“This lack of clarity, which is coming through RBI, is hurting the crypto industry. “Unfortunately, this is an industry-wide issue and all Indian crypto exchanges are facing a limitation in rupee deposits right now. Many crypto exchanges have faced issues in securing banking support with lenders such as ICICI Bank and Yes Bank limiting exposure to the industry. Yes Bank had stopped dealing with the crypto industry even before RBI’s guidance. BuyUcoin, for instance, which was earlier connected via Yes Bank for deposit service, has shifted to Paytm Payments Bank.

Source: Mint May 17, 2021 20:03 UTC