HDFC sending mail for Crypto Transaction through P2P

[TigerMart]

Following mails were received by https://www.reddit.com/user/pradhansangam1 for his Crypto related transaction enquiry to HDFC



Details: https://www.reddit.com/r/CryptoIndia/comments/qgnea7/hdfc_crypto_not_allowed_i_received_a_mail_from/




Details: https://www.reddit.com/r/CryptoIndia/comments/qx7pxd/hdfc_reply_on_crypto_use_for_fund_transfer/

[pawanjain]

It's clearly written in the email that they are 'replying' for a query that the customer had asked the bank.
That is why they have mentioned the date the customer had mailed them.
So we cannot say that the HDFC bank has sent the mail to the customer upfront but has sent an answer the the customer's query.
Please stop spreading such FUD.

[pakhitheboss]

None of the banks are sending any kind of such emails after RBI's intervention. Where is the date on that letter? It can be old and might have been posted to create FUD in that forum and furthermore as Pawan said in this case they are replying to a query of the customer. Never believe in such information.

[teosanru]

Either I am not well versed with English or OP hasn't read the image properly. Where is this written that HDFC is sending this for p2p transaction? All they are saying is that foreign remittances through Crypto is not allowed. Technically the right word for this is they are not regulated but anyways this is just a support query response. In last 2-3 months even banks have stopped sending any notices to crypto traders, they know they will unnecessarily lose customers if they do this as there are quite clear instructions from both RBI as well as SC on this. And with more than 10 crore users involved in crypto I don't think any Bank would risk their business.

[avikz]

This is not a mailer, rather it's a reply! So if you ask your bank if you are allowed to trade in crypto or not, they will always say No. It's will be same reply from any bank in India. No surprises here!

But I have actually received mailer from IDBI bank regarding the risk of crypto trading and referring bitcoin as scam. It happened back in 2017 during the last crypto price boom. That's what is concerning because it really brings down the reputation of cryptos and creates panic among the common people.

[TigerMart]

OP updated with more info. Surprised to know that Binance is a negative entity as per HDFC compliance list. If you want to know more regarding this communication, better ask https://www.reddit.com/user/pradhansangam1 in his Reddit thread.

[teosanru]

OP updated with more info. Surprised to know that Binance is a negative entity as per HDFC compliance list. If you want to know more regarding this communication, better ask https://www.reddit.com/user/pradhansangam1 in his Reddit thread.

Obviously, any kind of Inward Remittance is illegal unless it is approved by RBI, RBI has set some types of remittances which are allowed as per the RBI liberalized remittance Scheme or the LRS but cryptos can never be part of it. But here once again this is an absolutely legal matter and RBI and Banks have the right to do this because this is entirely different from what the Supreme court said against the RBI ban, as that issue pertained to the usage of accounts for transactions with crypto exchanges while this issue is about getting valuable assets from abroad which comes under the jurisdiction of RBI, if Banks do this on a large scale then once again matter will reach the courts and they will decide upon it.