RBI governor Urjit Patel to appear before Parliamentary panel over bank scams
RBI Governor Urjit Patel
Reports said Urjit Patel had recently said that the RBI doesn't have adequate powers to deal with public sector banks.
A parliamentary panel has called Reserve Bank of India(RBI) governor Urjit Patel to answer questions on bank scams.
The RBI governor will face the Parliamentary Committee on Finance on May 17th.
Congress leader M Veerappa Moily today asked several questions to financial services secretary Rajiv Kumar on various bank scams.
Reports said Urjit Patel had recently said that the RBI doesn't have "adequate powers"to deal with public sector banks.
"We would like to know what kind of powers the RBI governor needs," a PTI source said, adding that regulation is an important part and that is why the Governor has been called.
Newswire PTI reported that the RBI governor will be asked questions by the Standing Committee on issues related to "all banks, including ICICI Bank".
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India's Banks have been the focus of attention in the past few months after a huge scam was detected in Punjab National Bank(PNB) triggered by diamond baron Nirav Modi who subsequently left India leaving a trail of loans amounting to several thousand crores which included several state-run banks including State Bank of India, UCOBank and Allahabad Bank.
The PNB scam went undetected for seven years raising questions on RBI's governance.
The RBI has since come up with several guidelines to ensure loan safety and issuanceof LoUswhich was the chief mechanism through which Nirav Modi defrauded PNB.