Explanation:

Second option is correct.
Bimal Jalan committee was constituted to scrutinize applications for new bank licences by private sector.

Recently,  Reserve Bank of India, in consultation with the government, constituted a committee led by the central bank’s former Governor Bimal Jalan to look into its Economic Capital Framework.

The Bimal Jalan committee on the appropriate capital reserves for the Reserve Bank is likely to identify an excess buffer of up to Rs 3 lakh crore.