PM Narendra Modi has dedicated to the nation 75 Digital Banking Units (DBUs). The ceremony was attended by union finance minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Shaktikanta Das via virtual mode. The aim of these DBUs being set up is to ensure that the benefits of digital banking reach every nook and corner of the country. They will spread digital financial literacy and special emphasis will be given to customer education on cyber security awareness and safeguards. These 75 DBUs have been set up in 75 districts of the country to commemorate 75 years of independence. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in this initiative.
What are Digital Banking Units
The proposal to introduce DBUs in 75 districts was announced in the Budget for FY23 by the finance minister Sitharama. The programme has seen participation from 11 public sector banks, 12 private lenders and one small finance bank. The FM said that the government’s credit-linked schemes, which are available through the Jan Samarth portal will also be available for small businesses.
DBUs are brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments, 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.
RBI governor Shaktikanta Das said that the customer would have the choice of availing banking facilities in a self-service or assisted mode. “The specific financial services to be provided by the DBUs include savings, credit, investment and insurance. On the credit delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals,” said Das.
What are Digital Banking Units
The proposal to introduce DBUs in 75 districts was announced in the Budget for FY23 by the finance minister Sitharama. The programme has seen participation from 11 public sector banks, 12 private lenders and one small finance bank. The FM said that the government’s credit-linked schemes, which are available through the Jan Samarth portal will also be available for small businesses.
DBUs are brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments, 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.
RBI governor Shaktikanta Das said that the customer would have the choice of availing banking facilities in a self-service or assisted mode. “The specific financial services to be provided by the DBUs include savings, credit, investment and insurance. On the credit delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals,” said Das.
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