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EASE 5.0 Agenda


EASE 5.0: Relevance

  • GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.


EASE 5.0 UPSC: Context

  • Recently, Ministry of Finance has launched the fifth edition of Enhanced Access and Service Excellence-EASE 5.0, which spells out the common reforms agenda for public sector banks (PSBs) under the EASENext program.


EASE 5.0 agenda: Key points

  • PSBs will continue to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition and the technology environment.
  • Focus of EASE 5.0:Digital customer experience, and integrated and inclusive banking, with emphasis on supporting small businesses and agriculture.
  • All PSBs will also create a bank-specific three-year strategic roadmap, which entail strategic initiatives beyond EASE 5.0.
  • The initiatives will be across diverse themes — business growth, profitability, risk, customer service, operations, and capability building.


EASE 5.0 Agenda_3.1


EASE 5.0: Significance

  • Emphasis on customer-first strategy and focus on employee development.
  • In order to develop customer-centric approach, banks should engage with their customers to understand their needs and expectations.
  • While upgrading technology initiatives, robust security mechanisms should also be developed.
  • EASENext reforms should bring ease for customers as well as for employees.
  • Since all PSBs are now profitable and have stronger balance sheets, it is imperative that PSBs leverage this position of strength to significantly increase their competitiveness.


About EASENext

  • 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).


EASE 5.0 Agenda_4.1


 EASE 4.0

  • EASE 4.0 (Enhanced Access and Service Excellence agenda) is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
  • PSBs have recorded phenomenal growth over four quarters since the launch of EASE 3.0 Reforms Agenda in February 2020.
  • All the banks have, collectively, done well and come out of Prompt Corrective Action (PCA) despite service extended during pandemic, according to the EASE 4.0 agenda.


EASE 3.0 awards

  • State Bank of India, Bank of Baroda and Union Bank of India have won the awards for best performing banks for PSB EASE 3.0 based on the EASE 4.0 index.
  • Indian Bank won the award for the best improvement from the baseline performance.
  • SBI, Bank of Baroda, Union Bank of India, Punjab National Bank and Canara Bank won the top awards in different themes of the PSB Agenda EASE 3.0 reforms.


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