The six‑month committee, chaired by Suresh N. Patel, includes RBI deputy governor Shirish Chandra Murmu, former RBI deputy governor N. S. Vishwanathan, former Indian Bank MD‑CEO Padmaja Chunduru, and a finance ministry official.
Its mandate covers structural, institutional, regulatory, and legislative overhauls for commercial banks, regional rural banks, cooperative banks and non‑banking financial companies.
The panel will assess long‑term capital needs, priority‑sector lending norms, cyber‑security frameworks, AI adoption and talent‑acquisition strategies.
This follows a series of reform committees, starting with Narasimham’s 1998 recommendations on capital adequacy, then Raghuram Rajan’s 2008 mandate to expand credit access, and Urjit Patel’s 2014 push for inflation targeting.
Finance Minister Nirmala Sitharaman announced the committee in the 2026‑27 Union Budget, signalling a renewed focus on making Indian banking globally competitive, financially inclusive and resilient by 2047.
The committee is expected to submit its report to the Finance Ministry by early August, after which the government will decide on legislative and regulatory changes.