The Reserve Bank of India (RBI) has partially relaxed the restrictions it recently imposed on SBM Bank (India) Ltd by allowing ATM/POS transactions under Liberalised Remittance Scheme (LRS) through KYC-compliant internationally active debit cards issued by the bank.
RBI had, on January 23, 2023, directed the Bank to stop, with immediate effect, all transactions under LRS till further orders. The Central bank’s order was based on certain material supervisory concerns observed in the bank.
“The bank has since initiated corrective actions and made submission for relaxation of the restrictions. Based on the submission and also to provide relief to the affected customers of the bank, it has been decided to partially relax the restrictions…,” RBI said in a statement.
The Central bank said the relaxation is up to March 15, 2023, or until further orders, whichever is earlier.