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Scheduled commercial banks will set up 75 Digital Banking Units (DBUs) in 75 districts of the country, according to Finance Minister Nirmala Sitharaman.
This is aimed at taking digital banking to every citizen of the country.
A 2017 RBI Report of the Working Group on FinTech and Digital Banking noted that customers are rapidly adopting technology in their daily lives driven by the growth in internet and mobile penetration, availability of low-cost data plans and shift from offline to online commerce.
“Banks are keeping abreast of their evolving needs and behaviour and have enabled access to a wide range of banking and financial services through different digital platforms.
“Banks in India are putting in place robust foundations for digital infrastructure and are innovating using digital technologies across all channels to deliver the power of speed and convenience to all customer segments across urban and rural markets,” the report said.
Some incumbents, in order to defend market share, have encouraged the development of a whole ecosystem of digital banking products and services built upon their infrastructure, it added.
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