Bitcoin will solve most of these problems over time. Recurring payments isn't in yet, but other than that the tech is pretty close to where you need it to be. Probably theres a lot of room for a startup to come and offer value transfer solutions for indian citizens from outside the RBIs jurisdiction.
But if cryptocurrencies take off the way they are probably destined to, then they may reach a higher level of trust than hard currency in some countries. We'll be trying to find ways to go from rupees or dollars to Bitcoins once Bitcoins are accepted everywhere.
I'm thinking the endgame for all of this is that banks will move more and more towards the investment side because it's so easy to make money on volatility (unless governments decide to crack down on making money simply for having money ..unlikely, although capital gains taxes will almost certainly go up to match normal income tax). The traditional "boring" banking that's used for things like mortgages and money transfers is going to have a tough time. That is, until we consider that dollars are backed by the power of their countries and Bitcoins aren't backed by anything, so people will probably rather hold their savings in banks with FDIC insurance rather than strings of random numbers.
After writing all of this out, I think what's going to happen is that capital gains taxes will give way to tariffs that are charged any time cryptocurrencies are converted to hard currency. So people will be free of hand holding until they go to buy a large asset like a car or home that the government can require hard currency for.
We'll probably need a progressive tax on cryptocurrency exchange or else we'll see wealth inequality magnified even higher than it is today. Another option would be to get rid of income tax and switch to a wealth-based accounting where people report the sum total of gains and losses for the year across all currencies and get taxed for increased wealth (or credited for a decrease).
On that note, the progressive tax could be applied each transaction by a factor proportional to each party's wealth rather than the amount of currency exchanged, so that taxes/credits could be applied continuously rather than on a yearly basis. So no more having to do your taxes, but bankers might switch to a style of accounting more like the IRS.