Indian banks prohibiting banking services to Crypto community is illegal

On March 4 2020, Supreme Court of India lifted the unconstitutional RBI Crypto ban. Despite of it, some banks are still denying services to crypto users by freezing their bank accounts or rejecting their credit or Debit Card payment, or blocking internacional wire transfer payments.

So Unocoin cryptoexchange co-founder Harish BV filed a RTI in April to question RBI. RBI recently sent a reply to this:

In this RTI, a very straight forward question was put to RBI:

Does RBI prohibited any banks from providing the bank accounts to crypto exchanges or crypto traders ?

To this RBI replied:

As on date no such prohibition exist.

This makes it crystal clear that in the absence of any regulatory guideline, the denial of services to crypto users by any bank is without any statutory backing and in violation of their rights to access banking services.

So if you are facing such discrimination from your bank, what are the remedies in front of you?

Well, Crypto Kanoon co-founder Mohammed Danish write about three possible solutions to this in this Coin Telegraph article:

Indian Banks Still Cryptophobic Despite No Banking Prohibition

You can also take his help on on his portal Crypto Complaints

All the best!