RBI bans SBM India from allowing foreign remittances

In a short press release on its website the RBI said that the action against the bank “is based on certain material supervisory concerns observed in the bank,” without giving any details. It is unclear as to what instances triggered the RBI action, tough Mauritius’ status as a tax haven has always invoked suspicion on outflows to the country.

RBI bans SBM India from allowing foreign remittances
In a short press release on its website the RBI said that the action against the bank “is based on certain material supervisory concerns observed in the bank,” without giving any details. It is unclear as to what instances triggered the RBI action, tough Mauritius’ status as a tax haven has always invoked suspicion on outflows to the country.