CURRENT AFFAIRS

Detailed explanation-1: -Bengaluru-based fintech startup Freo on June 21 launched a digital savings account offering Freo Save, in partnership with Equitas Small Finance Bank , in a move to become a full-stack neobanking platform providing lending, savings, and wealth-growth products to consumers.

Detailed explanation-2: -There are no conventional brick-and-mortar branches of neobanks. Although not directly regulated by RBI, neobanks in India have banking partners such as ICICI, HDFC, and other banks which are registered with RBI.

Detailed explanation-3: -Bengaluru-based neobanking platform Freo on Tuesday launched its digital savings account ‘Freo Save’ in partnership with Equitas Small Finance Bank.

Detailed explanation-4: -Niyo is among one of the oldest Neo banks in India.

Detailed explanation-5: -“Neo” means new. These are new-age banks without any physical location, present entirely online. They provide digital, mobile-first financial solutions for payments, money transfers, lending, and more. They allow customers to make deposits and withdraw money. They offer debit cards, investment facilities, and more.