Investment bankers go with the flow and it’s no different with Kaku Nakhate, president and country head, Bank of America (India). One of the i-bankers to the LIC IPO, Nakhate is quite pragmatic about the disastrous listing of India’s biggest life insurer. “You couldn’t have done much in this kind of market,” she says. In fact, Nakhate sees more turbulence ahead as the US Fed and other global central banks go on a rate-hike spree to curb runaway inflation. “The days of cheap money are over for PE funds as fixed income is getting attractive,” she says. While interest rates are trending up globally, India, too, will see a similar-sized increase. “We can’t be spared of the pain. But compared to global economies, we know how to function in a high interest rate and inflationary regime.” While the macro environment appears challenging, Nakhate is optimistic about the days to come. “Indian business houses are ambitious about having a global presence and valuations, too, are turning attractive,” she adds. Looks like it will be business as unusual in the coming days for Nakhate. — V. Keshavdev