Centre sets up a High Level Committee on Banking for Viksit Bharat under Suresh N. Patel
30 October 2026
The Union government has formed a High Level Committee on Banking for Viksit Bharat, first promised in the Budget speech for 2026-27.
It will examine the banking sector and suggest structural, regulatory and legal reforms to make banks globally competitive and inclusive by 2047.
Former Central Vigilance Commissioner Suresh N. Patel chairs it.
The members are RBI Deputy Governor Shirish Chandra Murmu, former Indian Bank MD and CEO Padmaja Chunduru and former RBI Deputy Governor N S Vishwanathan.
The Joint Secretary (Banking) in the Department of Financial Services is member secretary, and the panel has six months.
Its remit covers rules for Regional Rural Banks and cooperative banks, capital needs of banks, DFIs and NBFCs, and an AI roadmap with cyber safeguards.
It will also review the Priority Sector Lending framework and the Lead Bank Scheme.
In plain words
DFS Department of Financial Services — The Finance Ministry department that oversees public sector banks and insurers.
PSL Priority Sector Lending — RBI rules requiring banks to lend a share of credit to sectors such as farming and small business.
Lead Bank Scheme Lead Bank Scheme — A scheme assigning one bank in each district to coordinate credit and banking services.
DFI Development Financial Institution — A lender that funds long-term projects such as infrastructure.
NBFC Non-Banking Financial Company — A company that lends or invests like a bank but holds no banking licence.