The Senate Banking Committee approved legislation yesterday to beef up the Council on Wage and Price Stability as part of President Carter's new March 14 anti-inflation package.

The action came on a voice vote after the panel's Democratic majority beat back attempts by Republicans to cut back the size of the budget increase and deprive the White House of authority to punish violators.

The measure is scheduled to go to the Senate floor some time next week Meanwhile, the House Banking economic stabilization subcommittee is slated to begin work on a similar bill this morning.

The Senate committee's legislation would grant Carter's request to boost the council's budget from the current $8.4 million to $13.7 million for fiscal 1980 and $25 million for fiscal 1981.

It also would authorize the agency to hire another 404 staffers, on top of the present 233-person complement, for stepped-up wage-price monitoring and audits of large corporations.

Yesterday's legislation also would extend the life of the wage-price council for another year, at least through September 30, 1981. The program had been scheduled to expire this coming September.

In a related development, Banking Committee chairman William Proxmire (D-Wis.) agreed to conduct "prompt hearings" on whether Congress should repeal the 1969 Credit Control Act on which current Federal Reserve restraints are based.

The action came at the insistence of committee Republicans, who contended the present restrictions were counterproductive. However, sources said the panel was unlikely to approve such legislation now.

Yesterday's action on the wage-price bill marked a victory for the administration, which earlier had expected to see Carter's request for new money and staff posts cut back significantly.

There was no immediate indication how the wage-price bill would fare in the House subcommittee today. Panel Democrats reportedly have enough votes to approve Carter's request intact, but may woo Republicans with a compromise offer.