PM Modi to inaugurate 75 digital banking units on 16 October

Prime Minister Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation on 16 October.

“As part of the Union budget speech for 2022-23, the finance minister had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of our country. The DBUs are being set up with an objective to ensure benefits of digital banking reach every nook and corner of the country. It will cover all the states and Union territories,” the Prime Minister’s Office said in a statement.

Eleven public sector banks, 12 private sector banks and one small finance bank is participating in the endeavour. DBUs will be brick and mortar outlets which will provide a variety of digital banking facilities such as opening savings accounts, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, apply for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations, etc.

“The 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 PMO added.

There will be adequate digital mechanisms to offer real time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through Business Facilitators/ Correspondents.