(LiveMint)
A parliamentary panel has called Reserve Bank of India (RBI) governor Urjit Patel on 17 May to answer queries on a spate of banking scams unearthed in the last few months, people privy of the development said. 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 May 17. We will be asking him about the scams and other banking regulations,” said one person. 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 person 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.
