With an aim to promote financial inclusion, PM Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation. The setting up of 75 DBUs in 75 districts across India has been done to commemorate the 75 years of independence of the country.
Union Finance Minister Nirmala Sitharaman, in her Budget Speech for FY23, had announced that 75 DBUs would be set up to ensure that the benefits of digital banking reach every nook and corner of the country.
Dedicating the units to the nation, PM Modi said, “These Digital Banking Units will empower digital services and provide a robust digital banking infrastructure for the country.” These units will improve banking and financial management, promote transparency and also promote financial inclusion.
Further, these DBUs will empower the opening of savings accounts, balance-check, print passbooks, transfer of funds, investment in fixed deposits, loan applications and stop-payment instructions for cheques issued, PM Modi noted.
Stressing the importance of fintech saying that the industry will revolutionise financial inclusion in the country, PM said, “UPI has opened up new possibilities for India; vocal for local would help boost digital economy.”
Even the International Monetary Fund (IMF) has appreciated India’s digital banking infrastructure, the credit for which goes to India’s poor, farmers and workers who accepted new techniques bravely and made it a part of their lives. “When financial participation connects to digital participation, a new world of possibilities opens,” PM underscored.
What are DBUs?
DBUs will be brick and mortar outlets which will provide a variety of digital banking facilities to people such as opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, apply for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations, etc.
These units will enable customers to have cost effective, convenient access and enhanced digital experience of banking products and services all-round the year. They will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.
Benefits of DBUs:
1 – It will educate customers on Cyber Security Awareness
2 – Provide enhanced digital experience of banking products and services all-round the year
3 – The move will open up the rural market for service providers besides providing a boost to credit flow.
