Reserve Bank of India (RBI) Governor Urjit Patel will appear before the Parliamentary panel on Wednesday to respond to clarifications demanded by the panel on the issues related to demonetisation, the decision taken by Prime Minister Narendra Modi-led NDA government to weed out black money and corruption. Patel had earlier sought two exemptions from attending the meetings which were scheduled to be held on May 25 and June 8 this year respectively.
The panel members have planned to ask Patel questions regarding the bank’s preparedness for digital transition. They will also question about how much money has come back into the system after the November 8 decision to place the existing currency notes of Rs 1,000.
The RBI Governor will be asked to explain in detail about the real purpose of the demonetisation, how the process was carried out, and the top bank’s into the entire exercise.
Patel on January 18 was already questioned by the Standing Committee on Finance, headed by Congress MP Verappa Moily, on the decision of demonetisation. Most of the queries had remained unanswered at that time, because of which the members decided to call Patel and top finance ministry officials again to discuss the impact of demonetisation.
Former prime minister Manmohan Singh had stressed that the RBI Governor should appear before the panel and tell about the amount money which came back to banks after demonetisation and whether the top bank is prepared for carrying out the government’s push for digital economy in the aftermath of the initiative.