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      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?
      A 1 only Correct Answer Incorrect Answer
      B 2 and 3 only Correct Answer Incorrect Answer
      C 1 and 3 only Correct Answer Incorrect Answer
      D 1 and 2 only Correct Answer Incorrect Answer
      E 1, 2 and 3 Correct Answer Incorrect Answer

      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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