PM Modi to dedicate 75 Digital Banking Units to nation on October 16

Prime Minister Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation at 11 AM tomorrow through video conferencing. He will also address the gathering on the occasion.

As part of the Union budget speech for 2022-23, the Finance Minister had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.

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

DBUs will have physical outlets which will provide a variety 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 or debit cards, view statement of account, pay taxes, pay bills, make nominations, etc.

DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all round the year.

They will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.

Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through Business Facilitators or Correspondents.