The Supreme Court of India has set September 11 as the final hearing date on a set of writ petitions challenging the central bank's ban on the country's commercial banks from providing services to investors in digital currencies.
The apex court resumed hearing on petition by the Internet and Mobile Association of India (IAMAI) Friday.
After hearing some arguments from IAMAI and the Reserve Bank, the three-judge bench consisitng of Chief Justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud decided to set another hearing date, allowing some of the regulators involved to respond to the petitions.
Crypto Kanoon, a platform engaged in crypto regulatory analysis, legal awareness and news, said "Limited arguments were advanced on behalf of IAMAI and RBI Friday. Since SEBI and few others have not filed their response to the Petition seeking regulation, the Court directed for completion of pleadings".
Gopal Subramaniam, advocate representing IAMAI, submitted that in the world of digitalisation, such a circular from RBI would be a loss.
Supreme Court listed the matter for final disposal on September 11. It directed all remaining parties in this case to file their reply within 4 weeks.
At least five writ petitions were filed against the RBI ban. They pleaded to allow banks to continue serving cryptocurrency clients as they had prior to the ban. The Supreme Court is considering them all as a single case.
The RBI deadline to close down all crypto-related bank accounts already passed on July 5.
Firms or individuals in India are not allowed to avail the services of the country's banks, e-wallets, and payment gateway providers to purchase and sell cryptocurrencies after the Reserve Bank on April 6 slapped a ban on banks providing services to investors in digital currencies.
In its monetary policy review, the Reserve Bank Deputy Governor Bibhu Prasad Kanungo said the decision was taken in view of "the associated risks".
The central bank asked banks already providing such services to cryptocurrency investors to stop them within three months.
Blockchain developers, services providers, and companies dealing in cryptocurrency trading in India are reportedly migrating to crypto-friendly destinations or are seriously considering the option in the wake of increasingly hostile ecosystem in the country.
Although not banned by law, cryptocurrency trading is under tight scrutiny and restrictions in India.
For comments and feedback contact: editorial@rttnews.com
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.