Banks have issued warnings to customers conducting cryptocurrency transactions. The notice states that action will be taken, including cancellation of the account, if transactions continue in virtual currency.
HDFC Bank, SBI The Reserve Bank of India (RBI) has issued an e-mail notification to its customers on cryptocurrency transactions.
Virtual Currency Transactions HDFC said that they should go to the nearest bank branch and give an explanation in this regard. Bank’s recommendation. In case of default, the transactions in the account will be restricted.
SBI said in a statement that it was concerned about the challenges posed by virtual currency transactions. SBI on Virtual Currency Platforms It has also been clarified that the card will be canceled if the card is used.
Although the Reserve Bank order was quashed by the Supreme Court in March 2020, the RBI did not comply. No new order has been issued or the existing one has been modified. The ambiguity caused by this remains. As such, banks have decided to stay away from services related to illegal cryptocurrencies.
Major banks and financial institutions in India have withdrawn their services to cryptocurrency transactions. Consumers have been notified as a result. Despite the Supreme Court ruling that the Reserve Bank’s recommendations are important to banks, the RBI has not. Bank officials said the order had not been amended. RBI, It is learned that the banks have decided to follow it till the order is changed.