associate sponsors

Havells
HDFC

RBI Governor Urjit Patel appears before parliamentary panel, assures to take steps to strengthen banking system

New Delhi: RBI Governor Urjit Patel on Tuesday faced tough questions from a parliamentary panel on bad loans, bank frauds, cash crunch and other issues even as he assured the members that steps were being taken to strengthen the system, sources said.

Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs).
Some members of the committee, headed by senior Congress leader Veerappa Moily, sought to know about the reasons for recent instances of ATMs running out of cash and why enough steps were not taken to tackle banking frauds.

A file photo of RBI Governor Urjit Patel. AFP

A file photo of RBI Governor Urjit Patel. AFP

Patel told the panel that steps were being taken to strengthen the banking system. "We are confident that we will be able to tide over the crisis," a source quoted the Governor as saying with respect to the NPA situation.

Striking an optimistic note, Patel informed the committee that after implementation of the Insolvency and Bankruptcy Code (IBC), the situation on the NPA front has been improving.

There have been rising concerns about bad loans, health of various public sector banks and fallout of the the nearly Rs 13,000 crore fraud at the Punjab National Bank.

TMC leader and member of the panel Dinesh Trivedi had said on Monday: "It's been long time and the RBI has still to come out with amount of the cash returned into system post demonetisation.
And the Governor must share these details with the panel and I hope he will do it tomorrow."

The panel, he had said, would also ask questions about the mounting NPAs in the banking system and the Rs 13,000 crore PNB fraud, which raises doubts about the monitoring system of the RBI.
In his last appearance before the panel, Patel was also questioned on loan restructuring programmes, which lead to ever greening of loans, and resolution of defaults under the IBC, sources had said.


Updated Date: Jun 12, 2018 14:40 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See