Parliament panel, which includes Manmohan Singh, may grill RBI governor Urjit Patel on these issues

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Updated: Nov 17, 2018 4:57 PM

The 31-member Parliamentary Standing Committee on Finance, which includes former Prime Minister Manmohan Singh may question Reserve Bank of India (RBI) governor Urjit Patel on various issues.

The 31-member Parliamentary Standing Committee on Finance, which include former Prime Minister Manmohan Singh may question Reserve Bank of India (RBI) governor Urjit Patel on a clutch of issuesThe 31-member Parliamentary Standing Committee on Finance, which include former Prime Minister Manmohan Singh may question Reserve Bank of India (RBI) governor Urjit Patel on a clutch of issues.

The 31-member Parliamentary Standing Committee on Finance, which includes former Prime Minister Manmohan Singh may question Reserve Bank of India (RBI) governor Urjit Patel on various issues such as stand-off with the government, demonetisation and the state of the Indian economy, news agency PTI reported.

While head of the Parliamentary committee senior Congress leader Veerappa Moily confirmed that Patel will appear before the panel on November 27, PTI reported quoting sources that it may also question the RBI governor on the recent stand-off with the government.

“The RBI Governor will brief the panel on the status of the economy, reforms in the central bank and demonetisation,” Moily told the news agency. The stand-off between the government and the RBI is going on multiple issues such as the reserve transfer and Prompt Corrective Action (PCA) norms for weaker banks.

The RBI board, which also includes government nominee directors and independent directors, will meet on Monday to discuss the issues. News reports also said that the government wants a greater role in the decision-making process of the regulator.

Earlier, media reports said that the government invoked Section 7, the never-used-power in RBI’s history, which escalated the situation. The speculation was also that Urjit Patel had offered to resign over the differences.

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