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Neobanking Jupiter received an NBFC license from the RBI

Published on April 27, 2023
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).
Neobanking Jupiter received an NBFC license from the 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
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