High-Level Panel on Banking Reforms Soon: FM Nirmala Sitharaman Reveals Plans

• Government to establish a high-level committee to review India's banking sector and chart reforms.
• Panel aims to create globally competitive lenders capable of financing a developed India (Viksit Bharat).
• Finance Minister Nirmala Sitharaman emphasized the committee's broad scope, not limited to bank mergers.
• The proposal was formally announced in the Union Budget on February 1.
• Budget also proposed restructuring of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) for scale and efficiency.