Finance Minister unveiled 4th edition of Public Sector Bank Reforms Agenda

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman 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.