In the lead-up to the conference, there had been a strong push to nationalise the Reserve Bank and bring it completely under the control of the government.
But Godongwana explained that while the Reserve Bank had more than 650 shareholders, their influence over the bank's mandate and decision-making was "neither here nor there".
He said even if the bank were to be nationalised, South Africans would still not be able to interfere in its operational mandate.
The proposal will be taken to branches for further discussion before it is again tabled before the national conference in December.
Godongwana said: "Our intention is that by the time we get to the conference, we should have clarified [the formation of a state bank]."