India's Private Bank HDFC Revises Its Crypto Warning

The customers of the HDFC Bank are officially asked to Ignore the previous warning letter about dealing in cryptocurrency transactions

According to the sources, the previous notice had cited a 2018 circular by the Reserve Bank of India (RBI) which was later struck down by the Supreme Court in 2020. However, earlier this week the Reserve Bank Of India (RBI) voiced that banks should not refer to the said circular to caution customers about trading in cryptocurrency.

Moreover, after receiving the circular issued by the Reserve Bank Of India (RBI), HDFC Bank wrote to their customers, “We wish to update you that in the light of the advisory issued by RBI…dated May 31, 2021, on ‘Customer Due Diligence for transactions in Virtual Currencies’, we request you to ignore our earlier communication dated May 28, 2021,” according to the email. “Inconvenience caused is regretted.”

Seemingly, a cryptocurrency trader from Rajasthan, who received the email from HDFC bank on Thursday, pitched: “Feeling relieved. I did not think that another email was going to come again from the bank.”

Nevertheless, with several banks including ICICI Bank, Yes Bank, and IndusInd Bank, cutting access, exchanges were operating by taking deposits manually and collaborating with mobile wallet MobiKwik.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.