Indian Bank forces customers to accept anti-cryptocurrency policies

January 11, 2019 Cryptocurrency

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Regulations

According to reports, an Indian bank would force customers to agree that they "will not deal with any cryptocurrency transaction, including bitcoins," when they register for an account. In addition, there are reports of banks blocking the accounts of their existing customers if it turns out that they have carried out cryptographic transactions.

Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations

Account opening agreement

Among the bank restrictions imposed by the Indian central bank, the Reserve Bank of India (RBI), one of the leading banks in the country, is asking customers to declare that they will not deal with cryptocurrency transactions.

<img class = "size-medium wp-image-273586 alignright” title=”Indian Bank forces customers to accept anti-cryptocurrency policies” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1-300×162.png” alt=”The Indian bank forces customers to accept the anti-cryptocurrency policy "width =" 300 "height =" 162 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1 -300×162 .png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1-768×415.png 768w, https://news.bitcoin.com/wp-content/uploads / 2019 /01/kotak-bank1-1024×554.png 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1-696×377.png 696w, https: //news.bitcoin .com /wp-content/uploads/2019/01/kotak-bank1-1068×578.png 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1-776×420.png 776w , https: //news.bitcoin.com/wp-content/uploads/2019/01/kotak-bank1.png 1233w "sizes =" (maximum width: 300px) 100vw, 300px”/>The Twitter user Indiancryptogirl, "@Desicryptohodlr", tweeted a screenshot of the Kotak Mahindra Bank account opening agreement on Tuesday. One of the things that customers must accept is: "I declare that I will not deal with cryptocurrency transactions, including bitcoins, and I understand and accept that the bank reserves the right to close my account without further notice if I am I found myself undertaking these transactions. "

Indiancryptogirl told news.Bitcoin.com:

Kotak Mahindra Bank Limited is one of the largest Indian banks. They have started to show this warning on creating the account for over 1 month. This message is provided as a "last check" before the account is created and the cryptocurrency tickbox can not be skipped or deselected. Therefore, to create an account with the bank, we must accept the message. Otherwise we can not start any online banking service with the bank.

In addition, he said that the bank has sent e-mails and SMS messages in the last six months notifying clients of its cryptocurrency policy. This follows the circular issued by the RBI that prohibits banks from providing services to encrypted companies.

However, he explained that in the last month they took a step forward and "they forcefully forced users to accept their notification while they opened a new account with them".

Application of the RBI regulations

Kotak Mahindra Bank also shows a similar message on their ATMs. The Twitter user "@Vivekmacha" tweeted an image of the announcement. He says: "Virtual currencies (VCs) are not legal tender and have no regulatory permission or protection in India We ask that you do not conduct any transactions related to VC from any of your accounts.For such transactions, the bank will act in accordance with regulatory guidelines that include closing your account without further clues. "

According to Indiancryptogirl, "Many other banks have shared this communication on e-mail and SMS since April 2018 with all their customers".

The official website of Kotak Mahindra Bank also states that all its subsidiaries carry a notice stating that the bank has refused "credit, debit or prepaid cards for the purchase or negotiation of bitcoins, cryptocurrencies or currencies virtual. "

If the bank were to receive instructions from the authorities, it should close any accounts that make transactions in virtual currencies, possibly without any indication, and would not be able to provide assistance in case of any losses incurred as a result of such transactions.

<img class = "size-medium wp-image-273591 alignright” title=”Indian Bank forces customers to accept anti-cryptocurrency policies” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/rbi-300×298.png” alt=”Indian Bank forces customers to accept the anti-cryptocurrency policy "width =" 300 "height =" 298 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/rbi-300×298. png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/rbi-150×150.png 150w, https://news.bitcoin.com/wp-content/uploads/2019/01/ rbi -423×420.png 423w, https://news.bitcoin.com/wp-content/uploads/2019/01/rbi.png 622w "sizes =" (maximum width: 300px) 100vw, 300px”/>A spokesperson for the Indian Instashift exchange explained to news.Bitcoin.com that Kotak Mahindra Bank is "a non-nationalized private bank, so they must certainly adhere to all RBI regulations, otherwise their bank license would cease." Banks like Kotak Mahindra are taking extreme caution "about how their customers are using their system so that they are not under any control by the RBI in the future," he explained.

In addition, the spokesperson noted that, based on his experience, banks "keep everyone's eye and monitor the observations of a transaction". They "strictly adhere to the RBI directives and block the accounts they believe are used for cryptocurrency trade," he added. If customers' accounts arrive "under review and the bank's agents read the encrypted keywords in a comment," the accounts "would be permanently blocked". However, he stressed:

But as per the law, it is the individual's choice what to do with his hard earned money and the RBI has not banned the cryptocurrency.

What do you think of Kotak Mahindra Bank forcing customers to accept their anti-crypto policy? Let us know in the comments section below.

Images kindly provided by Shutterstock, Twitter, @Vivekmacha, @Desicryptohodlr, Financial Express and Kotak Mahindra Bank.

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Indian Bank forces customers to accept anti-cryptocurrency policies

Account opening agreement

Application of the RBI regulations

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