Nirmala Sitharaman announced a series of measures aimed at strengthening India’s banking and financial ecosystem.

Nirmala Sitharaman announced a series of measures aimed at strengthening India’s banking and financial ecosystem. She underlined the sector’s improved health and outlined the next phase of reforms under the Viksit Bharat vision. The Budget proposed a comprehensive review of foreign exchange management non-debt instruments rules to create a more contemporary and user-friendly foreign investment framework. The proposed committee comes amid expectations of a broader transformation roadmap for public sector banks, under the Vikst Bharat 2047 framework. It is expected to be in place by the end of the year.