Why rbi not cut int rates on 7/12/16

to me it is a correct decision due to following reasons:
1. if you see the real interest rates in the fixed income securities have already reduced by nearly 50 bps even without a rate cut purely due to liquidity. so effective interest rates for borrowers is already low.
2. Fii flows have been consistently negative since November 9. at one end Us Treasury yields have increased and real rate of interest in domestic market has decreased. the spread after accounting for currency depreciation has become negative for FIIs. had there been a more rate cut it could have been a selling trigger for FIIs in indian markets. it was a good thought to wait for fed policy which kanon december 14 and then take a call on rates.
4. there is no credit expansion in the country due to demonetization. no fresh credit is being taken. a rate cut would have been only used by banks to shield their NPA losses and might not have been actually passed on to customers. last one year rate cuts have not been entirely passed on while deposit rates have been cut by the banks.