To mark the 75th anniversary of India’s independence from British control, Union Finance Minister Nirmala Sitharaman had announced the establishment of the 75 Digital Banking Units (DBUs) in the 75 districts.
On Sunday, 75 Digital Banking Units (DBUs) were dedicated to the country by Prime Minister Narendra Modi via video conference. PM Modi said that the Digital Banking Units are yet another important step in the ongoing effort to make life easier for regular people while speaking at the ceremony.
It’s a unique financial facility that will offer the greatest number of services with the least amount of digital infrastructure, he said.The government has been working on two topics at once, the prime minister said.”First, strengthening and providing transparency to the banking system. We also implemented financial inclusion.
“Nirmala Sitharaman, the finance minister, had announced the creation of the 75 DBUs in 75 districts as part of the Union budget 2022–23 to mark the anniversary of India’s independence from British control.
What are the DBUs trying to accomplish?
To guarantee that the advantages of digital banking reach every nook and cranny of the nation, the Digital Banking Units are being established. According to the statement, the DBUs will also cover all of the states and union territories.
How many banks are DBU participants?Eleven public sector banks, twelve commercial banks, and one small financing bank are all involved in the project.
Functionalities of DBUs
People will be able to open savings accounts, check their account balances, print passbooks, transfer funds, invest in fixed deposits, apply for loans, give stop-payment instructions for issued checks, apply for credit or debit cards, view account statements, pay taxes, pay bills, and make nominations through the brick-and-mortar DBU outlets.
“DBUs will make it possible for users to access banking products and services more affordably, conveniently, and digitally throughout the year. They will promote digital financial literacy, and a focus will be placed on educating customers about cyber security knowledge and precautions, according to the press release.
Additionally, it said, “Adequate digital procedures will be in place to provide real-time help and address consumer complaints originating from business and services provided by the DBUs directly or through Business Facilitators/Correspondents.”