FM Sitharaman will launch EASE 4.0 today. 5 things you should know

Finance Minister Nirmala Sitharaman will conduct an annual performance review of public sector banks (PSBs) in Mumbai on Wednesday. This is Sitraman's first visit since the coronavirus pandemic (COVID-19) outbreak.

Later today, FM Nirmala Sitharaman will present the Enhanced Access and Service Excellence (Ease) 4.0 reform agenda for the fiscal year 2021-22. Ease is the common reform agenda of all public sector banks (PSB) aimed at institutionalizing clean and smart banking.

EASE 4.0: 5 things you should know

This year, PSBs will focus on introducing and promoting new analytics-based offerings for existing retail clients such as pre-approved auto loans and EMI offers on e-commerce purchases and also for existing MSME clients.

-EASE focuses on six themes of customer response, responsible banking, credit collection, PSB like Udyami Mitra, deepening financial inclusion and digitization, and employee development for the PSB brand.

- It is part of the reform agenda that has been developed based on the recommendations made at the PSB Manthan held in November 2017 with the participation of the senior management of the PSBs and government representatives.

-The general framework of the reform agenda is responsive and responsible public service bodies.

- The first version of EASE 1.0 was released in January 2018.

-Launched in February of last year, -EASE 3.0 sought to improve the ease of banking across all customer experiences, using technology, alternative data, and analytics.

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