HDFC Bank and leading credit card company SBI Credit Card have advised their account holders/credit card holders not to use banking facilities to buy Bitcoins or any kind of cryptocurrency.
Country’s largest private sector bank HDFC Bank and leading credit card company SBI Credit Card have advised their account holders/credit card holders not to use banking facilities to buy Bitcoins or any kind of cryptocurrency. The bank and the credit card company have said in separate advisories that the continuation of transactions involving cryptocurrencies may result in suspension or restriction of bank accounts and credit cards. It is important to be warned in this regard by major banks and credit card companies.
In an email sent by HDFC Bank to a customer, it is said, “This mail pertains to the transaction done with your HDFC Bank account number ….”
The bank has written, “We have detected a possible virtual transaction from your account, which is not permitted as per RBI guidelines.”
30 days for clarification to customers
In this email, HDFC Bank has asked the concerned customer to visit the nearest branch of HDFC Bank within 30 days from the receipt of the communication and clarify the nature of the transaction. The private sector bank has said that if the customer does not present his case within 30 days, then the bank will restrict the concerned account without any notice.
SBI Card said this important thing
In an email sent by SBI Card to the bank’s cardholders, it has been said that the Reserve Bank of India has on several occasions warned virtual currency holders and traders about the risks associated with trading virtual currency, including bitcoins. Reserve Bank of India has not granted any license or permission to the entities regulated by it to operate in any cryptocurrency or virtual currency.
It has been written in this email that SBI credit card can be suspended or canceled for transactions through credit card on virtual currency merchant platform.
SBI Card has already warned
Earlier in 2018, SBI Card had warned its customers about the risks associated with bitcoin or other cryptocurrencies. However, there was no restriction on the use of credit cards for such transactions then.
