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PIB Summaries 18 October 2022

CONTENTS

  1. Digital Banking Units
  2. East Asia Summit

Digital Banking Units


Focus: GS III: Indian Economy

Why in News?

Recently, the Prime Minister of India has dedicated 75 Digital Banking Units (DBU) across 75 districts to the nation.

About Digital Banking Units

  • A digital banking unit is a specialized fixed point business unit or hub, housing a certain minimum digital infrastructure for delivering digital banking products and services.
  • It aims at servicing existing financial products and services digitally in self-service mode at any time.
  • The RBI has announced the guidelines for DBUs, following the report of a working group of the Indian Banks Association (IBA).
  • Services: Opening of savings account, balance-check, print passbook, transfer of funds, investment in fixed deposits, loan applications, stop-payment instructions for cheques issued, application for credit / debit cards, view statement of account, pay taxes, pay bills, make nominations, etc.
  • The DBUs will also facilitate onboarding to Government credit link schemes through the Jan Samarth portal and end-to-end digital processing of small ticket MSME/retail loans.

Benefits:

  • The DBUs will enable those who do not have Information and Communications Technology (ICT) infrastructure to access banking services digitally.
  • They will also assist those who are not tech savvy to adopt digital banking.

East Asia Summit


Focus: GS II: International Relations

Why in News?

Recently, India participated in the 6th East Asia Summit Education Minister’s Meeting held in Hanoi, Vietnam.

About: East Asia Summit

  • It was established in 2005.
  • It is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political, security, and economic challenges facing the Indo-Pacific region.
  • The concept of an East Asia Grouping was first promoted in 1991 by the then Malaysian Prime Minister, Mahathir bin Mohamad.
  • There are six priority areas of regional cooperation within the framework of the EAS.
    • Environment and Energy,
    • Education,
    • Finance,
    • Global Health Issues, Pandemic Diseases,
    • Natural Disaster Management,
    • ASEAN Connectivity.
  • The EAS calendar culminates in the annual Leaders’ Summit, which is usually held alongside ASEAN Leaders’ meetings in the fourth quarter of every year.
  • Meetings of EAS Foreign Ministers and Economic Ministers are also held annually.
Membership:
  • It comprises the ten member states of the ASEAN (Association of Southeast Asian Nations) which are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, along with 8 other countries namely Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia and the USA.
  • It is an ASEAN-centred forum so it can only be chaired by an ASEAN member.
  • Brunei Darussalam is the chair for 2021.

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