Interesting:
Unicas will be providing banking services for both fiat and crypto assets. Services include savings accounts, crypto exchange, crypto loan and debit cards to spend crypto. Users may receive an instant loan digitally by depositing crypto assets in the Unicas wallet and requesting the equivalent value of INR on their card or bank account.
– UNICAS Crypto Bank Opens in India
Also interesting is that the bank is a joint venture between Cashaa of London and the United Multistate Credit Cooperative Society – certainly not a major Indian bank. This Mint article makes this important point:
Multistate Credit Cooperative Societies are regulated by the Central Registrar of Cooperative Societies rather than the RBI. No specific permission from the registrar is required for this
– Crypto platform makes banking entry in India with co-op credit society tie-up
It was the RBI that had forbidden banks in 2018 from providing any services to cryptocurrency exchanges, sending the crypto industry in India into suspended animation for two years before a Supreme Court judgement in March 2020 overturned it.
Also on Medianama:
… since neither the RBI nor the government has introduced new guidelines or restrictions on crypto investing, Indian banks have begun providing various services to domestic exchanges such as payment gateways, working capital loans and other facilities.
– Indian Crypto Currency Trading Volumes Grow 500% Since March