Digital Banking units to come up in 75 districts by scheduled banks, says FM

To give a boost to the digital economy and as the country marks 75 years of its independence, it is proposed to set up 75 DBUs in 75 districts of the country by scheduled commercial banks, finance minister Nirmala Sitharaman said.

Union finance minister Nirmala Sitharaman on Tuesday proposed to set up 75 Digital Banking Units (DBUs) by Scheduled Commercial Banks in 75 districts across the country.

Digital Banking units to come up in 75 districts. (Representative image)

“In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in India, and the government has been continuously encouraging them to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner,” the Union finance ministry said in a press release, quoting Sitharaman.

To give a boost to the digital economy and as the country marks 75 years of its independence, it is proposed to set up 75 DBUs in 75 districts of the country by scheduled commercial banks, the minister said.

While presenting the Union Budget 2022-23 in Parliament on Tuesday, Sitharaman also announced that in 2022, 100% of 150,000 post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and will also provide online transfer of funds between post office accounts and bank accounts.

“This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion,” she said.

(With agency inputs)