The Indian government has constituted a committee to review and recommend reforms for the banking sector, with a focus on global competitiveness, financial inclusion, and resilience.
On October 30, 2026, the Government of India announced the formation of a High Level Committee on Banking for Viksit Bharat. This committee, chaired by former Central Vigilance Commissioner Shri Suresh N. Patel, has been tasked with undertaking a review of India’s banking sector and recommending structural, institutional, regulatory, and legislative reforms. The committee will consist of three distinguished members: Deputy Governor of the Reserve Bank of India, Shirish Chandra Murmu; Former MD & CEO of Indian Bank, Padmaja Chunduru; and Former Deputy Governor of the Reserve Bank of India, N S Vishwanathan. The Joint Secretary (Banking), Department of Financial Services will serve as the Member Secretary. The committee's tenure is six months.
The Terms of Reference for the committee include assessing present banking practices and prudential norms, reviewing existing regulatory and legal frameworks, examining long-term capital requirements, preparing a roadmap for AI and digital innovation in banking institutions, reviewing the Priority Sector Lending framework, and making recommendations on any other matters referred by the Government of India. The committee aims to create globally competitive banks, enable ease of doing banking, boost private investment, prepare for future-ready workforce, and suggest policy options to address differences in cost of capital.
Source:
Press Information Bureau
