New Delhi, Nov. 10 -- In keeping with finance minister Nirmala Sitharaman's Budget speech promise, the government recently set up a high-level committee for banking reforms.

The committee has an ambitious mandate to revamp the banking system, and provide a roadmap for the next two decades. How the committee tackles the issue of state-owned banks may well determine its fate.

The High Level Committee on Banking for Viksit Bharat headed by the former central vigilance commissioner, Suresh N. Patel is expected to recommend "structural, institutional, regulatory and legislative reforms to make the banking sector globally competitive, financially inclusive and resilient" in time for Viksit Bharat (developed India) by 2047.

Some of the commit...