Finance Minister Nirmala Sitharaman Unveils EASE 4.0

In January 2018, the first edition of Enhanced Access and Service Excellence (EASE) went live. Later, in February 2020, EASE 3.0 was launched to ease the customer’s banking experience via technology, analytics, and alternate data. 

On August 25th, Nirmala Sitharaman, Finance Minister, conducted the yearly performance review of PSBs in the presence of the heads of the PSU banks. She also unveiled EASE 4.0, which aims at regulating clean and smart banking.

Debashish Panda, Finance Secretary, mentioned that the employer contribution (public sector banks) in NPS concerning employee pensions had been increased to 14%, earlier it was 10%. He also mentioned that the PSB bankers’ family members who lost their lives would receive a pension worth 30% of the last drawn salary versus the previous amount, i.e. Rs 9,284.

Tarun Bajaj, Revenue Secretary, also mentioned that the overseas direct listing is being considered. The government might set forth rules permitting firms to list overseas in the upcoming budget in February 2022.

The Finance Minister also mentioned that credit outreach efforts via banks would be made available in every district starting October to maintain the momentum of stimulus. Banks will need to regularly interact with the Federation of Indian Exporters Organisation so that the exporters do not have to juggle between various bankers. Public sector banks can interact with state governments; public sector banks can interact with export-oriented industries.

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