The Union Finance Minister Nirmala Sitharaman undertook the annual performance review of the public sector banks and launched the Ease 4.0 (Enhanced Access and Service Reform Agenda).
What is EASE
EASE Agenda is aimed at institutionalising Clean and Smart banking.
1) EASE index is prepared by the Indian Banking Association (IBA) and Boston Consulting Group.
2) It is commissioned by the Finance Ministry.
3) It is a framework that was adopted in the year 2018 to strengthen public sector banks, and rank them on metrics such as responsible banking, financial inclusion, credit offtake and digitisation.
Key points about EASE 4.0
1) This year PSBs will focus on introducing and promoting new analytics-based offers to existing retail customers like pre-approved car loans, EMI offers on e-commerce purchases and also for existing MSME customers.
2) EASE focuses on six themes of customer responsiveness, responsible banking, credit offtake, PSBs as Udyami Mitra, deepening financial inclusion and digitalisation, and developing personnel for brand PSB.
3) It is part of the reforms agenda devised on the recommendations made at the PSB Manthan held in November, 2017 involving senior management of PSBs and representatives from government.
4) The overarching framework for the reforms agenda is "Responsive and Responsible PSBs".
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