Digital Banking: PM Modi will dedicate 75 digital banking units to the nation, see what will be special

75 Digital Banking Units In 75 Districts : The Modi government at the Center is working at a very fast pace regarding digital banking in the country. Prime Minister Narendra Modi is going to dedicate 75 Digital Banking Units (DBUs) to the nation through video conferencing on 16 October at 11 am. Let us tell you that in the budget speech of the year 2022-23, Finance Minister Nirmala Sitharaman announced this. He had said that on completion of 75 years of the country’s independence, 75 DBUs would be established in 75 districts of the country.

will start in 75 districts

PM Modi is going to start Digital Banking Unit (DBU) in 75 districts of the country. This will include at least 10 products and services. The DBU will cover both the asset and the debt. In a meeting last week, the Department of Financial Services reviewed the progress of DBU, which aims to expand digital banking in rural areas.

These services and facilities will be available

Let us tell you that at the beginning of the services in DBU, facilities like saving, current, RD-FD, cash withdrawal, passbook printing will be included. Customers will have a digital kit for mobile and internet banking, debit cards, credit cards, mass transit system cards, UPI QR codes, BHIM Aadhaar and point of sale cards.

DBU will be paperless

At least 10 services will be available in the beginning of DBU. This number will be increased to 30 once the DBU eco-system picks up pace. Unlike normal bank branches, DBUs will be paperless. These will not be counted as branches of the bank but as special digital entities.

Cash will be deposited in the machine

Please note that cash will not be accepted for deposit in DBU. With the help of ATMs and cash deposit machines, withdrawal and deposit will be allowed. There will also be facilities like Internet Banking Kiosk, National Electronic Fund Transfer ie NEFT, immediate payment service ie IMPS, KYC i.e. know-your-customer updates, complaint registration and account opening kiosk.

The benefits of these schemes will be

These DBUs, especially banks, will also ensure digital onboarding of customers for several government schemes including Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.

All banks will have to set up DBUs

Let us tell you that 10 banks of all government and private sector and Small Finance Bank have started work for the operation of DBU. State Bank of India (SBI) will set up maximum 12 DBUs, followed by Punjab National Bank (PNB) and Union Bank of India 8-8, Bank of Baroda (BOB) 7, Canara Bank 6 and Indian Bank 3. According to the Indian Banks Association i.e. IBA, ICICI Bank and Axis Bank will set up 3 DBUs and HDFC Bank 2 DBUs in private lenders.

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