Explained: What are Digital Banking Units (DBUs) launched by PM Modi on October 16 across India?

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New Delhi: PM Narendra Modi has launched today 75 Digital Banking Units (DBUs) in 75 districts across India via video-conferencing. DBUs will provide digital and paperless service to citizens hassle free and conveniently and promote financial inclusion every nook and corner of the country. They will also promote digital literacy and provide customers awareness about cyber security.

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

The DBUs are being set up with the objective to ensure the benefits of digital banking reach every nook and corner of the country and will cover all the States and Union territories. 11 Public Sector Banks, 12 Private Sector Banks and one Small Finance Bank are participating in the endeavour.

What are Digital Banking Units(DBUs)?

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.

DBUs mentioned in the Union Budget for 2022-23

The Finance Minister announced setting up the 75 DBUs in 75 districts to commemorate our country's 75 years of independence in the Union Budget Speech for 2022-23.