Digital banking is furthering financial inclusion, banks now at doors of poor: PM Modi

Underlining that the “economy of any country is as progressive as the strength of its digital banking system”, he said, “DBU is a big step in the direction of Ease of Living for the common citizens.”

Dedicating 75 Digital Banking Units (DBU) across 75 districts to the nation Sunday, Prime Minister Narendra Modi said the DBUs will further financial inclusion by taking banks to “the doorstep of the poor”.“Digital economy today is a great strength of our economy, of our startup world, of Make-in-India and of self-reliant India.”

Underlining that the “economy of any country is as progressive as the strength of its banking system”, he said, “DBU is a big step in the direction of Ease of Living for the common citizens.”

It will simplify the banking procedure and provide a robust and secure banking system.“People living in small towns and villages will find benefits like transferring money to availing loans.”Modi mentioned two areas on which the government worked simultaneously: reforming, strengthening and making the banking system transparent; and, financial inclusion.

This involved reduction of distance between the poor and the banks. “We not only removed the physical distance but, most importantly, we removed the psychological distance,” he said.