Union Budget 2026, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday proposed the setting up of a high-level committee on "Banking for Viksit Bharat" to recommend reforms aimed at improving efficiency across the banking system, including non-banking financial companies (NBFCs).

Addressing Parliament, FM Sitharaman said the Indian banking sector is currently characterised by strong balance sheets and historically high profitability, reflecting the impact of sustained reforms over the past decade.

Sitharaman also highlighted broader socio-economic gains, noting that close to 25 crore individuals have been lifted out of multidimensional poverty during this period, underlining the government's emphasis on inclusive growth alongside fi...