- June 9, 2022
- Posted by: admin1
- Category: DPN Topics
Section: Money and Banking
Context: Finance and Corporate Affairs Minister launched the fifth edition of Enhanced Access and Service Excellence (EASE 5.0), which spells out the common reforms agenda for public sector banks under the EASENext program.
About EASE 5.0
- Under EASE 5.0, 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 and inclusive banking, with emphasis on supporting small businesses and agriculture.
- All PSBs will also create a bank-specific three-year strategic roadmap.
- The initiatives will be across diverse themes — business growth, profitability, risk, customer service, operations and capability building.
- EASENext is well-positioned to channel reforms with specific focus on customer-centric initiatives.
Evolution of EASE Reforms Agenda:
- EASE Agenda was launched in January 2018 jointly by the government and PSBs.
- It was commissioned through Indian Banks’ Association and authored by Boston Consulting Group.
- EASE 1.0 report showed significant improvement in PSB performance in resolution of Non-Performing Assets (NPAs) transparently.
- EASE 2.0 introduced new reform Action Points across six themes – Responsible Banking; Customer Responsiveness; Credit Off-take, PSBs as UdyamiMitra (SIDBI portal for credit management of MSMEs); Financial Inclusion & Digitalisation; Governance and Human Resource (HR).
- Ease 3.0 seeks to enhance ease of banking in all customer experiences, using technology – Dial-a-loan and PSBloansin59 minutes.com. Partnerships with FinTechs and E-commerce companies, Tech-enabled agriculture lending.
- EASE 4.0 commits PSBs to tech-enabled, simplified and collaborative banking to further the agenda of customer-centric digital transformation.