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Time of India
5 days ago
- Business
- Time of India
EASE reforms supported PSU banks in advancing 'Viksit Bharat' vision: IBA chief executive
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Enhanced Access & Service Excellence (EASE) reforms have supported public sector banks in advancing the Viksit Bharat vision by deepening MSME outreach , developing sectoral capabilities, and enhancing credit access, IBA Chief Executive Atul Kumar Goel said on sector banks (PSBs) have accelerated GenAI readiness and implemented pilot use cases, strengthened data governance and analytics, adopted cloud for scalable operations, and enabled digital operating models for cost efficiency and quality, he said in a series of posts on the same time, the Indian Banks' Association chief said, banks have strengthened systems for operational and cyber risk , fast-tracked NPA recovery via streamlined processes, digitised collections, and enhanced monitoring with deeper credit & market risk reforms have helped PSBs improve their employee productivity through scientific target-setting, performance appraisals, gender diversity focus, data-driven workforce deployment and succession planning, and personalised learning and development, he are also putting efforts to enhance customer experience across banking channels, strengthen relationships, and streamline processes to improve convenience and service delivery, he added. PSU banks have long been at the forefront of driving the country's economic development and expanding the reach of financial services to underserved segments, the EASE 7.0 Annual Report released on Thursday on this legacy, EASE 7.0 marks a defining phase in the ongoing transformation of PSBs, it as a strategic initiative to align banking operations with India's evolving developmental priorities, this edition of the EASE reforms for FY25 emphasises a strong customer-first approach, robust risk management practices, and the development of capabilities that equip PSBs to meet the demands of a rapidly changing financial landscape, it 7.0 has led to significant advancements in the operational infrastructure of PSBs and reinforced their role as Catalysts of inclusive and sustainable economic growth, it added.
Mint
30-06-2025
- Business
- Mint
Govt asks private lenders to boost participation in financial inclusion schemes
The Union finance ministry on Monday exhorted private sector banks to increase their participation in financial inclusion schemes and serve the marginalized sections of society by fulfilling their banking needs. The call came during a review meeting with senior officials of private sector banks in New Delhi. Indian Banks' Association chief executive Atul Kumar Goel and senior officers of the department of financial services also attended the meeting chaired by department secretary M. Nagaraju. The meeting reviewed the performance of private banks on various financial inclusion schemes, including Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, Atal Pension Yojana, Pradhan Mantri Mudra Yojana, Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi and PM Vishwakarma. The meeting also reviewed the progress of opening of brick and mortar branches of banks and deployment of Banking Correspondents in unbanked villages. During the course of the review, the financial services secretary stressed upon fast settlement of claims under Jansuraksha schemes, augmentation of banking infrastructure in rural areas and north-eastern region of the country. He also underlined the significant progress made in expanding social security and deepening financial inclusion in the country through various flagship schemes of the government. The finance ministry also urged banks to actively engage and extend support for three-month financial inclusion saturation campaign (1 July-30 September) across all village panchayats. The secretary also discussed in detail the progress made by private banks in deepening of financial inclusion and urged them to increase their participation in financial inclusion schemes.
