What is the news?
Union Finance Minister Nirmala Sitharaman has announced the formation of a high-level committee on banking, which will prepare a roadmap to develop large lenders capable of meeting financial needs. The proposed committee will play an important role in recommending measures to strengthen the banking system and increase access to credit. This is all part of a broader approach to supporting economic growth.
Objective
What will this committee do?
PTI In an interview to PTI, the Union Minister said, “We want the committee to tell what kind of steps we need to take, so that banking facilities can be made available to finance a developed India.” When asked about the timeline for constituting the committee, he said that it will be done soon. When asked whether this indicated the merger of public sector banks, she said that such work would not be limited.
The announcement was made in the budget
Sitharaman, in her budget speech on February 1, had also proposed setting up a high-level committee to comprehensively review the sector and safeguard financial stability, inclusion and consumer protection. She had said that India’s banking sector will have to be made big enough to handle the finances of a developed India. The Union Minister stressed that a developed India needs better access to money, finance, loans and banking facilities.
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