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| Digitizing Economy | | |
Prime Minister Narendra Modi recently dedicated 75 Digital Banking Units to the nation to commemorate the 75 years of the independence of the country.
These digital units will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as the opening of savings accounts, balance-check, printing passbooks, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, applications for credit and debit cards, tax and bill payment and nominations.
After 2014, when Narendra Modi took over as the Prime Minister of the country, the digital transactions have increased manifolds. It has brought down the circulation of black money and has made the people accountable.
The DBUs that were dedicated to the nation by PM Modi would enable customers to have cost-effective, convenient access and enhanced digital experience of banking products and services all through the year. The DBUs have been set up to ensure that the benefits of digital banking reach every nook and corner of the country and cover all states and union territories. Eleven public sector banks, 12 private sector banks and one small finance bank are participating in the endeavour.
Digital banking has made transactions easy and convenient. The PM Modi led regime has made banking easy. In New India cash is not required, Paytm, G-Pay, M-Pay and online transactions have become a norm.
The present dispensation has empowered the street vendors. Maximum of them have been registered and provided with bank accounts. The customers have been provided with options to transact in whichever way they want.
India going digital has strengthened the economy and has brought small traders at par with the big businessmen. The idea to turn India digital has worked and has changed the very concept of transactions in the country. The people can transact any amount through their smartphones and without visiting the banks. India is changing and it’s changing fast. The Indian economy has already overtaken Britain and is emerging as one of the fastest growing economies in the world. The PM Modi led regime has done a commendable job during the past eight years and it has put India on top. |
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