Indian Economy News

Nirmala Sitharaman launches EASE 5.0 'Common reforms agenda' for PSBs

  • IBEF
  • June 10, 2022

The EASE Next program's EASE 5.0 'Common reforms agenda', developed for Public Sector Banks (PSBs), was launched via video-conferencing by Ms. Nirmala Sitharaman, Minister of Finance and Corporate Affairs, in New Delhi on June 8.

The event was virtually attended by Managing Directors, CEOs, and other senior executives of Public Sector Banks.

PSBs will continue to invest in new-age capabilities and deepen ongoing reforms under EASE 5.0 to respond to evolving customer needs, changing competition, and the technological environment. EASE 5.0 will prioritise digital customer experience and integrated and inclusive banking, focusing on small businesses and agriculture.

Simultaneously, each PSB will develop a bank-specific three-year strategic roadmap. It will include strategic initiatives that go beyond EASE 5.0. The initiatives will cover various topics, including business growth, profitability, risk, customer service, operations, and capability development.

To develop a customer-centric approach, banks should engage with their customers to understand their needs and expectations. Strong security mechanisms should be developed while upgrading technology initiatives, said Ms. Sitharaman.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.