Evolution of Banking System to Neobanks
Evolution of Banking System in India to Neobanks "We can't change the inevitable. But we can play on the thing we do have and that's our attitude" - Don Connelly As has succinctly been said that transition is inevitable, but what we have now can do wonders for times to come. Gone are the days when people went to traditional banks to carry on the transactions. Banks, UPI Payments and now neobanks are classic examples of how quickly things change. A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. They are traditional deposit accepting and money lending institutions. Unified Payments Interface (UPI) is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. But, the world is fast evolving. Neobanks are the new disruptio...