Some Indian cryptocurrency exchanges may be facing lending challenges according to The Economic Times, an Indian News Outlet. According to ET, "Some of the largest lending institutions in India, including the State Bank of India, HDFC Bank, Axis Bank, Yes Bank and ICICI Bank have suspended accounts of major Bitcoin exchanges in the country."
It was reported that some of the exchanges had accounts frozen after the banks discovered they were being used for reasons other than those stated. At least eight exchange accounts have been suspended, while others are being evaluated and have had cash withdrawal limits imposed.
A bank representative involved in the matter stated to ET, "The Reserve Bank of India has not issued any directive to us - it's a cautionary move on our part. We are wary about the purpose for which some of these current accounts are being used."
Some of the exchanges listed by ET that have had actions taken against them were Zebpay, Unocoin, CoinSecure and BtcxIndia.
In December of 2017, The Tax department of India visited nine exchanges to conduct audits. The Indian government and the Reserve Bank of India have issued warnings against dealing in Bitcoins, although India has not banned Bitcoins.
From The Economic Times: https://tinyurl.com/ybdd3h4a
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