Nirmala Sitharaman Calls for Banking Reforms Blueprint for Viksit Bharat 2047

Finance Minister Nirmala Sitharaman has urged bankers to provide recommendations for sector reforms which a high-powered committee will examine to align with India's Viksit Bharat 2047 vision. At the PSB Conclave 2026, emphasis was on leveraging low NPAs and focusing on youth and sector specific themes.

Finance Minister Nirmala Sitharaman has requested recommendations from banking leaders on sector reforms, signaling the government's plan to establish a high-powered committee. The committee aims to evaluate the banking sector's role in achieving India's Viksit Bharat 2047 vision, shared during the Public Sector Banks (PSB) Conclave 2026.

Sitharaman highlighted the decline in non-performing assets (NPAs) to historically low levels, providing a robust platform for further banking reforms. The two-day conference's recommendations will be presented to the committee, with an expectation for bankers to contribute significantly toward shaping a framework that supports India's impending growth milestones for 2047.

Focusing on strategic themes such as youth banking, investment cycle support, and global capability centers, the discussion anticipated the role of financial services in India's development. The Department of Financial Services (DFS) presented detailed research on seven key areas, emphasizing youth demographics, as India looks to integrate these factors into banking strategies aligned with its long-term objectives.