All public sector banks, 10 non-public sector banks and one small finance financial institution have already initiated the work to have these items operational by July 2022.
Final month, the RBI had issued pointers permitting scheduled industrial banks to open DBUs. In line with the round, DBUs will probably be specialised fastened level enterprise items for delivering digital banking services, in addition to servicing present monetary services digitally.
Finance minister Nirmala Sitharaman had proposed to arrange 75 DBUs in 75 districts throughout India by means of scheduled industrial banks.
Banks & Vigilance Points
Mehta famous that underneath the just lately concluded PSB Manthan, lenders have agreed to share their finest practices whereas modern options. “This may additional strengthen the state-run banks,” he stated
On undue scrutiny from vigilance companies over industrial determination taken by bankers, Mehta stated the Advisory Board for Banking and Monetary Frauds (ABBFF) is an effective initiative because it acts as a security valve and bankers are shielded from undue harassment.
“Going ahead, we anticipate investigation companies, together with the police, will abide by the choices of this advisory board and thus industrial determination of bankers is not going to be construed as fraud,” he stated.
In August 2019, the Central Vigilance Fee (CVC) in session with RBI had constituted a four-member ABBFF headed by former banker and ex-vigilance commissioner TM Bhasin to research banking and monetary frauds of ₹50 crore and above.