While India has grown tremendously in digital banking services, UPI services in India have grown tremendously in the way that RuPay cards go abroad.
In this situation, Prime Minister Modi is going to officially inaugurate 75 new digital banking branches in India on October 16 to take the Indian banking sector to the next level.
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Central Budget
Union Finance Minister Nirmala Sitharaman in the Union Budget statement for the financial year 2022-23 announced the opening of 75 digital banking branches in India to celebrate India's 75th Independence Day.
Prime Minister Modi Following this,
Prime Minister Modi is going to inaugurate virtually 75 digital bank branches of various banks, which will be important for the development of India's financial services sector. The central government has mentioned that these 75 digital banking branches include two bank branches of Jammu and Kashmir Bank.
Digital Banking Branch
With digital banking branches, banking services can be fully extended to every nook and cranny of India. It can improve small and rural India in various sectors like money transfer, investment, insurance.
75 branches
Currently 11 Public Sector Banks, 12 Private Banks and 1 Small Finance Bank have participated in this important project and have opened around 75 digital banking branches. With these digital banking branches going to every nook and cranny of the country, we will soon see a big change in the banking industry.
Profit auspicious
This digital banking branch has huge benefits for banks, i.e. low cost, less staff, complete banking services with infrastructure facilities. This will be of great help to banks in increasing customer base, business while also reducing costs.