Thursday, September 29, 2022

Cashaa To Introduce Personal Account Services In India

An online banking platform Cashaa plans to introduce personal account services in India by mid-August 2021, according to an announcement.

In a public statement, Cashaa mentioned, “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 along with United Multistate Credit Co-operative Society has started a joint venture, Unicas to offer crypto, as well as fiat services from a single saving account, in India. 

The banking platform further claimed that Unicas is the world’s first crypto financial institution with physical locations in the country.

Cashaa, in its announcement, has mentioned that Indians would be able to enjoy all the personal account services including saving accounts for both cryptocurrency and Indian rupees, loans for buying cryptocurrencies, lending against cryptocurrency and card services.

Even though the Supreme Court of India revoked the banking ban imposed by the Reserve Bank of India on cryptocurrency, many public and private sector banks issued a warning to their customers against crypto-related services, the online banking platform noted. “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.”

Recently, when the company’s Chairman of Advisory Board Kumar Gaurav was asked ‘whether Cashaa has got permission from the RBI,’ he specified United works as a mutli-state cooperative society, therefore, it does not need approval from the central bank for this model.

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