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<ul><li>CoinSwitch Kuber has halted rupee deposit services on its platform. </li><li>The company has stopped accepting deposits from <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>, NEFT, RTGS and IMPS. </li><li>This comes after the NPCI had issued a statement saying it was not aware of any <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> platform using UPI. </li></ul>CoinSwitch Kuber, the popular crypto trading platform has completely halted rupee deposits on its platform. At the moment, users have no way of adding money on the platform. The company has stopped accepting rupee deposits via Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS). This comes soon after Coinbase <a href="https://economictimes.indiatimes.com/tech/technology/coinbase-temporarily-stops-upi-after-npci-clarification/articleshow/90759225.cms">disabled</a> UPI payments on its platform. The company had entered the Indian market on April 7 and during the launch, it had announced that it will accept payments through UPI. The company came under the scanner of National Payments Corporation of India (NPCI), which oversees UPI operations. The NPCI had issued a <a href="https://www.npci.org.in/PDF/npci/press-releases/2022/Statement-by-NPCI-on-7th-April-2022.pdf">statement</a> on the same day, clarifying that it was not aware of any crypto exchanges using UPI. “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI,” NPCI said in its statement. This could be the final nail in the coffin for crypto exchanges in India that have reported a <a href="https://economictimes.indiatimes.com/tech/technology/trading-volumes-on-top-crypto-exchanges-touch-6-month-low/articleshow/90784815.cms">sharp decline</a> in trading volume due to uncertainty around crypto regulations in the country. According to the above report, WazirX has reported a decline of 65-90% of its business after MobiKwik disabled its services on the platform. Another reason for the declining volume is the finance bill that <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">taxes</a> cryptocurrency gains at 30% came into effect from April 1. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-could-drop-to-30000-by-june-led-by-a-new-slump-in-tech-stocks-the-founder-of-bitmex-crypto-exchange/articleshow/90784147.cms">Bitcoin could drop to $30,000 by June, led by a new slump in tech stocks, says the founder of BitMEX crypto exchange</a> <a href="https://www.businessinsider.in/cryptocurrency/news/germany-seizes-25-million-in-bitcoin-by-shutting-down-illegal-darknet-marketplace-hydra-market/articleshow/90680024.cms">Germany seizes $25 million in bitcoin by shutting down illegal darknet marketplace 'Hydra Market'</a> <a href="https://www.businessinsider.in/cryptocurrency/news/best-performing-cryptocurrencies-in-2022/articleshow/90679104.cms">Best performing cryptocurrencies in 2022 so far</a>

After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

<ul><li>The statement from the <keyword id="193629" type="General" weightage="80" keywordseo="npci" source="Orion">NPCI</keyword>, issued earlier this month, has led <keyword id="2721952" type="General" weightage="100" keywordseo="crypto" source="Orion">crypto</keyword> exchanges to stop <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> payments in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>.</li><li>Crypto exchanges have been at odds with banks in India all through 2021 and 2020.</li><li>The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> is one of the most vocal opposers of cryptocurrencies around the world.</li></ul>Banks in India have reached out to the National Payments Corporation of India (NPCI) seeking clarity on the relationship between cryptocurrencies and the country’s Unified Payments Interface (UPI) platform, according to a <a href="https://economictimes.indiatimes.com/tech/technology/top-banks-ask-npci-to-clarify-its-stance-on-upi-for-crypto/articleshow/91056087.cms?from=mdr">report</a> by the Economic Times. The NPCI manages the UPI platform, which has become the most popular digital payments mechanism in India over the past six years. This comes after the recent friction between the NPCI and the crypto ecosystem that took place earlier this month, when American crypto exchange Coinbase officially launched in India. The company offered trading services in Indian rupee, by allowing users to deposit money on the Coinbase platform using the UPI platform. Late on the same day, the NPCI issued the following <a href="https://www.techcircle.in/2022/04/07/coinbase-launches-trading-services-in-india-to-hold-1mn-pitch-contest-for-web3-startups">statement</a>: “With reference to some recent media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI." Coinbase promptly disabled the UPI option on its platform, leaving Indian users with virtually no way to continue trading on the exchange. Other crypto exchanges, including billion dollar startups <keyword id="10245463" type="General" weightage="50" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword> and CoinDCX, also discontinued UPI payments on their platform over the next week. According to the Economic Times report cited above, banks have asked the NPCI for “verbal instructions” on the next steps for NPCI. However, the report also states that the regulatory body is unlikely to come up with any such directions. <cmsannotation type="cmsannotation" annotationid="Renewed concerns" comment="subhead" text="Renewed concerns">Renewed concerns</cmsannotation> The statement from NPCI has renewed the difficult relationship crypto exchanges and firms in the country have had with payments services, including banks and wallets, in India. Digital payments wallet and platform, Mobikwik, also <a href="https://news.bitcoin.com/indias-crypto-trading-volume-plunges-further-as-mobikwik-stops-payment-service/">withdrew</a> services from such platforms on April 11, shortly after the NPCI statement. PayTM Payments Bank, a bank operated by Indian payments service provider PayTM, has withdrawn services too, in the past. Crypto exchanges in India have had troubles with banks all through 2021 and 2020. In <a href="https://www.financialexpress.com/market/rbi-banks-cant-cite-2018-crypto-ban-order-quashed-by-sc-to-caution-customers-against-virtual-currencies/2262513/">April-May last year</a>, an unofficial letter from the Reserve Bank of India (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) to banks in the country, led most banks to stop providing services to crypto exchanges. Almost every crypto exchange had to stop taking rupee deposits almost overnight. Some banks continue to stop offering services to crypto firms since then. As far as central banks go, India’s RBI has been one of the most vocal oppositions for crypto trading around the world. “Private cryptocurrency is a huge threat to macro-economic stability and financial stability...investors should keep this in mind that they are investing at their own risk," RBI Governor, Shaktikanta Das, <a href="https://economictimes.indiatimes.com/news/economy/policy/cryptos-a-threat-to-financial-stability-value-not-even-a-tulip-shaktikanta-das/articleshow/89474805.cms">said</a> while announcing the country’s monetary policy in February. The situation is a tad different this time though. The NPCI’s statement came at a time when the crypto industry in India was already witnessing a drop in trading volumes, thanks to new taxation rules announced by the government that came into effect from April 1. India has decided to impose a 30% tax on crypto trading income in the country, along with a 1% tax deduction at source (TDS) on sellers of cryptocurrencies. These taxes were announced in February and March and came into effect from April 1. On April 11, crypto research firm CREBACO <a href="https://www.coindesk.com/business/2022/04/11/crypto-trading-volumes-in-india-collapse-10-days-after-new-taxes-crebaco/">reported</a> that volumes on four Indian exchanges, including WazirX, CoinDCX, Zebpay and BitBns, had dropped in the 10 days since the new taxes were enforced. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-in-india-who-what-when-why-and-how-much/articleshow/91004188.cms">5G in India – who, what, when, why and how much?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-brings-metaverse-to-the-e-commerce-segment-with-augmented-rooms/articleshow/90999305.cms">Amazon brings Metaverse to the e-commerce segment with augmented rooms</a>

Banks reportedly seek clarity on crypto’s relationship with India’s largest payments service

<ul><li>NPCI International Payments Ltd and NeoPay have entered into an agreement to offer <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> payments in the <keyword id="6358356" type="General" weightage="80" keywordseo="uae" source="Orion">UAE</keyword>.</li><li>This will enable Indian travellers to pay using UPI on NepPay terminals.</li><li>Indians can currently use UPI for <keyword id="13666742" type="General" weightage="20" keywordseo="payments-in-uae" source="Orion">payments in UAE</keyword>, Bhutan and Singapore. </li></ul>In a big boost to <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), the international arm of National Payments Corporation of India (NPCI) has partnered with NeoPay, a payments subsidiary of UAE’s Mashreq Bank. According to an Economic Times <a href="https://economictimes.indiatimes.com/markets/stocks/news/npci-ties-up-with-uaes-mashreq-to-launch-upi/articleshow/90968472.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">report</a>, the NPCI International Payments Ltd’s (NIPL) agreement with NeoPay will allow Indian travellers in the UAE to make payments using UPI on the company’s terminals across the country. This will make payments in UPI seamless for Indian travellers as it will become as easy and quick as they are in India. Indians will be able to pay using BHIM UPI on NeoPay terminals. The partnership between NPCI International and NeoPay was announced last year and the two companies have been working on creating infrastructure to enable seamless payments. Do note that this is not the first country outside India where Indians can use UPI for payments. Indians can already use UPI in countries like Bhutan and Singapore. NIPL is also working on enabling UPI payments in Nepal. "We are looking at creating an acceptance footprint for UPI-powered apps, including BHIM, across the globe We are following the markets where our Indian consumers travel, and this partnership is to expand the usage universe of Indians who currently enjoy seamless UPI experience in India," said Ritesh Shukla, CEO, of NIPL This will come as good news for over 3.5 million Indians that are currently living in the UAE. In addition to this, over 2 million Indians visit the UAE each year. SEE ALSO: <a href="https://www.businessinsider.in/business/news/whatsapp-is-finally-allowed-to-have-100-million-users-for-its-payments-service/articleshow/90835669.cms">WhatsApp is finally allowed to have 100 million users for its payments service</a> <a href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-disables-upi-payments-coinswitch-kuber-halts-rupee-deposits/articleshow/90797569.cms">After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits</a> <a href="https://www.businessinsider.in/finance/banks/news/you-will-soon-be-able-to-use-upi-for-cardless-cash-withdrawals-at-all-banks-and-atms/articleshow/90721884.cms">You will soon be able to use UPI for cardless cash withdrawals at all banks and ATMs</a>

Indian travellers in UAE can now use UPI for payments

<ul><li><keyword id="1972612" type="General" weightage="100" keywordseo="coinbase" source="Orion">Coinbase</keyword> started offering trading operations in India on April 7 but withdrew the same by April 10.</li><li>Armstrong also said that Coinbase plans to work with the government to relaunch here.</li><li>Coinbase has invested in Indian <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> exchanges, CoinDCX and CoinSwitch Kuber.</li></ul>Coinbase, which ventured into and subsequently shut down trading services in India last month, has blamed the country’s central bank and government for the closure. In an earnings call on May 10, the company’s chief executive officer (CEO) <keyword id="4875827" type="General" weightage="20" keywordseo="brian-armstrong" source="Orion">Brian Armstrong</keyword> said that the country’s authorities are applying “soft pressure” in order to discourage crypto trading within its borders. The US-based publicly listed crypto exchange had started operations in India, amid much fanfare, on April 7. The company allowed users to deposit money on its platform using the country’s unified payments interface (UPI) platform — a system that was built and is maintained by the National Payments Corporation of India (<keyword id="193629" type="General" weightage="20" keywordseo="npci" source="Orion">NPCI</keyword>). However, a mere few hours after Coinbase’s launch, the NPCI issued a statement saying it “wasn’t aware” of any crypto exchange using UPI to buy cryptocurrencies. Which led Coinbase and other crypto exchanges in the country to halt the feature in the country. <div type="ExtQuote" text="India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at (the) Reserve Bank of India (RBI), who don't seem to be as positive on it. And so they — in the press, it's been called a ‘shadow ban,’ basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI" auname="Brian Armstrong, Coinbase CEO told analysts in earnings call on May 10"></div> <cmsannotation type="cmsannotation" annotationid="The road ahead" comment="subhead" text="The road ahead">The road ahead</cmsannotation> That said, Armstrong also added that the company would prefer to work with the government and “focus on relaunching”. He said that there’s a lot of interest in cryptocurrencies among users in India. “I think there's a number of paths that we have to relaunch with other payment methods there. And that's the default path going forward. So my hope is that we will be back in India in relatively short order, along with a number of other countries, where we're pursuing international expansion similarly,” he said. <cmsannotation type="cmsannotation" annotationid="Crypto &amp; RBI’s concerns" comment="subhead" text="Crypto &amp; RBI’s concerns">Crypto &amp; <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>’s concerns</cmsannotation> Armstrong, however, also said that the rulings by government bodies may be in violation of the Supreme Court ruling issued in 2020. At the time, the country’s highest court struck down a ban by the RBI, calling it illegal and unconstitutional. To be sure, the SC never said that the government can’t ban cryptocurrencies. It <a href="https://bfsi.economictimes.indiatimes.com/news/policy/sc-strikes-of-rbis-crypto-ban-calls-it-unconstitutional/74470345">said</a> that the RBI ban is “disproportionate and unreasonable”. “I guess just to zoom out for a minute, one of our theories here, and my theory is that action produces information. So it's not always clear as we go to these countries all over the world, everybody is in varying states of kind of education or lack thereof about crypto. And there's a lot of work to go meet with policymakers around the world and kind of teach them about what the AML (anti-money laundering) capabilities are and what are the positive benefits,” Armstrong said. Coinbase has invested in Indian crypto exchanges CoinSwitch Kuber and CoinDCX and <a href="https://www.techcircle.in/2022/04/07/coinbase-launches-trading-services-in-india-to-hold-1mn-pitch-contest-for-web3-startups">runs incubators</a> with crypto-focused bodies like Buidler’s Tribe in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-is-in-a-frenzy-as-bitcoin-falls-below-30000-a-55-drop-from-its-all-time-high/articleshow/91459301.cms">The crypto market is in a frenzy as Bitcoin falls below $30,000, a 55% drop from its all-time high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/instagram-to-start-testing-nft-sharing-this-week-facebook-to-begin-soon/articleshow/91459196.cms">Instagram to start testing NFT sharing this week, Facebook to begin soon</a>

Coinbase CEO blames India’s central bank for halting trading operations

<ul><li>Women’s fashion brand Biba Fashions has filed a draft red herring prospectus (DRHP) with the markets regulator SEBI for the IPO.</li><li>The IPO will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors.</li><li>Private equity investors Warburg Pincus and Faering Capital will also cut their stake in the firm through the IPO.</li></ul>Women’s fashion brand Biba Fashions is all set to come up with an initial public offering (IPO) as the company has filed a draft red herring prospectus (DRHP) with India’s markets regulator Securities and Exchange Board of India (SEBI). There is a queue of Indian fashion brands interested in becoming a public company. Few months back ethnic wear brand Fabindia also filed DRHP with the regulator while brands like Manyavar, Go Colors got listed on exchanges recently. Aditya Birla Fashion &amp; Retail and TCNS Clothing are other listed players in the apparel space. The IPO of Biba Fashions will include fresh issue of shares worth ₹90 crore and 2.77 crore shares will be sold by promoters and existing investors. Meena Bindra founded the company in 1988 and now owns over 5% stake in the company. She would sell 37.5 lakh shares through the IPO. Biba Fashions develops, designs, sources, markets and sells a wide portfolio of Indian wear for women and girls across multiple brands including BIBA and Rangriti. They offer consumers a range of products across jewellery, footwear, wallets and fragrances. The fund raised through the IPO will be used to pay debt and some for general corporate purposes. The company reported a loss in FY21 as its offline sales were affected due to COVID-19 restrictions. “We witnessed a 48.79% drop in offline sales between financial years 2020 and 2021, and recorded a loss for the year of ₹118.40 million in fiscal 2021 on account of the impact of COVID-19 on our operations, among others,” said the company in its DRHP. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Biba Fashions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹525.8 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹11.8 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹757.2 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8.9 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹729.4 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20.2 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/after-coinbase-disables-upi-payments-coinswitch-kuber-halts-rupee-deposits/articleshow/90797569.cms">After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/how-sachin-tendulkar-backed-smaaash-is-making-a-comeback-with-45-stores-by-june-2022/articleshow/90795758.cms">How Sachin Tendulkar-backed Smaaash is making a comeback with 45 stores by June 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-mints-almost-10000-crore-profit-in-just-three-months-than-in-12-months-a-decade-ago/slidelist/90791896.cms">TCS mints almost ₹10,000 crore profit in just three months than in 12 months a decade ago</a>

Indian fashion labels are lining up to go public — Fashion brand BIBA files for IPO after Fabindia

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.</li><li><keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).</li><li>According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.</li></ul>After months of uncertainty, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/crypto-gains-currency-again-as-banks-ease-curbs-on-purchases/articleshow/85813536.cms">ET</a>), the country’s top crypto exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">WazirX</a> has listed Internet banking payment options from noted public and private banks in the country. The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, India’s crypto bill is waiting on approval from the cabinet. However, sources told Business Insider that a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">new committee</a> may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">Tier II and Tier III towns</a>. Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker told the publication. <cmsannotation type="cmsannotation" annotationid="Banks open up to crypto exchanges" comment="subhead" text="Banks open up to crypto exchanges">Banks open up to crypto exchanges</cmsannotation> WazirX listed top banks like Punjab National Bank, Union Bank of India and Industrial Development Bank of India (IDBI), Deutsche Bank, Federal Bank and more as eligible for net banking. This is in stark contrast to May when Indian banks had stopped doing business with exchanges after an informal communication from the country’s central bank, the Reserve Bank of India (RBI), warned them against working with these firms. Many banks started <a href="https://www.businesstoday.in/crypto/story/zebpay-wazirx-other-indian-crypto-exchanges-flounder-as-banks-cut-ties-after-rbi-frown-300183-2021-07-01">shutting down</a> the accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> almost overnight, forcing many to stop taking rupee deposits from their users. Further, in a letter to users on May 31, a couple of banks from India started warning their users against dealing with crypto firms. In its <a href="https://www.livemint.com/market/cryptocurrency/indian-banks-warn-indian-investors-against-dealing-in-cryptocurrencies-11622458257496.html">letter</a>, HDFC Bank, the largest private sector bank in India, told customers that virtual currency transactions weren’t permitted, citing a 2018 letter from the RBI, which banned such transactions. This led to widespread concerns about banks’ relationships with crypto exchanges. Interestingly, the RBI letter cited by HDFC Bank and some others, had been struck down by the Supreme Court of India (SC) in May 2020. The SC’s decision was hailed by the crypto industry, which in turn was able to take advantage of the bull run cryptocurrencies like Bitcoin and Ethereum underwent late last year. The RBI also issued a notice on May 31, revoking the letters sent by these banks. Sharan Nair, chief business officer (CBO) of CoinSwitch Kuber, one of the top four crypto exchanges in India, explained that the move from banks comes after a circular from India’s central bank, the Reserve Bank of India (RBI). <div type="twitter" handle="NairSharan" handlename="Sharan Nair (CoinSwitch Kuber)" image="http://pbs.twimg.com/profile_images/1431964167510974475/3V3wym-g_normal.jpg" favoritecount="433" retweetcount="117" status="Good news coming out from the RBI. Banks can no longer caution customers against dealing in #cryptocurrencies citin… https://t.co/U7hdmO9A0O" createdat="1622470220000" id="1399367645888090117"></div> That said, things aren’t fully back on track just yet. “We offer multiple payment modes for Indian investors, such as UPI, Paytm UPI, IMPS, NEFT and RTGS. We also allow users to buy/sell cryptocurrency using their credit/debit cards but we see most of these transactions getting declined by the credit/debit card providers,” Jay Hao, CEO of cryptocurrency exchange OKEx.com told ET. Alternatively, crypto exchanges in India can use multiple transaction channels, including Net Banking, RTGS and UPI. While banks can control the net banking and RTGS channels, they have no control on UPI, which is a digital payments platform built by the government. As long as banks allow crypto firms to hold bank accounts in their establishments, users can use UPI to deposit money on exchanges. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/protests-are-breaking-out-against-el-salvadors-planned-bitcoin-adoption-with-demonstrators-decrying-the-tokens-volatility-and-potential-for-corruption/articleshow/85803487.cms">Protests are breaking out against El Salvador's planned bitcoin adoption, with demonstrators decrying the token's volatility and potential for corruption</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews</a>

Banks in India are reportedly softening their stance on crypto trading

<ul><li>According to media reports, an unofficial guidance from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has put banks and lenders on the edge.</li><li>There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them.</li><li>Industry executives have said that they are working to get more bank partners onboard.</li></ul><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> in India have been blocking deposits in Indian rupee for just about a week now. Two of the top exchanges — WazirX and Coinswitch Kuber — informed users that the last payment methods they had, PayTM, would also be shut down from May 20th onwards. Of course, these two aren’t the only ones who have been having troubles taking deposits from Indian users, platforms like Zebpay and Unocoin have also had to block all rupee deposits over the past few days. Why are rupee deposits not working? According to media reports, an unofficial guidance from the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has put banks and lenders on the edge. The informal communication from the RBI affected the already rocky relationship <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto companies</a> and exchanges had with banks in India, and many banks started shutting down their bank accounts. “If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 p.m IST, it will revert to your source bank account within 7-10 business days,” WazirX said in an official communication to users on May 20. When you make a deposit to any exchange, the money goes from your bank to a payment processor (also called a payment gateway), which then sends it to the <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword>’s bank account. In the current situation, you are free to make a transaction through UPI etc, but there are no accounts to receive that money on the other end. As a result, the transaction fails for all intents and purposes, and it takes days and even weeks to reverse the trail of cash back to your account. Can banks do this without an official directive? It’s just like a restaurant can reserve the rights of admission for its guests, banks can choose not to do business with any entity. This is why banks can stop doing business with crypto companies despite the Supreme Court striking down the RBI’s official directive in March last year. The RBI guidelines have simply put them on the edge, and they’re choosing not to lend money, fearing what future regulations might lead to. There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them. While India’s crypto industry has done well over the past year, it’s unlikely that crypto companies will want to take on expensive lawsuits right now. Industry executives <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">have said</a> that they are working to get more bank partners onboard. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-enthusiasts-now-hate-elon-musk-launch-a-new-cryptocurrency-called-stopelon/articleshow/82829354.cms">Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-massive-crash-in-cryptocurrency-prices-wiped-out-1-trillion-of-wealth-reports-suggest/articleshow/82829155.cms">Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more</a>

You Searched For "coinswitch kuber upi" and got 8 results

After Coinbase disables UPI payments, CoinSwitch Kuber halts rupee deposits

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Banks in India are reportedly softening their stance on crypto trading

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