When Manmohan Singh Came to Urjit Patel’s Rescue on Note Ban
Patel escaped a possible grilling by Parliament’s standing committee on finance thanks to the ex-PM’s intervention.
Reserve Bank of India Governor Urjit Patel on Wednesday found support from unexpected quarters after he escaped a possible grilling by Parliament's standing committee on finance over the demonetisation issue.
Patel, who along with other RBI and finance ministry officials, appeared before the committee, was put to some tough questions by members. However, he was saved by the intervention of former Prime Minister Manmohan Singh, who reportedly advised Patel to not reply to questions which could create problems for the central bank.
Incidentally, Singh is a former RBI Governor himself.
Patel sidestepped questions over when normalcy would be back in the banking system and how much of demonetised currency was deposited during the 50-day window.
But before the committee could corner him, the former Prime Minister, who had made a forceful speech against demonetisation in the Rajya Sabha calling it a "monumental failure and organised loot", intervened to say that the central bank and the Governor's position as an institution should be respected.
He also urged members of the committee to not subject Patel to odd questions as it undermines his position.
(With inputs from PTI, NDTV.)
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.