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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.

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