With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation. The DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year.
DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations, said a PMO statement.
Speaking on the occasion, PM Modi said the 75 Digital Banking Units will further financial inclusion and significantly improve the banking experience for the citizens.
DBUs are a step towards making the life of the common man simple. He said DBU is a system ensuring maximum services with minimum digital infrastructure.
“Digital Banking Units are significant in the ongoing campaign to simplify the lives of common people. It is a special banking facility that will provide maximum services through minimum digital infrastructure.
hese services will be free of paperwork and other hassles.
These will have facilities as well as strong digital banking security,” he said.
He said the central government has worked on two fronts simultaneously-first, improving the banking system, strengthening it and bringing transparency; and secondly, financial inclusion.
Prime Minister said banking today surpassed financial transactions and has established itself as an example of good governance and better service delivery medium.
Today this system has become an engine for growth for MSMEs and private institutions.
“Banking sector has become a medium of good governance and better service delivery. JAM trinity (Jan Dhan, Aadhar and Mobile) has significantly helped curb corruption. UPI has opened up new possibilities for India,” he said.
Prime Minister said the central government has given top priority to ensuring that banking services reach the last mile.
He said, “We decided that banks themselves will go to the doorsteps of the poor. For this, we had to first reduce the distance between the poor and banks. We reduced the physical distance as well as the psychological distance. We gave the highest priority to taking banks to remote areas.”
“Today, more than 99 per cent of villages in India have either a bank branch, banking outlet or Banking Mitra within 5 km.
Today, the number of bank branches for every one lakh adult population in the country is more than countries like Germany, China and South Africa,” PM added.
PM Modi said International Monetary Fund (IMF) appreciated India’s digital banking infrastructure. “The credit goes to India’s poor, farmers and workers who accepted new techniques bravely and made it a part of their lives. When financial participation connects to digital participation, a new world of possibilities opens,” he said.
