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Baqar Iftikhar

Baqar Iftikhar Naqvi  |112 Answers  |Ask -

Start-up Mentor - Answered on Feb 25, 2024

Baqar Iftikhar Naqvi is the founder and CEO of Upriver Ecommerce, an online sales accelerator firm and can guide entrepreneurs on how to make their firms grow.He holds a BTech in textile technology from the Central Textile Institute and has a master's degree in marketing and merchandising from the National Institute of Fashion Technology.He has 23 years of experience in the consumer products and retail industry.... more
Syed Question by Syed on Feb 25, 2024Hindi
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I'm Zubair, I want to o start a private bank in India where I can provide interest free loans and ask the customers to tie up their salary account with us. Also to provide loan to businesses and earn profit from from then instead of asking interest. This I believe will have a tough competition with existing banks in India. How does this idea sounds to you. Please guide me. I won't be mentioning Islamic Banking tho as u know how people might not be intrested so just wanta to start as a private bank but most of the features will be Islamic.

Ans: Banking is a very regulated sector in India and you will find it very very tough to compete with the current banks as well as the system to do it. What you are wanting to do May not even be possible withing the current system, where there is a cost of money and hence you cannot give interest free loans to people. Check out the possibility of doing this from the regualtory perspective, before anything else. Anyways I think it is a very uphill task even if technically possible. So I would suggest you focus your ebergies on something else
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Baqar Iftikhar

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