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Described: What do Digital Banking Units (DBUs), which Prime Minister Modi introduced on October 16 across India?

Today, Prime Minister Narendra Modi launched 75 Digital Banking Units (DBUs) via video conference in 75 districts across India. DBUs will promote financial inclusion in all parts of the country by offering digital and paperless services to citizens quickly and easily. They will also raise awareness of cyber security issues and encourage clients to become tech-literate.

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The DBUs will include all the States and Union territories and are being established to ensure that the advantages of digital banking reach every nook and cranny of the nation. The project is being supported by 11 public banks, 12 private sector banks, and one small finance bank.

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The Prime Minister then made some remarks to the crowd: “DBU represents significant progress toward the goal of Simplicity of Living for the general populace. Small-town and rural residents can make use of services like money transfers and loan applications. The establishment of Digital Banking Units is a major development in the ongoing effort to improve the lot of the average Indian citizen.”

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The DBUs will cover all of the States & Union territories to bring the conveniences of digital banking to as many people as possible. There are a total of 22 banks involved: 11 public sector banks, 12 private sector banks, and 1 small finance bank.

So, what exactly are DBUs (Digital Banking Units)?

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Digital Banking Units (DBUs) are physical locations that enable customers to perform a variety of digital banking transactions, including account opening, balance inquiries, passbook printing, money transfers, fixed deposit investments, loan applications, cheque stop-payment instructions, credit/debit card applications, account statement viewing, tax and bill payment, and bill payment.

As stated in the news release, DBUs’ primary objective is to supply customers with banking goods and services that are both affordable and easily accessible digitally, and that do so year-round. Furthermore, they will be accountable for disseminating Digital Financial Literacy and placing extra stress on educating customers on cyber security knowledge and precautions.

Union Budget designated budget units for 2022-23

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In the National Budget Speech for 2022-23, the Minister Of finance announced plans to establish 75 DBUs throughout 75 districts in honour of India’s 75th year of independence.

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