Hyderabad News

An open letter to RBI Governor ahead of monetary policy meet

As the Monetary Policy Committee meets today on a possible rate cut, few words to the RBI Governor on the plaguing ‘demonetisation’ issues.

Published: 07th December 2016 04:42 AM  |   Last Updated: 07th December 2016 04:42 AM   |  A+A-

Express News Service

Dear Urjit Patel...
As the Monetary Policy Committee meets today on a possible rate cut, few words to the RBI Governor on the plaguing ‘demonetisation’ issues

Long lines at the few working ATMs in cities across the country have been a common sight nearly a month after demonetisation. Most of the ATMs have their shutters downed or have the “No Cash” placards. As per reports in the media, over 80 persons across the country have died waiting in the snaking queues. What is the task force constituted by the RBI doing? Rs 100 notes are scarce and the new Rs 500 notes non-existent. Who will give change for Rs 2,000 if something worth Rs 200 is bought? Small traders are bearing the brunt of the Rs 20,000 per week withdrawal limits, as most of them pay their employees in cash. Leave alone ATMs, many bank branches in cities are out of cash. Where are the new Rs 500 notes? And Rs 100 notes do not need any recalibration, so why weren’t they made available earlier? Weren’t you in the loop in the weeks prior to the announcement that was made on November 8? Cut to the present, on the occasion of the fifth bi-monthly meet today, most analysts are expecting a significant rate cut, in the order of around 50 basis points (bps). In light of the current situation, this would help rate-sensitive sectors such as consumer durables, auto, consumption and other sectors. Hope you rise to the occasion and alleviate the pain being faced by the common man, on both the cash crunch and the interest rate.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now
Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.