Kotak Mahindra, the second largest private bank in India, has been found to require customers not to use their accounts for password-related transactions. In India, the regulatory policy on cryptography has not been established and the situation is still uncertain.
According to a screenshot shared by a Twitter user, Kodak Mahindra Bank is asking the new terms not to engage in password-related transactions, including bit coins. They also demanded that if the cipher transaction is done, the bank will have the right to close the account without providing any information. Another twitter user also revealed an ATM screenshot that in addition to notes such as Kodak Mahindra Bank, passwords are not legitimate and in India you should not trade any passwords using an account that has not been tightened or protected by regulators .
Indian Banks now, we have a great deal of interest.
– Indian CryptoGirl (@DesiCryptoHodlr) January 9, 2019
On the other hand, the Indian government continues to show a vague attitude toward cryptography. In early December, a government panel proposed a new legal framework for the Central Bank of India and proposed a total ban on cryptography in India. In April last year, the central bank of India proposed to the bank that individuals or corporations To stop providing services to. On January 2, the Bank of India announced that it would suspend its digital currency issuance plan. However, in December, the Indian government reported that the cipher money should be legalized.