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Home Economy

Neobank

June 16, 2022
in Economy
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In news– The Reserve Bank of India (RBI) is taking a hard look at the neobank business model where fintechs plug into a conventional bank’s network and become customer-facing banking service providers.

What is a Neobank?

  • A neobank is a digital bank that does not have any branches. 
  • Instead of having a physical presence at a set location, neobanking is entirely online.
  • A broad collection of financial service providers, who primarily target tech-savvy customers, comes under the umbrella of neobanking. 
  • Basically, a neobank is a fintech firm that provides digital and mobile-first services like payments, debit cards, money transfers, lending, and more.
  • While traditional banks continue to struggle with bringing their legacy-based infrastructure into the digital age, neobanks leverage its modern digital platforms to analyse customer data and make data-driven decisions.
  • Neobanks can also afford to slash customer fees by a significant amount since they don’t have to bear the expenses of running physical locations.
  • Since Neobanks don’t have a physical office in neighbourhoods, consumers can create their accounts from their mobile devices from the comfort of their home and due to their technology-driven KYC process, the account can be ready in just a couple of minutes.
  • By using an app Neobanks provide services via its mobile application.
  • In India, neobanks don’t have a bank license of their own. 
  • Instead, they count on bank partners that are regulated to provide bank-licensed services. 
  • The likes of Jupiter, Fi, Niyo, and RazorpayX are currently working in partnerships with traditional banks.
  • Currently, the RBI does not allow banks to be fully digital in India.
  • As the third largest fintech ecosystem in the world after the US and China, the Indian fintech market is poised for further disruption with the emergence of neobanks.
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Source: Business Standard
Tags: NewspaperPrelims

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