The Reserve Bank of India (RBI) Governor Urjit Patel will be appearing before a parliamentary panel to explain about demonetisation and its impact on economy, which was announced by Prime Minister Narendra Modi on November 8, 2016 to fight against corruption and black money.
The RBI governor has been asked to brief the details after the United Forum of Reserve Bank Officers and employees wrote a letter to the RBI governor alleging that the image of the central bank has been dented beyond repair post the government’s demonetisation move. The meeting will discuss the decision of demonetisation of Rs 500 and Rs 1,000 notes and its implications on the economy and the steps taken by central bank to counter the cash crunch. The RBI Governor is also scheduled to appear before parliament's Public Accounts Committee regarding the same issue on Friday, January 20.
The meeting will see participation from representatives of the Finance Ministry, including from the department of Economic Affairs, Financial Services and Revenue will also brief the members of the Standing Committee on Finance which is headed by former Union Minister and senior Congress leader Veerappa Moily. Representatives of Indian Banks Association (IBA), State Bank of India (SBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) are also scheduled to be present in the meeting.