New Delhi: RBI Governor Urjit Patel will on Wednesday meet the parliamentary panel and brief them about the demonetisation move taken up by the Modi government.
During the meet, to be held in New Delhi, Patel will brief the panel on the impact of demonetisation on the Indian economy, the steps taken by the central bank to deal with the cash crunch.
In a major step taken to fight against corruption and black money, Prime Minister Narendra Modi on November 8 demonetised old notes of Rs 500 and Rs 1000.
Following this decision, the RBI had restricted the withdrawal of cash from ATMs to just Rs 2,500 per day per card (this has been increased to Rs 10,000 per day per card). Moreover, the central bank had also restricted cash withdrawal by cheque from saving bank accounts to just Rs 24,000 a week.
During the panel meeting on Wednesday, representatives of the Finance Ministry, including from the department of Economic Affairs, Financial Services and Revenue will brief the members of the Standing Committee on Finance headed by former Union Minister and senior Congress leader Veerappa Moily.
Also, representatives of Indian Banks Association (IBA), State Bank of India (SBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) are scheduled to be present in the meeting.
The meeting will discuss the “demonetisation of Indian currency notes of Rs 500 and Rs 1,000 and the impact thereof”.
The RBI Governor is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.
With PTI Inputs
