Prime Minister,  Narendra Modi dedicated 75 Digital Banking Units (DBU) across 75 districts to the nation via video conferencing.

Addressing the gathering, the Prime Minister started by stressing that the 75 Digital Banking Units (DBU) will further financial inclusion and enhance the banking experience for citizens. “DBU is a big step in the direction of Ease of Living for the common citizens”, he said. The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork. It will also simplify the banking procedure while also providing a robust and secure banking system. “People living in small towns and villages will find benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction which is going on in the country to make the life of the common man of India easier”, he added.

As part of the Union budget speech for 2022-23, the Finance Minister announced setting up the 75 DBUs in 75 districts to commemorate our country’s 75 years of independence. The DBUs are being set up with the objective to ensure the 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 endeavour.

DBUs will be brick-and-mortar outlets that will provide a variety of digital banking facilities to people such as opening savings accounts, balance-check, print passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applying 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 throughout the year. 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 provided by the DBUs directly or through Business Facilitators/ Correspondents.

The Prime Minister said that the aim of the government is to empower the common citizen and make them powerful, and as a result, policies were made keeping in mind the last person and the entire government moving in the direction of their welfare. He pointed out the two areas in which the government worked simultaneously. First, reforming, strengthening, and making the banking system transparent, and second financial inclusion.

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