PM Narendra Modi dedicated 75 Digital Banking Units (DBUs) to the nation on October 16 with the goal of promoting financial inclusion. To mark the nation’s 75th anniversary of independence, 75 DBUs have been established in 75 districts around India.
In her Budget Speech for FY23, Union Finance Minister Nirmala Sitharaman stated that 75 DBUs would be established to guarantee that the advantages of digital banking are available throughout the entire nation.
“These Digital Banking Units will empower digital services and offer a robust digital banking infrastructure for the country,” Prime Minister Modi remarked when presenting the facilities to the people. These components will advance transparency, financial inclusion, and banking and financial management.
According to PM Modi, these DBUs will also enable the establishment of savings accounts, checking account balances, the printing of passbooks, transferring of funds, investing in fixed deposits, loan applications, and giving stop-payment instructions for issued checks.
The Prime Minister emphasized the significance of fintech, claiming that the sector will revolutionize financial inclusion in the nation. “UPI has opened up new possibilities for India; vocalizing for local would assist build a digital economy,” he stated.
Even the International Monetary Fund (IMF) has praised India’s digital banking infrastructure, which India’s poor, farmers, and workers are to thank for because they fearlessly embraced new technologies and incorporated them into their daily life. “A new world of possibilities opens when financial engagement relates to digital participation,” PM said.
What are DBUs?
DBUs will be physical locations that offer a range of digital banking services to customers, including the ability to open savings accounts, check account balances, print passbooks, transfer money, invest in fixed deposits, apply for loans, stop payments on issued checks, apply for credit or debit cards, view account statements, pay taxes, pay bills, make nominations, etc.
These devices will give customers year-round, cost-effective, quick access to improved digital banking goods and services. They will promote digital financial literacy, with a focus on teaching customers about cybersecurity knowledge and precautions.
Advantages of DBUs:
- Customers will learn about cyber security awareness.
- All year round, offer improved digital experiences for banking goods and services.
- Along with increasing credit flow, the action will expand service providers’ access to the rural market.
News Mania Desk
