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High Level Committee on Banking for Viksit Bharat Formation

Source:PIB ↗

આ શા માટે મહત્વનું છે

It directly addresses structural reforms in India's banking sector necessary to finance high-trajectory economic growth and achieve the Viksit Bharat 2047 goal.

સારાંશ

The Government of India has constituted the 'High Level Committee on Banking for Viksit Bharat' to strategize and recommend comprehensive banking reforms required to support India's vision of becoming a developed nation by 2047, focusing on credit adequacy, financial inclusion, technology integration, and long-term economic growth.

મુખ્ય મુદ્દા

  • The Government of India has constituted a High-Level Committee on Banking for Viksit Bharat to recommend structural reforms and strategic pathways for the banking sector.
  • The committee aims to align the banking sector with the vision of transforming India into a developed nation (Viksit Bharat) by 2047.
  • It focuses on enhancing financial inclusion, credit growth, technology adoption, and robust risk management to support sustainable economic expansion.

મહત્વપૂર્ણ શબ્દો

Viksit Bharat

A Government of India initiative aimed at transforming India into a developed nation by 2047, focusing on economic prosperity, social inclusion, and global competitiveness.

UPSC context

UPSC GS Paper III (Economic Development): Tests aspirations, inclusive growth targets, and long-term socio-economic roadmap for India's centennial independence.

Source
High Level Committee on Banking for Viksit Bharat

A government-appointed panel chaired by Suresh N. Patel to review banking regulations, prudential norms, and recommend structural reforms to build globally competitive banks for Viksit Bharat 2047.

UPSC context

UPSC GS Paper III (Indian Economy & Banking): Tests banking sector reforms, credit adequacy, financial inclusion, and policy initiatives for economic growth.

Source

પ્રિલિમ્સ ટ્રેપ

The High Level Committee on Banking for Viksit Bharat is a statutory body established under the Banking Regulation Act.

Aspirants often assume such high-level committees are statutory bodies established under an Act of Parliament, whereas they are typically executive/administrative resolutions by the government.

સંલગ્ન સ્થિર ખ્યાલો

Economy - Banking & Monetary Policy

What are the core pillars of India's banking sector reforms post-1991 (Narasimham Committee)?

  • SLR & CRR: PFS reduction through lower SLR and CRR to free up bank liquidity.
  • Prudential Norms: Introduction of prudential norms for income recognition and asset classification (IRAC).
  • Private Entry: Gradual permission for private sector and foreign banks to increase competition.

આંતર-વિષય પેટર્ન

  • Banking Reforms and Long-Term Capital Formation

    India's long-term growth targets require massive capital expenditure, linking banking sector health directly to infrastructure financing and fiscal deficit sustainability under FRBM norms.

  • Digital Public Infrastructure and Viksit Bharat

    Financial inclusion initiatives like Jan Dhan and digital public infrastructure (UPI) serve as the foundational architecture for achieving Viksit Bharat 2047 goals.

Expect statement-based questions on banking sector committees, long-term credit growth targets, and Viksit Bharat 2047 financial architecture.

સંલગ્ન PYQ · 1

સંલગ્ન PYQ · 1

  • 2022MainsGS3

    Is inclusive growth possible under market economy ? State the significance of financial inclusion in achieving economic growth in India.