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RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

Finance
RBI Governor Urjit Patel today faced tough questions from a parliamentary panel on bad loans, bank frauds, cash crunch and other issues even as he assured the members that steps were being taken to strengthen the system, sources said. Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs). Some members of the committee, headed by senior Congress leader Veerappa Moily, sought to know about the reasons for recent instances of ATMs running out of cash and why enough steps were not taken to tackle banking frauds. Patel told the panel that steps were being taken to strengthen the banking system. "We are confident that we will be able to tide over the crisis," a ...