Cryptocurrencies seem less and less welcome to India as banks are now reportedly making clients promise not to use their accounts for any cryptocurrency-related transactions. This news comes after the Bank of India's recent decision to prohibit other banks from providing services to cryptocurrency businesses.
Twitter user Indian CryptoGirl (@DesiCryptoHodlr) has shared the screenshot of Kotak Mahindra Bank's new terms and conditions, which they will not include. having the right to close their account "without further information" if any engaging in any cryptocurrency-related transactions.
If we deal in #cryptocurrency transactions
– Indian CryptoGirl (@DesiCryptoHodlr) January 9, 2019
Although cryptocurrencies have not been completely banned by RBI, its stance against tokens is quite clear.