This is the MRI updated version of our “About” page.
In 2014, a dedicated and forward-thinking group of individuals in India embarked on a mission that has transcended generations – the reformation of the country’s monetary system. This ambitious endeavor is driven by the group’s unwavering commitment to shift away from the prevailing debt-based monetary structure towards a more equitable and sustainable alternative.
To amplify their cause, the group has established an online presence, utilizing the power of the internet and social media to spread their message. This online presence includes:
- A website that serves as an information hub, disseminating insights into their monetary reform agenda.
- A dynamic Facebook page, boasting a substantial following of 1.7k individuals who are keen about monetary reform.
- An active and engaged Facebook group, consisting of 70 members, where discussions, insights, and updates are shared, fostering a sense of community among like-minded individuals.
One of the group’s most notable initiatives has been the filing of numerous Right to Information (RTI) queries with India’s regulatory authority, the Reserve Bank of India (RBI), as well as with various banks operating in the country. These queries have sought to unravel the intricacies of bank money creation and related financial matters.
However, the journey has not been without its share of challenges. The responses received from the RBI and banks have often been elusive and non-committal. Some replies have cited that the information sought does not fall within the purview of the Right to Information Act, while others have dismissed the queries as hypothetical or seeking opinions rather than concrete data. Notably, certain Indian banks have refrained from acknowledging their role in credit creation, leading to a veil of ambiguity surrounding this essential aspect of the monetary system.
Undeterred by these hurdles, the group remains steadfast in their commitment to monetary reform. They have even made a formal request to the RBI, urging them to publish a bulletin akin to the one released by the Bank of England in 2014, which shed light on the mechanics of money creation. Regrettably, this request remains unfulfilled, adding to the urgency of their mission.
Looking ahead, the group is contemplating a significant step forward – filing a legal case in the Supreme Court of India. This case aims to question the legality of banks’ inherent right to create credit money. Such a move underscores the group’s unwavering resolve and their belief in the necessity of challenging the status quo to effect positive change.
It is noteworthy that in a recent address, the RBI Governor emphasized the nuanced artistry of monetary policy-making, particularly in the unique context of India. He underscored that achieving overall macroeconomic stability, fostering innovation, enhancing productivity, and nurturing sustainable growth demands an approach that transcends to arts. However, the group maintains a counterpoint, suggesting that treating monetary policy as a science offers a path to their intended outcomes, further highlighting the multifaceted nature of this ongoing monetary reform movement.