In the month of April, RBI (Reserve Bank of India) had sent a circular to banks to ban any firm accounts who caries trades with cryptocurrency. RBI gave a time period of three months until July 6.
Zebpay is one of the largest cryptocurrency exchanges in India. According to an announcement by Zebpay, The firm has asked its users to withdraw their funds within the period of time while their bank accounts are still functional.
If Zebpay’s bank accounts are dismissed then the withdrawals will be impossible, This is the reason the company is announcing.
“Since our bank accounts are functional at the time writing this announcement, you are welcome to place a withdrawal request for your rupee balance. If you do that, we will endeavor to return your rupee balance to your bank account as soon as possible, so long as our banks support such withdrawal,” said Zebpay
Case in Supreme Court
Also, there is a case running in Supreme Court of India to challenge the circular sent by the RBI to the banks on cryptocurrency trade ban. If only they win the trial then the company will be facilitated with the banking services for cryptocurrency trade in India.
While this case is going on some companies have already found an alternative option to use State Bank of Sikkim. This bank does not come under RBI jurisdiction and can provide all the banking services for the companies.
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