Banking Current Affairs - 2020

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EKAM Fest: Event to Promote craftsmanship and products of Divyang entrepreneurs

A week-long festival called “EKAM FEST” was organized to promote the products of Divyang artisans and entrepreneurs. More than 80 Divyang entrepreneurs and artisans participated in the event.

Highlights

The event focuses to promote knowledge and entrepreneurship of Divyang Community. It also aims to market their opportunities. The event was organized by NHFDC (National Handicapped Finance and Development Corporation). The NHFDC also launched the NHFDC Swavalamban Kendra (NSK), an initiative to establish micro skill training centre for Divyangs

NHFDC

The NHFDC operates under Ministry of Social Justice and Empowerment. It was established in 1997. The Company provides financial assistance to divyangs and persons with disabilities. Currently it is implementing Vishesh Microfinance Yojana

Vishesh Microfinance Yojana

Under the scheme, NHFDC finances income generating schemes of Disabled persons. This is being done by signing agreement with Public Sector Banks, Regional Rural Banks and other financial institutions. The main objective of the scheme is to reach out unbanked population and promote inclusive livelihood.

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EASE 3.0 launched by the Finance Minister to enhance Ease of Banking

On February 26, 2020, the Finance Minister Nirmala Sitaraman launched Enhanced Access and Service Excellence (EASE 3.0). It was launched along with the annual report of EASE 2.0 at a function organized by Indian Banks’ Association.

Highlights

The main aim of EASE 3.0 is to make public sector banking technology enabled and smart. By this the initiative intends to achieve ease of banking for customers. Along with its launch, the GoI has also warned about the over reliance of the state-run banks on credit rating agencies while sanctioning loans.

What is EASE?

EASE is set of technology-based banking reforms. It aims at improvising banking sector with technology. It ensures wider financial inclusion, better banking experience and easier credit distribution.

Significance

The initiative will enhance paperless, digital banking. It will also support other GoI initiatives such as Udyami Mitra, credit take-off, Dial-a-loan and credit at a click. EASE will increase the reach all these initiatives and improve the standards of banking sector.

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