Mumbai: RBI governor Urjit Patel who on Friday appeared before Public Accounts Committee accepted the fact that sudden decision of notes recall caused huge inconvenience to people at large.
“The common man suffered, marriages faced problems and people died,” NDTV quoted Patel as saying to the parliamentary panel.
RBI governor also informed the committee that central bank was taking measures and was in talks with banks and service providers to slash transaction charges on payments done through digital mode.
Patel had earlier appeared before Standing Committee on Finance to explain what steps RBI was taking to alleviate public woes that were result of demonetisation.
Notes recall, no doubt, has had short term effects but in the long term “it would be good for economy” he added. Patel was asked by PAC to probe reports of cooperative banks’ alleged involvement in generating black funds.
