The new guidelines for setting up new banks in the country are still to be brought out on formal basis. The government is now likely to set up a special committee to look deeply into the draft guidelines formulated for the entry of new players by Reserve Bank of India.

According to finance secretary, Mr S K Sharma, the ministry has received the draft guidelines from RBI and is in the process of review. "We are currently studying those guidelines and will revert to the banking regulator with our comments," he said.

"An expert committee can be set up to vet the guidelines before they become fully operational. Effectively, new licenses will be given by end of 2012," he said.

The banking arena of India presently has 27 public sector banks, 15 old private-sector banks and 31 foreign banks.

"It has to be looked into how differently new banks can support the whole 'Swabhiman (financial inclusion) Project' . The committee may also look into such issues ," the finance ministry official said.