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Cryptocurrency

Indian banks are discouraging customers from using cryptocurrencies

Cryptocurrencies seem less and less welcome in India as banks are now reportedly making clients promise not to use their accounts for any cryptocurrency-related transactions. This news comes after Reserve Bank of India’s recent decision to prohibit other banks from providing services to cryptocurrency businesses.

Twitter user Indian CryptoGirl (@DesiCryptoHodlr) has shared the screenshot of Kotak Mahindra Bank’s new terms and conditions, which require a user to declare they “will not deal with any transactions related to Crypto-currency including Bitcoins,” and they agree to the bank having the right to close their account “without further information” if found engaging in any cryptocurrency-related transactions.

Although cryptocurrencies have not been completely banned by RBI, its stance against tokens is quite clear.