Year End Review of Department of Financial Services
- Context (PIB): A year-end recap of Department of Financial Services (Ministry of Finance) initiatives was released.
Enhanced Access and Service Excellence (EASE) Reforms
- The EASE Reforms are governed by the EASE Steering Committee of the Indian Bank’s Association.
- Gyan Sangam – 2016 and PSB Manthan- 2017 inspired the EASE reform.
- EASE Awards are given to banks for annual performance in the EASE Agenda.
- PSB Manthan 2.0 (2022) resulted in the launch of the EASENext program.
- EASE 6.0 (FY24) targets digital enablement, analytical operations, and Tech-enabled capability building.
Indian Banks’ Association (IBA)
|
UPI related initiatives
- E-RUPI: Person- and purpose-specific voucher management system to enable direct benefit transfer.
- 123 Pay: UPI for feature phone users, available in 20 languages.
- Credit Line on UPI: Enables pre-sanctioned credit lines from banks via UPI.
- Hello! UPI: An AI-voice-enabled payment feature built by Bhashini (under MeitY) and NPCI allows users to make conversation-based UPI transactions in Hindi and English using feature phones and smartphones.
- UPI LITE X: Addresses challenges of remote areas by enabling offline UPI payments.
