After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
Ajay Bagga, CEO, Lotus India Mutual Fund, feels the government should have taken timely action to control inflation. He feels that the recent fall is not a bull-market correction but a serious downturn that could last for about six to eight months. He said the government cannot afford to keep interest rates this high. It is likely to cut rates once the inflation moderates. Meanwhile the rupee will be allowed to appreciate to compensate for the rise in global commodity prices.
The Art of Living Foundation would hold the Second International Summit on Corporate Culture and Spirituality from November 19 to 21 at its headquarters in Bangalore.
It is also learnt that Deutche bank has initiated a search for a new head of its private wealth management business in India