Nirmala Sitharaman, the Union Finance Minister, will conduct an annual performance review of public sector banks (PSBs) in Mumbai. This is the finance minister’s first visit since the coronavirus disease (Covid-19) pandemic broke out, and it comes at a time when the government is being pressed to help with recovery because the Reserve Bank of India is constrained by high inflation (RBI).
Later in the day, Sitharaman will unveil EASE 4.0 (Enhanced Access and Service Excellence). EASE is a public sector bank reform agenda aimed at institutionalising clean and smart banking.
Here is everything you need to know about it:
Customer responsiveness, responsible banking, credit offtake, PSBs as Udyami Mitra, deepening financial inclusion and digitalisation, and developing personnel for brand PSB are the six themes that EASE focuses on.
It is part of a reform agenda based on recommendations made at the PSB Manthan in November 2017, which included senior management from PSBs and government representatives.
“Responsive and Responsible PSBs” is the overarching framework for the reform agenda.
EASE 1.0, the first edition, was released in January 2018.
EASE 3.0 was introduced in February of last year, with the goal of improving the ease of banking in all customer interactions through the use of technology, alternative data, and analytics.
