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PM Modi to Dedicate 75 Digital Banking Units to the Nation

Prime Minister Narendra Modi to dedicate 75 Digital Banking Units (DBUs) to the nation on 16th October. He will address the occasion via video conferencing. The Finance Minister has announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of Independence of India as part of the Union budget speech for 2022-2023.

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Key Points related to Digital Banking Units

  • Digital Banking Units (DBUs) are being set up to increase the reach of Digital Banking.
  • The DBUs will help Digital Banking to reach every corner of the country and will cover all states and Union Territory.
  • 11 public sector banks, 12 private sector banks, and one small finance bank are participating in the endeavor.
  • DBUs will be mortal outlets that will provide a variety of digital banking facilities to people such as opening a savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applying for credit, etc.
  • DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all around the year.

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