Financial inlcusion presently sits in the top position in the priority list of the Government. Thus it seems palpable that those industrial houses which show greater chances of succeeding with financial inclusion have an increased chance of grabbing the banking license.

The proposals sent by various institutions for getting a banking license will be reviewed by Finance Minister, Pranab Mukherjee before they are sent to RBI.

"We want to urge the central bank to look at this aspect (financial inclusion) before granting any new licenses," said a finance ministry official.

He added that the ministry may ask RBI to set specific stringent conditions regarding financial inclusion in the guidelines for getting a bank license.

"The approach should be similar to something what happened when the aviation sector was opened for private players," the official said.

"The industrial and business houses may not be committed to attaining broader objectives of financial development particularly ensuring financial inclusion and providing services to all sections of society," the discussion paper notes.

"The idea is to distill the RBI's approach and ensure that norms should not be too stringent," the official said.

Many corporate houses are are interested in acquiring a bank license while some finance companies want to convert themselves into full-fledged banks.