Parliament panel to grill RBI governor Urjit Patel over note ban today

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LATEST NEWS|Reserve Bank of India (RBI) Governor Urjit Patel(pictured) will face questions on demonetisation and its aftermath when he appears before the Parliament’s standing committee on finance on Wednesday.

Opposition party members on the panel, said sources, were not satisfied with the documents RBI and the finance ministry had given the committee, in support of Prime Minister Narendra Modi’s November 8 announcement banning Rs 500 and Rs 1,000 currency notes.

BREAKING NEWS|A major concern of these members was whether RBI’s autonomy was compromised by the note ban decision. Another issue would be if the decision violated citizens’ rights over their legal money in banks, guaranteed by RBI, with withdrawal limits. Further, the members would like to know if the cashless economy agenda being pushed by the Centre was feasible as several major economies such as the US, Japan, the UK and Singapore have still not gone completely cashless.
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