Wednesday, September 18, 2019

Indian Bank Forcefully Closes Customer’s Account After Dealing With Cryptos

Indian banks seemed to take control of what’s left with cryptos in the country and customers are being targeted.

Bank Closes Account Due To Crypto

As reported by Indian CryptoGirl via Twitter, Kotak Mahindra bank — one of India’s major retail bank — forcefully closes bank account after finding out its activities with cryptocurrencies. The tweet was posted on Jan. 12 that now has 78 retweets — mostly sending their similar experiences with banks closing their account.

The twitter account also posted a picture of the ‘Termination Letter’ that was received by her, from the bank. It states:

“On review of the transactions done in your above-mentioned account, we have noticed that you have undertaken online transaction/s involving dealings in Bitcoin or a virtual currency. In this regards, you are requested to visit any of our branches to close your above-mentioned account. In case you fail to close the account within 30 days from the date of this letter, Bank shall be constrained to close the account,” bank said on the notice.

Follow, or Else

As earlier reported by BTCNN, a lot of major banks in India were said to be warning their customers against transacting with digital tokens. Once these activities were seen and observed in the bank accounts, the bank has a ‘reserve right to close the account without further intimation’, as stated in the agreements form in the banks’ website.

“Indian Banks now forcefully taking permission from us to ‘reserve right to close our account without further intimation’ if we deal in transactions. Ability to decide what to do with our own money is the very reason we need to invest,” posted by Indian CryptoGirl on Jan. 9

Central Bank In Action

Furthermore, Indian CryptoGirl believes that Indian banks are now being controlled by the Reserve Bank of India (RBI) since the central bank already sided against virtual currencies. As RBI stated on their announcement:

“IN VIEW OF THE ASSOCIATED RISKS, IT HAS BEEN DECIDED THAT, WITH IMMEDIATE EFFECT, ENTITIES REGULATED BY RBI SHALL NOT DEAL WITH OR PROVIDE SERVICES TO ANY INDIVIDUAL OR BUSINESS ENTITIES DEALING WITH OR SETTLING VCS. REGULATED ENTITIES WHICH ALREADY PROVIDE SUCH SERVICES SHALL EXIT THE RELATIONSHIP WITHIN A SPECIFIED TIME.”

As noted, this unlawful act by Kotak Mahindra Bank against cryptocurrencies is now being applied to other institutional and commercial banks in India. Accordingly, Digibank — Indian mobile banking platform — also sends warning notices to its customers to prevent transacting cryptos, or the bank will terminate their services.

Related Article:  From India to Malta: Zebpay Moves Due to Strict Regulation

Some banks also flashed crypto warnings on their ATM booths; making assumptions that India’s movement to erase cryptocurrencies in the country seemed to be moving forward rapidly.

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