Centre Forms High-Level Panel to Recommend Banking Reforms for Viksit Bharat 2047

The Centre has established a six-month High-Level Committee on Banking for Viksit Bharat to review India’s banking system and propose reforms to make it globally competitive, inclusive and resilient.

The panel will be headed by former Central Vigilance Commissioner Suresh N. Patel. Its members 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), Department of Financial Services, will serve as Member Secretary.

Announced by Finance Minister Nirmala Sitharaman in her Budget speech, the committee will examine banking practices, prudential norms, international best practices and existing regulatory and legal frameworks covering commercial banks, Regional Rural Banks and Cooperative Banks.

It will also recommend structural, institutional and legislative changes to improve banking efficiency and accessibility, develop a roadmap for adopting artificial intelligence and digital technologies, and propose safeguards against cyber risks to support the Viksit Bharat 2047 vision.