New Delhi, Aug 17: The government will soon constitute a High-Level Committee on Banking for Viksit Bharat, Finance Minister Nirmala Sitharaman said on Monday, signalling a fresh effort to prepare India’s banking sector for the country’s next phase of economic growth.
Speaking at the Public Sector Banks Confluence in New Delhi, Sitharaman said the committee will examine how the banking sector can better respond to India’s changing economic needs and support the country’s long-term development goals.
The proposed panel was announced in the Union Budget 2026-27. It is expected to review the banking sector and suggest measures to strengthen financial stability, improve inclusion and expand access to banking services.
Current discussions among banking leaders are focusing on areas such as deposit mobilisation, services for young people, investment financing, agriculture and horticulture, priority-sector lending and emerging business opportunities.
The Finance Minister also highlighted the improved financial health of Indian banks, including the decline in non-performing assets. The stronger position of banks provides an opportunity to focus on future growth, innovation and wider access to finance.
The proposed reforms could have an impact on households, students, farmers, entrepreneurs and businesses by improving access to suitable financial products and credit. A stronger banking system can also help businesses invest, expand operations and create employment.
As India works towards its Viksit Bharat 2047 vision, the new committee is expected to look at how banks can become more efficient, inclusive and future-ready.
The larger aim is to build a banking system that is strong enough to support economic growth while remaining accessible and responsive to the everyday financial needs of people and businesses.