Quote, unquote…


Read the views of experts on various financial topics

"Governance should not be taken as restriction on you; as something which you are being forced to do; this is something to your own benefit" - UK Sinha, SEBI Chairman

"While foreign investors are coming in, we have not been able to convince the trustees of provident funds in the country that they can invest in the Indian market and that things are well regulated and well-governed in the Indian market. That should be one of our tasks" - UK Sinha, SEBI Chairman

"Not everybody's going to be an entrepreneur, but everybody should be financially literate. Financial literacy is a base requirement like spelling or reading or something of the sort that everybody should acquire at any early age. The financial habits you develop when you are young are going to go with you into your adulthood. But you can't be an entrepreneur unless you're financially literate. - Warren Buffett, Chairman, Berkshire Hathaway, to Reuters

"You won't succeed all the time. Even Ruth, Gehrig and DiMaggio failed most of time when they stepped to the plate. Finding the right path in life, more often than not, involves some missteps. My Federal Reserve colleagues and I experienced this as we struggled to address a financial and economic crisis that threatened the global economy" - Janet Yellen, Chairperson, Federal Reserve System

"It doesn’t matter that we have a precise definition. There’s so much demand for financial services in the country that we don’t need to delineate ‘you get it, you don’t’. Everybody needs it" - Raghuram Rajan, Governor, RBI, in Business Standard

 "India has emerged as one of the biggest consumers of the ingredients that go into production of banknotes in the world" - Dr KC Chakrabarty, Deputy Governor, RBI

"Have we seen a nation that exports wheat but gets chappati from outside. We export iron ore but steel is imported" - Narendra Modi, Chief Minister, Gujarat

"NPA is generated in the bank book by the borrowers, and the computer never generates the NPA" - Dr KC Chakrabarty, Deputy Governor, RBI

"Banks should not take undue advantage of customer difficulty or inattention" - Raghuram Rajan, Governor, RBI

"Effective financial inclusion cannot be achieved until the entire structure of the financial inclusion programme is supported by good governance" - Dr KC Chakrabarty, Deputy Governor, RBI

"Financial Inclusion is the process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular, at an affordable cost, in a fair and transparent manner, by regulated, mainstream institutional players" - Dr KC Chakrabarty, Deputy Governor, RBI

"Good governance is at the core of improving the delivery of public services. Good governance provides a mechanism for linking inclusion, decision making, and accountability" - Dr KC Chakrabarty, Deputy Governor, RBI

"First and foremost products need to be simple. Customers need to be able to easily fathom what they are ‘giving’ and what they are getting" - Yateesh Srivastava, COO, Aegon Religare Life Insurance

"Insurance is just another financial instrument amongst many others. Do not evaluate insurance as an ‘either-or’ option but as an important component of your financial portfolio. If nothing else be adequately protected" - Yateesh Srivastava, COO, Aegon Religare Life Insurance

"There is a view that the existence of multiple credit bureaus in an economy ensures competition and creates a cost advantage for the users. However, where consumers as well as financial institutions do not have complete understanding of the benefits of bureaus, this could lead to disaster" - Dr KC Chakrabarty, deputy governor, RBI

"Around 90% of our population has never borrowed from the formal financial system and hence does not have any credit history. Under the circumstances, they are quite likely to be denied credit by the lending institutions. How the completeness of data can be achieved in such cases?" - Dr KC Chakrabarty, deputy governor, RBI

"Once you declare an NPA the basic lesson is not to hide the NPA but to recover it. We have no magic wand to bring banks back on track. Bankers have to improve asset quality, reduce expenses and mobilise more business. That will improve performance," - Dr KC Chakrabarty, deputy governor, RBI

"Increased awareness among public about the range of risks being faced by them would result in enhanced appreciation of the role of insurance solutions in ensuring their financial well-being" - TS Vijayan, Chairman, Insurance Regulatory & Development Authority

"While we have seen great success, we are hungry to do more. Our industry does not respect tradition — it only respects innovation" - Satya Nadella, CEO, Microsoft, in his first letter to the Microsoft employees

"With rising competition among banks, the one who understand the customers better will stand a better chance in performance" - G Padmanabhan, Executive Director, Reserve Bank of India

 "Every business is a roller coaster ride. There will be ups and downs. As an entrepreneur you should be ready to face all challenges" - Dr Rita Bakshi, Chairperson, International Fertility Centre, in Moneylife

"My dreams and my goals motivate me to achieve and become successful in life. They motivate me to be the best person I can be" - Dr Rita Bakshi, Chairperson, International Fertility Centre, in Moneylife

"Each hurdle and obstacle is a learning experience and you should take each one of them in your stride. The key to deal with all the glitches is to be confident in your own ability and skills" - Dr Rita Bakshi, Chairperson, International Fertility Centre, in Moneylife

Entrepreneurship is really a state of mind and an attitude of "yes I can do this" - Gabrielle Seacy, Managing Director, AktivOrtho, in Moneylife

"Entrepreneurship is hard work and there are moments which are frustrating but nothing in life comes easy. Stay focused on your achieving your goal, work hard, and believe in yourself" - Gabrielle Seacy, Managing Director, AktivOrtho, in Moneylife

"Inequality has many faces. Inequality produces countless individual tragedies. But inequality also threatens the political, social and economic fabric of our societies as a whole" - Martin Schulz, President, European Parliament
 
"Our politicians will say ‘our growth is among the second highest in the world’. But that is not because of their contribution, it is because they don’t have the capacity to bring down growth below that" - Dr KC Chakrabarty, RBI Deputy Governor

"90 percent of our problem is internal, though there may have been global influence. But many of our things can improve if we internally look into it" - Dr KC Chakrabarty, RBI Deputy Governor

"We are passing through difficult times. You cannot anticipate things. If something good is happening in Europe, not so good things may be happening in the US" - Dr KC Chakrabarty, RBI Deputy Governor

"You have to improve productivity and efficiency, and that is a global issue. But if that is the issue; that fiscal deficit of the global economy can be controlled only by improving productivity and efficiency, then your best bet is India. That is because efficiency in India is minimum, productivity is the lowest. So if you are at the bottom of the lift, you can only go up" - Dr KC Chakrabarty, RBI Deputy Governor

The rupee will keep depreciating unless fiscal deficit, current account deficit and inflation come down. If our fiscal deficit is high, current account deficit is high, inflation is higher than of the U.S., and still if the currency does not depreciate then we have a problem….because this is against financial stability. So long as these conditions do not undergo a change, rupee has to depreciate - Dr KC Chakrabarty, RBI Deputy Governor

"Financial inclusion is more important than consolidation of banks. I don't think it is the time for consolidation. In a society where 50 per cent of the people do not have bank accounts, and 90 per cent of them do not have access to bank credit, and 99 per cent do not have access to capital account, you cannot talk of consolidation" - Dr KC Chakrabarty, RBI Deputy Governor
 
"Rating system across the globe has lost their credibility. Commerce for poor is more viable than for the rich. In our country, rich wants everything free and it is the poor who pays for it. Poor borrows at 40% but a rich borrows at 2%" - Dr KC Chakrabarty, RBI Deputy Governor

"Financial inclusion is not happening because rich don't have compassion for the poor and underprivileged. We have to innovate, where more performance will be from limited resources for more people" - Dr KC Chakrabarty, RBI Deputy Governor

"Our real challenge is not the evil, but the apathy – an unwillingness to open our minds. How can India shut its doors to knowledge when the father of the nation, Mahatma Gandhi, wanted us to open our minds?" - Salman Khurshid, India's External Affairs Minister

"When I travel around the world, people have high expectations from India – they have heard of our IITs and IIMs, about India sending the vehicle to Mars, about our human resources in the field of IT. There is enormous amount of applaud and appreciation for India around the world. But back home, the shadow of darkness has lethal dimensions. We have to fight them and we will overcome. It may take time but we will succeed" - Salman Khurshid, India's External Affairs Minister

"Consumer who theoretically should be the king is probably the last person we bother about today. As bankers, service providers and financial institutions have we ever bothered about what a consumer goes through when he accesses our services" - Rajiv Takru, secretary, finance services, India

"How easy it is to do a transaction in a developed country and how difficult it is to do a transaction in our country. We have a lot to learn. It is not the matter of technology. It is the matter of our approach to technology. Please develop systems which make customers happy" - Rajiv Takru, secretary, finance services, India

"We can't have technology solutions which need to be updated constantly. We are a poor country. Neither a bank nor a financial institution can afford a technology which would be junk in three years" - Rajiv Takru, secretary, finance services, India

"No good product or no legitimate investment can guarantee a 20-30-40 per cent return year-on-year, which some of these products claim to offer" - UK Sinha, Chairman, SEBI India, to PTI

"It is not the case that good products are not available. They are available and we are making sure that goods products reach the people and for that we are working on expanding the depth and breadth of the markets" - UK Sinha, Chairman, SEBI India, to PTI

"The ACA (Affordable Care Act) represents a transformation of the Health insurance marketplace, and regulators are using all available tools to protect consumers as provisions are implemented" - Senator Ben Nelson, NAIC, Chief Executive Officer

"Just because technology presents risks does not mean that we should then limit its use. That would be self-defeating. A more meaningful approach would be to take proactive measures to mitigate the risks, so that technology can continue to support and power financial sector development" - Wong Nai Seng, Assistant Managing Director, Monetary Authority of Singapore

"For the insurance industry, higher payouts following natural disasters pose additional difficulties. Five of the ten costliest natural disasters, in terms of money rather than lives, occured in the past five years" - Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore

The regulator has a huge role to play as the custodian to ensure that the trust placed by theconsumer on the contract and his belief in the mechanism of insurance is upheld in all reasonable situations. - TS Vijayan, Chairman, Insurance Regulatory & Development Authority, India

"Inflation is often the heaviest tax on the poor. Its places the heaviest burden on the poor in countries" - Gerry Rice, IMF spokesman

"Central banker can never be comfortable; we tried to balance between inflation and growth. The moment we find a right mix, currency will take care of itself" - Raghuram Rajan, Governor, Reserve Bank of India, in DNA

"I am hopeful to bring down inflation and people will feel wealthier. You can’t keep a country with the kind of talents and capacities we have down for too long, I am not saying that successes are sure, we have to work on it" - Raghuram Rajan, Governor, Reserve Bank of India, in DNA

"People go and invest when they get an email from me saying that please give me 100,000 rupees and they will send a cheque and will say RBI asked for it. RBI does not take any people’s money" - Raghuram Rajan, Governor, Reserve Bank of India, in DNA

"We have plenty of money which we print. Don’t ever send a cheque to the RBI because somebody sent you an email which says RBI has asked for it. But people fall for this all the time" - Raghuram Rajan, Governor, Reserve Bank of India, in DNA

"Investing some amount in stock market. Investing some amount in bonds, investing some amount in deposits, some amount in provident fund. Diversify your holdings and don’t put it in one new sort of promotion that’s coming about" - Raghuram Rajan, Governor, Reserve Bank of India, in DNA

"Today, if you ask anybody — either an investor or analyst — he is confused about the role and purpose of mutual funds because so many other instruments have come in and they are governed by separate polices" - UK Sinha, SEBI Chairman, in The Hindu Business Line

"Our aim as regulator is to spread the reach of mutual fund beyond the top 10 or 15 cities, which is not happening" - UK Sinha, SEBI Chairman, in The Hindu Business Line
 
"A very disquieting aspect of infrastructure usage in the country is that we demand the best infrastructure but want to access them for free" - Dr KC Chakrabarty, Deputy Governor, RBI

"In India, VIPs get access to subsidies and infrastructural services first, and there is little concern for whether or not it reaches the poor and needy. We should stop this culture from becoming a moral hazard" - Dr KC Chakrabarty, Deputy Governor, RBI

"Co-operation between the insurance supervisors across jurisdictions is critical for effective supervision of the insurers operating in any jurisdiction" - TS Vijayan, Chairman, Insurance Regulatory & Development Authority, India

"Every family of landless poor in the district is going to get three cents of land for building a house. It is a historic step. It is doable. It requires political will and it requires taking some hard political decisions on excess land (owned by private individuals) and wasteland." - Jairam Ramesh, Rural Development Minister of India

"You cannot label every minister or a bureaucrat with corruption and create an environment of mistrust and sensation" - Anand Sharma, Union Commerce and Industry Minister, India in The Economic Times

"A few years ago, India could do no wrong. Commentators talked of "Chindia", elevating India’s performance to that of its northern neighbor. Today, India can do no right" - Dr Raghuram Rajan, Governor, Reserve Bank of India

"Analysts keep looking for major structural reforms to fix the deeper economic challenges, they ignore smaller steps or dismiss them as band aids" - Dr Raghuram Rajan, Governor, Reserve Bank of India

"We can’t expect people to sit idle at their homes and the projected growth rate to be achieved. There is a general misconception that all the ills of the economy can be cured by RBI or by the financial system" - KC Chakrabarty, Deputy Governor, Reserve Bank of India

"Every developed economy has world class infrastructure and we are fortunate that we do not have any dearth of skilled engineers who can build these infrastructure for our country. But our problem is that while there is a demand for world class infrastructure, people are generally not inclined to pay for utilising these facilities" - KC Chakrabarty, Deputy Governor, Reserve Bank of India

"We cannot rely too much on the outside world because we do not want to run large current account deficits...moderate CAD with a lot of saving domestically will allow us to still fund a significant amount of investment which we need" - Raghuram Rajan, Governor, Reserve Bank of India, in Economic Times

"We have to give savers a good deal, be it outside savers or domestic savers. That match between savings and investment has to come about" - Raghuram Rajan, Governor, Reserve Bank of India, in Economic Times

"There is no ban on giving loans on credit cards. Don't charge 12 per cent actually and claim that I am charging only zero per cent interest," - KC Chakrabarty, Deputy Governor, Reserve Bank of India to PTI

"We are not saying you give a loan and say that no EMI has to be paid...absolutely no problem. The only thing is whatever the EMI has to be paid, transparently say, what is the interest rate you are charging - KC Chakrabarty, Deputy Governor, Reserve Bank of India to PTI

"What essentially binds customers to their bank is quality of services offered, the fairness and affordability of pricing and the promptness of service" - KC Chakrabarty, Deputy Governor, Reserve Bank of India

"You don't blame the RBI for killing growth, you blame inflation for killing growth...Our pursuing moderate or low inflation objective is to facilitate growth and not to kill growth"- KC Chakrabarty, Deputy Governor, Reserve Bank of India, to PTI

"The basic complaint against RBI is that it is killing growth by keeping interest rate high. But people forget that interest rate is high because inflation is high and inflation is high because people are not working. For inflation to come down, you have to produce more food grains at less prices" - KC Chakrabarty, Deputy Governor, Reserve Bank of India, to PTI

"We are depending too much on the central bank, too much on the financial institutions, saying they will remove all the problems of the growth and they (would) accelerate the growth" - KC Chakrabarty, Deputy Governor, Reserve Bank of India, to PTI

"My advice to investors in emerging markets is that they should be well diversified. It is actually possible to have all your eggs in the wrong basket at the wrong time. To reduce one's vulnerability to this eventuality, every investor should diversify" - Mark Mobius, executive chairman, Templeton Emerging Markets Group, in Business Standard

"India still offers one of the most exciting opportunities for investments given its relatively higher growth rates, availability of skilled manpower and high quality of entrepreneurs" - Mark Mobius, executive chairman, Templeton Emerging Markets Group, in Business Standard

"I made a promise that I will do a full-fledged interview in Hindi a year from now. Given where market conditions are, I wouldn't trust my Hindi" - Raghuram Rajan, Governor, Reserve Bank of India

"A few years ago, India could do no wrong... Today, India can do no right. This is not to say that ambitious reform is not good, or is not warranted to sustain growth for the next decade. But India does not need to become a manufacturing giant overnight to fix its current problems" - Raghuram Rajan, Governor, Reserve Bank of India

"Consumer liaison representatives provide an extraordinary range of experience and expertise with insurance-related matters" - Jim Donelon, NAIC President and Louisiana Insurance Commissioner

"We have been encouraged that, working closely with the FCA (Financial Conduct Authority) and despite their different business needs, a large number of firms have voluntarily come together to create a redress scheme that will provide a fair outcome for customers" - Martin Wheatley, Chief Executive, Financial Conduct Authority, UK

"We have stepped up to meet enhanced global standards on information exchange and have intensified our supervision of financial institutions to ensure we keep illicit money out from our financial centre" - Ravi Menon, Managing Director, Monetary Authority of Singapore

"General conditions have improved somewhat over the last year. APRA (Australian Prudential Regulation Authority), however, remains very vigilant and alert to potential problems emerging with the economy, at industry level or with individual insurers" - Ian Laughlin, Member, Australian Prudential Regulation Authority

"In view of the low insurance penetration/density observed in many Asian jurisdictions, special efforts are needed in making available customized insurance solutions at an affordable cost" - TS Vijayan, Chairman, Insurance Regulatory & Development Authority, India

"We have defined Financial Inclusion as the "process of ensuring access to appropriate financial products and services needed by all sections of the society in general and vulnerable groups such as weaker sections and low income groups in particular, at an affordable cost in a fair and transparent manner by regulated, mainstream institutional players" - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

"We consider Financial Inclusion and Financial Literacy as twin pillars where Financial Inclusion acts on the supply side i.e. for creating access and financial literacy acts from the demand side i.e. creating a demand for the financial products and services" - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

"I do hope Finance Minister Chidambaram will one day say, "I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists" - Dr Duvvuri Subbarao, Governor, Reserve Bank of India

"I do not agree with the argument that the Reserve Bank failed to control inflation but only ended up stifling growth. WPI inflation has come down from double digits to around 5 per cent; core inflation has declined to around 2 per cent" - Dr Duvvuri Subbarao, Governor, Reserve Bank of India

"I want to reiterate once again that the Reserve Bank had run a tight monetary policy not because it does not care for growth, but because it does care for growth" - Dr Duvvuri Subbarao, Governor, Reserve Bank of India

"Reducing the current account deficit requires structural solutions - RBI has very little policy space or instruments to deliver the needed structural solution. They fall within the ambit of the government" - Dr Duvvuri Subbarao, Governor, Reserve Bank of India

"As a public policy institution, the Reserve Bank has the responsibility to make that extra effort to listen to the silent voice of the poor" - Dr Duvvuri Subbarao, Governor, Reserve Bank of India

"India, adding 15 million people annually to the workforce, needs new investment and growth more than any other nation" - Nirmal Jain, Chairman, IIFL

"Agriculture needs to release surplus 'disguised unemployed' people" - Nirmal Jain, Chairman, IIFL

"It is an open secret that our industrial and services sectors have hardly generated new jobs in the last 2-3 years and have been laying off employees" - Nirmal Jain, Chairman, IIFL

"While the exit of a market leader could be disruptive, within the insurance sector there is a proven history of a robust, competitive market absorbing the business of failing insurers and attracting new capital" - Ben Nelson, CEO, National Association of Insurance Commissioners

"Insurance supervision is a skill of its own, and while our supervisors do move roles between insurance and banking in both directions, we want to ensure that we have groups of truly expert insurance and banking supervisors" - Andrew Bailey, CEO, Prudential Regulation Authority, UK

"The insurance industry has a great impact on enabling the people and industry to undertake reasonable amount of risk which is the propelling force in economic advancement and the well-being of a country" - TS Vijayan, Chairman, Insurance Regulatory & Development Authority, India

"India’s economic situation does not look that pessimistic in Washington as in New Delhi because of too much self-criticism by Indians. Pessimism on India is greater within India than abroad" - Kaushik Basu, World Bank chief economist

"I have been shorting India due to many reasons. The currency is in a mess, the country has very high debt, and debt-to-GDP ratio is going up every year" - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times

"The measures taken by the government are hopeless, they are making things worse. The measures for exchange control are bad and the restrictions on gold are making things worse" - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times

"India currently has serious problems, and I am not optimistic about India. India is a very exciting country to visit, but as far as stock markets is concerned, I am not hopeful" - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times

"The government has made so many mistakes, which has led the country into this position. Whatever happens now, it is not going to help India. If commodity prices go down, it will not help because the currency is going down. The government should realise that India has made mistakes, and it should start correcting those mistakes" - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times

"There are enormous regulations in India. Somebody should get rid of these absurd regulations, absurd bureaucracy, and start all over again, so that India can be a great nation again" - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times

"To contend that the Reserve Bank is obsessed with inflation, oblivious to growth concerns, I think, is both inaccurate and unfair. The Reserve Bank is committed to inflation control, not because it does not care for growth, but because it does care for growth" - Dr D Subbarao, Governor, Reserve Bank of India

"The productivity and efficiency of banks critically impacts the productivity and efficiency of all economic activity and is a matter of concern for policy makers and economy watchers"- Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

"These are challenging times for the Indian economy... The government and the RBI are working together to address these challenges. We don't have a magic wand to make the problems disappear instantaneously. But I have absolutely no doubt, we will deal with them" - Raghuram Rajan, Chief Economic Advisor, Government of India

"The fact is that 10 million Indians come into the work stream every year, just to find 10 million jobs, you need to grow at 8%" - Ravneet Gill, CEO, Deutsche Bank, in The Economic Times

"Financial products are complex and often opaque. Savers and investors are handicapped by information asymmetries; they make choices based on inadequate information and are driven by irrational emotions" - Dr Duvvuri Subbarao, Governor, RBI

"Bubbles in financial markets are difficult to see in real time. When bubbles burst, savers and investors not only lose out because of their saving and investment going sour but also because, as tax payers, they have to bear the huge costs of financial instability" - Dr Duvvuri Subbarao, Governor, RBI

 "Growth is as much a challenge as inflation. If the government has to walk alone to face the challenge of growth, then we will walk alone" - P Chidambaram, Finance Minister, in The Economic Times

"The rupee depreciation has posed a different kind of challenge and perhaps a graver challenge and therefore that had to be addressed first" - P Chidambaram, Finance Minister, in The Economic Times

"We have also focused the attention of the people, I believe for the first time, on the current account deficit. We have put in place mechanisms to revive investment. Once investment revives, you will find that growth also revives. There is time lag between revival of investment and growth" - P Chidambaram, Finance Minister, in The Economic Times

"I have to watch the manner in which we are financing the current account deficit every quarter. And if we are able to finance the current account deficit, then I would assume we are doing pretty well" - P Chidambaram, Finance Minister, in The Economic Times

"The consumers are always the weaker parties in need of protection. Consumers need to be enabled to navigate the financial markets to make choices beneficial to their needs" - Dr Deepali Pant Joshi, Executive Director, RBI

"Investment empowerment relies on the consumers’ ability to understand complex financial products and their knowledge and experience of using such products and services" - Dr Deepali Pant Joshi, Executive Director, RBI

"All financial products contain risks and also offer rewards. Financially literate consumers are individuals who are equipped to assess risks and to make informed decisions about the suitability of financial products to their situation" - Dr Deepali Pant Joshi, Executive Director, RBI

"The amount involved in the frauds reported by the banking sector in India has more than quadrupled from Rs. 2,038 crore during 2009-10 to Rs. 8,646 crore during 2012-13" - Dr KC Chakrabarty, Deputy Governor, RBI

"Banking and financial services industry continues to be among the most commonly victimized sectors as far as fraud is concerned" - Dr KC Chakrabarty, Deputy Governor, RBI

"Any house is only as strong as its foundation and as weather proof as its insulation. It is necessary, therefore, that a strong foundation is built by leveraging robust IT systems, framing effective policies, laying down strict compliance processes, setting high integrity standards, developing efficient monitoring capabilities and initiating strict punitive action against the culprits in a time bound manner" - Dr KC Chakrabarty, Deputy Governor, RBI



"The financial crisis has provided hard lessons on what happens when the stability of the financial system is found wanting. It has reminded us how much we depend upon the supply of critical services from banks, insurers, investment firms, asset managers and other parts of the financial sector" - Andrew Bailey, CEO, Prudential Regulation Authority, Bank of England

"Record low interest rates have become embedded in many advanced economies, and this is causing quite a bit of stress for the insurance industry – particularly in life insurance - in the countries concerned" - Ian Laughlin, Member, Australian Prudential Regulation Authority

"Going forward, the broadening and deepening of economic and financial ties between Asia and the Middle East, the two major centres for Islamic finance, will also provide further impetus for future growth of Islamic finance globally" - Lim Hng Kiang, Deputy Chairman, Monetary Authority of Singapore

"Various types of financial regulations exist in Asian countries that act as obstacles to inward foreign investment. It is said that these regulations prevent foreign companies from making investment and undermine the prospect for sustained growth" - Ryutaro Hatanaka, Commissioner, Financial Services Agency, Japan

"The Bancassurance regulations would be a game-changer that would allow banks to sell insurance products of different companies in different zones. It will also help in increasing insurance penetration and density" - TS Vijayan, Chairman, Insurance Regulatory and Development Authority

"Many people have purchased long-term care insurance policies; so, as regulators, we must be sure that policyholders are treated fairly and that insurers are able to meet their obligations when claims come due" - Adam Hamm, NAIC President-Elect and North Dakota Insurance Commissioner

"Investors cannot be an expert in determining whether a company is genuine or not, while investing in an equity market. If someone does not possess that expertise, then it is best advisable in long-term funds that will give assured returns" - UK Sinha, SEBI Chairman, on CNBC-TV18

"What we are noticing in the last three, four years is that companies which are not regulated by any central agency, are trying to reach out to individuals and raising money. For example, if you are a collective investment scheme, you have to get registered with SEBI. If you are a non banking financial company (NBFC), you have to get registered with RBI" - UK Sinha, SEBI Chairman, on CNBC-TV18

"When things are going well, government should interfere as little as possible. When things go badly, as they seem to be at present, it is the responsibility of the government to become pro-active" - Manmohan Singh, Prime Minister, to PTI

"Ideally we should bring the current account deficit (CAD) down to 2.5% of GDP. It is not possible to do this in one year, but I expect that the CAD in 2013-14 will be much lower than the 4.7% level recorded last year. It will decline further next year" - Manmohan Singh, Prime Minister, to PTI

"Inflation, as we all know, is a regressive tax, and it hurts the poor the most" - D Subbarao, RBI Governor

"Central banks and central bankers have been at the heart of the global financial crisis. They have been blamed for policies and actions that got the world into the crisis; they have also been praised for leading from the front in getting the world out of the crisis. I believe this is fair critique - central banks have been a part of the problem and a part of the solution" - D Subbarao, RBI Governor

"Technology has enabled an interlinked world and payment infrastructure. While this is welcome, being able to initiate payment transaction even from top of Mt Everest, please also remember that you are as good as the weakest link" - G Padmanabhan, RBI Executive Director, to PTI

"The time has now come for us to start planning for a future where we aren't just talking about global payments. We are expanding our vision off earth into space" - David Marcus, President, Paypal, in The Economic Times

"Had a private sector entity been what LIC is, it would have been a dada" - Rajiv Takru, Secretary, Department of Financial Services, in The Economic Times

“The authority (IRDA) is looking at facilitating technology absorption and innovative and transparent product segments that can make micro-insurance not only a viable business model for insurers but also more satisfying to the customers while protecting their interests” - TS Vijayan, Chairman, Insurance Regulatory and Development Authority, India

“Health insurance products deal with aspects of people’s health and requires detailed explanation and understanding to help you make an informed decision. We urge customers to read policy documents carefully before they buy it” - Manasije Mishra, CEO, Max Bupa Health Insurance, in The Financial Express

“At times, customers are not aware about the things that their policy covers or does not cover. They claim for illnesses that the policy does not cover, which leads to disappointment later. It is important to discuss all the terms and conditions very carefully with the insurer at the time of purchase” - Manasije Mishra, CEO, Max Bupa Health Insurance, in The Financial Express

“The distributors push products without explaining the benefits and limitations of the insurance policy, which create discontent amongst the customers” - Nidhi Choudhari, Indian Audit & Accounts Service, in The IRDA Journal

“Proper guidance, mainly at the time of claim settlement, more so in the event of a sudden demise of the family member earned the insurance agents the respect that they deserved” - Avinash Singaraju, Underwriting Manager–Corporate & SME, SBI General Insurance, in The IRDA Journal

“The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers” - Peter Braumüller, Chairman-Executive Committee, International Association of Insurance Supervisors

“My advice to borrowers is to not bury your head in the sand – take action now. Understand the terms of your mortgage agreement and take control; work out if you can repay the outstanding amount when your mortgage matures” - Martin Wheatley, Chief Executive, Financial Conduct Authority, UK

“Asia is not a country. It is not homogeneous. In order to achieve sustainable and profitable growth, insurers need to understand these markets well” - Ng Nam Sin, Assistant Managing Director, Monetary Authority of Singapore

“For an institution’s risk management framework, including its risk governance, to be effective; there must be a strong risk culture which is consistent with the company’s espoused values and its risk appetite” - Ian Laughlin, Member, Australian Prudential Regulation Authority

"If you are dealing with somebody else’s money, please don’t behave like a cowboy. We don’t want cowboys here. Under no circumstances should a single paisa be given to somebody who doesn’t present a good case" - Rajiv Takru, Financial Advisor, Ministry of Health and Family Welfare, in The Wall Street Journal

"I hope a day will come when we regard gold as any other metal, it just shines a little more than copper or bronze" - P Chidambaram, Finance Minister, to PTI

"The 'greatest wrong' the RBI has committed is by disowning its responsibility to supervise the 'exploitation' of bank customers. RBI has given the full liberty to each bank to levy 'service charges' as per their wish. It has become an open market" - Mohan Siroya, chairperson, Consumer Complaints Cell, said at a seminar organised by Moneylife Foundation

"As a consumer I'm ready to pay the prescribed service charges, but one bank is charging Rs. 100 for a particular service whereas another bank is charging Rs. 10 for the same service. What does the consumer do then?" - Mohan Siroya, chairperson, Consumer Complaints Cell, said at a seminar organised by Moneylife Foundation

"How often can a consumer jump from one bank to another on the basis of charges and not to mention the endless KYC hassles each time it is done?" - Mohan Siroya, chairperson, Consumer Complaints Cell, said at a seminar organised by Moneylife Foundation

"If customers are penalised or have paid heavy 'service charges' even for a technical fault or being unaware of the repercussion, the bank also must be equally held liable to compensate the customer for 'any deficiency in service' by way of delay or even any technicality" - Mohan Siroya, chairperson, Consumer Complaints Cell, said at a seminar organised by Moneylife Foundation

"We said the board (Banking Codes and Standards Board of India) should decide (on banking charges) and if the board has given the mandate to the IBA (Indian Banks' Association), then we cannot take any action against the Association" - Dr KC Chakrabarty, RBI Deputy Governor, said at a seminar organised by Moneylife Foundation

"Customer is the most important part of a banking system and it is necessary that the bankers do not 'squeeze' customers. However, after saying this, we must understand that banking is not just a service but it is also a business and banks need to levy charges on services in order to survive" - Dr KC Chakrabarty, RBI Deputy Governor, said at a seminar organised by Moneylife Foundation

"Banks should not be selling third party products. In fact, life insurance has been in India since independence, but till 1994-95 there were no banks selling insurance or mutual fund products. I fully support that the regulator must decide what is mis-selling" - Dr KC Chakrabarty, RBI Deputy Governor, said at a seminar organised by Moneylife Foundation

"There is no business in which one can get 20% or 30% return, so how can anyone give 20% or 30% interest? This is the thing we want people to know. One should also know that common people cannot save their money with RBI" - HR Khan, RBI deputy governor, The Times of India

"There is a threshold level of inflation. If inflation is above that level, it is inimical to growth. If inflation is below that level it is possible that you can bargain for higher growth, tolerating a little higher inflation" - D Subbarao, RBI Governor, to PTI

"Our growth has also come down because of crisis and because of the post-crisis developments. We believe that India’s potential growth rate has come down. Last number we put out on potential growth rate is 7%" - D Subbarao, RBI Governor, to PTI

"Government has raised the customs duty on gold import. The RBI has come out with some regulations to restrain the import of gold. But we need to increase exports in a big way and reduce dead-weight import like gold" - D Subbarao, RBI Governor, to PTI

"We are not an inflation targeting central bank. But when inflation is at double digit level, we believe we must bring it down" - D Subbarao, RBI Governor, to PTI

"Why we are suffering is that we have not allowed new banks to come in. If new banks come in, then many of our problems on the customer service front will be solved. So, one demand should come from everybody that more banks should come in. If you allow more banks, then consumer service will be better" - KC Chakrabarty, RBI Deputy Governor, to PTI

"There are hundreds of millions of people in the country who are affected by inflation, poor people. Inflation is regressive tax, it hurts poor people more than it hurts people like us. And we need to hear that silent voices" - D Subbarao, RBI Governor, to PTI

"RBI has to be a sensitive institution in drawing the balance between growth and inflation. We need to listen not only the voice that gets heard but also the voice that does not get heard" - D Subbarao, RBI Governor, to PTI

"A major area where we face difficulties is when we seek information or other records from various entities in the process of our investigations. What happens is that these entities tell us that they do not fall under SEBI jurisdiction and therefore they are not required to provide information to us. We face lots of difficulties in getting these details" - UK Sinha, SEBI Chairman, PTI

"We have developed a strong foundation aligning our regulatory structure to international best practices, while fine-tuning it to suit our macro and micro-economic conditions" - TS Vijayan, IRDA Chairman

"Solidarity is an innate feature of insurance enabling the spread of risk and dampening of the impact of natural catastrophes that can set back the economic development of people, SMEs, and communities considerably" - Peter Braumüller, Chair of the IAIS Executive Committee

"The financial sector is stable, and more importantly, better prepared to weather the next crisis. US insurers remain strong, profitable, and competitive. All these signs are reason to breathe a sigh of relief, but we cannot take our focus off the work that needs to be done"- Senator Ben Nelson, NAIC CEO

"Self-insurance by the government was the key mode of risk mitigation. As a result, national economies were burdened with the hefty recovery costs" - Ng Nam Sin, AMD, Monetary Authority of Singapore

"By making sure that we continually challenge firms to ensure their business models are based on a sound foundation of fair treatment of consumers, supported by a strong culture to deliver this; we believe we will be successful" - Clive Adamson, Director of Supervision, FSA, UK

"Our role is to ensure that regulated financial institutions and the financial system as a whole are sufficiently strong to cope with any reasonably foreseeable adversity, however that adversity may unfold" - John F Laker, Chairman, Australian Prudential Regulation Authority

“There can be corruption even within regulatory authority. They may increase and decrease price and indulge in arbitrary decisions. In a democracy, you cannot shut down the coal ministry. This will be an insult to people” - Prakash Jaiswal, Coal Minister, in Business Standard

“I cannot say absolutely (there is) no space (for monetary easing in future). If we had to communicate (there is) absolutely no space, then we would have used the word ‘no’. We said ‘little’.” - D Subbarao, RBI governor, in Mint

“No amount of regulation or supervision can save an institution if the Board/Top Management is not sensitive enough about what is good for their bank. The Board and Senior Management are the first line of defense at the banks and we, as supervisors, place a lot of faith in them to identify, manage and mitigate risks in banks’ day-to-day affairs” - Dr KC Chakrabarty, Deputy Governor, RBI

“In the long run, for the health of the market and health of SEBI, it is better that SEBI find resources of its own” - UK Sinha, SEBI chairman, on CNBC-TV18

“If SEBI passes an order against an intermediary who has to do business and be here in the market he is likely to respond to our orders and pay up. But if somebody is not directly connected with the market, he is not obliged to pay because the mechanism for me to recover that money is very cumbersome” - UK Sinha, SEBI chairman, on CNBC-TV18

“SEBI distinguishes itself from other regulators in the country in the manner that SEBI is a financially independent regulator. We have our own sources of revenue we are not dependent upon government to provide us loan or grants” - UK Sinha, SEBI chairman, in The Economic Times

“In the past there have been attempts to take away this independence from SEBI and it has successfully resisted that and we are proud that we are still independent” - UK Sinha, SEBI chairman, in The Economic Times

"Whenever there is selling, there will be some mis-selling. We need to have adequate guidelines on what is mis-selling. In banking, the only thing that could be mis-sold is loan. If banks mis-sell loan, only they will suffer"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"My basic question is why should banks take so much commission in selling insurance/mutual fund products. What is the extra cost that the bank is incurring? The full benefit of the commission/reduction in cost, if any, should go to the customer. Only then, the penetration of such products would happen" - KC Chakrabarty, deputy governor, RBI, in Business Standard

"We have serious concern about banks selling gold coins. It reduces the deposit growth. If deposits don’t grow, banks increase the lending rate. That creates more problem…monetary transmission gets affected. We have raised all these issues and also expressed our concern to banks"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"When the system is evolving, the guidelines have to change with time. Sometimes, we may not able to keep pace. At the same time, if we become too proactive, we will kill innovation and if we are slow in taking action, then we will be encouraging violation. There is a thin line between what is innovation and what is violation. The challenge before any regulator is to maintain a balance between them"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"On a more general note, regulation and supervision are found to be lax across the world. That is why the financial crisis happened. World over, there is an effort to strengthen regulation and supervision"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"We don’t differentiate on the basis of public or private ownership. In banking, performance is ownership-neutral.   For us, all banks are same. What is important is the quality of management and quality of the boards"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"Why aren’t banks invoking that themselves? No one has prohibited them from invoking the sunset clause. If RBI does it, we would be accused of micromanaging"- KC Chakrabarty, deputy governor, RBI, in Business Standard

"Today, people are not sure if they should buy health insurance because they don’t know if the company will pay when they need it the most"- Anuj Gulati, CEO, Religare Health Insurance in The Economic Times

"Today, while we pay for doctor consultations, diagnostic tests, drugs, hospitalisation, health insurance only covers hospitalisation. Besides, a small segment has experienced the product. In global markets, health insurance is a financing tool for all aspects of healthcare expenditure"- Anuj Gulati, CEO, Religare Health Insurance in The Economic Times

"The consumers should value insurance as a protection instrument rather than for tax benefit. It’s a transition that will happen as income levels go up, as consumers mature in their approach to insurance"- Anuj Gulati, CEO, Religare Health Insurance in The Economic Times

Predictability of revenue, sustainability of revenue, profitability of revenue and de-risking of revenue. A CEO must spend adequate time on these - NR Narayana Murthy, Infosys founder, in Mint

If we can’t stand the heat in the kitchen, we cannot be cooks. I think it’s very important for us to give very clear statements on what investments are needed, what impact it will have on earnings, so that you will have a stronger company in the long run - NR Narayana Murthy, Infosys founder, in Mint

India has obviously lost the sheen that it had in early 2000. The GDP growth has come down, current account deficit has ballooned, our fiscal deficit has ballooned. So therefore, I think India is now at a stage where we have to think very seriously on how to get back that sheen - NR Narayana Murthy, Infosys founder, in Mint

“Measuring quality of banking services is more difficult than measuring the quality of manufactured goods as services are intangible in nature and there is no “real” product that the customer takes home” - Dr KC Chakrabarty, Deputy Governor, RBI

“If the US can regulate and cover by deposit insurance more than 7,000 banks, India can surely manage at least a few hundreds.” - Nirmal Jain, Chairman, India Infoline Group, in Business Standard

“More than 40% Indians do not have a bank account and over 90% are still untouched by bank loans. Although doors have been opened to new banks, we are being overly severe in terms of number and criteria” - Nirmal Jain, Chairman, India Infoline Group, in The Economic Times

“What a pity that our regulated sectors, which are expected to mobilise savings and direct them to productive assets, have not got a rupee in equity inflow” - Nirmal Jain, Chairman, India Infoline Group, in The Economic Times

“Regulators will do a great service if they can work towards changing the atmosphere of fear and excess caution among regulated entities—without, of course, sparing the wrongdoers” - Nirmal Jain, Chairman, India Infoline Group, in The Economic Times

“We are sorry about the tax, but we must collect the money from somewhere. So, please smoke more frequently” - Mamata Banerjee, Chief Minister, The Economic Times

“There is a serious dearth of structured data of the insurance sector in India; and in the coming times, there will be need for a single authentic source which will help the sector, in general” - TS Vijayan, Chairman, Insurance Regulatory & Development Authority

“There is a proverb that markets go up by the stairs, and down by the lift; sometimes banking systems and economies do the same thing” - Charles Littrell, Executive General Manager, Australian Prudential Regulation Authority

“By making sure that we continually challenge firms to ensure their business models are based on a sound foundation of fair treatment of consumers, supported by a strong culture to deliver this; we believe we will be successful” - Clive Adamson, Director of Supervision, FSA, UK

“It is premature to compare the two because the NPS has been there for only five years, while the EPFO has existed for six decades… One is the defined model, where the recipient has some psychological security in terms of what he will get. The other, which is the NPS, is not defined. The investor will get to know only 15-20 years down the line what he will get by way of annuity” - Anil Swarup, Central Provident Fund Commissioner, in ET Wealth

“We did raise tariffs from 4 percent to 6 percent, but there are limits to which tariffs can be raised on gold, because if you raise tariffs prohibitively, gold smuggling will increase” - P Chidambaram, Union minister of Finance, to Reuters

“The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers” - Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS)

“Customers seeking to purchase a general insurance policy will consider not just the features of the product, but also the quality of the insurer’s service. This includes not just the front-end sales process, but also how prompt the insurer is in handling claims and complaints” - Lee Boon Ngiap, Assistant Managing Director, Monetary Authority of Singapore“People should force politicians to take difficult decisions which are in the long-term interests of the country” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

“To believe that monetary policy by itself can stimulate growth and answer all problems is incorrect because monetary policy is just one instrument” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

“If monetary policy is accommodating, then fiscal policy has to be tight so that there is adjustment. If both are accommodating, there will be inflation” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

“Governments traditionally have a bias towards growth and the Central Bank’s dharma is to manage inflation. If the Central Banks act independently, hopefully one will strive for growth and the other will strive for stability and we will have an ideal situation” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

“Growth this year is going to be the lowest in a decade. Inflation has come off the peak but is still quite elevated. We are going to have historically the highest current account deficit this year. And investment has decelerated” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

 “India should make sure there is no money generated through money laundering and around the world there should be no jurisdiction where this roundtripping is possible. It’s both a question of opportunities too” - Dr Duvvuri Subbarao, governor, RBI, in “Weekly” Magazine, Mauritius

“Among the lessons of the recent financial crisis is the need for virtually everyone--both young and old--to acquire a basic knowledge of finance and economics” - Ben Bernanke, chairman, US Federal Reserve

"There is a famous instance where a company has claimed that it has refunded more than Rs20,000 crore in the last 3-4 months to so-called investors, out of which more than 90% has been returned in cash. How credible can this story be?" - UK Sinha, SEBI chairman, in The Economic Times

"One area that I would like to point out and which concerns me as a regulator is the rapid development of the grey market investment (collective investment schemes) in this country. The audacity and the frequency at which it is happening is something all of us must take note of" - UK Sinha, SEBI chairman, in The Economic Times

"People who are investing in such products (collective investment schemes) are simple ordinary workers. They are not putting illegal money. They are putting their hard earned money. But the process through which it is channelised is unfortunately taking that money out of the legal framework" - UK Sinha, SEBI chairman, in The Economic Times

"People are coming out with such ridiculous schemes... Emu farming, goat farming… SEBI has taken note of it. We must have started prosecution and action against a dozen of such companies. We have been writing to the state governments. We have been fighting court cases. We cannot ignore these things and cannot get the complete picture about why investments are not happening and where savings are going. This is a very serious matter" - UK Sinha, SEBI chairman, in The Economic Times

“You don’t need a sting operation to show that in this country, people have black money. Some black money remains in bank accounts, for that do you require to have a sting operation? We don’t make it as a systemic issue” - KC Chakrabarty, deputy governor, RBI, to PTI

“We cannot take action based on allegations, (only) if we find something (wrong) we can act upon... Our supervisory process is very effective, if we find that something is wrong, we will always take action” - KC Chakrabarty, deputy governor, RBI, to PTI

“People may be more reluctant to apply for a new bank licence with so many problems... The media people are so active, so let us not open (new) banks” - KC Chakrabarty, deputy governor, RBI, to PTI

“One of the problems with our financial sector at a conceptual level has always been the multiple hats that RBI has been wearing. If you try to play two roles where there is conflict built into those roles, no matter what your intentions are there will be some element of conflict” - Meleveetil Damodaran, former SEBI chief, on CNBC TV18

“If you recall some years ago there was talk about FMC being integrated into SEBI. That did not happen. Now you are talking about four regulators being made into one. I have not seen the details. However it is going to be interesting how this process of integration plays out, it is not going to be easy” - Meleveetil Damodaran, former SEBI chief, on CNBC TV18

“Worldwide the jury is still out on whether the Financial Services Authority (FSA) model is the right model. The FSA model did not work when it came to Northern Rock. Over the weekend as Northern Rock collapsed, you found that it did not work at all because the Bank of England was outside” - Meleveetil Damodaran, former SEBI chief, on CNBC TV18

“I saw in the newspaper reports today that the council headed by the finance minister (FM) is going to be given statutory power. That is the recommendation. If that is the way you are going the better thing to do is abolish all regulators, get back to pre 1992” - Meleveetil Damodaran, former SEBI chief, on CNBC TV18

“If you are not exploitative, an interest rate of 26% is reasonable. About 80% of MFIs are able to lend at this rate. Those who are charging more than this are inefficient in their operations, and RBI’s policy would be to wither them out of the system” - KC Chakrabarty, deputy governor, RBI, in Business Standard

“If MFIs want to accept public deposits, they should try to become a bank by applying banking licence. Then, they would be regulated at par with banks” - KC Chakrabarty, deputy governor, RBI, in Business Standard

“MFI will be relevant for the next 10-15 years because our banking system is inefficient. Our banking system is not customer-focused. They (banks) are employee-focused… Salary in the banking system, as compared to the gross domestic product, is one of the highest in the world” - KC Chakrabarty, deputy governor, RBI, in Business Standard

“I was appointed Governor on September 5, 2008 and two weeks later the Lehman Brothers collapsed ... So there was an association with Subbarao becoming the Governor and the world economic crisis. So my term was initially for three years. So people thought when my term will be over, the global crisis will be over because there was a co-relation between Subbarao and financial crisis” - D Subbarao, RBI Govenor, to PTI

“I think an obsession with animal spirits to the point of ignoring larger issues that govern the functioning of markets is not good for the country. You must unleash the animal spirits, but do so in a manner that the animals don’t become man-eaters” - Jairam Ramesh, Union rural development minister, in Economic Times

“We have been behaving as if we are a land surplus country. We don’t accept the simple reality that in relation to our population, we are a land hungry and land deficit country. And that those acquiring land have had it far too easy for far too long” - Jairam Ramesh, Union rural development minister, in Economic Times

“I am quite happy about this surcharge. In a country like India where there is so much of poverty, people earning Rs. 1 crore shouldn’t crib about paying 10% surcharge” - Dr Narayana Murthy, Founder, Infosys

“I believe there is a little bit of spirit of Azim Premji in every affluent taxpayers and I am confident when I ask relatively affluent taxpayers to bear a small burden for one year they will do so cheerfully… fiscal consolidation cannot be effected only by cutting expenditure. Where ever possible, revenues must also be augmented” - P Chidambaram, Finance Minister, while unveiling Budget proposals for 2013-14

“When I need to raise resources, who can I go to except those who are well placed in society. Only 42,800 persons in the whole country who admitted to a taxable income of exceeding Rs. 1 crore per year. I propose to impose a surcharge of 10% on persons whose taxable income exceeds Rs. 1 crore per year” - P Chidambaram, Finance Minister, while unveiling Budget proposals for 2013-14

“There are substantial number of people with good income who are not paying taxes and the focus should have been more on bringing them under the tax net” - Sunil Duggal, CEO, Dabur India, in Firstpost

“He (Finance Minister) should have ensured compliance so that more people who have avoided taxes are brought into the net of taxes” - Issac George, director of GVK Power & Infrastructure Ltd, in Firstpost

“Consumers who are self-directed should not be required to pay the same commission (as others). We recommend that life insurance companies provide a direct channel, through which self-directed customers can buy basic insurance products directly from the insurer for a nominal fee” - Lee Chuan Teck, Assistant Managing Director, Monetary Authority of Singapore

“There is nothing wrong with financial advisers doing non-FA activities and some, arguably, may be synergistic to financial advising.  But there are 3 risks we should be mindful of: conflict of interest, tarnishing the image of the industry, and dilution of focus” - Lee Chuan Teck, Assistant Managing Director, Monetary Authority of Singapore

“As population aging inevitably leads to an increase in elderly customers, we are also aware that life insurance companies will be required more than ever to take into account the characteristics of the elderly in their business operation” - Kenji Matsuo, Chairman, Life Insurance Association of Japan

“Insurance enables the spread of risk and mitigation of the impact of negative events such as natural catastrophes that can set back the economic development of people, SMEs, and communities considerably” - Peter Braumüller, Chair of the IAIS Executive Committee

“The government will continue to take the necessary steps to crack down on fraud which will help lower premiums, increase road safety and ensure people hurt in car accidents get the treatment they need - Dwight Duncan, Finance Minister, Govt. of Ontario, Canada

“The effects of fraudulent businesses can be devastating, robbing people of their hard-earned money. Through our collective and sincere efforts, we need to create a society that has zero tolerance for fraudulent businesses” - Tahir Mahmood, Commissioner, The Securities & Exchange Commission of Pakistan

“The regulatory decisions that are aimed at protecting the interests of policyholders, though painful in the short-run, would certainly be beneficial to all stakeholders in the long run” - J. Hari Narayan, Former IRDA Chairman

“We failed in the understanding of allowing free market space and design for companies. We failed the policyholders. We allowed largely toxic products to prevail in the market and destroy public confidence in insurance” - J Hari Narayan, Former IRDA Chairman, in The Hindu

“Difference of opinion will always strengthen the institutions. They sharpen the thinking process. They define boundaries more clearly” - J Hari Narayan, Former IRDA Chairman, in The Hindu

“Indian tax treaties generally contain royalty provisions that are narrower in scope. The government made unilateral changes to royalty which is not conducive in nature. The definition of royalty should be bilateral in nature since the transaction is made between two countries” - Sandeep Ladda, Executive Director, PwC India

“In case of retrospective amendment of royalty the tax payer should be exempted as he cannot go back in time and pay. The penal consequences should not be levied on the payer” - Sandeep Ladda, Executive Director, PwC India

“As regulators, you will agree that the most defining moment is to be effective as a catalyst without compromising on the regulatory concerns. It is like a parent having to know when to be a friend of the child and when to be a parent” - G Padmanabhan, Executive Director, Reserve Bank of India

“The touchstone of any successful business lies in the edict that “customer is king”. Serving customers is, essentially, the reason why the banks exist in the first place. But over the years, I believe, the customer has become rather peripheral in the banks’ scheme of things” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

“Take the recent instances where banks had sold forex derivatives to their customers without proper understanding of their suitability and appropriateness. Neither the customers nor the banks had an iota of understanding of the quagmire that they were getting into while entering into these contracts. The subsequent legal wrangling and losses suffered by some banks aptly demonstrate their financial illiteracy” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

"You may open bank accounts, you may provide some remittance facilities, you may also provide some emergency overdraft or consumption credit. But, bank credit per se cannot be a fundamental right” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

“This is a matter of concern because today’s investment is tomorrow’s production capacity. So, if investments are not taking place today, then our growth potential on the way forward is going to be hurt” - D Subbarao, Governor, Reserve Bank of India, in The Hindu

“We need strong and responsible trade unions in the banking system so that trade union and managements can fight market forces and help in making services available to all. Banking services should be available at everyone’s doorsteps” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India, to PTI

“We need to collectively work to bring down transaction cost so that banking service will be affordable… In India, opening a bank account cannot be refused. But it still does not happen. Even after 40 years of nationalisation of banks, we are saying banking should be a fundamental right” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

“We took 20 years to introduce banking technology. Today banking technology is available. Without technology, you cannot take service to everyone. If you have to take product and services to the masses, you should have technology” - Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

“Who prohibits banks from opening everybody’s bank accounts or from giving credit to everyone… Nobody does. However, the price is such that it makes it prohibitive. Take for instance flying by a plane – everyone who can afford to buy a ticket can fly in a plane as a matter of right, but how many are able to exercise that right?” - Dr KC Chakrabarty, RBI Deputy Governor

“A service cannot be called to have an effect of a fundamental right unless it is accessible to all. For instance, we cannot say that healthcare is a fundamental right if people have to travel to the district headquarters from the village to take treatment. The same applies to banking also - it must be available at the doorsteps” - Dr KC Chakrabarty, RBI Deputy Governor

“There should be free flow of information in the market where the people can raise capital, mobilise it and use it” -UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“I have worked in the industry so l can say with a certain amount of knowledge that we often used to hide the negatives and highlight only the positives whereby the investor used to perhaps be getting misled” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“We want to ensure that the system is working, if there is an offence there is somebody to look into it, the rules are uniform for everybody and grievances can be redressed immediately and promptly” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“When growth is slowing down you can stimulate the economy either by monetary easing or by fiscal stimulus, but both monetary and fiscal side have no room for stimulus. So that is the big concern” - D Subbarao, RBI governor, to PTI

“To go back to eight per cent (annual growth rate) you (India) need to see move on a lot of fronts and investment picking up very robustly. It will depend very much on whether the government can deliver on all the reforms that they’ve committed to and sustain this economic reform momentum” - Laura Papi, IMF Assistant Director, to PTI

“More transparency, etc, requires more time and is a good thing, but over time what we want to see is that there is also an acceleration in project approval and also clarity in the sort of policy implementation” - Laura Papi, IMF Assistant Director, to PTI

 “What is deemed to be highest NAV should not be confused with what is the highest index or how the market is performing. Highest NAV products tend to become debt products in order to maintain the guarantee, whereas when the marketing of such products takes place the consumer is left with the feeling that it grows along with the value of the market itself” - J Hari Narayan, IRDA chairman, to DNA

“Institutions offering good education are scarce. Good teachers are even more scarce. There needs to be large infusion of private capital in education to supplement governmental efforts. Technology needs to be extensively used to maximize the reach of good teachers and  professors” - RC Bhargava is chairman at Maruti Suzuki in Mint

“My sense is that the ghost of GAAR has been buried... If anyone has to unwind his present positions, he can always unwind them. GAAR only hits at unjustified tax avoidance arrangement. So, there is enough time for people to unwind any such arrangement and become tax compliant” - P Chidambaram, Finance Minister, in The Economic Times

“There is universal acknowledgement that we have handled the GAAR situation fairly effectively and buried the ghost that GAAR will be some kind of a monster” - P Chidambaram, Finance Minister, to PTI

“Really wonderful businesses need no book value. Book value is not a great proxy for intrinsic value and it is not a substitute. Berkshire was not worth book value in 1965, intrinsic value was below book value, now the business is worth a great deal more than book value” - Warren Buffett, chairman, Berkshire Hathaway

“Education in India is a pity. In US when someone graduates, there is a big celebration in the family. It is unlikely that a graduate in the US won’t get a job. But, in India being a graduate doesn’t ensure that you will get a job” - Nirmal Jain, Chairman, IIFL (India Infoline)

“While recruiting thousands of candidates we look for “4Cs”. These include character, commitment, communication and competence… It is these “4Cs” that can take you forward in any organization” -  Nirmal Jain, Chairman, IIFL (India Infoline)

“Besides academic, various types of skills are required at work. Information technology plays a vital role. It is important that every professional and organisation should adopt technology which fastens work, improves processes, increases accuracy and enhances customer experience at large. There is no limit on how much you can use technology. It is an integral part of the future” - Nirmal Jain, Chairman, IIFL (India Infoline)

“The integration of vocational and mainstream education in India is a must. The entire education framework needs to provide for lifelong learning and also mobility from one stream to another for those who wish to do so” - Dilip Chenoy, managing director & CEO, National Skill Development Corporation

“Tax laws in India are becoming more and more complex. India is a factory of income tax disputes. More than 50% of tax cases world over are from India” - TP Ostwal, Partner, TP Ostwal & Associates

“We expect firms to put customers at the heart of their business. Getting sales incentives right is critical to that. Firms that fail to do so can expect us to take action against them” - Tracey McDermott, Director of Enforcement and Financial Crime, Financial Services Authority, UK

“It is common understanding that no product that does not match with the expectations of the consumers will withstand in the market even in the short run, leave alone a life insurance product which is a product that is meant for the long term” - J Hari Narayan, Chairman, Insurance Regulatory & Development Authority

“When I speak to the bosses of the banks they tell me they want to change, and this is good, but real cultural change will only happen if attitudes shift throughout an organisation from the CEO to the frontline sales personnel” - Martin Wheatley, Managing Director, Financial Services Authority

“The SEBI is continuously taking measures to improve retail investors’ confidence in the equity markets...  the market is not a casino where one can do anything and get away with it” - UK Sinha, SEBI Chairman

“We are taking all possible measures to ensure that nobody is able to avoid the rules of the game, especially on a continuous basis, to harm the interests of the individual and institutional investors” - UK Sinha, SEBI Chairman

“How to avoid information asymmetry is of utmost important. We also need to ensure that there is a convenient or smooth working system for consumers in the financial markets. Lastly, we have to ensure that the system is strong enough to enforce trust among consumers in these markets” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“In a free market like India—where people can raise capital—providing information to investors is important. The flow of the information has to be done on real time basis. There should be no reason why velocity of providing information to the consumers is low” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“SEBI is trying to implement one uniform KYC which is valid for all his subsequent investments—be it banks, stocks, mutual funds, insurance and pension products, etc. One KYC for the entire finance sector will have great importance for people making investments in financial instruments and markets” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“We introduced SCORES—an online system to cut the redressal time for complaints. We also have toll free helpline services in 14 languages to redress investors’ complaints. However, all these are small steps for making things convenient for the end investor. The regulator is planning to further strengthen these initiatives” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“Interest of the end investor is to be kept in mind because that is of paramount importance. Looking at the penetration of the market in India a lot of things need to be done. We are still at the elementary level. If an ordinary employee—working in a factory—starts trusting the financial markets, then more and more lay investors will come to markets” - UK Sinha, SEBI Chairman, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“The purpose of finance is to help people and not to cheat them” - Monika Halan, editor, Mint Money, speaking at the “Financial Planning Congress 2012-13” seminar in Mumbai

“Out of 1 lakh dissatisfied customers, about 1,000 are serious about filing complaints. Of these, 100 resolve to write to the company, but barely 1-2 actually do so” - KK Mishra, CEO, Tata AIG General Insurance, in The Economic Times

“Insurers are ready to pay unlimited compensation, but they should also be allowed to charge the premium accordingly” - KK Mishra, CEO, Tata AIG General Insurance, in The Economic Times

“For an outsider looking in, the RBI is like a black box. Everyone knows people in there do important things, but cannot figure out the connection between that and their lives” - Duvvuri Subbarao, RBI Governor, to PTI

“I do hope that in a few years from now... everyone watching and evaluating us would say that RBI is a role model for the kind of knowledge institution that a central bank should be” - Duvvuri Subbarao, RBI Governor, to PTI

“If the product design is not good, it won’t sell and ought not to sell. In life insurance business, you can’t sell a fundamentally false product. Products have to make sense to the consumers” - J Hari Narayan, Chairman, IRDA, speaking at the 9th Brokers Summit in Mumbai

“I would like SEBI to be a policeman, in whose area people are afraid to commit any mistakes rather than wait for them to commit an offence and punish them later” - UK Sinha, SEBI chairman, in Business Standard

“We are functioning since 1956. All our products have given good return to our customers. Now if I withdraw all the products at this stage and restructure them what message I am giving to the market? Customers will ask why you have withdrawn these products” - DK Mehrotra, Chairman, LIC, in Asia Insurance Post

“I will be more comfortable with ‘file and use’ because with ‘use and file’ system I am not sure what will be the stand of the regulator on the product that has already been launched” - DK Mehrotra, Chairman, LIC, in Asia Insurance Post

“You need intermediaries to sell insurance products and have to offer them reasonable commission. See what happened to the mutual fund industry when the commission to the intermediaries was reduced to zero” - DK Mehrotra, Chairman, LIC, in Asia Insurance Post

“What we will look is whether there is any discrimination among the customers, and banks must convince that the pricing of products was based on proper risk management and what was the logic behind it” - Dr KC Chakrabarty, RBI deputy governor, in Business Standard

“Look at risk-based pricing, if you (banks) charge too much interest rate, good customer will not come. When the prices are too high, the entire society is blaming RBI and I am not happy about that. If price becomes exploratory, then we will intervene as we did in microfinance” - Dr KC Chakrabarty, RBI deputy governor, in Business Standard

“Till now because of enthusiasm, we are making more publicity. Don’t do lip service alone on financial inclusion. Financial inclusion is not a charity and poverty cannot be eliminated by charity, do as a normal business” - Dr KC Chakrabarty, RBI deputy governor, in Business Standard

“Any infrastructure built needs to be adequately priced so as to recover the cost. Money is not the main problem; the real problem is the utilisation and maintenance of infrastructure” - Dr KC Chakrabarty, RBI deputy governor

“SEBI has noticed in some IPOs that due diligence wasn’t done properly. Assets mentioned were missing or weren’t even mentioned” - UK Sinha, SEBI chairman, to PTI

“As state regulators, we take insurance company solvency very seriously. It is vital that consumers get the benefit of the promises made by their insurers” - Kevin McCarty, NAIC President and Florida Insurance Commissioner, onwww.naic.org

“Islamic finance can also seek to meet the increased demand for simpler and more transparent products and ‘back-to-basics’ finance. Investors are now much more circumspect about complex products and their risks” - Tharman Shanmugaratnam, Deputy Prime Minister & Finance Minister, Govt of Singapore, speaking at the 8th World Islamic Economic Forum 2012 in Malaysia

“Stress testing is not a panacea. Stress testing is often described as an art, not a science. It is the combination of statistical modelling and expert judgement, based necessarily on simplifying assumptions” - John Laker, Chairman, Australian Prudential Regulation Authority, speaking at AB+F Randstad Leaders Lecture 2012, Brisbane

“From the system that was there earlier and the system and processes we have got right now, there is a world of a difference... In fact, my impression is that many of the countries do not have such kind of systems in place” - UK Sinha, chairman, SEBI, to PTI

“I don't want to claim that we have the best system in the world, because that will be the wrong way to say it, but still our systems are very robust and that is why many of the outside regulators at looking at our system (to emulate it)” -  UK Sinha, chairman, SEBI, to PTI

“Do not save what is left after spending, but spend what is left after saving” - Warren Buffett, American business magnate, investor & philanthropist

“We want an equity culture, but we want an equity culture where people invest on a long term basis. Because if people invest on short-term basis, and there is lot of churning and buying and selling activities and in the process ending up paying more to the distributors rather than earning for themselves more benefits, we are trying to curb that tendency” - UK Sinha, chairman, SEBI to PTI

“The world over, equity market has developed on the back of pension reforms and that is missing in India... It is not only about PFRDA, even the EPFO should permit the funds to invest in the securities market. Large pension funds from across the world are coming to invest in India, but our own funds are not investing” - UK Sinha, chairman, SEBI to PTI

“Investors need to understand not only the magic of compounding long-term returns, but the tyranny of compounding costs” - Jack Bogle, founder & retired CEO, The Vanguard Group

“In today’s world—with final salary pensions becoming a rarity and state support shrinking—those of working age have a huge degree of uncertainty around their financial futures” - Martin Wheatley, Managing Director, FSA, UK

“It has become clear in recent years that supervising regulated entities works most effectively when they are well governed; when boards and risk officers are empowered, informed and engaged” - Charles Littrell, Executive General Manager, Policy, Research & Statistics, Australian Prudential Regulation Authority

“As population aging inevitably leads to an increase in elderly customers, we are also aware that life insurance companies will be required more than ever to take into account the characteristics of the elderly in their business operation” - Kenji Matsuo, Chairman, The Life Insurance Association of Japan

“The global adoption of these supervisory principles and their application in proportion to the risks posed will help strengthen the global financial system” - Dr Therese M Vaughan, CEO of NAIC, US

“Since insurance works on a pooling mechanism where premiums are priced to cover costs, an increase in claims costs would lead to higher premiums. And therefore it is the policyholders who ultimately end up bearing the cost of the fraud” - Luz Foo, Executive Director, Monetary Authority of Singapore

“Consumers are critical stakeholders in the fight against insurance fraud. Surveys carried out in other countries have shown that many people think it is acceptable to exaggerate insurance claims” - Luz Foo, Executive Director, Monetary Authority of Singapore

“Corporate governance must be about instilling a culture that places values above profits. Publicly listed companies are increasingly at risk of becoming slaves to the pressures of quarterly earnings” - Ravi Menon, Managing Director, Monetary Authority of Singapore

“If saving money is wrong, I don’t want to be right” - William Alan Shatner, Canadian actor

“LIBOR needs to get back to doing what it is supposed to do, rather than what unscrupulous traders and individuals in banks wanted it to do” - Martin Wheatley, Managing Director, Financial Services Authority (FSA), and CEO Designate, FCA at the Wheatley Review of LIBOR

“I believe the U.S. system of state-based insurance regulation remains the strongest in the world—and the on-going work by regulators is improving the framework every day” - Dr. Therese M. (Terri) Vaughan, CEO, National Association of Insurance Commissioners (NAIC)

“The global economy is slipping into a synchronised slowdown. The latest business surveys in all major jurisdictions have turned more negative. There is greater uncertainty in the US economy compared to three months ago, especially with respect to the labour market” - Ravi Menon, Managing Director, Monetary Authority of Singapore

“It is important to ensure that the terms and conditions of all insurance products including elements such as claims philosophy align with the best interests of beneficiaries” - Ross Jones, Deputy Chairman, Australian Prudential Regulation Authority

“There is a need to pick winning products from each category and then persist with them, rather than churning out products with insignificant changes. Old wine in a new bottle does not make a good drink” - J Hari Narayan, Chairman, IRDA

“Each year about 7 lakh agents pass out from institutes. However, more than 7 lakh agents drop out every year. So, the problem here is not generation, but attrition” - J Hari Narayan, Chairman, IRDA, speaking at an ASSOCHAM event in Mumbai

“Several players in the industry have worked in more than one regime. My question to then is, though they follow all the stringent minimum guarantee and other stringent rules of insurance in other nations, why is it that they act surprised while doing business in India? Is it that they are here to make a quick buck?” - J Hari Narayan, Chairman, IRDA, speaking at an ASSOCHAM event in Mumbai

“Products are not a brand of biscuits” - J Hari Narayan, Chairman, IRDA, speaking at an ASSOCHAM event in Mumbai

“The global insurance marketplace in which we operate demands an insurance supervisor with the ability to cooperate quickly and effectively for the benefit of consumers” - Peter Braumüller, chairman-executive committee, IAIS, in The Asian Banker

“Central to the collapse of trust in banking is people’s feeling that they were sold a story about the benefits of increasing financial activity which turned out to be untrue” - Lord Adair Turner, Chairman, FSA, UK, on www.fsa.gov.uk 

“Only the proper pension products which end into an annuity and if there is a withdrawal in between during the tenure of the product, a certain proportion can be commuted in cash, but the balance will again have to be rendered in an annuity. So the products of that nature will certainly be cleared but the products which are only called pensions without any pension element in it will not be approved” - J Hari Narayan, Chairman, IRDA, speaking at an ASSOCHAM event in Mumbai

“Our main worry is misselling of insurance products. We want these products to be more secure for investors” - J Hari Narayan, Chairman, IRDA, in The Economic Times

“FDI in retail and insurance is not the big-bang reform. They (politicians) should address the fiscal deficit problem, resolve the coal issue, introduce transparent and clear policies on land acquisition, mining rights and other environmental issues, and bring in accountability of the government and public sector” - Aditya Puri, CEO, HDFC Bank, in The Economic Times

“If you tell me one Walmart coming into India will solve your agriculture problems and issues about cold chain, production, irrigation and distribution, then you must be living in a cuckoo land… The whole world has problems they don't know how to fix. By God’s grace, we know how to fix the problem, we’re just not doing it” - Aditya Puri, CEO, HDFC Bank, in The Economic Times

“Insurers should look at the wording of their insurance contracts—which is normally difficult for lay people to understand. Insurers need to make contracts and communication easier for policyholders” - J Hari Narayan, Chairman, IRDA, at the 15th CII Insurance Summit in Mumbai

“How many millionaires do you know who have become wealthy by investing in savings accounts?” - Robert G Allen, Canadian-American business man

“If the world economy gets better, I own commodities because there’s shortages developing. If it doesn’t they’re (central banks) all going to print money. It’s the wrong thing to do, but it’s all they know to do” - Jim Rogers, International Investor, on CNBC

“I don’t understand why banks treat poor customers badly by offering lower rates on their deposits and reward the rich with higher prices. I am not saying both should be at par, but the prevailing different rates are bit too high” - Dr KC Chakrabarty, RBI deputy governor, to PTI

“Gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money; as the commodity providing the most stable and desirable monetary medium” - Late Murray Rothbard, American Economist

“The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register” - Late Hans Sennholz, Economist, Austrian School of Economics

“Banks for me were all about making sure my money was safe… The type of place where you would go in, have a pleasant chat with the clerk and go about your daily business. Some time ago, financial institutions changed their view of consumers from people to serve, to people to sell to” - Martin Wheatley, Managing Director, Financial Services Authority

“All of us need a strong, profitable financial services industry that can give us the advice we need to guide us, that can help to protect us from the unforeseen, and that can deliver the products that will help us achieve our life goals” - Martin Wheatley, Managing Director, Financial Services Authority



“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years” - Warren Edward Buffett is an American business magnate, investor, and philanthropist

“Spend at least as much time researching, as you would choosing a refrigerator” - Peter Lynch, former Fidelity Magellan Mutual Fund manager

“Make your money work hard for you and you will not have to work so hard for it” - Napolean Hill, American author

“If some states can grow at double digits, there is no reason why other states can't and also why the country can’t… Government procedure should be simplified… less corruption, more transparency” - Adi Godrej, CII President, to PTI


“If infrastructure financing is a national priority, then why is not it included as priority sector lending?” - Deepak Parekh, HDFC Chairman, to PTI

“There is an attempt to slowly and steadily curb activities of NBFCs by clamping down on their ability to raise resources. The regulators don't want NBFCs raising retail deposits” - Deepak Parekh, HDFC Chairman, to PTI

“Greed has trampled over trust, respect and legality” - Deepak Parekh, HDFC Chairman, to PTI

“My goal is to ensure that Libor is reformed in a way that ensures credibility and trust—both in our financial system and for consumers that rely on us—to ensure that markets work well and consumers get a fair deal” - Martin Wheatley, Managing Director, FSA

“Holding a degree does not ensure either a job or a career. If one is unable to work, one has not learnt enough to do it” - Bikram Dasgupta, Chairman and CEO, Globsyn Group, in Business Standard

“Unfortunately, however, history has demonstrated that, left to its own devices, the industry (financial services) does not design such products.  Instead, it sells products to the wrong people at the wrong time in the wrong way” - Tracey McDermott, Acting Director of the Enforcement and Financial Crime Division, FSA, UK, speaking at the FSA’s Enforcement Conference

“Tax shelters for insurance are afforded not just in India but very widely across many countries in the world; because policyholders bear the inflation risk, and on the other hand the country gains by having a sizeable investment pool” - J Hari Narayan, Chairman, Insurance Regulatory & Development Authority, India

“Regardless of the difficult conditions we may continue to face, it remains absolutely necessary to strengthen and sustain our role as part of the overall social infrastructure. To this end, general insurers must perpetually strive to become increasingly more robust, sound, and reliable” - Yasuyoshi Karasawa, Chairman, General Insurance Association of Japan,

“I believe that the biggest challenge the (financial services) industry faces—something which potentially threatens the viability of the industry as a whole—is that it is no longer an industry that society respects, trusts or has confidence in” - Tracey McDermott, Acting Director of the Enforcement and Financial Crime Division, FSA, UK, speaking at the FSA’s Enforcement Conference

“The non-binding mediation language is especially important, as it offers policyholders an alternative to costly and time-consuming litigation to resolve disputes” - Kevin McCarty, NAIC (National Association of Insurance Commissioner) President & Florida Insurance Commissioner, on www.naic.org

“Since insurance works on a pooling mechanism where premiums are priced to cover costs, an increase in claims costs would lead to higher premiums. Therefore, it is the policyholders who ultimately end up bearing the cost of the fraud” - Luz Foo, executive director, Monetary Auhtority of Singapore, at the GIA Combating Insurance Fraud Seminar in Singapore

“When a person is taught architecture that is all he or she learns, as in civil engineering or environmental engineering. But when you set up six towers of 20 floors each in an area, it raises a lot many questions— the question of transportation and logistics, whether the architecture is right et al. Individual experts don't see the other side of things” - CB Bhave, Former Sebi chairman, in The Economic Times

“Mutual funds have become a no-pull product because of the current market conditions. They have also become a no-push product due to lack of incentives for distributors. The SEBI measures should help bring back the push” - J Krishnan, corporate distributor, Integrated Enterprises, in Business Standard

“When a person is taught architecture that is all he or she learns, as in civil engineering or environmental engineering. But when you set up six towers of 20 floors each in an area, it raises a lot many questions— the question of transportation and logistics, whether the architecture is right et al. Individual experts don't see the other side of things” - CB Bhave, Former Sebi chairman, in The Economic Times

“Mutual funds have become a no-pull product because of the current market conditions. They have also become a no-push product due to lack of incentives for distributors. The SEBI measures should help bring back the push” - J Krishnan, corporate distributor, Integrated Enterprises, in Business Standard

“The most important statistic for the Reserve Bank is inflation which has traditionally suffered from measurement problems. I must admit that even at personal level, I do not know how to interpret inflation. Twenty years ago, when I had a thick mop of hair, I used to pay Rs. 25 for a haircut. Ten years ago, after my hair started thinning, I was paying Rs. 50 for a haircut. And now, when I have virtually no hair left, I am paying Rs.150 for a haircut. I struggle to determine how much of that is inflation and how much is the premium I pay to the barber for the privilege of cutting the Governor's non-existent hair” - D Subbarao, Governor, Reserve Bank of India

“Just like in cricket, the mutual fund industry needs to take fresh guard once again and look at things a little more positively” - HN Sinor, CEO, Association of Mutual Funds in India

“If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks” - Jack Bogle, founder & retired CEO, Vanguard Group

“Among the things which we must look for in a company are good culture, leadership qualities, good alignment within the organisation, strong structure, openness and transparency” - Kishor Chaukar, Managing Director, Tata Industries, speaking at a seminar on ‘Corporate Governance and Investor Awareness’ hosted by BSE in Mumbai  

“Management (of mutual funds) should look into the areas of no-performance” - UK Sinha, SEBI Chairman, speaking at the CII Mutual Fund Summit 2012 in Mumbai
 
“When buying shares, ask yourself, would you buy the whole company?” - Rene Rivkin, Australian entrepreneur

“I think you have to learn that there’s a company behind every stock, and that there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies” - Peter Lynch, Wall Street stock investor

“The individual investor should act consistently as an investor and not as a speculator. This means that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money’s worth for his purchase” - Benjamin Graham, former mentor of Warren Buffett and ‘Godfather’ of value investing



“As a speculator you must embrace disorder and chaos” - Louis Moore Bacon, founder, Moore Capital Management

“Were you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt. After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference”-  Paul Tudor Jones II, founder, Tudor Investment Corporation

“My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks. The emotional burden of trading is substantial; on any given day, I could lose millions of dollars. If you personalize these losses, you can’t trade” - Bruce Kovner, founder & chairman, Caxton Associates

This idea of anticipation is key to investing and to business generally. You can’t wait for an opportunity to become obvious. You have to think, “Here’s what other people and companies have done under certain circumstances. Now, under these new circumstances, how is this management likely to behave?” - Eddie Lampert, founder, ESL Partners

“The older I get, the more I see a straight path where I want to go. If you’re going to hunt elephants, don’t get off the trail for a rabbit”
- T. Boone Pickens, one of America's best known entrepreneurs




“If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor” - Charlie Munger, Vice Chairman, Berkshire Hathaway

“This company looks cheap, that company looks cheap, but the overall economy could completely screw it up. The key is to wait. Sometimes the hardest thing to do is to do nothing”
- David Alan Tepper, founder, Appaloosa Management


“Price is what you pay; value is what you get. Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down” - Warren Buffett, Chairman, Berkshire Hathaway





“I’m only rich because I know when I’m wrong… I basically have survived by recognizing my mistakes” - George Soros, chairman, Soros Fund Management




“Persist – don’t take no for an answer. If you’re happy to sit at your desk and not take any risk, you’ll be sitting at your desk for the next 20 years” - David Rubenstein, co-founder, The Carlyle Group

“More than anything else, what differentiates people who live up to their potential from those who don’t is a willingness to look at themselves and others objectively” -
Ray Dalio, founder, Bridgewater Associates

“Despite global economic crisis, I believe India’s growth story is real. India insulated from the 1997 crisis. It also mitigated the 2008 slowdown. The only option for India now is to move forward” - Dr. Ashwani Kumar, Minister of State for Planning, Science & Technology and Earth Sciences, speaking at the ‘7th India Investor Conference’ by Citigroup, India, in Mumbai

“In a democratic country, the will of the people is sovereign and has to be respected… The gains of economic prosperity must be distributed in such as way that every person of the country gets benefitted by the gains” - Dr. Ashwani Kumar, Minister of State for Planning, Science & Technology and Earth Sciences, speaking at the ‘7th India Investor Conference’ by Citigroup, India, in Mumbai

“Highest NAV guarantee is a dangerous product and is prone to be mis-sold” - J Harinarayan, IRDA chairman, in Indian Express

“Is it right to expose an uninformed investor directly into the equity market” - UK Sinha, SEBI Chairman, to PTI

“The lack of strong leadership within the government has stalled decision-making, which is delaying the passage of economic reforms that are necessary for investment-led growth”- Sharat Shroff, Portfolio Manager, on www.washingtonpost.com

“If you’ve already built a balanced international portfolio, investing in a single-country emerging markets fund is like making an extra bet on top of that. Think of it like owning a single company’s stock, in terms of the risks and rewards” - Bill Rocco, fund analyst, Morningstar, on www.washingtonpost.com

“Despite being located in one of the most arid places in the world, Israel is independent in terms of water resources and has demonstrated the way to manage water resources. India has a lot to earn from Israel in this sector” - Kamal Nath, Union Minister for Urban Development, to IANS

“A lot of the mis-selling happens because the customer is in a hurry. At some point during the conversation with the agent, he has heard what he wanted to hear and is ready to buy” - Amitabh Chaudhry, MD & CEO, HDFC Life, in The Economic Times



“Try and understand what you are buying. Spending 2-3 hours to understand an insurance policy that will cover you for 25-30 years is not too much to ask” -  Swapan Khanna, Co-founder, I-Save in The Economic Times

“At present, tax laws are more oriented towards young people with standard health patterns. They are not sympathetic to others” - J Hari Narayan, Chairman, IRDA, in The Hindu Business Line

“Our leaders and the people in power have become brazenly callous. Whatever power they can abuse, they will abuse. One can only wish they were truthful about it” - Chetan Bhagat, Author, in The Times of India

 




“The big investors said that they would look at other countries and look at India when the environment was more conducive. But at the moment there is to be no more investment in India” - Deepak Parekh, HDFC chairman, on CNBC-TV18

 

“The 20th century was the century of the U.S. The 19th century was the century of the U.K. The 21st century will be the century of Asia, and it’s becoming more and more evident” -  Jim Rogers, International Investor, in Forbes

 

“What has happened is that the Indian industry has got used to a boom. Whenever the boom disappears, they say it is gloom. So, everybody got used to it, every sector got used to it” - Kamal Nath, Union Minister for Urban Development, on CNBC-TV18


“Indian financial system is strong. That is what our internal assessment. That our financial stability report always gives” - KC Chakrabarty, Deputy Governor, RBI, to PTI



“A 75-year old person should not be guided to make huge investments in equity” - Maninder Cheema, Deputy General Manager, SEBI, at an FPSB India seminar, in Mumbai

“The Indian banking sector remains ‘overbranched’ and the Indian consumer remains ‘underserviced’. There exists a huge latent need in the Indian banking consumer for a higher order of service and superior investment advice” - Rana Kapoor, CEO, Yes Bank, in The Economic Times




“We want to make examples of big companies. We believe that those of you who invest in our markets need to know that the companies that you are invested in are managing your money well, putting it to stated good uses rather than unstated not-so-good uses” - M Damodaran, former chairman, SEBI, in The Economic Times

“We have to remain very, very alert. Inflation is a major global risk” - Jean-Claude Trichet, former president, European Central Bank, to Reuters





“In 1997, we were not seen as either fighters or winners. Now, 10 years later, from the half-yearly surveys we do, we have found that people now perceive us as winners and fighters”
- R Gopalakrishnan, Director, Tata Sons, in The Financial Express





“We have seen already health insurance prices increase by over 100% in a few companies because of adverse claims experience. I foresee similar things happening in health and maybe, after one or two years, in private car insurance” - Kamesh Goyal, CEO, Allianz Asia Pacific, in The Economic Times




“Though new retail investors are taking interest, over 90% of them end up losing money due to rampant speculations and lack of knowledge” - Chintan Modi, Businessman, in The Hindu Business Line

“I have sold off all my investments in emerging market equities… India represents a good investment opportunity, but government policies are anti-foreign investor, anti-capitalist, anti-entrepreneurship” - Jim Rogers, Chairman, Rogers Holdings, in The Economic Times




“We seem to be going the US way… the insurance companies must advocate good medical practices instead of controlling the hospitals” - Vishal Bali, CEO, Fortis Healthcare Global (Singapore), in The Times of India





“Times are changing, yes. I think today a youngster will ask, what’s in it for me? How am I going to get a piece of the action?”
- S Ramadorai, Former Chief of Tata Consultancy Services, in Financial Express







“We are seeing a shift in the demand pattern for gold in India. Most people are now preferring gold coins and bars rather than jewellery”
- Mukul Sonawala, former president, Bombay Bullion Association, in Financial Express







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