This paper proposes a design of low complexity, reconfigurable, and narrow transition band (NTB) filter bank (FB). In our proposed Modified Frequency Response Masking (ModFRM) architecture, the modal filter and complementary filter in the conventional FRM approach are replaced by a power complementary and linear phase FB. Additionally, a new masking strategy is proposed by which an M-channel FB can be designed by alternately masking even channels and odd channels. By using this masking strategy, it is only necessary to modulate the masking filters over the multiple spectra replicas appearing in [0,2π] to generate uniform ModFRM FB. Also, the reconfigurability of filter banks can be achieved by adjusting the interpolation values appropriately, to obtain more masking responses. The results indicate that the proposed method requires substantially fewer multipliers in comparison to the reconfigurable FB existing in the literature. Finally, nonuniform FB is generated from the uniform FB by combining nearby channels and are used for the extraction of different communication standards in the software defined radio (SDR) channelizer. When more channels are to be extracted, the proposed scheme can achieve a reduced hardware complexity in comparison to other filter bank based SDR channelizers.