RBI Guv Urjit Patel appears before parliamentary panel to discuss demonetisation, economy

RBI Governor Urjit Patel on Tuesday, November 27, appeared before a Parliamentary Standing Committee on Finance.

The 31-member parliamentary panel comprises members such as former Prime Minister Manmohan Singh and the committee was headed by senior Congress leader and former Union Minister M Veerappa Moily.

However Patel was earlier scheduled to appear before the panel on November 12, to brief on issues like demonetisation and NPA situation in the public sector banks, among others, sources confirmed.

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.

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.

Patel told Parliament panel that “the economy would do better as crude prices down.” Questions on RBI autonomy, reserves were asked but Patel didn't answer the questions