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    Question

    Recently RBI has asked which of the following bank to

    immediately stop transactions under the Liberalised Remittance Scheme (LRS) until further notice?
    A Standard Chartered Bank Correct Answer Incorrect Answer
    B HDBC Bank Correct Answer Incorrect Answer
    C Axis Bank Correct Answer Incorrect Answer
    D SBM Bank Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India has asked SBM Bank (India), the Indian subsidiary of State Bank of Mauritius (SMB), to immediately stop transactions under the Liberalised Remittance Scheme (LRS) until further notice.The action was based on certain material supervisory concerns observed in the bank.

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