a personal loan the market has become narrow and growth is going to remain a challenge so that is my reason number one what do you think has happened in the nbfc space most of the nbfcs have also cleaned up raised cash and reduced cost of funding but still the markets are not rewarding them the way they used to do in 20172018yes the nbfc balance sheets are also very clean but most of the nbfcs like can fin homes muthoot finance shriram they are all trading at 1012 12 times earnings in the last decade they could easily get 1520 times the reason is when growth in the system is very limited it is banks like hdfc bank and icici bank which have the lowest cost of deposits and they are eating away the business of these nbfcs and even the lower rated banks city union bank was considered to be a very niche and unique bank but today hdfc bank is going right into the hearts of tamil nadu and taking away the customers by offering lower rates so the pie is not increasing and everybody wants to eat it so hdfc bank icici bank axis bank and sbi are attacking this space and there is very little left for the nbfcs you might also likeover next 36 months we will get good entry points for financials rahul chadha look at shriram transport it has a fantastic balance sheet fantastic credit costs best numbers in the last seven years but growth rate is 78 indian markets do not get excited by 78 the reason is the same that there is no growth in the system and which is probably the one big reason for this underperformance second is the startup ecosystem the invit ecosystem which is eating away slowly and steadily i would not count that as a big competition right now but when growth is low they are taking even the small leakages which go to the startups and to reits and invits in the last decade we have punished everyone who was growing very fast and taking a lot of risk so the cfos of any corporate will think 10 times before taking debt and that is why we are seeing that most of the capex are happening without taking large amounts of debt that is a psychological shock that we have seen happen with public sector banks when cvc and cbi enquiries happened to the public sector bankers they did not lend for fivesix years they are still not lending in a very big way so it is a combination of these three things et now the latest news is of the lic ipo getting postponed what is your outlook on the valuation and what it means for the insurance sector as a whole any picks here digant haria the lic ipo was much awaited it would bring in a lot of new equity investors and probably it would improve the governance in the