Does the RBI have no responsibility to the people?

"The Reserve Bank of India (RBI) on Friday gave retail investors direct access to the government securities market -- a move termed by Governor Shaktikanta Das as a 'major structural reform'. India, in fact, will be the third nation in the world after the United States and Brazil, where retail participants can take direct exposure on the government bond market." reported Business Standard. But, why now, and is it for our benefit? Since his appointment as Governor of RBI in December 2018, Das has been engaged in severe financial repression of Indian citizens by repeatedly slashing interest rates even as inflation has stayed higher than the RBI mandate of 4%, +/_ 2%, by the government. Interest rate has been reduced from over 6% in 2019 to 4% today. "The return on a one-year retail term deposit with SBI (State Bank of India) adjusted for tax and inflation was -3.12% in August," reported the Financial Express. Previous Governor of RBI Prof Raghuram Rajan put the real interest rate at -4% in October last year. In the latest meeting, the Monetary Policy Committee (MPC) of the RBI kept interest rate steady at 4% and maintained its accommodative monetary policy stance, which means it is ready to cut rates again. Even though it projected retail inflation at 5.2% in the last quarter of this financial year and at 5% in the first half of next year. Allowing us to invest in government bonds must be for our benefit? "Domestic investors, if tapped meaningfully, are potentially an inexhaustible source of funds for the government when it is trying to borrow Rs 12 trillion from the markets in the next financial." Right. The RBI auctions bonds to borrow money from the market for the government but it keeps rejecting bids for any yield over 6%. The RBI is indulging in financial contortions called, 'Operation Twist', in which it buys longer term bonds and sells short duration ones to lower yields. Price of bonds is inversely proportional to yields so the RBI is raising bond prices artificially to depress returns to investors. The RBI "on Wednesday in a way forced the bond market to accept its will by driving down the 10-year bond yield to the 6 percent mark once again by giving a strong rate signal at the open market operations (OMO) auctions", reported the Business Standard. Yields on benchmark 10 year bonds is around 6% today. Yields on bonds are taxable under income tax laws and income tax officials have ferocious powers of coercion, including attaching bank accounts, if they feel like it. Retail inflation was 4.1% in January which was the lowest in 16 months. These figures are year-on-year, meaning the rupee buys less every year. At this level of inflation the rupee will have lost over 40% of its buying power in 10 years time when the bonds mature. "RBI governor Shaktikanta Das gave a veiled warning in early October that the market has to meet RBI halfway," wrote Aparna Iyer. "We look forward to cooperative solutions for the borrowing programme for the second half of the year," he said. If he can threaten the big boys with billions of rupees openly what chance do we ordinary people, with a few thousands in life savings, have? Under Das the RBI has converted to the Repression Bureau of India. "We, The People of India" should be changed to "We, the Sacrificial Goats of India". Reflect the truth.