WRONG MEDICINE FOR CURE OF RIGHT DISEASE WILL NOT WORK: SO AS RBI'S CRR CUT IN DECEMBER 2024 MPC IN PLACE OF MUCH NEEDED INTEREST RATE CUT(REPO RATE CUT)

WRONG MEDICINE FOR CURE OF RIGHT DISEASE WILL NOT WORK: SO AS RBI'S CRR CUT IN DECEMBER 2024 MPC IN PLACE OF MUCH NEEDED INTEREST RATE CUT(REPO RATE CUT)


Dear Readers,

The Out Come of the December-2024, MPC Meet of RBI (Reserve Bank of India, India's Central Bank) has come today, I am giving a news link below, it is not the Decision that is Needed the Most, what is needed is an Interest Rate Cut (the Repo Rate Cut from its Highest Standing Level of 6.5%) that is hurting the Indian Economy the Most, the decision of CRR cut by 50-basis points (from CRR of 4.5% to CRR of 4%) is just an Escapist's decision running away from the Real Problem and hiding behind the unfounded and illogical logic of inflation.

I am certainly not happy about it as a Prominent Professional of India, an Intellectual within my merits, and as a Citizen of India within my rights , while I am seeing in my own eyes the Common People of India who are more than 80-Crores need livelihood borrowings are letting to suffer in the hands of RBI's Internal Team in MPC and nobody else.

What does the Decision of cutting CRR( Cash Reserve Ratio ) by 50-basis points ( 0.5% ) from 4.5% to 4% means:
The Banks were required to keep 4.5% of their Deposits as Liquid Cash Deposits with RBI, now they will keep 4% of it as CRR with RBI, it is not a Big Deal, RBI is showing a "Carrot" to the Nation(India) as an escapist's decision in stead of cutting the Highest Level of Interest Rate it is holding up to so far for last 2years since February, 2023.

By this decision, it is estimated that the  the Banks will get about Rs 1.11 Lakh Crore in their hands to offer for lending to the Nation, but at What Rate?

At the same Repo Rate of 6.5% of RBI (that means retail lending rate of 9%-10.5% minimum interest rate to the people who would like to borrow from the lenders), RBI is just acting like the Tyrant Money Lenders of the Yester Years, ....that is, I, (the RBI) will give you more lending by lower CRR but at Higher Interest Rate (nothing better than the British Rulers of the Past who ruled India).

One of the Deputy Governors of RBI is going in January 2024, as Govt of India has not extended his term tenure further .

As a Citizen with my independent Opinion and right to my independent opinion, with this kind of Dogmatic and Illogical decision, not in the Right Interest of the Nation and in the Benefit of Common People of India who need borrowing for Livelihood and Survival, RBI needs the Change of Guard at its Helm of Affairs and the Present Guard at the Helm of RBI, may not be given an extension after the ensuing term end on 10-December-2024, whoever he may be, that is my firm Opinion as an Ordinary Citizen of India. Let Govt of India allow him to go..... let somebody in the helm come who can understand the Burden of Higher Interest Regime on the Nation and its common people, will not hide behind inflation illogically and take decision that the Nation Needs the Most at the most Critical point of Essentiality. I am not showing and supporting anybody with any regional bias, I am very clear about what I am saying in this case, with "Nation First Motto". 

Here is the Link of the News Report regarding MPC December 2024 Out Come from RBI that came in the public domain, you can also find other publications of your choice and read on this subject:

RBI MPC Meeting 2024 Highlights: RBI cuts CRR to 4%, repo rate unchanged at 6.5%


In this News Report you will also find it is quoted, Dr. Nagesh Kumar ( Director and Chief Executive of the Institute for Studies in Industrial Development, New Delhi )  and Dr. Ram Singh (Director of Delhi School of Economics, Delhi) the two External Members of Current MPC have dissented in favour of Repo Rate Cut, where as the Repo Rate has been kept unchanged at the instance of 3-Internal Members of RBI primarily who have dragged the 3rd External Member Mr. Saugata Bhattacharya to their side, that is why the ice has not melted for Repo Rate Cut, that is very unfortunate for the cause of National Interest.


As a Citizen of India, I am placing my views without fear for public good and as facts of truth in the national interest.
I remain very sad as a Citizen within my rights having placed my opinion in the National Interest, however having no control over the MPC Decision of RBI, even if that is illogical and not in the right interest of the Nation, for keeping the Repo Rate(Interest Rate) at Staus Quo.

With Best regards,
Dr. Nimain Charan Biswal,
Mumbai, India


About the Author: Dr. Nimain Charan Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications; and he has 38+ years of work experience in both industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). He is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organizations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in industrial sectors, management in agriculture and dairy, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He is also a Political Strategist. He lives at Mumbai in India.




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