The name of United Multistate Credit Co-operative Society has cropped up in media reports as in association with cryptocurrency bank Cashaa, it proposes to launch cryptocurrency in India.
It bears recalling that the RBI has not taken kindly to the idea of cryptocurrency bank Cashaa launching banking operations in India. Sources say the firm intends to operate without the RBI’s permission because a multistate credit co-operative society is “registered and works under the Registrar of Societies.
The Cashaa bank says it has launched Unicas, the world’s first crypto-friendly financial institution with physical branches in India in association with the United Multistate Credit Co-operative Society.
Meanwhile, it has been revealed that United Multistate Credit Co-operative Society, which claimed its allegiance to NAFCUB has not paid dues to the apex body for 4-5 years and thus is no longer an active member of the federation.
United is a Multistate Credit Cooperative Society registered under Multi State Cooperative Society Act-2002.
However, the founder of the crypto currency Cashaa bank Kumar Gaurav was quoted saying they do not need the RBI’s permission for this model, reports Business Today.