Unfortunately, there is dissonance in everything that this government does. This was most visible during the demonetization drama. All talk and no work has made all of them dull boys..

If this idea of RBI coming up with it's own cryptocurrency materializes, you can expect the government to introduce some sort of licensing and make owning cryptocurrency some sort of crime without it.
That is what the Indian bureaucracy has always been known for. Complicating a simple system beyond all recognition by introducing checks and watchdogs at every point. The watchdogs are basically meant to act as extortionists.

I frankly hope that the Jaitley group just leaves crypto on their own in India. Let them dissuade the banks from financing it and let us move to a peer-to-peer system rather than rely on their stupid regulations.