India sets up high-level panel to review banking sector for 2047
India has set up a high-level committee to review its banking sector and suggest reforms to make it globally competitive, financially inclusive and resilient by 2047, the year the government calls “Viksit Bharat”, or developed India.
The Finance Ministry announced the committee on Friday, 30 October 2026. It will be chaired by Suresh N. Patel, a former Central Vigilance Commissioner. Its three members are Shirish Chandra Murmu, a Deputy Governor of the Reserve Bank of India; Padmaja Chunduru, a former managing director and chief executive of Indian Bank; and N. S. Vishwanathan, a former Deputy Governor of the Reserve Bank of India. The Joint Secretary (Banking) in the Department of Financial Services will serve as member secretary.
The move follows an announcement in the Union Budget for 2026-27, when Finance Minister Nirmala Sitharaman said the government would set up such a committee. The panel has six months to complete its work.
Why it matters
The committee has seven tasks, covering how banks are run and regulated, how much long-term capital they need, and why businesses face different costs of borrowing. It will also look at lending to priority sectors, such as farming and small businesses, and at the Lead Bank Scheme, which coordinates banks’ work in districts across India.
It will also prepare a plan for artificial intelligence and digital innovation in banking, with safeguards against cyber risks, and a strategy for hiring and training staff so banks have the skills they need in future. In plain terms, the government wants banks that can lend more, reach more people, and keep up with new technology — without taking risks that could harm savers or the wider economy.
What happens next
The committee will now begin its review and is expected to report within six months, with recommendations on structural, institutional, regulatory and legislative changes. The government will then decide which of its proposals to accept. Until then, no bank rules have changed — this is the start of a review, not a new set of rules.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://www.thehindubusinessline.com/economy/govt-sets-up-high-level-committee-to-suggest-reform-measures-for-banks/article71645916.ece (The Hindu BusinessLine, 30 October 2026)
- https://hiindia.com/centre-sets-up-high-level-committee-on-banking-for-viksit-bharat/ (Hi India / IANS, 30 October 2026)
