Finance Minister Smt. Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for PSBs

The Union Minister of Finance Ms. Nirmala Sitharaman developed and launched the ‘EASE 5.0 'Common reforms agenda' of EASENext program’ for Public Sector Banks (PSB) through video-conferencing in New Delhi. The event was attended virtually by Managing Directors and CEOs, and other senior executives of Public Sector Banks.

Enhanced Access and Service Excellence-EASE on Wednesday has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks. 

Sanjay Malhotra, Secretary, Department of Financial Services, in his opening remarks mentioned," All PSBs are now profitable and have stronger balance sheets, it is imperative that PSBs leverage this position of strength to `````significantly increase their competitiveness". 

He mentioned about PSB Manthan, 2022 which was organized in April, 2022 with functional heads of Public Sector Banks that paved the way for the genesis of a broader and bolder program - EASENext - would comprise 2 major initiatives: EASE 5.0 (common PSB reforms agenda) and Bank specific strategic 3-year roadmap (based on individual bank's business priorities). 

Under EASE 5.0, PSBs will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment. EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture. 

Simultaneously, all PSBs will also create a bank-specific 3-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. 

Finance Minister unveiled the agenda. She mentioned that EASENext is well-positioned to channel reforms with a specific focus on customer-centric initiatives. FM emphasised on customer-first strategy and focus on employee development. 

FM further mentioned that in order to develop a customer-centric approach banks should engage with their customers to understand their needs and expectations. While upgrading technology initiatives robust security mechanisms should be developed. 

Finally, she concluded that 'EASENext reforms should bring ease for customers as well as for employees. 

   Important points for the exam:

• The Union Minister of Finance Ms.Nirmala Sitharaman developed and launched the ‘EASE 5.0 'Common reforms agenda' of EASENext program’ for Public Sector Banks (PSB) through video-conferencing in New Delhi.
• Enhanced Access and Service Excellence (EASE) has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks.
• Under the new reform EASE 5.0, the Public Sector Banks (PSBs) will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment.
• EASE 5.0 will focus on digital customer experience, and integrated & inclusive banking, with emphasis on supporting small businesses and agriculture.