Govt to launch 75 digital banking units in India on Aug 15: PM
Govt to launch 75 digital banking units in India on Aug 15: PM

Prime Minister Narendra Modi will inaugurate 75 digital banking units (DBUs) across 75 districts on August 15 to honour India's 75th anniversary of independence, source said. These units will be completely paperless, serving as digital financial literacy centres.

According to reeports, the Centre has finalised 75 districts, and banks have been instructed to set up infrastructure and train staff for these DBUs. Districts such as Leh, Srinagar, Lakshadweep, Aizawl, Kota, Nainital, and Lucknow have been identified by the government. The chosen financial institutions have already begun work on getting these units up and running by July 2022.

The Reserve Bank of India (RBI) issued rules for banks to establish DBUs on April 8. This comes after the Budget announced the establishment of 75 DBUs.

A DBU is a specialised fixed point business unit/hub that houses the bare minimum of digital infrastructure necessary to supply digital banking goods and services. A DBU's goal is to increase digital financial services and financial inclusion. Scheduled commercial banks with prior digital banking experience are allowed to open DBUs in Tier 1 to Tier 6 centres without obtaining permission from the Reserve Bank of India in each case, according to the guidelines.

The RBI stated that the banks' DBUs will be treated as banking outlets, and that each DBU must be housed separately, with separate access and exit provisions. They will be distinct from traditional banking outlets, with layouts and designs tailored to digital banking customers, RBI said.

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