Context
The government undertook the annual performance review of the public sector banks (PSBs) and launched the EASE 4.0 or Enhanced Access and Service Excellence Reform Agenda.
What is EASE 4.0?
- Ease 4.0 common reform agenda for PSBs aimed at institutionalising clean and smart banking.
- EASE 4.0 commits PSBs to tech-enabled, simplified and collaborative banking.
- It aims to further the agenda of customer-centric digital transformation and deeply embed digital and data into PSBs’ ways of working.
Four key-initiative
The EASE 4.0 reforms looks at four key initiatives for public sector banks to adopt:
- Smart lending backed by analytics
- 24x7 banking with resilient technology and cloud based IT systems
- data enabled agriculture financing
- collaborating with the financial ecosystem
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Background
- EASE 3.0 was launched in February 2020, which was aimed at enhancing the ease of banking in all customer experiences, using technology, alternate data, as well as analytics.
- The 1st edition EASE 1.0 was launched in 2018.
What are PSBs?
- The Reserve Bank of India is India’s central banking institution and the supreme monetary authority.
PSBs are the banks in which the government stake is more than 50%.
