• Home
  • About Us
  • Disclaimer
  • Contact
Monday, January 30, 2023
News Monks
  • .
  • National
    • All
    • Chennai
    • Dehradun
    • Delhi
    • Goa
    • Gujarat
    • Hyderabad
    • Indor
    • Jammu & Kashmir
    • Kolkata
    • Maharashtra
    • Panjab
    • Rajasthan
    • Tamilnadu
    Indo-French Astronomy focus meeting on international mega-projects discusses science vision for the next decade

    Indo-French Astronomy focus meeting on international mega-projects discusses science vision for the next decade

    NCC Horse Show 2023 organised in Delhi Cantt

    NCC Horse Show 2023 organised in Delhi Cantt

    Republic Day Celebrations 2023: Over 1200 performers to take part in the first ever Military Tattoo & Tribal Dance Festival in the National Capital

    Republic Day Celebrations 2023: Over 1200 performers to take part in the first ever Military Tattoo & Tribal Dance Festival in the National Capital

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    PM extends best wishes to army personnel on Army Day

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    Guj CM call to keep the rural-taluka-district sectors of the state at the forefront

    Guj CM call to keep the rural-taluka-district sectors of the state at the forefront

    BioAsia 2023 Announces a stellar speaker line-up to discuss the learnings, challenges and opportunities in Life Science post-COVID-19

    BioAsia 2023 Announces a stellar speaker line-up to discuss the learnings, challenges and opportunities in Life Science post-COVID-19

    Chief Minister Shri Bhupendra Patel dedicates ‘Azadi Ki Yaade’ Museum

    Chief Minister Shri Bhupendra Patel dedicates ‘Azadi Ki Yaade’ Museum

    Heartfulness Encourages Nurturing Young Agri Scholars For A Self-Sufficient India

    Heartfulness Encourages Nurturing Young Agri Scholars For A Self-Sufficient India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Trending Tags

    • Gujarat CM
    • PM Modi
    • Hotel
    • indian team
    • India
    • Indian Army
    • hotstar
    • Gujarati
    • Modi
    • Mrs India
    • corona
    • Covid-19 Coronavirus
    • Gujarat
    • Maharashtra
    • Delhi
    • Rajasthan
    • Jammu & Kashmir
    • Tamilnadu
  • World
  • BusinessIn Trend
    • All
    • Automobile
    • Aviation
    • E Commerce
    • E-Waste
    • Economy
    • Electronics
    • Fashion
    • Finance
    • Food and Beverage
    • Footware
    • Logistics
    • Real Estaete
    • Share Market
    • Solar Energy
    • Telecom
    • Travel
    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    INDIA’S FOREIGN TRADE

    INDIA’S FOREIGN TRADE

    ShareTheBaristaPride at your nearest Starbucks store!

    ShareTheBaristaPride at your nearest Starbucks store!

    Cummins Group in India unveils Commercial Vehicle Industry’s first fuel agnostic platform and its diversified range of Hydrogen Technologies power solutions at Auto Expo 2023

    Cummins Group in India unveils Commercial Vehicle Industry’s first fuel agnostic platform and its diversified range of Hydrogen Technologies power solutions at Auto Expo 2023

    Dr. Leena Jain, Mumbai’s leading plastic surgeon, offers cleft lip and palate surgery for the normal appearance and growth

    Dr. Leena Jain, Mumbai’s leading plastic surgeon, offers cleft lip and palate surgery for the normal appearance and growth

    • Automobile
    • Finance
    • Share Market
  • Entertainment
    • Event
    • Movies
    • Television
  • Politics
  • TechHot
    • All
    • Android Os
    • Apple
    • Laptop
    • Mobile
    • SEO / eMarketing
    • Tablet PC
    • Windows
    The Secretary, MeitY launches Technology for Air Quality Monitoring System (AI-AQMS v1.0)

    The Secretary, MeitY launches Technology for Air Quality Monitoring System (AI-AQMS v1.0)

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Acer Unveils the eKinekt Bike Desk to Empower Active and Sustainable Lifestyles

    Acer Unveils the eKinekt Bike Desk to Empower Active and Sustainable Lifestyles

    Acer Ushers In New Nitro Laptops with 13th Gen Intel Core Processors and NVIDIA GeForce RTX 40 Series GPUs

    Acer Ushers In New Nitro Laptops with 13th Gen Intel Core Processors and NVIDIA GeForce RTX 40 Series GPUs

    • Mobile
    • Laptop
    • SEO / eMarketing
  • More
    • Spiritual
    • Health
    • Sports
      • Cricket
No Result
View All Result
  • .
  • National
    • All
    • Chennai
    • Dehradun
    • Delhi
    • Goa
    • Gujarat
    • Hyderabad
    • Indor
    • Jammu & Kashmir
    • Kolkata
    • Maharashtra
    • Panjab
    • Rajasthan
    • Tamilnadu
    Indo-French Astronomy focus meeting on international mega-projects discusses science vision for the next decade

    Indo-French Astronomy focus meeting on international mega-projects discusses science vision for the next decade

    NCC Horse Show 2023 organised in Delhi Cantt

    NCC Horse Show 2023 organised in Delhi Cantt

    Republic Day Celebrations 2023: Over 1200 performers to take part in the first ever Military Tattoo & Tribal Dance Festival in the National Capital

    Republic Day Celebrations 2023: Over 1200 performers to take part in the first ever Military Tattoo & Tribal Dance Festival in the National Capital

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    PM extends best wishes to army personnel on Army Day

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    PM flags off Vande Bharat Express train connecting Secunderabad with Visakhapatnam via video conferencing

    Guj CM call to keep the rural-taluka-district sectors of the state at the forefront

    Guj CM call to keep the rural-taluka-district sectors of the state at the forefront

    BioAsia 2023 Announces a stellar speaker line-up to discuss the learnings, challenges and opportunities in Life Science post-COVID-19

    BioAsia 2023 Announces a stellar speaker line-up to discuss the learnings, challenges and opportunities in Life Science post-COVID-19

    Chief Minister Shri Bhupendra Patel dedicates ‘Azadi Ki Yaade’ Museum

    Chief Minister Shri Bhupendra Patel dedicates ‘Azadi Ki Yaade’ Museum

    Heartfulness Encourages Nurturing Young Agri Scholars For A Self-Sufficient India

    Heartfulness Encourages Nurturing Young Agri Scholars For A Self-Sufficient India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Trending Tags

    • Gujarat CM
    • PM Modi
    • Hotel
    • indian team
    • India
    • Indian Army
    • hotstar
    • Gujarati
    • Modi
    • Mrs India
    • corona
    • Covid-19 Coronavirus
    • Gujarat
    • Maharashtra
    • Delhi
    • Rajasthan
    • Jammu & Kashmir
    • Tamilnadu
  • World
  • BusinessIn Trend
    • All
    • Automobile
    • Aviation
    • E Commerce
    • E-Waste
    • Economy
    • Electronics
    • Fashion
    • Finance
    • Food and Beverage
    • Footware
    • Logistics
    • Real Estaete
    • Share Market
    • Solar Energy
    • Telecom
    • Travel
    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    INDIA’S FOREIGN TRADE

    INDIA’S FOREIGN TRADE

    ShareTheBaristaPride at your nearest Starbucks store!

    ShareTheBaristaPride at your nearest Starbucks store!

    Cummins Group in India unveils Commercial Vehicle Industry’s first fuel agnostic platform and its diversified range of Hydrogen Technologies power solutions at Auto Expo 2023

    Cummins Group in India unveils Commercial Vehicle Industry’s first fuel agnostic platform and its diversified range of Hydrogen Technologies power solutions at Auto Expo 2023

    Dr. Leena Jain, Mumbai’s leading plastic surgeon, offers cleft lip and palate surgery for the normal appearance and growth

    Dr. Leena Jain, Mumbai’s leading plastic surgeon, offers cleft lip and palate surgery for the normal appearance and growth

    • Automobile
    • Finance
    • Share Market
  • Entertainment
    • Event
    • Movies
    • Television
  • Politics
  • TechHot
    • All
    • Android Os
    • Apple
    • Laptop
    • Mobile
    • SEO / eMarketing
    • Tablet PC
    • Windows
    The Secretary, MeitY launches Technology for Air Quality Monitoring System (AI-AQMS v1.0)

    The Secretary, MeitY launches Technology for Air Quality Monitoring System (AI-AQMS v1.0)

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Startup India Innovation Week culminates today with felicitation of Winners of National Startup awards 2022

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Dholakia Ventures Hosts DV8 Infinite Possibilities-G20 for Start Ups in Surat, Aims to Mobilise Global Capital for Innovation in India

    Acer Unveils the eKinekt Bike Desk to Empower Active and Sustainable Lifestyles

    Acer Unveils the eKinekt Bike Desk to Empower Active and Sustainable Lifestyles

    Acer Ushers In New Nitro Laptops with 13th Gen Intel Core Processors and NVIDIA GeForce RTX 40 Series GPUs

    Acer Ushers In New Nitro Laptops with 13th Gen Intel Core Processors and NVIDIA GeForce RTX 40 Series GPUs

    • Mobile
    • Laptop
    • SEO / eMarketing
  • More
    • Spiritual
    • Health
    • Sports
      • Cricket
No Result
View All Result
News Monks
No Result
View All Result
ADVERTISEMENT

Finance Minister unveils Doorstep Banking Services and declares EASE 2.0 Index Results

NewsMonks by NewsMonks
2 years ago
in National, News
7 min read
0
Finance Minister unveils Doorstep Banking Services and declares EASE 2.0 Index Results
21
SHARES
150
VIEWS
Share on WhatsappShare on FacebookShare on Twitter
ADVERTISEMENT

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today inaugurated Doorstep Banking Services by PSBs and participated in the awards ceremony to felicitate best performing banks on EASE Banking Reforms Index.

Secretary, Department of Financial Services Shri Debasish Panda and Chairman IBA, Shri Rajnish Kumar,were also present at the virtual event.

Doorstep Banking Services by PSBs

As part of the EASE Reforms, Doorstep Banking Services is envisaged to provide convenience of banking services to the customers at their door step through the universal touch points of Call Centre, Web Portal or Mobile App.  Customers canalso track their service request through these channels.

The services shall be rendered by the Doorstep Banking Agents deployed by the selected Service Providers at 100 centres across the country. 

At present only non-financial services viz. Pick up of negotiable instruments (cheque / demand draft / pay order, etc.), Pick up new cheque book requisition slip, Pick up of 15G / 15H forms, Pick up of IT / GST challan, Issue request for standing instructions, Request for account statement, Delivery of non-personalised cheque book, demand draft, pay order, Delivery of term deposit receipt, acknowledgement, etc., Delivery of TDS / Form 16 certificate issuance, Delivery of pre-paid instrument / gift card  are available to customers.  Financial services shall be made available from October 2020.

The services can be availed by customers of Public Sector Banks at nominal charges. The services shall benefit all customers, particularly Senior Citizens and Divyangs who would find it at ease to avail these services. 

ADVERTISEMENT

Performance of PSB on EASE 2.0 Index

A common reform agenda for PSBs, EASE Agenda is aimed at institutionalizing clean and smart banking. It was launched in January 2018, and the subsequent edition of the program ― EASE 2.0 built on the foundation laid in EASE 1.0 and furthered the progress on reforms. Reform Action Points in EASE 2.0 aimed at making the reforms journey irreversible, strengthening processes and systems, and driving outcomes.

PSBs have shown a healthy trajectory in their performance over fourquarters since the launch of EASE 2.0 Reforms Agenda. The overall score of PSBs increased by 37% between March-2019 and March-2020, with the average EASE index score improving from 49.2 to 67.4 out of 100. Significant progress is seen across six themes of the Reforms Agenda, with the highest improvement seen in the themes of‘Responsible Banking’, ‘Governance and HR’, ‘PSBs as Udyamimitra for MSMEs’, and ‘Credit off-take’.

PSBs have adopted tech-enabled, smart banking in all areas, setting up retail and MSME Loan Management Systems for reduced loan turnaround time andPSBloansin59minutes.comandTReDS for digital lending. PSBs have instituted real-time visibility to retail and MSME customers on the status of their loans. Most branch-based services are now accessible from home and mobile, including in local languages.

EASE Reforms Index has equipped Boards and leadership for effective governance, instituted risk appetite frameworks, created technology- and data-driven risk assessment and prudential underwriting and pricing systems, introduced Early Warning Signals (EWS) systems and specialised monitoring for time-bound action in respect of stress, put in place focussed recovery arrangements, and established outcome-centric HR systems.

Bank of Baroda, State Bank of India, and erstwhile Oriental Bank of Commerce were felicitated for being the top three (in that order) in the ‘Top Performing Banks’ category according to the EASE 2.0 Index Results. Bank of Maharashtra, Central Bank of India &erstwhile Corporation Bank were awarded in the ‘Top Improvers’ category basis EASE 2.0 Index. Punjab National Bank, Union Bank of India, and Canara Bank were also recognized for outstanding performance in select themes.

Major Reform achievements between March 2018 to March 2020

  • Most PSB customers now have access to 35+ services such as IMPS, NEFT, RTGS, intra-bank transfer, account statement, cheque book request on mobile/ Internet banking and23 services such as chequebook issuance, cheque status, issuance of form 16A, block/activate debit card on the call centre. The availability of services has nearly doubled over the last 24 months.
  • Nearly 4cractive customers on mobile and internet banking with 140% increase in financial transactions through mobile and internet banking channels and almost 50% of financial transactionsthrough digital channels.
  • Call centers now offer services in 13regional languagessuch as Telugu, Marathi, Kannada, Tamil, Malayalam, Gujarati, Bengali, Odia.
  • Complaint redressal average turnaround time reduced from the average of approximately 9 days to 5 days
  • 23 branch-equivalent services such as account opening, cash deposit, cash withdrawal, fund transfer made available by PSBs through Bank Mitras
  • PSBs have issued RuPay credit cards to nearly 23 crore basic savings account customers
  • Significant improvement in customer outreach through dedicated marketing force and external partnerships. The number of dedicated marketing employees has increased from 8,920 to 18,053.
  • Sourcing of retail and MSME loans through the dedicated salesforce and marketing tie-ups has increased nearly five times from 1.5 lakhs to 8.3 lakh loans
  • Turnaround time (weighted average) for retail loans reduced by 67% from the average of nearly 30 daysto nearly 10 days
  • Cross-sell of non-banking financial products has made available bouquet of financial products to the customer
  • For prudential lending, PSBs are now systematically keeping watch on adherence to risk-based pricing, and cases with deviation have reduced from 59% to 20%, and have put in place data-driven risk-scoring for appraisal of high-value loans that factors in group-entities.
  • Most PSBs have deployed IT-based EWS systems leveraging third-party data, which have enabled early, time-bound action in stressed accounts. Monitoring has also been strengthened by deploying Agencies for Specialised Monitoring, and proactively monitoring listed entities based on published financials. Slippage into NPA has reduced from 3.90 lakh crore in 12-months ending March-18 to 1.45 lakh crorein 11-months ending February-20.
  • PSBs have adopted digital platforms such as online OTS, e-Bक्रय, e-DRT for expedited recovery. 88% of one-time settlement (OTS) cases are now tracked through dedicated IT systems.
  • PSBs have adopted new ways of credit, such as PSBloansin59minutes.com and Trade Receivables Discounting System (TReDS) for digital lending for MSMEs and retail. 73% of all PSB inland bills are now discounted through online TReDS.
  • The Government has introduced several governance reforms. The governance reforms include arm’s length selection of top bank management through Banks Board Bureau, introduction of non-executive chairpersons, broader talent pool for such selections, empowered bank Boards,  strengthening of the Board committees system, enhancing the effectiveness of non-official directors, and leadership development and succession planning for the top two levels below the Board. In larger PSBs, Executive Director strength has been increased, and Boards are empowered to introduce CGM level for increased business.

Like in the previous year, progress made by PSBs was tracked quarterly through a published EASE Reforms Index leading up to the annual review. In addition to the inclusion of the EASE Reforms Index in the evaluation of Whole Time Directors of PSBs, it has now been made part of the annual appraisal of PSB leadership up to two levels below the Whole Time Directors.

The Index measures the performance of each PSB on 120+objective metrics across six themes. It provides all PSBs a comparative evaluation showing where banks stand vis-à-vis benchmarks and peers on the Reforms Agenda. The Index follows a fully transparent scoring methodology, which enables banks to identify precisely their strengths as well as areas for improvement. The goal is to continue driving change by spurring healthy competition among PSBs and by encouraging them to learn from each other.

PSBs have stepped up to support the country during COVID-19

PSBs have massively stepped up to support the nation during the COVID-19 crisis. From different modes of staffing to remote working, 80,000+ bank branches were operational during COVID-19. Additionally, there has been 90% uptime of self-service machines during the COVID times andaroundthree times increase in Aadhaar Enabled Payment System (AEPS) transactions through micro ATMs, and enhanced doorstep banking support by 75,000+Bank Mitras. To further support the customers in these times, the banks have drastically increased the number of services being offered at the call centers, from 11 in March-19 to 23 as of June-20 in 13 regional languages.

PSBs way forward to Smart, Tech-enabled Banking for Aspiring India

A comprehensive agenda for smart, tech-enabled banking has been adopted for FY2020-21, under which PSBs have initiated eShishu Mudra for straight-through processing of loans to micro-enterprises and digital personal loan for customers. PSBs have started providing customer-need driven credit offers through analytics and partnerships with FinTechs and e-commerce companies.

Many PSBs have already started taking steps in line with the reform priorities. Progress of PSBs will continue to be tracked on metrics linked to Reform Action Points, and their progress will be published through a quarterly index.

Financial Health of the PSBsduring the EASE Reforms journey

Following the completion of recognition of legacy stress as NPA, PSBs have returned to profitability with sound financial health and institutionalised systems to prevent the recurrence of past weaknesses. The improved financial health of PSBs reflects in many parameters—

  • Gross NPAs reduced from ₹8.96 lakh crore in March-2018 to ₹6.78 lakh crore in March-2020;
  • A sharp decline in fraud occurrence from 0.65% of advances during FY10-FY14 to 0.06% in FY19-20; due to fraud prevention reforms and proactive checking of legacy NPA
  • Record recovery of ₹2.27 lakh crore in FY19-FY20 driven by newly setup dedicated stressed account management verticals in PSBs;
  • Asset quality has improved significantly, with the net NPA ratio reducing from 7.97% in March 2018 to 3.75% in March 2020
  • Number of PSBs under PCA down to three;
  • CRAR 197 bps above the regulatory minimum; and
  • The highest provision coverage ratio of 80.9% in eight years.
Tags: BankingDoorstep Banking
NewsMonks

NewsMonks

Related Posts

Story of a marriage with an end date, COLORS’ presents a new fiction show ‘Agnisakshi… Ek Samjhauta’
Entertainment

Story of a marriage with an end date, COLORS’ presents a new fiction show ‘Agnisakshi… Ek Samjhauta’

January 29, 2023
Shochiku opens Last Film Show with a bang in Cinemas across Japan
Entertainment

Shochiku opens Last Film Show with a bang in Cinemas across Japan

January 27, 2023
Agnisakshi… Ek Samjhauta Aashay Mishra’s Interview Transcript
Entertainment

Agnisakshi… Ek Samjhauta Aashay Mishra’s Interview Transcript

January 27, 2023

Tags

Acer Agriculture Ahmedabad amazon Automobile Banks bollywood Business Cm gujarat colors Cricket Development Economy education entertainment Environment Fashion festival finance Food and beverage Government gujarat Health Health and Fitness India Insurance International Medical Movies National PayTm Politics samsung SHAMIM MERCHANT shilpa shah SHILPA Shah Director In-charge HKBBA College Social spiritual Sports Technology television Vehicles VR Darshana Ranpura VR Niti Sejpal VR Sunil Gohil
  • Live
  • Upcoming
  • Ended
Pause Play Play Play
SymbolNameLast Price% Change
BrandPAPA - Your Branding Buddy

Ad.

ADVERTISEMENT

NEWS MONKS

News Monks is the News portal who has great reach with the best seo and social media boosting activities. PR agency can contact on newsmonks@gmail.com for more information.

  • About Us
  • Disclaimer
  • Contact

Scan for Mobile

DMCA.com Protection Status

Live Forex Dashboard: 

Forex Rates by TradingView

Hindi News Portal

English, Hindi & Gujarati Poems

Gujarati News Portal

Facebook  | Linkedin  | Instagram

© 2011 – 2021 NewsMonks –  All rights Reserved. Developed & Owned by MediaHives.com

No Result
View All Result
  • .
  • National
    • Gujarat
    • Maharashtra
    • Delhi
    • Rajasthan
    • Jammu & Kashmir
    • Tamilnadu
  • World
  • Business
    • Automobile
    • Finance
    • Share Market
  • Entertainment
    • Event
    • Movies
    • Television
  • Politics
  • Tech
    • Mobile
    • Laptop
    • SEO / eMarketing
  • More
    • Spiritual
    • Health
    • Sports
      • Cricket

© 2021 All Rights Reserved by Media Hives. Designed by eMobitech Solutions.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In