New Delhi, (Asian independent) Prime Minister Narendra Modi on Sunday dedicated 75 digital banking units (DBUs) across the 75 districts to the nation through video conferencing, stating that it will further financial inclusion and enhance banking experience for the citizens.
“DBU is a big step in the direction of Ease of Living for the common citizens”, he said.
The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork.
It will also simplify the banking procedure while also providing a robust and secure banking system, he said.
“People living in small towns and villages will find the benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction, which is going on in the country to make the life of common man of India easier,” he added.
Modi said that the aim of the government is to empower the common citizen and make them powerful, and as a result, policies were made keeping in mind the last person and the entire government moving in the direction of their welfare.
He pointed out the two areas on which the government worked simultaneously. First, reforming, strengthening, and making the banking system transparent, and secondly financial inclusion.
Despite initial misgivings in certain sections, the Prime Minister said, “today the entire country is experiencing the power of Jan Dhan Bank accounts”.
He informed that these accounts enabled the government to provide insurance to the vulnerable at a very low premium.
“This opened the way for loans for the poor without collateral and provided Direct Benefit Transfer to the accounts of the target beneficiaries. These accounts were the key modality for providing homes, toilets, gas subsidy, and benefits of schemes for farmers could be ensured seamlessly,” he said.
The Prime Minister acknowledged the global recognition for India’s digital banking infrastructure.
“The IMF has praised India’s digital banking infrastructure. The credit for this goes to the poor, farmers and labourers of India, who have adopted new technologies, made it a part of their lives”, he commented.
Referring to the announcement of the launch of a digital currency based on blockchain technology, the Prime Minister pointed out that “Be it digital currency in the coming times, or digital transactions in today’s time, apart from the economy, many important aspects are associated with them”.
He listed the savings, elimination of the hassle of physical currency and environmental benefits as key advantages.
Modi said that paper and ink for currency printing are imported, and by adopting a digital economy “we are contributing to a self-reliant India while also benefiting the environment by reducing the consumption of paper”.