Neobanks
Following the recommendation of an RBI working group to regulate digital banking, government think tank Niti Aayog has proposed setting up ‘full-stack digital banks’ in India.
The Aayog’s 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 ....
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