The first arrives on the 5th of the month: “Dear Customer, Rs 15,000 has been debited for your SIP in Nifty 50 Index Fund.” You feel a surge of pride. You are prudent, forward-looking, a participant in the India growth story. The second arrives on the 10th: “Dear Customer, your credit card bill of Rs 62,000 is due. Your Home Loan EMI of Rs 45,000 will be deducted shortly.” You feel a knot in your stomach. This is the dichotomy defining personal finance in India in late 2025. On the surface, the data suggests a golden age of financialization. India’s mutual fund SIP story looks like a dream run on paper. In October 2025, monthly SIP contributions hit a record Rs 29,529 crore, with SIP assets now over Rs 16.25 lakh crore, about a fifth of the entire mutual fund industry’s AUM. But sc

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