Finance Minister launches EASE 4.0 for institutionalising smart banking for Public sector banks

1. The Finance Minister, Nirmala Sitharaman in her Press Conference held at Mumbai launched the Enhanced Access and Service Excellence (EASE 4.0) with a common reform agenda for Public Sector Banks (PSBs) aimed at institutionalizing clean and smart banking.

“With changed times, now industries have the option of raising funds even from outside the banking sector. Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed,” the finance minister said.

2. Sitharaman added that the fintech sector and other sunrise sectors need support from banks, adding that she has asked the PSBs to better credit flow to eastern states.

“From inputs given by officers from Tax administration, it emerged that Banks need to understand the special requirements of the Sunrise sector. e.g. Fintech, one such sector, can provide technological help to banks as well as can benefit from help from the banking sector,” the finance minister said in the press conference.

3. The first edition of EASE 1.0 was launched in January 2018, while EASE 3.0 was unveiled in February 2020, aimed at enhancing the ease of banking across all customer experiences, employing analytics, technology, and alternate data.

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