PM MODI DEDICATES
The Prime Minister, Shri Narendra Modi on 16 October dedicated 75 Digital Banking Units (DBU) across 75 districts to the nation via video conferencing.
Addressing the gathering, the Prime Minister started by stressing that the 75 Digital Banking Units (DBU) will further financial inclusion and enhance banking experience for citizens. “DBU is a big step in the direction of Ease of Living for the common citizens”, he said. The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork. It will also simplify the banking procedure while also providing a robust and secure banking system. “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”, he added.
Recalling the traditional ways of the past where people had to go to the bank, the Prime Minister said that this government transformed the approach by bringing the bank to the people. “We have given top priority to ensure that banking services reach the last mile”, he said. A huge change from the days when it was expected that poor will go to the bank to a scenario when the banks were going on the doorstep of the poor. This involved reduction of distance between the poor and the banks.
Shri Modi informed that fintech is at the heart of India’s policies and efforts, and it is playing a key role in shaping the future. Digital banking units will further expand this capability of fintech. “If Jan Dhan accounts had laid the foundation of financial inclusion in the country, then Fintech would form the basis of financial revolution”, he said.
“The economy of any country is as progressive as its banking system is strong”, the Prime Minister remarked. He informed that the country has shifted from the pre-2014 ‘phone banking’ system to digital banking in the last 8 years, and as a result, India’s economy is moving forward with a continuum. Recalling the old ways, the Prime Minister pointed out that before 2014, the banks used to get phone calls to decide their functioning. He further added that phone banking politics had made the banks unsafe and made the country’s economy insecure by sowing the seeds of thousands of crores of scams.
Union Minister of Finance, Smt Nirmala Sitharaman and Governor of Reserve Bank of India, Shri Shaktikanta Das were among those present on occasion.