Kotak Mahindra Bank, a private bank in India, has reportedly issued a ‘Termination of Account’ letter to one of its account holders who was dealing with cryptocurrencies.

The news surfaced when a Twitter user, Indian CryptoGirl, tweeted about the termination of her bank account. As stated, the bank informed her that there were online transaction/s involving Bitcoin or a cryptocurrency done via her account. The account holder has been intimated by the bank to visit one of their branches and get the account closed, or the bank will have authority to terminate the account after thirty days.

The bank has taken this step in compliance with the circular issued by the Reserve Bank of India that directs financial institutions in the country to end business with customers who deal with cryptocurrency transactions.

On the other hand, the same Kotak Mahindra Bank has partnered with Ripple blockchain platform since June 2018 to streamline cross-border money transfers.