PSB lenders await board approvals
A reforms agenda is a new hope for India’s cash-strapped Micro, Small and Medium Enterprises (MSMEs) but depends on its adoption by the boards of Public Sector Banks (PSBs).
This reforms agenda aims to Enhanced Access & Service Excellence (EASE). It encapsulates a synergistic approach to ensuring prudential and clean lending, better customer service, enhanced credit availability as well as focus on better governance.
The agenda based on recommendations made by Whole-Time Directors and senior management of PSBs has been referred by the Government to PSBs for action as per approval by the bank’s Board, Minister of State for Finance Shiv Pratap Shukla has told Rajya Sabha in a written reply on 24 July 2018.
Reforms in the agenda inter alia include enhanced ease of financing for MSMEs through financial technologies (FinTech), automated processing of MSME proposals through www.udyamimitra.in, online application facility and automated decision for all micro enterprise loans, banking from home and mobile for enhanced customer comfort, promoting digital banking etc.
In furtherance of EASE, PSBs would assess technology solutions including FinTech based solutions on an ongoing basis. fiinews.com