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Digital Transformation

75 digital banking units to be set up by scheduled commercial banks

To ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner, the Union government has proposed to set up 75 Digital Banking Units (DBUs) in 75 districts.

“In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. Taking this forward, and to mark 75 years of our independence, it is proposed to set up 75 DBUs in 75 districts of the country by scheduled commercial banks,” said Finance Minister Nirmala Sitharaman during the presentation of Union Budget 2022.

The financial support for the digital payment ecosystem announced in the previous Budget will continue in 2022-23. This will encourage further adoption of digital payments. There will also be a focus to promote the use of payment platforms that are economical and user-friendly, the FM said.


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