What : Fourth edition of Public Sector Bank (PSB) Reforms Agenda

Proposed Reforms :

• Smart lending backed by analytics
• 24×7 banking with resilient technology & cloud-based IT systems
• data enabled agriculture financing and
• Collaboration with the financial ecosystem.

Best performers under Ease 3.0

• SBI, Bank of Baroda (BoB), and Union Bank of India (UBI) won the awards for best performing banks on the basis of EASE index.
• Indian Bank won the award for best improvement from baseline performance.
• SBI, BoB, UBI, Punjab National Bank and Canara Bank also won the top awards across different themes of PSB Reforms Agenda EASE 3.0.

How PSB will enable smart lending:

PSBs –

• Required to design and improve performance of loan initiation processes by simplifying it on the basis of standard operating procedures and time-bound actions
• Required to introduce end-to-end digitised loans for new customers.
• Will have to broaden customer base and increase credit off-take by means of analytics and technology-driven credit offers.