EASE 4.0

• Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman today unveiled the fourth edition of the Public Sector Bank (PSB) Reforms Agenda ‘EASE 4.0’ for 2021-22 – tech-enabled, simplified, and collaborative banking.

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• She also unveiled the annual report for the PSB Reforms Agenda EASE 3.0 for 2020-21.

• Public Sector Banks have reported healthy profits and have accelerated on technology-driven reforms. These banks have reported a profit of Rs. 31,817 crore in FY21 as compared to a loss of Rs. 26,016 crore in FY20. This is the first year when PSBs have reported profit after five years of losses.

• Total gross non-performing assets stood at Rs. 6.16 lakh crore as of March 2021 – a reduction of Rs. 62,000 crore from March 2020 levels.

• Credit@click was a flagship initiative under EASE 3.0. Nearly 4.4 lakh customers have been benefitted through such instantaneous and simplified credit access.

• Nearly 72% of financial transactions happening at PSBs is now happening through digital channels.

• The next edition of EASE reforms i.e. EASE 4.0 aims to further the agenda of customer-centric digital transformation and deeply embed digital and data into PSBs’ ways of working.

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Mains Paper 3: Economy

Prelims level: EASE 4.0

Mains level: Read the newsfeed

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