Mumbai, Aug 26: Finance Minister Nirmala Sitharaman launched a new scheme called ‘EASE 4.0.’ to bring up major reforms in public sector banking (PSB).
Sitharaman was in Mumbai for an ‘annual performance review of PSBs’. In the summit, she emphasized the fact that reforms are necessary for these trying ties to regain the trust of the masses again. EASE 4.0 is the compilation of these reforms and will help PSB in the upliftment of finances as a whole.
What is EASE 4.0?
Enhanced Access & Service Excellence (EASE) is a compilation of new development and changes. It’s the common reform agenda for all the public sector banks for ideal and smart banking experience. EASE is entitled to change the way of working of private sector banking in a customer-friendly way.
EASE 4.0 will try to make PSBs focus on introducing and promoting new ‘analytics-based offers’ which contain pre-approved car loans, EMI options on E-commerce purchases etc. PSBs are directed to work on customer responsiveness, responsible banking, credit offtake, and digitalization in the banking experience.
Also Read: 'Does he even understand monetization?': Nirmala Sitharaman slams RaGa over ‘India on sale’ remark
PSBs are also told to work on the Udyami Mitra scheme which is an MSME loan platform. Developing personnel for the brand is also the discussed topic in the meeting. EASE’s roots are in the summit held in November 2017 and this is the 4th edition of the reformed doctrine. The goal is to make Public Sector Banking experience people-friendly and the platform people can go for willingly.