Pariksha SaathiGovernment constitutes the High Level Committee on Banking for Viksit Bharat, with former Central Vigilance Commissioner Suresh N. Patel as Chairman
The Government of India has constituted a High Level Committee on Banking for Viksit Bharat to undertake a review of India's banking sector and recommend the structural, institutional, regulatory and legislative reforms necessary to make it globally competitive, financially inclusive and resilient for Viksit Bharat, 2047, the Ministry of Finance said on 30 October 2026. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman had announced the setting up of the Committee in her Budget speech 2026-27. Suresh N. Patel, former Central Vigilance Commissioner, will be the Chairman; the members are 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), and the Joint Secretary (Banking), Department of Financial Services, will be the Member Secretary. The tenure of the Committee is six months. Its terms of reference are to: assess present banking practices and prudential norms, identify global best practices and adapt them suitably for the Indian banking system, and provide a roadmap for creating globally competitive banks; review the existing regulatory and legal frameworks for banks, including Regional Rural Banks and Cooperative Banks, and suggest reforms to bring in efficiency and enable ease of doing banking for Viksit Bharat; assess the long-term capital requirements for banks, including Development Financial Institutions and Non-Banking Financial Companies, with recommendations on funding sources and enabling mechanisms to support credit growth; examine differences in cost of capital for business and suggest policy options to boost private investment for sustainable growth; prepare a roadmap for AI and digital innovation in banking institutions with safeguards against cyber risks, and suggest a strategy for talent acquisition and capacity building for a future-ready banking workforce; review the Priority Sector Lending framework and the Lead Bank Scheme to assess their relevance, effectiveness and coordination; and make recommendations on any other matter referred to it by the Government of India.
Drafted with AI assistance from the official PIB release linked above and checked against it by a second AI pass. Not line-edited by a human.
Learning context
Presenting the Union Budget 2026-27 in Parliament on 1 February 2026, Union Finance and Corporate Affairs Minister Nirmala Sitharaman proposed setting up a 'High Level Committee on Banking for Viksit Bharat' to comprehensively review the financial sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion and consumer protection. The Budget noted that the Indian banking sector is characterised by strong balance sheets, historic highs in profitability, improved asset quality and coverage exceeding 98% of villages in the country. The same Budget proposed restructuring the Power Finance Corporation and the Rural Electrification Corporation to achieve scale and improve efficiency in the Public Sector NBFCs, and, to encourage large cities to issue municipal bonds of higher value, an incentive of ₹100 crore for a single bond issuance of more than ₹1,000 crore.
Check yourself: in which Union Budget was the Committee proposed, and which two public sector NBFCs did the same Budget propose to restructure?
The Union Budget 2026-27, presented on 1 February 2026; the Power Finance Corporation and the Rural Electrification Corporation.
Revision task: from this release, note the Committee's name, its Chairman, members and Member Secretary, its tenure, the goal year it is to work towards and its terms of reference; from the note, when and how the Committee was proposed, the Budget's description of the banking sector and the two NBFCs it proposed to restructure.
Test yourself
Who will be the Chairman of the High Level Committee on Banking for Viksit Bharat constituted by the Government of India?
Show the answer
Answer: Suresh N. Patel
Suresh N. Patel, former Central Vigilance Commissioner, will be the Chairman of the Committee. Shirish Chandra Murmu (Deputy Governor, RBI), Padmaja Chunduru (former MD & CEO, Indian Bank) and N S Vishwanathan (former Deputy Governor, RBI) will be its members, and its tenure is six months. Finance Minister Nirmala Sitharaman had announced the Committee in her Budget speech 2026-27.
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