The government will soon constitute a high-powered committee on banking to achieve the vision of a Viksit Bharat. Union Finance Minister Nirmala Sitharaman said this after inaugurating the two-day Public Sector Bank Conclave in New Delhi today. She added that the committee will decide the future course of banking reforms by taking up issues and recommendations.

 

Ms Sitharaman expressed hope that the outcomes of the discussions will provide valuable substantive inputs to the committee as it formulates its recommendations on the future role of banks. She noted that Indian banks are in a position of strength, with non-performing assets at their lowest-ever levels, providing a strong foundation for further reforms.

 

The Minister expressed confidence that, once the high-powered committee submits its recommendations, the government and the banking sector will be ready to move swiftly to accelerate India’s economic growth. She said the exercise comes at an important juncture, with India having less than 20 years to work towards its long-term development objectives.

 

The two-day conclave has brought together the leadership of Public Sector Banks and Public Financial Institutions to deliberate on key priorities, emerging opportunities, and the evolving landscape of the banking and financial sector.