Government to Form High-Powered Committee for Banking Reforms

Finance Minister Nirmala Sitharaman announced that the government will set up a high-powered committee on banking reforms. This scheme, first shared in the Union Budget 2026-27, will match the banking sector with the Viksit Bharat vision for 2047.

The panel will do a detailed review of the sector to support economic growth. It will also help with financial stability, coverage, and consumer safety. The government has not yet shared the exact members or the schedule. This review will help banks better support businesses, families, and infrastructure. This is part of a wider plan that includes updating foreign investment rules and changing how public-sector non-banking finance companies work.