Quick Summary
Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman today unveiled the fourth edition of the Public Sector Bank (PSB) Reforms Agenda EASE 4.0 for 2021-22 - tech-enabled, simplified, and collaborative banking. She unveiled the annual report for the PSB Reforms Agenda EASE 3.0 for
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FAQ :
EASE 4.0 is the fourth edition of the Public Sector Bank (PSB) Reforms Agenda for 2021-22, focusing on tech-enabled, simplified, and collaborative banking.
State Bank of India, Bank of Baroda, and Union Bank of India won top honours for best performing banks in EASE 3.0. Indian Bank received an award for best improvement.
Public Sector Banks reported a profit of Rs. 31,817 crore in FY21, a significant turnaround from a loss of Rs. 26,016 crore in FY20, marking their first profit in five years.
Key initiatives include 'Credit@click' for instant digital credit access, enabling 24x7 loan requests via digital channels, and the development of analytics capabilities by top banks to proactively offer loans to existing customers.
Approximately 72% of financial transactions at PSBs now occur through digital channels, and services are offered in 14 regional languages to enhance customer convenience.
EASE 4.0 aims to further customer-centric digital transformation and deeply embed digital and data into the operational methods of Public Sector Banks.
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