"We are in the process of constituting an external committee. Bimal Jalan, an illustrious former Governor, has agreed to chair it and the committee will be composed of individuals with impeccable reputation," Rajan had earlier said in the media.
Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 entities that applied for bank licences two months ago, said the media report.
Among public sector units, India Post and IFCI have submitted applications. Micro finance institutions such as Bandhan Financial Services and Janalakshmi Financial, too, have expressed their intention to set up banks.
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