Increased hiring, active consultations and monitoring of the regulatory environment by the exchange suggest Indian operations may soon be underway.
The country's securities regulator has proposed that ban.
RBI officials said cryptocurrencies could undermine the central bank's capacity to regulate the flow of money.
The meeting was held in the Indian IT hub of Bengaluru, and was the second time the finance committee has met representatives of the crypto industry.
The blockchain will be a "regional supporter" for North America and Europe at this year's World Cup and an official sponsor of next year's Women's World Cup.
The move is seen as a positive step that gives clarity to the crypto industry on several fronts.
The 1% tax deducted at source has been the biggest pain point in the new tax rules for India's crypto industry.
A collective authority could encourage projects like Polygon to set up shop in India, co-founder Sandeep Nailwal told CoinDesk.
If the license application is accepted, the bank would be authorized to offer exchange and crypto-asset services.