Jump to content

Indian Banking Services Warn Customers in Dealing With Cryptocurrencies - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

Indian Banking Services Warn Customers in Dealing With Cryptocurrencies

Recommended Posts

India’s SBI Card and HDFC Bank have sent warning emails to their customers dealing with cryptocurrencies. As shared on Twitter, the warning email cites a blanket ban regulation from RBI in 2018, which India’s apex court later struck down. Yet, customers are warned of blocking banking services if they continue.

Indian Banks Hesitate to Support Cryptocurrencies

Just as we saw a couple of years ago, Indian banks are warning and blocking services to those who’re dealing in cryptocurrencies. The latest comes from HDFC Bank and SBI Card customers, where they inform on Twitter about receiving warning emails for dealing in cryptocurrencies.

Both the HDFC Bank and SBI Card have cited the same notice of RBI’s ban from June 2018, where it warned and recommended cutting banks to cut off from those providing cryptocurrency services. Some of the cryptocurrency exchanges shut down, while others introduced a peer-to-peer system for transactions.

The RBI’s decision was turned over by India’s Supreme court in March 2020, as they have failed to explain what degradation these virtual tokens are doing to the financial economy. While this resumed the banking services to cryptocurrency exchanges, banks are still reluctant to offer support for them.

And this continues even today, as we see top financial service providers – HDFC Bank and SBI Card warning customers on dealing with cryptocurrencies. In the email sent out by HDFC Bank, it said, “To comply with the regulatory guidelines (RBI vide guidelines DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 06, 2018), the Banks are advised to exercise due diligence by closely examining the transactions carried out in the account on an ongoing basis.”

Similarly, customers of SBI Card received emails stating, “Please note, usage of credit card for transactions on virtual currency merchant platforms may lead to suspension/cancellation of your SBI Credit Card in terms of the Cardholder Agreement.” This comes as a surprise to many as the RBI notice cited by their banks was overturned but wasn’t considered.

Also, earlier this month, we’ve seen many cryptocurrency exchanges took offline the option to deposit INR through IMPS, RTGS, and NEFT due to issues with partner banks. This forced them to switch back to the peer-to-peer model once again.

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -


Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

  • Create New...

Important Information

By using this site, you agree to our Terms of Use.