Amid all the speculations about the crypto ban and regulation by the Indian government, Kotak, one of the leading financial companies in India, has opened its door for digital currencies and the crypto community.
Kotak Bank will conduct business with WazirX, one of the country’s top crypto exchange platforms. This happens after eight months of freezing of payment by most high-street banks that avoid crypto investors and bourses.
WazirX has created a bank account with Kotak to transfer money to WazirX investors. The account has yet to be activated. Paperwork, including the KYC process, is underway. After the notice coming from the RBI, the account was closed by the WazirX. However, most of the operations of WazirX were handed over to MobiKwik, a leading digital wallet, and payment firm.
ICICI issued advice to all operators of payment gateway deactivating its Net banking for merchants connected to cryptos. In the month of August, SBI informed its aggregators to close “SBI UPI” connected with crypto merchants.
Crypto is emerging as the new age digital asset class. Meanwhile, Kotak is gearing up for trade purposes and is having talks with Zebpay.
In the year 2018, RBI barred all banks from conducting transaction business with crypto- but was set aside by the honorable Supreme Court of India. Post that, banks received permission to engage but under certain rules, including the use of KYC, PMLA, FEMA, and CFT. If banks do the research work properly can engage in the crypto transaction.
According to some industry experts, several big banks are unaware that many clients are utilizing their bank accounts for transactions involving cryptos, despite the institutions’ strict rules on payment gateway and processing businesses to prevent payments through crypto.
If you are looking forward to using WazirX for crypto trading purposes, check reviews first. Reading a WazirX review will show how this crypto trading platform is suited to Indian crypto traders.