An Indian bank is reportedly forcing customers to agree that they “will not deal with any transactions related to cryptocurrency including bitcoins” when signing up for an account. In addition, there are reports of banks blocking accounts of their existing customers if they are found to have made crypto-related transactions.
Account Opening Agreement
Amid banking restrictions imposed by India’s central bank, the Reserve Bank of India (RBI), a major bank in the country, is reportedly asking customers to declare that they will not deal with any cryptocurrency transactions.
Twitter user Indiancryptogirl, “@Desicryptohodlr,” tweeted a screenshot of Kotak Mahindra Bank’s account opening agreement on Tuesday. One of the items customers must agree to reads: “I hereby declare that I will not deal with any transactions related to cryptocurrency including bitcoins. I also understand and agree that the bank reserves all right to close my account without further intimation in case I am found to undertake such transactions.”
Indiancryptogirl told news.Bitcoin.com:
Kotak Mahindra Bank Limited is one of the largest Indian banks. They have started to show this notice on account creation since past 1 month. This message comes as a ‘one last check’ before account creation and the cryptocurrency tickbox cannot be skipped or unchecked. As a result, to create an account with the bank, we have to agree to the message. Else we cannot begin any online banking service with the bank.
In addition, she said that the bank has been sending emails and SMS messages over the past six months notifying customers regarding its cryptocurrency policy.