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RBI Chief Urjit Patel Grilled By Parl Committee Over Nirav Modi Case

MPs questioned Patel on the quality of monitoring by the RBI.

RBI governor Urjit Patel had a tough time after he was bombarded with questions pertaining to the Nirav Modi case by a group of parliamentarians on Tuesday. Patel was briefing them on various crises that the banking sector was facing.

The lawmakers questioned Patel on the quality of monitoring by the RBI with reference to the scale of the PNB (Punjab National Bank) scam.

Celebrity jeweller Nirav Modi fled India in January after duping PNB. The billionaire is trying to seek political asylum in the UK.

A senior parliamentarian questioned Patel on how Nirav Modi did illegal transactions for years “despite the RBI’s supervisory norms”.

The MPs questioned Patel why RBI failed to notice fake LoUs (Letters of Undertaking). “Why didn’t RBI check the credentials? RBI has powers to check and investigate every branch anywhere. Why didn’t it use the power?” a senior parliamentarian sought answers from the RBI chief.

Nirav Modi was last spotted in a Press Information Bureau group photograph of CEOs and senior executives of top companies with Prime Minister Narendra Modi at Davos, Switzerland in late January.

The RBI governor was appearing before the parliament’s standing committee on finance, headed by Veerappa Moily from Congress and includes leaders from other parties besides former prime minister Manmohan Singh, NDTV reported.

The panel questioned the RBI chief on the impact of demonetisation and bad loans, specifically the Rs 13,000 crore-PNB fraud.

According to The Asian Age report, sources of PTI present at the meeting said Patel expressed confidence of tiding over the crisis regarding non-performing assets (NPAs).

Patel told the committee that after implementation of the Insolvency and Bankruptcy Code (IBC), the situation on the NPA front has been improving.

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