Is Neo Bank is Real or an Illusion

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.

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