PM Modi dedicates 75 Digital Banking Units (DBUs) across 75 districts in India

PM Narendra Modi has launched today 75 Digital Banking Units (DBUs) in 75 districts across the country. DBUs will provide digital and paperless service to citizens hasslefree and conveniently and promote financial inclusion.

New Delhi: PM Narendra Modi has launched today 75 Digital Banking Units (DBUs) in 75 districts across the country in order to promote and deepen financial inclusion in the country. DBUs will be brick and mortar outlets providing paperless, digital banking facilites to customers and spread financial literacy and customer education on cyber security awareness. The establishment of DBUs in this fiscal year across the country was announced by FM Nirmala Sitharaman in her budget speech. 

Addressing the gathering, the Prime Minister said "DBU is a big step in the direction of Ease of Living for the common citizens. People living in small towns and villages will find benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction which is going on in the country to make the life of common man of India easier."

Today, 75 Digital Banking Units are being launched across India. These will significantly improve banking experience for the citizens. pic.twitter.com/2ZSSrh3EEc — PMO India (@PMOIndia) October 16, 2022

DBUs are brick and Mortar outlets that provide an array of digital banking facilities to people such as opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, apply for credit/debit cards, view statement of account, pay taxes, pay bills.

According to the press release, DBUs aims to provide cost effective, convenient access and enhanced digital experience of banking products and services all round the year. Moroever, they will have the responsibility to spread Digital Financial Literacy and special emphasis for customer education on cyber security awareness and safeguards.

Referring to the government’s announcement of the launch of a digital currency based on blockchain technology, the Prime Minister pointed out that “Be it digital currency in the coming times, or digital transactions in today's time, apart from the economy, many important aspects are associated with them”. He listed the savings, elimination of the hassle of physical currency and environmental benefits as key advantages. The Prime Minister pointed out that paper and ink for currency printing are imported, and by adopting a digital economy we are contributing to a self-reliant India while also benefiting the environment by reducing the consumption of paper.