High Level Committee on Banking for Viksit Bharat Constituted
Ministry of Finance · Economy · Posted 30 OCT 2026 7:28PM
What happened
The Government of India has constituted the 'High Level Committee on Banking for Viksit Bharat' under the chairmanship of former Central Vigilance Commissioner Shri Suresh N. Patel to review the banking sector and recommend reforms aligned with Viksit Bharat 2047. Announced in Budget 2026-27, the committee has a six-month tenure to examine regulatory frameworks, capital requirements, digital innovations, and financial inclusion goals.
Why it matters for UPSC
This committee's recommendations on structural, regulatory, and legislative reforms in the banking sector are crucial for understanding Indian economic development, financial inclusion, and monetary policy alignment with long-term national goals under the UPSC syllabus theme of Indian Economy and issues relating to planning, mobilization of resources, and growth.
Key objectives
- Chaired by Shri Suresh N. Patel with a tenure of six months.
- Review banking practices, regulatory and legal frameworks, and long-term capital requirements.
- Provide a roadmap for AI, digital innovation, cyber risk safeguards, and talent acquisition.
- Review Priority Sector Lending framework and Lead Bank Scheme to promote inclusive credit delivery.