RBI imposes monetary penalty on SBM Bank (India) Limited
The penalty has been imposed by the RBI under the provisions of section 47 A(1)(c) read with sections 46(4)(i) of the Banking Regulation Act, 1949.
The Reserve Bank of India (RBI) has, by an order dated April 10, 2024, imposed a monetary penalty of Rs 88.70 lakh (Rupees Eighty Eight Lakh Seventy Thousand only) on SBM Bank (India) Ltd. for non-compliance with licensing conditions imposed by the RBI, and specific RBI directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect.
The action is based on the supervisory findings of non-compliance with RBI directions and conditions and related correspondence.
The penalty has been imposed by the RBI under the provisions of section 47 A(1)(c) read with sections 46(4)(i) of the Banking Regulation Act, 1949.
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