PM Modi: In an effort to advance financial inclusion, PM Modi dedicated 75 Digital Banking Units (DBUs) across 75 districts in the nation, on October 16.
Nirmala Sitharaman, the Finance Minister, and Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), also attended the virtual ceremony.
In his speech, the PM said, “As our nation celebrates the achievement of yet another digital milestone today, I applaud the combined efforts of our citizens.”
“According to him, these Digital Banking Units would strengthen digital services and give the nation access to a reliable digital banking infrastructure.
DBUs will enhance banking and financial management, boost transparency, and also encourage financial inclusion, the speaker continued.
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According to PM Modi, fintech will revolutionise financial inclusion in the nation.
The establishment of the 75 DBUs in the 75 districts of the nation was announced by the finance minister as part of the Union budget address for 2022–2023 to mark the 75th anniversary of our nation’s independence.
In order to provide customers with cost-effective/convenient access and an enhanced digital experience to/of such products and services in an effective, paperless, secured, and connected environment, DBUs are specialised fixed point business units or hubs housing certain minimum digital infrastructure for delivering digital banking products & services as well as servicing existing financial products & services digitally, in both self-service and assisted mode. The majority of services are in the form of self-service.
The DBUs are being established with the aim of ensuring that the advantages of digital banking are felt throughout the entire nation. According to a PMO statement, it will include all 50 states and the union territories.
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Here is everything you need to know.
Two of the 75 digital banking units (DBUs) opened today belong to the Jammu and Kashmir Bank, according to information provided by officials to news agency PTI.
The SSI branch at Lal Chowk in Srinagar and the Channi Rama branch in Jammu are the two locations.
Eleven banks from the public sector, 12 banks from the private sector, and one small finance bank are all involved in the project.
DBUs will be physical locations that offer a range of digital banking services, including opening savings accounts, checking account balances, printing passbooks, transferring money, investing in fixed deposits, applying for loans, stopping payments on issued checks, applying for credit or debit cards, viewing account statements, paying taxes, paying bills, making nominations, etc.
According to a PMO statement, DBUs will give clients year-round access to more affordable, convenient, and upgraded digital banking goods and services.
They will promote digital financial literacy, with a focus on teaching customers about cyber security knowledge and precautions.
The DBUs will be able to conduct business and provide services directly or via Business Facilitators/Correspondents, and there will be sufficient digital channels to provide real-time help and address client complaints.
The RBI announced instructions on the “Establishment of Digital Banking Units (DBUs)” in April of this year.
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