Page 23 - Banking Finance November 2022

COVER STORY

NEW KID ON

THE DIGITAL

LENDING

BLOCK

ntending to expand and escalate financial inclusion, applications, stop-payment instructions for cheques issued,
I Banking Units (DBUs) throughout 75 districts on and bills, and registering of nominations. The PMO also
Prime Minister Narendra Modi inaugurated 75 Digital
applications for both credit and debit cards, payment of tax
October 16. The DBUs are being set up to guarantee
stated that DBUs will empower customers to have cost-
the gains of digital banking touch every nook and corner of effective, expedient access and a greater digital experience
India. The 75 DBUs in 75 Districts, wrapping all the States of banking products and services throughout the year.
and Union Territories, were publicized in the Union Budget
2022 by Finance Minister Nirmala Sitharaman to Unveiling the 75 DBUs, PM Modi said DBU is one more
memorialize 75 years of India's Independence. special move in the current campaign to streamline the lives
of the common public. He also said that the country's
According to the Prime Minister's Office (PMO), DBUs will attempt to emphasize digital banking has helped to attain
be brick-and-mortar outlets and will offer a wide range of transparency in the working of the banking system. He has
digital banking services to people. They are checking insisted banks fix goals to bring as many people as possible
balances, opening savings accounts, printing bank passbooks, into the digital banking fold and urged every bank branch
transfer of funds, investment of money in fixed deposits, loan to bring at least 100 businessmen in their area within the
fold of 100 percent digital banking.

About the author The RBI Governor Shaktikanta Das underlined that digital
banking had arisen as an ideal avenue for providing banking
Shivanand Pandit
services throughout the country. He has stated that the
Tax specialist, financial adviser,
formation of DBUs will enlarge the digital infrastructure in
guest faculty and public speaker
India and this will perform as an enabler and ease customer
based in Goa
experience through smooth banking transactions. He also
BANKING FINANCE | NOVEMBER | 2022 | 23