FM exhorts PSBs to be friendlier to customers by using local language
Finance Minister Smt. Sitharaman exhorted Public Sector Banks (PSBs) to have a one-to-one interface with their customers through branch-based banking and not rely so much on credit rating agencies.
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Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman today unveiled EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20 here today.
Finance Minister Smt. Sitharaman exhorted Public Sector Banks (PSBs) to have a one-to-one interface with their customers through branch-based banking and not rely so much on credit rating agencies. She said that banks need to connect with their customers by leveraging technology but not exclusively only through the interface of technology. In her address on the occasion, the Finance Minister asked the bankers to focus more on the grassroots level.
Smt. Sitharaman further exhorted banks to be friendlier to its customers by using local language in the bank branch. She said that PSBs have played a great role in enabling financial inclusion in the country.
EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology, Finance Minister Smt. Nirmala Sitharaman FinTech, alternate data, and analytics. Dial-a-loan for doorstep loan facilitation, Credit@click for end-to-end digitalized lending, on-the-spot EASE Banking Outlets at well-frequented places like malls and stations, palm banking, digitalized branch experience, analytics-based instant credit offers, cash-flow-based credit, and tech-enabled agriculture lending are part of a wide array of tech-enabled ease enhancements that PSBs would effect during FY2020-21.
Minister of State for Finance and Corporate Affairs Anurag Thakur was the guest of honor for the event. Finance Secretary Rajiv Kumar, Secretary Designate cum Special Secretary (Financial Services) Debashish Panda and Chairman IBA, Rajnish Kumar also graced the unveiling event.
(With Inputs from PIB)
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