From The Economic Times · Dheeraj Tiwari · · 1m
India to form banking panel by October for Viksit Bharat
India's government plans a high-level banking committee by October to advance Viksit Bharat goals.
In brief
India's government plans a high-level banking committee by October to advance Viksit Bharat goals. A 10-member banking panel with public-private representation will shape India's financial reforms by October. Originally reported by The Economic Times.
New banking panel set to launch
India's government will form a 10-member high-level banking committee by October-end for Viksit Bharat.
“The committee will have representation from IBA and sectoral experts, including from fintech companies and the Economic Advisory Council to the Prime Minister”
Key committee members in focus
Potential members include former RBI deputy governor Michael Patra, ex-financial services secretary M Nagaraju, and ex-SBI chairman Dinesh Khara.
“Some of the names being considered for the committee include former RBI deputy governor Michael Patra”
Committee's focus areas
The panel will address large bank ecosystems, credit penetration, AI challenges, climate risks, and sanctions preparedness.
“Largely, the agenda will focus on building an ecosystem for large banks, deepening credit penetration and preparing the system for unilateral sanctions”
Government timeline for reforms
Finance Minister Nirmala Sitharaman confirmed the panel will be announced soon to align banking with Viksit Bharat's 2047 vision.
“Once the committee forms its views and recommendations, the government will be ready to rev up the Indian economy”
EAC-PM paper recommendations
The Economic Advisory Council suggests consolidating banks without harming competition while boosting credit for MSMEs and green investments.
“India should make efforts to consolidate the banks in such a manner that a few big banks of equal size are created without compromising market competition”
What matters most
A 10-member banking panel with public-private representation will shape India's financial reforms by October.
