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Note ban: Parliament panel to question RBI governor Urjit Patel today

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Note ban: Parliament panel to question RBI governor Urjit Patel today

Reserve Bank of India (RBI) Governor Urjit Patel will appears before the Parliament's standing committee on finance on Wednesday where he will face questions on demonetisation and its aftermath.

Opposition party members on the panel, reportedly, 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.

A major concern of these members was whether RBI's autonomy was compromised by the note ban decision. Another question is whether the decision violated citizens' rights over their legal money in banks, guaranteed by RBI, with withdrawal limits.

Also, the members want 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.

Members would also ask questions on whether the banking system was equipped to implement the note ban. The fact that at least 100 people reportedly lost their lives in the aftermath of the note ban and if their relatives got compensation would also be thrown at the RBI chief, reports said.

The government had advised the central bank on November 7, 2016, to consider the note ban and RBI's board recommended the same on November 8, hours before Modi announced the note ban.


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