Indian Banks Halting Services to Crypto Industry Post RBI Clarification
Several Indian banks have reportedly halted services to customers dealing in cryptocurrencies despite the central bank, the Reserve Bank of India (RBI), informing them that the banning circular is no longer valid. The latest bank to join the fray is IDFC First Bank. IDFC First Bank has become the latest bank to halt services to crypto companies, Livemint reported last week, citing industry sources. The publication conveyed: IDFC First Bank over the past week temporality stopped services, as it is doing enhanced due diligence regarding banking support to crypto exchanges. This followed....
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The Indian government has clarified its position on cryptocurrency and the country’s digital currency in answers provided by the Ministry of Finance in Rajya Sabha, the upper house of India’s parliament. The Indian crypto industry sees this clarification as positive news and that the government is unlikely to impose an outright ban on cryptocurrencies, including bitcoin. Indian Government Answers Questions About Cryptocurrency and Digital Rupee Rajya Sabha, the upper house of India’s parliament, published a list of questions and written answers on Feb. 2 that include the....
India’s crypto tax policy is set to become law on March 24. However, stakeholders believe it could eradicate small-time traders and derail the thriving industry. Indian crypto tax policy has become the hottest topic for Indian crypto traders and exchange operators as it is set to become law on March 24 and will come into effect starting on April 1. The proposed 30% crypto tax is the highest in the country and is equivalent to the tax imposed on gambling and lottery tickets. While the high tax bracket was already a cause of concern for many new and small traders, a recent clarification from....
The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....
Indian banks have reportedly been slow to accept the Supreme Court’s decision allowing them to do business with crypto firms. Kotak, India’s leading private bank, has reportedly become the first to open its gates to the crypto community, per a report published in the Economic Times. The banking giant announced it has partnered with the leading crypto exchange WazirX, which would allow traders to use the banking services to liquidate their funds. The partnership between the two parties is being seen as a major breakthrough for the crypto community, given Indian banks have frozen crypto....
An Indian bank is preparing to start providing crypto banking services at its physical bank branches. Customers can buy bitcoin and several other cryptocurrencies at these branches with Indian rupees, open savings accounts with crypto wallets, make loans against their cryptocurrencies, and more. Crypto Banking at Physical Bank Branches in India Cryptocurrency users in India will soon be able to visit physical bank branches for crypto banking services as well as learn about cryptocurrency investing. This is due to a partnership, announced Monday, between crypto banking platform Cashaa and....