Prime Minister Narendra Modi on Sunday launched 75 digital banking units via video-conferencing as his administration looked to improve financial inclusion in the country.
Modi said these digital banking units will further financial inclusion and enhance banking experience for citizens.
As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had announced setting up 75 DBUs in as many districts of the country to commemorate 75 years of India’s independence.
The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one small finance bank are participating.
DBUs will be 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.
They are expected to enable customers to have cost effective, convenient access and enhanced digital experience of banking products and services all round the year.