"Central bank improving availability of digital infra for banking services" says RBI Governor

Shaktikanta Das also said that 75 digital banking units have been set up in a record six-month time in 75 districts of the country to commemorate 75 years of Independence.

ANIUpdated: Sunday, October 16, 2022, 05:17 PM IST
article-image
Prime Minister Narendra Modi and RBI Governor Shakikanta Das during the launch of 75 digital bank units. | ANI

Shakitkanta Das, the Governor of the Reserve Bank of India, on Sunday said the central bank has been taking progressive measures to improve the availability of digital infrastructure for banking services.

Governor Shaktikanta Das said the RBI issued the required guidelines after consulting the Indian Banks Association and other experts in the field, following the announcement made in the Union Budget 2022-23 for setting up of 75 digital banking units.

He said that it was heartening to note that both the public and private sector banks have responded very positively to this initiative and added that 75 DBUs had been set up in a record six-month time in 75 districts of the country to commemorate 75 years of Independence.

The governor said, "Their focus was to harness the benefits of technology and innovation in the banking space. The establishment of DBUs is a step further augmenting the digital infrastructure in the country. This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions."

Shaktikanta Das also added that the DBUs would augment our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment. "The specific financial services to be provided by the DBUs include, among other things, saving, credit, investment and insurance."

The governor said on the delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disburals and these DBUs would also provide services related to certain identified government-sponsored schemes.

"The products and services in these units will be provided in two modes, namely, self-service and assisted modes, with self-service mode being available on a 24x7x365 basis. The banks are also free to engage the services of digital business facilitators and business correspondents to expand the footprint of the DBUs," the governor said.

He also appreciated the efforts taken up by the Indian Banks Association, the banks which have established these DBUs, the Department of Financial Services in the Ministry of Finance and his colleagues at RBI in setting up these units in such a short time.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

NDTV shares sail northwards amid Adani group takeover bid

NDTV shares sail northwards amid Adani group takeover bid

STPI sees 10-12% IT export growth from its centres this fiscal

STPI sees 10-12% IT export growth from its centres this fiscal

Top 5 phones with best display under 25000

Top 5 phones with best display under 25000

Yotta Infrastructure plans to launch beta version of 'desi cloud' by March 2023

Yotta Infrastructure plans to launch beta version of 'desi cloud' by March 2023

Govt invites bids for privatisation of NMDC's Nagarnar Steel Plant

Govt invites bids for privatisation of NMDC's Nagarnar Steel Plant