On Sunday, Prime Minister Narendra Modi fulfilled a commitment made by Finance Minister Nirmala Sitharaman during the 2022–23 Union Budget by dedicating 75 digital banking units to the country. The initiative fits with the Center’s bold objective of financial inclusion.
In a virtual address which was attended by Sitharaman and Reserve Bank of India (RBI) Governor Shaktikanta Das, PM Modi said: “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen. These Digital Banking Units will empower digital services and provide a robust digital banking infrastructure for the country.”
According to him, these banking units will advance transparency, financial inclusion, and banking and financial management.
The SSI branch in Lal Chowk in Srinagar and the Channi Rama branch in Jammu are the two such facilities that the Prime Minister officially opened in the Jammu and Kashmir Bank.
In her Union Budget address for 2022–2023, FM Sitharaman stated that the government would establish 75 DBUs in 75 districts across the nation to recognise our nation’s 75th anniversary of independence.
Fintech, according to PM Modi, will revolutionise financial inclusion in the nation. Even the World Bank, he claimed, has praised India for its efforts to ensure social security through digitization.
“World Bank says that India has become a leader in ensuring social security through digitisation. Even the most successful people in the field of technology, the experts of the tech world are appreciating this system in India. They too are amazed by its success,” he added.