Where Angels Prey by Ramesh S Arunachalam Read Free Book Online

speech.
    When Vincent Bell, a senior analyst with Enterprise Global, which has invested heavily in Indian microfinance, describes the inflow of commercial capital into the sector as a heaven-sent opportunity, Bob has a sudden mental image of Wall Street knights, dressed in flowing capes and astride white steeds, riding hard to bail out a sector in distress.... Blame it on a reporter’s natural cynicism!
    James Henderson, a former central banker, remarks that policy makers all over the world are recognizing that financial exclusion is a risk to political stability.
    “The financial sector is similar to a three-legged stool, where, if the law is the seat, regulations are the legs. One leg is safety and soundness, another is profitability and innovation, and the third is consumer protection. Each leg is equally strong and essential to maintaining balance. It is through effective and balanced regulations and rules that the system has retained its integrity, its edge and its ability to deliver capital where it is needed. The general consensus is that regulations should allow this more risky activity to be profitable. In that context, even countries like Brazil, Kenya, the Philippines and several others are light years ahead of India”
    ‘REGULATORYFRAMEWORK?’
    Bob scribbles these words down before thickly underlining them. What about it? How much had it benefited Kamineni in achieving the numbers that he had? Bob mentally shakes himself as he realizes that he is already allowing himself to be influenced and forming opinions before even getting started.
    “He may not be a knight in shining armour but there is no reason to conclude that he is a bluebeard!” he tells himself.
    As the proceedings draw to a close, Bob walks up to Kamineni, who is already surrounded by a group of people who want more of his time and attention. Kamineni does not seem inclined to linger and excuses himself, saying he has a flight back home later in the evening. Unwilling to let go of the opportunity of an introduction, Bob presses his way forward and hands his business card to Kamineni. The name of the publication he represents does the trick, like always. Kamineni offers Bob an ingratiatingly charming smile as he pleads his inability to offer him time immediately.
    Bob nods in understanding.
    “Not a problem at all, Mr Kamineni. You’ll be pleased to know that I will be in India in a few days’ time. We are working on a story on the stupendous growth of the Indian microfinance sector and, in particular, the investments flowing in from the capital markets. Obviously, the success story of your IPO will figure prominently in the article. I would be most grateful if you can spare time for me in India. And maybe introduce me to your clientele, particularly those women who got a taste of corporate India when they accompanied you to the Bombay stock exchange!”
    “That is wonderful news. We would be delighted to have you over at SAMMAAN. Look forward to meeting you in India then.”
    He thrusts his own business card into Bob’s hands.
    “This card has my direct number. Call me as soon as
you get to Hyderabad and we will be happy to offer you our hospitality.”
    Bob thanks him and the two men shake hands before Kamineni leaves, accompanied by CIRIG officials.
    As he looks around the room, Bob notices Tom Moody and Prof Raman deep in conversation with a small group of others. Dissonant voices always add colour and strength to a story. As Bob approaches the duo, he can’t help but feel pleased that his story seems to be taking shape even before he has left American shores.

CHAPTER 6
     
     
     
HYDERABAD, 23 SEPTEMBER 2010
     
The man is so engrossed in the papers in his folder that he barely notices the commotion outside his car window.
    “We need to go to the Principal Secretary’s office!”
    It is his driver’s voice that alerts Rashid to his surroundings. A fairly senior bureaucrat, Rashid looks his part—with his bush shirt and