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Digital Banking
Ahead of the Union Budget, Rohit Arora, CEO and Co-Founder of Biz2X, has suggested the government needs to come out with a specialised SME digital bank to cater to the funding needs of small businesses. Finance Minister Nirmala Sitharaman will present the last full Budget before the 2024 general elections in the Lok Sabha on February 1, wherein she is expected to announce slew of measures to boost economic growth. Arora said that small and medium businesses perennially face credit shortage and it is time that the government should come out with a specialised bank to cater their requirements. "SME digital bank can provide a bouquet of services to MSMEs, such as business CASA accounts for transaction banking, invoice and payments processing, correspondent banking, SME credit and trade finance, and other business financial services," he said. Biz2X is a turnkey global SaaS platform that enables financial institutions to provide a customised online lending experience for their small an
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To ensure financial inclusion, banks are opening specialised branches to deliver digital banking products and services. These paperless branches are called digital banking units. Here's more
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 ..
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 ...
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 ..