Prime Minister Narendra Modi on Sunday dedicated to the nation 75 Digital Banking Units, including two of Jammu and Kashmir Bank, via video-conferencing.

Of the two Digital Banking Units (DBUs) of Jammu and Kashmir Bank, one is the SSI branch at Lal Chowk in Srinagar and the other is the Channi Rama branch in Jammu.

The function at Lal Chowk here was attended by Union Minister of State for Education Subhas Sarkar, who was in the Valley as part of the third phase of the central government's public outreach programme, officials said.

Member of Parliament from Srinagar and National Conference (NC) President Farooq Abdullah was also present on the occasion, they added.

As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's independence.

Modi attributed India's sustained economic growth to the efforts of the BJP government to replace pre-2014 'phone banking' with 'digital banking'.

Referring to the previous UPA regime, he said under 'phone banking', instructions were given on phone to banks regarding whom they had to lend to and at what terms and conditions.

The economic progress of a country is directly linked to the strength of its banking system, he said after dedicating 75 Digital Banking Units (DBUs) to the nation.

The banking sector has become a medium for good governance and better service delivery, the Prime Minister said, adding Direct Benefit Transfer (DBT) has helped plug leakages and brought in transparency.

The government has so far transferred Rs 25 lakh crore through DBT and another installment under the PM-KISAN scheme will be transferred on Monday, he said.

Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, a financial benefit of Rs 6,000 per year is provided to the eligible farmer families, payable in three equal installments of Rs 2,000.

With regard to DBUs, he said these will further financial inclusion and enhance banking experience for citizens.

As part of the Union Budget 2022-23, Finance Minister Nirmala Sitharaman had announced setting up 75 DBUs in as many districts of the country to commemorate 75 years of India's independence.

The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour.

DBUs will be brick-and-mortar outlets which will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments, among others.

DBUs will enable customers to have cost effective, convenient access and enhanced digital experience of banking products and services all round the year.

They will spread digital financial literacy and special emphasis will be given to customer education on cyber security awareness and safeguards.