As of year 2022, State Bank of India's digital arm Yono had around 54 million active users, the highest in the neo-banking sector. Instant pay followed with 10 million users. Neo-banks are fintech firms that offer apps and software to offer personalized services while minimizing operating costs. Licensing depends on traditional banks and core backend operations are also managed by banks.
Leading neo-banks in India as of 2022, by number of active monthly users
(in millions)
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Chiratae Ventures, & EY. (August 25, 2022). Leading neo-banks in India as of 2022, by number of active monthly users (in millions) [Graph]. In Statista. Retrieved December 07, 2024, from https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/
Chiratae Ventures, und EY. "Leading neo-banks in India as of 2022, by number of active monthly users (in millions)." Chart. August 25, 2022. Statista. Accessed December 07, 2024. https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/
Chiratae Ventures, EY. (2022). Leading neo-banks in India as of 2022, by number of active monthly users (in millions). Statista. Statista Inc.. Accessed: December 07, 2024. https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/
Chiratae Ventures, and EY. "Leading Neo-banks in India as of 2022, by Number of Active Monthly Users (in Millions)." Statista, Statista Inc., 25 Aug 2022, https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/
Chiratae Ventures & EY, Leading neo-banks in India as of 2022, by number of active monthly users (in millions) Statista, https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/ (last visited December 07, 2024)
Leading neo-banks in India as of 2022, by number of active monthly users (in millions) [Graph], Chiratae Ventures, & EY, August 25, 2022. [Online]. Available: https://www.statista.com/statistics/1328771/india-leading-neo-banks-by-number-of-users/
