More retirement for bank employees to overseas enrollment roadmap – these are the highlights of the EASE 4.0 address from Minister of Finance Nirmala Sitharaman
- Minister of Finances
Nirmala Sitharamanconducted an annual performance review of public banks in Mumbai on August 25.
- The policy to increase the payment of the pension to
bank clerks, which will allow them to get even 30% of their salary.
- The government could announce a new decision allowing Indian companies to be listed directly abroad in the Union budget of February 2022.
Indian Finance Minister Nirmala Sitharaman, who launched the
EASE 4.0 is the fourth edition of the Indian Government’s Access and Service Excellence (EASE) Improvement Policy launched in January 2018. The government aims to create a common reform agenda for public sector banks with this policy.
These are the main highlights of the review –
- The payment of pensions for bank employees has been increased to 30% of the last salary received and can go up to 35,000.
- Employees’ contribution to the pension corpus now stands at 14%. Currently, banks only contribute 10%.
- Public sector banks contacted the Reserve Bank of India (RBI) this week to get a bad bank license.
- The government would be present in the fields of life insurance, general insurance and reinsurance.
- The government has reduced tariffs on several edible oil products to control inflation.
- The government could announce a new decision allowing Indian companies to be listed directly abroad, in the Union budget of February 2022.
- Banks are urged to develop specific plans for the organic fruit sector in North East, Bengal and Odisha.
- The Union government estimates that inflation will remain in the 4-6% ranges.
- Sitharaman also said it was too early to say whether or not credit resumed.
- Public sector banks reported a profit of 31,817 crore after five consecutive years of losses.
- Non-performing assets (NPA) have fallen from 62,000 crore in the past year to 6.16 lakh crore.
- Fraud cases increased to 2,903 during the 2020-2021 fiscal year.
The report also notes that public sector banks approached the Reserve Bank of India (RBI) this week to obtain a license for the National Asset Reconstruction Company Ltd (NARCL) or bad banks, which will buy
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