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Informist, Tuesday, Apr. 7, 2026

 

--Govt source: Fincl Svcs secy Nagaraju may head high-level panel on banking

--CONTEXT: Govt proposed high-level committee on banking in FY27 Budget

 

By Sagar Sen and Priyasmita Dutta

 

NEW DELHI – The government is likely to appoint M. Nagaraju, secretary of Department of Financial Services, as the head of "high level committee on banking for Viksit Bharat" once it is formed, a senior official said. Nagaraju is due to retire from his current post on May 31.

 

In the Budget for 2026-27 (Apr-Mar), the government proposed setting up the high-level committee on banking to comprehensively review the banking sector and align it with the country's growth goals while safeguarding financial stability, inclusion, and consumer protection.

 

"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," Finance Minister Nirmala Sitharaman had said in her Budget speech on Feb. 1. "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."

 

The official said the terms of reference for the committee and other members of the panel will be finalised by May-end. The new panel is likely to look into issues like reserve ratio requirements and issuance criteria for bank licences and the framework for transition of small finance banks into larger entities, the official said.  End

 

Edited by Vandana Hingorani

 

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