Neobanks

Niti Aayog has proposed setting up ‘full-stack digital banks’ in India on recommendation of an RBI working group to regulate digital banking.

Suggestions cover the new wave of neobank fintechs which work with partner banks and serve as a technology layer for customer acquisition and banking activities for those banks.

About Neobanks

• A neobank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neobanking is entirely online.
• These are financial institutions that give customers a cheaper alternative to traditional banks.
• They leverage technology and artificial intelligence to offer personalised services to customers while minimising ....