Banks raise issues regarding crypto UPI curbs imposed by NPCI
Indian banks have expressed their issues regarding crypto UPI curbs imposed by the National Payments Corporation of India or NPCI, a specialized division of the Reserve Bank of India which is under the jurisdiction of the Ministry of Finance. The banks have asked for a formal note from the NPCI.
A written circular from NPCI anytime soon
Following "verbal instructions" from the NPCI, many banks ceased UPI or Unified Payment Interface to settle transactions for crypto traders. UPI payments do not require internet banking passwords and other details to implement transactions and can be carried out using smartphones.The banks have asked the NPCI for a formal communique, but it seems that won't happen anytime soon, as per an NPCI official who spoke to a local media outlet. He added that there are "no intentions of any circular."
On the other hand, the banking officials believe that NPCI's reluctance stems from the fear of the backlash from banks and crypto communities as well as legal complications. A banking official added:
"If there is a formal circular to ban UPI for cryptos or VDAs, whatever is the nomenclature, the crypto industry in all likelihood would legally contest it --- as they had done when RBI imposed a ban in April 2018."
Coinbase removes UPI
After a much hyped-up launch of its platform in India and the addition of UPI as a payment method, the biggest exchange in the United States ceased services in the nation just a few days after launch. The exchange said that it was working with NPCI to "ensure that it is aligned with local expectations and industry norms."Commenting on the restrictions on UPI, a bank official said:
"We didn't quite understand NPCI's decision. While it informally restricted UPI (for crypto trades), it's silent on IMPS. This point was also raised by someone at the meeting... So, one may wonder whether IMPS can be used to transfer money to a crypto platform? We have no clarity, though I have a more fundamental question: Is NPCI authorized to impose an informal ban on UPI when the payment framework is governed by the Reserve Bank of India (RBI)."IMPS, or the immediate payment service, is a real-time payment service offered by the authority for all the bank account holders in India.
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