New Delhi, Feb 25 (IANS): The committee on new bank licences submitted its recommendations to the Reserve Bank of India (RBI) Tuesday after scrutinising the applications.

The four-member committee headed by former RBI Governor Jalan submitted its report after meeting for the last time. The panel had first met last Nov 1.

There are 25 applicants. State-run non-banking financial companies (NBFCs) like LIC Housing Finance and IDFC, Anil Ambani promoted Reliance Capital and Bajaj Finance are some of the prominent firms in the race.

RBI had constituted the Jalan committee to examine the criteria, business plans, corporate governance practices of applicants.

Muthoot Finance, Religare Enterprises, L&T Finance Holdings and India Bulls Housing Finance Ltd. are among the other companies who have applied for licences.

Tata Sons, the holding company of the Tata group, withdrew its application in November last year.

Mahindra & Mahindra Financial Services decided aginst applying for a banking licence, while Value Industries, a unit of Videocon Industries, withdrew its application.

Kotak Mahindra Bank and Yes Bank had got licences in 2003-04.