Cash flow to normalise soon, says Urjit Patel
NEW DELHI, 20th JAN: Reserve Bank of India Governor Urjit Patel on Friday is learnt to have said that cash flow in the country will normalise soon. Patel, according to sources, told this to the Public Accounts Committee (PAC) of Parliament while answering queries from the lawmakers on demonetisation and its impact. He told the committee that the situation in urban areas was "almost normal", and efforts were on to improve the cash flow to rural and remote areas in the country.
"It will take a few more weeks for the situation to improve in rural and remote areas," the sources quoted him as saying. Earlier this week, the RBI Governor had told the Parliamentary Standing Committee on Finance that the new currency notes, worth Rs 9.2 lakh crore, were introduced into the financial system post demonetisation.
One of the PAC members told Patel that there was a huge mismatch between the cash deposited and the actual cash in the cooperative banks. To this Patel said that he has information on the issue and the matter was being investigated by the Financial Intelligence Unit-India (FIU-IND).