PM Modi to launch 75 digital banking units today

He will also address the gathering via video conferencing on the occasion.

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

The Digital Banking Units are being set up with the objective to ensure benefits of digital banking reach every nook and corner of the country and will cover all the States and Union territories, the PMO said.

11 Public Sector Banks, 12 Private Sector Banks and one Small Finance Bank are participating in the endeavour.

DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of 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 a statement of account, pay taxes, pay bills, make nominations etc., the PMO added.

Further, the PMO said that Digital Banking Units will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all round 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/ Correspondents.