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Show RBI governor the respect he deserves: Moily to finance panel members

Veerappa Moily says he had asked the members not to be harsh on RBI governor Urijit Patel when he appeared before the Parliament’s finance panel last Wednesday.

india Updated: Jun 15, 2018 23:35 IST
Saubhadra Chatterji
Saubhadra Chatterji
Hindustan Times, New Delhi
Urijit Patel,Veerappa Moily,Raghuram Rajan
A file photo of senior Congress leader Veerappa Moily addressing a press conference at Parliament House in New Delhi. (PTI )

The Reserve Bank of India (RBI) might be under fire from the Opposition parties, but RBI governor Urijit Patel got some respite from them when he appeared before the Parliament’s finance panel last Wednesday.

According to members of the panel, minutes before the meeting started, panel chairman and Congress MP Veerappa Moily requested the members not to be harsh on Patel. “Accordingly, members didn’t attack the RBI governor aggressively, even as they raised several issues, during the meeting,” said a senior Opposition leader.

Moily confirmed that he had asked the members not to be harsh on Patel. “Before the meeting, I said that let us give him the honour and the respect that he deserves,” the panel chairman said.

An MP recalled that last year when Urjit Patel faced angry members over demonetisation, former Prime Minister Manmohan Singh told Patel that he can skip answers to questions he considers uncomfortable. Singh, who himself was a former RBI governor, was seen taking a lead to protect the dignity of the institution of RBI at a time when it’s role in scrutiny.

This time too, the RBI is facing heat over the PNB fraud and its inability to check it. Former RBI chief Raghuram Rajan too, had claimed that the RBI had no clue about the scam.

In its reply, the RBI had accused the PNB for giving misleading information about its audit. It also added that it is not possible for the RBI to keep a tab on every bank branch. It also sought more powers from the government to control the functioning of public sector banks.

Parliamentarians like Bhartruhari Mahtab, Saugata Ray and the panel’s chairman Veerappa Moily asked several questions. Moily wanted to know why the RBI, as the regulator, had not intervened.

First Published: Jun 15, 2018 23:35 IST