High-Level Panel to Shape Banking Reforms for Viksit Bharat 2047: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has announced that the Centre will soon constitute a high-level committee to assess the role of the banking sector in achieving the Viksit Bharat 2047 vision. The committee will prepare a long-term roadmap for the banking sector and suggest changes needed to support India’s development over the next two decades. Speaking at a conference of public sector banks, Sitharaman also urged bank chiefs to submit their recommendations and suggestions on the reforms required to strengthen the sector.

Sitharaman said India has only around two decades to prepare for the Viksit Bharat goal and stressed the need to align the banking sector with the country’s future economic requirements. With non-performing assets (NPAs) currently at relatively low levels, she said this is an appropriate time to accelerate reforms. The Department of Financial Services has identified seven key areas for discussion, including expanding banking services among young people, promoting investments, supporting Global Capability Centres, increasing credit to priority sectors and restructuring the credit-card business. She urged banks to focus particularly on the country’s young population and incorporate demographic trends into their future strategies.