NIRMALA SITHARAMAN LAUNCHES EASE 5.0 ‘COMMON REFORMS AGENDA’ FOR PUBLIC SECTOR BANKS

BANKING AND ECONOMY

The Union Minister of Finance Ms.Nirmala Sitharaman developed and launched the ‘EASE 5.0 'Common reforms agenda' of EASENext program’ for Public Sector Banks (PSB) through video-conferencing in New Delhi. The event was attended virtually by Managing Directors and CEOs, and other senior executives of Public Sector Banks.

Enhanced Access and Service Excellence (EASE) has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks. 

In April 2022, ‘PSB Manthan’ was organized with functional heads of Public Sector Banks that paved the way for the genesis of a broader and bolder program.

Under the new reform EASE 5.0, the Public Sector Banks (PSBs) will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment. 

EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.

All PSBs will also create a bank-specific 3-year strategic roadmap across diverse themes – business growth, profitability, risk, customer service, operations, and capability building.

 

   Important points for the exam:

  • The Union Minister of Finance Ms.Nirmala Sitharaman developed and launched the ‘EASE 5.0 'Common reforms agenda' of EASENext program’ for Public Sector Banks (PSB) through video-conferencing in New Delhi.
  • Enhanced Access and Service Excellence (EASE) has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks.
  • Under the new reform EASE 5.0, the Public Sector Banks (PSBs) will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment.
  • EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.

   Facts to know:

  • Union Finance Minister: Ms.Nirmala Sitharaman.
  • Enhanced Access and Service Excellence (EASE) was launched in January 2018.
  • EASE was commissioned through Indian Banks’ Association and authored by Boston Consulting Group.
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