The ability to scale up is hard. So the best model for us is concentrated India, diversified financial services, and through this, we can get significant scale on an Indian platform.

Our entire approach to the banking and financial services business is risk-adjusted returns. We believe that in most parts of the world, and including pockets in India, banking tends to mis-price risk.

The financial services industry is a ward of the state.

The changing nature of money is only one facet of the financial services revolution.

I don't think a generalist firm can move into financial services because it's hard to find the valuable startups without having worked in the field for ten years.

So far, Indian companies have focused more on customer application. This needs to shift to packaged software for sectors such as banking and financial services.