-Livemint.com RBI’s testimony to parliamentary panel shows the bank had warned the government of possible inconvenience to the public for some time New Delhi/ Mumbai: India pushed ahead with its decision to demonetise high-value banknotes even as the Reserve Bank of India’s (RBI) own board expressed concern whether the cash could be replaced quickly enough, the central bank has said in written testimony to parliament. The revelation comes amid growing criticism about whether...
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Give answers on note ban in writing, an unhappy PAC tells RBI governor -Amit Agnihotri
-Business Standard The governor did not give specific answers on who initiated the note ban New Delhi: Unsatisfied with the responses of Reserve Bank of India (RBI) Governor Urjit Patel to specific queries on demonetisation, the Public Accounts Committee (PAC) of Parliament on Friday asked him to furnish written replies to the concerns expressed by the members within two weeks and appear before the panel again. Patel, along with Deputy Governor R Gandhi...
More »System not yet ready for cashless economy, RBI Governor tells PAC -AM Jigeesh
-The Hindu Business Line 'RBI working on cutting transactions costs on digital payments' New Delhi: RBI Governor Urjit Patel, who appeared before the Public Accounts Committee looking into demonetisation and its impact on monetary policy, told the panel that the country’s infrastructure is not ready for a cashless economy. He assured the panel that the RBI is working out ways to reduce transaction costs involved in digital payments. As was the case when he...
More »Government spends Rs 3.09 per Rs 500 currency note: RTI
-IANS RBI buys the currency notes from the Bharatiya Reserve Bank Note Mudran Pvt Ltd Mumbai: The Reserve Bank of India (RBI) spends Rs 3.09 for each Rs 500 note as cost towards paper, printing and other charges, an RTI query has revealed. The information was given here on Friday to Mumbai Right To Information activist Anil Galgali on his query on the printing costs incurred by the government for printing Rs 500...
More »House panel criticises RBI governor for inability to answer demonetisation questions
-The Economic Times Members of the Parliamentary Standing Committee on Finance on Wednesday criticised Reserve Bank of India Governor Urjit Patel for his inability to answer queries related to demonetisation. "Patel was unable to tell us how much money has come back to the banks," said Saugata Roy, TMC MP. "The governor was unable to tell us that how much old currency has come into the banks," added Saugata Roy. Sources also quoted...
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