Good evening, ladies and gentlemen. I'm Gaurav Girdhar from Concept PR. On behalf of Bank of India, I extend a warm welcome to all the esteemed analysts who have joined us today in person, as well as those who have joined us virtually from different cities across India. We are pleased to announce Bank of India's financial results for Q3 FY26. I would like to now introduce the management of Bank of India who have joined us for today's analyst meet: Sri Rajneesh Karnatak, MD and CEO; Sri PR Rajagopal, Executive Director; Sri Subrat Kumar, Executive Director; Sri Rajiv Mishra, Executive Director; and Sri Pramod Kumar Dwibedi, Executive Director. We will now begin the analyst briefing. To start, I would now like to invite Sri Rajneesh Karnatak, Sir, to address this gathering, after which we will open the floor for Q&A. Sir, over to you. Thank you. Yeah, thank you so much. So, ladies and gentlemen, good evening and a very happy New Year to all of you. As I share with you the financial results of the bank for Q3 FY26, it is my pleasure to welcome each one of you to today's analyst meet. Thank you for joining here. As we step into 2026, calendar year 2025 stands behind us as a year marked by significant global uncertainty and heightened geopolitical tensions. Against this backdrop, global GDP growth is expected to moderate to 2.6% as per the latest World Bank estimates. For India, the year has been one of resilience and opportunity. Despite the global headwinds, India has become around the world's fourth largest economy, surpassing Japan, supported by targeted policy measures for exporters, GST rationalization, and an expanding network of trade agreements. India has steadily strengthened its global competitiveness. Reflecting this momentum, the World Bank and RBI have projected India's full-year GDP growth at a robust 7.2% and 7.3%, respectively. The RBI has adopted a proactive stance by implementing the rate cuts and reducing the CRR, thereby ensuring adequate liquidity in the financial system. Key regulatory initiatives, including the proposed adoption of the expected credit loss framework, proposal for implementation of the revised Basel III capital adequacy norms, and the transition to a risk-based deposit insurance premium, are aimed at further strengthening resilience, improving risk management, and enhancing the competitiveness of India's banking sector. We are pursuing a calibrated approach to credit growth. The bank continues to invest in its IT infrastructure and strategic partnerships towards improving operational efficiency and delivering a superior customer experience. This balanced emphasis on business growth and assurance will support consistent profitability and reinforce resilience in the evolving environment. My speech will be in three parts. The first part being the various initiatives that the bank has taken during the quarter. The second part would be the business numbers, and the third part would be the profitability and the asset quality. As regards to the various initiatives that we have taken, the bank has implemented the CTS continuous clearing, which is now live and facilitates faster and near real-time cheque clearing for all our customers. The second initiative is with respect to the introduction of the BOI Surya Shakti scheme, wherein financing a scheme for agriculture sector farmers and agri entrepreneurs is there for the solar irrigation system, solar cold storage, and food and agro processing, etc. The third initiative is that the bank has introduced a bouquet of products designed for the gig workers. These include the number one, the Gig Grow Loan, which is like an MSME loan to the gig workers. The second is the Gig Gear Up Loan, which is like a retail loan to the gig workers, which is in the form of a personal loan or a vehicle loan, that kind of thing. The fourth product that we have introduced is with respect to the introduction of two new credit card variants. One is the Celestia Credit Card, which is a RuPay Platinum contactless metal card with a single block multiple debit card feature. This card is designed for high net worth individuals and with elevated experience and superior services. The second thing within the card is the RuPay Women's Credit Card. This is again a credit card designed for women with product features exclusively catering to the women's needs. The next initiative that we have taken during the quarter is the BOI CSR Trust, which is the Bank of India Corporate Social Responsibility Trust, which the bank has partnered as our social foundation trust for our both CSR activities, whether they are internal or external CSR activities. The second part of this speech is with respect to the business numbers. Here, I would like to say that the first one being the global business has grown by nearly 12.54% on a YoY basis from INR 14.46 lakh crores in December 2024 to INR 16.27 lakh crores in December 2025, with an incremental growth of nearly INR 181,000 crores. Global advances of the bank have increased by 13.63% on a YoY basis from INR 6.51 lakh crores in December 2024 to INR 7.40 lakh crores in December 2025, with an incremental growth of nearly INR 88,000 crores. Global deposits of the bank have also increased by 11.64% on a YoY basis from INR 7.94 lakh crores in December 2024 to INR 8.87 lakh crores in December 2025, with an incremental growth of nearly INR 92,000 crores. Domestic growth advances have increased by 15.16% on a YoY basis from INR 5.46 lakh crores in December 2024 to INR 6.29 lakh crores in December 2025. RAM advances, which is retail agriculture and MSME advances, they have also increased by 18.05% on a YoY basis from INR 3.12 lakh crores in December 2025 to INR 3.65 lakh crores as on December 2025, as against December 2024 number of INR 3.12 lakh crores, constituting nearly 58.54% of the total domestic book which is there. As regards to domestic deposits are concerned, they have increased by 12.8% on a YoY basis from INR 6.79 lakh crores in December 2024 to INR 7.65 lakh crores in December 2025. CASA has also increased on a YoY basis from INR 2.77 lakh crores in December 2024 to INR 2.90 lakh crores, with an incremental growth of nearly INR 12,000 crore plus in December 2025, and the CASA ratio has stood at 37.97%. As regards to the third part, which is the profitability and the asset quality of the bank, operating profit has increased by nearly 13% on a YoY basis and is stood at INR 4,193 crores for Q3 FY26, as against INR 3,703 crores in Q3 FY25. Net profit has increased by nearly 7% on a YoY basis and is stood at INR 2,705 crores in Q3 FY26, as against INR 2,517 in Q3 FY25. Net interest income has also increased by nearly 6% on a YoY basis and is stood at INR 6,461 crores for Q3 FY26, as against INR 6,070 crores in Q3 FY25. Global NIM sequentially has improved by 16 basis points and stood at 2.57% in Q3 FY26. Non-interest income has also increased by nearly 30% on a YoY basis and is stood at INR 2,200 crore plus as on Q3, as against INR 1,700 crore plus in Q3 FY25. Slippage ratio has stood at 0.16% in Q3 FY26, as against 0.19% in Q3 FY25. As far as the credit cost is concerned, it has improved to 0.34% in FY26, as against 0.39% in FY25. There has been improvement in the asset quality also, with reduction in both gross NPA ratio and the net NPA ratio, with the GNPA ratio improving by 143 basis points to 2.26% for Q3, and net NPA ratio also improving by 25 basis points to 0.60% in Q3 of FY26. As far as the PCR is concerned, it has improved to 93.60% in December 2025, as against 92.46% as of December 2024. As of December 2025, banks' CRAR has improved to 17.09% from 16% as of 31st December 2024. Now, to conclude, I would say that in tune with the growth of the global economy and the Indian economy, the guidance for global advances growth would be at around 13%-14%, and the global deposit growth would be at around 11%-12% for FY26. The key priority of the bank will be mobilizing low-cost deposits, accelerate the growth of high-yielding advances, thereby safeguarding the net interest margin. Our concerted efforts will focus on prudent credit underwriting and strengthen the asset quality and contain the fresh slippages. The bank remains fully committed to enhancing the operational efficiency and profitability while maintaining the rigorous compliance standards and robust corporate governance. Together, these initiatives will ensure the creation of a sustainable value for all our stakeholders. I would like to thank you all for your continued support. The floor is now open for questions and answers, and thank you for coming here. Thank you so much. Thank you, sir. That was very informative. We will now begin the question and answer session. Before we proceed, we would like to request you to kindly raise your hands and introduce yourself and your organization. Our representatives will hand over a mic to you. For subsequent questions, for online participants, I would request you to raise your hands and type in your questions in the chat box. My colleague will take your questions. Thank you. Any questions? The gentleman over here. Congratulations to Team Bank of India for excellent numbers and performance exceeding your guidance. Sir, if you could please introduce yourself. My name is Sushil Choksey from Indus Equity. Do you expect higher growth than what you are guiding, or do you just want to be conservative? Yeah, so as far as the growth is concerned, if you see our numbers, as far as the overall growth is concerned, we have been growing our global business at around 12%. And if you see within that, the credit growth has been at around 13%+ on a YoY basis, and deposit growth has been at around 11% on a YoY basis. If you see the domestic numbers, the credit growth has been as good as 15%+ on the domestic advances side. And within that, if I give you a color of the RAM advances, there we have grown at around 18% on the RAM growth. Within that, retail has grown at around 20%, and agriculture has grown at around 16%, and MSME has grown at around 15%. So, and the corporate book also has grown at, in this trying times, also still at a double digit at around 11%. With the kind of pipeline that we are having, as far as the credit is concerned of nearly INR 80,000 crore of pipeline, of which the corporate pipeline is around INR 65,000 crores, which will help us grow in credit in the Q4 and the Q1 of the next financial year. We are very confident that the growth numbers will be much better for the next financial year than what we are showing at this present time. Sir, the 65 is the pipeline for Q4. What is unavailed credit as of today's sanction? This INR 65,000 crore corporate pipeline includes, see, the in-principle approvals that we have given, the sanctions that we have given, which are yet to get into documentation stage. Third is the stage wherein the sanctions have been given, documentation has taken place, and drawdown will take place as per the disbursement schedules. INR 65,000 crore will not get disbursed in this quarter itself, but it will be getting disbursed in the next six months. As I said, in the Q4 of FY26 and Q1 of FY27. Sir, as you said in the opening remark that you have shredded some low-yielding advances and you're looking for better-yield advances, does it mean that we have shredded low-yielding advances? I may name them, you may not. NABARD, SIDBI, some housing finance government-owned companies or entities which are fetching only 6% or 6.25% for yearly advances. Yeah, so that is the basic idea. So, we have churned our portfolio, we have scanned our portfolio, and what we saw that among the low-yielding advances, which were external lending-based, repo-linked advances, typically AAA PSUs and other kinds of things where the yields are less, that we have now churned and gone into other advances where the returns were much better. The yields were better. I will not say it was very high, but definitely from that number, it was more by around 25, 30, 40 basis points. So, that kind of churning we have done in our portfolio that has helped us improve the margins. So, overall, if you see the global NIM also for the bank, it has improved from a number of 2.45% in September 2025 to a number of 2.67% as on December. The flavor in the stock market is PSU Bank. If I see the results which are so far declared, RAM is a highlight across all banks. Do you think RAM will sustain in 2026? I'm not only saying about the current quarter, but looking at housing market, retail loans, car loans, some may be having a good yield, some may be poor compared to market. How do you see that panning out over the period of 2026? So, as far as the RAM book is concerned, we are very much positive and buoyant as far as the RAM book is concerned. And we feel that from the top management side that if FY27 also will give a very good RAM growth for the simple reason, the way the economy is growing, Indian economy is growing, the way the income levels are growing both in the cities and also in the agriculture side, and not much impact of the monsoon and other kinds of things are there now in the country. And we have not seen a drought for quite a number of years, and agriculture incomes are quite stable now. Keeping all these things in mind, we feel that the RAM growth will be a very important growth number for all the banks, the entire ecosystem, particularly with respect to the change in definition in the MSME which has happened, wherein medium enterprises are now collated as turnover up to 500 crore with a plant and machinery of 125 crores. Typically, you can give a loan to a medium enterprise with a back of the envelope calculation of around 200 crores, 100 crore working capital and 100 crore term loan. With that kind of number coming, definitely the overall RAM book should be growing with the change in definitions and the economy activity which is going. And for the banks also, I can speak for my bank, for Bank of India, for agriculture also, we have changed our strategy rather than traditional agriculture wherein we used to go for tractors and KCC. We are going for allied agriculture and other kinds of things, food processing, where we feel that the asset quality is much better, margins are much better, and definitely there is a lot of scope in that kind of category. Sir, just a color on two, three parameters. One is digital spend, human resources, bank is getting better on that and many other aspects. So, what are you likely to do and what we have already done? Third is color on gold loans segregated as per RBI definition. Yeah. As far as the collateral in the gold loan is concerned, we have a book of around INR 47,000 crores in gold loan as on 31st December. If I give you, share with you the numbers, the NPA amount is around INR 70-INR 75 crores only. That is the kind of figure which is there as far as NPA is concerned, and that is on the date of the 31st December. Normally, typically our SOP is that once the account of the gold becomes NPA, it has to be like sold in the market after giving the notice to the borrower. We have to sell it into the market, and normally this money comes back within 30 days of the account becoming NPA. Very less NPA is there. There is no threat of asset quality, and the return in the gold loan, just to give you a sense, is around 9% yield on the such advances because the very less NPA is there. Sir, I don't think a gold NPA is kind of a worry in today's market scenario for anybody. So, if you go aggressive, nobody is going to bother about it unless you lend at 100% of the value. So, 75% is fine. So, that's a very good point. See, because of the rising gold prices and the commodity prices which are there, so we have increased our guardrails also in the loan. We are very much concerned that the way the portfolio is growing and the way the prices of gold are going, definitely it may pose a risk, particularly with respect to the valuations which are there on the metal. So, what we have done is we have reduced the loan to value to 75% now. So, any fresh advances in the gold loan category, we are keeping a margin of 25% as against earlier of 10% or 15%. Thank you for answering all my questions and best luck. Thank you. Thank you, sir. We have the next question from our online participants. What is the management's outlook for personal vehicle and gold loan books going forward as personal loans grew by 5.3% and vehicle loans? I have been taken from online. I'm Ashok Ajmera, Chairman Ajcon Global. I have been unmuted for online invite. Please go ahead, sir. Thank you. My compliments to you, sir, for the all-around growth in this quarter. In fact, you are probably among very few banks where the growth is very balanced. If you look at this quarterly growth, around 4% for deposit, credit, as well as overall business, which is a very good sign that you are growing your deposit also as you are growing your credit portfolio also. So, that's it. My profitability is also improved. Operating profit is good. Net profit is good. So, my compliments to the entire team of Bank of India, sir. I couldn't join you there because of some traffic issues, but I am here online and I got certain observations, some clarification to be sought, and some information. Sir, this time our SMA2 numbers, overall SMA figure has gone down, but SMA2 is almost doubled from INR 2,020 crores to INR 4,120 crores. So, is it because of that some government one or two accounts are, and what is the breakup of this, like corporate and the retail and MSME from this SMA-2? Yeah. Thank you so much, Ajmera ji. As you rightly said, that yes, we have improved the overall SMA book for us. If you see the numbers, we were at around 6,500 crores in above 5 crores SMA as on September. It has come down to now 5,400 crores only, and it is only 0.75% of our standard loan book. As regards the SMA-2 number, there is, as we have already presented, that majority of that in the SMA-2 category are three state government accounts which are there, which are backed by the state government guarantee also, which have rolled over from SMA-1 or SMA-0 to the SMA-2 category. But nonetheless, we are monitoring these advances, and we are hoping that there will not be any delinquency in these accounts. But otherwise, if you see the number that our both, whether it is retail SMA, whether it is agriculture SMA or the MSME SMA, is quite muted and on a lower side. The major portion of the overall SMA, INR 5,400 crore, out of which around INR 3,500 crore is comprising of these three accounts only. Yes, sir. That's, I also thought, because but overall SMA numbers are comfortable. Good evening, sir. On the right. Hello. Yeah, good evening, sir. My name is Rohit Shinde. I'm from Market Memories. My question is, sir, regarding Bank of India Shakti scheme and Bank of India Gig Workers loan. You have just launched it recently. So, I just can you just throw some color on this because Shakti is for the agriculture and Gig Workers is for those particular loan. So, can you throw some color on the ticket size, the tenor of the loan, and what will be the interest percentage? So, Pramod ji, will you be able to take that this one? Yeah, sir, this Gig Worker, in fact, I mean, it is for, as you mentioned in your speech, it is for on retail side for individuals and small enterprises on SME side. And typically, rate of interest is between 9.5%-10.5%. That is the kind of loan rate of interest we have kept it there, sir. And farm mechanization, we have launched that Agri Shakti scheme. And what is the rate of interest for the farm workers? Yeah, so again, it is, I mean, we have kept minimum CIBIL score below which we don't give, and rate of interest is 9%. What would be the ticket size, minimum and maximum for both? So, farm mechanization, especially, we get good amount of some harvesters also. It goes even up to, I mean, INR 35 lakh-INR 50 lakh also. But it starts, I can say, somewhere around INR 4 lakh-INR 5 lakh up to INR 50 lakh. But those high-ticket are very, very, I mean, less in number. For the Gig Workers? Gig Workers, I mean, okay, we have recently launched the project. For individual side, it is only up to INR 2 lakh. And on SME side, it is up to INR 5 lakh. What will be the tenor of these loans approximately? Typically, I mean, two years to five years. For farm or gig? For farm, it is up to five years. Okay. And gig, two years? Yeah. Gig also, two to five years, depending on, okay, what is the repayment capacity. And what would be the net interest margin for this bank will be expecting? Okay, I mean, generally, we are giving at around 10%, and our cost of fund is around 5%. That's the margin we are keeping. 5% NIM? Yeah. How many accounts are expecting to, how many people are expecting to lend in this? Can you throw color on this in the first we started now? So, gig side, it will be very, very. I can say it will be small volume-wise. It is not. We are not expecting much big number. But on SMEs, especially on Shakti side, I mean, close to INR 500-INR 1,000 crore kind of book we are looking for. Okay. And gig, what is the gig book size? That will be very small, in fact. Okay. Thank you very much. Thank you. Thank you, sir. This is Sharad Chandra, Investment Advisor. Sir, I wanted to know whether the competitive environment is increasing in the banking space because your CASA deposit in a time frame of 12 months has come down from 41%-38%, and you have covered that up with bulk deposits from 13.5%-15.5%, so that is one part. The second part is the yield on advances has come down by 80 basis points in the 9-month time horizon, and the NIMs have come down by 40 basis points in the 9-month time horizon, so both on the deposit side and both on the lending side, there seem to be pressure on the bank. Is it because of the general environment, or is it because of increased competitive intensity in the banking space? Yeah. Thank you so much. So, your question has basically two parts to address. One is the liability side, and the other is the asset side, the yields on the asset side. So, as far as the liability side is concerned, see, there is a transformational shift, structural shift which is happening on the deposit side across the system. So, what we are seeing is that the CASA deposits across all banks, whether it is private sector banks, foreign banks, public sector banks, small finance banks, is coming to lowering down, getting down. And the delta which is getting created out of the CASA deposits is on a lower side. So, if you see our numbers also, the increase in CASA has been only around INR 12,000 crores on a YoY basis. In percentage terms, it's also low. As you rightly observed also, our CASA percentage to total deposit has also come down to now near to 38% only. And within that, but what I would like to show, tell over here is that Bank of India has a franchise with around 5,400 branches with INR 37,000 crore touch points for our customers. We've been able to monitor and maintain our cost of deposits to a large extent, which has also resulted in improvement in the NIMs by nearly 16 basis points on a sequential quarter from 2.4%-2.57%. So, our bulk deposit is now only 15%, though it has also increased, but it is only 15%, which means that 85% of our domestic deposit is either CASA deposit or retail term deposits. Within that, if I give you the color, our retail term deposits have grown by nearly 14% on a YoY basis. Now, what is retail term deposit? Retail term deposit, as per the definition of RBI, is any deposit which is up to INR 3 crores. So, that is a deposit which is cheaper for us. And definitely, we want more spread out deposit because in that situation, the outgo of deposit does not take place. So, that is the kind of thing which is there. But definitely, there is a pressure on the deposit. But as I said in answering the previous question, that since we are growing our credit, global credit by 13%+, our domestic credit by more than 15% plus, it is very important for us to grow our deposits also. If the CASA is not growing because of the structural issues which are there in the economy today, in the sense that the depositors which are there now, they are not keeping the deposits idle with the banks either in current account or savings deposits. Now, they are parking their deposits in various investment avenues, wealth management products which are available to them, whether it is a real estate, whether it is a metal like gold or a silver, whether it is an equity market, mutual funds, pension funds, NPS, or insurance, life insurance. With all these kinds of investment opportunities available with the growth in economy and the financial literacy which is taking place, now this will continue to happen. There will be in the coming future, which we see from the top management side, Bank of India, that there will be a pressure on the CASA, definitely for the entire banking system. Banks will have to search other avenues like particularly more retail term deposits, more of bulk deposits to compensate the growth of CASA, which is not happening, to match the credit growth which is happening. That is what we are trying to do. This is what we have been successful also in doing. Bulk deposit is only 15%. Remaining remains CASA and retail term deposits. As regards the other part is concerned on the loan book side, there, yes, we have been able to improve our yield on advances, though you rightly say, rightly observe that the yield on advances have come down from December 24 to December 25 for the simple reason that if you see our book, 64% of our book is linked to the EBLR advances, which are the repo rate advances, and repo rate, which you are aware that it has come down by nearly 125 basis points in the calendar year 2025 itself. The rate cut started in February 2025, and it was there up to 5th December 2025 when the RBI brought down another 25 basis points. So, 125 basis points has been shaved off from that side. Since 64% of our book, Bank of India book is on the repo side, immediate transmission of the rate happens. So, MCLR, it takes time, but repo rate, immediate it happens. That is why the yield on advances has come down. But nonetheless, if you see our numbers, our yield on advances have improved from September to December quarter, and we have been able to churn our credit portfolio. As I said earlier, that we have been able to shed some of our very low yielding advances and got it replaced with certain advances of AA and other categories, which are giving 20, 30, 40 basis points higher. So, it's a conscious strategy we are adopting at the bank level that we want to improve our RAM advances to improve the yield. We want to improve, increase our MCLR advances to improve the net interest margins. And also, we want to have a portfolio of more of AA advances so that because the yield in AAA advances is very less. This is how we'll try to protect our, like, reduce our cost of deposits, increase our yield on advances, and protect the NIMs going forward. What is the differential between the bulk deposit and the retail term deposit rates? Is there a differential? It cannot be given in one number, but let me share with you the data. When we are taking bulk deposits, it also depends on the kind of liquidity we want. The bulk deposit rates are different for the amount and the maturity, right? If I need a INR 50 crore deposit for one month or a INR 500 crore deposit for one month, the rates will be different, totally different. Similarly, if we need a INR 500 crore deposit for six months, the rate will be different, or a INR 50 crore deposit for six months, the rate will be different. For the bulk deposit, many times it is the negotiation which takes place at the field level with the various depositors. Many of them are central government entities, some are state government entities, some are central PSUs, some are state PSUs, and some of them are also corporates. And many of them these days, because a lot of money is flowing into mutual fund and insurance company, some of the deposits is also coming from the mutual funds and insurance companies also. So, it's a bargain which happens as far as the negotiation which happens in the bulk deposit rate. But definitely, it cannot be like ascribed that one pocket hits. But like in the term deposit, retail term deposit, you must be having a weighted average cost of retail term deposit. So, similarly, for the bulk deposits, the weighted average cost would be what, 1% more than the retail term deposits? No, no, it's not that. But what I can say is yes, the cost of deposit of retail term deposit weighted average is higher than the weighted average for the bulk deposit for the simple reason that the weighted average for the bulk deposit is where there is a lot of short-term deposit also available with us for 15 days also. Sometimes even we take for seven days also. That kind of deposit, we want immediate disbursal of, say, to some PSU happening for INR 2,000 crore, INR 3,000 crore next day. We take a seven-day deposit also from some government entity for seven days. So, but yes, the difference between there is the retail term deposit weighted average is a bit higher than the bulk deposit. Thank you. Thank you very much. And all the best. Next question is from our online participant, Mr. Ajmera. Sir, please go ahead. Thank you. Yes, sir. I was immediately muted after my first question only, which you answered. Sir, there is a little increase in the fresh slippages in this quarter. So, what is the reason? And And going forward, are we going to keep the slippages under control? And what is the total recovery target for FY26 from the recovery from the written-of account? And what is the outstanding written-off book? And what is the overall recovery target by FY26 vis-à-vis the slippages? Yeah, thank you so much. As far as the fresh slippages are concerned, see, the fresh slippages have increased by nearly INR 200 crores in this quarter. So, last quarter, it was around INR 910 crores. So, this time, it is around INR 1,100 crores. One of the main reasons is that there was one corporate loan account which slipped into NPA. That is the reason. It's a consortium account. It is there with other lenders also. Because of that slippage, the incremental delta has been at around INR 200 crores. But as far as the slippage ratio is concerned, so we are quite comfortable. Though slippage ratio has increased by a couple of basis points from the previous quarter. But if you compare it to December 2024 to December 2025, the slippage ratio, in fact, has come down from 0.19% to 0.16%. As far as the SMA book is concerned, just to give you a color over there, there also, our SMA, overall SMA number INR 5 crore and above, if you see the presentation, SMA number in amount terms has reduced from INR 6,500 crore to INR 5,400 crores. And it is only 0.75%. In this quarter also, we do not see any further deterioration in the asset quality and will be able to hold the run rate on the slippage side. As regards the recovery is concerned, there in the recovery, we have already done a recovery. If you see the presentation, nine-month recovery at around 5,300 crores, total recovery in the nine months. We expect that our recovery should be for this quarter should be also at somewhere around INR 2,000 crores in the Q4 quarter. We should be ending at around somewhere around INR 7,200-INR 7,300 crores of total recovery during the 12 months. As regards the written-of account are concerned, we have a book of around INR 50,000 crores on the written-of account. Our run rate presently is at around INR 400-INR 450 crores per quarter. That translates to around INR 1,800 crores per annum. There internally on the top management side, we are targeting that we should have a number of around INR 750 crores per quarter, which would translate to a number of around INR 3,000 crore in the next four quarters on the written-of account recovery. Thank you. So, about 6% of the total retail accounts. And sir, will you give some color on our IT activity and the digital budget and the product which we have launched, you know, with the big delivery which we have given, there were some initial hiccups. So, what is the status of the overall digital growth of the bank and the future plans for going forward in this area? Yeah, so a lot of initiatives bank has taken as far as the digital initiatives are concerned, not only on the IT, but also on digital side and also on the cyber security side. So, as far as the business numbers are concerned, if you can see the presentation, already 29 journeys are live as far as the business journeys are concerned. Out of that, around 24 journeys are on the loan side and five journeys are from the liability side. In this quarter also, there will be quite a few journeys which we will go live as far as whether it is the loan journeys, whether it is the liability journeys, and some of the journeys also on the wealth management side. As far as the transformation project which is going on within the bank for IT, digital, and cyber security, there are also a lot of automation we are trying to do in many of our processes, particularly on the credit side where the sanctions are concerned and also on the monitoring and control side, whether it is transaction monitoring and other kinds of things. If you see the presentation, a lot of customization and optimization has happened over there, and we have been able to save a lot of number of man hours also under these automation things as far as the back office's activities are concerned. So, around 50,000 man hours we have saved during the nine months because of the automation and this kind of thing that we have done. And this journey will continue to improve further. That is what is the understanding for us. Apart from that, we have another very important project which we have Project Star Aditya, which is for the Data Lake project, which is artificial intelligence, machine learning, and Generative AI. There are also a lot of use cases have already started flowing to our verticals, to the branches, to our zonal offices, even to the underwriting centers. There we are going for not only for the business side leads and the actual underwriting which is happening, but also from the control side, transaction monitoring alerts are going, early warning system alerts are going. And even for the underwriting centers, there is a lot of alerts which are going for the ecosystem alerts which are there while the credit underwriting is taking place. And with the kind of emphasis that we are giving on IT now, and just to give you a sense, I may tell you that the kind of money we are investing in IT, out of the total operating expenses which are there, nearly 10% of the OpEx is going to the IT OpEx. So that kind of significant money we are spending on IT. Apart from that, there is a CapEx also which we are spending on the IT side. So management is clearly into the IT system, and we want the experience of the customers to improve through digital journeys and also improve our system and procedures as far as the cyber security stack is concerned. Thank you. Thank you, sir. Thank you, sir. This is Aditya Mundra from My Temple Capital. Sir, I have two to three queries. Sir, our RAM to wholesale ratio is approximately 50%-50%, and what is our target in terms of that? Because compared to your peer banks, I think they are targeting more 60%-40%, and they are maybe at 65%-35%, if not more. And does that play a role in our NIM plans? Like what is our roadmap to take our NIM above 3%, let's say? And in extension of that query, what is our plan for our international advances? Like how much percentage of that international advances will be part of our book? I have more questions. I'll come back on that. Okay. So So as far as the first question on RAM is concerned, see, presently our RAM book is at around 58.4%, right? So as far as our future plans are concerned, we have an approved strategy of the board for Bank of India at 125. So we are a 120-year-old organization. Five years hence, we would be 125 years old. So at that time, we say that our total business should be at around INR 31 lakh crores. Within that number, within the credit number, the RAM book should be at around 65%, and 35% has to be corporate. For the simple reason that we believe that it will be our diversification of advances. If you go to the RAM book, number one, credit risk gets spread, number one. And number two is the fact that the better margins are available as far as the RAM book are concerned. So we have a clear understanding within the bank that we need to grow the RAM book. Definitely, as I already said, that MSME definition now with the change in definition, there is huge scope for increasing the MSME book. So RAM book will definitely grow in the bank, and we are very conscious, and we want that the better yielding advances are there in the RAM, and the NIMs will also improve because of that. As far as the color into the international book is concerned, see, if you see the book presently as on 31st December, if you see the global advances of INR 740,000 crores, nearly INR 110,000 crores are contributed by the international advances, and it is 15% of the book. If you see our, just to give a sense on BOI at 125 at 2031, how the international book would be. Again, we are saying over there that our international book should be at around 15%-16% of the global book on the advances side. So we will be growing both our international book simultaneously, our domestic book on the credit side. So what we feel today is because of the various geopolitical issues which are there, definitely there is some slowness as far as the international advances are concerned. We are also very cautious about entering into new overseas accounts, particularly, though we are giving to Indian corporates, but to overseas corporates, we are very watchful and watching the situation and the global political issues which are panning out. Sir, any target for the NIM on the BOI 125 plan? So NIM cannot be a target at BOI, 1.25% at this juncture when the situation is so volatile and the repo rate cut has been there and other issues are there as far as the global environment is there. But definitely for the immediate run, I would say that for FY26, though we are at 2.57% as on the 31st December, for the annualized FY26, we hope that we should be maintaining a NIM of around 2.50%. And for the Q4, we should be somewhere around 2.60%. Sir, what will be our branch expansion plans in terms of number as well as geography that you are focusing on? Is it different from where we are already present? What is our strategy for that around that? Already we have a board-approved strategy as far as our branch expansion is concerned. In FY25, we opened nearly 211 branches, exactly 211 branches in FY25. This year, again, we have a board approval of around 200 branches. Already 145 + branches we have opened. The remaining 50-55 branches we will be opening in this quarter itself. So they are in the final pipeline of opening, going live as far as the opening of those branches are concerned. In the next year also for FY27, also the board has given approval for 200 more branches. So 600 branches will be opened in the three years: FY24, FY25, FY26, and FY27. That is one part. Second part is that we have 13 FGM offices under which there are 16 zones pan-India. We are agnostic to any particular geography: north, south, east, west, or center. All these 600 branches are getting opened across pan-India and in each of these states. But there would be some. I would request you to please come in. I'll come back, sir. Yeah. Yes, I am. Yeah. Just one last question from one participant, then we'll conclude. Yeah, hello. Yeah, sir. Sir, last quarter, you indicated that the impact of ECL would be around INR 4,700 crores. And you also indicated that you would be deciding on how and when you would be taking the hit on the P&L. So any update on the same? So yeah, so ECL is a work in progress, frankly speaking, because the draft guidelines of RBI are already out. We have done the calculation as far as the present numbers which are concerned. So we feel that the ECL impact should be at around 2% on our CRAR. So if you see our CRAR is at around 17.09%, 1% of this translates to around INR 4,600-INR 4,700 crores. So the overall number would be coming the two times of around that 4,007 within the INR 10,000 crore number. But if I give you a sense, since it has to be spread across the next five years, so the impact would be at around 0.40% only per annum on the CRAR side. And if you see the profitability which the bank is having, around INR 7,500 crore of net profit in the nine months, which should, and with this going run rate, we should be having a profitability of, say, around INR 10,000 crore in this financial itself. So there should not be any impact on the CRAR with this kind of number. Thank you. Thank you, sir. Sir, Jitin from Ajcon. Sir, what do you see the interest rate trajectory going forward and which sectors like you can further improve the slippages in the coming quarters? Interest rate trajectory presently, we don't see any rate cut coming. Already 125 basis points rate cut has happened in the calendar year 2025. With the kind of geopolitical situation and the kind of metal prices, the way they are going, we feel that in the immediate, we don't see any cut coming immediately. Nonetheless, in the medium term, we cannot say after six months what would happen. We feel that it should be playing around at that number only. We would be reducing our cost of deposit with the fact that most of our term deposits are getting repriced and at a lower rate of interest because we have cut the deposit rates both in the savings account and also in the fixed deposits. There we feel that our cost of deposits overall should be coming down. As regards the second part was with respect to. Which sectors you see the improvement in slippages further? Slippages, if you see our numbers, the slippages are mostly into the MSME and agriculture and some of the slippages which are happening in the retail. Corporate, we do not see any slippages. This is one of slippage which has happened in this quarter. It was a stressed road asset which was there in the books of the bank of other banks also for the last 18 months. It has slipped. In corporate, we do not see any slippages happening, but there will be some routine slippages which happened in retail, agriculture, and MSME. But I don't think there should be any worry on that. Thank you. Thank you. Thank you, ladies and gentlemen. This was the last question for the session. Thank you for your in-depth questions. Thank you, Rajneesh Karnatak sir and the Bank of India's management team. We will now conclude the conference. Thank you. Have a good day. Thank you. Thank you so much. Thank you for coming.