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…
