Leading neo-banks in India 2022, by number of users
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.
