Many users in some Facebook groups have reported that HDFC bank has send them these emails and is threatening to close their accounts if they don't visit the bank and justify the nature of these transactions.
We need to keep in mind that in a P2P trading scenario you won't run into issues with the bank generally as the payment is usually made via UPI or IMPS from the end user and not a trading platform.
Most users who are reporting this have dealt with a trading platform that used to process withdrawals directly. It can be exchanges such as Coindelta, Unocoin, Zebpay, Koinex, WazirX-some who are still in business have moved to P2P.
The notices being sent via email is for past trading activity mostly observed by the bank in 2018.
What can you do?
- If you are an HDFC customer you can visit the bank and talk to them and justify.
- Empty your bank balance , close the account and move to a different bank.
- Close this account and open a new one if your branch manager allows it.
There are many banks which are not causing these issues to customers. In recent times Kotak Mahindra and HDFC have made things difficult.
I've not seen a single issue crop up with ICICI Bank for example. Always ensure you have multiple bank accounts to avoid such nonsensical issues coming up. It's sad that the government and RBI are continuing to arm twist legit customers this way.
If you have received such an email and have taken any steps regarding it, please inform me in the comments below.
The FUD from these banksters is real and we must continue to push back and raise our voice against it!
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