FM launches EaseNext reforms agenda for PSBs

Finance Minister Nirmala Sitharaman launched on Wednesday Enhanced Access and Service Excellence or EaseNext reforms for state run lenders. EASENext would comprise two major initiatives – EASE 5.0 (common PSB reforms agenda) and bank specific three-year strategic roadmap.

In a tweet, Indian Banks’ Association chief executive Sunil Mehta said that the finance minister asked banks to prioritize on customer-first strategy while bringing inclusivity among youth, reinforced cyber-security and smooth transition of PSBs amalgamation.

Financial Services secretary Sanjay Malhotra noted that all public sector banks or PSBs are now profitable and have stronger balance sheets, and it is imperative that PSBs leverage this position of strength to significantly increase their competitiveness.

The first edition of EASE was launched in FY19 and this year reforms agenda will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.

“All PSBs will also create a bank-specific three-year strategic roadmap. It will entail strategic initiatives beyond EASE 5.0. The initiatives will be across diverse themes – business growth, profitability, risk, customer service, operations, and capability building,” Mehta noted in a series of tweets.

Under EASE 5.0, PSBs will continue to invest in new-age capabilities and deepen the on-going reforms to respond to evolving customer needs, changing competition and the technology environment.

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