Very rarely do I use such headlines, but I am sure it is very useful to attract footfalls…so hopefully today I should get more footfalls than normal…
Anyway people who know me know that I am sceptical about the regulators. Even Raghuram Rajan – for whom I have a lot of respect – has done almost NOTHING for the common man (except holding the interest rates high for the retired person). Here I am producing an ad from Mantri builders promising to double your money in 3 years (implied rate 24% p.a.). My logic is not whether this is possible – I do not care. My Question is what are the regulators doing when such ads are being promoted.
If such ads appear with impunity why will the financial industry not feel singled out? Where the mutual fund industry cannot tell you what will happen to your money but the life insurance industry can give you illustration of what will happen to your money over the next 30 years. That too up to 2 decimal places!!
Mr. Raghuram Rajan please get these basic things in place. Empower RBI to take suo moto action against such rogue builders (whom our bankers love and are happy to lend @ 12%p.a.)..is it not surprising that they are paying 24% p.a. to you?
My basic contention is simple: The only protection you have against such ads is knowledge / education / learning. I do not care whether Mantri can deliver on this promise, but I can assure you that Mantri has zero competence to predict housing prices 3 years into the future….
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