PM Modi to dedicate 75 Digital Banking Units to the nation through video conferencing

Prime Minister Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation through video conferencing today. He will also address the gathering on the occasion.

In her budget speech this year, the Finance Minister announced the setting up of 75 DBUs in 75 districts to celebrate 75 years of independence.

The DBUs are being set up with an objective to ensure that benefits of digital banking reach every nook and corner of the country.

Eleven Public Sector Banks, twelve Private Sector Banks, and one Small Finance Bank are participating in the endeavour.

DBUs will have physical outlets which will provide to people with a variety of digital banking facilities, such as opening savings accounts, balance-check, print passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applying for credit or debit cards, view a statement of account, pay taxes, pay bills, make nominations and others.

DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services throughout the year.

They will spread Digital Financial Literacy with special emphasis on educating customers on cyber security and safeguards.

Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances related to business and services offered by the DBUs.