DBUs will provide banking services 24×7. Credit: rupixen.com on Unsplash.

India has launched 75 digital banking units (DBU) across the country in a bid to promote financial inclusion.

Announcing the launch, Prime Minister Narendra Modi said: “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.”

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As per the initiative, which is part of the 2022-23 budget, DBUs will be set up in 75 districts to provide digital banking services in every nook and corner of the country.

Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the initiative.

Unlike traditional branches, DBUs will provide banking services including cash deposits and withdrawals 24×7.

Services will be provided digitally and even those who do not have access to computing devices can transact through DBU in a paperless mode.

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DBUs will offer services, such as savings accounts, funds transfer, investment in fixed deposits, loans, credit/debit cards, and bill and tax payments among others.

Reserve Bank of India Governor Shaktikanta Das said: “DBUs will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions as also augment our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment.”