Union Bank of India Secures 1st Rank in EASE Reforms Index for Q3 FY23

Current Context: Union Bank of India, for the first time, secured 1st rank as per the report on EASE Reforms Index for Q3 FY 2022-23 published by Indian Banks’ Association (IBA).

• EASE stands for Enhanced Access & Service Excellence, which is an initiative by the Department of Financial Services (DFS) as part of the PSB Reforms Agenda.
• The bank has performed well in areas such as digitally-enabled customer offerings, big data and analytics, modern technology capabilities, and employee development and governance.

Question:

Q.1 What does EASE stand for in EASE Reforms Index?
a. Enhanced Access & Service Excellence
b. Efficient Administration & System Efficiency
c. Effective Audit & Security Enforcement
d. Economic Advancement & Social Empowerment