PM Modi to dedicate 75 Digital Banking Units to the nation. Details

In a bid to deepen financial inclusion in the country, Prime Minister Narendra Modi will today dedicate 75 Digital Banking Units (DBUs) to the nation via video conferencing today.

He will also address a gathering on the occasion, the Prime Minister’s Office said.

As part of the Union budget 2022-23, finance minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in 75 districts to commemorate 75 years of India’s independence from British rule.

What is the objective of the DBUs?

The Digital Banking Units are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. The DBUs will also cover all the states and the Union territories, the release said.

How many banks participating in DBUs?

As many as 11 public sector banks, 12 private banks and one small finance bank are participating in the endeavour.

Functions of DBUs

The brick and mortar DBU outlets will provide a variety of digital banking facilities to people such as opening of savings account, 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, among others.

“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,” the release said.

“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/ Correspondents,” it added.