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    HomeBusinessFM launches EASE 5.0 public sector banks common reform agenda

    FM launches EASE 5.0 public sector banks common reform agenda

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    Money & Banking

    K.R. Srivats | New Delhi, June 8 | Updated on: Jun 08, 2022

    It spells out the common reforms agenda for public sector banks

    Finance and Corporate Affairs Minister Nirmala Sitharaman, on Wednesday, launched the fifth edition of Enhanced Access and Service Excellence-EASE 5.0, which spells out the common reforms agenda for public sector banks (PSBs) under the EASENext program.

    The launch event was attended virtually by Managing Directors and CEOs and other senior executives of PSBs.

    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 andinclusive banking, with emphasis on supporting small businesses and agriculture. Simultaneously,  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. 

    Speaking at the launch event through videoconferencing, Sitharaman mentioned that EASENext is well-positioned to channel reforms with specific focus on customer-centric initiatives. 

    She emphasised on the customer-first strategy and focus on employee development. Sitharaman further mentioned that in order to develop customer-centric approach, banks should engage with their customers to understand their needs and expectations. While upgrading technology initiatives robust security mechanisms should also be developed, she added.

    Sitharaman also said EASENext reforms should bring ease for customers as well as for employees. 

    In his opening remarks, Department of Financial Services Secretary, Sanjay Malhotra, mentioned that 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 organised in April, 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). 

    EASE has evolved over four annual editions from FY19 to FY22 and has catalyzed reforms in diverse areas in Public Sector Banks.

    Published on June 08, 2022

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