India’s Prime Minister Narendra Modi announces the opening of 75 Digital Banking Units (DBUs).

What is Digital Banking?

The term “digital banking” refers to the process of putting traditional banking services and operations online.

DBUs are set up to make sure that the benefits of digital banking reach every part of the country.

In this project, eleven financial institutions from the public sector, twelve financial institutions from the private sector, and one small finance bank are all involved.

Key Digital Banking Units (DBUs) Services!

DBUs will make available to customers a wide range of digital banking services:

• Opening of savings accounts.
• Checking of account balances.
• Printing of passbook.
• Transfer of funds.
• Investment of fixed deposit funds.
• Application for loans, credit or debit cards.
• Payment of bills and taxes, amongst others.

Key facts!

• According to the Prime Minister, this move would make banking a lot better for the people who live there.
• The main goal of the DBUs is to make life easier for the average man.
• The system will make sure the service is as good as it can be while using as little digital infrastructure as possible.
• The Prime Minister thinks that the three parts of “JAM” (Jan Dhan, Aadhar, and Mobile) have done a lot to fight corruption.
• DBUs will be in charge of making sure that government programmes offer services.
• No longer will banks be unable to use the services of digital business facilities.
• So, this will help DBUs grow in turn.
• If physical units are used as the centre of this process, customers will learn more about digital conveniences.

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The 75 Digital Banking Units will further financial inclusion & enhance banking experience for citizens. https://t.co/gL4lEE6b7d

— Narendra Modi (@narendramodi) October 16, 2022

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