The new government will also be briefed about the need of banks to raise capital and the issue of merger of public sector banks may also figure during discussions. The issue is significant as an RBI-appointed panel under former Axis Bank chief P J Nayak in its draft report has suggested that government cut its stake in state run banks below 51 per cent.

The move will help free capital that can be deployed in social sector schemes. In fact, it was one of the reforms that the NDA government had sought to push through during its last term but had to back off due to opposition from the Congress.

"We will have a five-year road map as per Basel III requirements and then look at each bank and their requirement on an annual basis. It is dynamic and depends on how the economy performs," said a senior government official, involved in the framing of the financial sector reforms agenda for the Narendra Modi-led government.

The issue of dealing with non-performing assets or bad loans will also form a key element of the government's revamp agenda.

"There are multiple laws and there is a need to plug loopholes. All these issues would be discussed to draw up a framework for dealing with willful defaulters," said the official.