Banks seek formal NPCI note on crypto UPI curbs
Questioning the `shadow ban’ on cryptocurrencies, leading banks have asked the umbrella institution National Payments Corporation of India (NPCI) to spell out in a formal directive the curbs on the use of the popular money transfer tool ‘Unified Payment Interface’ to buy and sell the virtual digital assets (VDAs).
Several banks have grudgingly blocked UPI for trading of cryptos following “verbal instructions” from NPCI which operates retail payments and settlement systems in the country. The banks, some of which are shareholders of NPCI, raised the issue at a recent meeting after the payments body expressed its reservations a few weeks ago on the fund flows through UPI for crypto trades,told two persons aware of the discussions in the meeting told.
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