Digital banking units: Govt has taken initiative to take banks to the doorstep of the poor, says Modi

NEW DELHI: Prime Minister Narendra Modi on Sunday dedicated 75 digital banking units (DBUs) across 75 districts to the nation. While addressing the nation he said that digital banking units will further promote financial inclusion, and enhance the banking experience for citizens.
In the ongoing campaign to simplify the lives of common people, digital banking units are more significant. “It’s a special banking facility that’ll provide maximum services through minimum digital infrastructure. These services will be free of paperwork and other hassles. These will have facilities as well as strong digital banking security,” said Modi.
He further added that the government has taken initiative to take banks to the doorstep of the poor as part of its commitment to serve the underprivileged.
“Banking sector has become a medium for good governance and better service delivery. UPI has opened up new possibilities for India; vocal for local would help boost the digital economy,” said PM Narendra Modi.
“We have simultaneously worked on two things. First, improving the banking system, strengthening it and bringing transparency. Second, we did financial inclusion,” he added.
RBI Governor Shaktikanta Das said that the 75 banking units were set up in six months’ record time. “RBI is taking progressive measures to improve the availability of digital infrastructure from banking services,” said Das.
He also added that it is heartening to note that commercial banks – both in the public and private sectors – have responded very positively to this initiative.
“World Bank says that India has become a leader in ensuring social security through digitisation. Even the most successful people in the field of technology, the experts of the tech world are appreciating this system in India. They too are amazed by its success,” said PM Narendra Modi
IMF appreciated India’s digital banking infrastructure. “Credit goes to India’s poor, farmers and workers who accepted new techniques bravely and made it a part of their lives. When financial participation connects to digital participation, a new world of possibilities opens,” said the PM.

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