One thing I can assure you this would face a fate like UNOCOIN too. I don't know when will these people realize that their advertising terminology can put them in troubles. In India no Bank can be opened by approval of RBI. There is a hefty process of getting approval to be called a bank which even PAYTM and AIRTEL haven't been able to comply with and they still just have the status of "Payments Bank", not a complete bank. Hundreds of NBFC handling AUM and Loan Books of more than thousands of crores have not been upgraded to the status of Bank but this new startup has started calling itself a Bank. To be very honest legally speaking I would recommend you all to stay away from this until it gets an RBI NOC to operate. Supreme Court has said that RBI can monitor affairs of crypto space it has just uplifted the ban. Don't do foolish things that would lead to trouble.
Agreed, there is huge process involved to get recognised and approval from the RBI. I'm not sure of it, but came to know from an person working in a bank that to do banking services of ten lakh, the respective bank is supposed to have a reserve of one crore in RBI. For small level financing those limitations weren't available. Thats the reason we can see most of the financing service providers have lots of branches but doesn't get the recognition as Bank.
Few such financing service providers are Chola Finance, Muthoot Finance, Coramandel Finance, Equitos, Ujjivan, Fincare, etc
It's definitely not 1 crore. Generally the banks are expected to have with RBI reserve equal to cash reserve ratio(CRR). Current CRR is around 3% so you will see atleast a 3% of the total deposits with RBI. Total deposits range at around 8-10k crores so you can calculate the total number very well.
You are right about these financing service providers they operate as systematically-important-core Deposit-taking-NBFCs currently.