PM Modi dedicates 75 digital banking units to the nation.


With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation.Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Shaktikanta Das also attended the launching ceremony via virtual mode.The setting up of 75 DBUs in 75 districts of the country was done to commemorate the 75 years of independence of the country.

According to Prime Minister`s Office (PMO), DBUs might be brick-and-mortar retailers so as to offer lots of virtual banking centers to human beings which includes the hole of financial savings accounts, balance-check, printing passbooks, switch of funds, funding in constant deposits, mortgage packages, stop-fee commands for cheques issued, packages for credit score and debit cards, tax and invoice fee and nominations.

The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories. Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour. 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 and correspondents.

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