The government will soon announce members of its high-level banking reforms committee, Finance Minister Nirmala Sitharaman said on Monday. The panel, first proposed in the Union Budget 2026-27, will examine how India’s banking sector can better support the country’s long-term economic goals under the Viksit Bharat vision of becoming a developed nation by 2047. A senior official indicated the committee may form this month.

Sitharaman highlighted improved financial health of Indian banks, citing the lowest non-performing assets (NPAs) in years, providing a stronger base for reforms. The announcement was made at the two-day PSB Confluence 2026 in New Delhi, where she emphasized the government’s intent to act swiftly on the committee’s recommendations. Banking reforms are critical as India aims to expand its economy and increase credit access.

The panel will assess sector changes needed to align with growth ambitions, leveraging banks’ strengthened balance sheets.