Blueprint for Viksit Bharat: High-Level Banking Committee on the Cards

The Indian government plans to establish a High-Level Committee on Banking for Viksit Bharat to devise strategies for creating mega-lenders to support a developed India. This initiative aligns with efforts to restructure public sector NBFCs and strengthen the banking sector for future economic growth.

The Indian government is poised to establish a High-Level Committee on Banking for Viksit Bharat. In her remarks to PTI, Finance Minister Nirmala Sitharaman emphasized the need for the committee to provide strategic guidance on enhancing India's banking infrastructure to meet the financial needs of a rapidly developing nation.

The initiative aims to strengthen the country's banking sector by devising a comprehensive blueprint for mega-lenders. This move is part of a broader strategy to align financial services with India's economic ambitions, ensuring banking facilities extend to the common man and support Viksit Bharat's funding needs.

The forthcoming High-Level Committee will coincide with proposed restructures in the public sector NBFCs, including the Power Finance Corporation and Rural Electrification Corporation, to improve operational efficiency. With previous acquisitions illustrating consolidation in the power funding sector, the proposal is a step towards enhancing financial stability and inclusion.

(With inputs from agencies.)