India’s SBI Card and HDFC Bank have sent warning emails to their customers dealing with cryptocurrencies. As shared on Twitter, the warning email cites a blanket ban regulation from RBI in 2018, which India’s apex court later struck down. Yet, customers are warned of blocking banking services if they continue.
Indian Banks Hesitate to Support Cryptocurrencies
Just as we saw a couple of years ago, Indian banks are warning and blocking services to those who’re dealing in cryptocurrencies. The latest comes from HDFC Bank and SBI Card customers, where they inform on Twitter about receiving warning emails for dealing in cryptocurrencies.
Both the HDFC Bank and SBI Card have cited the same notice of RBI’s ban from June 2018, where it warned and recommended cutting banks to cut off from those providing cryptocurrency services. Some of the cryptocurrency exchanges shut down, while others introduced a peer-to-peer system for transactions.
The RBI’s decision was turned over by India’s Supreme court in March 2020, as they have failed to explain what degradation these virtual tokens are doing to the financial economy. While this resumed the banking services to cryptocurrency exchanges, banks are still reluctant to offer support for them.
@HDFC_Bank I received an email threatening withdrawal of banking services because I purchased some crypto. Email cites 2018 RBI guidelines which were quashed by Supreme Court last year. Given crypto being deliberated by law makers, is this not harassment? pic.twitter.com/E3CAPx7hL4 — Sanat Mehrotra (@sanatmehrotra) May 28, 2021
