Public sector banks will prepare a road map for 3 years under the new initiative

Every public sector bank will have to prepare a three-year road map based on its business priorities, as part of a remedial reforms initiative launched by Finance Minister Nirmala Sitharaman on Wednesday.

EASENext, the latest and revised version of the EASE (Enhanced Access and Service Excellence) reform program for PSBs, will have two components: EASE 5.0, a common reform agenda for all PSBs, and a bank-specific medium-term action plan . ,

Under EASE 5.0, state-run banks will continue to invest in new-age capabilities and deepen ongoing reforms to respond to rising customer needs, changing competition and technology environment, said the Indian Banks’ Association, which is headed by Used to be. initiative, said in a statement. It will also focus on digital customer experience, and integrated and inclusive banking, with an emphasis on supporting small businesses and agriculture.

Simultaneously, all PSBs will also prepare a bank-specific 3-year strategic road map. It will take strategic initiatives beyond EASE 5.0. The initiatives will span a variety of topics, including business growth, profitability, risk, customer service, operations and capacity building.

In a virtual address, Sitharaman called on banks to focus on customer-first strategy and employee development. PSBs should better engage with customers to understand their needs and expectations.

Financial Services Secretary Sanjay Malhotra called upon PSBs, all of which turned profitable in FY22, to use their improved balance sheets to enhance their competitiveness.