Narenda Modi, the Prime Minister of India, has announced the launch of 75 digital banking units in a move to boost FinTech in the country.
According to Finextra, alongside the rush for greater financial inclusion will be a move to improve the banking experience for Indians.
The move was signposted by Indian finance minister Nirmala Sitharaman earlier this year during the 2022-23 budget.
The minister said, “In recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. The government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.
“Taking forward this agenda, and to mark 75 years of our independence, it is proposed to set up 75 DBUs in 75 districts of the country by Scheduled Commercial Banks”.
These banks will offer services ranging from current accounts, debit and credit cards, digital kits for merchants and customers and mobile and internet banking.
Back in 2014, Modi introduced plans to replace phone banking with digital banking. In addition, he previously spoke about the potential of digital banking services to create a ‘FinTech revolution’ in India.
Earlier this year, India and Singapore signed a cross-border FinTech agreement.
The Monetary Authority of Singapore (MAS) and the International Financial Services Centres (IFSCA) signed the cooperation agreement to facilitate regulatory collaboration and partnership in FinTech.
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