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ARTICLE · 06 MAY 2022

Niti Aayog's Discussion Paper On Digital Banks

Ikigai Law
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If I had a rupee for every time I heard the word ‘neobank', I'd deposit all those rupees in a neobank. Despite being a fintech buzzword, neobanks have not made remarkable strides in India.

IndiaFinance and Banking
Ikigai Law
Ikigai Law
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This post explores Niti Aayog's proposal to create a licensing framework for fully digital banks. It examines the impact of this proposal on neo-banks and explains the roadmap for implementation.

If I had a rupee for every time I heard the word 'neobank', I'd deposit all those rupees in a neobank. Despite being a fintech buzzword, neobanks have not made remarkable strides in India. As they operate in a regulatory vacuum. So, in November 2021, Niti Aayog stepped-up as the bellwether for neobank regulations. And published a?discussion paper on full-stack digital banks. Niti Aayog's proposed regulatory model would enable neobanks to operate as the utility layer as well as the engagement layer of financial services.

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