New Delhi: The Annual Performance Review Meeting (FY 2020-21) of Public Sector Banks was held. The meeting was attended by Union Finance Minister Nirmala Sitharaman. He met the chiefs of all the 12 public sector banks. Addressing the media after the meeting, Sitharaman made a big announcement on the pension of banking employees.

According to this announcement, if a banking employee dies, his family will get 30 percent of the last salary as a family pension. Earlier, in such cases, the family pension used to be Rs. 9284. As a family pension, the family of banking employees can now get a maximum pension of up to Rs. 35,000. The Finance Ministry has given the green signal to increase the contribution of banks under the NPS under the Employees Pension Scheme. Now the contribution of banks to NPS for their employees has been increased to 14 percent. At first, it was 10 percent.

Earlier, Nirmala Sitharaman today launched the EASE 4.0 (Enhanced Aces and Service Excellence) program. The fourth phase of the program has been launched to improve public sector banks. This will help in smart banking. EASE 4.0 will provide more information about agricultural loans and will become data-based. There will be better coordination between the number of banks in the financial ecosystem, which will improve the banking sector. Apart from this, there will be an improvement in the sector of banking technology and governance.

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