For now, the please from Kali Digital seemed convincing enough for the Delhi high court to issue a notice to the RBI about the circular which effectively banned crypto-fiat pairs. Let us hope that the RBI will retract the circular and things get back to normal although it seems unlikely as exchange bank accounts have been frozen/terminated.
Also, there is a change.org plea which has over 45k signees that is emphasizing on the stupidity of the move and wanting the RBI to take back its circular.