PM Modi dedicates 75 Digital Banking Units to nation 

By PTI

SRINAGAR: Prime Minister Narendra Modi on Sunday devoted to the nation 75 Digital Banking Units, together with two of Jammu and Kashmir Bank, through video-conferencing.

Of the 2 Digital Banking Units (DBUs) of Jammu and Kashmir Bank, one is the SSI department at Lal Chowk in Srinagar and the opposite is the Channi Rama department in Jammu.

The perform at Lal Chowk right here was attended by Union Minister of State for Education Subhas Sarkar, who was within the Valley as a part of the third section of the central authorities’s public outreach programme, officers stated.

Member of Parliament from Srinagar and National Conference (NC) President Farooq Abdullah was additionally current on the event, they added.

As a part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had introduced the organising of the 75 DBUs in as many districts of the nation to commemorate 75 years of India’s independence.

The DBUs are being arrange to make sure that the advantages of digital banking attain each nook and nook of the nation.

Eleven banks within the public sector, 12 within the personal sector and one Small Finance Bank are taking part within the endeavour.

DBUs will present a wide range of digital banking amenities to folks reminiscent of opening a financial savings account, account stability examine, printing passbook, funds switch, mounted deposit investments, mortgage purposes, software for credit score or debit playing cards, and invoice and tax funds, amongst others.

Out of 12 public sector lenders, 11 opened practically two-thirds of the entire 75 DBUs, whereas 12 personal sector lenders and one small finance financial institution collectively opened solely one-third.

While public sector lenders opened 48 DBUs, the personal sector managed to open 27 throughout varied states, as per the information supplied by the Reserve Bank of India (RBI).

Only the Central Bank of India, which remains to be underneath the Prompt Corrective Action framework of RBI couldn’t take part within the endeavour.

The nation’s greatest lender State Bank of India opened a most of 12 DBUs adopted by the third greatest Bank of Baroda with 8.

However, the second greatest state-owned lender Punjab National Bank opened solely 4 DBUs.

In the personal sector house, main lenders HDFC Bank and ICICI Bank opened 4 every, adopted by Axis Bank with 3 and Kotak Mahindra Bank with 2 in two districts.

Jana Small Finance Bank opened two DBUs–one every in Bihar and Jharkhand, as per the RBI Data.

DBUs are brick-and-mortar retailers which can present a wide range of digital banking amenities to folks reminiscent of opening a financial savings account, account stability examine, printing passbook, funds switch, mounted deposit investments, mortgage purposes, software for credit score or debit playing cards, and invoice and tax funds amongst others.

DBUs will allow clients to have cost-effective, handy entry and enhanced digital expertise of banking services and products all around the 12 months.

They will unfold Digital Financial Literacy and particular emphasis will likely be given to buyer schooling on cyber safety consciousness and safeguards.

SRINAGAR: Prime Minister Narendra Modi on Sunday devoted to the nation 75 Digital Banking Units, together with two of Jammu and Kashmir Bank, through video-conferencing.

Of the 2 Digital Banking Units (DBUs) of Jammu and Kashmir Bank, one is the SSI department at Lal Chowk in Srinagar and the opposite is the Channi Rama department in Jammu.

The perform at Lal Chowk right here was attended by Union Minister of State for Education Subhas Sarkar, who was within the Valley as a part of the third section of the central authorities’s public outreach programme, officers stated.

Member of Parliament from Srinagar and National Conference (NC) President Farooq Abdullah was additionally current on the event, they added.

As a part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had introduced the organising of the 75 DBUs in as many districts of the nation to commemorate 75 years of India’s independence.

The DBUs are being arrange to make sure that the advantages of digital banking attain each nook and nook of the nation.

Eleven banks within the public sector, 12 within the personal sector and one Small Finance Bank are taking part within the endeavour.

DBUs will present a wide range of digital banking amenities to folks reminiscent of opening a financial savings account, account stability examine, printing passbook, funds switch, mounted deposit investments, mortgage purposes, software for credit score or debit playing cards, and invoice and tax funds, amongst others.

Out of 12 public sector lenders, 11 opened practically two-thirds of the entire 75 DBUs, whereas 12 personal sector lenders and one small finance financial institution collectively opened solely one-third.

While public sector lenders opened 48 DBUs, the personal sector managed to open 27 throughout varied states, as per the information supplied by the Reserve Bank of India (RBI).

Only the Central Bank of India, which remains to be underneath the Prompt Corrective Action framework of RBI couldn’t take part within the endeavour.

The nation’s greatest lender State Bank of India opened a most of 12 DBUs adopted by the third greatest Bank of Baroda with 8.

However, the second greatest state-owned lender Punjab National Bank opened solely 4 DBUs.

In the personal sector house, main lenders HDFC Bank and ICICI Bank opened 4 every, adopted by Axis Bank with 3 and Kotak Mahindra Bank with 2 in two districts.

Jana Small Finance Bank opened two DBUs–one every in Bihar and Jharkhand, as per the RBI Data.

DBUs are brick-and-mortar retailers which can present a wide range of digital banking amenities to folks reminiscent of opening a financial savings account, account stability examine, printing passbook, funds switch, mounted deposit investments, mortgage purposes, software for credit score or debit playing cards, and invoice and tax funds amongst others.

DBUs will allow clients to have cost-effective, handy entry and enhanced digital expertise of banking services and products all around the 12 months.

They will unfold Digital Financial Literacy and particular emphasis will likely be given to buyer schooling on cyber safety consciousness and safeguards.