PM Modi gives the country 75 Digital Banking Units

Nirmala Sitharaman, union finance mnister of India, announced the setting up of the 75 digital Banking Units (DBUs) in 75 districts to commemorate 75 years of India’s independence from British rule.

PM Narendra Modi, in a bid to deepen financial inclusion in the country, will today dedicate 75 Digital Banking Units (DBUs) to the nation via video conferencing today.

Nirmala Sitharaman, the finance minister, had announced the creation of the 75 DBUs in 75 districts as part of the Union budget 2022–23 to mark the anniversary of India’s independence from British control.

The objective of DBUs:

To guarantee that the advantages of digital banking reach every nook and cranny of the nation, the Digital Banking Units are being established. According to the statement, the DBUs will also cover all of the states and union territories.

How many banks participating in DBUs?

11 public sector banks, 12 private banks and one small finance bank are participating in the endeavour.

Functions of DBUs:

The DBU outlets will provide a variety of digital banking facilities such as opening of savings account, balance-check, transfer of funds, investment in fixed deposits, loan applications, print passbook, stop-payment instructions for cheques issued, apply for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations, 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. They will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards,” the release said.

Additionally, it said, “Adequate digital procedures will be in place to provide real-time help and address consumer complaints originating from business and services provided by the DBUs directly or through Business Facilitators/Correspondents.”