The heads of the big four banks will now be made to face annual questioning about their behaviour.

Prime Minister Malcolm Turnbull has responded to concerns about a lack of transparency in the finance sector, especially around interest rate policies, saying he wanted to “drive some cultural change” by dragging bank bosses in front of the Federal Government's Economics Committee.

“What this will do is create a regular and permanent method of accountability and transparency for the banks,” he said.

“This is an important step, a permanent step, a permanent change in the regular financial calendar that will require the banks to become accountable.”

The move is considered by many to be a way of silencing the Opposition’s consistent agitating for a Royal Commission into the banking sector.

ANZ Bank chief executive Shayne Elliott says he will comply.

“I'm not sure I'm happy to attend. It's obviously going to be a pretty intense experience, but I understand the need for it,” Mr Elliott said.

“I think that more transparency is always a good thing so I think I can only help.”