The government has constituted a High-Level Committee on Banking for Viksit Bharat to review the country’s banking sector and recommend reforms in line with the vision of Viksit Bharat 2047.
The Finance Ministry said that the Committee will recommend structural, institutional, regulatory and legislative reforms to make the Indian banking sector globally competitive, financially inclusive and resilient. The Committee will be chaired by former Central Vigilance Commissioner Suresh N. Patel.
Reserve Bank of India Deputy Governor Shirish Chandra Murmu, former Managing Director and Chief Executive Officer of Indian Bank Padmaja Chunduru, and former RBI Deputy Governor N. S. Vishwanathan will be its members. The Joint Secretary (Banking) in the Department of Financial Services will serve as the Member Secretary. The Committee will have a tenure of six months. Finance Minister Nirmala Sitharaman had announced the setting up of the Committee in her Budget speech this year.
The Committee will assess existing banking practices and prudential norms, identify global best practices and examine their suitability for adoption in the Indian banking system. It will also review the existing regulatory and legal frameworks governing banks, including Regional Rural Banks and Cooperative Banks, and suggest reforms to improve efficiency and ease of banking.
In addition, the Committee will prepare a roadmap for the adoption of artificial intelligence and digital innovations in banking institutions, while recommending safeguards against cyber risks.
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