India’s largest lender, State Bank of India has banned crypto exchanges from receiving funds through its UPI platform and has asked payment processors to disable SBI UPI on their platform also.

SBI’s stance came after a slew of banks imposed alike bans on cryptocurrency exchanges over the previous few years. In May, HDFC Bank has cautioned investors against dealing in digital currencies, including bitcoin, and said that failure to take note of the advisory may result in the prohibition of dealings and cancellation of their cards.

A report mentioned that ICICI Bank informed a few payment gateways to close its net banking services for traders who were selling and buying cryptos.

Traders are now using e-wallet services to carry on the transaction on crypto trading platforms, but dealing with limits on fund transfers and paying wallet charges has been delayed.

RBI has been quite vocal about its reservations on digital currencies. Shaktikanta Das, the Governor currently said that the central bank has conveyed to the government its ‘major and serious’ issues around crypto and its financial stability.

For crypto lovers and investors, his statement came at an inconvenient time with the Union Cabinet just weeks away from presenting a bill to legalize digital currencies and their emerging market in India.

By Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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