Home Business Digital Banking Units Key to Financial Inclusion: Shaktikanta Das

Digital Banking Units Key to Financial Inclusion: Shaktikanta Das

digital infrastructure to improve banking services; RBI Governor

The Reserve Bank of India is taking several measures to enhance the digital banking infrastructure for better customer experience.

“The Reserve Bank is taking progressive measures to improve the availability of digital infrastructure for banking services,” Told Governor Shaktikanta Das on Sunday.

Speaking on the launch of 75 Digital Banking Units (DBUs) in 75 districts of the country by Prime Minister Narendra Modi, the RBI Governor said, “DBUs will act as an enabler in the digital ecosystem and facilitate seamless banking transactions for the customers. and enhance our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment.”

Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation as part of the ‘Azadi Ka Amrit Mahotsav’, which is being celebrated to commemorate 75 years of independence.

Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das attended the event through virtual mode.

Establishment of DBUs in 75 districts is a joint initiative of Government, RBI and Indian Banks’ Association.

Describing the occasion as a historic moment, Shaktikanta Das said that 75 DBUs have been set up in a record six months.

“Following the announcement made in the Union Budget 2022-23 to set up 75 DBUs, the RBI, after consulting the Indian Banks’ Association and other experts in the sector, issued necessary guidelines. Commercial banks – both in the public and private sectors – have Very positive response to this initiative. 75 DBUs have been set up in a record time of six months in 75 districts of the country. Told RBI Governor.

Mr Das highlighted that DBUs will provide savings, loan, investment and insurance services including end-to-end digital processing for retail and MSME loans.

“On the delivery front, to begin with, DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, from online application to delivery,” he said.

DBUs will provide services related to various government sponsored schemes in two ways: self-service and aided. Self-service facility will be available 24×7 throughout the year. Banks may also include the services of Digital Business Facilitators and Business Correspondents to extend the services.

According to the list released by RBI, State Bank of India has set up 12 DBUs, Punjab National Bank 4 and Bank of Baroda. Among the private sector lenders, HDFC Bank and ICICI Bank have set up 4 DBUs each, while Axis Bank has set up 3.

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