Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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While investors are divided in their opinions on whether the 11 newly licensed Indian payment banks will complement the existing banking infrastructure or disrupt it, we are of the opinion that payment banks will complement full-service banks.Given the limited purview of services that payment banks are allowed to offer a customer, they will miss the two most important benefits of running a banking franchise:<ol><li class="p1">a low cost of funds through large sticky customer deposits;</li><li class="p1">the ability to lend money at a rate commensurate with risk taken.</li></ol>As a result of these limitations, we believe the payment bank business model is a no-moat one, and will mainly be volume-driven on a thin margin and fees earned from additional services sold for full-service banks through a lead-generation model.Our narrow moat ratings on Indian banks therefore remain intact.Analyst: Suruchi Jain

While investors are divided in their opinions on whether the 11 newly licensed Indian payment banks will complement the existing banking infrastructure or disrupt it, we are of the opinion that payment banks will complement full-service banks.Given the limited purview of services that payment banks are allowed to offer a customer, they will miss the two most important benefits of running a banking franchise:a low cost of funds through large sticky customer deposits;the ability to lend money at a rate commensurate with risk taken.As a result of these limitations, we believe the payment bank business model is a no-moat one, and will mainly be volume-driven on a thin margin and fees earned from additional services sold for full-service banks through a lead-generation model.Our narrow moat ratings on Indian banks therefore remain intact.Analyst: Suruchi Jain

Payment Banks Will Drive Distribution Reach and Prove Complementary to Indian Banks

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

This work has been done to look at:<ol><li>How finances of state of Karnataka have moved over last decade ?</li><li>Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  </li><li>Key Budget Comments on Drinking Water, Energy etc.</li></ol>Who will have have interest in reading this presentation<ul><li>Some one who follows Indian Economy</li><li>Some one looking at Karnataka State as “area of operation” in any field.</li></ul>

This work has been done to look at:How finances of state of Karnataka have moved over last decade ?Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  Key Budget Comments on Drinking Water, Energy etc.Who will have have interest in reading this presentationSome one who follows Indian EconomySome one looking at Karnataka State as “area of operation” in any field.

A close look at the Financials and Budget of Karnataka State

India

Edelweiss Financial Services Ltd. provides financial services.  The Company offers financial services including lines of credit, investment banking, institutional and retail broking, financial planning, asset advisory, life insurance, and investment management services.

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Payment Banks Will Drive Distribution Reach and Prove Complementary to Indian Banks

While investors are divided in their opinions on whether the 11 newly licensed Indian payment banks will complement the existing banking...

Morningstar, Inc.

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

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Market Cap (USDm)

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