India: Kotak Mahindra Bank Closes Customer Accounts For Crypto Trading!
This comes as a bit of a shocker as a Kotak Mahindra Bank's branch in Ahmedabad has decided to close a customer's bank account on basis of cryptocurrency transactions.
Kotak in the past has issued warning to its customers against using their bank account to buy or sell cryptocurrencies.
It's strange that they are taking such an extreme step as the customer in questions is not a cryptocurrency exchange. He's a regular customer who in the past has used his personal account in the bank to buy and sell via cryptocurrency exchanges in the country.
This type of behaviour is totally uncalled for. Better to look elsewhere for your banking needs if this is the state of affairs with Kotak Mahindra Bank.
The customer in question and his family have several accounts with the same branch. However, only his account is set for closure. He will be allowed to transfer out his funds within 24 hours of the notice served.
This is the first issue I've come across today but I sincerely hope that is an isolated incident. If you or anyone you know is facing this problem, please inform me in the comments.
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How can they close the bank account before the deadline given by RBI, which July 5 2018, he should file a complaint against the bank and claim compensation for harassment.
Kotak has sent out warnings in the past, and I guess now they are taking it seriously. Infact they are free to adhere to the deadline at any point of the 3 month grace period. Not necessary they have to wait till it's over. I think he'll find an easier alternative. But this has happened inspite of excellent relations with his branch. They were sort of helpless in the matter it seems.
@firepower Nothing too worry about it you can contact with your bank manager and tell him about RBI circular according to that we can do transactions before 5th of July. Still you have any concern please let me know
I have not heard anything from my banks (HDFC, ICICI) so far.
Same here. I use them as well.
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This is rude. Banks surely hates crypto.
@firepower i think very bad decision by Kotak Mahindra Bank.
what do you think that, any other bank can take this decision? please tell
I recieved a warning mail from Kotak Mahindra bank and now i decided to move on any other government bank because this is not how a bank Should deal with his customers.
damn! looks like these guys are taking it too seriously now. I've had some recommendations for a particular bank that's been friendly with crypto transactions. Will look into it further and post about it soon if I feel it's good.
That would be great,iam waiting for that post and the wrost thing is that these private banks unreasonably shutting down our bank account for cryptocurrency transactions before 5th july.
This is criminal of them! Banksters scamsters man! Jeez!
That is super harsh treatment.....ridiculous.
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Oh damn. I hope he gets his balance back. Things are getting serious now.
He was given time to move funds out.