Kotak bank breaks ‘banking ban’ with WazirX crypto exchange deal

  • Amid a growing perception that cryptocurrencies could be ‘regulated’ and not banned in India, Kotak has emerged as the first major bank to open its doors to the crypto community.
  • After almost eight months of payment freeze by most high-street banks that continue to shun crypto investors and bourses, Kotak Bank will do business with WazirX, one of the country’s largest crypto exchanges.
  • In August, the country’s largest lender State Bank of India told payment processors to disable ‘SBI UPI’ for crypto merchants – thus, blocking the receipt of funds by crypto bourses on its UPI platform.


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