High Level Committee on Banking for Viksit Bharat Constituted

The Union Government has set up the High Level Committee on Banking for Viksit Bharat, a four-member panel asked to study the country's banking system and advise on the changes needed to make it globally competitive, financially inclusive and resilient in time for Viksit Bharat, 2047.

Union Minister of Finance and Corporate Affairs Nirmala Sitharaman had promised such a panel in her Budget speech for 2026-27. The committee has been asked to treat structural, institutional, regulatory and legislative reform as one problem rather than four separate ones.

Who sits on the panel

• Suresh N. Patel, former Central Vigilance Commissioner, is the Chairman
• Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, is a member
• Padmaja Chunduru, former Managing Director and Chief Executive Officer of Indian Bank, is a member
• N. S. Vishwanathan, former Deputy Governor of the Reserve Bank of India, is a member
• The Joint Secretary (Banking) in the Department of Financial Services is the Member Secretary

The tenure of the committee is six months.

The terms of reference

Seven heads make up the brief. The panel will measure present banking practices and prudential norms against the best followed elsewhere, adapt what suits India and lay down a roadmap for banks that can compete worldwide. It will revisit the regulatory and legal framework governing banks, Regional Rural Banks and cooperative banks among them, and suggest how banking can be made easier to carry on.

A second group of tasks is about money. The committee will estimate the long-term capital that banks, Development Financial Institutions and Non-Banking Financial Companies will need, and name the funding sources and mechanisms that can keep credit growing. It will also examine why the cost of capital differs across businesses and suggest policy choices that lift private investment for sustainable growth.

The last heads look ahead. One seeks a roadmap for artificial intelligence and digital innovation inside banking institutions, with safeguards against cyber risk, together with a strategy for hiring and training a future-ready workforce. Another orders a review of the Priority Sector Lending framework and the Lead Bank Scheme, testing how relevant and effective they remain for inclusive, balanced and data-driven credit delivery. The Government may refer any other subject to the panel.