PM Modi launched 75 digital banking units

PM Modi launched 75 digital banking units: Facility will be available in 75 districts of the country, due to this, banking-related work will be done easily

Oct 16, 2022 - 11:53
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PM Modi launched 75 digital banking units

Prime Minister Narendra Modi today launched 75 Digital Banking Units (DBUs) through video conferencing. DBU aims to take the benefits of digital banking to every nook and corner of the country. It should cover all the states and union territories. Banking facilities will be available 24 hours 365 days a year in DBU. During the launch, RBI Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman among others also joined the program through video conferencing.
In this, 11 public sector banks, 12 private sector banks and one finance bank are participating. Union Finance Minister Nirmala Sitharaman announced the setting up of 75 DBUs in 75 districts of the country on the occasion of the completion of 75 years of the country's independence in the budget speech of 2022-23.
According to the PMO, DBUs will be small outlets which will provide various facilities related to digital banking to the people. It includes various facilities like opening a savings account, balance-checking, fund transfer, printing passbook, investment, loan applications, stop payment instructions for checks issued, application for credit and debit cards, and tax and bill payment Are included.
The PMO statement said that the DBUs will facilitate the customer's access to banking products and services. Digital banking units will help in increasing financial literacy. Apart from this, they will promote digital methods of banking and will also help in making customers aware of cyber security.
It also includes two DBUs of J&K Bank. Officials said that of the two DBUs of Jammu and Kashmir Bank, one is SSI at Lal Chowk in Srinagar and the other is the Chhani Rama branch in Jammu.
Commercial banks, which are already doing digital banking, will now be able to run digital bank units as well. These banks will be physical, that is, you will be able to go to these units but their services will be completely digital.
The benefits of digital banking have so far reached only about 200 million Indians. Crores of citizens are still out of the digital banking system. They will also be able to take advantage of digital banking services from DBU.
Banks will now reach such corners of India where setting up branches was difficult. This will make it possible to serve more customers. Banks will be able to increase their business.

Muskan Kumawat Journalist & Writer