Two British banks, a Swiss lender, and an Emirates institution severed ties with over two dozen Indians in the last two months. These individuals had initially opened accounts under the RBI’s Liberalised Remittance Scheme (LRS), allowing up to $250,000 annual investment. Some offshore banks demand a minimum balance exceeding $1 million, urging clients to use wealth management for investments, as banks earn fees, incentivizing client retention despite shrinking account balances.
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