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17
April 2018
 |
Parliamentary panel (The Total Investment & Insurance Solutions)
RBI
Governor Urjit Patel has been called by a parliamentary panel on May 17 to
answer queries on banking frauds and the powers that the central bank needs for
better regulation of public sector banks (PSBs).
Sources
said the decision was taken at a meeting of the Standing Committee on Finance,
headed by Congress leader M. Veerappa Moily.
"The
Reserve Bank of India (RBI) Governor has been invited to attend the meeting on
May 17," a source said.
Patel
had said last month that the RBI's regulatory powers over PSBs were weaker than
those over the private sector banks.
His
remarks came in the wake of bank frauds including that of over Rs 13,000 crore
fraud relating to the Punjab National Bank (PNB).
According
to the sources, the parliamentary panel would ask the RBI Governor about the
frauds and the powers the central bank would need for better regulation.
The
panel members also made several queries about the banking sector from Financial
Services Secretary Rajiv Kumar.
Finance
Ministry officials have sought three weeks to file replies to the questions
raised.
Sources
said the committee discussed banking frauds in both public and private sector
banks.
They
said the PNB fraud was discussed with special reference to fugitive jeweller
Nirav Modi.
The
panel members also raised queries about the controversy over conflict of
interest in the Rs 3,250 crore loan given by the ICICI Bank to the Videocon
Group in 2012.The Total Investment & Insurance
Solutions
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