MUMBAI: Finance minister Nirmala Sitharaman said that digital banking units (DBUs) would promote financial inclusion and digital literacy, which will boost the formalisation of the economy. DBUs are physical banking outlets that will provide services without requiring paper.
Speaking at the launch of 75 digital banking units in 75 districts by 24 banks on Sunday, the finance minister said, “Popularising digital banking is important, the most important aspect is that it will be cost-effective and safe & secure for the customer”.
The proposal to introduce DBUs in 75 districts was announced in the Budget for FY23. The programme has seen participation from 11 public sector banks, 12 private lenders and one small finance bank.
RBI governor Shaktikanta Das said that the customer would have the choice of availing banking facilities in a self-service or assisted mode. “The specific financial services to be provided by the DBUs include savings, credit, investment and insurance. On the credit delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals,” said Das.
The FM said that the government’s credit-linked schemes, which are available through the Jan Samarth portal will also be available for small businesses.
Speaking at the launch of 75 digital banking units in 75 districts by 24 banks on Sunday, the finance minister said, “Popularising digital banking is important, the most important aspect is that it will be cost-effective and safe & secure for the customer”.
The proposal to introduce DBUs in 75 districts was announced in the Budget for FY23. The programme has seen participation from 11 public sector banks, 12 private lenders and one small finance bank.
RBI governor Shaktikanta Das said that the customer would have the choice of availing banking facilities in a self-service or assisted mode. “The specific financial services to be provided by the DBUs include savings, credit, investment and insurance. On the credit delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals,” said Das.
The FM said that the government’s credit-linked schemes, which are available through the Jan Samarth portal will also be available for small businesses.
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