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KYC Concerns Likely Led To RBI Restrictions On SBM Bank India — BQ Exclusive
SBM Bank India allowed foreign remittances by Indian residents through tie-ups with fintech partners.
24 Jan 2023, 11:17 PM IST
Know your customer norms became the speed bump on which SBM Bank India faced regulatory strictures, according to two people with direct knowledge of the matter.The Reserve Bank of India on Monday restricted SBM Bank India from using the liberalised remittance scheme for transactions with immediate effect. "This action is based on certain material supervisory concerns observed in the bank," the regulator said in a short statement on i...
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