Published on: August 28, 2021
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:
- 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.