The Reserve Bank today set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by by January. "We have set up the committee under Bimal Jalan for bank licences, Usha Thorat (former RBI Deputy Governor), C B Bhave (formerSebi chairman) and Nachiket Mor (financial sector expert)...We will try our best to do it by January 2014," RBI Governor Raghuram Rajan said at a press conference here after a board meeting. The panel will make its recommendations to the Governor and Deputy Governors, who will make the final proposals to the committee of the RBI central board.
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