RBI Fulfils Its Accountability Duty As Urjit Patel Briefed The Post Demonetisation Session

Demonetisation was a heavy rearrangement in the country’s economy which created massive shift in the habits of money management. Scrapping of high currency notes seemed like a big tornado when it was introduced but the constant efforts of RBI managed the storm somehow infusing almost 60 per cent of the sum of banned currency notes post demonetisation. The combat of remonetisation has been made possible with infusing new currency worth Rs. 9.2 lakh crore into the banking system. This data was provided by Urjit Patel (Central Bank Governor) back on Wednesday.

After the demonetisation was announced on November 8, 2016, a total sum of Rs. 15.4 lakh crore was withdrawn from the system. Although, it was decided that the RBI’s self-rule must be taken into consideration, but with this, RBI governor’s accountability about the process was also taken as a crucial aspect.

But, even after following all set norms and presenting all available sessions, opposition does not seem to be satisfied and mentioned that, “Patel came across as a professional in his brief… but we had a lot of issues to raise”. Like one of the issue was that Patel did not mention the exact amount deposited in the banks after the demonetisation.

The finance committee was briefed by Hasmukh Adhia, the revenue secretary. The meeting was very significant and important as it discussed the key changes after demonetisation.

Members in the also wanted to know if there was any force on the RBI to follow the norm of note ban. To clarify this, Patel and Das assured that the policy was in discussion from early 2016 itself.

The briefings are likely to resume again after the first half section of the Budget ending on February 9. During the session, the opposition showered plethora of questions on people’s sufferings.

To these conspired questions, S S Mundra, who is RBI Deputy Governor mentioned that, all  the ATMs (automated teller machines) were in function now which means within a short span of time, all ATMs have been recalibrated and infused with newer currencies.



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