Manmohan Singh saves RBI Governor Urjit Patel from grilling over demonetisation

He (Urjit Patel ) should not be put to odd questions, Singh, who himself was RBI Governor once, is believed to have told the Committee.

By: PTI | New Delhi | Updated: January 18, 2017 10:21 pm
urjit patel, manmohan singh, rbi, demonetisation, manmohan singh at book launch, study economy, economists, Evolution of Economic Ideas - Smith to Sen and beyond, DCM Limited’s Chairman Vinay Bharat Ram, india news, latest news Singh is understood to have told Patel that he need not answer a question put by one of the members relating to non-removal of cash withdrawal restrictions.

Reserve Bank Governor Urjit Patel on Wednesday escaped possible grilling by a parliamentary committee over the demonetisation issue but for the intervention of former Prime Minister Manmohan Singh. Patel, who along with other RBI and finance ministry officials appeared before the Parliamentary Standing Committee on Finance, was put to some tough questions by members, sources in the committee said.

He could not reply to questions like when normalcy would be back in the banking system and how much of demonetised currency was deposited during the 50-day window.

Before further grilling could start, Singh, who made a forceful speech against demonetisation in Rajya Sabha calling it a “monumental failure and organised loot”, intervened to say that the central bank and the Governor’s position as an institution should be respected.

He should not be put to odd questions, Singh, who himself was RBI Governor once, is believed to have told the Committee.

Singh is understood to have told Patel that he need not answer a question put by one of the members relating to non-removal of cash withdrawal restrictions.

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  1. J
    Jim
    Jan 18, 2017 at 4:49 pm
    What tough? These were ignorant and almost illiterate questions? How and why should RBI governor answer operational questions?lt;br/gt;When will banking return to normalcy has to be answered by a forum of CEOs of all the top banks in the country - they have the data and operate the processes.lt;br/gt;lt;br/gt;MMS must have felt ashamed with the level of stupidity hence had to intervene
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    1. J
      Jeevan
      Jan 18, 2017 at 6:18 pm
      I always believed MMS is the true Gentleman. not like today's shouting/comedy master
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      1. K
        K A
        Jan 19, 2017 at 1:40 am
        A true gentleman!
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          Am A
          Jan 18, 2017 at 5:01 pm
          Though Urjit Patel can be rightfully accused of lowering the integrity of RBi through his in-actions and submission to govt's decision, MMS has rightly intervened from making the questioning too political. Making the governor part of the political skirmishes could be more damaging to RBI as as insute. Today we need stronger insutes, and Urjit Patel should now take this as a cue, and start rebuilding the lowered retion of RBI.
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            Rajesh
            Jan 18, 2017 at 5:05 pm
            Good job done Mr.ExPM. You can kill Congress by your diplomacy. Proud of you and your honesty Sir. It was your misfortune that you were governed by a bar dancer.
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