PM Modi dedicates 75 Digital Banking Units (DBUs)

Prime Minister Shri Narendra Modi has dedicated 75 Digital Banking Units (DBUs) in 75 districts across the country via video conference, in line with the Announcement by Finance Minister to establish 75 DBUs in the Budget 2022 speech, to celebrate our nation’s 75th anniversary.

The creation of DBUs is a joint initiative of the government, the Reserve Bank of India, and the Indian Banks Association, participated by 11 public sector banks, 12 private sector banks, and one small finance bank, to assist India in transitioning to a cashless and inclusive economy.

These DBUs will provide digital banking services across the country by covering all states and union territories. Consumers will be able to open savings accounts, check their balances, print passbooks, transfer funds, invest in fixed deposits, apply for credit/debit cards, examine account statements, pay taxes, pay bills, make nominations, and so on at these DBUs.

DBUs will offer savings, credit, investment, and insurance products/ services. Everything from online applications to loan disbursements for small ticket retail and MSME loans will be handled by them. They will also participate in government-sponsored initiatives. With the assistance of digital business facilitators and business correspondents, their services can be expanded.

Throughout the year, DBUs will provide clients with cost-effective, convenient, and enhanced digital banking services. Digital financial literacy and cyber security education will be promoted. DBUs are required to provide real-time assistance and resolve client concerns through digital channels, either directly or through Business Facilitators/ Correspondents.

People who do not have personal computers, laptops, or smartphones will be able to use DBUs to access banking services. Non-technical people will benefit from paperless services because they will be available 24 hours a day, seven days a week.

DBUs will power the digital ecosystem, improve customer experiences by enabling seamless banking transactions, and promote financial inclusion by offering banking services in a paperless, efficient, safe, and secure environment.

The products and services at DBUs will be available in two modes: self-service mode and assisted mode. Self-service mode shall be available 24 hours a day, seven days a week.

Union Finance Minister, Chief Ministers, Union and State Ministers, RBI Governor, LGs, MPs and MLAs, Secretaries, and other senior Government of India officials participated in via video conference. The event was also attended by MDs and CEOs, bank officials, and other public representatives from various DBUs across the country. All of the officials stationed at the 75 DBUs were also connected during the event.

State/ UT wise List of Digital Banking Units (DBUs)