New Delhi, Feb. 1 -- Presenting the Budget, Finance Minister Nirmala Sitharaman has proposed setting up a "High Level Committee on Banking for Viksit Bharat", to comprehensively review the sector and align it with India's next phase of growth.

"I propose setting up a 'High Level Committee on Banking for Viksit Bharat'", to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion and consumer protection," she said, in her 90-minute-long Budget speech.

The finance minister asserted that the Indian banking sector today is characterised by strong balance sheets, historic highs in profitability, improved asset quality and coverage exceeding 98 per cent of villages in ...