It was established that even if banks were banned from engaging in cryptocurrency related activities, cryptocurrencies were not exactly illegal in India.
source https://www.google.com/url?rct=j&sa=t&url=https://smartereum.com/39503/cryptocurrency-ban-debjani-ghosh-trade-organization-head-in-india-says-cryptocurrencies-are-illegal-cryptocurrency-news-today/&ct=ga&cd=CAIyGmM2Nzk3ODA2ZWViNjVjODI6Y29tOmVuOlVT&usg=AFQjCNHlm-b83tIyOkrqpFOFxKsE9LNZkQ
