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    Question

    Which of the following is true about Neo banking in India?

     

    Statement 1: Neo banks are digital-only banks that operate exclusively through mobile apps or websites.

    Statement 2: Neo banks in India are regulated by the Reserve Bank of India (RBI).

    Statement 3: Neo banks provide services similar to traditional banks such as deposits, loans, and credit cards.

    A Statement 1 and 2 are true Correct Answer Incorrect Answer
    B Statement 2 and 3 are true Correct Answer Incorrect Answer
    C Statement 1 and 3 are true Correct Answer Incorrect Answer
    D All of the above statements are true Correct Answer Incorrect Answer
    E Only statement 2 is true Correct Answer Incorrect Answer

    Solution

    Statement 1 is correct. Neo banks are digital-only banks that operate exclusively through mobile apps or websites. They do not have physical branches. Statement 2 is also correct. Neo banks in India are regulated by the Reserve Bank of India (RBI) and must comply with the same rules and regulations as traditional banks. Statement 3 is also correct. Neo banks provide services similar to traditional banks such as deposits, loans, and credit cards. However, they often offer these services with greater flexibility, lower fees, and more personalized customer experiences.

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