PM Modi to inaugurate 75 digital banks
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today's Current Affairs topic is "PM Modi to inaugurate 75 digital banks"
Prime Minister Narendra Modi has decided to inaugurate 75 digital banking units (DBUs) across 75 districts on August 15 to commemorate 75 years of India's independence. These digital banking units will be totally paperless and will be operated as digital financial literacy centers.
The Centre has finalized 75 districts and banks have been directed to set up infrastructure and provide training to manpower for these DBUs.
The government has named out districts including Leh, Srinagar, Lakshadweep, Aizawl, Kota, Nainital, and Lucknow. The listed financial institutions have already started work to have these units operational by July 2022.
Guidelines by RBI:
The Reserve Bank of India (RBI) has designed a frame work and released guidelines for banks to set up DBUs. This traces an announcement made in the Budget for setting up of 75 DBUs.
As per the guidelines issued by RBI, there is no need to take permission from RBI for scheduled commercial banks which have past digital banking experience. These kind of banks are permitted to open DBUs in Tier 1 to Tier 6 centers without taking permission from the Reserve Bank of India in each case.
What is Digital Banking Unit?
A Digital Banking Unit is a specially designed for delivering digital banking products and services with certain minimum digital infrastructure as fixed point business unit/hub housing.
The objective of a DBU is to expand the digital financial services and financial inclusion in the country.
India's central bank, Reserve Bank of India stated that, the DBUs of the banks will be considered as banking outlets. Each Digital Banking Unit requires to be housed distinctly, with separate entry and exit provisions. They will be distinguish from an existing banking outlet with formats and designs most appropriate for digital banking users.
Question & Answer:
Q1. Who will inaugurate digital banking units in country for the first time?
Ans. PM Narendra Modi
Q2. How many DBUs will be inaugurated by PM Modi?
Ans. 75
Q3. On which day PM Modi will inaugurate DBUs in the country?
Ans. 15th August (75th Independence Day of India)
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