The High Level Advisory Committee (HLAC) is not likely to have any of its members from the central bank, rather it will include experienced persons from banking and financial sector, the report added.
At present, RBI is screening the applicants' prima facie eligibility, subsequent to which the applications will be referred to the HLAC for scrutiny, the report specified.
Nevertheless, the final decision to issue an in-principle approval for setting up a bank will be taken by the RBI.
Some of the 26 companies that have applied for the banking license include Tata Sons, India Post and IFCI among others.
Dion Global Solutions Ltd.