Questions RBI governor Urjit Patel failed to answer over demonetisation

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RBI governor Urjit Patel over demonetisation
RBI governor Urjit Patel over demonetisation

New Delhi : RBI governor Urjit Patel on Wednesday appeared before parliamentary panel and failed to answer many questions raised from the committee members. However, ex-Prime Minister Manmohan Singh came to his rescue and gave him liberty to skip a few.

Questions which tumbled Reserve Bank of India governor Urjit Patel are:

1: Post demonetisation announcement on November 8, how much money has been deposited in the banks so far? Mr Patel was only to answer how much currency the Central Bank has injected back and not how much they have received.

2: When would restrictions on the withdrawal limit will be removed? Patel said the present limit – Rs 24,000 per account holder, per week and Rs 96,000 per month – was reasonably high and normalcy would be restored gradually.

3: What will be the impact of demonetisation on the economy and the steps taken to ease cash crunch? Mr Patel only described that the process of demonetisation started in January 2014 and call to withdraw two high-value currency notes was taken in January 2016.

The RBI governor is to appear before the public accounts committee of Parliament on January 20.