State Bank of India blocked crypto exchange fund transfers using its UPI platform

Category: Business

According to sources in the payment industry, the State Bank of India (SBI), India's largest lender, has barred digital currency exchanges from using its Unified Payments Interface (UPI) platform.Payment processors have been instructed to stop providing services to cryptocurrency merchants using the bank's UPI. The Economic Times reported on Wednesday that SBI has “blocked the receipt of funds by crypto bourses on its UPI platform.”