India’s largest bank SBI banned crypto Merchants

Indian crypto users can’t transfer fund with SBI UPI to Crypto exchange.

In the present time, crypto regulation is under uncertainty in India. And no one crypto user is sure about the future of crypto in India. While the supreme court of India clearly said that no one banks can stop payment services to the crypto services but still there are few banks which are not supporting crypto exchanges.

According to the Economic Times report on Wednesday, State Bank of India, India’s largest Bank, reportedly stopped giving service to those Merchants which are accepting payments to give crypto services. Bank only banned these crypto Merchants for Unified Payments Interface (UPI) service, which is an instant real-time payment facility developed by the National Payments Corporation of India (NPCI).

When the matter reached the Spokesperson of SBI bank, they claimed that they can’t give information regarding this matter because of their policies.

“It is the policy of the bank not to comment upon matters relating to the subject matter.”

Here this step of the state bank of India is a very bad sign for the crypto community because there are many crypto users in India, which are using SBI bank services. And also if SBI is doing such kind of Anti-crypto steps then surely other banks will also follow the same.

One this worth to notice here, Reserve Bank of India ( central bank) clearly announced through a notification that they are not controlling or regulating banks to give services to the crypto exchange and also all the banks are required to follow the guidelines to supreme court but Banks should have to notify their customers about the risks associated with the virtual currencies.

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