India poised for digital revolution: Kishan Reddy
2 years, 2 months ago

India poised for digital revolution: Kishan Reddy

Deccan Chronicle  

WARANGAL: The BJP government at the Centre has brought revolutionary changes in the banking sector. In the past banks were useful only for the rich but now even the poor are using them for their day to day activities, said Union minister G. Kishan Reddy. He was participating in a video conference in Jangaon district in which Prime Minister Narendra Modi dedicated 75 digital banking units in 75 districts to the nation, as part of Azadi Ka Amrit Mahotsav celebrations to mark the 75 years of Independence. Kishan Reddy along with Jangaon MLA Muttireddy Yadagiri Reddy inaugurated a DBU at the State Bank of India, Jangaon branch and said that India would witness a digital revolution in the coming days not only in the banking sector but also in education and other sectors. The Centre will be handing transferring Rs 300 crore to the bank accounts of students belonging to Scheduled Castes and Scheduled Tribes through the digital process, he said.

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PM Modi inaugurates 75 Digital Banking Units in as many districts across nation
2 years, 2 months ago

PM Modi inaugurates 75 Digital Banking Units in as many districts across nation

India TV News  

Digital Banking Units: Prime Minister Narendra Modi on Monday, October 24, dedicated 75 Digital Banking Units in as many districts across the country to mark and celebrate India's 75th anniversary of independence. These include wide range of services such as - fund transfers, account opening, fixed deposit and recurring deposit opening, digital loan availment, passbook printing, balance inquiries, and cash …

Banking sector becomes medium of good governance, better service delivery, says PM Modi – Firstpost
2 years, 2 months ago

Banking sector becomes medium of good governance, better service delivery, says PM Modi – Firstpost

Firstpost  

With an aim to promote financial inclusion, Prime Minister Narendra Modi on Sunday dedicated 75 Digital Banking Units to the nation New Delhi: Emphasizing India’s strides towards financial inclusion and digital economy, Prime Minister Narendra Modi on Sunday said the banking sector has become a vehicle for good governance and better service delivery in the country. With an aim to …

Shift from phone banking to digital banking put India on sustained growth path: PM
2 years, 2 months ago

Shift from phone banking to digital banking put India on sustained growth path: PM

Deccan Chronicle  

New Delhi: 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'. The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units to the nation. The banking sector has become …

PM Modi dedicates 75 digital banking units to the nation
2 years, 2 months ago

PM Modi dedicates 75 digital banking units to the nation

Live Mint  

PM Modi on 16 October dedicated 75 Digital Banking Units across 75 districts with an aim to promote financial inclusion. PM in his address said, “As our country witnesses the success of another digital milestone today, I congratulate the collective efforts of our countrymen.” "This Digital Banking Units will empower digital services and provide a robust digital banking infrastructure for …

India's banking sector becomes medium of good governance, better service delivery: PM Modi at DBUs launch
2 years, 2 months ago

India's banking sector becomes medium of good governance, better service delivery: PM Modi at DBUs launch

India TV News  

Highlights PM Narendra Modi said banking sector has become vehicle for good governance PM today dedicated 75 Digital Banking Units to the nation via video conferencing Finance Minister Nirmala Sitharaman, RBI Guv Shaktikanta Das also attended the launching ceremony Digital Banking Units: Emphasizing India's strides towards financial inclusion and digital economy, Prime Minister Narendra Modi on Sunday said the banking …

PM Modi inaugurates 75 'digital banking units' across 75 districts
2 years, 2 months ago

PM Modi inaugurates 75 'digital banking units' across 75 districts

India TV News  

Highlights PM Narendra Modi dedicated 2 digital banking units of Jammu and Kashmir Bank to the nation PM also inaugurated 75 DBUs of different banks across the country PM Narendra Modi also addressed the nation on the occasion Digital banking units inauguration: Prime Minister Narendra Modi dedicated two digital banking units of Jammu and Kashmir Bank to the nation on …

How Digital Banking Units will boost India’s digital economy. Experts weigh in
2 years, 8 months ago

How Digital Banking Units will boost India’s digital economy. Experts weigh in

Live Mint  

The Reserve Bank of India has issued guidelines for the establishment of Digital Banking Units. Hence banks need to be compliant and create a separate reporting to meet the RBI targets so that Digital Businesses cross the bar of, say, “50%”, said Nitin Misra, Co-founder, indiagold He added that this will also prompt the launch of new products or services …

RBI unveils guidelines for digital banking units. Here’s 10 key points
2 years, 8 months ago

RBI unveils guidelines for digital banking units. Here’s 10 key points

Live Mint  

The Reserve Bank of India on Thursday released the guidelines on the “Establishment of Digital Banking Units ”. DBUs are specialised fixed point business unit / hub housing certain minimum digital infrastructure for delivering digital banking products & services as well as servicing existing financial products & services digitally, in both self-service and assisted mode, to enable customers to have …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
2 years, 9 months ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

Indian Bank refines focus on digital transformation: CTO
3 years ago

Indian Bank refines focus on digital transformation: CTO

The Hindu  

State-owned Indian Bank, which recently completed a merger with Allahabad Bank, said it has sharpened its focus on digital transformation this year. “In the current financial year our focus is on digital transformation to offer seamless customer experiences across all digital delivery channels,” said the bank’s chief technology officer Deepak Sarda. He said Indian Bank would further strengthen its IT …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

Digital and Branchless: The Big Structural Reform that Indian Banking Needs
3 years, 5 months ago

Digital and Branchless: The Big Structural Reform that Indian Banking Needs

News 18  

India’s second COVID wave is abating, the lockdowns have been lifted yet the economy is in uncharted territory, humming tentatively as a third wave lurks threateningly in the background. Small Enterprises, Big Crunch The traditional banks have always shied away from micro, small and medium enterprises or MSMEs because of risk aversion and the sheer challenge of managing the unwieldy …

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