The central bank will be meeting the Bimal Jalan-led panel this week and will submit its decisions to the board. Post that it will seek the Election Commission's approval for the same.
Finance ministry sources said that the issue of new bank licences will be taken up by the RBI board on March 6, according to a CNBC-TV18 exclusive. The Bimal Jalan panel has already submitted its report on the applications of licence seekers.
Sebi's scrutiny follows detailed queries shot off by RBI to various regulators in India and abroad as part of its due-diligence of entities seeking to enter banking arena.
RBI Governor Raghuram Rajan has been repeatedly assuring that some concrete action will be taken on issuing new bank licences before the end of the term of deputy governor Anand Sinha, who is in charge of banking department, in early February.
Raghuram Govind Rajan who took over as the 23rd Governor of the Reserve Bank today said, " India is a strong economy with great future."
Kamath believes in 12-18 months time growth will be back to normal, to the levels India has got used to.