According to Home Ministry officials, the reward proposal is being considered at the highest level and may take a decision in favour of it soon.
"If we declare the reward, we will tell the people that whoever shares any information about the perpetrators of the blast, his or her identity would be protected," an official said.
He further said, "We would not even ask his name but give the reward. But information has to be correct."
The move is being considered in the light of investigators still groping for vital clues about the terrorists behind the powerful blasts.