Question
Consider the following statements regarding the
Neobanks: 1) They are digital banks with multiple branches. 2) Jupiter is an example of Neo Bank in India. 3) They are financial institutions that give customers a cheaper alternative to traditional banks. Which of the statements given above is/are correct?Solution
A neobank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neobanking is entirely online. Hence, statement 1 is not correct. Neobanks are financial institutions that give customers a cheaper alternative to traditional banks. Hence, statement 2 is correct. Jupiter is similar to Fi Money in terms of partnership with the Federal Bank. The process of opening a bank account with Jupiter is easy and fast. It is a neobank.
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