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Banks seek formal NPCI note on crypto UPI curbs

Questioning the `shadow ban’ on cryptocurrencies, leading banks have asked the umbrella institution National Payments Corporation of India (NPCI) to spell out in a formal directive the curbs on the use of the popular money transfer tool ‘Unified Payment Interface’ to buy and sell the virtual digital assets (VDAs). Several banks have grudgingly blocked UPI for trading of cryptos following “verbal instructions” from NPCI which operates retail payments and settlement systems in the country.

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