On June 8, 2022, Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) & Ministry of Corporate Affairs (MoCA) unveiled the fifth edition of Enhanced Access and Service Excellence – ‘EASE 5.0: Enhanced digital experience; data-driven, integrated, and inclusive banking’, which provides the Common Public Sector Banks (PSBs) Reforms Agenda for fiscal year 2022-23 (FY23) under the EASENext program.
It was launched via video-conferencing in New Delhi, Delhi, with Managing Directors (MDs), Chief Executive Officers (CEOs), and other senior executives from PSBs participating virtually.
- From FY19 to FY22, EASE has evolved through four annual editions, catalysing reforms in a variety of PSB domains.
Need For Such Reforms: Since all PSBs are now profitable and have stronger balance sheets, it has become essential for them to harness this advantage to further boost their competitiveness.
Enhanced Access and Service Excellence – EASE 5.0
i. EASE 5.0 will emphasise increased digital customer experience, data-driven, integrated, and inclusive banking, with a focus on small enterprises and agriculture.
ii.PSBs will continue to invest in new-age capabilities and deepen ongoing reforms under EASE 5.0 in order to respond to changing customer needs, competition, and the technological environment.
iii. At the same time, all PSBs will develop a bank-specific three-year strategic roadmap, which will include strategic initiatives in addition to EASE 5.0.
- The initiatives will cover a wide range of themes – business growth, profitability, risk, customer service, operations, and capability building.
The PSB Manthan 2022 event, held in April 2022 with functional heads of PSBs, laid the foundation for the genesis of a wider and bolder program, EASENext.
- The EASENext would comprise 2 major initiatives: EASE 5.0 (common PSB reforms agenda) and Bank specific strategic 3-year roadmap (based on individual bank’s business priorities).
i. The EASENext is well-positioned to carry out the EASE 5.0 reforms, with a focus on customer-centric initiatives, a customer-first strategy, and employee development.
ii.Banks should engage with their customers to understand their needs and expectations in order to establish a customer-centric approach, benefitting both Customers and staff from the EASENext reforms.
- Robust security methods should be implemented while upgrading technology efforts.
About Ministry of Finance (MoF):
Union Minister – Nirmala Sitharaman (Rajya Sabha – Karnataka)
Minister of State (MoS) – Pankaj Chaudhary (Maharajganj Constituency, Uttar Pradesh); Dr. Bhagwat Kishanrao Karad(Rajya Sabha – Maharashtra)
Departments under MoF – Department of Expenditure; Department of Economic Affairs; Department of Revenue; Department of Financial Services; Department of Investment and Public Asset Management; Department of Public Enterprises