Parliamentary panel summons RBI Governor to answer queries on bank-scams
What's the story
A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said. The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, today raised several queries related to the banking sector with Financial Services Secretary Rajiv Kumar. Here are more details.
Insufficient powers
RBI doesn't have adequate powers to deal PSBs
Patel had recently said RBI doesn't have adequate powers to deal with public sector banks. "We would like to know what kind of powers the RBI Governor needs," source said, adding that regulation is an important part and that is why Governor has been called. When asked if PNB and ICICI Bank issues figured during the meeting, the source answered positively.