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Prime Minister Narendra Modi on Sunday dedicated to the nation 75 Digital Banking Units, including two of Jammu and Kashmir Bank, via video-conferencing.

Of the two Digital Banking Units (DBUs) of Jammu and Kashmir Bank, one is the SSI branch at Lal Chowk in Srinagar, and the other is the Channi Rama branch in Jammu.

The function at Lal Chowk was attended by Union Minister of State for Education Subhas Sarkar, who was in the Valley as part of the third phase of the central government’s public outreach programme, officials said.

Member of Parliament from Srinagar and National Conference (NC) President Farooq Abdullah was also present on the occasion, they added.

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Prime Minister Narendra Modi said the banking sector has become a medium for good governance and better service delivery, adding that the Direct Benefit Transfer (DBT) has helped plug leakages and brought in transparency.

As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman announced the setting up of the 75 DBUs in as many districts of the country as to commemorate 75 years of India’s independence.

The DBUs are set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector, and one small finance bank are participating in the endeavour.

DBUs will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments, among others.