Notes Ban Impact Was “Transient”, RBI Governor Tells Lawmakers: Sources

Notes Ban Impact Was 'Transient', RBI Governor Tells Lawmakers: Sources

The RBI governor faced many questions related to the feud with the government.

Citing strong fundamentals, Reserve Bank of India (RBI) Governor Urjit Patel told a group of lawmakers on Tuesday that the impact of demonetisation was “transient” and the economy had registered a robust credit growth of 15 per cent this fiscal, sources told NDTV. The RBI chief, seen to be at odds with the government over a range of issues including a liquidity crisis and transfer of surplus funds, was briefing the Standing Committee on Finance on the state of the economy and the impact of the 2016 demonetization. Former Prime Minister Manmohan Singh of the Congress is also a member of the committee headed by senior Congress leader and former Union Minister M Veerappa Moily.

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