You can see the rules and regulations in other jurisdictions.
Neo-banks are a relatively new type of virtual financial institution, operating entirely online and without any physical branches. Although not yet officially recognised in India by the RBI, they still offer some banking services by collaborating with traditional banks and falling under their regulatory supervision. Another development came recently when the RBI modified existing regulations regarding prepaid wallets and allowed non-bank issuers - like neo-banks and fintech companies - to issue full-KYC wallets which even permit cash withdrawals in certain amounts. This will likely enable a greater rise of the neo-banking sector in India.1
For the purpose of monetary inclusion, the RBI has authorized 'payments banks', which provide certain services such as accepting deposits and distributing ATM cards, yet bar them from handing out credit cards or making loans. Earlier, payments banks were limited to keeping a maximum amount of 100,000 rupees per individual customer at the close of each day; however, in order to promote financial inclusion and offer more freedom to payments banks, the Reserve Bank of India has raised this limit to 200,000 rupees per single customer.1
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