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After ICICI Bank and Paytm Payments Bank recently decided to block transactions by users towards crypto exchanges, India’s largest bank State Bank of India has now issued another advisory to its customers. In its email to its credit card customers, the bank has cautioned that any usage of credit cards for crypto transactions may lead to suspension or cancellation of the customers’ SBI credit cards.

As reported in the latest The Outline By Inc42 Plus, the crypto market has been surging amid the pandemic — globally, the crypto market cap has risen 10x, from more than $200 Bn in March 2020 to $2 Tn in mid-May this year. In India, WazirX claims to have achieved 10x growth in just five months, the platform recorded $5.4 Bn in transaction value in April this year, up from $500 Mn in December 2020. In the last month, coinciding with the recent crypto boom in India, the Reserve Bank of India had informally asked banks to curtail growing INR conversions into crypto assets.

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Bombay HC Directs Maharashtra Govt To Take Action Against Ecommerce Companies Delivering Non Essentials
The Bombay high court has directed the Maharashtra government to take immediate action against e-commerce companies that are delivering non-essential goods during the statewide lockdown that only allows delivery of essential goods like food, groceries, household items and more.

A Division Bench of Justices Ramesh Dhanuka and Madhav Jamdar was hearing the petition filed by the Federation of Retail Traders Welfare Association (FRTWA), which highlighted that brick-and-mortar store owners were incurring losses due to the restrictions imposed during the lockdown in the state, while the e-commerce companies were violating the government’s standard operating procedure.

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