One of the key sessions at the Hyderabad Literary Festival was held on the last day of the three-day fest.
‘How safe is our money?’ was a panel discussion was moderated by Sanjay Jesrani, founder and CEO of Go North Ventures and the guest was the author of the ‘Easy Money’ trilogy and many more books, Vivek Kaul.
Jesrani introduced Kaul as the ‘Ranchi boy born in Kashmir’ and posed the question of the hour: in a world filled with half truths, fake news and corruption, how safe is our money, really? Is there a system one can trust?
Kaul took a circuitous route to get to the answer. He started off by diving into nostalgia by giving credits to Hyderabad for the interest he gained in literature. He stated that we cannot expect businessmen to speak freely on politics.
“Fund managers who manage ‘OPM’S’ (by which he means ‘other people’s money’) are bullish in nature and in economics, there is no free lunch, someone pays the bill.”
He then said India has 21 public sector banks and these banks are known for its bad loans.
“Private banks are able to redeem themselves because of our deposits and from the money the Government of India invests in them, which basically includes the tax we pay,” he said.
He gave the example of IDBI Bank and said that presently, IDBI has been handed over to the ‘Official garbage collector of India – LIC’ and policy holders are repaying the loans of IDBI.
He said that the media does not expose stories on these private sector banks, as the corporate conglomerates fund the media and not us, the people.
He then asked the audience not to follow the ‘PKHT’s’ i.e ‘Papa Kehte Hain Type’.
His key piece of advice was this: public should invest their money carefully, wisely and not through insurance agents.
He spoke at fair length on how people have become obsessed with LIC and Real estate and said, “Stop equating owning a house to being settled”.
He mentioned that investing in equity is the optimal form of investing.
Author: Aishwarya Johnson
Edited by: Beneath The Ink (http://beneatheink.com/2019/01/30/how-safe-is-our-money-really/)