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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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