India's approach (even if they try to make it look better saying they are against fraud) is mainly a regulatory approach, to prevent people from circumvent taxes and financial limitations through digital methods, and also to prevent people from sending international payments using india's currency through methods other than banks.
Proof? PayPal, India made the restriction on PayPal making people JUST capable of withdrawing, not sending at all to anyone but just bank withdrawal, considering the VERY regulated nature of PayPal, I think this shows the real intention of India's government.