India on Sunday launched 75 digital banking units in villages and small towns across the country to bring financial services and literacy to more citizens.
Digital banking units are brick-and-mortar outlets that are equipped with tablets and internet services to help individuals and small businesses open their savings accounts, access government identified schemes, perform verifications, make transactions and avail loans and insurance.
There are physical outlets in every Indian state and union territory. The Governor of the Reserve Bank of India said that self-service will be available 24/7. He said that the banks are free to engage the services of digital business facilities.
The units will be able to answer questions from individuals and small businesses.
Prime Minister Narendra Modi said that availing banking services has been a struggle for people living in villages. Even as more than a billion bank accounts exist in India, people living in remote areas have had to take a day off from work to visit a nearby city.
Ensuring that banking services reach the last mile is a priority for us. The physical and psychological distances were removed by us.
The digital banking units are part of the Modi government's effort to serve people in far flung areas of the country. The government launched a scheme to make banking and financial services available to all. More than half a billion bank accounts have been opened.
The Prime Minister said that the country is experiencing the power of the bank accounts. Direct Benefit Transfer was provided to the accounts of the target beneficiaries as a result of this opening. Benefits of schemes for farmers could be ensured with the help of these accounts. India has been praised by the International Monetary Fund. He said that the credit for this goes to the poor, farmers and labourers who have adopted new technologies.
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