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Demonetisaton: RBI Guv Urjit Patel doesn’t know how much money is back in banks

BI India BureauJan 18, 2017, 16:51 IST

Governor of Reserve Bank of India (RBI) Urjit Patel appeared before a parliamentary panel and was unable to tell how much money was back in the system.

Various reports quoted Saugata Roy, parliament panel member, saying Patel was unable to tell when system will be back to normal.
Roy said RBI was on defensive mode on demonetisation debate.

Meanwhile, Rs 9.2 lakh crore were introduced in new currency so far.

The value of high denomination notes of Rs 500 and Rs 1,000 demonetised on November 8 was estimated to be Rs 15.44 lakh crore.

Patel briefed a Standing Committee on Finance panel about demonetisation and its impact on the economy and the steps taken by the central bank to deal with the cash crunch.

He is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20.