Sitharaman to Form High-Level Committee for Mega Banks in Viksit Bharat

• Finance Minister Nirmala Sitharaman announced the formation of a High-Level Committee on Banking for Viksit Bharat.
• The committee will create a blueprint for mega-lenders to meet the financing needs of a developed India.
• Sitharaman emphasized the committee's role in ensuring banking facilities reach the common man and fund Viksit Bharat.
• The Budget also proposed restructuring PFC and REC to improve efficiency in public sector NBFCs.
• PFC's board recently gave in-principle approval for the merger of REC Limited with itself, following a Budget announcement.