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The RBI order follows local media reports that financial firms, including SBI Cards & Payment Services Ltd, one of India’s biggest credit card issuers, and the nation’s largest private-sector bank HDFC Bank Ltd had cautioned customers against dealing in virtual currencies. Indian authorities have repeatedly expressed concern that crypto assets could be used for criminal activity such as money laundering and funding terrorism.
“Investing in crypto has always been 100% legal in India and the new RBI circular clearly confirms the right to do business with crypto firms,” said Avinash Shekhar, co-chief executive officer at ZebPay, India’s oldest crypto exchange. He added that the clarification will attract more investors to the virtual currencies.
The Reserve Bank of India clarified that cryptocurrency trading is permitted in the country, reversing a 2018 central bank circular that had forbid banks from facilitating such transactions.
Financials stocks were trading in the negative zone, with the S&P BSE Finance index falling 60.21 points or 0.78% at 7637.9 at 13:49 IST. Among the components of the S&P BSE Finance index, Union Bank of India (down 8.33%), PNB Housing Finance Ltd (down 4.93%),SBI Cards & Payment Services Ltd (down 4.89%),Cholamandalam Investment & Finance Company Ltd (down 4.37%),Angel Broking Ltd (down 3.37%), were the top losers. Among the other losers were Computer Age Management Services Ltd (down 3.31%), Aditya Birla Money Ltd (down 3.16%), ICICI Prudential Life Insurance Company Ltd (down 2.86%), Shriram City Union Finance Ltd (down 2.79%), and Motilal Oswal Financial Services Ltd (down 2.59%). On the other hand, Cholamandalam Financial Holdings Ltd (up 5.7%), Muthoot Capital Services Ltd (up 5.39%), and Equitas Holdings Ltd (up 4.3%) moved up.