The Union government unveiled on Wednesday, January 24, its detailed recapitalization plan for public sector banks (PSBs) announced in October last, including a reforms package across six themes that cover 30 action points in terms of responsiveness, responsible banking, and credit offtake. At a presser, Finance Minister Arun Jaitley, Finance Secretary Hasmukh Adhia, Financial Services Secretary Rajiv Kumar, and Economic Affairs Secretary Subhash Garg laid out the capital infusion plan for 2017-18 that includes Rs 80,000 crore through recapitalization bonds and Rs 8,139 crore as budgetary support. The bonds will have a maturity period of 10-15 years and would be issued in six tranches. They will be non-statutory Liquidity Ratio and non-tradable bonds priced at a three-month average plus a certain spread decided by the government. The reform plan sets a goal of 'Enhanced Access and Service Excellence (EASE)' and the six pillars to achieve this include customer responsiveness, responsible banking, credit offtake, PSBs as Udyami Mitra, deepening financial inclusion, and digitalization and developing personnel. Further, it was made clear that the capital infusion for the PSBs would be contingent on performance. The government said that the whole-time directors of the PSBs would be assigned theme-wise reforms to oversee. Their performance on the themes would be evaluated by the boards of the banks. The government also said that it would hire an independent agency to conduct a survey of the PSBs on the aspects of EASE to measure public perception about improvements in access and service quality. The results of the survey would be made public each year. The recapitalization and reform agenda includes a commitment to banking services within five km of every village, a refund within 10 days of any unauthorized debit in electronic transactions, a mobile app designed to locate banking outlets, and a mobile ATM in every under-served district.