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House Panel May Question RBI Governor Urjit Patel on Stand-off With Govt: Sources

Tensions between the central bank and the government have escalated recently, with the Finance Ministry initiating discussions under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

PTI

Updated:November 16, 2018, 9:02 PM IST
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House Panel May Question RBI Governor Urjit Patel on Stand-off With Govt: Sources
File photo of Reserve Bank of India (RBI) Governor Urjit Patel. (Reuters)
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New Delhi: RBI Governor Urjit Patel is scheduled to appear before a parliamentary panel on November 27 to brief it on various issues, including the stand-off with the government, status of the economy and demonetisation, sources said.

The 31-member Parliamentary Standing Committee on Finance, which includes former Prime Minister Manmohan Singh, is headed by senior Congress leader Veerappa Moily.

When contacted, Moily confirmed that Patel will appear before it on November 27. "The RBI Governor will brief the panel on status of the economy, reforms in the central bank and demonetisation," Moily told PTI. However, sources said members will also raise the issue of the recent stand-off between the RBI and the government.

Tensions between the central bank and the government have escalated recently, with the Finance Ministry initiating discussions under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor. Patel was earlier scheduled to appear before the panel on November 12.

Earlier, Moily had said members wanted some more information on demonetisation, especially its impact. He said this was perhaps for the first time when an RBI governor has been called by a panel thrice on the same issue. Prior to this, Patel had briefed the members on demonetisation in January and July last year.

The panel could not adopt a draft report on note-ban in August 2018 as BJP MPs in the panel, led by Nishikant Dubey, stalled the process. However, Moily has repeatedly said no report on demonetisation was drafted. So far, the panel has adopted more than 60 reports on various issues unanimously. The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016.
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