EASE 3.0 launched by the Finance Minister to enhance Ease of Banking

On February 26, 2020, the Finance Minister Nirmala Sitaraman launched Enhanced Access and Service Excellence (EASE 3.0). It was launched along with the annual report of EASE 2.0 at a function organized by Indian Banks’ Association.

Highlights

The main aim of EASE 3.0 is to make public sector banking technology enabled and smart. By this the initiative intends to achieve ease of banking for customers. Along with its launch, the GoI has also warned about the over reliance of the state-run banks on credit rating agencies while sanctioning loans.

What is EASE?

EASE is set of technology-based banking reforms. It aims at improvising banking sector with technology. It ensures wider financial inclusion, better banking experience and easier credit distribution.

Significance

The initiative will enhance paperless, digital banking. It will also support other GoI initiatives such as Udyami Mitra, credit take-off, Dial-a-loan and credit at a click. EASE will increase the reach all these initiatives and improve the standards of banking sector.

Month: Current Affairs - February, 2020