Urjit should not answer queries which may damage RBI: Manmohan

Manmohan reportedly asked Patel not to answer queries by MP�s which may create problems for the RBI.

Urjit should not answer queries which may damage RBI: Manmohan

Former Prime Minister and ex-Reserve Bank of India Governor, Manmohan Singh has come to RBI Governor Urjit Patel's rescue on Wednesday when Patel appeared at the Parliamentary Panel Standing Committee on Finance. The panel sought answers from Urjit on the note ban drive to abolish Rs 500 and Rs 1,000 rupees notes.

Manmohan reportedly asked Patel not to answer queries by MP’s which may create problems for the RBI. 



Remonetisation exercise was too complex, which cannot be explained in monetary matters alone, Urjit told the panel. He claimed that RBI managed to bring 9.2 lakh crore worth new currency notes into economy in an effort to replace the banned notes in last November.

But, Urjit failed to give answer on when banking operations would become normal again. Meanwhile, senior Congress leader Ghulam Nabi Azad has asked Urjit to step down, saying that RBI has lost its autonomy and became a  rubber stamp of the government during his tenure.