RBI bans SBM India from allowing foreign remittances
The Reserve Bank of India has banned State Bank of Mauritius (SBM)'s Indian subsidiary SBM Bank (India) Ltd from processing any foreign exchange remittances abroad under the so called Liberalised Remittance Scheme (LRS) till further orders.In a short press release on its website the RBI said that the action against the bank "is based …
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