In order to get a pie of the growing crypto market in India, banking platform will foray in India. The company will be releasing personal account services by mid of August as per the company statement.
"We planned to release it during Independence week as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year," Cashaa said in a press release.
The joint venture with Unicas - Unicas is claiming to the world's first crypto financial entity with physical presence. As part of its endeavour, te company will offer saving accounts for both Indian rupees as well as cryptos, loans for investing in cryptos, lending against cryptos as well as card services, said the company.
The SC last year struck down the Reserve Bank of India order on cryptos, some of the Indian lenders still are averse to cryptos and have advised their customers against using their services for crypto related transactions.
"Recently, Indian banks appear to be cracking down on crypto and exchanges even though India hasn't formally banned cryptocurrencies. Indian crypto exchanges are struggling to keep fiat coming in as banks are halting transfers to crypto-related accounts. As a result, these exchanges are now turning to Cashaa to maintain their fiat services," Cashaa noted.
With respect to its obtainment of RBI's approval for its foray into India the company's Cashaa's Chairman of Advisory Board Kumar Gaurav said that United operates as a multi-state cooperative society and thus doesn't need the central bank's permission for this model.