RBI Governor Stresses Need For Autonomy Of Central Bank

Tells House panel on finance that monetary policy must be bank's exclusive domain

- Sobhana K Nair

Reserve Bank of India Governor Urjit Patel batted for autonomy of the institution in strong terms in his deposition before the Parliamentary Panel on Finance on Tuesday.

Mr. Patel made a presentation on the impact of demonetisation and the status of nonperforming assets in the banking sector.

Avoids controversy

According to sources, while he steered clear of controversial questions, including the recent friction between the government and the RBI, Mr. Patel assured the Committee, headed by Congress MP M. Veerappa Moily, that he would submit written answers to all the questions posed by the members.

Another source said that given the large number of questions, the Governor was asked to file written replies in 1015 days.