Union Budget 2026-27 announced establishment of High Level Committee on Banking for Viksit Bharat to align financial sector with India's development goals for 2047. Committee will assess current banking infrastructure, identify gaps in financial inclusion, recommend regulatory reforms, and propose technology integration strategies. Formation responds to need for robust financial architecture supporting India's aspiration to become developed economy. Committee expected to submit recommendations within twelve months, focusing on rural banking penetration, MSME credit enhancement, and digital financial services expansion.

The High Level Committee on Banking for Viksit Bharat represents a strategic institutional response to align India's financial sector with the ambitious 2047 development timeline. As India transitions from emerging to developed economy status, traditional banking models require fundamental restructuring to support higher GDP growth rates, increased per capita income, and sophisticated financial needs of a modern economy. The committee addresses critical gaps: rural areas still have limited banking penetration despite Jan Dhan Yojana success, MSMEs face persistent credit constraints affecting their contribution to GDP and employment, and digital financial infrastructure needs strengthening for inclusive growth. Unlike previous banking committees focused on specific reforms, this body takes a holistic 'Viksit Bharat' lens, recognizing that developed nation status requires not just numerical targets but qualitative transformation of financial services delivery. The committee's mandate encompasses regulatory modernization, technology adoption, risk management frameworks, and international best practices integration. Its recommendations will likely influence RBI policy, parliamentary legislation, and budget allocations for the next decade, making it a pivotal institution for India's economic transformation journey toward becoming the world's third-largest economy.