- The Centre formed a high-level banking committee chaired by former CVC Suresh N. Patel
- The six-member panel includes RBI Deputy Governors and former bank CEOs
- The committee will review banking reforms, AI adoption, capital needs, and PSL framework
The Centre has constituted a high-level committee on banking for Viksit Bharat, with former Central Vigilance Commissioner (CVC) Suresh N. Patel appointed as its chairman.
The committee will review India's banking sector and recommend a range of reforms to prepare it for the country's long-term economic growth ambitions.
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The six-member panel includes Reserve Bank of India (RBI) Deputy Governor Shirish Chandra Murmu, former Indian Bank Managing Director and Chief Executive Officer Padmaja Chunduru, and former RBI Deputy Governor N.S. Vishwanathan.
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The committee will undertake a comprehensive review of the banking sector and recommend structural, regulatory, institutional and legislative reforms.
It will examine the existing banking framework and identify changes required to strengthen the sector and align it with the Viksit Bharat vision.
Among the key areas on the committee's agenda are the adoption of artificial intelligence (AI) in banking, bank capital requirements, cost of capital, the priority sector lending (PSL) framework and regulatory reforms.
The panel will also examine issues related to the broader regulatory and institutional framework governing banks as part of its review. It has been given six months to submit its recommendations.
The formation of the committee follows the announcement made by Finance Minister Nirmala Sitharaman in the Union Budget 2026-27.
The Budget proposed setting up a High-Level Committee on Banking for Viksit Bharat to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, financial inclusion and consumer protection.
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