PM opens 75 Digital Banking Units for seamless online banking

New Delhi, October 16

Prime Minister Narendra Modi on Sunday dedicated to the nation 75 Digital Banking Units (DBUs) via video-conferencing. He attributed India’s sustained economic growth to efforts of the BJP government which replaced the UPA-era ‘phone banking’ with ‘digital banking’.

“After bringing transparency in the identification of NPAs (non-performing assets), lakhs of crores of rupees were brought back into the banking system. We recapitalised banks, took action against willful defaulters and reformed the Prevention of Corruption Act,” the PM said.

RBI Governor Shaktikanta Das said the DBUs would improve customer experience by facilitating seamless banking transactions in a paperless and secure environment. The DBUs would deal with savings, credit, investment and insurance. These would provide end-to-end digital processing of small ticket retail and MSME loans, right from online applications to disbursal. The DBUs were a part of the announcements made in the Budget.