Nirmal Jain of Indiainfoline is a sensible businessman who needs to and will do business in India. If you seriously look at his business model, it is the funding operations which is really making money. In the financial services industry, broking, mutual funds, life insurance – NOTHING is profitable. One HFC told me – we have so much business that we do not even care about REVERSE MORTGAGE.
So Indiainfoline which has a nbfc – and fantastic retail network – should logically be hoping to get a banking license. I had also done a post a few months back saying we need banks for the industries, for the rural poor, urban poor, senior citizens…..asking one bank to do everything is not going to happen. Nano and JLR cannot be sold from the same showroom…you need a diff mindset, people,……all that is fine…BUT…
I cannot understand why Nirmal Jain is taking panga with the RBI…surprise, surprise…read on..
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