Major Indian Bank Threatens to Close Accounts of Users Transacting in Crypto: Report

Kotak Mahindra Bank — India's second largest private sector bank by market cap — is allegedly requiring account holders to refrain from dealings in cryptocurrency. The claim was made by Twitter user “Indian CryptoGirl” (@Desicryptohodlr) in a tweet posted Jan. 8.According to the screenshot provided in Indian CryptoGirl’s tweet, Kotak Mahindra Bank makes explicit reference to the Reserve Bank of India’s (RBI) regulations in its apparent terms and conditions for account holders, which allegedly demand consent to the following:“Basis [sic] the regulations issued by RBI, I hereby declare that I will not deal with any transactions related to cryptocurrency including bitcoins. I also understand and agree that the bank reserves all right to close my account without further intimation in case I am found to undertake such transactions.”In April 2018, India’s central bank, the RBI prohibited all domestic banks from providing services to crypto-related businesses, but the legal status of…

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