RATE Group | Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify
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Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify

15 Mar Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify

Posted at 08:34h in Cryptocurrency News by

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Some Indian Banks Ignore Supreme Court Verdict on Cryptocurrency, RBI Urged to Rectify

Despite the Indian supreme court quashing the central bank’s ban on crypto, some major banks, including HDFC and Indusind Bank, are still arbitrarily declining to process crypto transactions. Banks say they are waiting for instructions to lift the ban from the Reserve Bank of India (RBI).

Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

Some Major Banks Still Decline Crypto Transactions

The Indian cryptocurrency community’s dispute with the central bank, the Reserve Bank of India (RBI), over the banking ban continues. Even though on March 4, the Indian Supreme Court squashed the RBI’s circular, some banks are still refusing to reopen accounts for crypto businesses.

In an attempt to rectify the situation, Mohammed Danish of Indian law firm Fintech Lawyers sent a letter to Finance Secretary Ajay Bhushan Pandey and two RBI officers regarding this “arbitrary denial of…

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