The ongoing India and New Zealand tour is in jeopardy after reports emerged that the Board of Control for Cricket in India (BCCI) has decided to cancel the series with one Test and five One Day Internationals (ODIs) remaining.

According to the Indian Express, the board is set to take the drastic step after the Justice RM Lodha Committee asked two Indian banks that operate BCCI's accounts – Yes Bank and Bank of Maharashtra – to not to disburse funds to the board. The panel has also asked the banks to freeze the cricket board's accounts. And, following this the BCCI has decided to cancel the ongoing series as it will not be in a position to make payments and host matches.

"We have no other option other than to call off the India-New Zealand series as our banks have decided to freeze BCCI accounts. We don't want India to be humiliated in front of the world. How can we function, how can we hold any games now? Who will make the payment? Freezing a bank account is no joke. An international team is here, and there is so much at stake", a senior board official told the Indian Express.

According to Richard Boock, a spokesperson of New Zealand Cricket, they are yet to hear from any authority and are preparing to play the third Test in Indore as scheduled.

"It's the first time we have heard of it. We have had no official contact from the BCCI. At the moment we are preparing to play the third Test at Indore as scheduled", Boock said, as quoted by New Zealand Herald.

The BCCI has been in an ongoing battle with Indian courts following the release of the Lodha committee report earlier this year. The panel recommends a complete overhaul of the way the sport was run by the BCCI.

The board had appealed to the Supreme Court of India on a number of recommendations but the court said all recommendations and not just a cherry-picked few would have to be implemented. With the BCCI missing the deadlines to implement the changes, the Lodha panel has ordered the banks to freeze their accounts, which has led to the situation at present.

The third Test between India and New Zealand is scheduled to be played at Indore from October 8-12.