High-powered banking committee for 'Viksit Bharat' on the way: Sitharaman
What's the story
Finance Minister Nirmala Sitharaman said the government is expected to announce a high-powered committee on banking for 'Viksit Bharat.' The announcement was made during the ongoing two-day PSB Confluence. Sitharaman said that the committee will look into India's journey toward a developed nation and how banks can contribute to it. She stressed that actionable ideas from these discussions could guide practical recommendations for India's future banking strategy.
Strategic planning
Roadmap for future banking
Sitharaman emphasized the importance of these discussions in shaping a future banking roadmap.
She said they should end with clear, actionable, and workable ideas that can be implemented by the banking sector.
The Finance Minister also highlighted that Indian banks are entering their next reform phase from a position of strength, with non-performing assets (NPAs) at record lows.
Conference goals
Preparing the banking sector for the next phase of growth
The two-day PSB Confluence conference brings together banking leaders to discuss seven themes.
These discussions are aimed at creating a foundation for future action, Sitharaman said.
The ultimate goal is to come up with clear and actionable ideas that can prepare the banking sector to accelerate India's economy once the reform roadmap is finalized.
Sector evolution
Banking sector's transformation over the last decade
Sanjay Lohiya, Secretary of the Department of Financial Services, said that the banking sector has transformed significantly in terms of scale, stability, and accessibility in the last decade.
He noted that banks' aggregate business more than doubled from ₹128 lakh crore in March 2015 to about ₹283 lakh crore by March 2026.
This growth was accompanied by net profit increasing more than fourfold, and a record low gross NPA rate of 1.93% as of March 2026.