wordpress blog stats
Connect with us

Hi, what are you looking for?

Major crypto exchanges are unable to use UPI for fund deposits, leading to significant drop in trade volumes

Banks are still on the fence about working with crypto firms even after RBI’s ban was overturned.

Most major Indian crypto currency platforms are having issues with fund deposits, specifically through the Unified Payments Interface (UPI). In addition to the new taxation worries and existing regulatory uncertainty, the inability of users to conveniently deposit rupees has significantly hurt crypto trading and investment in the country. According to the Economic Times, trading volumes on crypto exchanges like WazirX, ZebPay and Giottus hit a six-month low on April 10. Status of fund deposits on major platforms As of April 13 afternoon, here's the availability for INR deposit services on three of the largest platforms: WazirX: Available:  Limited Net Banking – Support for 12 banks, none of the largest banks like SBI, HDFC, Axis, and Kotak Mahindra WazirX P2P – Users can buy USDT from those wishing to sell by directly transferring rupees to the bank account of the USDT holder. Then, USDT can be used to buy other cryptocurrencies on WazirX. Not available:  Net Banking (most banks) Mobikwik wallet UPI CoinDCX:  Available:  Limited Net Banking – Support for 14 banks, none of the largest banks like SBI, HDFC, Axis, and Kotak Mahindra Bank transfer through NEFT/RTGS and UPI by way of sharing the transaction ID Not available:  Net Banking (most banks) Mobikwik wallet UPI CoinSwitch Kuber: Available:  None Not available: All forms of INR deposit services have been disabled including UPI, Mobikwik, NEFT/RTGS/IMPS, and Netbanking. Events that led to platforms disabling UPI access 1. NPCI's one-line statement:  Most of the platforms disabled the UPI deposit options after the National Payments Corporation of India…

Please subscribe/login to read the full story.
Written By

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

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ