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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.

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