CURRENT AFFAIRS

Detailed explanation-1: -Nirmala Sitharaman launches EASE 5.0 ‘Common reforms agenda’ for PSBs. The EASE Next program’s EASE 5.0 ‘Common reforms agenda’, developed for Public Sector Banks (PSBs), was launched via video-conferencing by Ms. Nirmala Sitharaman, Minister of Finance and Corporate Affairs, in New Delhi on June 8.

Detailed explanation-2: -This committee was formed right after the economic crisis. It suggested – Autonomy in Banking, Reforms in the role of RBI, Change in CRR and SLR, Recovery of Debts, Freedom of Operation, Local Area Banks, Prudential Norms, and Entry of Foreign Banks.

Detailed explanation-3: -Enhanced Access & Service Excellence (EASE) is an initiative by the DFS (GOI) as part of the PSB Reforms Agenda and is currently under its fifth iteration which focuses on Enhanced Digital experience, Integrated and Inclusive Banking.

Detailed explanation-4: -Banking Reforms The reforms in the Indian banking sector have been introduced to increase the efficiency, stability, and effectiveness of banks. Some of these recent reforms are: National Asset Reconstruction Company Limited (NARCL): Setting up of the NARCL was announced in the Union Budget 2021-22.