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Finance ministry plans to do consumer service rating of banks: Secretary Malhotra

Finance ministry plans to do consumer service rating of banks: Secretary Malhotra

Atul Kumar Goel, MD & CEO, PNB received the EASE 4.0 Reforms Index Award from Dr. Bhagwat Kishanrao Karad, MoS, Finance, in presence of Sanjay Malhotra, secretary, DFS

BoB, SBI, and Canara Bank win top awards

The finance ministry is planning to do a consumer service rating of all the public and private sector banks said Financial Services Secretary Sanjay Malhotra. He was speaking after felicitating the winners of PSB Reforms EASE Agenda 4.0 after the 75th AGM of IBA.

Stating that the needs of the consumers are changing, Malhotra exhorted all banks to pay adequate attention to consumer service. “The banking industry is placed quite comfortably. India has become the fifth largest economy and the banking industry has to continue the good work to support the economy in our growth going forward. Thanks in part to structural shifts, the credit to industry has decreased in recent times; we need to support the industry due to the huge multiplier effect it has on the economy. Credit to service and MSME sectors are other areas where banks need to concentrate more. Private sector banks need to play a bigger role in financial inclusion and in the implementation of government schemes such as PMGKY, and PMJDY. Embrace technology in line with changing consumer needs,” he added.

MoS, Finance Dr. Bhagwat Karad said: “The new schemes have increased digital lending and coverage. Our government brought in many developments such as changes in the credit cycle, increasing digitalization and regulatory changes such as IBC, and discontinuation of over-greening of bad loans, and net NPA has declined. Hence, all PSBs have turned profitable.”

The Award Winners

BoB, SBI, and Canara Bank have won top awards for ‘PSB Reforms EASE Agenda 4.0’. While Bank of Baroda received the first prize among PSBs for the best overall performance on PSB Reforms EASE Agenda 4.0, State Bank of India and Canara Bank have been ranked second and third respectively. Indian Bank emerged as the ‘Top Improver’ across all PSBs. Union Bank of India bagged three awards under themes of Governance and outcome-centric HR – (winner), New Age 24*7 banking with resilient technology (2nd runner-up), and collaborating for synergistic outcomes (2nd runner-up). Punjab National Bank being awarded the first runner-up position under Tech-enabled Banking and Governance and HR.

Malhotra, Karad, and Finance Minister Nirmala Sitharaman felicitated the award winners.

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