Feature Post

NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
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LOK ADALAT (Breif Notes)



Important Points Regarding Lok Adalat
  •  Established under legal services authority act 1987.
  •  Civil Court.
  •  No court fee.
  •  No Dispute cases.
  •  Decree is a consent decree and no appeal can be made against  Lok Adalat. 


  •  Two Levels.
       1) Civil Liability < 20 lac
           2) >20 Lac Lok Adalat Organised by DRT.
  • RBI Guidelines -  

       Types of Accounts for Lok Adalat
        1) Doubt full a/c
        2) Loss Account

  • Repayment - Preference for one time up front payment installment up to 3 years is accepted.



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