Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman unveiled the 4th edition of the Public Sector Bank Reforms Agenda ‘EASE 4.0’ for 2021-22 -tech-enabled, simplified, and collaborative banking, on 25 August 2021.
The EASE 4.0 aims to further the agenda of customer-centric digital transformation and deeply embed digital and data into PSBs’ ways of working.
Ease 4.0: Key Initiatives
- Smart lending
- 24*7 banking with resilient technology
- Data-enabled agricultural financing
- Collaborating with financial ecosystem
PSB Reforms Agenda EASE 3.0 for 2020-21:
The union minister also unveiled the annual report for the PSB Reforms Agenda EASE 3.0 for 2020-21.
» PSBs have recorded a phenomenal growth in their performance over four quarters since the launch of EASE 3.0 Reforms Agenda.
»The overall score of PSBs increased by 35% between March-2020 and March-2021, with the average EASE index score improving from 44.2 to 59.7 out of 100.
» Nearly 72% of financial transactions happening at PSBs is now happening through digital channels.
» Public Sector Banks have reported a profit of Rs 31,817 crore in FY21 as compared to a loss of Rs 26,016 crore in FY20.
EASE 3.0 Reforms Index Awards 2021:
Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman also participated in the EASE 3.0 awards ceremony to felicitate best performing banks on EASE 3.0 Banking Reforms Index.
Top Three Banks for EASE Reforms Index Awards 2021:
State Bank of India, Bank of Baroda and Union Bank of India have won the awards for best performing banks for PSB Reforms EASE 3.0 based on the EASE index.
Theme Wise Award:
Indian Bank won the award for the best improvement from the baseline performance.
SBI, BoB, Union Bank of India, Punjab National Bank and Canara Bank won the top awards in different themes of the PSB Reforms Agenda EASE 3.0.