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Updated on: Wednesday, August 25, 2021, 02:48 PM IST

Finance Minister Nirmala Sitharaman launches EASE 4.0 reforms policy for public sector banks

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Union finance minister Nirmala Sitharaman, who is in Mumbai, on Wednesday launched the Enhanced Access and Service Excellence or EASE 4.0, a common reform agenda for public sector banks (PSBs) aimed at institutionalising clean and smart banking.

While addressing the media, Sitharaman said that she requested public sector banks to address the needs of the exporters. She asked the banks to interact with export promotion councils

She also noted that the nature of banking is changing and the industry should take that into consideration and change avenues of raising funds.

Sitharaman said: "We reviewed the annual performance of Public Sector banks and also the implementation of announcements of various COVID-19 related packages and Aatmanirbhar Bharat package."

"Banks have been directed to interact with Export Promotion Agencies as well as with bodies of industry and commerce so the requirements of exporters can be timely well-addressed. Banks have also been directed to interact regularly with Federation of Indian Exporters Organisation so the exporters don't have to shuttle between various bankers," she added.

Sitharaman further said that banks have been asked to create state-wise plans for north-east focusing on logistics, exports from the area.

"Logistics, export needs of North Eastern states needs to be looked after individually. As Prime Minister has suggested, banks need to cater to demand of organic fruit sector of Northeast and market reach for northeastern products," she said.

"CASA deposits are piling up in Eastern States. Banks should give facility of greater credit expansion in that region. So the credit flow to business units in that region can be better promoted," she added.

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Published on: Wednesday, August 25, 2021, 02:48 PM IST
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