Neobanks — Digital-Only Banks: Complete 101 Guide
Neobanks — Digital-Only Banks: Complete 101 Guide Last updated: March 2026 What is a Neobank? Neobanks are digital-only banks that operate exclusively through mobile apps and web platforms, without physical branch infrastructure. Key Characteristics 100% digital experience No physical branches Tech-first approach Lower operational costs Instant account opening How Neobanks Work Account Opening Download app Submit documents (DigiLocker, Aadhaar) Video KYC verification Instant account activation Virtual debit card issued Services Offered Service Examples Savings Account Fi, Jupiter Current Account Razorpay, Open Loans Slice, Uni Investments Groww, INDmoney Regulatory Framework RBI-regulated (through partner banks) Partner bank responsible for deposits PPI license for wallets Compliance with KYC, AML Consumer Rights Deposit insurance (via partner bank) Transparent fee structure Data privacy protection Grievance escalation process