Reserve Bank of India Governor Urjit Patel appeared before the parliamentary committee on finance on Tuesday to answer a range of questions on problems in the banking sector, ANI reported.
The governor assured the panel that steps were being taken to tide over the crisis regarding non-performing assets, PTI reported, citing sources present at the meeting. “We are confident that we will be able to tide over the crisis,” a source quoted Patel as saying. The governor reportedly added that the situation has been improving since the implementation of the Insolvency and Bankruptcy Code.
The panel also asked Patel questions about the bad loans crisis and the alleged Rs 13,000-crore fraud at Punjab National Bank. He also faced questions about the cash crunch in ATMs that several states faced in March and April.
“It’s been a long time and the RBI has still to come out with amount of the cash returned into system post-demonetisation,” Trinamool Congress MP and member of the panel Dinesh Trivedi told PTI on Monday. “And the Governor must share these details with the panel and I hope he will do it tomorrow.”
Congress leader Veerappa Moily heads the panel. Patel had not appeared before it the last time it summoned him on May 17.
Patel last appeared before it on April 10, when he was reportedly questioned on loan restructuring programmes and resolution of defaults under the Insolvency and Bankruptcy Code.
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