The Indian crypto industry has seen enormous growth both in volumes and new clients since its Supreme Court removed a two-year ban on banks servicing cryptocurrency exchanges in March 2020. Nischal Shetty, founder of WazirX — a crypto exchange based in India — told Cointelegraph:

The Indian crypto ecosystem has been growing tremendously since the Supreme Court lifted the banking ban on crypto in India. […] The positive verdict was immediately followed by a lockdown due to the COVID-19 pandemic. This period has also given people more time at hand to read about crypto and participate in it.

https://cointelegraph.com/news/indian-crypto-industry-expanding-regulators-seem-reluctant-to-engage