Page 37 - NIS English 01-15 November 2022

वव वववव-वव ववववव

Digital Banking Service Nation

within 5 km. Apart from this, the vast
network of post offices in the country,
today through India Post Bank, have
also become a part of the mainstream
of banking. Today the number of bank
branches in the country for every one
lakh adult population is more than such
countries as Germany, China and South
Africa."
STRONG BANKING SYSTEM MEANS
A STRONG ECONOMY
FROM BANKING SERVICES TO DIGITAL BANKING The economy of any country is as
Banking services which reached the common man through progressive as its banking system.
Jan Dhan accounts, UPI and Rupay cards have opened new Today the Indian economy is
doors of possibilities. Through the digital bank unit, there is progressing with a continuum. This is
freedom from hassles of paper work. Referring to this, Prime becoming possible because in these 8
Minister Narendra Modi said, “These services will be free from years the country has shifted from pre-
paperwork and hassle, and will be easier than ever. That is, they 2014 phone banking system to digital
will have convenience, and also have a strong digital banking banking.
security. In a village, in a small town, when a person takes the Referring to this in his address, Prime
services of a digital banking unit, everything from sending Minister Modi said, “We have worked
money to taking loans will become easy, online." The banking towards bringing transparency in
system with digital services is not only an important step in identification of NPAs. Lakhs of crores
the direction of making the life of the common man easier, but of rupees came back into the banking
also a historic beginning to take the country towards a new era. system. The resolution of NPA issues
That is why fintech is at the heart of India's policies today. The was expedited with the help of the
Digital Banking Unit will surely serve as a new extension to this Insolvency Bankruptcy Code. We also
thinking of FinTech. encouraged the use of technology
for loans, so that a transparent and
DIGITAL BANKING UNIT MEANS FREEDOM FROM scientific system can be created.

PAPERWORK Important decisions like merger of
banks were victims of policy paralysis,
Digital Banking Units (DBUs) are specialized fixed point the country took strong decisions. Took
units. These were announced by Finance Minister Nirmala several decisions and steps. The results
Sitharaman in the general budget this year. of the decisions are before us today.
For people who do not have their own computer, laptop or The world is appreciating."
smartphone, they can avail banking services digitally by IMPORTANCE OF JAN DHAN
visiting the Digital Banking Unit. By going to these banking ACCOUNTS
units, they will be able to do their work themselves through In 2014, when Prime Minister Narendra
digital medium. All facilities including internet will be there in Modi started the campaign to have
these DBUs. at least one bank account in every
These digital banking units allow people to open a savings family through Jan Dhan Yojana, many
account, transfer cash, invest in fixed deposits, apply for people asked what will the poor do
loans, give stop payment instructions for cheques issued, with the bank account? But what is the
apply for credit or debit cards, and check account details. power of the bank account, it is being
Various banking digital facilities like viewing, paying taxes, witnessed by the whole country today.
paying bills, and making nominations will be available. Referring to this, Prime Minister Modi
It will promote digital financial literacy with a special emphasis said, “The ordinary citizen of my country
on educating customers about cyber security, awareness and is experiencing it. Because of bank
security measures. 11 public sector banks, 12 private banks accounts, we have given insurance
and one small finance bank are participating in this initiative. facility to the poor at very low premium.

New India Samachar November 1-15, 2022 35