Centre sets up high-level banking committee under former CVC Suresh N Patel to chart reforms for 2047

The Union government has formally constituted the High-Level Committee on Banking for Viksit Bharat, a panel tasked with drawing up a reform roadmap for the country's banking sector. The committee will be chaired by Suresh N Patel, a former Central Vigilance Commissioner, according to a Finance Ministry statement reported by All India Radio.

The other members are Reserve Bank of India Deputy Governor Shirish Chandra Murmu, former RBI Deputy Governor N S Vishwanathan and Padmaja Chunduru, former managing director and chief executive of Indian Bank. The Joint Secretary (Banking) in the Department of Financial Services will serve as member secretary. The panel has a tenure of six months.

What the panel will examine

Finance Minister Nirmala Sitharaman announced the committee in her Budget speech on February 1. Its brief is to review the banking sector and suggest structural, institutional, regulatory and legislative reforms so that Indian banking becomes globally competitive, financially inclusive and resilient, in line with the goal of a developed India by 2047.

Among its specific tasks, the committee will assess current banking practices and prudential norms, identify global best practices and judge whether they suit Indian conditions, and review the legal and regulatory framework for banks, including Regional Rural Banks and cooperative banks. It has also been asked to prepare a roadmap for adopting artificial intelligence and other digital tools in banking, and to recommend safeguards against cyber risks.

Why it matters

When the panel was first announced, commentators linked it to the idea of building larger lenders capable of financing India's infrastructure and growth needs, as well as to possible restructuring among state-owned finance companies. The government has not said which options the committee will prioritise.

For customers and investors, the recommendations could eventually shape how banks are regulated, how cooperative and rural lenders are governed, and how quickly digital services and fraud protections are rolled out. The rising number of online and digital frauds makes the cyber-risk part of the brief particularly relevant for ordinary account holders.

The committee's report is due within its six-month tenure, after which the government and the RBI will decide which recommendations to act on.