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Every CEO says this. This isn't anything new. Moreover trust me They won't get permission until a full fledged crypto act comes into place by parliament. Will you give your money in such a bank when the bank isn't even governed by any legal framework? They surely can make a huge impact as a wallet but I will be too surprised if they get a banking license you need a loan book worth rupees tens of thousands of crores to get a banking license.
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I agree with you that there are lots and lots of norms and legal activities that one has to fulfill with RBI to established any sort of financial institute in India.It will be a foolishness to invest your money in such talks and i already vouched for it in my previous post. But My only point was that crypto being the future,we need to encourage or motivate people who are trying to revive this industry. In my perspective this might not be the best of ideas legally now but can have slight chance.For me I'd rather prefer saying it as slim chance than poor possibility as it spread positive word of mouth.