NBFC - New Kid on the Block
Printed From: The Equity Desk
Category: Investment Ideas - Creating winning portfolios!
Forum Name: Sector talk
Forum Discription: Discussion on sectors with regard to specific matters. We will be discussing the various sectors of the economy and how they would perform. Basically a top down approach.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=1420
Printed Date: 18/Apr/2025 at 10:00pm
Topic: NBFC - New Kid on the Block
Posted By: xbox
Subject: NBFC - New Kid on the Block
Date Posted: 03/Dec/2007 at 6:59am
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Bank is lifeline of any economy. NBFC (Non-Banking Financial Companies) are getting it's presence felt in same segment of the sector. Which one to choose ? Who will win Banks or NBFC. It is 'or' or 'and' ? Although NBFCs are no replacement of Banks but they are snatching pie from banks in car loans, personal loans, mortgage, insurance, AMC, MF distribution, insurance advisory etc. One of the oldest and prestigious financial entity is NBFC..HDFC. Some of old NBFC like IDFC, IDBI (not pure NBFC), IFCI are either getting traction or already got. New avatar NBFCs by Fullerton, GE money, Indiabulls, FC are making strong impression in the markets. Many are in pipeline...RelCap, India infoline, Motilal oswal, Edelweiss, religare are in the queue. This list is endless to say the least.
Banking has strong advantage of low cost of capital whereas NBFC is relaxed from many capital related parameters. So Let's discuss pros & cons of the segment in this thread by starting a RBI note...what is http://www.rbi.org.in/scripts/FAQView.aspx?Id=58 - NBFC (Akhir ye http://www.rbi.org.in/scripts/FAQView.aspx?Id=58 - NBFC kya hota hai) ?
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Don't bet on pig after all bull & bear in circle.
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Replies:
Posted By: kulman
Date Posted: 03/Dec/2007 at 7:32am
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Good thread!
- Don't these firangi NBFCs like GE Cap or Fullerton have an advantage as they can raise money at very lower cost overseas?
- Aren't those 'personal loans' usually subscribed by 'sub-prime' category? What could be market size in this segment? And respective market share of Pvt Banks v/s NBFCs?
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Life can only be understood backwards—but it must be lived forwards
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Posted By: basant
Date Posted: 03/Dec/2007 at 7:34am
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I think that over the next few years NBFC with private banks will take over market share from PSU Banks.
ENAM believes that NBFCs at 6-12 times Price/Book is very much overvalued and reflect "euphoric" valuations.
Has anyone looked at DBS Chola?
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Posted By: basant
Date Posted: 03/Dec/2007 at 7:41am
X-Box - It is the PSU banks that are losing market share also NBFC are more into high risk retail lending but if a stock triples in 5 months people do not care less.
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Posted By: MPD05
Date Posted: 03/Dec/2007 at 7:58am
Originally posted by basant
X-Box - It is the PSU banks that are losing market share also NBFC are more into high risk retail lending but if a stock triples in 5 months people do not care less.
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Agreed, PSU banks are the biggest losers in terms of market share. The government's reluctance to bring down its stake, combined with its inability to fund them by itself, implies that they will be constrained for capital. It is ironic that the Left does not realize that their intransigence on the privatization of PSUs has ensured that the PSU banks, with a few exceptions, are going to be less and less relevant over time!
As for NBFCs, their ability to compete depends on their cost of funding. The RBI does not let most NBFCs to source their funding through deposits. For those NBFCs which are permitted to take deposits, RBI has a separate category for regulating them.
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Posted By: xbox
Date Posted: 03/Dec/2007 at 8:16am
Originally posted by basant
Xbox - It is the PSU banks that are losing market share also NBFC are more into high risk retail lending but if a stock triples in 5 months people do not care less.
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PSU Banks are loosing to Private ones and I suspect story does not end here whereas I wish it ends here.
Kind of business segment in which these NBFC are operating, only private banks are present in any significant manner for example...I can't imagine syndicate bank doing insurance advisory. I does not think these NBFC will close ICICI Bank either.
Every incremental business has more choices in present times so as long as pie is expanding nobody has to worry at all.
Despite all concerns HDFC was biggest mortgage lender in Indian markets (now second only to ICICI Bank, which recently started it aggressively). So in my opinion jury is still out with no sign of conclusion.
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Don't bet on pig after all bull & bear in circle.
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Posted By: basant
Date Posted: 03/Dec/2007 at 9:19am
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Any company/segment that grows higher then the industry average should not lose market share.
Also in times of low interest rates NBFCs gain could be diminished because some banks because of CASA could cut interest rates really low.Not so much for the NBFC guys who still have to pay something for the dposits whereas CASA accounts come with a 2% interest rate.
Any idea if pure NBFCs have become big in the world. GE is one that comes to mind but not sure how big is GE Finance.
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Posted By: xbox
Date Posted: 03/Dec/2007 at 9:43am
I am not aware of any as I feel financials are local plays. Govt rules & regulation ensure that only local remain bigger. Most of countries does not permit lending from NBFC, so we may not get global peers.
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Don't bet on pig after all bull & bear in circle.
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Posted By: deveshkayal
Date Posted: 03/Dec/2007 at 11:24am
Minimum capital requirement for NBFCs is 10% so they can leverage its capital several times in the lending business.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: basant
Date Posted: 03/Dec/2007 at 11:35am
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Even banks leverage 12-14 times so that should not be a differentiaing factor.
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'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
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Posted By: smartcat
Date Posted: 04/Dec/2007 at 12:03pm
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Growing indian businesses tend to diversify.
You invest in an NBFC assuming that they are better - and they will get into banking activities post 2009.
You invest in a bank assuming that they are better - and they will diversify into NBFC type activities like personal loans etc.
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Posted By: deveshkayal
Date Posted: 04/Dec/2007 at 1:04pm
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I think Branch licenses should be the differentiating factor. NBFCs dont have to obtain licenses.
Shashi jee can give us a comprehensive picture of NBFCs v/s Banks.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: xbox
Date Posted: 04/Dec/2007 at 1:06pm
Originally posted by smartcat
Growing indian businesses tend to diversify.
You invest in a bank assuming that they are better - and they will diversify into NBFC type activities like personal loans etc. |
I remember last year HDFC Bank applied for NBFC license to start sub-prime lending but RBI refused...
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Don't bet on pig after all bull & bear in circle.
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Posted By: deveshkayal
Date Posted: 04/Dec/2007 at 1:23pm
Can anyone give Interest yield of NBFCs v/s Banks
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: tigershark
Date Posted: 04/Dec/2007 at 1:27pm
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RBI IS A SMART KID it will control nbfcs the same way it contrls banking thus allowing both to survive and grow simultaneously finally it will be the survival and growth of the smartest.do nbfcsexisit in china? and how have banks done there vis avis nbfcs? if icbc is where it is even with ge capital and fullerton around then indians banks will also acheive that type of mkt cap in due course of time
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understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things
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Posted By: deveshkayal
Date Posted: 04/Dec/2007 at 1:30pm
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I remember last year HDFC Bank applied for NBFC license to start sub-prime lending but RBI refused...
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But now they http://www.apnaloan.com/news/home-loan-india/Deutsche-bank-NBFC-license.html - got the license
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: deveshkayal
Date Posted: 04/Dec/2007 at 1:43pm
Banks will now have a tough time recovering loans below Rs.10 lakhs due to the new RBI norms on recovery agants.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: xbox
Date Posted: 04/Dec/2007 at 1:44pm
Originally posted by deveshkayal
But now they http://www.apnaloan.com/news/home-loan-india/Deutsche-bank-NBFC-license.html - got the license |
After seeing this link, I realized that world of NBFC is going to expand beyond my imagination. Even MNC Banks are queuing for it.
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Don't bet on pig after all bull & bear in circle.
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Posted By: jack
Date Posted: 04/Dec/2007 at 4:39pm
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Whether fullerton is lisited?
Thanks
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Posted By: luke123
Date Posted: 04/Dec/2007 at 4:51pm
Originally posted by xbox
Originally posted by deveshkayal
But now they http://www.apnaloan.com/news/home-loan-india/Deutsche-bank-NBFC-license.html - |
Citi Financial is the biggest NBFC in India. This is a preferred route for MNCs as they don't get branch banking licenses in India. Raising deposits would be a challenge but they will figure out a way to finance this via securitisation etc. All kinds of lending can be done by NBFCs but are disadvantaged in not having access to lower cost deposits (CASA) but then they don't have to do things like SLRs, priority sector lending etc.
But there is a scope for a lot of people. Businessmen, traders raising money on 3 taka or chit funds will be their customers as salaried people can get all kinds of loans from banks. Key would be the nature of business: secured, unsecured etc. The success will depend on risk management practices like having lower loan to value ratios for secured assets etc.
xbox, perfect timing for starting this thread.
Luke
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Posted By: luke123
Date Posted: 04/Dec/2007 at 4:58pm
Originally posted by jack
Whether fullerton is lisited?
Thanks |
Fullerton is not listed. It is a wholly owned subsidiary of Temasek,Holdings, Singapore. I was surprised by how small their loan book is (2500cr). Indiabulls is doing 2000cr a quarter in lending and they are only a year old and half the branches of Fullerton.
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Posted By: tigershark
Date Posted: 04/Dec/2007 at 8:49pm
today i saw fullerton boys doing door to door mkting all over town they also had an ooh truck with loud music going all over town
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understanding both the power of compound return and the difficulty getting it is the heart and soul of understanding a lot of things
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Posted By: xbox
Date Posted: 12/Dec/2007 at 4:20am
http://economictimes.indiatimes.com/India_Inc_may_have_to_open_NBFC_window_to_raise_public_deposits/articleshow/2618454.cms - Nail in the coffin. Jai ho NBFC devta kee!!!
<<Some of the recent share mortgage deals were one example of how NBFCs are eating bank's pie.... >>
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Don't bet on pig after all bull & bear in circle.
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Posted By: Vamsee
Date Posted: 12/Dec/2007 at 4:59am
xbox,
The news posted by you, if becomes reality, is going to open up very very interesting possibilities. I was rather skeptical about NBFC thingie till now. But from now on I would keep my eyes wide open on NBFC sector. Thanks a lot for starting this topic.
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Posted By: kulman
Date Posted: 17/Dec/2007 at 10:32am
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In Bizlish, not everything is hunky dory!
http://economictimes.indiatimes.com/News_by_Industry/Crunch_time_GE_Money_may_be_in_for_shake-up/articleshow/2629774.cms - Crunch time: GE Money may be in for shake-up
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In the recent past, the consumer finance arm of General Electric has either shut down or pruned a string of businesses like car loans, two-wheeler loans and consumer durables financing. There is a growing buzz that GE will restructure its consumer finance operations in India, sell off some of its assets and rope in new partners.
What has deepened the speculation is a statement by GE chairman & CEO Jeff Immelt put up on the company's website: “...We've got assets outside the US that we could monetise in 2008. Tthere's going to be capital redeployment opportunities from GE Money into Commercial Finance.”
The statement comes at a time when GE Money in India is grappling with plummeting profits. The firm, an unlisted non-banking finance company, saw its profits decline to Rs 10 crore for the year ended March 31, 2007 as against Rs 50 crore in the previous fiscal. Rating agency Crisil has said the company's earnings profile are constrained by high operating costs and average asset quality.
One of our key successes in the Indian market has been our partnership strategy with strong brands such as SBI. With our investment in Wizard Home Loans and our MoU with LIC, we are optimistic about our long-term growth plans in India. Given that India is an investment market for GE Money, we will continue to look at growth opportunities here.”
However, some of these partnerships have not generated the desired results. While the JV with LIC has been delayed, there has been a sharp rise in provisions/write-offs of SBI Cards and Payment Services (SBICPSL) — a JV with the State Bank of India.
Unlike some of the other overseas players, GE Money has been slow on branch expansion.
GE Money Housing Finance (GEMHF), a wholly-owned arm of GE Capital, suffers from thin margins, with a very low spread of 1.3 percentage points, said Crisil. Rising interest rates have impacted retail assets of several finance companies, causing higher delinquencies.
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Life can only be understood backwards—but it must be lived forwards
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Posted By: basant
Date Posted: 17/Dec/2007 at 11:09am
Many of these NBFC trading at fancy price to book valuations should get ready for a jolt in their mkt cap.
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'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
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Posted By: s_praharaj
Date Posted: 20/Dec/2007 at 7:01pm
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During Harshad Mehta's time, these NBFCs were trading at a very high price. Many new NBFCs were floated, which were trade at a fancy price.
That is the reason I am always Skeptical about the NBFCs. When NBFCs go to dizzy heights, I feel, the bad times are ahead.
I had a stock called Gujarat Lease Finance Ltd. I was allotted 100 shares in 1987 at 10 rupees. The price after HM time came down to around 1 rupee. The management restructured the capital and alotted me 25 shares in place of 100. After that alos the price came down to 2 rupees. I almost forgot the share.
I find for last few days it is always in upper circuit. It closed at 15.26 paise today. It reminds me of those days. Now also NBFC are quoted at high price. Time to be cautious.
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Shashi Praharaj
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Posted By: xbox
Date Posted: 20/Dec/2007 at 4:41am
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Well, your write-up is completely true. NBFCs will be at the top of the bull. So it does not matter if bull is named INTERNET or infrastructure, NBFCs will ride on top of it. Now let's talk on vulnerability of NBFCs after crash....well, if one search in listed companies almost 50% of those are NBFCs and most of the Z grade companies are NBFCs. Gujarat Lease Finance could be one such example. We must remember for every one INFY there are 10 silverlines & for every one HDFC there are 1000 gujarat Lease finance. I lost a lot of money in silverline in Yr 2000 but is it sufficient to blame INFY or the sector itself ? probably not....Similar case do exist to almost all other sectors.
Here I am trying to find those NBFCs which are in lending segment, insurance advisory, 3rd party product distribution etc and which are sharing lending space with Banks. When Banks can grow that 30-40% CAGR, I can't see why such NBFC can't outperform Banking sector growth rate ?
If sector is selected properly but company is not then timing is the key otherwise timing is no issue at all.
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Don't bet on pig after all bull & bear in circle.
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Posted By: aloksahi1971
Date Posted: 20/Dec/2007 at 10:36am
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Mr Bindra heading the Ge Finance set up here is a school senior he has moved here from STandard Charterd Bank in spite of being a director for SE asia.There must be bullishnes to quit such acushy job to take a new challenge!!!
He personaly was very bullish on the Media and Ent sector at the last meet.
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Posted By: deveshkayal
Date Posted: 02/Jan/2008 at 10:21am
Will be interesting to see the P/BV of Future Capital Consumer Finance business. If it is on the higher side, then RCap, IBulls, IInfoline, etc can be have more upside.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: s_praharaj
Date Posted: 03/Jan/2008 at 12:05pm
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NBFCs are quite different from Banks. The only similarity in both is that both of them lend. The source of money is cheap for Banks, as they are allowed to take deposits from the public. NBFCs now a days depend mostly on Banks for finance. If there is a good borrower, now-a-days he can get finance from Banks immly. NBFCs target those kind of borrowers, who either because of their illiteracy, accessability to Banks or poor creditworthiness are not getting loans from Bank. These kinds of customers are risky and are potential NPAs. Because of delay in Banks while sanctioning loans, the NBFCs also get some good business in certain segments like vehicle financing. But all of them are high risk loans.
The NBFCs which are having diversified business and having strong managements can hope to succeed, but they are very few. Foreign born NBFCs have also cheap source of funds from abroad, and so have better margins. The rules for NBFCs also are very stringent and so makes it very risky in the long run.
There are some NBFCs, which concentrate on single sctors like auto or housing finance. Among them housing finance companies are betterplaced, as housing sector is taken as a priority sector by the Govt and they get funds at a cheaper rate. Even many international funds at a concession rate also available to them for housing. Banks also finance them at a lower rate of interest, as this is taken under priority secor advance. Here they have a good chance of profit and the reason why housing finance companies do well. Moreover the mortage of house as a security is also a good security.
So NBFCs, which concentrate on only housing finance, have very good management and have access to foreign funds may do well. Otherwise they just mushroom, when the economy booms and fades away very early also.
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Shashi Praharaj
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Posted By: johnnybravo
Date Posted: 03/Jan/2008 at 4:45pm
* Thanks s_praharaj for this post. Are there any side-businesses which NBFC's can do and banks cannot, something like MF distribution, portofolio mgmt (these are just examples, might not hold true)
* Also how high are the loans charged by NBFC's as compared to banks. Since these loans are risky, they surely might attract higher premiums.
* Usually loans are against co-laterals (as far as i understand) so isn't the risk somewhat protected
* NBFC - can they be subjected to RBI dikkat - NPA warnings and etc stuff.
* Do NBFC's publically disclose their NPA's?
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Posted By: s_praharaj
Date Posted: 03/Jan/2008 at 6:33pm
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Those NBFCs, who are engaged in other things like Insurance, mutual funds etc are doing well like sundaram finance, Birla sunlife etc. Those who are purely in financing are risky.
The NBFCs are also controlled by RBI. Because of RBIs stringent rules many of them are finding it difficult to operate. THe deposit taking NBFCs are supposed to declare their NPA. (Net Worth more than 25 crores) like sundaram finance.
Since NBFC loans are risky they charge very high interest to sub prime borrowes.
Housing finance NBFCs are governed by NHB, not RBI.
NBFCs disclose their NPAs to RBI.
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Shashi Praharaj
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Posted By: xbox
Date Posted: 24/Jan/2008 at 1:52am
http://www.business-standard.com/common/news_article.php?leftnm=10&bKeyFlag=BO&autono=311673 - Problem for many.....
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Don't bet on pig after all bull & bear in circle.
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Posted By: kulman
Date Posted: 06/Mar/2008 at 6:46pm
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GE Money India is believed to have begun the process of restructuring its share capital before http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Finance/GE_Money_to_cut_net_worth_by_240_mn/articleshow/2841656.cms - selling off its personal loans and mortgage businesses in India . The move follows the indicative bids quoted by the interested buyers at half the company’s net worth. This is one of the rare incidents of a seller restructuring net worth of a business, after putting it on the block.
The broad contours of the proposed restructuring indicate that GE Money will reduce its net worth from $400 million to nearly $160 million by shrinking its equity capital through a buyback. Net worth refers to shareholders’ equity.
GE Money’s assets stand at around Rs 6,000 crore. Assets are nearly four times of equity which, post-restructuring, will be nearly nine times. This means, the return on capital will go up substantially. The price to be paid by the acquirer will also come down, making it attractive for the prospective bidders.
The interested parties are learnt to have indicated a bid price of around $200 million while submitting their initial bids on February 18. Five parties, namely the Aditya Birla Group, Tata Capital, Indiabulls, Carlyle and Future group are in the race. This price indicates a 25% premium over $160 million, which could be the restructured net worth.
Sources said the bidders are interested to acquire personal loans and mortgage businesses of GE Money mostly because of the company’s wide network. It has 180 offices in 120 towns with 450 full-time employees and 2600 contingent staff. " The asset of these businesses is moderate, but the infrastructure is lucrative," said a source close to a bidder.
For the Birlas and the Tatas, the acquisition will mean their entry into consumer finance business. The acquisition will consolidate the position of Future Capital and Indiabulls in the consumer finance space.
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Life can only be understood backwards—but it must be lived forwards
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Posted By: deveshkayal
Date Posted: 06/Mar/2008 at 9:32pm
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My sense is Aditya Birla Group will acquire GE Money India and IL&FS broking to get a headstart in the consumer finance and brokerage space. PE business has already started.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: kulman
Date Posted: 26/Mar/2008 at 9:36pm
http://www.dnaindia.com/report.asp?newsid=1157607 - HDFC Bank is planning to start a non-banking finance company (NBFC). Sources said the bank could get into investment banking through this NBFC, the license for which was received around September last year.
The NBFC has been tentatively called HDB, but there could be a change in the name for the launch, sources said.
Though HDFC Bank officials could not be reached, sources said the bank “will try to fill the gaps in its current business through this NBFC.”
“We will see that there are no gaps in our products. There will be a clear cut direction to this business (NBFC) vis-a-vis the bank. Obviously an NBFC has a lot of advantages over a bank, which can be tapped,” an official said.
Banking analysts said an entry into investment banking would be a logical extension for HDFC Bank, particularly after the acquisition of Centurion Bank of Punjab last month.
Ananda Bhoumik, senior director, banking at Fitch Ratings, said an investment banking arm will complete the picture for HDFC Bank.
“NBFC’s don’t have statutory requirements like the mandatory 25% investments in SLR securities or keeping aside 7.5% of deposits as cash reserve ratio or even borrowing daily through the call money market,” said an analyst with a foreign brokerage.
Analysts say HDFC Bank can support and shore up its broking arm HDFC Securities through this NBFC. “They can provide margin funding through the NBFC, which is not permitted to be done by the brokerage or the bank. These are ways of getting around the law and hence so far foreign banks and private banks are going in for an NBFC but public sector banks are not doing it,” an analyst at a private broking house said.
The branch openings will also be easier through an NBFC.
Foreign banks have been using the NBFC route for long to get around poor allotment of branches from the RBI.
US giant Citibank famously did it through its retail loan NBFC Citifinancial. Other foreign companies like GE Money and Temasek-owned Fullerton have also done roaring business by financing small loans through their NBFCs.
However, high interest rates since last year have slowed the appetite for such loans from customers and foreign banks are now rethinking their strategy for NBFCs.
Deutsche Bank is another foreign player that has got a NBFC license around the same time as HDFC Bank. However, the German bank is still waiting for the right opportunity to launch its business, particularly after the slowdown in the business because of higher rates. Like HDFC Bank, it may roll out its NBFC later in 2008
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Life can only be understood backwards—but it must be lived forwards
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Posted By: kulman
Date Posted: 28/Mar/2008 at 11:32pm
G E is divesting consumer-finance businesses in the U.K. and Germany and selling its U.S. corporate credit-card unit to concentrate on higher- margin areas and developing markets, GE Money's chief executive said.
``This is a thoughtful effort to really, aggressively look at where we make money, where we don't and where we should have capital redeployed,'' William Cary who was promoted to lead the consumer-lending unit on Feb. 7, said in a telephone interview from London.
London-based GE Money is departing from slowing or stalled credit card markets such as those in the U.S. and U.K. to focus on developing markets like Poland and India, Cary said. The company also is looking to western markets including France where its mix of products yields higher growth, he said.
GE Money, as it was exiting WMC last year, agreed to buy part of UniCredit SpA's Bank BPH unit in Poland for 625 million euros ($893 million). In September, GE Money said it would invest $200 million in India by 2011.
Link: http://www.bloomberg.com/apps/news?pid=20601109&sid=avQDopy4rUWg&refer=home - http://www.bloomberg.com/apps/news?pid=20601109&sid=avQDopy4rUWg&refer=home
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Life can only be understood backwards—but it must be lived forwards
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Posted By: deveshkayal
Date Posted: 18/Apr/2008 at 5:04pm
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http://businesstoday.digitaltoday.in/index.php?option=com_content&Itemid=1&task=view&id=4741§ionid=25&issueid=26&latn=2 -
NBFCs v/s Banks
Excellent article in Business Today.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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Posted By: Musketeer
Date Posted: 18/Apr/2008 at 5:25pm
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Yes, indeed a good article.
The differences b/w NBFC and regular banks and how the handicaps of the former are being compensated by somewhat lesser regulation. Interesting. Seems I'll have to start looking at Reliance Capital, though generally I am averse to buying into any ADAG stocks.
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Be fearful when others are greedy. Be greedy when others are fearful.
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