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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.
