Prime Minister Narendra Modi will launch 75 digital banking units across the nation, of which two are of the Jammu and Kashmir Bank. The Finance Minister had included the scheme in the Union budget speech for 2022-23 to commemorate the 75 years of independence.
Modi will dedicate the units to the country at 11 am via video conferencing. The DBU's are aimed at ensuring that the benefits of the digital banking reaches every nook and corner of the country.
Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavou. Of the two DBUs of Jammu and Kashmir Bank, one is the SSI branch at Lal Chowk in Srinagar, and the other is the Channi Rama branch in Jammu.
What is a DBU?
According to a statement by the PMO, the DBUs will be the brick-and-mortar outlets which will provide a variety of digital banking facilities to people. These include opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations.
Besides spreading Digital Financial Literacy, special emphasis will be given to customer education on cyber security awareness and safeguards. There will also be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through business facilitators and correspondents.
The units will also provide customers with a cost-effective, convenient access and enhanced digital experience of banking products and services all through the year.
(With inputs from ANI)