Neobank Niyo users bear the brunt, as partner SBM Bank India comes under RBI radar

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Fintech startup Niyo has become an unexpected collateral damage a day after the Reserve Bank of India (RBI) ordered the State Bank of Mauritius (SBM) India to cease all transactions under the Liberalised Remittance Scheme (LRS).

citing significant supervisory concerns, the RBI ordered SBM Bank India to halt all related transactions until further orders on January 23. According to reports, the action directly impacted neobank Niyo, which manages the “Niyo Global Card” in collaboration with SBM Bank. As inquiries about the status of the travel debit card poured in online and on its community page, Niyo responded with its own set of clarifications.

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Neobank Niyo users bear the brunt, as partner SBM Bank India comes under RBI radar

Fintech startup Niyo has become an unexpected collateral damage a day after the Reserve Bank of India (RBI) ordered the State Bank of Mauritius (SBM) India to cease all transactions under the Liberalised Remittance Scheme (LRS).

citing significant supervisory concerns, the RBI ordered SBM Bank India to halt all related transactions until further orders on January 23. According to reports, the action directly impacted neobank Niyo, which manages the “Niyo Global Card” in collaboration with SBM Bank. As inquiries about the status of the travel debit card poured in online and on its community page, Niyo responded with its own set of clarifications.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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