SBM Bank (India) has been instructed by the Reserve Bank of India (RBI) to cease all transactions under the Liberalized Remittance Scheme (LRS) until further notice. SBM Holdings released a statement from its board of directors today, January 24, 2023.
According to SBM Holding Ltd, it is completely committed to working with the RBI to address any LRS-related concerns. Over the years, SBM (India) Limited (SBMBI or the BANK) has drawn an increasing number of domestic Indian resident clients interested in transacting internationally under the LRS. As SBMBI feels it is in conformity with the Banking Regulations Act and Foreign Exchange Regulations, it is currently in discussions with the RBI.
Here is the communiqué of SBM Holdings:
