Oh yeah! This is true. IBN lends to people who cannot repay their loans. Often, the bankers are so lax that they fail to ask for one's deed to a car - despite the fact that they are in for 80% of the cost of the vehicle.
IBN has survived several bear-raids so far, but I am confident that they will end up in the cellar where they belong.
Things are different over there, Sparky. They lend on long term cash flow, not 'income', and they require assets at least 100% over the loan dollar amount. On top of all that, these aren't JP Morgan blue blood bankers. If a deadbeat develops in India, the bank sends special collection folks with ...shall we say...enlightened... pursuasive tactics for repayment :)
You're just hacked that you failed to get a cost basis on IBN below $10. Now you are wondering if you should buy at $30. Keep wondering as it rising into the $40s, $50s, and $60...then finaly get the courage to dive into the stock in the $70s.
India has the most underbanked population on the planet. You have no idea of the growth that lies ahead for IBN.
BEARS R GOING TO WOODSHED IN AFEW DAYS Just watch n learn if u have not. Since 18th May this stock n market is up and people have been saying its this n that and whatever. Bears have not been successful in selling this share or this market. All dips have been bought. Just one more news and we push through the top. Will u be surprised if Indian stock market reaches its previous high by this yr end???? I wont be. It was sold mercilessly like India was heading into depression and all indian banks were going to fail. What happens if USA starts recovering as most r calling during the second half of this yr????????