High-Level Banking Committee Formed for Viksit Bharat 2047 Goals

The Government of India has constituted a 'High-Level Committee on Banking for Viksit Bharat' to review the country's banking sector and align it with the goals of Viksit Bharat 2047. According to a PIB report, the main objective of this committee is to recommend necessary structural, institutional, regulatory, and legislative reforms to make the banking sector globally competitive, financially inclusive, and robust.

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, had announced the formation of this committee during her Budget 2026-27 speech. Shri Suresh N. Patel, former officer of the Central Vigilance Commission, has been appointed as the chairperson of this committee.

Three eminent experts have been included as members of the committee. These include Reserve Bank of India Deputy Governor Shri Shirish Chandra Murmu, former MD and CEO of Indian Bank Smt. Padmaja Chunduru, and former Reserve Bank of India Deputy Governor Shri N. S. Vishwanathan. In addition, the Joint Secretary (Banking) of the Department of Financial Services will serve as the Member Secretary of the committee.

The tenure of this high-level committee will be six months. The committee will conduct an in-depth review of India's banking system to help achieve the country's future economic goals. The terms of reference of the committee include providing suggestions on all necessary reforms in the banking sector so that India can become a developed nation by 2047.