The six-month committee, headed by former Central Vigilance Commissioner Suresh N Patel, will recommend regulatory, legal and structural reforms to prepare India’s banking sector for Viksit Bharat 2047.
Highlights
- Government constitutes High-Level Committee on Banking for Viksit Bharat.
- Former Central Vigilance Commissioner Suresh N Patel appointed chairman.
- RBI Deputy Governor Shirish Chandra Murmu among three expert members.
- Committee will submit recommendations within its six-month tenure.
- Panel to review banking regulations, capital requirements and lending frameworks.
- AI adoption, digital banking, cybersecurity and financial inclusion among key focus areas.
New Delhi, October 30, 2026: The Government of India has constituted a High-Level Committee on Banking for Viksit Bharat to review the country’s banking sector and recommend major structural, regulatory, institutional and legislative reforms. The initiative aims to make Indian banks globally competitive, financially inclusive and resilient as the country works towards its Viksit Bharat 2047 vision.
Finance Minister Nirmala Sitharaman had announced the formation of the committee during her Union Budget 2026-27 speech.
Former CVC Suresh N Patel to Head Committee
The government has appointed former Central Vigilance Commissioner Suresh N Patel as chairman of the committee.
The panel will include RBI Deputy Governor Shirish Chandra Murmu, former Indian Bank MD and CEO Padmaja Chunduru, and former RBI Deputy Governor N S Vishwanathan.
The Joint Secretary (Banking) in the Department of Financial Services will serve as Member Secretary. The committee’s tenure will be six months.
Banking Regulations and Capital Requirements Under Review
The committee will examine existing banking practices, prudential norms and international best practices to develop a roadmap for creating globally competitive Indian banks.
It will also review regulatory and legal frameworks governing commercial banks, Regional Rural Banks and Cooperative Banks, recommending changes to improve efficiency and ease of banking.
Another major responsibility will be assessing long-term capital requirements for banks, Development Financial Institutions and Non-Banking Financial Companies (NBFCs).
The panel will suggest funding mechanisms to support credit growth and examine differences in the cost of capital for businesses to encourage private investment.
AI, Digital Banking and Cybersecurity in Focus
The committee will prepare a roadmap for adopting artificial intelligence and digital innovation across banking institutions while recommending safeguards against cybersecurity risks.
It will also suggest strategies for talent acquisition, employee training and capacity building to create a future-ready banking workforce.
Financial Inclusion and Priority Sector Lending
The panel will review the existing Priority Sector Lending framework and Lead Bank Scheme to assess their effectiveness in expanding access to credit.
Its recommendations will focus on improving coordination, balanced credit distribution and data-driven lending aligned with India’s evolving economic priorities.
The committee may also examine additional banking-related matters referred to it by the government.
