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Parliamentary panel raps RBI Governor Urjit Patel over demonetization

RBI Governor Urjit Patel faced criticism from members of the Parliamentary Standing Committee on Finance on Wednesday, after he failed to provide answers to queries related to demonetization. “Patel was unable to tell us how much money has come back to the banks,” said Saugata Roy, TMC MP. “The governor was unable to tell us that how much old currency has come into the banks,” added Saugata Roy.


Sources have revealed that RBI Governor has stated during the meeting that till now, 9.2 lakh crore of new currency has been pumped into the banking system. Patel presented other details about demonetization to the parliamentary panel such as impact of demonetization on the economy and how RBI has been trying to manage the cash crunch.

Apart from Urjit Patel, representatives of the Finance Ministry, including from the Department of Economic Affairs, Financial Services and Revenue also presented their views and facts before the committee. The Parliamentary Standing Committee on Finance is headed by former Union Minister and senior Congress leader M. Veerappa Moily.

Other stakeholders present in the meeting included representatives of Indian Banks Association (IBA), State Bank of India (SBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC). Patel has also been asked to appear before the Public Accounts Committee of Parliament on January 20 regarding the same issue.

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