Neobanks should be able to play a bigger role as enablers to expedite the progress of SMEs and spur the growth of the Indian economy so that it can emerge as a global economic power. Currently, SMEs remain underserved by the traditional banking sector as they are perceived as “high risk.” In this scenario, neobanks have risen to meet the needs of SMEs by offering customized, cutting-edge solutions by leveraging state-of-the-art technology. This has helped SMEs tide over operational challenges that have hampered their growth. Thus, neobanks have proved their technological prowess and innovative capabilities to spur the growth of SMEs and boost India’s economic development.
