The poor little rich man

........This is where Mr Bandyopadhyay's book is useful in understanding the Sahara finance model, beyond the immediate context as well. He dwells in considerable detail on the birth of firms such as Peerless, the precursor to Sahara. Both mobilised funds from depositors as "para-banking" entities or residuary non-bank finance companies (RNBFCs), which were later banned. Actually, almost all of Sahara's arms or their methods of raising funds from depositors have been banned over the years, starting with Mr Roy's "prize chit schemes" in 1978. In Mr Roy's own words, he has faced six bans for raising money. The new model, incidentally, is "co-operatives"...........

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