Digital Banking Unit: Shaping the Financial Future of India

Acknowledging the growth in digital adoption across the country and to enhance the banking experience for common citizens with minimal infrastructure and no paperwork, Government of India and RBI introduced the concept of Digital Banking Units (DBUs) and announced the establishment of 75 DBUs in 75 districts throughout the country, in commemoration of the 75 years of our nation’s independence. This groundbreaking initiative signifies a leap into the future, ushering in a new era of financial accessibility, efficiency, and inclusivity. Indian Bank has established three DBU’s at Delhi, Lucknow and Karaikal (Union Territory of Puducherry), as part of the Government of India’s initiative of establishing DBUs.

Curious about the Digital Banking Unit? Let’s break it down for you, starting with what it actually is.

As per RBI, DBU is specialized fixed point business unit / hub housing certain minimum digital infrastructure for delivering digital banking products & services as well as servicing existing financial products & services digitally, in both self-service and assisted mode, to enable customers to have cost effective/ convenient access and enhanced digital experience to/ of such products and services in an efficient, paperless, secured and connected environment with most services being available in self-service mode at any time, all year round.

In simple words, DBUs are specialized branches having paperless banking facility providing end to end solution for customer’s basic banking needs and wants.

Why Digital Banking Units?

The Digital Banking Unit is a revolutionary concept in the financial sector, designed to bring banking services closer to the people in the most convenient and technologically advanced manner. Unlike traditional brick-and-mortar bank branches, DBUs leverage digital technologies to provide a range of financial services, making banking accessible to all. More specifically, DBUs promote:

1.Financial Inclusion: The primary motivation behind the introduction of DBUs is to enhance financial inclusion. By breaking down geographical barriers and overcoming infrastructural limitations, DBUs aim to bring banking services to the unbanked & underbanked populations in every nook and corner of the country.

2.Tech-Driven Efficiency: Embracing cutting-edge technology, DBUs streamline banking processes, making transactions quicker and more efficient. This not only benefits customers but also contributes to the overall efficiency of the banking system making it more robust and secure.

3.Paperless Processes: Digital Banking Units prioritize environmental sustainability by adopting paperless processes, reducing environmental impact, and enhancing the efficiency and speed of transactions.

What Do Digital Banking Units Offer?

1. Banking Services: DBUs facilitate a wide range of banking services such as account opening, fund transfers, cash deposit, cash withdrawal, fixed deposit/recurring deposit opening, loan applications, passbook printing, request for debit card, KYC updating, cheque book request, bill payment, nomination addition, tax payments, account statement generation, activation/registration of mobile banking app/internet banking and many more.

2. Government Schemes: Customers can apply for government schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY), Atal Pension Yojna (APY) and Jan Samarth (National Portal for Government Sponsored Schemes), Jeevan Pramaan – Life Certificate.

3. 24/7 Accessibility: One of the key features of DBUs is their round-the-clock accessibility. Customers can access their accounts and make transactions at any time, making banking services truly convenient and user-friendly. There are 2 zones in DBU:

• Self Service Zone: Available for customers 24*7
• Digital Assisted Zone: Available for customers during regular banking working hours.

4. Customer Grievances: Customers can register their complaints/grievances and provide valuable feedback at DBUs. They can also provide input for customer surveys at the DBUs.

The Digital Banking Unit initiative stands as a testament to the country’s commitment to progress and inclusion. By harnessing the power of digital technology, DBUs are not just changing the way we bank; they are laying the foundation for a more accessible, efficient, and equitable financial future for all.

Indian Bank. “Your Own Bank, Always with You”

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