PM Modi dedicates 75 Digital Banking Units, 4 DBU in Odisha

October 17, 2022October 17, 2022 MTIMES

NewDelhi: Prime Minister Narendra Modi on Sunday dedicates 75 Digital Banking Units-DBUs in 75 districts of the nation. Among them 4 DBU will set up in Odisha. It ease for common people and will open up a new world.

Addressing the gathering, the Prime Minister started by stressing that the 75 Digital Banking Units (DBU) will further financial inclusion and enhance banking experience for citizens. “DBU is a big step in the direction of Ease of Living for the common citizens”, he said.

The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork. It will also simplify the banking procedure while also providing a robust and secure banking system. “People living in small towns and villages will find benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction which is going on in the country to make the life of common man of India easier”, he added.

The Prime Minister said that the aim of the government is to empower the common citizen and make them powerful, and as a result, policies were made keeping in mind the last person and the entire government moving in the direction of their welfare. He pointed out the two areas on which the government worked simultaneously. First, reforming, strengthening, and making the banking system transparent, and secondly financial inclusion.

The Prime Minister said, “today the entire country is experiencing the power of Jan Dhan Bank accounts.” He informed that these accounts enabled the government to provide insurance to the vulnerable at a very low premium. “This opened the way for loans for the poor without collateral and provided Direct Benefit Transfer to the accounts of the target beneficiaries. These accounts were the key modality for providing homes, toilets, gas subsidy, and benefits of schemes for farmers could be ensured seamlessly”, he said. The Prime Minister acknowledged the global recognition for India’s digital banking infrastructure. “

DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services throughout the 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 provided by the DBUs directly or through Business Correspondents.

DBUs provides savings, credit, investment and insurance. On the credit delivery front, the DBUs will provide end-to-end digital processing of small ticket retail, and MSME loans, starting from online applications to disbursals. They will also provide services related to government sponsored schemes.

Banks can open 4 DBUs in each of these states Karnataka, Odisha, Rajasthan, Tamil Nadu, Uttar Pradesh and 3 DBUs in each of these states Gujarat, Kerala, Madhya Pradesh, Maharashtra, Punjab, Sikkim, Telangana.

Banks to opens DBUs
• State Bank of India- 12
• Bank of Baroda- 8
• Union Bank of India- 6
• Canara Bank- 5
• Punjab National Bank- 4
• HDFC Bank- 4
• ICICI Bank- 4
• Axis Bank- 3
• Indian Bank- 3

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