Prime Minister Narendra Modi dedicated 75 Digital Banking Units (DBUs) across 75 districts on Sunday 16 October with an aim to promote financial inclusion.
Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das attended the inaugural event by virtually
11 public sector banks 12 private sector banks and 1 small Financial Bank are participating in the DUB to ensure that the benefits of the digital banking to reach all over the country soon.
What is Digital Bank Units
Digital Banking Units will provide services to the people such as opening savings account, balance-check, transfer of fund, stop payment for issued cheques, passbook printing, investment in fixed deposit, tax and bill payment, loan applications for credit card and loan applications for loan etc.
This digital banking units will enable their customers to have convenient access, cost-effective and enhanced digital experience of banking products and services 365 days.
Finance Minister Nirmala Sitharaman had announced last Union Budget 2022-23 about setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India’s independence.
PM said via video conferencing that you will remember and understand very well that how the phone banking existed before 2014. Banks used to get calls from the top, and it was decided how the banks should work, whom to give loans to.
This phone banking politics made the banks vulnerable, dumped them in the pit of Non Performing Asset (NPA)
and made the country’s economy insecure, its seeds of scams worth thousands of crores.
Government of India has revamped the banking system since 2015 and made it stronger and people-centric. Crores of rupees were brought back into the banking system after bringing transparency in the identification of Non Performing Asset, by doing this our government has recapitalized banks, took action against willful defaulters, and reformed the Prevention of Corruption Act. he added.
17/10/2022 By Hindustan View