Prime Minister Narendra Modi will inaugurate 75 Digital Banking Units (DBUs) today through video conference in order to increase financial inclusion.
In her budget address for 2022–2023, Union Finance Minister Nirmala Sitharaman proposed the establishment of 75 DBUs in 75 districts throughout the nation as a way to recognise the nation’s 75 years of independence. The DBUs are being established to make sure that the advantages of digital banking are available in every state and union territory as well as in every nook and cranny of the nation.
Eleven banks from the public sector, 12 from the private sector, and one from the small finance sector are involved in the project.
According to the Prime Minister’s Office (PMO), DBUs will be physical locations where people can open savings accounts, check their account balances, print passbooks, transfer money, invest in fixed deposits, apply for loans, stop payment instructions for issued checks, apply for credit and debit cards, pay taxes and bills, and make nominations.
According to the PMO statement, DBUs will give clients year-round access to more affordable, practical banking goods and services through better digital experiences.
It was said that they would promote digital financial literacy and that a focus would be placed on educating customers about cybersecurity knowledge and precautions.
