Union Minister declares EASE 2.0 Index Results

News: Union Finance Minister has felicitated the best performing banks on EASE Banking Reforms Index.

Facts:

• EASE Banking Reforms Index: EASE stands for ‘Enhanced Access and Service Excellence’.It was launched in 2018 with the aim to institutionalize clean and smart banking.
  • EASE 2.0 further progresses the reforms built in EASE 1.0 by making the reforms journey irreversible, strengthening processes and systems and driving outcomes.
• Prepared by: The index is prepared by the Indian Banking Association (IBA) and is commissioned by the Finance Ministry.
• Parameters: It ranks Public Sector Banks across six themes namely a) Responsible banking b) Customer Responsiveness c) Credit offtake d) PSBs Udyamitra for MSMEs e) Deepening Financial Inclusion and Digitisation and f) Ensuring Outcomes- Governance/HR.

Key Takeaways:

Additional Facts:

• Doorstep Banking Services by Public Sector Banks(PSBs): It is a part of EASE (enhanced access and service excellence) reforms that aims to provide convenience of banking services to the customers at their doorstep.