The Government of India has constituted the ‘High Level Committee on Banking for Viksit Bharat’ to review the country’s banking sector and recommend structural, institutional, regulatory, and legislative reforms. Announced by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman during the Budget 2026-27 speech, the committee’s objective is to make the banking system globally competitive, financially inclusive, and resilient.
Shri Suresh N. Patel, former Central Vigilance Commissioner, will serve as the Chairman of the Committee. The members include Shri Shirish Chandra Murmu (Deputy Governor, RBI), Smt. Padmaja Chunduru (Former MD & CEO, Indian Bank), and Shri N S Vishwanathan (Former Deputy Governor, RBI). Additionally, the Joint Secretary (Banking) from the Department of Financial Services will act as the Member Secretary. According to the release, the tenure of the committee is six months.
The committee’s terms of reference include assessing present banking practices, reviewing regulatory frameworks for banks, assessing long-term capital requirements, examining capital cost differences for businesses, preparing a roadmap for AI and digital innovation, and reviewing the Priority Sector Lending framework and Lead Bank Scheme.
What it means
- The committee will function for a tenure of six months.
Source
Press Information Bureau, Government of India, “The Government of India Constitutes the ‘High Level Committee on Banking for Viksit Bharat’”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
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