve Bank of India has partially relaxed restrictions on SBM Bank India by allowing ATM/POS transactions under Liberalised Remittance Scheme (LRS) through its KYC compliant internationally active debit cards. This relaxation, available only till March 15, has been made to provide relief to affected customers of the bank, RBI said on Tuesday.
On January 23, RBI had asked SBM Bank (India), the Indian subsidiary of State Bank of Mauritius, to immediately stop transactions under LRS, following certain material supervisory concerns observed in the bank.
RBI said the bank has since initiated corrective action and made submission for relaxation of
