Q. With reference to Neobanks, consider the following statements;
1.A neobank is a kind of digital bank without any branches.
2. They leverage technology and artificial intelligence to offer personalised services to customers while minimising operating costs.
3.In India, Neobanks have a bank licence of their own.
Which of the statements given above is/are correct?
Answer: A
Notes:
Statement 1 is correct: A neobank is a kind of digital bank without any branches. Rather than being physically present at a specific location, neobanking is entirely online.
Statement 2 is incorrect: They leverage technology and artificial intelligence to offer personalised services to customers while minimising operating costs.
Statement 3 is incorrect: In India, these firms don’t have a bank licence of their own. They rely on bank partners to offer licensed services. That’s because the RBI doesn’t allow banks to be 100% digital yet.
Source: TOI
