He added that the chairperson of the Commission is yet to be appointed.
"Once it is done, the Commission will submit its report on the matter within 12 weeks," Jaitley said.
The Union Minister also ruled out out any possibility to demonetise the newly introduced Rs. 2,000 currency notes.
Jaitley clearly said that there was no discussion within the government of phasing out Rs. 2,000 notes.
"Another important decision that has been taken is for public sector banks," Jaitley said.
The minister indicated that the Cabinet has approved a framework for consolidation of public sector banks.