PSU banks are fast adapting to digital means as part of EASE reform agenda

With public sector banks phasing out their digital lending, 83,091 crore for the financial year ending March 2022, they are adapting rapidly to digital media.

State-owned banks were asked to focus on digital lending, co-lending with non-banking companies, agricultural financing and technological resilience for 24×7 banking as part of EASE reforms. 4.0.

Ariven by the Association of Indian Banks (IBA), Enhancing Access and Service Excellence (EASE) program also emphasizes data analytics, automation and digitalisation.

According to an IBA statement, the EASE program, which was launched in 2018, focuses on collaborative banks and simplifies technology support, and Finance Minister Nirmala Sitharaman gave high marks to active banks. best performance on various parameters.

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Out of all the PSBs, Bank of Baroda received first prize for best overall performance in PSB Reforms EASE 4.0 Agenda, while State Bank of India and Bank of Canara were ranked second respectively. second and third. Bank of India emerges as ‘Top Innovator’ across all PSBs.

In addition, Canara Bank won first place in the category of Institutional Banking Prudence, while with its governance and personnel focused on results, Union Bank of India was selected as the leader this week. before.

Punjab National Bank came in second in the Tech-enabled Banking sector, while Punjab & Sind Bank secured second place in the Top Innovation category.

Bank achieved 6,597 crore co-lending through partnership with NBFC in FY 22 as part of EASE reform. There were 9.4 loyal customers on mobile banking and 79% of financial transactions were done on mobile and internet banking platforms.

The Minister of Finance announced earlier this year the agenda for the fifth edition of EASE and said the reform agenda has now been expanded to EASENext with the introduction of the three-year Strategic Roadmap Program. .

EASE 5.0 will continue to focus on driving enhanced digital experiences alongside data-driven, integrated and inclusive banking across all banks, it said.

The three-year Strategic Roadmap will provide an opportunity for each PSB to establish its own reform roadmap, tailored to the context of its starting position and strategic priorities, it added.

With PTI input.

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