Minister of Finance EASE 4.0 will be unveiled today at a meeting with the heads of public sector banks (PSBs) in Mumbai to assess the efforts taken to speed up the slowing economy caused by the corona epidemic, as well as to examine bank performance.
Mumbai: Finance Minister in Mumbai: Finance Minister Nirmala Sitharaman is visiting Mumbai for two days. She met with Income Tax officials, GST officials, and industry representatives the day before yesterday. The Finance Minister will meet with the CEOs and MDs of Public Sector Banks (PSB) banks today.
EASE 4.0 will be launched today by the Finance Minister.
The Finance Minister will discuss the banks’ annual performance assessment with officials from the banks. This will be the first meeting of its kind since the Corona epidemic. This discussion takes place at a time when the government’s priority is to re-establish growth, and excessive inflation is obstructing that process. EASE 4.0 (Enhanced Access and Service Excellence) will be launched today by Finance Minister Nirmala Sitharaman. EASE is a public-sector bank reform program that aspires to institutionalize clean and smart banking.
What exactly is EASE4.0?
Let us look at what EASE 4.0 is, how it will work, and what the benefits will be.
1. Public sector banks will offer new analytics to existing retail consumers this year, such as pre-approved vehicle loans, EMI offers on e-commerce purchases and new analytics for existing MSME customers. Will concentrate on introducing and promoting EASE-based subject-specific offers.
3. This is part of a reform agenda based on proposals from the PSB Manthan, which was convened in November 2017 and included senior management from PSBs as well as government representatives.
4. The initial edition, EASE 1.0, was released in January 2018, followed by EASE 3.0 in February 2020. Its goal is to improve clients’ banking experiences through the use of technology, alternative data, and analytics.
The performance of banks will be examined by the finance minister.
A meeting with the heads of public sector banks (PSBs) will be held today to discuss the efforts taken to boost the economy’s slowing because to the Corona pandemic, as well as the banks’ performance. According to sources, meeting with managing directors and CEOs of public sector banks (PSBs) is necessary due to the banking sector’s importance in driving demand and consumption. Finance Minister Nirmala Sitharaman remarked a few days ago that the government is ready to take all necessary actions to help the economy recover from the Covid-19 pandemic. Economic growth will be prioritized, according to the Finance Minister, and both the Reserve Bank and we will support this.
These are the topics that will be explored.
This meeting with the Finance Minister might cover a wide range of topics. The current state of the bank, as well as the development of the Reserve Bank’s restructuring-two plan, are scheduled to be discussed during the meeting, according to sources. During the conference, banks could be urged to extend loans to productive industries. In addition, the Emergency Credit Loan Guarantee Scheme (ECLGS) will be looked into. According to sources, the Finance Minister can also assess the state of bad loans or non-performing assets. Aside from that, the banks’ reform initiatives can be explored. Let us remind you that bank NPAs fell to Rs 6,16,616 crore on March 31, 2021, down from Rs 6,78,317 crore on March 31, 2020, and Rs 7,39,541 crore on March 31, 2019.
Let us remind you that a Parliamentary committee raised worry earlier this month about the delay in resolving the long-standing problem of nonperforming assets (NPAs) in public sector banks. This committee had requested that the Finance Ministry draught a clear policy to help the banks get out of their current predicament.