Reserve Bank of India Governor Urjit Patel while appearing before a parliamentary panel briefed them about the demonetisation and non-performing assets situation in the public sector banks, among other issues, according to media reports. Patel was earlier scheduled to appear before the panel on November 12.
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.
Former Prime Minister Manmohan Singh is a member of the committee headed by senior Congress leader and former Union Minister M Veerappa Moily.
Issues related to November 2016 demonetisation of old Rs 500/1,000 notes, reforms in the RBI, stressed assets in the banking system, and state of the economy, were listed as agenda items of the 31-member Parliamentary Standing Committee on Finance.