Nobody likes high interest rates.
We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.
India's growth drivers are actually two growth drivers. One is consumption, which arises out of our demographic advantage. And the other is the investments. Because we need a lot of investment in the country.
I had to create a team of people who had worked in this industry for other banks. What I brought to that team was ICICI's strategic thinking, but when it came to domain knowledge or product nuances, I had to learn from the team.
The restructuring theme can be of various kinds. Some amount of debt gets serviced out of cash flows, some gets back-ended and resolved with sale of non-core assets of the company, and some debt gets converted into equity which might today look like a haircut.
Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector, and leadership in technology position us very well to leverage the growth opportunities across the economy.
What we see is that we actually have digital channels through which the customers interact, but we also take the absolute brick channels, which is the branch, and convert that experience into a more digitised experience.
I believe Indian banks have a strong funding profile with largely deposit-funded balance sheets, a large physical presence to cater to the needs of customers, and ability to provide comprehensive solutions to customers.
Even if it does not become cashless economy, it will become a less cash economy, and I think that itself is going to be a good and big achievement, and I think we are, as a country, gone through many of large changes, and ICICI has been a leader in many of them.
We have to address impediments that stall implementation of projects and streamline the process to ensure smooth execution going forward. We need to address the leverage levels among corporates to restart investment cycle.
It is always impossible to expect things getting done in 90 days.
Rising incomes and positive demographics will provide opportunities for retail financial services in India.
If you take existing ideas and make them affordable and scalable, you substantially change business models.
Innovation is a necessity.
I think everybody wants GST.
In India, we have the opportunity to give innovation the kind of scale that no other country in the world can.
Business has to be done with both head and heart.
An entrepreneur, whether man or woman, has to be willing to take help, whether financial or technical, to grow his or her business.
The issue of access to growth capital is common to all entrepreneurs. Any entrepreneur who can demonstrate a credible business model and plan would be able to access to capital.