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“Central Bank Taking Measures To Improve Availability Of Digital Infra For Banking”: RBI Guv


RBI Guv said, “This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions”

Mumbai: The Governor of the Reserve Bank of India Shaktikanta Das on Sunday said the central bank has been taking progressive measures to improve the availability of digital infrastructure for banking services.
Governor Shaktikanta Das said the RBI issued the required guidelines after consulting the Indian Banks Association and other experts in the field, following the announcement made in the Union Budget 2022-23 for setting up of 75 digital banking units. He said that it was heartening to note that the commercial banks – both in the public and private sectors – have responded very positively to this initiative and added that 75 DBUs had been set up in a record six-month time in 75 districts of the country to commemorate 75 years of Independence.

The governor said, “Their focus was to harness the benefits of technology and innovation in the banking space. The establishment of DBUs is a step to further augment the digital infrastructure in the country. This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions.”

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Shaktikanta Das also added that the DBUs would augment our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment. “The specific financial services to be provided by the DBUs include, among other things, savings, credit, investment and insurance.”
The governor said on the delivery front, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals and these DBUs would also provide services related to certain identified government-sponsored schemes.

“The products and services in these units will be provided in two modes, namely, self-service and assisted modes, with self-service mode being available on a 24X7X365 basis. The banks are also free to engage the services of digital business facilitators and business correspondents to expand the footprint of the DBUs,” the governor said.

He also appreciated the efforts taken up by the Indian Banks’ Association, the banks which have established these DBUs, the Department of Financial Services in the Ministry of Finance and his colleagues at RBI in setting up these units in such a short time.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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