The Finance Ministry on Friday announced the setting up of the High Level Committee on Banking for Viksit Bharat, following the announcement made in the Union Budget 2026-27 by Finance Minister Nirmala Sitharaman. The committee will be chaired by Suresh N. Patel, former Central Vigilance Commissioner, the ministry said.

Source: The Hindu BusinessLine, Oct 30, 2026

The committee will undertake a review of India's banking sector and recommend structural, institutional, regulatory and legislative reforms necessary to make it globally competitive, financially inclusive and resilient for Viksit Bharat 2047, according to the Finance Ministry statement reported by ANI. Its tenure is six months.

Source: ANI via Indian Economic Observer, Oct 30, 2026

The members are Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, Padmaja Chunduru, former Managing Director and CEO of Indian Bank, and N. S. Vishwanathan, former RBI Deputy Governor. The Joint Secretary (Banking) in the Department of Financial Services will be the Member Secretary.

6 monthsCommittee tenure
7 itemsTerms of reference
2047Viksit Bharat target year

What the panel has been asked to do

Under its seven terms of reference, the committee will assess present banking practices and prudential norms against global best practices and give a roadmap for globally competitive banks; review the regulatory and legal frameworks for banks, including regional rural banks and cooperative banks; and assess long-term capital requirements for banks, development financial institutions and non-banking financial companies, The Hindu BusinessLine reported.

It will also examine differences in the cost of capital for business and suggest policy options to boost private investment, prepare a roadmap for AI and digital innovation with safeguards against cyber risks and a strategy for talent and capacity building, and review the Priority Sector Lending framework and the Lead Bank Scheme for inclusive, data-driven credit delivery. The announcement sets up a review only — it does not itself change lending rules, capital norms or banking law; any reform will follow the committee's report, due after its six-month tenure.