There should be a feature to open bank accounts for Minors with a link to guardian’s Jupiter account
RBi will won’t allow wait to complete 18… Me too waiting
I dont think the fintech community should sit back and wait for the regulator to wake up. With UPI being extremely popular mode of payment, how would under 18 years get their pocket money. This is a huge opportunity. The less than 18 year olds cannot be left un-banked. Jupiter should take this use case to Finance Ministry and RBI with some proposal for safeguards, limits etc
The back end is handled by Fedral bank…which follows RBI guidelines…so what you want can’t happen without rbi approval…well for minors there are other apps that provide prepaid cards and things …wallet based.
Hey my friend first RBi is not allowing neo bank for license how they will allow minor neo bank account? Niti aayog has already told RBI but did they listen them?. RBi is taking care of customers and bank! If they allow neo bank then these bank will face huge loss and neo bank has no physical branch so its not possible for RBI to trust neo banks!!! They can loot us and ran away then what will you do?? If this happens then People will lost their trust on bank and they will never forgive them! Yes bank was almost dead but RBi saved them na? For customers to trust bank?.
Many of friends are minors and since they cant use upi, they are using debit card and cash . (Sometimes waking me up to pay while I am taking rest )
In my opinion, main issue about the liquid cash is that managing and tracking it is difficult
I think its time banks and RBI considers minors as well. (I dont know what fampay does )