"Reforms in the banking sector will empower public sector banks to become clean, competitive, have more liquidity and contribute to the growth of Indian economy on a greater scale." : FM

FM awards 'EASE Reforms Index Award' to PNB MD & CEO

FM awards 'EASE Reforms Index Award' to PNB MD & CEO

I am glad to notice that Punjab National Bank, which had suffered financial and reputational loss last year, has rapidly transformed, won numerous awards and declared a profit in less than three financial quarters."

Mr Arun Jaitley

Union Finance Minister

Thesynergyonline Banking Bureau

NEW DELHI, FEBRUARY 28 :

The Indian Banks' Association (IBA) today organized an Awards program on 'Reforms Journey for EASE in Public Sector Banks (PSBs). The Finance Minister, Mr Arun Jaitley, unveiled the first ever Enhanced Access and Service Excellence (EASE) Index Report at the event and recognized the best-performing public sector banks as per the EASE Reforms Agenda

Best performing PSBs

The Finance Minister was joined by Mr Rajiv Kumar, Secretary, Department of Financial Services, Ministry of Finance , Mr B P Sharma, Chairman of the Bank Boards Bureau; Mr Sunil Mehta, Chairman, IBA and MD & CEO, Punjab National Bank as well as Mr Saurabh Tripathi, APAC Leader - Financial Practice, BCG along with the leadership team of all PSBs.

IBA's partnership with the Boston Consulting Group

The report is a result of IBA's partnership with the Boston Consulting Group (BCG) last year they aimed to identify parameters to be improved upon basis PSB Reforms Agenda EASE.

PNB to take the EASE agenda forward

The Union Minister for Finance, Mr Arun Jaitley, awarded the best performing PSBs.

Reforms were long due

Addressing the participants he said, "These reforms were long due and is a combination of compulsion and conviction faced by Indian Public Sector Banks. Past practices like phone banking, loan pushing and manufacturing equity using loans and willfully defaulting by borrowers will not be tolerated any more and legislation like the IBC has been enacted to ensure this.

Reforms in the banking sector will empower public sector banks to become clean, competitive, have more liquidity and contribute to the growth of Indian economy on a greater scale. He also appreciated the large quantum of recoveries from Non Perforning Assets in the recent past "

He awarded the 'EASE Reforms Index Award' to Mr Sunil Mehta, Managing Director and CEO, PNB. The bank was also declared the winner in the award categories 'Customer Responsiveness Award',

Responsible Banking Award' and the 'Credit Off-take Award along with being declared the First Runners Up in 'Deepening Financial inclusion and Digitalization Award' category. Commenting on the bank's turnaround, he added, "I am glad to notice that Punjab National Bank, which had suffered financial and reputational loss last year, has rapidly transformed, won numerous awards and declared a profit in less than three financial quarters."Banks like Indian Overseas Bank, State Bank of India, Bank of Baroda, Canara Bank, Union Bank of India, Bank of Maharashtra and Oriental Bank of Commerce were also awarded in different categories at the event.

Earlier, Mr Rajiv Kumar Secretary DFS gave a brief introduction on the origin and purpose of the EASE Agenda. Mr Saurabh Tripathi of BCG made a short presentation on the EASE Reform Index .

Mr Sunil Mehta, Chairman IBA as well as MD & CE0, PNB, welcomed and thanked the Union Minster of Finance for legislative support. Speaking at the event, he said "The implementation of the of Indian Bankruptcy Code and better corporate governance practices have empowered bankers to move towards a more transparent banking system and to take action against willfuldefaulters and economic offenders. PNB is committed to responsible and clean banking and take the EASE agenda forward."

An E -Bक्रय platform facilitating a single point location wise search option, of all Properties auctioned by PSBs was also formally launched by the the Finance Minister Mr Arun Jaitley . Mr Jaitley applauded efforts made by IBA on this .

Legislation like the IBC has been enacted to ensure this