Digital banking units, post-Covid recovery may feature in PM’s I-day speech

Banks setting up 75 digital banking units (DBUs), proposed in the Budget for FY23, and the government’s focus on financial inclusion may feature in Prime Minister Narendra Modi’s speech marking the country’s 75thyear of Independence on Monday. He may formally inaugurate the DBUs as well, according to sources.

The Prime Minister may highlight the government’s efforts to win the war against the pandemic and the economy’s resilience in the face of strong external headwinds.

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All state-run banks, 10 private sector banks and one small finance bank have completed work to operationalise the 75 DBUs. They were given a target to do so by the end of July. The idea was to ensure benefits of digital banking reach every nook and corner of the country.

State Bank of India will set up the maximum number of DBUs (12), followed by Punjab National Bank and Union Bank of India (8 each), Bank of Baroda (7), Canara Bank (6) and India Bank (3). Among private lenders, ICICI Bank and Axis Bank will establish three DBUs each and HDFC Bank 2 DBUs.