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NPA Crisis: RBI Governor Urjit Patel Questioned By Parliamentary Committee

ANANYA BHATNAGAR | 0
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| June 12 , 2018 , 15:42 IST

RBI Governor Urjit Patel was questioned by the Parliament’s Standing Committee on Finance on Tuesday. The major concerns of the meeting were about the growing problem of the Non-Performing Accounts (NPAs).

The committee headed by Congress leader Veerappa Moily questioned the RBI governor about the issue and also questioned him about the Punjab National Bank case involving Nirav Modi and Mehul Chowksi as cited by the committee's notice. 

The committee has also asked the governor to ascertain a clear picture about the value of money that has returned the banks after the Modi government’s move of demonetization of the Indian currency.  

According to the reports of ANI, Urjit Patel expressed confidence that RBI would be able to resolve the bad loan crisis currently pestering the Indian banking system.

In the previous meeting that was held last year in the month of July, Patel had told the panel that RBI has ordered for new counting machines as the existing machines or the manpower were not sufficient to complete the counting.  

The new counting machines, for which RBI had called for tenders, were to be big units measuring 10 feet by 10 feet and expected to have the capacity to count crores of notes in split seconds, eject fake notes and help in shredding once the numbers are tallied.

According to media reports, the decision to summon Patel was taken during a Committee meeting held in April, which was attended by former Prime Minister Manmohan Singh, Moily and the other members of the standing committee.