Annual Performance Review Meeting (FY 2020-21) of Public Sector Banks was held in Mumbai today. Finance Minister Nirmala Sitharaman attended this meeting. He has met the heads of all 12 public sector banks.
Nirmala Sitharaman Live Updates: After meeting the heads of public sector banks in Mumbai today, Finance Minister Nirmala Sitharaman gave important information about the meeting to the media. Annual Performance Review Meeting (FY 2020-21) of Public Sector Banks was organized in Mumbai today. Finance Minister Nirmala Sitharaman attended this meeting. He met the heads of all 12 public sector banks.
Nirmala Sitharaman today launched the EASE 4.0 (Enhanced Access and Service Excellence) program. The fourth phase of this program has been launched to improve public sector banks. With the help of this, smart banking will help. With the help of EASE 4.0, there will be more information about agriculture loans and it will become data based. There will be better coordination between the more banks in the financial ecosystem, which will improve the banking sector. Apart from this, there will be improvement in the field of banking technology and governance.
#EASE Reforms now entering in the 4th edition!
26 Action Points across 6 themes―24*7 banking services, collaborative initiatives among PSBs, easier credit to farmers, rural payments & much more@PMOIndia @FinMinIndia @DFS_India @Official_SecDFS @DebasishPanda87 @PIB_India
— DFS (@DFS_India) August 25, 2021
A 26 point action point has been created in EASE 4.0. For reforms in the banking sector, six different themes have been selected for which there will be 26 improvement points. With the help of this, 24 * 7 banking service will be better, as well as better coordination between all public sector banks will benefit banks besides customers. The biggest benefit of this will be to the farmers and they will be able to get loans easily.
Also, Rural India will be able to get more loans. The purpose of the government is to distribute more loans to rural India with the help of banks. The winner for the EASE 3.0 program has been announced after the review meeting. The EASE 3.0 award has been handed over to Canara Bank, Punjab National Bank, Indian Bank, Union Bank of India, Bank of Baroda and State Bank of India. These banks have been given this award for smart and clean banking.
Press Conference by FM @nsitharaman will begin shortly.
Stay tuned for further updates
Watch live on 📽️ https://t.co/lTkWSZclKW@DrBhagwatKarad pic.twitter.com/AanMgw500l
— PIB in Maharashtra 🇮🇳 (@PIBMumbai) August 25, 2021
Regarding the development of North East India, Nirmala Sitharaman asked the banks to come up with a special plan. Apart from this, banks were asked to improve liaison with export promotion agencies. Banks have been appealed to move forward on ‘one district, one export’ agenda. The Finance Minister asked the banks to improve the support system with financial technology companies.
Banks expressed concern over increase in CASA ratio
When Nirmala Sitharaman was asked a question about the privatization of banks, she refused to comment for the time being. However, he definitely said that the CASA deposit ratio is increasing continuously, about which banks have expressed concern. The CASA ratio is the current account deposit and savings account deposit ratio.
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