On 30 October 2026, the Ministry of Finance constituted the High-Level Committee on Banking for Viksit Bharat. Notably, former Central Vigilance Commissioner Suresh N. Patel chairs it. The panel will review the banking sector and suggest structural, institutional, regulatory and legislative reforms. Also, its goal is a banking system that is “globally competitive, financially inclusive and resilient for Viksit Bharat, 2047.” Earlier, Finance Minister Nirmala Sitharaman announced the committee in her Budget speech for 2026-27.
Who Is on the Panel?
Besides Patel, the panel has three members. First, RBI Deputy Governor Shirish Chandra Murmu joins it. Second, Padmaja Chunduru, former MD and CEO of Indian Bank, is a member. Third, former RBI Deputy Governor N.S. Vishwanathan completes the list. Meanwhile, the Joint Secretary (Banking) of the Department of Financial Services serves as Member Secretary.
Terms of Reference
First, the panel will compare banking practices and prudential norms with global best practices. Next, it will review regulatory and legal frameworks, including those for Regional Rural Banks and cooperative banks. Also, it will estimate the long-term capital needs of banks, DFIs and NBFCs. In addition, it will study gaps in the cost of capital and suggest ways to boost private investment. Further, it will draw a roadmap for AI and digital innovation, with safeguards against cyber risks. Finally, it will review the Priority Sector Lending framework and the Lead Bank Scheme.
Six-Month Tenure
Accordingly, the committee has a tenure of six months. So, its recommendations should reach the government by around April 2027. Also, it can take up any other matter the Centre refers to it.
Earlier Banking Reform Committees
Historically, M. Narasimham, a former RBI Governor, chaired two key panels. The first, the Committee on the Financial System, began work in August 1991. Later, the Committee on Banking Sector Reforms reported in April 1998. Similarly, the RBI set up the P.J. Nayak Committee in January 2014. Then, it reported in May 2014 on the governance of bank boards.
Committee on Banking for Viksit Bharat: Key Facts for Revision
- Constituted: 30 October 2026, Ministry of Finance
- Chair: Suresh N. Patel, former Central Vigilance Commissioner
- Members: S.C. Murmu, Padmaja Chunduru, N.S. Vishwanathan
- Member Secretary: Joint Secretary (Banking), DFS
- Tenure: Six months
- Announced in: Union Budget 2026-27
Why the Committee on Banking for Viksit Bharat Matters for UPSC and UKPSC
Notably, banking committees appear often in prelims and in Mains GS Paper III. So, remember the chair, the RBI members and the six-month tenure. Also, link this panel with the Narasimham and P.J. Nayak committees. For official updates, also visit the Department of Financial Services. Next, for a related story, read about the RBI data centre and cybersecurity institute at Jatni.
So, are you preparing for the UKPSC Upper PCS 2026 prelims? Then join our UKPSC 2026 Prelims Test Series for regular practice.