Dear viewers India’s one of the top 3 banks HDFC Bank apologizes from crypto customers for their recent crypto transaction alert warning. HDFC is the largest private bank in India. There is a lot of commotion in Indian banks regarding the transaction of virtual currency. And due to this stir, HDFC Bank has to apologize to its customers, let’s know what is the full story.
Cryptocurrency business is gaining momentum in India. More and more people are investing and trading in cryptocurrencies and earning a lot of money. Those who were depositing money from HDFC Bank on cryptocurrency exchange get a notification on 21st May 2021.
In this notification, customers transacting in virtual currency were warned. According to which people have been appealed to stop cryptocurrency transactions citing the guidelines of Reserve Bank of India. If someone will keep continuing crypto transaction, In return, his account was also asked to be suspended.
But now HDFC bank apologizes from all crypt traders regarding his email warning. Now HDFC customers can deposit and withdrawal virtual currency payments in their banks.
Why HDFC Bank Apologizes
In the year 2018, the Reserve Bank of India had prohibited the transaction of virtual currency from all banks. And since then there were a lot of problems regarding cryptocurrency payments.
But later in April 2020, according to the order of the Supreme Court, the ban on cryptocurrency transactions was lifted. Due to which everyone was able to transact in cryptocurrency.
But in HDFC Bank, people were warned on the basis of the old circulation notice. On this, again in the cryptocurrency exchange, the Reserve Bank of India has asked for guidelines regarding currency payment.
Reserve Bank of India has issued a new circular on May 31. In which all restrictions regarding cryptocurrency business and money transactions have been removed.
Reserve Bank of India has recognized the circular of April 2020 as per the order of the Supreme Court. and ordered all banks not to prohibit any type of cryptocurrency transactions.
As we all know, according to the old guidelines in HDFC Bank, everyone was warned. HDFC Bank sent wrong information to its customers. Based on this, HDFC Bank has to apologize to its customers.
HDFC Bank has asked you to ignore the e-mail sent by us on 21 May 2021.
RBI 31 May Circulation
Here all details are stated clearly that no bank can stop cryptocurrency transaction. Because Supreme court on 04 March, 2020 allow cryptocurrency payment. You can read the full 31 May Circulation issued by the RBI by clicking on below link.
HDFC Bank has apologized to its customers on the basis of the May 31 circular for crypto and virtual payments transaction. HDFC Bank Apologizes for all emails sent to his customers regarding cryptocurrency payments.