PM Modi to launch 75 digital banking units across 75 districts today

With an objective to boost financial inclusion, Prime Minister Narendra Modi will launch 75 Digital Banking Units (DBUs) today via video conferencing.

Union Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.

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.

Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.

According to Prime Minister's Office (PMO), DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations.

The PMO statement said DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year.It said they will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.

Also, there shall 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 and correspondents.