FM Nirmala Sitharaman launches Ease 3.0 for tech-enabled banking

Finance Minister Nirmala Sitharaman today, on February 26, 2020, launched the Ease (Enhanced Access and Service Excellence) 3.0 reform agenda. EASE 3.0 agenda aims at providing smart, tech-enabled public sector banking for aspiring India. This launch of EASE 3.0 would change the customer's experience at the Public Sector Banks (PSBs).

The government in its annual report, "Reforms Agenda FY21 and EASE 3.0" that was released by FM Sitharaman has listed out major changes ahead that will reform the existence of Public Sector Banks.

Speaking on the occasion, Mrs. Sitharaman stressed on the need for strong action to get back bad loans. She said bank branches in hinterland suffer as employees cannot speak in customers' mother tongue.

She added that bank employees should speak local languages. She said branch level customer connect is an important credit decision saying banks require a judicious mix of personal customer information and data. The Minister said the government wants to use data analytics in the banking sector.

New features that customers of public sector banks may experience under EASE 3.0 reforms agenda include facilities like

Palm Banking for "End-to-end digital delivery of financial service".

"Banking on Go" via EASE banking outlets at frequently visited spots like malls, stations, complexes, and campuses.

Digitalising the experience at public sector bank branches is also on the cards under EASE 3.0.

The Minister pointed out that many branch level officers in public sector banks do not have enough information on government schemes. She urged bankers to give access to customers.

The idea behind EASE 3.0 agenda

The Ministry has the idea of establishing paperless and digitally-enabled banking at places where people visit the most.

The government aims to focus on digitalization in the Public Sector Banks (PSBs) among themes that include responsible banking, PSBs as Udyami Mitra, customer responsiveness, credit take-off, and deep financial inclusions.

Finance Secretary Rajeev Kumar tweeted today that the government is trying to overhaul the customer experience with the introduction of features like Dial-a-loan, credit at a click, alternate-data-based lending or other analytics-based credit offers.

"FM launches #EASE3.0 for smart & tech-enabled banking. Digital & data-driven #PSBs to enhance EASE of banking through the use of FinTech, AI & analytics. Overhauled customer experience with Dial-a-loan, Credit@click, & analytics-based credit offers," Kumar tweeted.

In EASE 2.0, the government had proposed pushing liquidity in the public sector banks, reconstituting the management committee and possible mergers among the ideal partners in the Indian banking sector.