⚡ Viksit Bharat Banking Overhaul: The Ministry of Finance has officially constituted a High-Level Committee on Banking for Viksit Bharat, appointing former Central Vigilance Commissioner Suresh N. Patel as Chairman. Tasked with delivering a futuristic reform blueprint within six months, the 5-member expert panel will focus on global bank competitiveness, AI integration, modernizing Priority Sector Lending, and securing long-term capital for economic growth.
High Level Committee on Banking for Viksit Bharat 2047(AI Imsge)
Govt Constitutes High-Level Committee on Banking for Viksit Bharat Under Former CVC Suresh N Patel
New Delhi: In a landmark step toward modernizing India’s financial landscape for the vision of Viksit Bharat 2047, the Government of India has officially constituted a High-Level Committee on Banking for Viksit Bharat. First announced by Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, during her Budget 2026-27 speech, the newly appointed body will review the national banking sector to recommend comprehensive structural, legal, regulatory, and institutional reforms.
The committee has been mandated to complete its deliberations and submit a comprehensive reform roadmap within a tight tenure of six months.
High-Level Committee Composition
The five-member panel brings together distinguished administrative leaders, regulatory veterans, and veteran commercial bankers:
| Role in Committee | Appointee Details & Designation |
|---|---|
| Chairman | Shri Suresh N. Patel, Former Central Vigilance Commissioner (CVC) |
| Member | Shri Shirish Chandra Murmu, Deputy Governor, Reserve Bank of India (RBI) |
| Member | Smt. Padmaja Chunduru, Former MD & CEO, Indian Bank |
| Member | Shri N S Vishwanathan, Former Deputy Governor, Reserve Bank of India (RBI) |
| Member Secretary | Joint Secretary (Banking), Department of Financial Services (DFS) |
Key Terms of Reference: Shaping India’s Financial Roadmap
The Department of Financial Services has outlined seven critical mandates for the panel to address during its 6-month review:
- Global Benchmarking & Prudential Norms: Assess current domestic banking practices, benchmark them against global standard setters, and adapt best practices to develop internationally competitive Indian financial institutions.
- Legal & Regulatory Reform: Review legal frameworks across Commercial Banks, Regional Rural Banks (RRBs), and Cooperative Banks to boost operational efficiency and drive 'ease of doing banking'.
- Capital Access & Long-Term Funding: Assess long-term capital requirements across banks, Development Financial Institutions (DFIs), and Non-Banking Financial Companies (NBFCs) to create resilient credit flow mechanisms.
- Cost of Capital & Private Investment: Examine disparities in the cost of capital for businesses and formulate policy interventions aimed at accelerating private sector investments.
- AI Roadmap, Digital Innovation & Cyber Safety: Prepare an actionable strategy for artificial intelligence adoption and digital innovation while instituting strong cyber risk safeguards and talent building programs for bank workforces.
- Modernizing Priority Sector Lending (PSL): Evaluate the relevance and coordination of the Priority Sector Lending framework and Lead Bank Scheme to ensure credit delivery remains inclusive, balanced, and data-driven.
- Government Mandated References: Address any additional matters referred to the panel by the Union Government during its operational period.
💡 Why This Reform Panel Matters for India 2047
As India targets developed-economy status by 2047, robust banking intermediation is crucial. By simultaneously tackling technological adaptation (AI & cybersecurity), credit cost reduction, regulatory modernization for rural/cooperative sectors, and priority lending execution, this committee's recommendations will set the benchmark for Indian financial policy over the next decade.
Frequently Asked Questions (FAQs)
Q1: Who is the Chairman of the High Level Committee on Banking for Viksit Bharat?
Ans: Former Central Vigilance Commissioner (CVC) Shri Suresh N. Patel has been appointed as the Chairman of the High-Level Committee.
Q2: What is the tenure of the High Level Banking Committee?
Ans: The committee has been given a mandatory tenure of six months from its constitution to submit its final recommendations.
Q3: When was this banking committee first announced?
Ans: Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, announced the proposal to set up this committee during her Union Budget 2026-27 presentation.
Q4: Will the panel examine Artificial Intelligence (AI) and cybersecurity?
Ans: Yes. Drafting a detailed roadmap for AI integration, digital banking innovation, robust cybersecurity safeguards, and workforce skill capacity building forms a primary core mandate of the panel.
Q5: Are Regional Rural Banks (RRBs) and Cooperative Banks included under the review?
Ans: Yes, the committee will evaluate existing legal and regulatory frameworks governing Commercial Banks, RRBs, and Cooperative Banks to streamline operations and enhance ease of banking across all tiers.
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