Neobanking Jupiter received an NBFC license from the RBI

Current Context: Jupiter, a neobanking start-up based in Bengaluru, India, has been granted a non-banking finance company (NBFC) license by the Reserve Bank of India (RBI).

• The move will allow the firm to offer credit directly to customers and builds on Jupiter’s existing lending operations through partner NBFCs.
• Jupiter intends to capitalize the lending business with around Rs 100 crore and raise an additional Rs 100 crore in debt to fund the NBFCs credit operations.
• It aims to hit annual disbursements of Rs 600-700 crore in short- and medium-term personal loans.
• Jupiter has over 2 million customers and was recently valued at more than $700 million

Question:

Q.1 What kind of license did Jupiter get from RBI?
a. Banking license
b. Payment license
c. NBFC license
d. Insurance license