House panel to quiz RBI governor on frauds today

Urjit Patel, Reserve Bank of India (RBI) go­v­ernor, will inform the parliamentary standing committee on finance on Thursday about the steps taken by the central bank as regulator and supervisor of the banking sector to check increasing number of frauds and rising non-performing assets (NPAs) in the sector.

During the appearance before the House panel, the governor is expected to respond to queries from members of Parliament on recent bank frauds, including the Nirav Modi case, and mounting NPAs, sou­rces said.

The panel earlier qui­zzed financial services secretary Rajiv Kumar on NPA and bank frauds.

The standing committee, chaired by Congress leader Veerappa Moily, has expressed its concerns abo­ut the recent bank frauds and increasing NPAs. The panel will hear the central bank governor on issues afflicting the banking sector in the country and is likely to recommend systemic changes, sources added.

Patel is also likely to respond to MPs’ queries regarding banking sector regulations.