No need to take permission from RBI
When asked about taking permission from RBI for this, he said that it is a multistate cooperative society which is registered under the Registrar of Societies. In this, services are provided only to the members and due to this there is no need to take permission from RBI. A source associated with the banking sector said about this that its promoters are using credit cooperatives so that they can escape from the strict rules of RBI. It will not get banking license from RBI.
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The government is also considering bringing a law
However, this society can lend to its members. This may pose a risk to the financial system. Cashaa plans to provide loans to customers and open their savings accounts to buy cryptocurrencies. The government is also considering bringing a law to regulate cryptocurrencies.
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