PM Modi dedicates 75 digital banking units across 75 districts
What's the story
To commemorate the 75 years of India's Independence Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation across 75 districts. The units are part of the government's ongoing campaign to simplify the lives of common people, the PM said during video conferencing. He further said that the facility will provide maximum services to the people with minimum infrastructure.
Details
Sitharaman had announced DBUs in budget
Speaking on the occasion, PM Modi said that his government has worked on improving the banking system and financial inclusion simultaneously. "First, improving the banking system, strengthening it and bringing transparency. Second, we did financial inclusion," he said. In February this year, Finance Minister Nirmala Sitharaman in her Union Budget for 2022-23 announcement had reiterated the establishment of 75 DBUs.
Insight
What are Digital Banking Units?
It is a specialized hub housing a certain minimum digital infrastructure providing digital service to the customers Digital Banking Units will enable customers to have an accessible, and enhanced experience of banking products and services around the year. DBUs will provide service to customers in a "self-service" mode. Commercial Banks in the country with past digital experience will set up DBUs.
More information
Other functions of DBUs
DBUs will offer a varied number of facilities to people including, the opening of bank accounts, balance checking, bank statement, fund transfer and investment in fixed deposits. These can also be used for filling loan applications, stopping payment of cheques issued, applying for credit/debit cards, paying taxes, pay bills among others.
DIgitization
India's flagship program - Digital India
In a bid to improve the digital infrastructure of the country the government of India launched Digital India a flagship program to make improvements. The flagship program was launched in 2015 for the digital delivery of public and financial services to the citizens.