India has launched 75 new digital banking units in villages and small towns across the country in a move that it said will help bring financial services and literacy to more citizens.
The DBUs are equipped with tablets and internet services to help individuals and small businesses open savings accounts; check their balances; transfer funds; apply for loans, and pay bills and taxes.
“Self-service mode will be available 24x7x365 days,” said Shaktikanta Das, governor of the Reserve Bank of India, in a virtual conference. “The banks are also free to engage the services of digital business facilities and correspondence to expand the footprint of DBUs.”
Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour, which aims to spread digital financial literacy and raise awareness of cyber-security risks and safeguards.
Inaugurating the 75 DBUs virtually, Prime Minister Narendra Modi said the special banking...