He also said that the expert committee on Economic Capital Framework has virtually been finalised. "Hopefully soon, it will be announced," he said on the sidelines of an event in New Delhi.
On a question on whether the government will make an additional capital infusion in public sector banks, Garg said, "Yes... wait for supplementary demand for grants expected tomorrow."
The Finance Ministry is likely to seek approval from Parliament for additional funding for state-run banks on Thursday, said Garg, adding that the proposal will be part of the overall supplementary demand for grants to be laid before Parliament.
Over the past two months the government and the RBI have been clashing on several issues, including the government's proposal to ease capital and lending curbs for state-run banks.
The new RBI Governor Shaktikanta Das' bureaucratic links are expected to heal a rift between the two.