Door Step banking and EASE reform

  • September 10, 2020
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Subject: Economy

Context:

Finance Minister has launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking.

Concept:

  • As part of the EASE Reforms, Doorstep Banking Services is envisaged to provide convenience of banking services to the customers at their door step through the universal touch points of Call Centre, Web Portal or Mobile App. Customers can also track their service request through these channels.
  • At present only non-financial services vis-a-vis pick up of negotiable instruments (cheque / demand draft / pay order, etc.), pick up new cheque book requisition slip, request for account statement, delivery of non-personalisedcheque book, delivery of pre-paid instrument / gift card and others are available to customers.
  • Initially, the doorstep banking facility were decided to be available to senior citizens and the disabled, who found it difficult to visit branches.

EASE reform

  • PSB Reforms EASE Agenda is a common reform agenda for PSBs aimed at institutionalizing clean and smart banking.
  • It was launched in January 2018, and the subsequent edition of the program ― EASE 2.0 built on the foundation laid in EASE 1.0 and furthered the progress on reforms.
  • EASE 3.0 sets the agenda and roadmap for FY21 for their transformation into digital and data-driven NextGen Banking of the Future for an aspiring India
  • With EASE 1.0 and 2.0 laying a firm foundation of robust banking and institutionalised systems, PSBs are set to transform into digital- and data-driven NextGen banks.
  • EASE 3.0 emphasizes on the use of digital, analytics & AI, FinTech partnerships across customer service, convenient banking, end-to-end digitalised processes for loan sourcing and processing, analytics-driven risk management as well as decision support systems for HR.

Door Step banking and EASE reform economy