RBI asks SBM Bank to stop all LRS transactions with immediate effect
Are fds done in this bank when they were providing like 0.50% extra safe?
@guest_999 @getready @bohemian @ZNZ @BAT_MAN
- Sort By
Stocks will be safe as far as I understand.
They will provide alternate way to withdraw and deposit the funds.
FD should be ensured by DICGC
There's only two foreign banks in India with WOS mode.
1) DBS
2) SBM
DBS is pretty good, with their investment banking, and services to big shopkeepers,wealthy persons, Servicewise I don't trust any mobile-only-account though I rarely visit any branch( Which is DBS digibank).
SBM is always doing a shady business, I never had trust on them. Any chindi person creating a chindi fintech company in the name of startup now a days and guess about those apps lending partner? SBM.
I did 3 FDs of 4,3 & 2 Lakhs in SBM bank but did not receive monthly interest for 1 of them this month..Received for other 2
SBM bank is used as an intermediary to fund the accounts of vested and indmoney. These funds are used to buy us stocks.
Its the same thing. First RBI imposed 3cr because of non-compliance and it seems the bank did nothing even after 3 years so RBI has lost its trust on the management and put an end to these transactions. No concern regarding other banking services
The Reserve Bank of India (RBI) has, by an order dated October 15, 2019, imposed a monetary penalty of ₹ 3 crore on SBM Bank (India) Ltd. for non-compliance by SBM Bank (Mauritius) Ltd. (amalgamated with SBM Bank (India) Ltd. on November 30, 2018) with certain provisions of directions issued by RBI on “Time-bound implementation and strengthening of SWIFT - related operational controls” and “Cyber Security Framework in Banks”.
Based on the findings of the scrutiny and taking into account that Indian undertaking of the said bank was amalgamated with SBM Bank (India) Ltd., a notice was issued to SBM Bank (India) Ltd. advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the reply received from SBM Bank (India) Ltd., oral submissions made in the personal hearing, and examination of additional submissions, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were sustained and warranted imposition of monetary penalty.
Reserve Bank of India imposes monetary penalty on SBM Bank (India) Ltd.
Not able to see option for creating FD on IndMoney app now, still safe to keep or time to exit?
Yes