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EASE 5.0 ‘Common Reforms Agenda’ launched by Nirmala Sitharaman

From FY19 through FY22, Enhanced Access and Service Excellence-EASE evolved over four year editions, catalysing improvements in a variety of areas in Public Sector Banks. The EASENext program’s EASE 5.0 ‘Common reforms agenda’ was designed for Public Sector Banks and was introduced by Minister of Finance and Corporate Affairs Nirmala Sitharaman through video conference in New Delhi. The initiatives will be across diverse themes — business growth, profitability, risk, customer service, operations, and capability building. 

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  • Virtually present were Managing Directors and CEOs, as well as other senior officials from Public Sector Banks.
  • In his introductory remarks, Sanjay Malhotra, Secretary, Department of Financial Services, stated that all PSBs are now profitable and have better balance sheets, and that PSBs must take use of this position of strength to greatly boost their competitiveness.
  • He said PSB Manthan 2022, which was held in April 2022 with functional chiefs of Public Sector Banks and opened the ground for the development of a wider and bolder programme – EASENext – which would include two main initiatives: EASE 5.0 and a bank-specific strategic three-year roadmap.
  • PSBs will continue to invest in new-age capabilities and deepen ongoing changes under EASE 5.0 in order to respond to changing consumer needs, competition, and the technological environment.
  • EASE 5.0 will place a strong emphasis on digital customer experience as well as integrated and inclusive banking, with a particular emphasis on small companies and agriculture.
  • The agenda was unveiled by the Finance Minister. EASENext, she said, is well-positioned to channel reforms, with a particular emphasis on customer-centric efforts. The focus on personnel development and a customer-first strategy were emphasised by FM.

Important Takeaways For All Competitive Exams:

  • Secretary, Department of Financial Services: Sanjay Malhotra
  • Minister of Finance and Corporate Affairs Nirmala Sitharaman

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