On Wednesday, Nirmala Sitharaman introduces doorstep banking services by Public Sector Banks. This is to provide the convenience of banking services to people at their doorstep. The State Service providers will deploy banking agents at 100 centers across the country. Besides, doorstep banking services can be rendered through these agents. The announcement was one by the finance minister at a press release. She also participates in the awards ceremony to felicitate the best performing banks as per EASE Banking Reforms Index. Moreover, the services will benefit all customers especially Diavyangs and Senior Citizens. It will start from October 2020 and the customers can avail it through nominal charges. At present, there are only non-financial services available to customers. This new policy is soon to change the face of public banking forever.
Nirmala Sitharaman EASE 2.0 Index
EASE Agenda is a common reform agenda for PSBs. It aims at institutionalizing smart and clean banking services. Besides, this program was launched in January 2018. And EASE 2.0 is the subsequent edition of the program. It is built on the already existing foundation but further progresses its reforms. EASE 2.0 aims at making the reforms journey irreversible thereby strengthening systems and driving outcomes. Since the launch of this agenda, PSBs shows a healthy trajectory in its performance. This is for over four quarters. Besides, the overall score of PSBs raised up to 37% between March 2019 and March 2020.
The press release says,
“Doorstep Banking is envisaged as a part of EASE reforms. It will provide the convenience of banking services to the customers at their doorstep. This will be through universal touchpoints of Mobile App, Web Portal and Call Centre. Customers can also track their service requests through these channels”.
Between March 2019 to March 2021, there have been major achievements in the PSB sector. Most customers of public banks now have access to over 35 services. These services include NEFT, IMPS, and RTGS. Others include intra-bank transfer, checkbook requests on the mobile, account statement, and Internet banking. There are also 23 other services. This includes services such as cheque book issuance, issuance of form 16A, cheque status, and block/activate the debit card on the call center. However, these services have almost doubled since the last 24 months.
In India, nearly 4 crore active customers are using the internet and mobile banking. It increases the finances to up to 14% through online banking channels. And up to 50% through digital means transactions.