Live Blog: Finance Minister Nirmala Sitharaman to launch EASE 4.0

Banks have been requested to interact with export promotion agencies, chambers of commerce, and industry to understand and address the requirement of exporters in a timely manner: Sitharaman

PSBs are now raising their own resources after gaining investor confidence. Over Rs. 12,000 crore of fundraising is in the process: DFS Secretary.

We have cut duties on edible oils and pulses to increase supply. Our estimation is that inflation will be in the 4-6% band: Revenue Secretary.

Employees of state-run insurance companies need not fear; government understands their concerns: Sitharaman

From inputs given by officers from Tax administration, it emerged that Banks need to understand the special requirements of Sunrise sector. e.g. Fintech, one such sector can provide technological help to banks as well as can benefit from help from the banking sector: Nirmala Sitharaman

Finance Secretary Debashish Panda talked about the details and benefits of EASE 4.0.

Banks have been directed to interact regularly with the Federation of Indian Exporters Organization. This way, the exporters won't have to shuttle between various bankers, said Finance Minister.

Fintech as a sector requires a lot of assistance, from the banks: Finance Minister Nirmala Sitharaman

Canara Bank, Punjab National Bank, Indian Bank, Union Bank of India, Bank of Baroda, and State Bank of India win for clean and smart banking.

EASE 4.0 is part of the reforms agenda devised on the recommendations made at the PSB Manthan in November 2017. Senior management of PSBs and representatives from the government were involved in it.

EASE 3.0 was launched in February 2020 and sought to enhance ease of banking in all customer experiences, using technology, alternate data, and analytics.

EASE focuses on six themes of customer responsiveness, responsible banking, credit off take, PSBs as Udyami Mitra, deepening financial inclusion and digitalization, and developing personnel for brand PSB.

The first edition of EASE 1.0 was launched in January 2018.

EASE is a common reform agenda for Public Sector Banks. Its purpose is to institutionalize clean and smart banking.

Union Finance Minister Nirmala Sitharaman will launch EASE 4.0 today. She will also undertake an annual performance review of public sector banks.