New Delhi, June 4 -- The US Federal Reserve on Tuesday announced that Wells Fargo will no longer be subjected to asset growth restrictions that the regulator imposed on the bank in 2018, following its long-running fake accounts scandal.

The Fed said in a statement on Tuesday that Wells Fargo met all conditions required to remove the restriction. The central bank completed its review of Wells Fargo's remediation efforts and third-party assessments, as well as the Fed's own assessment of the bank's corporate governance and risk management programmes.

The asset cap was put in place after Wells Fargo was accused of inflating its growth by pressuring its employees to open millions of unauthorised accounts to hit sales targets.

The staff for...