Finance Minister Nirmala Sitharaman on Wednesday launched the EASE 4.0 - Enhanced Access and Service Excellence - a common reforms agenda for Public Sector Banks (PSBs) for the financial year 2021-22.
The reforms agenda is aimed at institutionalising clean and smart banking. The first edition of EASE 1.0 was launched in January 2018, while EASE 3.0 was unveiled in February 2020, aimed at enhancing the ease of banking across all customer experiences, employing analytics, technology, and alternate data.
EASE is part of the reforms agenda designed on the suggestions made at the PSB Manthan held in November 2017, comprising top leadership of the public sector lenders and representatives from the government.
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FM Sitharaman, who was on a two-day visit to Mumbai, met the PSBs chiefs and undertook a review of the annual performance of the public sector lenders. This is the finance minister's first visit since the onset of the COVID-19 pandemic.
FM Sitharaman also directed the banks to interact with the Federation of Indian Exporters Organisation (FIEO) on a regular basis to ensure that the exporters don't have to alternate between several bankers.
"With changed times, now industries have option of raising funds even from outside banking sector. Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed," the finance minister said.
FM Sitharaman said the fintech sector and other sunrise sectors need support from banks, adding that she has asked the PSBs to better credit flow to eastern states.
"From inputs given by officers from Tax administration, it emerged that Banks need to understand the special requirements of Sunrise sector. e.g. Fintech, one such sector can provide technological help to banks as well as can benefit from help from banking sector," the finance minister said.