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Bank of Baroda launches eight Digital Bank Units

The Bank of Baroda’s 8 DBUs have been opened in Indore, Kanpur Dehat, Karauli, Kota, Leh, Silvassa, Vadodara, and Varanasi.

SNS | New Delhi |

Prime Minister Narendra Modi inaugurated 75 Digital Banking Units (DBU) in 75 Districts on 16th October with the aim of financial inclusion. In line with this Bank of Baroda (Bank), a public sector bank opened 8 DBUs to sync with the Government’s initiative on Monday.

The Bank of Baroda’s 8 DBUs have been opened in Indore, Kanpur Dehat, Karauli, Kota, Leh, Silvassa, Vadodara, and Varanasi.

Previously, on the day of the inauguration, IDFC had launched DBUs at Kendujhar in Odisha and Dimapur in Nagaland. 

These DBUs will offer digital and paperless services with full security. Two modes i.e. self-service and digital assistance zone will be used to cater the needs and preferences of a vast cross-section. 

“In line with the Government of India’s vision for a Digital India, the Digital Banking Units being launched today will help more people access digital banking products and services conveniently & securely and will play a key role in promoting financial literacy and financial inclusion in a digital manner. At Bank of Baroda, we have been on a digital transformation journey. This far-reaching initiative will ensure that the benefits of digital banking reach citizens across the length and breadth of our country,” Sanjiv Chadha, Managing Director & CEO, Bank of Baroda said.

What is Digital Banking Unit (DBU)? 

DBUs are specialized branches for delivering digital banking products. It will be totally paperless and will also act as a digital financial literacy center. There will be hassle-free bank account opening opportunities for the citizens through e-KYC/Video KYC. People will be able to withdraw and deposit their money 24*7.

The DBUs will provide a comprehensive range of digital products and services on the liability and the asset side, including the opening of savings accounts, fund transfers, end-to-end digital processing of loans, internet banking, digital grievance redressal, ATMs, and services related to government-sponsored schemes.