PM Modi to dedicate 75 Digital Banking Units to the nation on October 16

PM Modi to dedicate 75 Digital Banking Units to the nation on October 16: On 16th October 2022, at 11 a.m. through video conference, Prime Minister Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the country. He will speak to the group on this occasion as well. The establishment of the 75 DBUs in the 75 districts of the nation was announced by the Finance Minister as part of the Union budget address for 2022–2023 to celebrate the nation’s 75 years of independence. Eleven public sector banks, twelve private sector banks, and one small financing bank are taking part in the venture.

What are Digital Banking Units?

A digital banking unit is a specialized fixed point business unit or hub that houses minimum digital infrastructure for offering digital banking products and services as well as servicing existing financial products and services digitally at any time in self-service mode.

What services are offered by Digital Banking Units?

Services offered include debit cards, credit cards, mass transit system cards, current accounts, fixed deposit accounts, recurring deposit accounts, mobile banking, internet banking, digital kit for consumers, UPI QR code, BHIM Aadhaar, and point of sale (PoS). Other services include customer application and onboarding for identified retail, MSME, or schematic loans. This may also comprise end-to-end digital processing of such loans, from application to disbursement, as well as designated government-sponsored programs covered by the national site.