RBI Governor Urjit Patel briefs Parliamentary Standing Committee on finance, takes tough questions on PNB fraud

The Parliament’s Standing Committee on Finance, headed by Congress leader Veerappa Moily, on Tuesday, reportedly posed some tough questions to RBI Governor Urjit Patel, particularly about the massive Punjab National Bank (PNB), which surfaced in February. The members of the standing committee asked Governor Patel as to how a scam, allegedly masterminded by jewellers Nirav Modi and Mehul Choksi, and executed over several years, went undetected, reported India Today.

RBI Governor Urjit Patel appears before a parliamentary panel on finance headed by Congress MP Veerappa Moily on various issues including amount of cash returned post demonetization. (file pic) pic.twitter.com/Q3neNtEcRx

— ANI (@ANI) June 12, 2018

The standing committee has members from various political parties, and includes former Prime Minister Manmohan Singh. “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,” TMC MP and member of the panel Dinesh Trivedi said on Monday. In his last appearance before the panel, Patel answered questions on loan restructuring programmes, which lead to ever greening of loans, and about resolution of defaults under the Insolvency and Bankruptcy Code (IBC). With inputs from PTI