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RBI Governor Urjit Patel likely to appear before par panel tomorrow

In his last appearance before the panel, RBI Governor Urjit Patel was also questioned on loan restructuring programmes, which lead to ever greening of loans, and resolution of defaults under the Insolvency and Bankruptcy Code. Photo: Abhijit Bhatlekar/MintPremium
In his last appearance before the panel, RBI Governor Urjit Patel was also questioned on loan restructuring programmes, which lead to ever greening of loans, and resolution of defaults under the Insolvency and Bankruptcy Code. Photo: Abhijit Bhatlekar/Mint

Urjit Patel is scheduled to appear before the parliament's standing committee on finance headed by Congress leader Veerappa Moily

New Delhi: Reserve Bank of India (RBI) governor Urjit Patel is likely to face tough questions from a parliamentary panel on Tuesday on a range of issues including the amount of cash returned post demonetisation, Punjab National Bank (PNB) fraud and the mounting bad loans of banks.

Patel is scheduled to appear before the parliament’s standing committee on finance headed by Congress leader Veerappa Moily. It has members from various political parties, including 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," said Trinamool Congress MP and member of the panel Dinesh Trivedi.

The panel, he said, would also ask questions about the mounting non performing assets (NPAs) or bad loans in the banking system and the Rs13,000 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 Insolvency and Bankruptcy Code, people in the know said.

BJP MP Nishikant Dubey had questioned on the RBI’s schemes like Corporate Debt Restructuring, Sustainable Structuring of Stressed Assets or S4A and Strategic Debt Restructuring, saying that instead of checking loan defaults they resulted in more NPAs.

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