Synopsis
Several other banks, including ICICI Bank, Yes Bank and IndusInd Bank, have also in recent weeks pulled the plug on the business accounts of crypto exchanges, instructed payment gateways to not work with exchanges and blocked exchanges’ ability to accept rupee deposits.
Leading Indian banks are clamping down on customers using bank accounts for cryptocurrency transactions.
Over the past few months, HDFC Bank and State Bank of India – to name two such lenders – have sent official notices to many customers warning them of curbs – including permanent closure of accounts.
“Kindly clarify the nature of these transactions…within 30 days,” according to one such communication from HDFC Bank.
A letter from SBI Card
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