Over the last four years, Indian neobanks have been competing, acquiring customers, and creating a niche in the banking and financial sector. They are growing to 43% CAGR (Compound Annual Growth Rate), establishing a competitive ecosphere in digital banking. In 2021, we estimate that neobanks acquired 350 million customers, with 290 million out of the total customers coming in from 47% of the neobanks.

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