PM Modi Launches 75 Digital Banking Units: Massive Push Towards Internet Banking Across India!

In a move that it said would help in bringing financial services and literacy to more citizens in the country, India launched 75 digital banking units in villages and small towns across the country on Sunday.

PM Modi Launches 75 Digital Banking Units: Massive Push Towards Internet Banking Across India!

Digital Banking Unit In Villages

Basically, these digital banking units, set up in collaboration with over 20 public and private banks, are brick-and-mortar outlets.

These banking units are equipped with tablets and internet services.

They aim to help individuals and small businesses open their savings accounts, access government identified schemes, perform verifications, make transactions and avail loans and insurance.

Further, these physical outlets span across all Indian states and union territories.

How Does It Work?

These digital banking units will provide services in two modes. 

According to the Governor of Reserve Bank of India,Shaktikanta Das, “Self-service mode will be available 24x7x365 days,” said, in a virtual conference. 

Adding, “The banks are also free to engage the services of digital business facilities and correspondence to expand the footprint of DBUs,”.

Besides this, these units will also offer a digital assistance zone to answer queries from individuals and small businesses and hear their grievances, Das said.

How Does This Help?

The Prime Minister, Narendra Modi said, Availability Of banking services have traditionally been a struggle for people living in villages and small towns. 

As we know that billions of bank accounts exist in India, but people living in remote areas have had to typically take a day off from work to visit a nearby city for their banking related work.

He said, “We have given top priority to ensure that banking services reach the last mile. We not only removed the physical distance but, most importantly, we removed the psychological distance.”

It appears that, digital banking units are part of the Modi government’s years-long efforts to serve people in the far flung areas of the country. 

For the first time, the government launched Jan Dhan Yojana in 2014.

Which is a scheme to get all citizens access to banking and financial services.

As part of the scheme, more than 470 million bank accounts have been opened.

PM Modi said, “Today the entire country is experiencing the power of Jan Dhan Bank accounts,”. 

He added, “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. The IMF has praised India’s digital banking infrastructure. The credit for this goes to the poor farmers and laborers of India, who have adopted new technologies, made it a part of their lives,”.

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