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Neo-banks in India can independently accept deposits and lend money without partnering with licensed banks.
- True
- False
Answer: False
Neo-banks in India are tech-first platforms that partner with licensed banks/NBFCs to offer banking services. RBI does not grant independent banking licenses to neo-banks yet. They focus on UX, analytics, and niche segments while regulated partners handle core banking, compliance, and balance sheet activities. Regulatory evolution ongoing.