Earlier this month the Indian Supreme Court delivered a <a href="https://www.cryptoknowmics.com/crypto/indian-supreme-court-deems-rbi-banking-ban-unconstitutional/">landmark ruling</a> following the ban imposed by the Reserve Bank of India on cryptocurrency businesses in the country. The verdict made by the country’s apex court was a breath of fresh air and hope; as it promised to usher in a new era of digital currencies in India.

However, even after the orders from above, on March 12 financial technology lawyer Mr. Mohammed Danish <a href="https://twitter.com/cryptokanoon/status/1238068604186198017">filed a representation</a> with the Reserve Bank of India; on the grounds that some local banks in the country were denying banking services to facilitate the buying and selling of cryptocurrencies.

Mohammed Danish is the co-owner of the local <a href="https://www.cryptoknowmics.com/crypto/cryptocurrency-market-loses-over-21-billion-as-oil-price-plunge/">cryptocurrency</a> news outlet Crypto Kanoon. Mr Danish is a fintech lawyer who specializes in legal action and advisory consultation for digital currencies and blockchain.
<h2>Banks refusal to serve crypto industry is invalid and illegal</h2>
The Reserve Bank of India ordered all the banks under its jurisdiction not to offer financial services; to all entities and individuals involved in cryptocurrency business back in April 2018. However, just recently the Supreme Court of India overruled that directive in its entirety.

Nevertheless, Danish in his filing claims that some domestic banks including HDFC and IndusInd Bank; have declined to process transactions related to digital currencies. He claims the banks are advising clients; that the RBI has not yet provided a directive on the issue and are waiting to be advised accordingly. 
<blockquote>“In most of the cases, the banks have not given any written communication but verbally informed their customers that they are waiting for RBI notification in this regard.”</blockquote>
<h2>RBI planning to appeal Supreme Court ruling?</h2>
Furthermore, according to reports RBI’s refusal to advise the banks under its control is because it is planning to appeal to the Supreme Court’s ruling. According to a report on Indian Times, the central bank is planning to file a few petitions against the apex court quashing its directives.

Featured image by <a href="https://www.pexels.com/@sudipta?utm_content=attributionCopyText&amp;utm_medium=referral&amp;utm_source=pexels">Sudipta Mondal</a> from <a href="https://www.pexels.com/photo/taj-mahal-india-1603650/?utm_content=attributionCopyText&amp;utm_medium=referral&amp;utm_source=pexels">Pexels</a>

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Some Indian Banks still declining to process crypto transactions

Earlier this month the Indian Supreme Court delivered a landmark ruling following the ban imposed by the Reserve Bank of India on cryptocurrency... %

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Some Indian Banks still declining to process crypto transactions

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