Government Forms High-Level Committee on Banking for Viksit Bharat
The Government of India has constituted a High-Level Committee on Banking to review the banking sector and recommend structural and regulatory reforms for Viksit Bharat 2047. First announced in the Union Budget 2026-27, the committee is chaired by former Central Vigilance Commissioner Suresh N. Patel and has a tenure of six months.
What happened
The Union Ministry of Finance, specifically the Department of Financial Services, officially constituted the High Level Committee on Banking for Viksit Bharat on October 30, 2026. This move follows the initial announcement made by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman during her Union Budget 2026–27 speech.
The committee is tasked with undertaking a comprehensive review of the Indian banking sector. Its core objective is to recommend structural, institutional, regulatory, and legislative reforms to make Indian banks globally competitive, resilient, and financially inclusive, fully aligning with the Viksit Bharat 2047 vision.
The committee's terms of reference include evaluating prudential norms against international standards, reviewing legal frameworks for commercial, regional rural, and cooperative banks, assessing long-term capital requirements, and exploring ways to reduce the cost of capital for businesses. It will also formulate roadmaps for digital technology and artificial intelligence adoption, robust cybersecurity, reviewing Priority Sector Lending, and boosting talent acquisition for a future-ready workforce.
Important dates
| Committee Constitution Date | 30 October 2026 |
|---|
📌 Static GK links
- Committee Chairman: Suresh N. Patel
- RBI Deputy Governor: Shirish Chandra Murmu
- Former MD & CEO, Indian Bank: Padmaja Chunduru
- Former Deputy Governor, RBI: N. S. Vishwanathan
What candidates should do
- Note down the names of the committee chairman and key members for Banking Awareness questions.
- Revise the originating budget announcement year (Union Budget 2026-27) and the tenure duration of the committee.
- Understand the core mandate of the committee vis-a-vis Viksit Bharat 2047 and major banking reform verticals like digital technology, capital requirements, and priority sector lending.
PrepZen analysis
The formation of the High Level Committee on Banking marks a crucial step in preparing India's financial architecture for the next two decades. As the country targets the Viksit Bharat 2047 vision, commercial banks, regional rural banks, and cooperative banks require updated regulatory, legislative, and institutional frameworks. For aspirants of IBPS, SBI, RBI, and UPSC exams, questions from this topic will likely test direct factual recall regarding the chairperson, committee members, tenure, and the ministry involved.
Practice questions
Q1. Who is the chairperson of the newly formed High Level Committee on Banking for Viksit Bharat?
Q2. What is the designated tenure of the High Level Committee on Banking for Viksit Bharat?
Q3. In which budget speech was the establishment of this high-level banking committee originally announced?
Aim: review banking sector, recommend reforms for Viksit Bharat 2047.
Committee first announced in Union Budget 2026-27.
Chaired by Suresh N. Patel, former Central Vigilance Commissioner.
Tenure of the committee: six months.
🎯 Key Point: Suresh N. Patel chairs high-level banking reform committee.
FAQs
When was the High Level Committee on Banking for Viksit Bharat constituted?
The committee was constituted by the Union Ministry of Finance (Department of Financial Services) on October 30, 2026.
Who serves as the Chairman of the committee?
Suresh N. Patel, former Central Vigilance Commissioner, is the chairman of the committee.
What are the key members appointed to the committee?
The members include Shirish Chandra Murmu (Deputy Governor, RBI), Padmaja Chunduru (former MD & CEO of Indian Bank), and N. S. Vishwanathan (former Deputy Governor of the RBI).
What is the primary objective of the committee?
The core objective is to comprehensively review the Indian banking sector and recommend structural, institutional, regulatory, and legislative reforms to make Indian banks globally competitive and resilient in alignment with the Viksit Bharat 2047 vision.
Sources and references
- newsonair.gov.in (newsonair.gov.in) Official
- livemint.com (www.livemint.com)
- gktoday.in (www.gktoday.in)
- economictimes.com (economictimes.indiatimes.com)
Prepared by PrepZen for exam preparation. Consult the linked sources for original announcements and current details. Corrections policy. Spotted an error? Write to prepzen.app@gmail.com.
Practice Quiz — 31 October 2026
Q1. Who has been appointed as the new Vice Chief of the Air Staff (VCAS) on October 31, 2026?
Q2. Who has been appointed as the Chief Executive Officer (CEO) of JioBlackRock Broking?
Q3. Who chairs the newly constituted High Level Committee on Banking for Viksit Bharat 2047?
Q4. The Berkap-Reiju Festival, a traditional cultural festival, is celebrated by which community in Manipur?
Q5. Which month has been declared as "Grievance Resolution Month" by the Insurance Regulatory and Development Authority of India (IRDAI)?
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