Indian crypto exchanges flounder as banks cut ties after RBI frown

The Reserve Bank of India (RBI) does not favour digital currencies, out of concern over their impact on financial stability and it has informally asked banks to steer clear.

MUMBAI: Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industry insiders said.

The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.