In the Union Budget, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of the country's independence as 'Azadi ka Amrit Mahotsav'.
Context
In the Union Budget, the government announced the setting up of at least 75 such units in 75 districts to commemorate 75 years of the country's independence as 'Azadi ka Amrit Mahotsav'.
Guidelines Digital banking units
- According to the guidelines on the establishment of Digital Banking Units (DBUs), the products and services to be provided at a DBU include, opening of accounts, cash withdrawal and deposit, KYC updation, loans and complaint registrations.
- Digital banking products and services would generally mean those financial products/services whose designs and fulfilments have nearly end-to-end digital life cycle with the initial customer acquisition/product delivery necessarily taking place digitally through self-service or assisted self-service.
- A DBU is a specialised fixed point business unit/hub housing a certain minimum infrastructure for delivering digital banking products and services to ensure convenient and cost-effective banking for customers.
- Scheduled commercial banks having experience in digital banking are allowed to open DBUs in Tier 1 to Tier 6 centres without having the need to take permission from the RBI.
- Each DBU shall be housed distinctly with separate entry and exit provisions.
- These units will be separate from existing banking outlets with formats and designs most appropriate for digital banking users.
Reserve Bank of India
- The Reserve Bank of India is the central bank of the country. RBI is a statutory body. It is responsible for printing of currency notes and managing the supply of money in the Indian economy.
- It was established on April 1, 1935.
- The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
- RBI has four zonal offices: New Delhi for North, Chennai for South, Kolkata for East, and Mumbai for West.
- The Central Office is where the Governor sits and where policies are formulated.
- Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
- It also acts as the representative of the Government in the International Monetary Fund and represents the membership of India.
- The Reserve Bank of India’s important publication:
- Financial Stability Report
- Monetary Policy Report
- Report on Financial Review
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