PM to dedicate 75 Digital Banking Units across 75 districts to the Nation on 16th October

In yet another measure to deepen financial inclusion, Prime Minister Shri Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation on 16th October at 11 AM via video conferencing. He will also address the gathering on the occasion.

The establishment of the 75 DBUs in the 75 districts of the nation was announced by the Finance Minister as part of the Union budget address for 2022–2023 to mark the 75th anniversary of our nation’s independence. The DBUs are being established with the goal of ensuring that the advantages of digital banking are felt throughout the entire nation, including all the States and Union territories. Participating in the project are 11 public sector banks, 12 private sector banks, and 1 small finance bank.

DBUs will be physical locations that offer a range of digital banking services to customers, including the ability to open savings accounts, check account balances, print passbooks, transfer money, invest in fixed deposits, apply for loans, stop payments on issued checks, apply for credit or debit cards, view account statements, pay taxes, pay bills, make nominations, etc.

Customers will be able to access banking products and services more affordably, conveniently, and with a better digital experience throughout the year thanks to DBUs. They will promote digital financial literacy, with a focus on teaching customers about cyber security knowledge and precautions. Additionally, there must be sufficient digital methods to provide real-time support and address customer complaints related to products and services provided by DBUs directly or via Business Facilitators/Correspondents.