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The working group of Indian Banks’ association, private, public, and small finance bank representatives has been formed to initiate the plan of setting up 75 digital banks that announced in the Union budget 2022.
Nirmala Sitharaman, Union Finance Minister has proposed in the budget to set up 75 Digital Banking Units (DBUs) by Scheduled Commercial Banks in 75 districts across the country. In the same context, the Union Finance Minister said,
“In the recent years, digital payment, digital bankings, and fintech innovations have grown at a rapid pace in India, and the government has been continuously encouraging them to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.”
The working group is expected to organize its first meeting. The group will be defining a digital banking unit, the services rendered by it, and its location. The units are planned to begin their operation in July 2022.
