HDFC Bank and SBI Cards sent emails to their customers, last week, warning them about the risks of trading in crypto-currencies. While HDFC Bank has instructed customers to disclose the nature of their transactions with crypto-exchanges, SBI Cards has warned its customers that they should not use their credit cards to deposit funds for crypto-trading purposes. While HDFC Bank sent emails to specific clients, citing their account numbers, SBI Cards issued a general notice to its customers. MediaNama has seen a copy of both emails. In the last few months, private banks have been revoking deposit and payments services to crypto-currency exchanges in the country. While speculation is rife as to the reasons for this move, bankers and industry executives have said that the Reserve Bank of India (RBI) has informally said that they are comfortable with the level of crypto-trading activity in the country. In January this year, the government informed Parliament that it would introduce a new piece of legislation that would ban crypto-currency trading, mining and investments in the country while providing the RBI with the requisite powers to begin work on a digital currency. However, since the announcement, the government seems to have watered down its earlier stance. The Finance Minister said that the proposed legislation would adopt a 'calibrated approach' and that investors would be given a moratorium period to square off their crypto-holdings. Further, the government has made amendments to the company disclosure rules classifying crypto-currency holdings as digital assets. The disclosures apply to…
- What is Google’s new plan to combat misinformation on its platforms in India? December 7, 2022
- Truecaller claims its government digital directory may tackle phone call scams in India December 7, 2022
- Platforms Responsible For Algorithmic Recommendations: Amicus Brief in U.S. Safe Harbour Case December 7, 2022
- Everything you need to know about Indian Central Bank’s CBDC project— digital rupee December 7, 2022
- Final Call: Reworking The Data Protection Bill, Delhi, 8th December December 7, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...