SBI Bars Crypto Exchanges On Its UPI Platform Despite No Explicit Direction From RBI
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India, Sept. 15 -- Much like the volatility seen in cryptocurrencies, there are obvious uncertainties among the regulators as well as leading lenders, in the absence of a cryptocurrency bill, on how to deal with the new asset class. First, the news arrived that some Indian banks have eased curbs on the purchase of Bitcoin and other cryptocurrencies via their channels in line with the government regulations.
Now, India's largest bank, the State Bank of India (SBI), has reportedly directed crypto exchanges to disable its UPI through payment processors. The bank has blocked crypto traders from receiving funds via its UPI platform and has asked payment processors to disable SBI UPI on their platforms as well.
With the SBI blocking its UPI p...
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