Urjit not to interfere in banks’ independence

PAC, Urjit Patel, RBI Governor
RBI Governor Urjit Patel told the Public Accounts Committee of Parliament here on Thursday that the central bank would not interfere in the independence of banks. He added the regulator in no way desired to create a unitary system for public banks.
As reported first by Indianmandarins, Patel appeared before the panel to brief about the public debt management, based on a Comptroller & Auditor General of India report, and the RBI’s role in it. Secretary, Department of Economic Affairs was also present during the interaction.
Responding to queries from PAC members that why there is no uniform rate of interest even in public sector banks, Patel, according to a member of the panel, said: “Each bank has its own pluses and minuses. Each bank has a different lending and investment pattern.”
“He said the RBI will not interfere with the rights of banks.
“Unlike his predecessor Raghuram Rajan who was full of ideas to rejuvenate the banking system, Patel sounded very practical. We wished him best in his new assignment,” said a  member.

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