EASE 5.0 Agenda

Table of Contents

EASE 5.0: Relevance

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

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.

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.

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.

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 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.

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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