Just-In: RBI announces that banks cannot use 2018 circular to deny customer transactions

India's central bank, the Central Bank of India (RBI) today commented on recent reports from some banks using the 2018 circular to alert customers about crypto transactions. RBI said banks cannot use the canceled 2018 circular to deny transactions to customers. The official classification is as follows: It has caught our attention through media reports that some banks / regulated entities warn their customers about virtual currency trading with reference to the RBI circular DBR. Date of April 6, 2018, BP.BC.104 / 08.13.102 / 2017 -18. Such references by banks / regulated entities to the above circular are not valid as this circular was rejected by the Hon'ble Supreme Court on March 4th. , Written petition no.528 of 2020 (Civil Code) (Internet & Mobile Association of India – Bank of India) Therefore, when the order of the Supreme Court is issued, the circular is no longer valid from the date of the Supreme Court's decision and therefore cannot be quoted or quoted. The two major Indian banks, HDFC and SBI, have sent emails or alerts to customers involved in crypto transactions through their network asking them to avoid such transactions, referring to the terminated 2018 circular. When crypto exchanges came to the rescue, he also complained about the mismatch of banks. Just-In: RBI, the article first appeared at Coingape, explaining that banks cannot use the 2018 circular to reject customer transactions.

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