The correct answer is Bimal Jalan. Bimal Jalan was the chairman of the committee formed to examine the applications for new bank licenses. Bimal Jalan Committee on Economic capital framework:Bimal Jalan Panel:The Reserve Bank of India (RBI), in consultation with the government, had set up a six-member committee headed by the former RBI Governor Bimal Jalan to review the economic capital framework of the Reserve Bank of India. The committee would submit its report within 90 days from the date of its first meeting. The mandate of the Committee:Review status, needs, and justification of various provisions, reserves, and buffers presently provided for by the RBI. To review best practices followed by the central banks globally in making assessments and provisions for risks, to which central Bank Balance sheets are subjected. Suggest an adequate level of risk provisioning that the RBI needs to maintain, and determine whether it is holding provisions, reserves, and buffers in surplus or deficit of the required level. Propose a suitable profit distribution policy taking into account all the likely situations of the RBI, including holding more provisions than required and the RBI holding fewer provisions than required. Additional InformationReserve Bank of India (RBI) accepted the Bimal Jalan panel recommendations, set up to review the Reserve Bank of Indias (RBIs) economic capital framework. Following these recommendations, RBI decided to transfer Rs 1. 76 lakh crore in dividend and surplus reserves to the government. The objective of the economic capital framework is to build harmony between the central banks need for autonomy and the Government's objectives of the development. The Bimal Jalan-led panel recommended holistic risk capital frameworks to assess the adequacy of RBI reserves.