In yet another measure to deepen financial inclusion, Prime Minister Narendra Modi will dedicate 75 digital banking units (DBUs) to the nation on October 16 via video conferencing. He will also address the gathering on the occasion, according to a PMO statement.
As part of the Union budget speech for 2022-23, the Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of Independence. The DBUs are being set up with an objective to ensure benefits of digital banking reach every nook and corner of the country and will cover all the states and union territories. 11 public sector banks, 12 private sector banks and one small finance bank are participating in the digital banking initiative.
The DBUs will be brick and mortar outlets which 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, etc.
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. Further, 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 or correspondents, the PMO said.