On your view of where we stand right now in terms of the mind-set of investors towards mutual funds?
I really do not know where we are standing but I know where we were and where we should be going. So, when I was a kid, I used to watch a scene in a Hindi film where the girl’s father puts his turban on someone’s feet and says, my honour is in your feet that was my India where borrowing money to celebrate occasions like marriage or kid’s education was needed.
And I want to go a scenario where a hero comes and says, you did not have to do this, you invested in mutual funds, so let us redeem it. I think we are on the right course.
In my previous organisation, Axis Bank, there was a branch manager called Pradeep Agarwal in Delhi. So, I used to
tell everyone to do SIP. And then he said, I have done my SIP, I have done it for my daughters, I have done it for my wife, so now do it for your maid, for your driver. He did SIP for his driver and when he got transferred to Mumbai, driver stayed back in Delhi but SIP was with this gentleman.
Sometime back, he came to give invite for his daughter’s wedding and said if I can get that money. Pradeep bhai just opened the app, punched the redemption and said Rs 4.5 lakh you will get in two days in your bank account and when that guy was crying, that was tears of happiness because one Rs 4.5 lakh is a big amount for him and in two days you will get the money in your bank account that is also a big thing.
There are more than 1.8 crore Indians who have lost close to 2 lakh crore in just last 20 years in collective investment scheme from PACL of Nirmal Singh Bhangoo to City Limousine to so many others. We have to serve those people so that in Hindi film such scenes stop coming.
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