PM Modi dedicates 75 digital banking units to the nation

PM Modi on 16 October dedicated 75 Digital Banking Units (DBUs) across 75 districts with an aim to promote financial inclusion.

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

PM in his address said, “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen.”

“This Digital Banking Units will empower 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 revolutionise financial inclusion in the country, PM Modi said.

As part of the Union budget speech for 2022-23, the finance minister had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of our country. 

DBUs are specialised fixed point business unit / hub 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, to enable customers to have cost effective/ convenient access and enhanced digital experience to/ of such products and services in an efficient, paperless, secured and connected environment with most services being available in self-service mode at any time, all year round

The DBUs are being set up with an objective to ensure benefits of digital banking reach every nook and corner of the country. It will cover all the states and Union territories, PMO statement said.

Here’s all you need to know

Of the 75 digital banking united being inaugurated today, two of the DBUs are of Jammu and Kashmir Bank, news agency PTI has 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 one small finance bank is participating in the endeavour. 

DBUs will be brick and mortar outlets which will provide a variety of digital banking facilities such as opening savings accounts, 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.

As per PMO statement, DBUs 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.

There will be adequate digital mechanisms to offer real time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through Business Facilitators/ Correspondents.

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

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