Topic: RBI says no curbs in providing bank accounts to crypto traders (Read 174 times)

You are actually quoting the same article. Even OP has created the thread on the same basis. This RBI response in relation to the RTI filed by BV Harish. Although it confirms that RBI has accepted Supreme Court's verdict and no longer putting any restriction on banks to provide services to crypto users but no official announcement is published by RBI on its site yet.

Low level working of the banks is usually done on the basis of circulars and official PR issued by RBI. It is possible that banks are still declining clients from banking services citing previous RBI circular (dated 6th April 2018) because that's the most recent official circular they got. Unless RBI explicitly notify banks about the current position, we will keep hearing news where crypto users were declined of services by banks.

No RBI has officially announced Banks can allow bank accounts to crypto traders,Though banks like SBI,HDFC,KOTAK,ICICI has not given their official response but Unocoin co-founder BV Harish has confirmed.
Please read in below link
https://www.google.com/amp/s/www.moneycontrol.com/news/business/rbi-says-banks-can-provide-accounts-to-cryptocurrency-traders-report-5315021.html/amp

No, this is wrong statement. Citizens in India are now allowed to do any kind of legal transactions related to cryptocurrencies through their bank account, no matter private or business transactions, irrespective of size of transaction. Every Indian citizen is one hundred percent allowed to trade cryptocurrencies. There is no prohibition imposed on banks by either RBI or government as of now.


It is true that RBI didn't issue any public announcement after the Supreme Court judgement so there's a chance that few bankers were still unclear about legality. I haven't checked the recent announcements so I am unsure if RBI have made any announcement on the matter or not but anyhow banks are now liable to provide banking services to crypto users. They can't deny them from banking services on any ground provided users are indulged in legal business/trading.


The article you cited was written on 4th of May and RBI answered Unocoin Co-founder's request dated 22nd April on 25th May. So it usually takes around a month for public departments to answer people's question. Hence, every requester will get the answer sooner or later. Also RTI Act allows respondent to refrain from answering certain questions if the request doesn't fall under the definition of 'information' as per RTI Act. The question asked by ET was strategic and responding such question would have been speculative.

I had recently read a news where it was written that none of the banks are restricted to provide banking accounts to cryptocurrency traders.
Hence any crypto trader can open a bank account and the banks will have to provide their services to them.

Just did a research and found the article : https://cointelegraph.com/news/rbi-says-no-restrictions-on-banks-providing-accounts-to-crypto-traders

The word "no such prohibition exists" is not enough, this does not mean that you are allowed to trade, especially if we talk about big investments, exchange platforms, or activities related to cryptos.
In fact, many banks have complained that they have not been notified about lifting the ban on cryptocurrencies:


Also, some platforms contacted the banks, but they refused to provide banking services to them because of the lack of clarity by the regulator.

Read more ---> https://azcoinnews.com/india-crypto-exchanges-are-seeking-clarity-on-their-taxation-obligations-from-rbi.html

An RTI was filed by Harish BV, Co-founder of Unocoin.

Question: Does RBI prohibited any banks from providing the bank accounts to crypto exchanges or crypto traders ?

Answer from RBI: As on date no such prohibition exist.

RTI Screenshot:

News Coverage: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/rbi-says-no-curbs-in-providing-bank-accounts-to-crypto-traders/articleshow/75990202.cms