Indian government forms high-level committee on banking for a developed India

The Indian government has formed a new high‑level committee aimed at strengthening the banking sector, named the “High‑Level Committee on Banking for a Developed India.” The committee was constituted by the Ministry of Finance, with the Finance Minister appointed as its chairperson. Representatives from major financial institutions, including the Reserve Bank of India (RBI), senior officials from leading public and private banks, and experts from financial technology (FinTech) companies, are part of the committee.

The committee’s primary task is to conduct a comprehensive review of various aspects of the banking system—such as the expansion of digital banks, loan availability, risk management, and customer protection—and to present policy recommendations. In particular, it will encourage the use of digital channels and mobile banking to increase banking access in rural and remote areas. Additionally, the committee will prepare suggestions to simplify the regulatory framework, improve the capital adequacy ratio (CAR), and strengthen cybersecurity measures.

The objective of this step is to lay a solid foundation for making India one of the world’s most dynamic banking markets. The government has also emphasized that the recommendations made by the committee will be reflected immediately in policy decisions, thereby promoting transparency, efficiency, and inclusiveness in the banking sector. Under this initiative, a detailed report is expected to be released in the coming months, presenting a clear roadmap for the future of the financial sector.