Ri-Bhoi which is an ‘aspirational district’ in Meghalaya will have a digital banking unit at the State Bank of India branch in Nongpoh which will provide a variety of digital banking facilities to people.
Prime Minister Narendra Modi today launched 75 Digital Banking Units (DBU) across 75 districts of the country via video conferencing.
Services being offered through DBUs include banking facilities like opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, application for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations, etc.
The DBUs will also facilitate onboarding to government credit link schemes through the Jan Samarth portal and end-to-end digital processing of small ticket MSME/retail loans.
DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services throughout the year. They will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.
Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services provided by the DBUs directly or through Business Facilitators/ Correspondents.
The DBUs will enable those who do not have ICT infrastructure to access banking services digitally. They will also assist those who are not tech savvy to adopt digital banking.
In DBU, the products and services will be offered to customers in two modes – Self Service Mode and Digital Assistance Mode.
The DBUs will be different from traditional bank branches as they will provide banking services including cash deposit and withdrawal 24 x 7. The services shall be provided digitally.
People not having connectivity or computing devices can do banking transactions from DBU in a paperless mode.
Bank staff will be available to help and guide users for banking transactions in assisted mode and also will help in providing digital financial literacy and create awareness for adopting digital banking.
As part of the Union budget speech for 2022-23, the Finance Minister announced setting up the 75 DBUs in 75 districts to commemorate the country’s 75 years of independence.
The DBUs are being set up with the objective to ensure the benefits of digital banking reach every nook and corner of the country and will cover all the states and union territories.
Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.