Prime Minister Narendra Modi on Sunday launched 75 Digital Banking Units (DBUs) across India via video conferencing. The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories.
As a part of this announcement, several banks announced opening up of their DBUs. While Axis Bank launched 3 digital banking units, ICICI Bank and HDFC Bank announced the launch of four DBUs each to offer banking services to its customers digitally.
Jana SFB is the only small finance bank selected for the launch of DBU’s in India.
The move will significantly improve banking experience for the citizens and further aid in financial inclusion, while enhancing banking experience for citizens, PM Modi said.
" This is a step towards making the common man's life easier. They will ensure maximum services with minimum digital infrastructure. We are forced on to reform the banking system and financial inclusion," he said.
"We have given top priority to ensure banking services reach the last mile.
Today over 99 percent villages in India have a bank branch and there are banking outlets or banking correspondent within 5 kms. The credit for success of India's banking infrastructure goes to the citizens who adopted it," PM said.
On fintechs, he said that they are at the heart of India's policies and DBUs
will further expand India's fintech capabilites.
"India is being looked upon as a model for the world with its DBT and digital prowess," he added.
On UPI,
PM Modi said that it has opened up new possibilities for India. 70 crore plus Indians have a RuPay card today and India's RuPay is being accepted world over today.
"JAM (Jan Dhan, Aadhar, Mobile) trinity has significantly helped curb corruption," he said.
Commenting on the virtual launch, Reserve Bank of India (RBI) governor Shaktikanta Das said that DBUs will provide end to end digital and small ticket SME loans.
"DBUs will provide services related to government schemes. Banks will be free to engage services of digital business facilities to expand the footprint of DBUs. The physical units will act as a focal point for developing customer awareness for digital facilities," he said.
As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's independence. The DBUs are being set up to ensure that the benefits of
digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour.
DBUs will provide a variety of
digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments among others.
First Published: Oct 16, 2022 12:19 PM IST
