- Home >> Features >> Technology
India’s central bank urging lenders, cut ties with cryptocurrency exchanges
- Thursday | 13th May, 2021
The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India’s top court overturned the RBI ban and allowed lenders to extend banking facilities to them. THE CRYPTO CONUNDRUMWith Indian banks increasingly wary of dealing with them, crypto exchanges are scrambling to find new business partners. Axis Bank, Citibank, Kotak Mahindra Bank and others are limiting their exposure to the cryptocurrency market, sources said. They are citing internal policy and risk measures and have stopped transactions with crypto exchanges,” said the CEO of a global crypto exchange with presence in India.
If You Like This Story, Support NYOOOZ
Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.
