Prominent Exchange CoinSwitch Kuber Reinstates Rupee Deposit Via Bank Transfer

• Deposits could be made through could be made via NEFT, RTGS, and IMPS.
• Crypto exchanges in India ceased allowing deposits over UPI.

CoinSwitch Kuber reinstated rupee deposits using the bank deposit method on its platform approximately two weeks after the option was stopped due to regulatory difficulties. Although no official statement was made, the CoinSwitch Kuber app stated that deposits of up to $1.31 USD (100 INR) could be made via NEFT, RTGS, and IMPS.

Unified Payments Interface (UPI) Suspended

Consumers of CoinSwitch Kuber, India’s largest crypto exchange with more than 15 million customers, would benefit from the move. Despite this, CoinSwitch Kuber and other crypto platforms still have the widely-used Unified Funds Interface (UPI) community deactivated.

Following a statement from NPCI stating it was unaware of any digital asset platforms using the service earlier this month, crypto exchanges ceased allowing deposits over UPI. Subsequently, MobiKwik, whose suppliers had been employed by significant crypto exchanges, withdrew aid to the exchanges.

Crypto traders in India were shocked when UPI, one of the most popular deposit methods on crypto exchanges, was suspended by the Reserve Bank of India. In addition, CoinDCX, another cryptocurrency exchange, has lowered its minimum rupee deposit by bank transfer from $39.2 USD (3,000 INR) to $9.8 USD (750 INR).

Even though crypto exchanges are collaborating with banks, there is a lack of assurance around providing financial services to the crypto market, according to trade experts. In the interim, finance minister Nirmala Sitharaman recently said that India would carefully decide on regulations around digital intellectual property. Amid the Reserve Bank of India’s repeated warnings about financial, monetary, operational, and legal risks, India’s crypto market has grown rapidly. But industry experts fear it might plummet if the air is not cleared soon.