RBI Guv Urjit Patel appears before parliamentary panel

RBI Governor Urjit Patel Tuesday appeared before a parliamentary panel to brief on demonetisation and NPA situation in the public sector banks, among other issues, sources said.

Patel was earlier scheduled to appear before the panel on November 12.

Source said issues related to November 2016 demonetisation of old Rs 500/1000 notes, reforms in the RBI, stressed assets in the banking system, and state of the economy, were listed as agenda items of the 31-member Parliamentary Standing Committee on Finance.

The RBI Governor appeared before the panel days after the central bank’s face-off with the finance ministry over issues ranging from appropriate size of reserves to be maintained by RBI to easing of lending norms for small and medium enterprises.

Former Prime Minister Manmohan Singh is a member of the committee headed by senior Congress leader and former Union Minister M Veerappa Moily.