RBI’s first bi-monthly policy on April Fool’s Day…

What a perfect day to begin RBI’s nth change – shift from quarterly monetary policy to bi-monthly policy. It is tomorrow on 1st April, a day popularly known as  April Fool’s Day.

A day when children are out trying to trick/fool others and then saying some rhyme of sorts. These rhymes differ from places to places. In Hindi heartland, making a fool is replaced by making someone ‘ullu’ (owl). Based on the owl stories which floated around in last policy, it is an apt day. Most central banks anyways make people fools/ullus  and the day marks a perfect beginning for the next year.

RBI’s recent policies have anyways made fools out of most people going against expectations each time. So taking a leaf from the Idea ad – it is perfectly ullu banaoing…I hope people say back – no ullu banaoing..

On a serious note, a change which was just not needed and plain artificial. What does this change to monthly thing achieve? Moreover, this day banks and businesses etc are super busy as well due to year-end/account closing. After all they also have to “ullu banao” their shareholders with rosy numbers. So to force this policy date on to the throats is needless.

This superficial  change was suggested in Patel committee report. Now, we do not know what suggestions have been implemented and what haven’t. There is absolutely no debate/explanation whatsoever from RBI. Just because the top brass feels it, they go with it.

Another thing is it seems the top RBI guys are just interested in doing away with whatever history of RBI, they can do away with. Everything possible has to look new and not reflect anything of the past. Why not change the name as well? This will do away with whatever history there was.. Time to float a committee to change that as well and propose it is a big reform. RBI sounds too colonial anyways…

Addendum:

This is also a time when experts comment and opine what RBI could do in the policy. There is this huge expectations industry (of which I was one a part of). I don’t think it makes sense to expect anything as it can do anything and defend anything. But then whatever RBI will choose to do, it will be hugely celebrated. So nothing to worry..

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One Response to “RBI’s first bi-monthly policy on April Fool’s Day…”

  1. anil Says:

    hi ankit ……….this one is too cynic
    anil

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