RBI's financial inclusion efforts to receive a boost from DBUs

17 Oct 2022 , 08:16 AM

According to Governor Shaktikanta Das on Sunday, the Reserve Bank of India (RBI) is focused on promoting technology and innovation in the banking industry to help bring financial services to the general public.

The creation of DBUs (Digital Banking Units) is a step to further improve the nation’s digital infrastructure, according to Governor Das, who spoke during the opening of 75 DBUs to commemorate the country’s 75th year of independence. Enabling seamless banking transactions, will operate as a facilitator in the digital ecosystem and enhance the client experience.

In her budget statement, Finance Minister Nirmala Sitharaman announced the opening of these outlets.

“By offering banking services in a paperless, effective, safe, and secure environment, the DBUs will support our efforts to encourage financial inclusion. Among the specific financial services that the DBUs will offer are investments, insurance, credit, and savings “Das stated.

This may provide significant relief to micro, small, and medium-sized businesses.

“The DBUs will first offer end-to-end digital processing of small ticket retail and MSME loans, commencing with online applications and ending with disbursals, on the credit delivery front. Additionally, the DBUs will offer services associated with particular designated government-sponsored programs “Das stated.

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