New Delhi: The Government of India has constituted the High Level Committee on Banking for Viksit Bharat to review India’s banking sector and recommend structural, institutional, regulatory and legislative reforms needed to make it globally competitive, financially inclusive and resilient in line with the goals of Viksit Bharat, 2047.
The High Level Committee on Banking for Viksit Bharat was announced in the Union Budget 2026-27 by Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman.
The committee will undertake a comprehensive review of the banking sector and recommend reforms aligned with the long-term requirements of the Indian economy.
Suresh N. Patel, former Central Vigilance Commissioner, will serve as the Chairman of the High Level Committee on Banking for Viksit Bharat.
The committee will have three distinguished experts as members:
- Shirish Chandra Murmu, Deputy Governor, Reserve Bank of India;
- Padmaja Chunduru, former MD & CEO, Indian Bank; and
- N S Vishwanathan, former Deputy Governor, Reserve Bank of India.
The Joint Secretary (Banking), Department of Financial Services, will serve as the Member Secretary of the committee.
The tenure of the High Level Committee on Banking for Viksit Bharat will be six months.
Terms of Reference of the High Level Committee on Banking for Viksit Bharat
The committee has been tasked with assessing the present banking practices and prudential norms and identifying global best practices that can be suitably adapted for the Indian banking system.
It will also provide a roadmap for creating globally competitive banks.
- The High Level Committee on Banking for Viksit Bharat will review the existing regulatory and legal frameworks applicable to banks, including Regional Rural Banks and Cooperative Banks.
- It will suggest reforms aimed at improving efficiency and enabling ease of doing banking for Viksit Bharat.
- The committee will also undertake an assessment of the long-term capital requirements of banks, including Development Financial Institutions and Non-Banking Financial Companies.
Based on this assessment, it will make recommendations on funding sources and enabling mechanisms to support credit growth.
Another area of focus for the High Level Committee on Banking for Viksit Bharat will be the differences in the cost of capital for businesses.
The committee will suggest policy options aimed at boosting private investment for sustainable growth.
The committee will also prepare a roadmap for AI and digital innovation in banking institutions while providing safeguards against cyber risks.
It will further suggest a strategy for talent acquisition and capacity building to ensure a future-ready workforce for the banking sector.
The High Level Committee on Banking for Viksit Bharat will also review the Priority Sector Lending framework and the Lead Bank Scheme.
The review will assess their relevance, effectiveness and coordination in promoting inclusive, balanced and data-driven credit delivery aligned with evolving economic priorities and financial inclusion goals.
The committee will also make recommendations on any other matter referred to it by the Government of India.
