EASE 4.0: Finance Minister launches EASE 4.0 Agenda, What is it?- Know Key Features

EASE 4.0 is a common reform agenda for Public Sector Banks (PSBs) aimed at institutionalising clean and smart banking.

Finance Minister launches EASE 4.0 Agenda
Finance Minister launches EASE 4.0 Agenda

Union Finance Minister Nirmala Sitharaman launched EASE 4.0 (Enhanced Access and Service Excellence agenda) in Mumbai, Maharashtra on August 25, 2021. 

What is EASE 4.0?

EASE 4.0 is a common reform agenda for Public Sector Banks (PSBs) aimed at institutionalising clean and smart banking.

Key Features of EASE 4.0

- Data enabled agricultural credit 
- Collaboration amongst financial ecosystem players
- Accelerated push of technology, HR and governance reforms

The Ease 4.0 (Enhanced Access and Service Excellence 4.0) launch event was organised by the Indian Banks Association (IBA).  

IBA Chief Executive tweeted saying, "PSBs automating processes to deliver variety of services instantly at anytime of the day! Digital documentation, artificial intelligence, new age technologies and customised user experience are all on the agenda." He highlighted that this a new age banking. "

He further stated, "Payments made easier! PSBs to bring services for quick and easy digital payments across India. PSBs striving to make payments in India convenient, instant and contactless!"

He also shared, "Simply Dial-a-loan for agricultural loans! Farmers will be able to request for a loan from home & mobile without waiting at branches & standing in queues. Getting a loan will now be simpler and quicker."

The Finance Minister also felicitated the award winners of EASE 3.0 on the occasions. 

EASE 3.0 

EASE 3.0 was launched in February 2020 with the aim of enhancing the ease of banking in all customer experiences, using technology, alternate data, as well as analytics.

The IBA Chief Executive tweeted saying, "EASE 3.0 was instrumental in enabling digital lending to customers."

Result of EASE 3.0

•PSBs now offering multiple loan products through faster, contactless & paper-free channels. Around Rs 41,000 crore retail lending was initiated through digital channels in FY21

•Banking has now been made available at customer's fingertips through enhanced mobile and internet banking. 

•Besides this, best in-class features and services in regional languages are also offered on multiple PSB's apps as a part of EASE 3.0. 

•The IBA Chief Executive added "PSBs are using data and digital in a big way for continued Financial Inclusion under EASE 3.0 initiatives."

EASE Agenda: Background

EASE Agenda is a common reform agenda for Public Sector Banks (PSBs), which is aimed at institutionalizing clean and smart banking. 

The first edition of EASE 1.0 was launched in January 2018 and EASE 2.0 followed this to build on the foundation laid in EASE 1.0.

EASE 2.0 was launched to further progress on reforms. The reform actions of EASE 2.0 were aimed at making the reforms journey irreversible, strengthening processes and systems and driving outcomes.

The Public Sector Banks showed significant improvement in the Action Points of the EASE Reforms Agenda since its introduction.

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