Digital banking units (DBUs) in 75 districts are expected to become operational by July this year, the Indian Banks’ Association (IBA) said.
All state-run banks, 10 private-sector banks and one small finance bank have started work to operationalise the DBUs.
In the latest budget, Finance minister Nirmala Sitharaman had announced to set up these units in 75 districts to commemorate the 75 years of India’s independence.
With 12 units, State Bank of India will set up the highest number of DBUs, followed by Punjab National Bank and Union Bank of India establishing 8 respectively. Bank of Baroda will set up 7 units, followed by Canara Bank and India Bank establishing 6 & 3 units respectively.
Among private lenders, ICICI Bank and Axis Bank will establish three DBUs each and HDFC Bank set up two DBUs.
A comprehensive guideline on Digital Banking Units (DBUs) was released by the Reserve Bank of India (RBI) last month.
DBUs will be treated as banking outlets, offering certain minimum digital banking products and services.