State Bank of India (SBI) has reportedly blocked payments to cryptocurrency exchanges using its Unified Payments Interface (UPI). Payment processors have been told to disable the bank’s UPI for crypto merchants.
Payment Processors Instructed to Disable SBI UPI for Crypto Firms
State Bank of India, the country’s largest bank, has reportedly “blocked the receipt of funds by crypto bourses on its UPI platform,” the Economic Times reported Wednesday, citing sources in the payments industry.
Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate interbank transactions through mobile phones. The UPI payment system is regulated and supervised by India’s central bank, the Reserve Bank of India (RBI). According to the publication:
The bank has told payment processors to disable SBI UPI for crypto merchants.
This means SBI bank customers cannot transfer funds via UPI to crypto exchanges to buy cryptocurrencies, including bitcoin.
An SBI spokesperson was quoted as