Banks showcase tech-enabled services

Nirmala Sitharaman has unveiled EASE 3.0 (Enhanced Access and Service Excellence) as the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20 in Delhi on 26 Feb 2020.

EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology, FinTech, alternate data and analytics.

Dial-a-loan for doorstep loan facilitation, Credit@click for end-to-end digitalised lending, on-the-spot EASE Banking Outlets at well-frequented places like malls and stations, palm banking, digitalised 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.

The Minister also told PSBs to have one-to-one interface with their customers through branch-based banking and be more focused at the grassroot level.

The EASE 3.0 launch was organised by Indian Banks’ Association at Delhi, where individual PSBs gave a preview of the array of tech-enabled services that are in the pipeline or have been piloted and will be scaled up over the coming year across PSBs.

State Bank of India (SBI) showcased Shishu e-Mudra app-based lending for instant sanction of working capital up to Rs.50,000 to existing small business customers of the bank. It also announced plan to scale up sanctioning through the app to Rs.1 lakh in branch-assist mode.

Further, SBI presented one-stop online agriculture ecosystem for meeting farmers’ needs in the form of app-based YONO Krishi, which enables credit including agricultural gold loan, estimation and purchase of agricultural inputs, and information needed for agricultural operations.

The bank also announced its plan to introduce SAFAL for pre-approved agricultural loan along with multipurpose insurance cover.

UCO Bank unveiled its plans for customers to obtain via app, portal or call centre, Doorstep Banking Services. These are offered collectively by PSBs as “PSB Alliance”, for services such as pick-up of cheques and income-tax exemption certificates and delivery of income-tax challan, drafts and account statements in major cities across India.

Union Bank of India gave a preview of its app for end-to-end digitalised lending to MSMEs of up to Rs.50 crore. It has proposed to roll out during the coming year.

Bank of Baroda showcased its tablet-based Tab Banking services for doorstep account-opening, including in villages and for migrant labourers in industrial units, and has created capacity for opening about 10,000 accounts per day.

Bank of Baroda also gave a preview of its tab-based doorstep loan application, disbursement and collection for informal enterprises in partnership with NBFCs, including in rural areas.

Syndicate Bank presented micro ATM and tablet-based doorstep micro-financing of women entrepreneurs.

PSB Reforms EASE Agenda is a common reform agenda for PSBs aimed at institutionalizing clean and smart banking, said the Finance Ministry.

EASE 1.0 was launched in January 2018. The subsequent edition of the program, EASE 2.0, built on the foundation laid in EASE 1.0 and furthered the progress on reforms.


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