# Government sets up High-Level Committee on Banking for Viksit Bharat to suggest banking reforms URL: https://kasba.co.in/en/story/government-sets-up-high-level-committee-on-banking-for-viksi Language: en · Section: Money · Published: 2026-10-30 Source: PIB, "भारत सरकार ने ‘विकसित भारत के लिए बैंकिंग पर उच्च स्तरीय समिति’ का गठन किया", 2026-10-30, https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2330631 The Finance Ministry on 30 October 2026 constituted the High-Level Committee on Banking for Viksit Bharat, which will review India's banking sector and recommend reforms. It does not directly affect ordinary customers right away; its recommendations concern banks, cooperative banks and the way credit is delivered. ## What this means for you The committee will only give recommendations; no rule is changing immediately. Account holders do not need to do anything now. Over time, its suggestions may shape rules on banking services, credit and financial inclusion. ## Key facts - The committee was set up by the Finance Ministry; its formation was announced in the Budget 2026-27 - Chairperson: Shri Suresh N. Patel, former Central Vigilance Commissioner - Members: Shirish Chandra Murmu (RBI Deputy Governor), Padmaja Chunduru (former MD and CEO, Indian Bank) and N. S. Vishwanathan (former RBI Deputy Governor) - Member Secretary: Joint Secretary (Banking), Department of Financial Services - The committee's term is six months - It will recommend reforms aligned with the goals of Viksit Bharat, 2047 ## What has happened The Finance Ministry has constituted the High-Level Committee on Banking for Viksit Bharat. The committee will review India's banking sector and recommend structural, institutional, regulatory and legislative reforms to make it globally competitive, financially inclusive and strong for Viksit Bharat, 2047. Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman had announced the committee in her Budget 2026-27 speech. ## Who is on the committee Shri Suresh N. Patel, former Central Vigilance Commissioner, is the chairperson. The three expert members are Shri Shirish Chandra Murmu (Deputy Governor, Reserve Bank of India), Smt. Padmaja Chunduru (former Managing Director and CEO, Indian Bank) and Shri N. S. Vishwanathan (former Deputy Governor, Reserve Bank of India). The Joint Secretary (Banking), Department of Financial Services, will be the Member Secretary. The committee's term is six months. ## What the committee will examine Its terms of reference include assessing current banking practices and prudential norms, identifying global best practices and adopting them suitably for the Indian banking system, and providing a roadmap for globally competitive banks. It will review the existing regulatory and legal framework for banks, including regional rural banks and cooperative banks, and suggest reforms to improve efficiency and ease of doing banking for Viksit Bharat. It will also assess banks' long-term capital needs, including development finance institutions and non-banking financial companies, and recommend funding sources and enabling mechanisms to support credit growth. ## Focus on AI and digital banking The committee will prepare a roadmap for artificial intelligence (AI) and digital innovation in banking institutions and suggest safeguards against cyber risks. It will also suggest strategies for talent acquisition and capacity building so the banking sector has a future-ready workforce. ## Review of priority sector lending and Lead Bank Scheme The committee will review the priority sector lending framework and the Lead Bank Scheme. The aim is to assess their relevance, effectiveness and coordination in promoting inclusive, balanced and data-driven credit delivery in line with changing economic priorities and financial inclusion goals. It will also make recommendations on any other matter assigned to it by the Government of India. ## What it means for ordinary people For now, there is no direct impact on ordinary account holders. The committee will only give recommendations, and no rule is being applied immediately. More details are in the Finance Ministry release (Release ID: 2330631). ## Questions and answers **What is the High-Level Committee on Banking for Viksit Bharat?** It is a committee set up by the Government of India to review the banking sector and recommend reforms. It was constituted by the Finance Ministry. **Who heads the committee?** Shri Suresh N. Patel, former Central Vigilance Commissioner, is the chairperson. It has three expert members. **How long will the committee work?** The committee's term is six months. **Will this affect my bank account or loan immediately?** No. The committee will only give recommendations for now; no new rule is being applied immediately. **What will the committee make recommendations on?** It will look at banking practices, the regulatory and legal framework including regional rural banks and cooperative banks, long-term capital needs, AI and digital innovation, priority sector lending and the Lead Bank Scheme. Kasba Desk, Kasba. This routine notice was drafted with AI from an official source and published automatically; an editor reviews it after publishing.