INSIGHT UPSC QUIZ

Science & Technology General Science
Q.

In context of ‘EASE 4.0’, Consider the following statements:

1. It is a reform agenda for Public Sector Banks to institutionalize clean and smart banking.

2. It creates a 24x7 banking system with resilient technology. 

Which of the statement(s) given above is/are correct?

Explanation:

 ANSWER: (C)

  • Statement 1 is correct. 

Recently, the Union Finance Minister undertook the annual performance review of the public sector banks (PSBs) and launched the EASE 4.0 or Enhanced Access and Service Excellence Reform Agenda. EASE 4.0 is a common reform agenda for PSBs aimed at institutionalizing clean and smart banking.

  • Statement 2 is correct. 

EASE 4.0 commits PSBs to tech-enabled, simplified and collaborative banking to further the agenda of customer-centric digital transformation. Following major themes were proposed under this:

  • 24x7 Banking: Under EASE 4.0, the theme of new-age 24x7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services.
  • Focus on North-East: Banks have also been asked to come up with specific schemes for the North-East.
  • Bad Bank: The proposed bad bank is very close to getting a licence. A bad bank is a bank set up to buy the bad loans and other illiquid holdings of another financial institution.

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