PM Modi dedicates 75 digital banking units to the nation; here’s everything you need to know

On October 16, Prime Minister Modi dedicated 75 Digital Banking Units (DBUs) in 75 districts with the aim of promoting financial inclusion.

The virtual inaugural event also brought together Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das.

In his remarks, the Prime Minister said: “As our country witnesses the success of another digital milestone today, I commend the collective efforts of our compatriots.”

“These digital banking units will strengthen digital services and provide a robust digital banking infrastructure for the country,” he added.

He further added that DBUs will improve banking and financial management, promote transparency and also promote financial inclusion.

Fintech to revolutionize financial inclusion in the country, Prime Minister Modi has said.

As part of the Union’s budget speech for 2022-23, the Minister of Finance announced the establishment of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of our country.

DBUs are specialized fixed-point business units/hubs housing certain minimum digital infrastructure to deliver digital banking products and services as well as to digitally serve existing financial products and services, in self-service and assisted mode, to enable customers to have cost-effective/convenient services. enhanced digital access and experience to these products and services in an efficient, paperless, secure and connected environment, with most services available on a self-service basis anytime, all year round

DBUs are put in place with the aim of ensuring that the benefits of digital banking reach every nook and cranny of the country. It will cover all states and union territories, the PMO said.

Here’s everything you need to know

Of the 75 United Digital Banks inaugurated today, two of the DBUs are from Jammu and Kashmir Bank, news agency PTI reported citing officials.

Of the two, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu.

Eleven public sector banks, 12 private sector banks and a small financial bank are participating in the effort.

DBUs will be physical outlets that will provide a variety of digital banking services such as opening savings accounts, checking balance, printing passbook, transferring funds, investing in term deposits, loan applications, stop payment instructions for issued checks, request for credit/debit cards, view account statement, pay taxes, pay bills, make appointments, etc. .

According to the PMO statement, DBUs will enable customers to have convenient and cost-effective access and an enhanced digital experience of banking products and services throughout the year.

They will spread digital financial literacy and there will be a particular focus on educating customers on cybersecurity awareness and safeguards.

There will be adequate digital mechanisms to offer real-time assistance and resolve customer complaints arising from the business and services offered by DBUs directly or through business facilitators/correspondents.

In April this year, the RBI had issued guidelines on the “Creation of Digital Banking Units (DBUs)”.

(With PTI entries)

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