RBI Governor Urjit Patel along with Deputy Governor R Gandhi and other senior functionaries appeared before Parliament’s Public Accounts Committee (PAC) for oral evidence on ‘Review of Monetary Policy’. Members asked a host of questions from the RBI Governor, who has been given 15 days time to respond to the queries. He further said that the RBI Governor could be called again if required after February 10. Responding to queries by members, RBI said the discussion to demonetise old high value currency between the government and the central bank started in January 2016. During the nearly four-hour meeting, the panel asked questions regarding significant surge in deposits in several cooperative banks and asked RBI to look into the issue.

Source: Indian Express January 20, 2017 14:41 UTC