Bank of Baroda launches eight Digital Bank Units.

• Prime Minister inaugurated 75 Digital Banking Units (DBU) in 75 Districts on 16th October with the aim of financial inclusion. In line with this Bank of Baroda (Bank), a public sector bank opened 8 DBUs to sync with the Government’s initiative.
• The Bank of Baroda’s 8 DBUs have been opened in Indore, Kanpur Dehat, Karauli, Kota, Leh, Silvassa, Vadodara, and Varanasi.
• Previously, on the day of the inauguration, IDFC had launched DBUs at Kendujhar in Odisha and Dimapur in Nagaland.
• These DBUs will offer digital and paperless services with full security. Two modes i.e. self-service and digital assistance zone will be used to cater the needs and preferences of a vast cross-section.
• “In line with the Government of India’s vision for a Digital India, the Digital Banking Units being launched today will help more people access digital banking products and services conveniently & securely and will play a key role in promoting financial literacy and financial inclusion in a digital manner.
• At Bank of Baroda, we have been on a digital transformation journey. This far-reaching initiative will ensure that the benefits of digital banking reach citizens across the length and breadth of our country,” Sanjiv Chadha, Managing Director & CEO, Bank of Baroda said.

What is Digital Banking Unit (DBU)? 

• DBUs are specialized branches for delivering digital banking products. It will be totally paperless and will also act as a digital financial literacy center. There will be hassle-free bank account opening opportunities for the citizens through e-KYC/Video KYC. People will be able to withdraw and deposit their money 24*7.
• The DBUs will provide a comprehensive range of digital products and services on the liability and the asset side, including the opening of savings accounts, fund transfers, end-to-end digital processing of loans, internet banking, digital grievance redressal, ATMs, and services related to government-sponsored schemes.