SBI Chief had said yesterday that CRR is a waste of economy.
I am wondering what about the 1500 crore he gifted to Mallya? Is that not waste?. Dear Sir, CRR will be used to compensate the unsuspecting savers of the country when you makes loss by dancing to Mallya's tunes.
He also said something like 'even after 10 rate hikes inflation is not controlled' . I am amused at this idiotic statement. Had Subbarao raised 1 or 2 percentage more a year ago, today inflation would have been under control. Subbarao also knew that mistake and he is trying to control the damage by holding on the rates. He also knew these blood sucking corporate vultures may even get rid of him if he raises rate.
People like SBI chief are responsible for Real estate bubble and forgetting that he is working for a state run bank he competes with corporate vultures for people's blood. What a irony? Dear sir, I am worrying what you will be telling next year, when due to real estate crash, your bank's assets quality takes a hit?
One remembers that after taking over he provisioned bad loans he acquired from his predessor and he would have thought the economy will continue to boom so that he can show huge profits quarter on quarter. But he forgot basic economics that the economy works in cyclical fashion. He is seeing the fall the SBI shares now under his regime. The best thing he can do is to prevent the asset quality from slipping instead of nudging/harassing RBI to cut rates.
Please remember. You work for the country.
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