Friday, 24 March, 2023

RBI orders SBM Bank to stop transactions under remittance scheme

<p>India&#39;s central bank has directed SBM Bank India to stop all outward remittance transactions. The decision is a blow to the bank and many of its fintech partners that offer services allowing users to invest in foreign services. Some of these startups are already working to partner with an alternative bank, a source said. SBM Bank India is one of the most fintech-friendly startups and has tie ups with dozens of young firms.</p>