The government on Friday announced the setting up of the High-Level Committee on Banking for Viksit Bharat. Headed by Suresh N Patel, former Central Vigilance Commissioner, the committee will review the banking sector and have six months to submit its recommendations to the government, including roadmaps to create “globally competitive banks” and for AI and digital innovation in banking institutions, while providing for safeguards against cyber risks.

The government, for some time, has been calling for Indian banks to become “globally competitive” and is hoping at least 1-2 of them rank in the top-20 of the world by 2047. According to S&P Global Market Intelligence, the four largest banks in the world are all from China: Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank Corp, and Bank of China.…