Hi Gujarat
Menu
  • Home
  • Business
  • Lifestyle
  • Health
  • Education
  • National
  • PR
Menu

India is Poised for Next Evolution Arc in Financial Services with Neobanks: Report

Posted on September 29, 2021 by Hi Gujarat Webdesk

New Delhi (India), September 29: With about 58.4% population underbanked in India, Neobanks have immense potential for growth in tier-II and- III rural segments of the country, a report “The Evolution of Neobanks in India” launched at the Global FinTech Fest indicated.

On day two of the Global FinTech Fest 2021 (GFF 2021), Jitendra Gupta, Chairman of the FCC’s Neo Banking committee and CEO of Jupiter Money; Anish Achuthan, Co-Founder and CEO, Open Financial Technologies; Anurag Sinha, Co-Founder and CEO, FPL tech/One Card and Vivek Belgavi Partner, Technology Consulting, Alliances & Ecosystems at PwC, released a report on “The Evolution of Neobanks in India”. The Neobanks strive to achieve superior digital experience, superior customer experience.

The report highlights that India is witnessing a dynamic shift towards digitised banking services provided by FinTechs for a niche set of customers. Since Neo Banking is a fast-evolving segment, it will be important to assess its impact on other stakeholders such as banks, customers, regulators, etc.

The Neo Banking committee formed under FCC aims to be the voice of the industry and assist the regulator and government of any regulations to be proposed for the sector.

On occasion, Mr. Anish Achuthan, Co-Founder and CEO, Open Financial Technologies who is also a member of the committee, said, “I am glad that FCC has taken the initiative to create the neo banking report for the Indian market. Neo banking is the future in the Fintech space, and the industry deserves to know more about the segment”

Globally, the Neo Banking space has witnessed strong growth across geographies, both in the Western hemisphere – particularly in North and South America, the UK and Europe, as well as in the APAC region. The Indian Neobank landscape has seen some significant traction and exponential growth over the last two years. There is no specific license/regulatory approval for Neo Banking yet. Hence, India does not have a concept of digital banks/ challenger banks unlike some of the global counterparts. Neobanks in India have banking partnerships at their core. This is one of the core differences between global and Indian Neo Banking models.

“The report is very timely in recognizing the critical role Fintech innovation like Neobanks can have on the growth trajectory of small and medium businesses in India. RazorpayX is proud of being able to help small and medium businesses unlock the next phase of digital growth. The Government’s unwavering commitment to Digital India and its focus on building world-class infrastructure has been instrumental in helping fintechs like ourselves widen our pool of services and cater to the differentiated banking needs of MSMEs and startups,” said Mr. Harshil Mathur, Co-Founder and CEO, Razorpayand member of the committee.

Over the last decade there has been an increase in use of cutting-edge, tech-enabled solutions in the banking sector. Currently, India has over 18 Neobanks. These tech-enabled solutions have also given rise to Neo Banking business models in the country. Currently, the Neobanks offer products that touch across all the three financial regulators viz. Reserve Bank of India, Securities Exchange Board of India (SEBI) and Insurance and Regulatory Development Authority of India (IRDAI).

Mr. Sujith Narayanan, Co-Founder and CEO, Epifi Technologies (Fi Money), said, “We are delighted to partner with FCC in creating the seminal report on neobanking in India. Neo Banking is a significant opportunity to address the unique banking and financial needs of digital-first consumers in partnership with banks and other ecosystem players.”

In a few years from now, the Neo Banking space is expected to further stabilize with the business models/products that the entities have to offer, and regulators, akin to its global counterparts, may look at directly regulating the Neobanks.  Given their technology prowess and innovative business models, Neobanks have the potential for further value-addition and growth.

Global Fintech Fest is organised by Fintech Convergence Council and Payments Council of India, the two councils of Internet and Mobile Association of India (IAMAI) and National Payments Corporation of India (NPCI). The Fest is presented by the Ministry of Electronics and Information Technology, Government of India, Reserve Bank of India and supported by NITI Aayog, Central Bank of Kenya, Startup India and Invest India.

The World Bank, United Nations Capital Development Fund (UNCDF), RBI Innovation Hub are the institutional partners of the summit. About 75 partners have collaborated for the summit, including Razorpay, Amazon Pay, WhatsApp, Google Pay, Open Digital Payments and Cashfree Payment.

108 thoughts on “India is Poised for Next Evolution Arc in Financial Services with Neobanks: Report”

  1. casinocommunity says:
    December 21, 2022 at 3:57 am

    It’s too bad to check your article late. I wonder what it would be if we met a little faster. I want to exchange a little more, but please visit my site casinocommunity and leave a message!!

  2. Vsjdqw says:
    February 7, 2023 at 3:49 pm

    buy anastrozole pills order arimidex 1mg online buy anastrozole for sale

  3. Skatya says:
    February 8, 2023 at 8:14 pm

    clarithromycin 250mg price meclizine 25 mg without prescription buy antivert 25 mg online cheap

  4. Nlxkoi says:
    February 10, 2023 at 12:53 pm

    order spiriva for sale buy terazosin 1mg without prescription hytrin brand

  5. Wbdsco says:
    February 10, 2023 at 10:33 pm

    proventil oral purchase ciprofloxacin online cheap order ciprofloxacin 500mg generic

  6. Daemfr says:
    February 11, 2023 at 9:59 pm

    order pioglitazone online buy viagra without prescription order viagra 100mg sale

  7. Gakvqa says:
    February 12, 2023 at 1:42 pm

    montelukast 5mg sale order viagra 100mg generic sildenafil 50mg price

  8. Obrxmn says:
    February 13, 2023 at 11:04 am

    buy tadalafil 20mg pill online casino games real money casinos online

  9. Vvjtqe says:
    February 14, 2023 at 12:37 am

    coupon for cialis Cialis price tadalafil 40mg over the counter

  10. Vaurpp says:
    February 14, 2023 at 8:07 pm

    play roulette free for fun gambling online free spins no deposit required

  11. Bgpzig says:
    February 15, 2023 at 11:54 am

    buy ivermectin tablets dapsone 100mg ca dapsone without prescription

  12. Esoewo says:
    February 16, 2023 at 5:40 am

    online slots card games online real money casino online

  13. Mimqdz says:
    February 16, 2023 at 11:53 pm

    buy adalat 30mg sale order perindopril for sale buy generic fexofenadine

  14. Estezi says:
    February 17, 2023 at 1:04 pm

    slot games online free online card games purchase essay online

  15. Ruygqw says:
    February 18, 2023 at 3:27 pm

    order altace generic buy arcoxia 60mg buy arcoxia 120mg sale

  16. Fokfbe says:
    February 19, 2023 at 1:29 pm

    custom dissertation purchase arava online order sulfasalazine 500 mg online

  17. Yjaxga says:
    February 20, 2023 at 1:50 pm

    buy doxycycline 200mg pills doxycycline online cleocin price

  18. Wbsyco says:
    February 21, 2023 at 9:57 pm

    buy benicar 10mg pill order divalproex 500mg generic order divalproex 250mg online cheap

  19. Zhqoxa says:
    February 22, 2023 at 8:41 am

    mesalamine brand azelastine 10ml brand irbesartan price

  20. Cvggbt says:
    February 23, 2023 at 10:46 pm

    temovate price order buspar 10mg online cordarone 200mg us

  21. Jqxuvn says:
    February 25, 2023 at 12:30 am

    acetazolamide canada order diamox generic azathioprine us

  22. Bodtbb says:
    February 26, 2023 at 2:31 pm

    order lanoxin 250mg online lanoxin 250 mg tablet molnunat order

  23. Tkxwxq says:
    February 27, 2023 at 8:35 pm

    buy amoxil 1000mg stromectol 3mg over the counter buy ivermectin 3 mg

  24. Zopzxd says:
    February 28, 2023 at 8:21 pm

    carvedilol uk ditropan 5mg oral cost amitriptyline

  25. Iwgejx says:
    March 1, 2023 at 11:21 am

    buy dapoxetine without prescription oral motilium motilium 10mg sale

  26. Qotkzk says:
    March 2, 2023 at 11:00 pm

    purchase indomethacin pills buy cenforce 50mg pill generic cenforce 100mg

  27. Kylpir says:
    March 3, 2023 at 8:47 pm

    order nortriptyline generic nortriptyline over the counter buy generic paxil

  28. Ghrcys says:
    March 4, 2023 at 12:28 pm

    buy doxycycline sale buy methylprednisolone 4 mg buy methylprednisolone 16 mg online

  29. Ehtkjt says:
    March 5, 2023 at 7:37 am

    order pepcid 20mg pills mirtazapine pills order mirtazapine without prescription

  30. Ukuxgg says:
    March 6, 2023 at 1:10 am

    order tadacip 10mg generic trimox amoxicillin 500mg ca

  31. Rzenes says:
    March 6, 2023 at 6:43 pm

    purchase requip online calcitriol 0.25 mg brand trandate 100mg us

  32. Udkxxk says:
    March 8, 2023 at 3:07 am

    order esomeprazole 40mg capsules lasix sale buy lasix 100mg pill

  33. Dyqgls says:
    March 8, 2023 at 8:51 am

    order fenofibrate 200mg sale viagra 50 mg sildenafil 100mg ca

  34. Keklua says:
    March 9, 2023 at 2:56 pm

    order generic minocin order minocin 50mg generic order hytrin sale

  35. Tqlalo says:
    March 9, 2023 at 10:09 pm

    purchase tadalafil for sale Fda approved cialis sildenafil 50mg

  36. Hiadnx says:
    March 11, 2023 at 12:03 pm

    glycomet price order verapamil 240mg without prescription tamoxifen over the counter

  37. Boojat says:
    March 11, 2023 at 4:33 pm

    purchase tadalafil generic levitra prescriptions erectile dysfunction drug

  38. Djjvaq says:
    March 13, 2023 at 9:12 am

    purchase clomiphene for sale prednisolone us order generic prednisolone 40mg

  39. Xbqexg says:
    March 13, 2023 at 12:35 pm

    order generic modafinil purchase modafinil for sale purchase phenergan generic

  40. Xvzrlj says:
    March 15, 2023 at 5:59 am

    buy accutane accutane 20mg price brand ampicillin 500mg

  41. Rsviic says:
    March 15, 2023 at 6:06 am

    order prednisone 5mg online cheap order amoxicillin 250mg generic amoxicillin 1000mg tablet

  42. Yjhwzl says:
    March 17, 2023 at 3:53 am

    stromectol tablets uk top erection pills prednisone 10mg sale

  43. Obxxuc says:
    March 17, 2023 at 7:19 am

    mens erection pills order sildenafil generic proscar order

  44. Gzkrla says:
    March 19, 2023 at 5:54 am

    order isotretinoin 10mg online cheap isotretinoin 40mg pill zithromax 500mg ca

  45. Dxyvsu says:
    March 19, 2023 at 7:39 am

    buy zofran sale zofran 8mg canada purchase bactrim generic

  46. Ubcytg says:
    March 21, 2023 at 8:17 am

    order albuterol 4mg generic albuterol buy clavulanate without prescription

  47. Wcgxpm says:
    March 21, 2023 at 5:01 pm

    prednisolone 5mg brand prednisolone 10mg us buy lasix online diuretic

  48. Xealua says:
    March 23, 2023 at 7:26 am

    buy modafinil 100mg online lisinopril 10mg price lopressor for sale online

  49. Pjszfr says:
    March 24, 2023 at 3:24 am

    buy doxycycline pills vibra-tabs order online cheap zovirax 400mg

  50. Gassfn says:
    March 25, 2023 at 6:44 am

    dutasteride sale buy keflex 125mg online purchase xenical

  51. Vkmvyn says:
    March 26, 2023 at 2:15 pm

    purchase inderal pill diflucan 100mg price buy coreg 25mg for sale

  52. Kopkca says:
    March 27, 2023 at 1:24 am

    buy oxybutynin 5mg sale buy oxcarbazepine trileptal 300mg brand

  53. Nrikhm says:
    March 27, 2023 at 4:13 am

    cheap azathioprine 25mg cost telmisartan naproxen 500mg over the counter

  54. Bkvube says:
    March 28, 2023 at 11:14 pm

    purchase simvastatin pills buy zocor 10mg online sildenafil for men over 50

  55. Zvboaw says:
    March 29, 2023 at 12:30 am

    purchase cefdinir for sale oral lansoprazole 15mg cheap protonix 40mg

  56. Kkpmtp says:
    March 30, 2023 at 5:58 pm

    purchase dapsone pills atenolol usa atenolol 100mg usa

  57. Qfgxsu says:
    March 30, 2023 at 7:48 pm

    order uroxatral 10mg sale alfuzosin 10mg us diltiazem medication

  58. Odpvjf says:
    April 1, 2023 at 2:40 pm

    sildenafil 50mg generic sildenafil next day delivery cialis 10mg us

  59. Xtflgf says:
    April 2, 2023 at 3:44 am

    buy ezetimibe 10mg online cheap sumycin 500mg without prescription buy methotrexate 2.5mg

  60. Krtcky says:
    April 3, 2023 at 11:27 am

    order promethazine 25mg without prescription discount cialis no rx order tadalafil 10mg without prescription

  61. Fmkjrk says:
    April 4, 2023 at 1:13 pm

    order warfarin 2mg sale order metoclopramide 20mg generic buy allopurinol 100mg without prescription

  62. Enoprs says:
    April 5, 2023 at 9:03 am

    levofloxacin 500mg pill ursodiol for sale online oral bupropion 150 mg

  63. Adatmf says:
    April 7, 2023 at 2:05 am

    buy generic cenforce online generic chloroquine order glycomet 500mg generic

  64. Mhxlsb says:
    April 8, 2023 at 10:21 pm

    order atorvastatin 10mg online cheap sildenafil order online sildenafil 100mg us

  65. Ehvkzl says:
    April 10, 2023 at 6:52 pm

    cialis overnight shipping usa brand cialis 20mg buy erection pills

  66. Mcdorr says:
    April 12, 2023 at 1:38 pm

    order provigil purchase deltasone sale deltasone 5mg pills

  67. Ukclcc says:
    April 14, 2023 at 10:02 am

    isotretinoin 10mg over the counter oral zithromax 500mg buy zithromax 250mg online

  68. Zoffka says:
    April 16, 2023 at 5:58 am

    buy prednisolone 10mg online cheap neurontin pills lasix without prescription

  69. canadian pharmacy prescription says:
    April 19, 2023 at 8:47 am

    the best canadian online pharmacy

  70. cheapest canadian pharmacies says:
    April 23, 2023 at 11:55 am

    canada pharmacy not requiring prescription

  71. aarp approved canadian online pharmacies says:
    April 24, 2023 at 12:54 pm

    safe canadian online pharmacy

  72. Qwlmus says:
    April 26, 2023 at 7:37 pm

    imitrex 50mg over the counter dutasteride where to buy buy cheap generic dutasteride

  73. canadian pharmacy no prescription required says:
    May 1, 2023 at 3:00 pm

    canadian pharmacy tadalafil

  74. canadian pharmacieswith no prescription says:
    May 1, 2023 at 7:27 pm

    canadian pharmacies without prescriptions

  75. rx canada says:
    May 2, 2023 at 1:51 am

    medications without prescription

  76. canadian pharmacies reviews says:
    May 2, 2023 at 7:27 am

    canadian online pharmacies not requiring a prescription

  77. Mselkb says:
    May 2, 2023 at 9:26 pm

    progesterone canada zyprexa 10mg canada olanzapine generic

  78. Iqltus says:
    May 6, 2023 at 7:55 am

    order tegretol without prescription ciprofloxacin buy online buy lincomycin 500mg sale

  79. Ezxqmc says:
    May 8, 2023 at 4:18 pm

    cefadroxil 500mg generic cost finasteride 1mg propecia 5mg pills

  80. Slqwxw says:
    May 10, 2023 at 1:17 am

    brand fluconazole 200mg ciprofloxacin 1000mg price oral cipro 500mg

  81. Plearh says:
    May 10, 2023 at 3:59 am

    estrace 2mg without prescription lamotrigine medication purchase prazosin pills

  82. Wbxuql says:
    May 11, 2023 at 1:51 pm

    order flagyl pills generic flagyl generic cephalexin

  83. Bhwyrf says:
    May 11, 2023 at 4:06 pm

    buy vermox no prescription tadalis 20mg cheap tadalis brand

  84. discount online canadian pharmacy says:
    May 12, 2023 at 2:32 am

    pharmacy price compare

  85. Lxuiks says:
    May 13, 2023 at 2:13 am

    buy generic cleocin erythromycin canada buy ed meds online

  86. Rcnqor says:
    May 13, 2023 at 3:52 am

    where to buy avanafil without a prescription avanafil 200mg ca cambia pills

  87. Cqtvty says:
    May 14, 2023 at 4:18 pm

    buy tamoxifen tablets buy generic budesonide cefuroxime without prescription

  88. Zmgmzz says:
    May 14, 2023 at 5:42 pm

    indomethacin 75mg for sale order indocin pill buy cefixime 200mg generic

  89. Flkozx says:
    May 16, 2023 at 5:10 am

    buy amoxicillin sale buy clarithromycin paypal order biaxin 500mg generic

  90. Dhxigh says:
    May 16, 2023 at 11:32 pm

    bimatoprost medication buy trazodone 50mg order trazodone 100mg

  91. Awlozv says:
    May 17, 2023 at 5:44 pm

    buy clonidine 0.1mg without prescription spiriva 9mcg price tiotropium bromide for sale

  92. Vcldip says:
    May 18, 2023 at 2:20 pm

    suhagra ca buy aurogra 50mg sale sildalis drug

  93. Cuvhol says:
    May 19, 2023 at 12:04 am

    buy minomycin generic buy hytrin generic buy actos 15mg pills

  94. Ivpqyd says:
    May 20, 2023 at 6:18 am

    arava online buy sulfasalazine 500 mg online purchase sulfasalazine sale

  95. Obbuhd says:
    May 20, 2023 at 6:48 am

    buy isotretinoin for sale buy amoxicillin 500mg for sale zithromax 250mg generic

  96. Bajmfw says:
    May 21, 2023 at 4:46 pm

    price cialis order sildenafil 50mg generic cost cialis 10mg

  97. Iujyqb says:
    May 21, 2023 at 8:44 pm

    order generic azithromycin buy prednisolone 10mg generic gabapentin for sale online

  98. Ipnayg says:
    May 23, 2023 at 3:40 am

    ivermectin nz order prednisone 20mg online order prednisone 20mg online

  99. Igmdym says:
    May 23, 2023 at 5:01 pm

    order lasix lasix 40mg sale albuterol price

  100. Dvfujv says:
    May 25, 2023 at 10:31 am

    levitra drug order vardenafil 20mg pills plaquenil 400mg uk

  101. Hacpdx says:
    May 25, 2023 at 8:45 pm

    buy altace generic amaryl 1mg canada etoricoxib 120mg pill

  102. Bvhsnx says:
    May 27, 2023 at 4:54 am

    levitra 10mg us buy hydroxychloroquine paypal plaquenil 400mg usa

  103. Udzbpu says:
    May 27, 2023 at 2:22 pm

    how to get mesalamine without a prescription avapro 300mg cheap avapro 150mg without prescription

  104. Jjduwq says:
    May 28, 2023 at 10:16 pm

    purchase benicar online buy divalproex online depakote order online

  105. Vqcmum says:
    May 31, 2023 at 5:12 am

    coreg price oral aralen buy aralen 250mg for sale

  106. Nnoxyh says:
    May 31, 2023 at 10:59 am

    acetazolamide generic buy acetazolamide 250mg generic azathioprine 50mg cheap

  107. Psgizn says:
    June 1, 2023 at 8:36 pm

    purchase digoxin generic buy micardis no prescription order molnupiravir 200mg pills

  108. Yjlorw says:
    June 3, 2023 at 7:08 am

    how to get naproxen without a prescription buy naprosyn 250mg sale buy prevacid 30mg generic

Leave a Reply Cancel reply

Your email address will not be published.

Recent Posts

  • IITIIMShaadi.com signs Bhagyashree for new social media campaign
  • 2nd Inter FoodTech Expo To Be Held From 7 – 9 June 2023 At Mumbai India Concurrently With ‘Snack & BakeTec’ And ‘Pac MechEx’
  • Loungewear powerhouse JulyWear has set its sights on becoming the dominant player in the industry
  • EcoEx bags the Winner Award in the ‘Disruptive Solutions’ Category at the 4th edition of the FICCI Smart Urban Innovation Awards 2023
  • Morari Bapu pays tribute to Odisha train accident victims, announces Rs. 50 lakh assistance

Recent Comments

  • slot gacor on Mrs India Queen of Substance 2021 Concluded in Delhi
  • Trvvzl on Amisha Sethi grabs Haut Monde Mrs. India Worldwide 2021 title at Grand Finale in UAE
  • Why Everyone Is Dead Wrong About Popcorn Machines And Why You Must Read This Report - TAG ON WEB on HyperX Launches Cloud Alpha S Gaming Headset in India at Rs.13,200/-
  • Nkkzwv on Finding Way in the Labyrinth of Cyber Warfare By : Yogesh Dadhich
  • Xvkyvr on Khateeb Study Abroad is Helping Students Make Their Way into the Global Educational Prospect

Archives

  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020

Categories

  • A
  • Business
  • Design
  • Education
  • English
  • Entertainment
  • Health
  • Hindi
  • Lifestyle
  • National
  • Press Release
  • Sports
  • Technology
  • Uncategorized
  • World
  • एजुकेशन
  • गुजरात
  • नेशनल
  • बिज़नस
  • लाइफस्टाइल
  • हेल्थ

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2023 Hi Gujarat | WordPress Theme by Superbthemes.com