PM Modi Dedicates 75 Digital Banking Units To Nation

New Delhi: Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation and said the facility will go a long way in simplifying the lives of common people and empowering them.

Launching the units via video conferene, Modi said the ‘Digital Banking Units’ are one more significant step in the ongoing campaign to simplify the lives of common people. “DBU is a big step in the direction of Ease of Living for the common citizens”, he said.

The Prime Minister said that the aim of the government is to empower the common citizen and make them powerful, and as a result, policies were made keeping in mind the last person and the entire government moving in the direction of their welfare.

Modi pointed out the two areas in which the government worked simultaneously. First, reforming, strengthening, and making the banking system transparent, and second on financial inclusion.

Eleven public sector banks, 12 private sector banks, and one small finance bank is participating in the endeavour. DBUs will be brick-and-mortar outlets that will provide a variety of digital banking facilities such as opening savings accounts, balance-check, print passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applying for credit/debit cards, view statement of account, pay taxes, pay bills and make nominations.

There will 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/ correspondents.

The Prime Minister acknowledged the global recognition for India’s digital banking infrastructure. “The IMF has praised India’s digital banking infrastructure. The credit for this goes to the poor, farmers and labourers of India, who have adopted new technologies, made it a part of their lives”, he emphasised.

Union Finance Minister Nirmala Sitharaman and Governor of Reserve Bank of India,  Shaktikanta Das were among those present on occasion. Chief Ministers, Union Ministers, State Ministers, Members of Parliament, banking leaders, experts, and beneficiaries were connected via video conference.