Government Constitutes 6-Member High-Level Committee on Banking for Viksit Bharat

Why in the News?

The Government of India has constituted a 6-member **High-Level Committee on Banking for Viksit Bharat** to review the country's banking sector and recommend comprehensive reforms aligned with the **Viksit Bharat 2047** vision. The panel follows the announcement made by Union Finance Minister **Nirmala Sitharaman** during the Union Budget 2026–27 speech.

Key Features / Major Points:

- Leadership & Composition:

- **Chairman:** **Suresh N. Patel** (Former Central Vigilance Commissioner).

- **Members:**

1. **Shirish Chandra Murmu** (Deputy Governor, Reserve Bank of India).

2. **Padmaja Chunduru** (Former MD & CEO, Indian Bank).

3. **N. S. Vishwanathan** (Former Deputy Governor, RBI).

- **Member Secretary:** Joint Secretary (Banking), Department of Financial Services (DFS), Ministry of Finance.

- **Tenure:** Given a timeline of **6 months** to submit its final recommendations.

- Key Mandates & Focus Areas:

- **Global Competitiveness:** Formulate strategies to help Indian banks rank among the **Global Top-20**.

- **Regulatory Framework:** Review laws governing commercial banks, Regional Rural Banks (RRBs), and Cooperative Banks for ease of banking.

- **Technology & AI:** Create a roadmap for Artificial Intelligence (AI) adoption and digital innovations while strengthening cyber resilience.

- **Credit Delivery & Inclusion:** Re-evaluate Priority Sector Lending (PSL) norms and the Lead Bank Scheme for balanced credit growth.

Static GK Facts:

- Reserve Bank of India (RBI):

- Established: **April 1, 1935** (via Hilton Young Commission / RBI Act 1934).

- Nationalized: **January 1, 1949** | Headquarters: **Mumbai**.

- Governor: **Sanjay Malhotra**.

- Central Vigilance Commission (CVC):

- Formed: **1964** (on the recommendations of K. Santhanam Committee) | Statutory Status: **2003**.

- Ministry of Finance:

- Union Cabinet Minister: **Nirmala Sitharaman**.

One-Liner Quiz (All Competitive Exams):

Q: Who has been appointed as the Chairman of the High-Level Committee on Banking for Viksit Bharat?

A: Suresh N. Patel (Former Central Vigilance Commissioner)

Q: What is the tenure given to the Suresh N. Patel-led committee to submit its banking reform report?

A: 6 Months

Q: Under which Union Minister's budget announcement was the High-Level Banking Committee for Viksit Bharat proposed?

A: Union Finance Minister Nirmala Sitharaman

Q: In which year was the Reserve Bank of India (RBI) officially nationalized?

A: January 1, 1949

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