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Religare Enterprises Limited (REL) has set up an Advisory Panel that would support the company to set up a banking platform and also support its bid for a new banking licence under guidelines issued by Reserve Bank of India on Monday.

Suman Bery, former special consultant to the RBI and Kiran Karnik, former president of National Association of Software and Services Companies (NASSCOM) have joined the panel. Bery has over 28 years of experience in various leadership positions at the World Bank and Karnik was also the founder-Director of ISRO's Development and Education, Communication Unit.

Chairman and Managing Director of REL Sunil Godhwani said: "With the formation of the Advisory Panel, we have re-affirmed our commitment to building a world-class bank in India. We are pleased that such distinguished members have agreed to support us in our endeavor. Their insight and expertise will be a tremendous asset to us as we work towards developing and honing our strategy. The Panel will help the Religare management team create a model that is innovative and commercially viable and meets all regulatory guidelines.”

Religare has also said that it is confident that it would qualify on the all of the key criterion laid out by the Indian central bank to qualify for a new banking licence.

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