Page 4 - Digital Banking

UP gets digital banking footprint with four of the 75 DBUs on its soil

The DBU are being set up to ensure the benefits of digital banking reach the remotest of places

Replacing 'phone banking' with 'digital banking' promoted growth: PM Modi

Prime Minister Narendra Modi on Sunday attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'. Referring to the previous UPA regime, he said under 'phone banking', instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions. "The economy of any country is as progressive as its banking system is strong," the Prime Minister said after dedicating 75 Digital Banking Units (DBUs) to the nation via video-conference. Observing that the country has shifted from the pre-2014 'phone banking' system to digital banking in the last eight years, he said "as a result, India's economy is moving forward with a continuum." Modi said before 2014, the banks used to get phone calls to decide their functioning, and added "phone banking politics had made the banks unsafe and made the country's economy insecure by sowing the seeds of thousands of crores of scams." The ..

PM Modi dedicates 75 Digital Banking Units to nation; check full list

The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 DBUs to the nation

PM Narendra Modi dedicates 75 Digital Banking Units across 75 districts

With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units (DBUs) to the nation.

PM Modi to launch 75 digital banking units across 75 districts today

With an objective to boost financial inclusion, Prime Minister Narendra Modi will launch 75 Digital Banking Units (DBUs) today via video conferencing.Union Finance Minister Nirmala Sitharaman in her budget speech for 2022-23 had announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country.The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories.Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.According to Prime Minister's Office (PMO), DBUs will be brick-and-mortar outlets which 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 ...

PM Modi to inaugurate 75 digital banking units including 2 in J-K on Sunday

Prime Minister Narendra Modi will dedicate two digital banking units of Jammu and Kashmir Bank to the nation on Sunday via video conferencing, officials said. To deepen financial inclusion, the prime minister on Sunday will inaugurate 75 digital banking units (DBUs) of different banks across the country of which two are of Jammu and Kashmir Bank, they said. Modi will also address the nation on the occasion. Of the two, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu. As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence. 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. DBUs will provide a variety of ..

Public sector banks plan to establish verticals for big data, analytics

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers

Digital banking infra provider Signzy raises Rs 210 crore from investors

Digital banking infrastructure provider Signzy on Monday said it has raised Rs 210 crore (about $26 million) from Gaja Capital and its existing investors, Vertex Ventures and Arkam Ventures.

HDFC Bank issues e-BG, AEBC appoints Sanjay Khanna as CEO, and more

This is a transformational change, and the Bank will migrate to eBG to benefit all its customers, the bank said

Digital lending norms aim to protect customer interest: RBI's Rao

Deputy Governor says guidelines issued on August 10 aim to curb exploitation of regulatory arbitrage

Fintech challenge is a fantasy

Digital banks are a threat, not so much to banks as to banking stability on account of the systemic risk they pose

Canara Bank to invest Rs 1,000 cr for building digital banking backbone

Canara Bank is planning to come up with its super-app next month which is yet to be named.

Canara Bank to invest Rs 1,000 crore to build digital banking backbone

The bank will unveil its super app next month

TMS Ep166: VPN regulations, home loans, markets, neobank

Do India's new VPN rules threaten user privacy? How will RBI's repo rate hike impact your home loan? Should you rejig portfolio in a rising interest rate regime? What is a neobank? All answers here

What is a neobank?

Bengaluru-based startup Open has recently become India's 100th unicorn. It's a neobank. But, what exactly is a neobank and how is one different from a traditional bank? Let's find out.

ICICI Bank launches India's 'open-for-all' digital ecosystem for MSMEs

Anyone can avail of the benefits of digital solutions by downloading the new version of the InstaBIZ app.

Cabinet approves Rs 820 cr financial support for India Post Payments Bank

The support will help state-run payments bank to penetrate deeper into the country, especially in the rural area and work towards financial inclusion

Digital delivery

New-age banks will increase inclusion

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On the road to 75 new digital banks, there will be twists and turns

The finance minister's Washington announcement signals an acceleration of the government's plans but there are many basic questions to address still