Says Economy of a country is dependent on robustness of banking system
Staff Reporter
Prime Minister Narendra Modi today dedicated 75 Digital Banking Units (DBUs) to the nation through video conferencing. The DBUs have been set up with the objective to ensure that benefits of digital banking reach every nook and corner of the country. It will provide a variety of digital banking facilities to people. These are opening of savings account, balance check, print a passbook, transfer of funds, investing in fixed deposits, loan applications, applying for credit and debit cards, pay taxes and bills.
The virtual inaugural event was also attended by Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das.
Speaking on the occasion, the Prime Minister said, Digital Banking Units will empower digital services and provide a robust digital banking infrastructure for the country. He said, this will improve banking and financial management, promote transparency and also promote financial inclusion. Mr Modi said, this is another significant step in the ongoing campaign to simplify lives of common people. He said, government has given top priority and ensured that banking services reach the last mile.
The Prime Minister asserted that the government is ensuring maximum services with minimum digital infrastructure. He said, in new India banking services will be easily accessible to everyone. Mr Modi said, Jan Dhan, Aadhaar, and Mobile services have removed the hindrance of pendency. He added that direct benefit transfer has improved transparency in financial disbursement directly to the accounts of the beneficiaries.
Prime Minister said, the economy of a country is dependent on the robustness of its banking system. He said, New India’s economy has become consistent due to this robustness. Mr Modi said, banking sector has become a medium of good governance and better service delivery. He added that today the whole world is appreciating Direct Benefit Transfer and digital prowess of India. Prime Minister said, digital banking units will give rise to new innovations. He said, New India has moved further with a great pace towards digital currency and through digital transactions, country’s economy has benefited immensely.
Prime Minister urged the small business owners from villages to completely move towards digital transactions. He also urged banks to connect one hundred merchants with them for going totally digital for the benefit of the country. Mr Modi expressed confidence that this initiative will take the banking system and economy to a stage that will be future-ready, and will have the capability to lead the global economy.
On the occasion, Finance Minister Nirmala Sitharaman said, deploying technology to achieve development goals is the hallmark of the government. She said, financial literacy will be promoted through these Digital Banking Units. Mrs Sitharaman said, popularising digital banking is important as it will be cost-effective, safe, and secure for the consumer.
Reserve Bank of India, RBI Governor Shaktikanta Das said, 75 Digital Banking Units have been set up in a record six months’ time in 75 districts across the country. He said, the focus is to harness the benefits of technology and innovation in the banking space. Mr Das said, RBI is taking progressive measures to improve the availability of digital infrastructure from banking services