RBI To Improve Availability Of Digital Infra For Banking, Says Shaktikanta Das The governor also said that the RBI issued the required guidelines after consulting the Indian Banks Association and other experts in the field, following the Union Budget 2022-23 announcement of setting up 75 digital banking units
By Teena Jose •
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The Reserve Bank of India Governor Shaktikanta Das, on Sunday, said that the central bank has been taking progressive measures to improve the availability of digital infrastructure for banking services.
The governor also said that the RBI issued the required guidelines after consulting the Indian Banks Association and other experts in the field, following the Union Budget 2022-23 announcement of setting up 75 digital banking units. In his words, " It was heartening to note that the commercial banks, both in the public and private sectors, have responded very positively to this initiative and added that 75 DBUs had been set up in a record six-month time in 75 districts of the country to commemorate 75 years of Independence."
"Their focus was to harness the benefits of technology and innovation in the banking space. The establishment of DBUs is a step to further augment the digital infrastructure in the country. This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions," said Das.
On the delivery front, the governor said that the DBUs will provide an end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals and these DBUs would also provide services related to certain identified government-sponsored schemes.
"The products and services in these units will be provided in tow modes, namely, self-service and assisted modes, with self-service mode being available on a 24/7/365 basis. The banks are also free to engage the services of digital business facilitators and business correspondents to expand the footprint of the DBUs," said Das.
The governor particularly mentioned and appreciated the efforts take by the Indian Banks Association, the banks which have established these DBUs, the department of financial services in the ministry of finance and his colleagues at RBI, in setting up these units in a short notice.
