PM Modi to inaugurate 75 digital banking units (DBUs) of various banks on October 16

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New Delhi: Prime Minister Narendra Modi will dedicate two digital banking units of Jammu and Kashmir Bank to the nation on Sunday via video conferencing, officials said. To deepen financial inclusion, the prime minister on Sunday will inaugurate 75 digital banking units (DBUs) of different banks across the country of which two are of Jammu and Kashmir Bank, they said. Modi will also address the nation on the occasion.

Of the two, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu. As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence.

The DBUs are being set up to ensure that the benefits of digital banking reach 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 endeavour. DBUs will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments among others.