Is Neo Bank is Real or an Illusion

General
1

Seriously it’s just not disappointing only but leads to questionable to Neo Bank, wheather Bank Exists or it’s just some virtual type of account ?

For example prepaid ATM Card , also supported at many merchant but if we compare with normal ATM Card , it’s nothing in the sense of realistic & trustworthiness.

Also RBI hasn’t said anything clearly till now .

More doubts are coming when -

  1. Jupiter Debit Card isn’t itself a federal Bank ATM card.

  2. We can’t able to register internet banking on Federal Bank as federal bank declined details.

  3. Now I understand, why Neo Bank doens’t Provide PassBook .

  4. We are also aware of it’s IFSC Code , which doesn’t support anywhere.
    ( Even I tried to withdraw money from Ludo App but showed IFSC Code is wrong)

  5. We can’t visit branch , they won’t help us regarding anything for Neo Bank.

  6. Yesterday I tried to Check Balance through CSP/AEPS ( Mank Mitra) , error displayed.

  7. Is this a real Bank ? I’ve BharatPe Merchant App which also provide Virtual Account Number, IFSC Code , we transact too .
    What is the difference?

References -

  1. https://community.jupiter.money/t/what-causes-transaction-failure/34722/2?u=roshan

I’ll add more references if it will be possible.

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Until RBI gives banking licenses to neobank entities… its going to be frustrating experience for users because all the back-end operations are handled by traditional banks.
Neobanks today can’t do much due to their dependency on the respective partnering banks.

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+1

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BharatPe does have a Small Finance bank licence. Also, their playbook is different!

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AEPS gives Virtual Account Number , they don’t have any licence but what about Neo Bank ? Do the hold proper licence?

I’ve given few details, might be you’ve also faced some issue , and these lead to not trust like traditional bank.

If we compare with Payment Bank, they have limitations but safe and secure, having all the licence , can use as traditional bank