SBM Group has received Reserve Bank of Indias approval to operate in the country through a wholly-owned subsidiary route. SBM Group based in

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route. SBM Group based in

A	China
B	Japan
C	Russia
D	Mauritius

Explanation:

Detailed explanation-1: -An SBM Bank (India) spokesperson in a statement said the RBI has permitted the bank’s customers (KYC-compliant accounts) to use their debit cards for physical purchase at merchant outlet and ATM cash withdrawal overseas till March 15, 2023.

Detailed explanation-2: -SBM Bank (India) Ltd. is a step-down subsidiary of SBM Holdings Ltd, a listed entity in the Mauritius Stock exchange, promoted by the Government of Mauritius, brought its rich experience to India by setting up the Indian Operations in 1994.

Detailed explanation-3: -The Reserve Bank of India on January 23, 2023 had directed SBM Bank (India) Ltd to stop, with immediate effect, all transactions under Liberalised Remittance Scheme (LRS) till further orders. The order was based on certain material supervisory concerns observed in the bank.

There is 1 question to complete.