FM Nirmala Sitharaman launches EASE 4.0, asks PSBs to come up with special package for the North East

Union finance minister Nirmala Sitharaman on Wednesday addressed the media on the annual performance review of the public sector banks (PSBs). She launched the EASE 4.0 or Enhanced Access and Service Excellence – a common reform agenda for PSBs aimed at institutionalising clean and smart banking.

FM Sitharaman, who is in Mumbai, met heads of public sector banks (PSBs) today. “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,” FM Nirmala Sitharaman said.

Here’s what the Finance Minister said:

  • There will be credit outreach efforts by banks in every district of this country to keep the momentum of stimulus, said FM Sitharaman
  • Despite the customer requirements during COVID-19 pandemic, work of amalgamation of banks has not suffered, FM stated.
  • “Collectively PSBs have done very well PSBs have shown that they are in a position to come to the market and raise funds” FM added.
  • Further, the Banks have been asked to come up with special plans for northeast states, she said.
  • ”Logistics, export needs of North Eastern states need to be looked after individually.  As Prime Minister has suggested banks need to cater to the demand of organic fruit sector of Northeast, market reach for northeastern products,” said Finance Minister Nirmala Sitharaman.
  • She also asked the banks to interact with export promotion councils and noted that the nature of banking is changing and the industry realised avenues of raising funds changing.
  • Sitharaman said that sunrise and fintech sectors need support from banks and added that she has asked the PSBs to improve credit flow to eastern states.
  • She further said that she has requested banks to work with state governments to push the ‘one district, one export’ agenda.
  • In eastern states, Bihar, WB, Jharkhand, CASA deposits are piling up, so banks should provide facilities to provide credit flow for business development in these regions, said Finance Minister
  • Revenue secretary Tarun Bajaj, who was also present at the media briefing, said the direct listing of companies on the overseas platforms is under consideration.

Finance Minister is on a two-day visit to Mumbai, where she is undertaking the annual performance review of public sector banks for the financial year 2020-21 today, with the heads of all PSU banks.

Sitharaman on Tuesday interacted with industry captains at a Confederation of Indian Industries (


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