India's Neobanking Dream Appears Over Due to Challenges

Neobanks, or digital-only banks, were a hot idea for startups in India.

They promised easy-to-use banking apps.

Many got lots of money and customers.

But, they had to team up with regular banks because they couldn't get their own licenses.

This meant they couldn't make as much money or be as innovative.

The apps were easy to use and they attracted lots of users.

But as traditional banks created their own apps, the Neobanks had nothing unique.

Many have struggled with losses and have cut jobs.

They just couldn't compete with old banks and now it appears the Neobanking dream is over.