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Corporate governance is an instrument for strengthening overall effectiveness of corporate enterprise in the corporate world and helps to optimize the goals of corporate entities within the boundary of corporate environment. With the above backdrop, the present paper deals with various issues of corporate governance relating to its concept and importance. This paper also describes various committee issues of corporate governance in the Indian economy and relates it with Indian banking system. Indian banking sector plays a catalytic role because of the critical nature of the relationship with business/ corporate sector and large public ownership. The change over from administered controls era to liberalization era followed by implementation of financial sector reforms end prudential norms have brought about new issues and challenges for implementation of corporate governance guidelines in the banking sector. [ABSTRACT FROM AUTHOR]