’75 digital banking units set up in record 6 months’: RBI Governor

With Prime Minister Narendra Modi dedicating 75 digital banking units (DBUs) to the country, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Sunday that these units were set up in a record time of six months in 75 districts. “Seventy-five DBUs were set up in a record six months in 75 districts spread across the country to commemorate 75 years of independence,” the RBI governor said in a virtual address. The establishment of the DBUs, Das said, is a step forward to augment the digital infrastructure in the country.“The DBUs are one more significant in the ongoing campaign to simplify the lives of common people. It is a special banking facility that’ll provide maximum services through minimum digital infrastructure,” he said, adding that these banking units “will provide services related to identifying government schemes”.The RBI governor also highlighted during Sunday’s event that in recent years, digital banking has emerged as a preferred channel for delivering banking services across India and the central bank has been taking progressive measures to improve the availability of digital infrastructure from banking services.Prime Minister Modi, meanwhile, said on Sunday underlined: “These services will be free of paperwork and other hassles. These will have facilities as well as strong digital banking security.”What are DBUs?According to a statement issued by the Prime Minister’s Office (PMO) a few days back, DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people including the opening of savings accounts, balance-check, print passbooks, transfer of funds, investment in fixed deposits, loan applications, applying for credit and debit cards, paying taxes and bills etc.The DBUs will enable people to “have cost-effective, convenient access and enhanced digital experience of banking products and services” all year round, the statement said.“Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through business facilitators/ correspondents,” the statement added.