On Sunday, October 16, India’s Prime Minister Narendra Modi inaugurated 75 digital banking units (DBUs) across the country in a virtual event that was attended by Finance Minister Nirmala Sitharaman and Shaktikanta Das, the governor of the Reserve Bank of India. Each of the 75 DBUs has been dedicated to 75 districts across the country.
During his speech at the event, the Prime Minister said, “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen.”
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Modi further stated that these units”will empower digital services and provide a robust digital banking infrastructure for the country”. The units can also improve management issues in the banking and financial sectors, as well as help promote a more inclusive financial market, the Prime Minister added.
Modi has posted the video of his speech from his Twitter account. Watch it right here:
According to the PM, the country’s banking sector is concentrating its efforts towards DBUs since these units tend to provide the maximum services while using minimum infrastructure. “People living in small towns and villages will find benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction which is going on in the country to make the life of common man of India easier”, Modi said in his speech.
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The statement released by the Prime Minister’s Office on the Press Information Bureau website pointed out that the Finance Minister had announced the setting up of 75 DBUs across 75 districts in India to mark the country’s 75th year of independence.
Among the banks that have participated in the project, 11 belong to the public sector, 12 to the private sector, and one is a small finance bank. According to PTI, two of these 75 DBUs have been set up in Jammu and Kashmir.