Which Indian banks allow cryptocurrency?

This comes at a time when Indians are flocking back to cryptocurrencies. A quick check of a few cryptocurrency platforms shows that lenders such as HDFC Bank, ICICI Bank and Axis Bank are allowing transactions in these virtual currencies through the UPI platform.

Does Indian banks accept Bitcoin?

According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance.

Which banks ban cryptocurrency in India?

IDFC First Bank isn’t the only one, as ICICI Bank, Yes Bank, and Paytm Payments Bank have taken similar decisions since May. Cryptocurrencies were banned by the Reserve Bank of India (RBI) in 2018, but India’s top court overturned the decision in 2020.

Is accepting cryptocurrency legal in India?

Cryptocurrency as a Legal Tender: The central government will not allow cryptocurrency as a legal tender in India. This means that you can not go to a restuarant, have a meal and pay in cryptocurrency.

Does SBI allow cryptocurrency?

The plea said that on September 15, SBI prohibited the use of the UPI platform for its account holders in the WazirX cryptocurrency exchange which has now been challenged. It sought direction to RBI to regulate and govern the cryptocurrency sector and thereby make provisions for the payment interfaces and decisions.

Is crypto legal in India 2021?

Crypto is not recognised as legal currency in India yet. The proposed cryptocurrency bill has suggested regulation of private cryptocurrency rather than banning it, according to a Cabinet note circulated by the government. Crypto is not recognised as legal currency in India yet, as per the note.

Does HDFC allow cryptocurrency?

The country’s largest private sector lender, HDFC Bank has withdrawn its earlier communication sent to some of its customers cautioning against using the bank’s services in trading in cryptocurrencies in the wake of the regulator’s clarification on the matter.