Neo-Banking and Society: Financial Innovation and Social Inequality in India

Author(s)	Mr. Debashis Neog, Ms. Muskan Ahmed
Country	India
Abstract	This paper explores the rise of neo-banking in India and its intersection with social inequality. While digital-only banking platforms such as Jupiter, Fi Money, and NiyoX have greatly expanded financial access for urban, tech-savvy users, their benefits have not been equitably distributed across India's diverse social groups. Drawing upon Social Exclusion Theory and Bourdieu’s Theory of Capital, the study critically examines how factors such as caste, gender, digital literacy, and economic disparities continue to shape who truly benefits from digital financial innovations. Using a qualitative research approach based on secondary data from RBI, NPCI, and recent scholarly studies, the findings reveal that neo-banking, despite its promises, risks reinforcing existing social divides unless structural barriers are actively addressed. The paper emphasizes the need for inclusive digital financial strategies to ensure that India's journey toward a cashless economy leaves no community behind.
Keywords	Neo-Banking, Financial Inclusion, Social Inequality, Digital Divide
Field	Sociology > Banking / Finance
Published In	Volume 7, Issue 2, March-April 2025
Published On	2025-04-30
DOI	https://doi.org/10.36948/ijfmr.2025.v07i02.43272
Short DOI	https://doi.org/g9g784

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