Govt Plans To Double Digital Banking Units

DBUs may be allowed to offer more financial products, including insurance, pension

- Subhash Narayan

NEW DELHI: The Union government proposes to expand the network of digital banking units (DBU) across the country by nearly doubling their number to around 200 in just over a year. It may also allow DBU to provide a larger bouquet of financial products including insurance policies and other financial-inclusion products and schemes of the government, two people aware of the development said.

DBUs are specialized, fixed-point business units or hubs equipped with certain minimum digital infrastructure to deliver digital banking products and services as well as servicing existing financial products and services digitally in a convenient and cost-effective way.