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YES I have also heard about this back in December when news just Popped on my feed that fintech company called cashaa has raised 5 million dollar from Dubai based company Olex to start Crypto banking services. See seriously i think with ever growing fintech sector of india this can be the future of crypto in India. But concern of risk is always there in sort of services and irony is one of it's branch or office in east delhi has already been hacked once and many users had lost there money.
sources:-
https://help.cashaa.com/knowledgebase/cashaa-india-otc-hack-update-follow-up/They did an ICO in 2017-18 and raised ~15 Million USD. Their "CEO" then attended every possible blockchain meetup he could and uploaded videos with people interviewing him. Every Indian knows that being interviewed by an Angrez is the ultimate symbol of your legitimacy...LOL..Sarcasm notwithstanding, they are flush with cash to spend on offices, marketing etc. That kind of thing requires lot of legal fees and expenditure in the west. In India, you can make do with a bit of "adjustment".
So they partnered with one of those "Credit co-operatives" that are in every Indian city where merchants take their loans from. While it may not be legal to call themselves a bank, they have a website platform and an app where you can buy and sell some crypto. They are planning to expand it to give out crypto backed loans. The plan i think is to basically do what the credit co-operatives do, with crypto added to the mix.
Seriously though, this space is so new that people will throw money at you for working openly in it.