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RBI Governor to appear before parliamentary panel today
The Governor of Reserve Bank of India (RBI), Urjit Patel is set to face the Parliament's Standing Committee (PSC) on Finance today to answer questions regarding demonetisation. The committee is being headed by senior Congress leader Veerappa Moily.
Along with Patel, representatives of the Finance Ministry from the departments of Economic Affairs, Financial Services and Revenue will also brief the members of the PSC.

Representatives of Indian Banks Association (IBA), State Bank of India (SBI), Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) are also scheduled to be present in the meeting.

The opposition members are expected to ask the Governor questions regarding compromise on RBI's autonomy due to the demonetisation decision. Patel is also expected to be questioned about whether the withdrawal limits violated citizens' rights over their legal money in banks.

Another issue is expected to be whether the cashless economy agenda that is being pushed by the government is even feasible.

The committee is also scheduled to ask the Governor whether the banking system was equipped enough to implement the note ban. The Governor will also have to face questions regarding compensation to the people who reportedly lost their lives due to the situation that arose due to the demonetisation decision.

Earlier, the PSC had said that in case it is not satisfied with Patel's answers, it can ask the Prime Minister to appear before it and answer the questions regarding the demonetisation decision.

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