Both Units in UT belong to J&K Bank
*Will provide paperless, secured services
Sanjeev Pargal
JAMMU, Oct 15: Prime Minister Narendra Modi will tomorrow inaugurate 75 Digital Banking Units (DBUs) of different banks across the country including two of Jammu and Kashmir Bank—one each in the two divisions—through video conferencing.
The Prime Minister will also address on the occasion, officials told the Excelsior.
The two DBUs of Jammu and Kashmir Bank which will be inaugurated include Channi Rama in Jammu and Lal Chowk in Srinagar,
Union Minister of State for Education Subhas Sarkar and National Conference MP from Srinagar Dr Farooq Abdullah will be present at Bank’s Srinagar DBU during inauguration while Union Minister of State for Health and Family Welfare Bharati Pravin Pawar and MP from Jammu Jugal Kishore Sharma will join the function at Channi Rama DBU.
In his remarks, J&K Bank’s MD & CEO Baldev Prakash said: “We feel greatly honoured to be part of the inaugural event wherein the Prime Minister will dedicate 75 DBUs to the country. As a premier financial institution of J&K, we remain committed to implement the Central Government’s mission of digital India to ensure that easily accessible financial services are delivered to all the people digitally across our operational geographies through upgraded and updated online banking infrastructure”.
“All arrangements have been made for digital inauguration of two DBUs in Jammu and Srinagar by the Jammu and Kashmir Bank. The final touches to the preparations were given by the Bank staff today,” the officials said.
The inauguration ceremony is scheduled for 11 am tomorrow.
“The Finance Department of the Government of India had announced setting up of 75 DBUs in 75 districts of the country to mark 75 years of its independence and give further boost to the digital economy,” the officials said.
They added that the Digital Business Units will provide banking products and services to facilitate the customers in self-service and digital assistance mode in an efficient, paperless, secured and connected environment.
Districts of Jammu and Srinagar were assigned to Jammu and Kashmir Bank for setting up of the Digital Business Units.
The Bank said it has successfully established the Units at Channi Rama in Jammu and Lal Chowk in Srinagar.
“The 75 DBUs established across the country will be inaugurated and dedicated to the nation by the Prime Minister through Online mode at 11 am on October 16,” the Bank said.
As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had also announced the setting up of the 75 DBUs.
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.
“The DBUs will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments among others,” the officials said.
The DBUs are being set up with an objective to ensure benefits of digital banking reach every nook and corner of the country and will cover all the States and Union Territories. Eleven Public Sector Banks, 12 Private Sector Banks and one Small Finance Bank are participating in the endeavour.
DBUs will enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all round the year.
They will spread Digital Financial Literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.
Also, there shall be adequate digital mechanisms to offer real-time assistance and redress customer grievances arising from business and services offered by the DBUs directly or through business facilitators or Correspondence.
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