EXCLUSIVE: Details of RBI Governor Urjit Patel's appearance before Parliamentary Committee accessed

Republic TV has accessed exclusive information regarding the Reserve Bank of India's Governor, Urjit Patel, appearing before the Parliamentary Committee on Finance on Tuesday.

Patel is appearing before the panel led by Congress leader Veerappa Moily and has been questioned about the cases of fraud that have surfaced in the banking system, particularly, the state-run banks, as well as on other important matters.

On the Nirav Modi matter, as per sources, Urjit Patel has given his assurance that such an episode won't be repeated as steps are being taken to strengthen the banking system. The $2 billion Nirav Modi-PNB Bank scam had to do with the diamantaire getting letters of undertaking (LOUs) issued by a specific bank branch in Mumbai and using them to gain credit from foreign branches of Indian banks.

Patel was also asked about the total amount of currency in circulation as well as the total returns of demonetised currency after the November 2016 move. As per sources, he hasn't yet replied but may do so later on Tuesday.

Patel has, however, expressed his optimism on resolving the Non-Performing Assets (NPAs) that are running rampant on the books of India banks and the ensuing problems.

The RBI governor had earlier expressed the central bank's limitations with regards to preventing scams in state-run banks. The RBI's Monetary Policy Committee (MPC) had also, last week, hiked the key lending rate by 0.25% for the first time in almost four years.