Finance Minister Nirmala Sitharaman has said that the government would soon constitute a high-level committee on 'Banking for Viksit Bharat' to prepare a roadmap to create lenders capable of meeting the financing needs of a developed India. In this year's Budget, the finance minister had proposed setting up a high-level committee on 'Banking for Viksit Bharat' to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion and consumer protection.
Addressing the two-day PSB Confluence, the minister expressed hope that the deliberation at the meeting would provide substantive material for the committee also to look at. She said ‘so the committee would probably have that material before them even as they deliberate. And even as they deliberate, to give us their thoughts and also the recommendations which will help us to clearly understand where the committee wants India to go towards Viksit Bharat and in that the role of banks.’
Emphasising that the Viksit Bharat goal of 2047 is actually not too far away, she said ‘your NPAs are at the lowest ever Indian banking has seen, and therefore there cannot be a better position of strength with which you can take on reforms.’
