Impact of RBI order on US Investing via Vested Finance
We are reaching on the behalf of Vested Finance, this is in reference to RBIs recent order instructing the State Bank of Mauritius (SBM India) to halt all transactions under the Liberalized Remittance Scheme (LRS) until further notice.
And as you may know Vested Finance’s cost-effective instant funding product Vested Direct is powered by SBM India. As a result, Vested Finance will pause processing fresh deposits via Vested Direct. In the meantime Vested users can use their existing bank accounts to deposit USD into their Vested brokerage accounts. Vested Finance team is working towards enabling other easy deposit options via Vested Direct.
Vested Finance team says “However, the introduction of this ruling means we will not be processing any new deposits using Vested Direct in the interim. Our banking partners believe that it is a matter of time before they can start processing remittances again and that all remittances made through our processes till now have been compliant with the appropriate regulations. We are working hard to provide another low-cost and digital deposit solution on the Vested platform. We will keep you posted on any new updates as soon as we receive them.”
We are reaching on the behalf of Vested Finance, this is in reference to RBIs recent order instructing the State Bank of Mauritius (SBM India) to halt all transactions under the Liberalized Remittance Scheme (LRS) until further notice.
And as you may know Vested Finance’s cost-effective instant funding product Vested Direct is powered by SBM India. As a result, Vested Finance will pause processing fresh deposits via Vested Direct. In the meantime Vested users can use their existing bank accounts to deposit USD into their Vested brokerage accounts. Vested Finance team is working towards enabling other easy deposit options via Vested Direct.
Vested Finance team says “However, the introduction of this ruling means we will not be processing any new deposits using Vested Direct in the interim. Our banking partners believe that it is a matter of time before they can start processing remittances again and that all remittances made through our processes till now have been compliant with the appropriate regulations. We are working hard to provide another low-cost and digital deposit solution on the Vested platform. We will keep you posted on any new updates as soon as we receive them.”
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