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High-Level Banking Committee Constituted for 'Viksit Bharat'

  • 31 Oct 2026

On 30 October 2026, the Central Government constituted a high-level committee chaired by former Central Vigilance Commissioner Suresh N. Patel to recommend banking reforms aligned with the vision of 'Viksit Bharat 2047'.

Key Facts

  • Primary Objective: The committee will recommend structural, institutional, regulatory, and legislative reforms to make the banking sector globally competitive, financially inclusive, and resilient to crises.
  • Chairman: Former Central Vigilance Commissioner (CVC) Suresh N. Patel has been appointed as the Chairman of the committee.
  • Other Members: RBI Deputy Governor Shirish Chandra Murmu, former MD & CEO of Indian Bank Padmaja Chunduru, and former RBI Deputy Governor N. S. Vishwanathan serve as members.
  • Member Secretary: The Joint Secretary (Banking) in the Department of Financial Services, Ministry of Finance, will serve as the Member Secretary of the committee.
  • Tenure: The tenure of the committee is set at six months. Its formation was announced by Finance Minister Nirmala Sitharaman during the Union Budget 2026–27.
  • Banking Regulation: The committee will review the regulatory and legal frameworks governing banking institutions, including Regional Rural Banks (RRBs) and Cooperative Banks.
  • Capital Requirements: The panel will assess the long-term capital requirements and funding sources of banks, Development Finance Institutions (DFIs), and Non-Banking Financial Companies (NBFCs).
  • Investment Promotion: It will analyze variations in the cost of capital for businesses and suggest policy measures to encourage private investment and sustainable economic growth.
  • Digital Banking: The committee will formulate an action plan for adopting AI and digital innovation in banking institutions, along with measures to protect against cyber risks.