Public-sector banks to introduce schemes aiding female entrepreneurs

Public-sector banks (PSBs) are set to introduce specialized financial schemes for women, particularly entrepreneurs and startup founders, who often struggle to secure funding through existing channels. This initiative is part of the Enhanced Access and Service Excellence (EASE 7.0) reforms agenda, mandated by the department of financial services. EASE 7.0 focuses on various aspects such as risk assessment, non-performing asset management, financial inclusion, customer service, and digital transformation.

With women playing a pivotal role in the recent general elections, accounting for approximately 312 million voters, there is a growing recognition of the need to support and empower women in various spheres. The latest EASE reforms include provisions for special banking services tailored for women entrepreneurs and ‘loan melas’ to facilitate financial support for their ventures. PSBs will also facilitate connections between women founders and startup incubators to aid in the scaling of their ventures.

The EASE reforms have been a strategic focus for the banking industry since FY19, aimed at enhancing the capabilities of PSBs to meet evolving industry demands. Governed by the EASE steering committee of the Indian Banks’ Association, these reforms aim to establish and reinforce best practices to improve customer service across PSBs. While earlier versions of EASE focused on foundational aspects and operational gaps, the latest iterations, including EASE 7.0, aim to drive digital innovation, analytics adoption, and overall performance improvement among PSBs.

Re-reported from the article originally published in mint.