In the Union Budget 2022-2023, FM Nirmala Sitharaman says, a total of 75 digital banks will be initiated soon, by the union government. This will enhance digital payments in the country. This move is expected to be more economical and user-friendly for the citizens.
The current union government has been quite concerned about digitalization and digital payments in many sectors. The demonetization move by the Narendra Modi government might have been a reason for the inconvenience for a large section of India, however, it started to boost the digital payment segment. The government is promoting digital payments aggressively, and the initiation of a total of 75 digital banks will be a landmark to this.
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