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Aiming to strengthen the financial inclusion framework in the country, Prime Minister Narendra Modi will dedicate 75 digital banking units (DBUs) to the nation on October 16 at 11 a.m. via video conferencing.

As part of the Union budget speech for 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in 75 districts of the country to commemorate 75 years of Independence.

The DBUs are being set up with an objective to ensure benefits of digital banking all over the country, a statement issued by the Prime Minister's Office said.

Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.

DBUs will be brick and mortar outlets which will provide a variety of digital banking facilities to people such as opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, apply for credit and debit cards, view statement of account, pay taxes, pay bills and make nominations.

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