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Delhi High Court issues notice to SBI on cutting UPI ties with crypto exchange WazirX

The court has sought a response from India’s largest lender after crypto traders were barred from transferring funds via UPI.

The Reserve Bank of India (RBI), the State Bank of India (SBI), National Payments Corporation of India, and the Department of Financial Services were issued notices by the Delhi High Court against a petition seeking to remove barriers to UPI payments on cryptocurrency exchange WazirX, according to a report in The Hindu Businessline. The petition came up before a division bench of Chief Justice DN Patel and Justice Jyoti Singh which will next be heard on December 24, 2021, the report added. The Respondent No 1 (SBI) is directly involved in the matter as they have blocked and restricted the users and merchants to use the UPI deposits option on the crypto exchanges, thereby leaving users with no option but to use other payment deposit options, which take more time to get completed and extra charges like convenience fees, GST charges or service charges are charged, making it difficult for retail investors and users to get the funds on time. —  BusinessLine wrote while quoting the petition. The plea also seeks a direction to the RBI to regulate and govern the cryptocurrency sector, thereby making provisions for payment interfaces, LiveLaw reported. The petitioner is represented by Advocates Siddharth Acharya and Simarjeet Singh Satia, LiveLaw revealed.  Cryptocurrency adoption has grown manifold in India ever since the Supreme Court struck down RBI’s circular. The ruling, however, did not resolve uncertainties surrounding the way banks deal with crypto exchanges which led to frequent outages and disabling of INR deposits and withdrawals. The decision,…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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