I do not mention this example because I believe the NASDAQ valuation of the late 90s has not been excessive.
Shri Palkhivala was a Director of the Central Board of the Reserve Bank of India from 1963 till 1970 and it is befitting that the subject of today’s talk is on the challenges ahead for banking. For a better appreciation of the future challenges let me begin by giving a brief glimpse of how we reached where we are today.