Union Finance Minister Nirmala Sitharaman once again made it clear that the government will continue to have minimum stake in the life insurance, general insurance and reinsurance sectors as it is a strategic sector related to the common people.

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While answering a question asked by Zee Business during the review meeting of public sector banks in Mumbai, the Finance Minister said that the insurance sector is a strategic sector of great importance, so the government will never be completely out of this sector.

 

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However, companies will be merged and shares will be sold according to the need, she added.

On the timeline of privatization of banks and insurance companies and the concern of the employees, Sitharaman said that the employees should not panic and worry. She said that the government will completely protect their interests during privatisation.

It can be noted that the Finance Minister Nirmala Sitharaman on Wednesday chaired the Annual Performance Review Meeting with the heads of 12 Public Sector Banks, in Mumbai after which she also launched "Enhanced Access and Service Excellence" (EASE) 4.0.

During the launch of EASE 4.0, a 30 per cent hike in pension payout to bank staff on the basis of the last drawn salary was also announced.

The EASE (Enhanced Access and Service Excellence) is a common reform agenda for Public Sector Banks aimed at institutionalizing clean and smart banking. Its first edition EASE 1.0 was launched in January 2018. 

The salient features of EASE 4.0 launched by Sitharaman are data-enabled agricultural credit, collaboration amongst financial ecosystem players, EASE of credit: further simplified, instantaneous, empowered customers and hassle-free experience, and accelerated push of technology, HR and governance reforms.