RBI chief Urjit Patel to appear before parliamentary panel on July 6 to discuss ‘demonetisation’
Reserve Bank of India (RBI) governor Urjit Patel will appear before a parliamentary panel on July 6 to discuss the demonetisation move.
It is for the fourth time that the parliamentary panel has called Urjit Patel to discuss the note ban. On the previous two occasions, the central bank governor sought exemption saying that he was occupied with the monetary policy.
The Standing Committee on Finance, headed by Congress MP Verappa Moily, had questioned Patel once -- on January 18 -- on the move to ban Rs 500 and Rs 1,000 denomination notes.
"Patel has been asked to appear again before the panel on July 6 to brief the members about demonetisation as discussion on it is yet to be concluded," a member in the panel said.
The Committee had also called top finance ministry and RBI officials in January to discuss the impact of demonetisation. As members could not complete their questions, the committee had decided to call the RBI governor and ministry officials again on a later date, after the Budget session.
Sources said that the members in the panel are likely to ask Patel about how much money has come back into the system. The members will also enquire on when bank operations will be "normal".
(With PTI inputs)