India central bank orders SBM local unit to stop outward remittance transactions

India’s 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 India 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.
LRS is a set of guidelines by the RBI that enable Indian residents to remit capital overseas.
“Certain material supervisory concerns” at the bank prompted the central bank to reach the d

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