Bhubaneswar, Feb. 1 -- Union Finance Minister Nirmala Sitharaman on Sunday said the Indian banking sector is marked by strong balance sheets, historic highs in profitability and improved asset quality, with banking coverage extending to more than 98 per cent of villages across the country, positioning it well for the next phase of reform-led growth.

Presenting the Union Budget 2026-27 in Parliament, Sitharaman said the current strength of the banking system provides the foundation to futuristically evaluate measures required to continue reforms while supporting economic expansion.

As part of this process, the Finance Minister proposed the establishment of a High-Level Committee on Banking for Viksit Bharat to undertake a comprehensive r...