EASE 4.0 is a package of changes for public sector banks (PSBs) announced by the Finance Minister (Enhanced Access and Service Excellence). The government has implemented these changes in order to advance the objective of customer-centric digital transformation and to integrate digital and data into PSBs’ working practises. PSBs pledge to tech-enabled, streamlined, and collaborative banking under EASE 4.0.
Four major measures for public sector banks to implement are examined in the EASE 4.0 reforms: Dial-a-loan for doorstep lending; smart lending supported by analytics [email protected]: Analytics-based credit offerings for end-to-end digital retail and MSME financing Banking services are available 24 hours a day, seven days a week, thanks to robust technology and cloud-based IT infrastructure. Mobile and online banking are becoming more widely used. Improved cyber resilience and cloud-based IT systems and Automation of processes. agri-loan dial-a-loan Data exchange partnership with AgriTechs Process automation and sanctions Working together with the financial ecosystem. In semi-urban and rural settings, digital payments are becoming more common. Delivery of doorstep banking services on a large scale, Co-lending with non-bank financial institutions.
The PSB Reforms Agenda EASE 3.0 annual report for 2020-21 was also issued. Between March 2020 and March 2021, the overall score of PSBs climbed by 35%. The average EASE index score rose from 44.2 to 59.7 out of a possible 100 points. The topics of ‘Smart Lending’ and ‘Institutionalizing Prudent Banking’ have seen the most improvement. Under EASE 3.0, [email protected] was a key initiative: Almost 4.4 lakh consumers have benefited from such quick and easy financial access. Digital transactions currently account for about 72% of all financial transactions. PSBs currently provide services in 14 regional languages like as Telugu, Marathi, Kannada, and others through contact centres, Internet banking, and mobile banking. In Q4FY21, compared to Q4FY20, there was a 13 percent increase in transactions facilitated by Bank Mitras in rural regions and a 50 percent increase in enrolments in Micro personal accident insurance, indicating continued progress in coverage under financial inclusion programmes.