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Bank scams: Parliamentary panel calls RBI governor Urjit Patel to answer queries

By Deepika

Reserve Bank of India Governor Urjit Patel has been summoned by a parliamentary panel to answer queries on a spate of banking scams unearthed in the last few months. He has been asked to appear before it on May 17.

Urjit Patel

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.

"We have invited the RBI Governor on 17 May. We will be asking him about the scams and other banking regulations," said a source.

Former Prime Minister Manmohan Singh, who is member of the Committee, attended the meeting.

Patel had recently said that the RBI doesn't have adequate powers to deal with pubic sector banks.

"We would like to know what kind of powers the RBI Governor needs," another source said, adding that regulation is an important part and that is why the Governor has been called.

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.

The committee discussed banking frauds in both public and private sector banks. They said the PNB fraud was discussed with special reference to fugitive jeweller Nirav Modi.

OneIndia News (with agency inputs)

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