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Informist, Sunday, Feb. 1, 2026

--BUDGET: To set up high level committee on banking for Viksit Bharat 

--BUDGET: Propose setting up panel to review banking sector for Viksit Bharat 

--BUDGET: To reivew FEMA to friendly framework for foreign investors 
--BUDGET: Propose comprehensive reivew of FEMA 

NEW DELHI – The government proposed setting up a "high level committee on banking for Viksit Bharat" to comprehensively review India's banking sector and align it with the country's growth goals while safeguarding financial stability, inclusion and consumer protection, according to the Union Budget for 2026-27 (Apr-Mar) presented by Finance Minister Nirmala Sitharaman in the Lok Sabha Sunday.

"The Indian banking sector today is characterised by strong balance sheets, historic highs in profitability, improved asset quality and coverage exceeding 98% of villages in the country," Sitharaman said. "At this juncture, we are well placed to futuristically evaluate the measures needed to continue on the path of reform-led growth of this sector."

Further, in her Budget speech, she proposed a comprehensive review of the Foreign Exchange Management (non-debt instruments) rules "to create a more contemporary, user-friendly framework for foreign investments, consistent with India's evolving economic priorities."  End

Reported by Vaishali Tyagi

Edited by Deepshikha Bhardwaj

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