New Delhi, June 18 -- To those who ask me why mytakiya kalam is "I am a nervous investor in banks and lenders," here's the answer. My refrain has nothing to do with poor quality bank management or anything of that kind. It's just that the structure of banking differs inherently from that of most other businesses.

One, it is in the nature of this business for negative surprises to outnumber positive surprises. The most recent being losses in the currency derivatives of a private sector bank that came to light a couple of months ago, with the result that its share price has halved from its highs even as the Nifty bank index has been doing very well.

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