Centre Sets Up High-Level Panel for Banking Reforms

The Central Government has initiated steps to introduce significant changes in India's banking system. As part of its Viksit Bharat vision, the Finance Ministry has constituted a high-level committee to recommend structural and regulatory reforms in the banking sector. Former Central Vigilance Commissioner Suresh N Patel will head the panel. The committee will examine the existing banking framework and suggest measures to strengthen the sector in line with the country's evolving economic requirements and future challenges.

The panel will review banking laws and regulatory mechanisms and recommend necessary changes. It will also examine priority sector lending (PSL) guidelines and the capital requirements of banks. The committee is expected to propose structural reforms aimed at improving the overall functioning and efficiency of the banking system. After examining these aspects, it will submit a comprehensive report containing its recommendations to the government by April 2027.