(Q) Why change of heart on India ?
Note : This question was in relation to Mohnish’s recent investments in India, which had avoided thus far.
(A)I had stayed away from India as most of the companies tend to be family owned and lots of them have governance issues and hence we didn’t prefer to invest in family controlled businesses.However, we found few opportunities this year, which fit our criteria. One of them is The South Indian Bank.
Why South Indian Bank –
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Unlike west or U.S it’s hard to get a banking license in India
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60% of the country still don’t have a bank account
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Growing middle class are embracing banking and opening bank accounts
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It’s not a family owned business -from BitsBusiness