The National Payments Corporation of India (NPCI), the domestic payments authority, has refused to ban cryptocurrency transactions. The NPCI has left this decision to the banks. Now it is up to the bank whether it will ban the transaction of cryptocurrency business or not. The National Payments Corporation of India has asked the banks to take a decision on the basis of the advice of their legal and compliance departments.
Bank blacklisted many investors Let us know that the advice of NPCI is very important at a time when many big banks are slowly blocking payments related to crypto deals. According to an Economic Times report, more than half a dozen banks have directed payment gateway operators to blacklist merchants involved in the trade of cryptocurrencies. These banks have prevented customers from using online fund transfer facilities such as NetBanking and UPI for the purchase or sale of cryptocurrencies. An industry expert believes that if NPCI decides to disable UPI and RuPay cards to invest in cryptocurrency, then it will be applicable to all banks and investors will have less payment options. Customers of banks which have disabled crypto trade cannot use UPI, net banking or card etc. to invest in crypto. It is not clear about the banks which have allowed this trade. How long they will allow it.
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