Bank scams: RBI governor to appear before Parliamentary Panel on May 17

A Parliamentary panel on Tuesday has summoned Reserve Bank of India (RBI) Governor Urjit Patel to answer questions related to the recent bank scams.

The RBI chief asked been asked to appear before the panel on May 17.

Veteran Congress leader M Veerappa Moily, who is heading the Standing Committee on Finance raised several questions related to banking sectors with the Financial Services secretary Rajiv Kumar during a meeting on Tuesday.

The meeting was also attended by Former Prime Minister Manmohan Singh, who is also a member of the Standing Committee.  

“We have invited RBI governor on May 17 meeting. We will question him on various scams and banking regulations in the Standing Committee meeting,” a source told PTI.

Another source told PTI that Patel recently had said that the RBI does not have enough powers to regulate public sector banks so he will be asked to know what kind of powers the RBI governor needs.