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Punjab National Bank Bags the EASE Reforms Index Award

Finance Minister Arun Jaitley unveils first ever EASE Index Report analysing the health of the Public sector Banks and said PSBs are the lifeline of Indian economy
New Delhi: The Indian Banks Association (IBA) organized its conference on ‘Reforms Journey for EASE in Public Sector Banks (PSBs) in New Delhi on Thursday. Finance Minister Arun Jaitley, unveiled the first-ever Enhanced Access and Service Excellence (EASE) Index Report at the event and gave away the awards in various categories to the best performing Public Sector Banks. Awards rained for PNB Punjab National Bank was awarded the ‘EASE Reforms Index Award’ which was an overall award for best performance throughout in all categories. Sunil Mehta, the Managing Director and CEO, of PNB, received the award alongwith his team from the finance minister. 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. Bank's turnaround will be guiding light Commenting on the PNB’s turnaround, he added, “I am glad to notice that Punjab National Bank, which had suffered a 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.

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

While Chairman and CEO Sunil Mehta thanked Jaitley for legislative support and 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 willful defaulters and economic offenders. PNB is committed to responsible and clean banking and take the EASE agenda forward.” Report prepared by IBA & Boston Consulting Group The report is an outcome of joint Indian Banks' Association partnership with BCG that aimed to identify the parameters that needed to be improved based upon PSB's clean banking reforms agenda. Mr Jaitley was joined on the stage by Rajiv Kumar, Secretary, DFS, BP Sharma, Chairman of the Bank Boards Bureau and Saurabh Tripathi, APAC Leader - Financial Practice, BCG.