The prime minister claimed that the foreign investment in India's textile sector has doubled in the last 10 years.
Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) across 75 districts via video conferencing.
PM in his address said, “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen.”
Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das also attended the inaugural event.
Financial inclusion and technology are essential for progress. At 11 AM today, 75 Digital Banking Units (DBUs) will be dedicated to the nation. This initiative will have several benefits which will go a long way in transforming lives. https://t.co/U2zz7rGpE1
— Narendra Modi (@narendramodi) October 16, 2022
Prime Minister stated that these DBUs will empower digital services and provide a robust digital banking infrastructure for the country.
He further added that it will improve banking and financial management, promote transparency and ensure financial inclusion. Moreover, technology and financial inclusion are essential for progress and the initiative will have several benefits which will go a long way in transforming lives.
“It’s a special banking facility that will provide maximum services through minimum digital infrastructure,” he said.
Fintech to revolutionize financial inclusion in the country, PM Modi said.
As part of the Union budget speech for 2022-23, the finance minister had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of our country.
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.