Inauguration of 75 digital banking units –
In the union budget speech for 2022-23, Nirmala Sitharaman mentioned that the government would set up 75 DBUs in 75 districts. This was to pay tribute to the 75 years of independence of our country. Prime Minister Narendra Modi dedicated 75 digital banking units to the nation, taking forward a promise that Finance Minister Nirmala Sitharaman had made during the 2022-23 Union Budget. To deepen financial inclusion, the government has taken this step.
What are digital banking units –
These are specially designed to provide people with banking facilities. Digital banking units provide services to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applying for credit/debit cards, viewing statements of account, pay taxes, pay bills, make nominations, etc. These will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards. There will also be the services of real-time grievances addressing that arise from business and services offered by the units directly or through business facilitators and correspondents. DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all around the year.
Prime Minister Inaugurated two units –
The Prime Minister inaugurated two such units in Jammu and Kashmir Bank – one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu. He also said that the economic progress of a country is directly linked to the strength of its banking system. With regard to DBUs, he added that these will further financial inclusion and enhance the banking experience for citizens.
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