This comes as a bit of a shocker as a Kotak Mahindra Bank's branch in Ahmedabad has decided to close a customer's bank account on basis of cryptocurrency transactions.
Kotak in the past has issued warning to its customers against using their bank account to buy or sell cryptocurrencies.
It's strange that they are taking such an extreme step as the customer in questions is not a cryptocurrency exchange. He's a regular customer who in the past has used his personal account in the bank to buy and sell via cryptocurrency exchanges in the country.
This type of behaviour is totally uncalled for. Better to look elsewhere for your banking needs if this is the state of affairs with Kotak Mahindra Bank.
The customer in question and his family have several accounts with the same branch. However, only his account is set for closure. He will be allowed to transfer out his funds within 24 hours of the notice served.
This is the first issue I've come across today but I sincerely hope that is an isolated incident. If you or anyone you know is facing this problem, please inform me in the comments.
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