According to this article, Neo-Vedanta is a modern interpretation of Hinduism that incorporates Western values. The author says this:
During this short span of time in the 19th century, the ancient grandeur and beauty of a classical Hinduism that had stood the test of thousands of years came under direct ideological attack. What makes this period especially tragic is that the main apparatus that the British used in their attempts to destroy traditional Hinduism were the British-educated, spiritually co-opted sons and daughters of Hinduism itself. Seeing traditional Hinduism through the eyes of their British masters, a pandemic wave of 19th-century Anglicized Hindu intellectuals saw it as their solemn duty to “Westernize” and “modernize” traditional Hinduism to make it more palatable to their new European overlords. One of the phenomena that occurred during this historic period was the fabrication of a new movement known as “neo-Hinduism.” Neo-Hinduism was an artificial religious construct used as a paradigmatic juxtaposition to the legitimate traditional Hinduism that had been the religion and culture of the people for thousands of years. Neo-Hinduism was used as an effective weapon to replace authentic Hinduism with a British-invented version designed to make a subjugated people easier to manage and control.
So, is Neo-Vedanta a modern modification of traditional Hinduism designed to satisfy Western needs?