state bank of mauritius

ETtech Explainer: how are fintechs impacted by RBI’s ban on SBM Bank’s forex transactions

Bhupender Saini Jan 31, 2023

The Reserve Bank of India (RBI) recently ordered State Bank of Mauritius (SBM)’s Indian subsidiary SBM Bank (India) Ltd to stop processing any international remittances under the liberalised remittance scheme (LRS) after discovering…

Technology

Vested Finance halts fresh deposits on Vested Direct as RBI clamps down on SBM Bank

Bhupender Saini Jan 25, 2023

Vested Finance, which helps Indian investors invest in US stocks, has paused processing of fresh deposits via Vested Direct, its rupee wallet that allows customers to load dollars into the platform’s US brokerage account, the fintech…