The government may constitute the proposed High-Level Committee on Banking for Viksit Bharat by the first quarter of FY27, with broad terms of reference (ToR) aimed at undertaking comprehensive reforms in the banking sector. Although the finer details are still being worked out, Financial Services Secretary M. Nagaraju, who is set to superannuate in May, may head the committee, sources said. Former State Bank of India chairman Dinesh Khara could be a member of the panel. Parallel to finalising the ToR, efforts are underway to identify panel members, sources said.