'Some business families would probably have to revert to their core businesses, which the IBC will ensure.'
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
The upcoming general elections will be the focus and the economy and market performance will pivot around that event. The general consensus is that the India stock market should be up around 10 per cent by the end of the year.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
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Indian households put bulk of savings in bank deposits and insurance; the returns are minimal. If you're part of this, change.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
Experts hail Budget 2015 as a progressive, growth oriented one.
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