Addressing the gathering, the Prime Minister began by stressing that the 75 Digital Banking Units (DBU) will additional monetary inclusion and improve the banking expertise for residents.
“DBU is a big step in the direction of Ease of Living for the common citizens,” he said.
The Prime Minister informed that in such a banking setup, the government aims to provide maximum services with minimum infrastructure, and all of this will happen digitally without involving any paperwork. It will also simplify the banking procedure while also providing a robust and secure banking system.
“People living in small towns and villages will find benefits like transferring money to availing loans. Digital Banking Units are another big step in that direction which is going on in the country to make the life of common man of India easier,” he added.
PM Modi said that the aim of the government is to empower the common citizen and make them powerful, and as a result, policies were made keeping in mind the last person and the entire government moving in the direction of their welfare.
He pointed out the two areas in which the government worked simultaneously. First, reforming, strengthening, and making the banking system transparent, and secondly financial inclusion.
Recalling the traditional ways of the past where people had to go to the bank, the Prime Minister said that this government transformed the approach by bringing the bank to the people.
“We have given top priority to ensure that banking services reach the last mile. This a huge change from the days when it was expected that poor will go to the bank to a scenario when the banks were going on the doorstep of the poor. 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.”
The highest precedence was given to overlaying far-flung areas with banking.
The Prime Minister knowledgeable that at present greater than 99 per cent of villages in India have a bank department, banking outlet or a ‘banking mitra’ inside a 5 km radius.
“Extensive Post Office network too was harnessed via India Post Banks for providing the banking needs to the common citizens”, he mentioned.
“Today the number of branches per one lakh adult citizens in India is more than countries like Germany, China and South Africa,” he added.
Today, 75 Digital Banking Units are being launched across India. This is a step in the direction of significantly improving the banking experience for each and every citizen of the country.
– Prime Minister @narendramodi pic.twitter.com/yhObpzjIOE
— PIB India (@PIB_India) October 16, 2022
Despite initial misgivings in certain sections, the Prime Minister said, “Today the entire country is experiencing the power of Jan Dhan Bank accounts.”
He knowledgeable that these accounts enabled the federal government to offer insurance to the weak at a really low premium.
“This opened the way in which for loans for the poor with out collateral and offered Direct Benefit Transfer to the accounts of the goal beneficiaries. These accounts had been the important thing modality for offering properties, bathrooms, fuel subsidy, and advantages of schemes for farmers could possibly be ensured seamlessly,” he mentioned.
The Prime Minister acknowledged the worldwide recognition for India’s digital banking infrastructure.
“The IMF has praised India’s digital banking infrastructure. The credit score for this goes to the poor, farmers and labourers of India, who’ve adopted new applied sciences, made it a component of their lives,” he emphasised.
“UPI has opened up new possibilities for India,” the Prime Minister continued, “When financial partnerships are combined with digital partnerships, a whole new world of possibilities opens up. A huge example of UPI is before us. India is proud of this as it is the first technology of its kind in the world.”
He informed that today 70 crore indigenous Rupay cards are in operation, a vast change from the days of foreign players and the elite nature of such products.
“This combination of technology and economy is enhancing the dignity and affordability for the poor and empowering the middle class, while at the same time it is also eliminating the digital divide of the country,” he mentioned.
PM Modi additionally praised the function of DBT in eliminating corruption and mentioned that greater than 25 lakh crore rupees have been transferred in numerous schemes through DBT. He knowledgeable me that he’ll switch the subsequent instalment to the farmers tomorrow.
“Today the entire world is appreciating this DBT and the digital power of India. Today it’s being seen as a world mannequin. The World Bank has even gone as far as to say that India has change into a frontrunner in making certain social safety by means of digitization,” said the Prime Minister.
The Prime Minister informed that fintech is at the heart of India’s policies and efforts, and it is playing a key role in shaping the future. Digital banking units will further expand this capability of fintech.
“If Jan Dhan accounts had laid the foundation of financial inclusion in the country, then Fintech would form the basis of a financial revolution,” he mentioned.
Referring to the federal government’s announcement of the launch of a digital foreign money based mostly on blockchain expertise, the Prime Minister identified that: “Be it digital currency in the coming times, or digital transactions in today’s time, apart from the economy, many important aspects are associated with them.”
He listed the financial savings, elimination of the trouble of bodily foreign money and environmental advantages as key benefits.
The Prime Minister identified that paper and ink for foreign money printing are imported, and by adopting a digital economy we’re contributing to a self-reliant India whereas additionally benefiting the surroundings by lowering the consumption of paper.
