Finance Ministry Constitutes High Level Committee on Banking for Viksit Bharat

Key facts

• The Finance Ministry has established the High Level Committee on Banking for Viksit Bharat to recommend structural, institutional, regulatory, and legislative reforms for the banking sector.
• The committee is chaired by Suresh N. Patel, who is a former Central Vigilance Commissioner.
• The committee includes three members: Shirish Chandra Murmu (Deputy Governor, Reserve Bank of India), Padmaja Chunduru (Former MD & CEO, Indian Bank), and N S Vishwanathan (Former Deputy Governor, Reserve Bank of India).
• The Joint Secretary (Banking) of the Department of Financial Services serves as the Member Secretary of the committee.
• The committee has been granted a tenure of six months to complete its mandate.
• The committee is tasked with creating a roadmap for AI and digital innovation in banking while implementing safeguards against cyber risks.
• The terms of reference include reviewing the Priority Sector Lending framework and the Lead Bank Scheme to enhance credit delivery efficiency.
• The committee will assess long-term capital requirements for banks, development financial institutions, and non-banking financial companies.