Politics · India · 9 hrs ago
India sets up six-month panel to recommend banking reforms
India has formed a committee to review its banking sector and recommend reforms to prepare it for the country's goal of becoming a developed nation by 2047.
The panel will be chaired by former central vigilance commissioner Suresh N. Patel and includes officials with experience at the Reserve Bank of India and Indian Bank.
The committee has six months to examine banking rules and practices, including those for regional rural and cooperative banks.
It will also assess banks' long-term capital needs and ways to support credit growth and private investment.
The review covers AI, digital innovation and cyber safeguards, as well as workforce skills and rules for directing credit to priority sectors.
The panel will submit recommendations to the government on reforms intended to make Indian banks more competitive, inclusive and resilient.
India’s finance ministry has set up a high-level committee to review the banking sector and recommend reforms.
The panel will be chaired by former Central Vigilance Commissioner Suresh N. Patel and will serve for six months.
It will examine banking rules, capital needs, digital innovation, workforce planning and credit delivery.
The committee is tasked with helping make Indian banking globally competitive, financially inclusive and resilient by 2047.
- Who
- The committee will be chaired by Suresh N. Patel. It includes three members: Shirish Chandra Murmu, Padmaja Chunduru and N.S. Vishwanathan.
- What
- A high-level committee will review India’s banking sector and recommend reforms.
- When
- It was announced on Friday, October 30, 2026. Its tenure will be six months.
- Where
- India.
- Why
- To recommend reforms that make the banking sector globally competitive, financially inclusive and resilient by 2047.
This story does not have two clearly opposing sides.
Finance Minister Nirmala Sitharaman announced a high-level committee to review the banking sector.
The Finance Ministry announced the committee’s formation.
- Chair
- Suresh N. Patel
- Members
- Shirish Chandra Murmu, Padmaja Chunduru and N.S. Vishwanathan
- Tenure
- Six months
- Target year
- 2047
- Scope
- Banking practices, regulations, capital needs, digital innovation and credit delivery
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undertake a review of India’s banking sector and recommend structural, institutional, regulatory and legislative reforms necessary to make it globally competitive, financially inclusive, and resilient for Viksit Bharat, 2047