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Topic: Small Indian banks have banned cryptocurrency accounts (Read 87 times)
On June 24, the Reserve Bank of India recently clarified that its old notice prohibiting payments related to cryptocurrencies is no longer valid. People familiar with the matter said that although the National Bank of India, HDFC Bank, Axis Bank and ICICI Bank and other large banks are still reluctant to provide services, some smaller banks such as IDFC Bank have begun to provide services for some exchanges. Now, more and more small banks feel that the market is sluggish and have banned cryptocurrency accounts.
So ICICI bank is still providing the service?
I've heard about PayTm company in india has their own bank or atleast i heard about it, And i've seen option of payment on Bitrefill and some other websites.
Is it allowed to make crypto payments in them?
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Hopefully, that is just for temporary so in the future, the Indian banks can reopen that things. If someone break their regulation as @jrrsparkles say, the banks can block even ban the accounts.
I agree with @jrrsparkles suggest to moves your bank and search for the other banks. Or you can use the third party services that can help you to convert your crypto to fiat and send that money to your bank account. By doing that, it will not make the banks suspicious if you are trying to break their regulation.
I agree with @jrrsparkles suggest to moves your bank and search for the other banks. Or you can use the third party services that can help you to convert your crypto to fiat and send that money to your bank account. By doing that, it will not make the banks suspicious if you are trying to break their regulation.
On June 24, the Reserve Bank of India recently clarified that its old notice prohibiting payments related to cryptocurrencies is no longer valid. People familiar with the matter said that although the National Bank of India, HDFC Bank, Axis Bank and ICICI Bank and other large banks are still reluctant to provide services, some smaller banks such as IDFC Bank have begun to provide services for some exchanges. Now, more and more small banks feel that the market is sluggish and have banned cryptocurrency accounts.
I thought that things have became calm now in India as the RBI has no longer banned bitcoin. But if these small banks banned crypto accounts, it's already out of the power of the government.They have all the means to ban crypto accounts if they think that it's against to their banking service and they find it awful.
On June 24, the Reserve Bank of India recently clarified that its old notice prohibiting payments related to cryptocurrencies is no longer valid. People familiar with the matter said that although the National Bank of India, HDFC Bank, Axis Bank and ICICI Bank and other large banks are still reluctant to provide services, some smaller banks such as IDFC Bank have begun to provide services for some exchanges. Now, more and more small banks feel that the market is sluggish and have banned cryptocurrency accounts.
Banks may have their own terms and conditions, if their terms are breaking the laws of their central bank then you need to file a case against the banks which are violating the central bank guidelines. Anyway which is also not going to work since government will support the banks not the people and the justice is on the hands of leaders.So change your bank and move your deposit to the banks which is accepting bitcoin and cryptocurrency trading.
On June 24, the Reserve Bank of India recently clarified that its old notice prohibiting payments related to cryptocurrencies is no longer valid. People familiar with the matter said that although the National Bank of India, HDFC Bank, Axis Bank and ICICI Bank and other large banks are still reluctant to provide services, some smaller banks such as IDFC Bank have begun to provide services for some exchanges. Now, more and more small banks feel that the market is sluggish and have banned cryptocurrency accounts.
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