REGULATING COMMERCIAL BANKING

Banks are fundamental to the nation's financial system. The central bank has a critical role to play in ensuring the safety and soundness of the banking system-and in maintaining financial stability and public confidence in this system.

Press Release

(293 kb)

Date : Jan 23, 2023

Action against SBM Bank (India) Ltd., under sections 35 A and 36(1)(a) of the Banking Regulation Act, 1949

The Reserve Bank of India has today, in exercise of its powers under sections 35A and 36(1)(a) of the Banking Regulation Act, 1949, directed SBM Bank (India) Ltd to stop, with immediate effect, all transactions under Liberalised Remittance Scheme (LRS) till further orders.

This action is based on certain material supervisory concerns observed in the bank.

(Yogesh Dayal)
Chief General Manager

Press Release: 2022-2023/1597

2024