The first batch of three to five privately owned banks are expected to win licenses around the period of the 12th National People's Congress and 12th National Committee of the Chinese People's Political Consultative Conference in early March, the China Securities Journal has reported.

So far, more than 100 proposed private banks have had their names approved by the State Administration for Industry and Commerce.

Four of those names were approved just after the Spring Festival, which ended in early February.