What is Digital Banking? Whose PM Modi has counted the benefits, the public will be at ease

Photo:AP What is Digital Banking? Whose PM Modi has counted the benefits, the public will be at ease


  • Under this, a total of 24 banks, including 11 in the public sector and 12 in the private sector and one small finance bank, have been added.
  • UPI opens new doors of new possibilities for India
  • From opening an online account to making a transaction, it is called digital banking.

Digital Banking In India: Recently 75 Digital Banking Unit (DBU) services have been launched by PM Modi. This DBU will write the story of taking India on the path of a developed nation. This gift given by PM Modi on the completion of 75 years of the country’s independence will be written in golden letters in history. Banking services will now reach the doorstep of rural people through this DBU. For this they will not need to run around and waste their time by going somewhere.

DBU will open the doors of new possibilities

The Prime Minister has said that ‘Fintech’ will bring about a paradigm shift in financial inclusion in the country. At the same time, UPI has opened new doors of new possibilities for India. Now ‘Vocal for Local’ will give a boost to the digital economy. India has achieved sustainable growth by using ‘digital banking’ instead of ‘phone banking’. Finance Minister Nirmala Sitharaman had announced setting up of digital banking units in 75 districts across the country in the budget for the financial year 2022-23. Now a total of 24 banks including 11 public sector and 12 private sector and one small finance bank have been added to this launch.

What is digital banking

From opening an online account to making transactions, it is called digital banking. Features like balance check, passbook print, investment, fund transfer, loan, application for credit and debit cards, instructions to stop insisted payments, tax and bill payments will be available through digital banking. You can call digital banking as traditional banking, because the only difference between digital banking and other banks is that it does not have a physical branch. This is the reason why it does not work offline and is completely online. You need internet to use it. You will be happy to know that you can also take advantage of its service through mobile.

These important facilities will be available in DBU

These digital banking units will enable customers to open their savings account, check account balance, print passbook, send money, invest in fixed deposits, apply for credit/debit cards and loans. With this, people will not have to go through the long process of collecting all the documents and getting them verified. Because DBU will do all this work in minutes. This will save both their money and time. The facilities will also bring excellence, quality and transparency.

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