Open banking is the usage of APIs and technology by traditional banks/ digital banks to share information to different financial services and companies for multiple use cases. One such example is sharing of information for credit detail verifications from banks. Another such example is of Bank Aggregators. Neobanking is banking without physical branches. Currently, neobanks are not recognizable as a Bank under the definitions set by the RBI. Neobanks in India partner up with recognized and RBI compliant banks for their core banking activities.