By now Deepak Khosla’s case in Delhi High court has been splashed in all papers…and of course the net also has the details. I am not here to argue about the merits of the case. Does not matter…but let us look at the Ordinary Citizen – means you and me.
I have been asked the following questions:
– why is the mutual fund penetration so poor in India?
– why do people not invest in direct equities as much ?
If you are wondering what is the connection – let me clarify.
Try being an ordinary citizen and deal with High Courts, banks, mutual funds, insurance companies, etc. YOU will realize what i mean. Even as an educated person dealing with the BFSI I am not so happy going into these organisations to deal with them.
One senior citizen was told ‘you will not understand TDS’ – he was the ex head of finance of a major Indian group. The staff is so damn over worked (or whatever) that they have either no patience or no time to be polite. In case of one bank, the head of grievance cell has a SALES TARGET. This guy has to sympathise with the client, and in that sympathy state pitch sell a ulip – a pension plan so that there is no medical check up. Quick closure.
I am sure many of us have bitter experiences with our bankers – it can be a sick in the stomach feeling…not sure how many of you are willing to share it online………please do in the comments column. The number of mutual funds means nothing. really nothing.
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