Current Affairs – 11 September 2020

Finance Minister launched Doorstep Banking Services

Minister of Finance and General Affairs of the Union Smt. Nirmala Sitharaman launched home banking services for public sector banks (PSBs). She also congratulated the best performing banks on the EASE Banking Reforms index.

Doorstep banking services by PSBs:

  • Doorstep Banking Services aims to provide the convenience of banking services to customers at their doorstep through the universal contact points of the call center, web portal or mobile application.
  • This decision is part of the EASE reforms.
  • As part of these reforms, customers can track their service requests through these channels.
  • The necessary services will be rendered by home banking agents deployed by selected service providers in 100 centers across the country.
  • Currently, only non-financial services such as negotiable instrument pickup and new checkbook purchase order, 15G / 15H forms pickup, IT / TPS challan pickup, non-personalized checkbook delivery, on-demand deals, etc., are available to customers.
  • From October 2020, financial services will be made available.
  • Customers of public sector banks can avail of the services at a nominal cost. The move is expected to benefit clients, especially seniors and Divyangs who would find it comfortable to avail of these services.

EASE 2.0 Index:

  • EASE Agenda aims to institutionalize a clean and smart bank. The index was launched in January 2018. The EASE 2.0 reform action points, which are based on EASE 1.0, aim to strengthen processes and systems, make the path of reform irreversible, and generate results.
  • The PSBs have shown a healthy trajectory in their performance over four quarters since the launch of the EASE 2.0 reform program.
  • The top three in the “Best performing banks” category are: Bank of Baroda, State Bank of India and formerly Oriental Bank of Commerce
  • In the “Best Improvers” category: The Bank of Maharashtra, the Central Bank of India and the former Corporation Bank were awarded.

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