PM Modi to dedicate 75 Digital Banking Units across 75 districts on October 16

Prime Minister Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation on October 16, 2022, to deepen financial inclusion in the country. PM Modi will also address the gathering on the occasion at around 11 AM via video conferencing, revealed the Prime Minister's Office in a statement.

Finance Minister Nirmala Sitharaman, as part of the Union budget speech for 2022-23, had announced the setting up of the 75 DBUs in 75 districts of India to commemorate the 75 years of independence of our country.

These DBUs are being set up across all the States and Union Territories with an objective to ensure that the benefits of digital banking reach every nook and corner of India. 11 Public Sector Banks, 12 Private Sector Banks and one Small Finance Bank are also participating in the endeavour.

As per the government’s statement, these DBUs will be brick and mortar outlets which will provide a variety of digital banking facilities to people such as opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, apply for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations and more.

In addition to this, these DBUs will enable customers to have cost effective and convenient access to banking products and services all-round the year. These DBUs will also spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.