Home / News / India /  What are Digital Banking Units? What are the transactions you can do at a DBU?

In a measure aimed at deepening financial inclusion, Prime Minister Narendra Modi on Sunday inaugurated 75 Digital Banking Units across 75 districts. The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour.

Finance Minister Nirmala Sitharaman had earlier pointed out the government would be setting up the 75 DBUs to commemorate 75 years of India's independence.

What are DBUs? 

DBUs will be brick-and-mortar outlets that will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations, the Prime Minister's office has stated

They will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year, it further added. 

What are the transactions you can do at a DBU?

Both ICICI Bank and HDFC have announced to set up DBUs. 

ICICI bank DBU's will have 2 distinct features – a Self-service Zone and a Digital Assistance Zone.

At the Self-service Zone, the customers can access ATM, a Cash Deposit Machine (CDM) and a Multi-Functional Kiosk (MFK) that offers services like printing of passbook, depositing cheque and accessing internet banking.

It will also provide a digital interactive screen where customers can interact with a chatbot to know about products, offers and mandatory notices. 

Meanwhile, the Digital Assistance Zone will have branch officials to assist customers to undertake the services including opening of savings account, current account, fixed deposit and recurring deposit etc

The above services will be offered in a completely digital manner through a tablet device, using Aadhaar-based eKYC. 

The HDFC bank’s DBU will have a self–service zone for customer transactions using Interactive ATMs, Cash Deposit Machines, Interactive Digital Walls, Net Banking Kiosks / Video calls and Tab Banking. There will also be an assisted zone in a DBU manned by two bank staff.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout