India to remain among fastest growing large economies in 2023: RBI Governor
RBI Governor said the Indian economy had made rapid gains and has gradually integrated with the global economy over the years.
The governor of the Reserve Bank of India Urjit Patel has been asked to appear before a parliamentary panel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said.
“We have invited the RBI Governor on May 17. We will be asking him about the scams and other banking regulations,” said a source, according to PTI.
The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, on Tuesday raised several queries related to the banking sector with Financial Services Secretary Rajiv Kumar.
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The meeting was also attended by the former Prime Minister Manmohan Singh, who is a member of the committee.
Last month, Patel had said that the RBI doesn’t have adequate powers to deal with public sector banks. Breaking his on the PNB fraud case, he had defended the regulator and sought to put the onus on the finance ministry instead.
“RBI’s regulatory powers over public sector banks are weaker than those over the private sector banks,” Patel had claimed in March.
Meanwhile, the panel, sources said, discussed a spate of banking scams, both in public and private sector banks.
When asked if PNB and ICICI Bank issues figured during the meeting, the source said issues related with “all commercial banks, including ICICI Bank” were discussed.
The finance ministry officials gave part replies to queries of the lawmakers and they have been given three weeks time to file a complete report on questions.
(With agency inputs)
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