The South Indian Bank has announced the launch of its first Digital Banking Unit (DBU) at Chalakudy in Kerala’s Thrissur district. It is one of 75 units dedicated to the nation by Prime Minister Narendra Modi through video conference.

Murali Ramakrishnan, MD & CEO, South Indian Bank, said, “DBU is the need of the hour as it will provide people from tier-II, III, IV towns, etc., with access to the formal banking system. It will increase penetration and bring more people into the financial mainstream.”

Ramakrishnan added, “We feel humbled to be given the opportunity to kick-start the movement with the unit in Chalakudy. We will be partnering with more digital entities, fintech players and financial aggregators to carry the DBU movement across India.”

Digital-only banking services

DBUs will be specialised banking hubs that will deliver digital-only banking services in both assisted and self-service modes. These units would house certain minimal technological infrastructure for delivering digital banking products and services as well as servicing existing financial products and services digitally.

This will enable customers to have cost-effective/convenient access and enhanced digital experience to/of such products and services in an efficient, paperless, secured, and connected environment with most services being available in self-service mode at any time, all year round.

The purpose of DBU is to blend digital infrastructure with a human touch. The Central government announced the setting up of DBUs across 75 districts by scheduled commercial banks.

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