India's biggest banks weigh their options, hold off on servicing crypto firms in wake of Supreme Court ruling

Quick Take

  • Major banks in India have not yet begun servicing crypto exchanges after the Supreme Court’s ruling earlier this week.
  • Shekhar Bhandari, president of global transaction banking at Kotak Mahindra Bank, told The Block: “We will be guided by the Reserve Bank of India’s (RBI’s) directions on the matter and once we get clarity we will act appropriately.” 
  • The RBI is reportedly planning to file a review petition on the ruling.
Major banks in India have not yet begun servicing crypto exchanges after the Supreme Court's ruling earlier this week.

Subscribe to The Block News+ to
Unlock this Feature

Choose Your Plan

Save $ vs. paying monthly


per year
Join Now


per month
Join Now


If you want to know more about what you get with a Membership, or you need help convincing your manager, we got you covered. You can find the details and learn more about the benefits by clicking the link below.

Trending Stories


With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians. 
Read Full Story
Sponsored Post

NYC mayor Eric Adams receives first paycheck in the form of BTC and ETH

Eric Adams, the mayor of New York City, made good on a previous pledge by receiving via automatic conversion his first paycheck in the form of cryptocurrency. According to a Thursday morning statement from the mayor’s office, Adams’ paycheck was converted into BTC and ETH.  “New York is the center of the world, and we […]
Read Full Story
Jan 20, 2022, 3:23PM UTC