TS gets digital banking boost as Centre opens three DBUs

Hyderabad: Union Minister for Culture and Tourism, G Kishan Reddy on Sunday said that the Centre is planning to expand digital banking across the country for the benefit of the people.

Addressing after participating in the dedication of the 75 Digital Banking Units (DBU) in virtual mode by Prime Minister Narendra Modi in Janagaon on Sunday, Kishan said three out of the 75 DBUs dedicated to the nation by Modi are located in Janagaon, Khammam and Sircilla districts.

He said that the Reserve Bank of India (RBI) had decided to launch the 75 DBUs marking the occasion of the 75 years of Azadi Ka Amrut Mahotsav after the Union Finance Minister Nirmala Sitharaman announced the initiative during the budget presentation for 2022-23.

He said that 11 public sectors, 12 private sectors and one small finance bank will be offering services through 75 DBUs across the country.

The minister said that the RBI is planning to launch DBU services in a phased manner through all banks to increase the DBU footprint. This initiative would help beneficiaries like farmers, students and others covered under various central schemes who would get their financial assistance transferred directly into their bank accounts. Digital services will not only help in opening savings accounts but also for opening fixed deposits, current accounts and others via mobile instruments. Crores of people are using credit cards which once were limited only to the big officers, big businessmen, and the like.

Even small push card vendors selling vegetables and kirana shops are using digital banking. He said that there is a need to encourage digital banking in a big way. So far Rs 25 lakh crore has been disbursed to the beneficiaries through the Jan Dhan accounts which itself is a great achievement. Further, the direct benefit transfer mode through digital banking has also helped in removing the middlemen and mafias and added that the states were asked to send the data to the Centre for the disbursal of scholarships for SC, ST, BC and others from the Centre directly into their bank accounts. For Telangana alone Rs 350 crore in scholarships has to be disbursed.

Kishan Reddy said that digitisation has brought transparency in the distribution of rice for the below poverty level and the country to achieve vaccination of more than 220 crore people. Many countries have now adopted the COVID management implimented in the country.

Earlier, development activities in the North Eastern Region were only on paper. However, after adopting digital system-enabled monitoring. Monitoring of work and releasing of funds has been done through digital mode. He recalled how the International Monetary Fund (IMF) has praised the digital initiatives in India and noted that 50 per cent of the Jan Dhan Accounts opened in the name of women in the country, through which, Rs 25 lakh crore have been disbursed so far. Currently, the Jan Dhan accounts alone have savings to the tune of Rs 1.75 lakh crore.

It was also decided to implement banking literacy to the parents and students through the Center's 'One TV-One School' initiative. Kishan Reddy asked all the people to extend their cooperation to the digital banking revolution happening in the country.