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India’s first crypto neo-bank will offer deposits and loans from January

The United Multi State Credit Cooperative Society has partnered with London-based Cashaa Technologies to offer cryptocurrency deposits and loans to customers from January 2021 onward. The two entities have set up a joint-venture called UNICAS to enable customers to buy and invest in cryptocurrencies through physical branches, as well as take out loans against cryptocurrencies, according to a press release. Ever since the Reserve Bank of India's April 2018 circular — which prohibited banks from providing services to businesses dealing with virtual currencies — was over-turned by the Supreme Court in March this year, the domestic cryptocurrency industry has been functioning without any regulatory oversight. Unlike commercial banks and cooperative banks that are regulated by the RBI or by the National Bank for Agriculture and Rural Development (NABARD), multi-state credit cooperative societies are regulated by the Central Registrar of Cooperative Societies under the Multi-State Cooperative Societies Act, 2002. These credit societies can either be formal business organisations or a registered collective of individuals who come together to pool their savings and provide loans to their members. Dinesh Kukreja, managing director, United Multi State Credit Cooperative Society and CEO, UNICAS, says that this partnership will create the first crypto neo-bank in the country. "Many customers in Tier-2 and beyond cities and towns who are interested in cryptocurrency investing are being duped by fraudsters. This partnership will provide our customers and also existing cryptocurrency investors in the country with a proper investment platform and lending service. We are also looking at creating…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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