Just like Visa and Mastercard, RuPay is a card payment network. Unlike the former two, RuPay is home-grown. Many credit and debit cards work on RuPay. Now the RBI has allowed forex cards to be launched on the RuPay network.
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NPCI refuses to ban crypto, leaves it to banks
If banks block crypto exchanges as NEFT /RTGS counter-party, or more and more banks switch off crypto trades, existing crypto holders may find it tougher to sell their digital assets.
Synopsis
Under the circumstances, investors are either moving to other banks (which are allowing crypto trades) or using comparatively less efficient fund transfer options like NEFT, IMPS, and RTGS which are rarely used for trades in stocks, forex and commodity futures done on exchange platforms.
Mumbai: Unlike Visa and Mastercard, the domestic umbrella body National Payments Corporation of India (NPCI) has refused to block fund movements for crypto-currency trades. It recently told some of the banks to take a decision based on the advice of their respective legal and compliance departments.