Good afternoon, everyone. We welcome you all to 1Q FY2025 earnings call of Canara Bank. Thank you, Canara Bank, for giving us this opportunity to host the call. Today we have with us Mr. K. Satyanarayana Raju, MD and CEO, Sir. Mr. Debashish Mukherjee, Executive Director. Mr. Ashok Chandra, Executive Director. Mr. Hardeep Singh Ahluwalia, Executive Director, and Mr. Bhavendra Kumar, along with other senior management people of the team. Without further ado, I hand over the call to MD Sir, for his opening remarks, post which we can open the floor for Q&A. Over to you, sir. Sir, you can go ahead. [audio distortion]. Antique. Sir, from Canara Bank. Yes, sir. You are audible, sir. Yes, sir. You are audible. From Canara Bank. Yes, sir. You are audible. Please go ahead. Sir, are we audible? Antique Group. Sir, are we audible? [audio distortion] we audible? Antique Group. Sir, are we audible? [audio distortion] we audible? Antique Group. Sir, are we audible? [audio distortion] Are we audible? Hello. Antique. Hello, Antique Group. Canara team, are we audible? Canara team? [audio distortion] Good evening, everyone. We welcome you all to 1Q FY2025 earnings call of Canara Bank. Today we have with us Mr. K. Satyanarayana Raju, MD and CEO, Sir. Mr. Debashish Mukherjee, Executive Director, Mr. Ashok Chandra, Executive Director, Mr. Hardeep Singh Ahluwalia, Executive Director, and Mr. Bhavendra Kumar, along with other senior management of the team. Without further ado, I hand over the call to MD Sir, post for his opening remarks. Post which we can open the floor for Q&A. Over to you, sir. Good evening, all of you. Echo is coming. Now unmuted. Are you getting our audio? Is it fine, huh? Okay, thank you. Please. Antique, we are audible? Hello. MD sir, you can please go ahead. MD sir, you can please go ahead. Hello, can you hear me, sir? Yes, sir, you are audible. Yes, sir, you are audible. Yes, sir. Good evening, all of you. Sorry for the inconvenience, sir. I'm here to present the first quarter results of this financial year. Again, one more consistency, we are able to show that with these results of the June quarter. Our global business has grown 11.07% year-on-year and stood at INR 2,310,000 crore. Our global deposit has grown at 11.97% year-on-year and stood at INR 1,335,000 crore. Our global advances have grown at 9.86% year-on-year and they stood at INR 975,000 crore. This is despite we are in the current quarter also, we continued our shedding of low yielding advances. We have shed almost INR 22,500 crore in the corporate. Even then, we could show this near to the 10% growth, which we have given the guidance last quarter when we were announcing the results. With this, our net profit has grown at 10.47% year-on-year growth and stood at INR 3,905 crore. First time in the history of the Canara Bank, our common equity- Tier one, that is CET1, has crossed 12% and stood at 12.05% with a 55 basis points year-on-year improvement. Our return on asset has further improved from 1% to 1.05% in the quarter, and with a year-on-year improvement of 6 basis point. As given earlier also, the guidance have to reach the 90% of PCR, we continue to provide that additionally. That's why our PCR also has improved, further improved to 89.22%, and with an improvement of 118 basis points year-on-year. Our credit cost has shown further improvement and stood at 0.90%, with a decline of 20 basis points year-on-year. Our gross NPA, both in absolute number and percentage, has shown a improvement and a decline to 4.14%, with a year-on-year decline of 101 basis points. Our net NPA also has shown improvement and a decline both in absolute number and percentage, and stood at 1.24%, and a decline of 33 basis points year-on-year. This business growth is grown led by RAM sector. As earlier, we were repeatedly giving the guidance that we are focusing more on the RAM sector, and we want to see that our RAM sector will reach to the 58% of our total credit portfolio. With this, our RAM sector has touched 57%. One year back, our RAM sector is 55 basis, 55%, and now it has reached to 57%. This was because the RAM credit has grown 12.26%. Though that overall credit grown at 9.86%, the RAM sector alone has grown 12.26%. This is led by our retail credit has grown 23.54% and stood at INR 1.75 lakh. And our housing loan also growing near to the 12% and stood at INR 96,108 crore. Our vehicle loan has grown at 15.49% and stood at INR 17,708 crore. Our earnings per share, before telling the figure, let me again remind you that during the quarter, our share price has been split into 1:5, and that earlier the share price was at INR 10 a share. Now, it is split into 5 shares. That is now each share is INR 2 with the face value. With that INR 2 face value, our earnings per share became 17.27, with a year-on-year increase of 10.18%. Our fee-based income has shown a 16.75% growth and stood at INR 1,910 crore. These are all the few glimpse I have shared with you. Anyway, we have shared our entire presentation to all of you. I am sure that by this time, you might have gone through that entire presentation. Now, we are all open. Along with me, our Executive Director, Shri Debashish Mukherjee, sir, and our Ashok Chandra sir and Hardeep Singh Ahluwalia. We are all there with you, and all the top management is with you. You can ask any clarification, sir. We are here with clarifying that. Now, this forum is for you, sir. Thank you very much. Thank you, sir. Thank you, sir. We have from the line of Mona Khetan. You can go ahead. Yeah. Hi, sir. Good evening. Hi, Mona ji. My first question is on the growth front. So essentially, if I look at retail book grown by 12% QoQ. So what exactly is driving this book? Because, if I look at HL and vehicle, the growth is in line with the other books. It's not that high. So yeah, what is driving the sequential growth in retail book? So let me say, madam, actually, the RAM credit consists of retail, agriculture and MSME. Our RAM credit is growing at 12.26%. With that, contains the retail. Retail growth in the current quarter, it has shown 12.39%, year-on-year, 23.54%. The reason, main reason is in agriculture, our gold loan portfolio, we have stopped lending gold loans in the metropolitan cities for agriculture purpose. Because when the loan is growing or the portfolio is growing, we want to take some conservative steps on that, but at the same time, we want to meet the requirements of the metropolitan customers. The metropolitan customers also wants to avoid the gold loans. That's why we introduced the retail product in the gold loan retail, with a little higher rate of interest and lower LTV. So, that product has received very well in the metropolitan. We stopped lending with agriculture, and this portfolio is growing very fast. That is also is helping that retail for growth growing at 23.54%. To that extent, a small dip is there in the agriculture. That's the reason, quarter on quarter, agriculture, you can see a negative growth of 4.86%. But understand me, last quarter, sequentially, it was- last quarter, it was almost stagnant to little negative term, but this quarter, we could recoup that, and with this quarter itself, we have grown 2.42%. Overall, if you see that retail has grown at 12.39% and MSME at the 2.42% and all, these things have brought that the 12.26% growth in the RAM credit. Sure. So it's mainly the non-agri gold loan in urban cities that's driving the retail growth apart from- No, madam. You see that the vehicle loan, this bank has never grown in the double-digit growth. Now we are growing almost near to that 16%. And the housing loan, we are continuing to improve our market share every year on year. This is a very one few banks, one among the few banks, that their market share in the housing is increasing. There is a consistency, and in our bank, we don't buy any portfolio buyout, and we hardly participate in the co-lending portfolio. So the entire RAM business, whatever we garnered, we garnered from our brick-and-mortar outlets, branch-derived business. So this is a concrete business. It's not that the only the gold loan portfolio what we introduced is the main, main cause, but it has helped us. Earlier, we used to grow at 14% or like that, but now the retail growth at 23%, definitely, that portfolio, that particular product is helping us. Sure. And what are the yields in this book, the gold? More than 9%, madam. Sorry? More than 9%. Okay. What is, what is it in the Agri gold book? It's 8.75%, madam. Okay. Secondly, on the margin front, so this quarter, we saw a dip in the margin, which is closer to your lower end of your guided range of 2.9%-3%. What will be the full year guidance on NIM, and is there any change? Madam, you can observe from the last first three years, so generally, in the first quarter, our NIM will be relatively comparatively lower because the NIM will be calculated based on the average business. The first quarter, my average business reflect higher. Gradually, it is comes down. Thus, the NIMs will go up. In the second and third and fourth quarter, the NIMs will go little better. So but the last time also, I shared with you, though, we have given the guidance at 2.90%, our NIM will be around 2.95%-3%. So and I feel that 2.95%, by the end of this year, we can expect that the 2.95%. Sure. Just finally, a data keeping question: What will be your outstanding restructured book? Thank you. Our outstanding RF1, RF 2, everything together as on date, originally, it was INR 24,000 crore. As on date, it is INR 16,000 crore. Out of that, INR 11,000 crore are standard asset, 4,900 are approximately 5,000 is under NPA. Sure. Thank you so much. I'll come back in with you. Thank you, madam. Thank you. Our next question is from the line of Mahrukh Adajania. Please unmute yourself and go ahead. Yeah. Hello, sir. Hi. Hi, hi. So, just a couple of questions. Key is that, what was your SMA-0 growth rate with sector from point of growth in SMA -0? SMA-0, you see that SMA -1 and 2, we are able to control, and year-on-year or even sequentially, quarterly, we have shown better performance. The SMA-0, because of one account, it is a central public sector undertaking, we are slipping to SMA-0. And there, the exposure is- You know, sir? Pardon. It's INR 45 billion. It's INR 45 billion, INR 4,500 crores, na? It is INR 3,800 crore, approximately, madam. Okay. And which sector? No, madam, further details is that something we are so attending to on this. That much I'm telling you, that is enough to identify that. Yes. Yes, of course, sir. Thank you so much. Thank you. And, sir, the other thing, there has been change in investment norms, right? So with that- Yes, madam. What has been the, what is, what have you taken to the shareholders fund? And then, what is the increase in yields, investment yields because of these changes? Yes, madam, our treasury in charge is there. The Mukherjee sir, he will explain to you that. Mm-hmm. Actually, whatever the, because of this reclassification, I will explain to you. Afterwards, he will further clarify to you. Because of the new classification, there is no chance of shifting periodically from Held to Maturity to available for sale. Because of that, the interest on investment has shown an improvement, but at the same time, treasury yields have come down. The treasury yields have come down. Okay, but what is the impact on yield on investment? Just because of this one. No, it's... The yield on investment, we have shown that it has gone up. So it's all because of- The yield on investment, you see that earlier it is 6.91, now it is 6.94. 3 basis point has increased. Okay, so it has increased 3 basis points because of this? Yes, madam. Okay. Okay, and sir, my last question is on loan yield. Basically, why you did explain that, you know, why loan was not loan performance softer because of average balance pace. But can you clarify on the interest on NPA? What was the recovery income in the fourth quarter through NII, and what is it now? No, actually, if you look at the NII, compared to sequentially in the normal interest rates on the previous March quarter and this quarter, there is a one accounting policy has changed as per the regulator requirement. Earlier, we used to collect the penal interest. Whatever we collected, we used to count in that interest income. But then now that as per the regulatory directions from first April onwards, we are counting it in the other income. Okay, so what- The difference is approximately INR 150 crore-INR 160 crore. Got it. And then you are asking about the NPA, and generally, every quarter it will be around INR 150 crore-INR 200 crore. But the comparative, that March, we have recovered little more, so we got around INR 300 crore. But that, this quarter, again, normally we are between INR 150 crore to INR 200 crore. Okay, sir. Okay, this is very helpful, sir. Thank you. Thank you, madam. Thank you. The next question is from the line of Anand Dama. Please unmute yourself and go ahead. Thank you, sir. So basically, the yield on loan which have contracted during the current quarter is what you have basically mainly said because of the change in the regulation related to penal interest? One is the change in the regulatory treatment of that penal interest. Second one is other interest income is there, sir. Last quarter, sequentially, we got INR 2,000 crore. That is the interest on overnight deployment of the surplus funds. That has come down to INR 1,800 crore, so there is a INR 200 crore shortfall there. Then in that case, the next three quarters, basically, we should expect the yields to again improve because this one-off will be largely behind on a quarter-on-quarter basis, we should see an improvement in yields, right? So interest on advances, definitely it will show some improvement, but other interest income depends again, depending on the availability of opportunities. When you have surplus money, you have to invest in the overnight or the call money market over here. That is, it depends on the demand and supply. Okay. So secondly, on the SMA book, you said that there is one large PSU account based on Andhra Pradesh. In another public sector bank, which is Union Bank, has also shown a higher SMA book during the current quarter, but they have made a provision on these loans. Do we have a- Let me confirm to you that this entire portion, even if it slips in the September or even restructuring cover, they say if we even downgrade back, the requirement of 15% provision, entire provision of INR 560 crore, we already provided in this quarter itself. Okay, you have already done that. Oh, great. Yes, 100% we already done requirement. Sure, sir. Great. Thanks. Thanks a lot. Thank you, sir. Yeah, Vasanth. Yeah, very good afternoon. Two things I was looking at. One is like I could see the total, I mean, cost of funding going up. That is one thing I wanted to know what is the reason. And secondly, I also saw that, I also saw that the total loan book has gone down, and it is also, I mean, the realization total interest income has also gone down. So what is happening in these two scenarios? One is cost to income, sir. You see that from the March, it was actually more than 50%. Now it is 47%. Sequentially, there is a reduction in the 3% in the cost to income ratio. One is that March, that the, it was very high in the cost to income ratio was, because the staff cost was very high, a bipartite settlement was happened once in five years, and entire arrears have been paid in the December and the March quarter. Whatever the retirement benefits provisions has to be made, entire thing as we have concluded in the March quarter, that's why the cost of, staff expenses have been improved, increased. But to that extent, to some extent, it has come down to INR 4,200 crore now it is. Cost of funding. Actually, cost of funding. Actually, cost of funding. The cost of funding is deposits. So it is, why it is increasing is, sir, the incremental deposit growth, whatever it is happening in the system, except the CASA, where there's a SB and current account, the remaining entire retail term deposits and bulk deposits, the bulk deposits are ranging between 7.5%-7.8%. And the retail term deposits anyway in and around of 7% it is there. So since the market demand is very high for the deposits, the cost of deposits, the average cost of incremental deposit is more than 7.5%. That is increasing cost, forcing us for that acquisition of the deposits. The cost of deposit is increasing from 5.5%-5.70%. It will continue for the next one or two quarters also, because unless otherwise, the liquidity in the system improves. Again, as concerns are expressed by various sections, now the, the tech, technology is matured, 20% of the savings are diverting to mutual funds on the, equity side. That is also is putting some pressure on the bank deposits. But since we have a central government's sovereign guarantee, for rising deposits, we are not facing any difficulty. But only thing, we are forced to pay higher price, higher rate of interest for garnering that deposit. You can see that our deposits have grown in double digit, almost more than 11% we have grown. So raising the deposits, we don't have any issue, but the, whatever the incremental deposit we are raising, it is a costly affair for us. That's why our cost of deposit is increasing. The yield on advances, there is no reduction, sir. We have taken enough care on that yield on advances. The 8.71-8.66 is merely because of reclassification of the penal interest income. Earlier, we used to count in the interest income, now we have shifted it as per the guidelines given by the regulator. We are reflecting in other income. So that has shown back to 6 basis points reduction. Beyond that, nothing is there in the yield on advances. But, okay, I can say that the yield on advances already reached the peak. Further improvement, unless otherwise there is a repo rate increase, there is no chance for further increase in the yield on advances. Already, whatever the rejig we can do in the corporate book, we completed that rejig with this quarter. Now, all our advances, corporate sector also is carrying our average yield on the corporate sector have now touched all-time high of 8.21%. So the yield is now already reaching the peak. Okay. So can we expect the NIM to be possibly improving in the coming quarters? Generally, compared to first quarter, second, third, fourth quarter, when we reach to the fourth quarter, slight improvement glimpse will be there, sir. So what we have given earlier, also I shared with when I am sharing with the guidance of 2.90%, we may end up at 2.95% by the end of this year. Thank you. The next question is from the line of Omkar. Please unmute yourself and go ahead. Hello. Yeah, hi, sir. In this quarter, our agri exposure has reduced quite a lot. So any reason, is this a cautious stance from your side, or what is the reason for this? No, actually, our gold loan portfolio is the major contributor for agriculture, our core portfolio, sir. Out of this INR 240,000 crore, INR 101,000 crore is core agriculture, and the remaining one lakh, whatever it is there, INR 38,000 or 39,000 crore, is from the gold loan book. But when the book is growing so fast, we have taken a calculated business decision that here afterwards, because the agriculture, when you are classifying that gold loans in the agriculture, you are, you are needed to maintain certain land records and all those things. To have a more and more cleaner portfolio, we have decided that in metropolitan cities, we stopped funding agriculture loans against gold. At the same time, there is a lot of potential in the metropolitan city also to raise the loans against the gold loans. That's why we introduced a retail product, personal loan secured by the gold loan and with a higher rate of interest, little higher rate of interest, that has attracted attention of the metropolitan customers, and that is giving a good business growth in the retail loan. To that extent, we are, there is a dent in the agriculture portfolio. Okay, thank you. The next question is from the line of Dinesh K. Please unmute yourself and go ahead. Sorry, I have a question. Am I audible? Sorry. Yes, you are. I have a question on slippages. The slippages are consistently around INR 3,000 crore, so there is no relief there. I have a question on short term and long run, what the company is doing to, you know, make it below INR 3,000 crore, or what are the rectification in our system going on? See, when you are having INR 10,00,000 crore, near to INR 10,00,000 crore asset, in a year, INR 12,000 crore is I feel that it's reasonably a banking practice. So but it doesn't mean that we are complacent on that, we have reached our required goal and we don't do further fine-tuning that. If you look at that, actually, this quarter we have done well in this quarter and last quarter in the RAM sector and all. But there are in existing NPAs, no, if any additional debits has to come, that is showing some INR 300-INR 350 crore additional slippages on that. But otherwise, our core, so whatever the fresh slippages, we are able to control below INR 3,000. But suddenly bringing to INR 3,000 to INR 2,000, I don't think that's easily practically, practically possible. But definitely quarter-on-quarter, maybe INR 100 crore or INR 200 crore or INR 50 crore, further reduction, we are keep on driving that. We are confident of reaching that. Thank you. The next question is from the line of Rahil. Please unmute yourself and go ahead. Hello. Good afternoon, sir. Hi, Rahil. Hi. Just, question on the guidance you had shared earlier for FY2025. So just quickly, are we on track when you said advances will grow at 10%, ROA will be 1% credit cost at 1.1%? So if you could just share your outlook. Is there any revision there, please? Thank you. No, we are not revising any of these guidelines. I don't feel that it is a difficulty to reach all these guidelines except in the CASA, but still, CASA also, we want to try for that 33%, whatever it is, we have given the guidance. But we have given the guidance of business growth at 10%. First quarter, we have grown at 11%. Our advances growth, we have given 10%. We almost reached the 10% even after shedding INR 22,500 crore in the first quarter itself, and we are very much confident that we will grow beyond the 11%-12% growth in the next three quarters. And, NIM, it's a 2.9 we have given. We are already in the first quarter itself, we are able to show that 2.9, and further three quarter, there will be a further slight improvement in that only. There won't be any deterioration. Gross NPA, we have given a guidance of 3.5. There is a further reduction. We have come up to 4.14%. Net NPA also, we have given a guidance of 1.10%. We already has come down to 1.24%. Slippage Ratio, we want to maintain at 1.3%. That's almost we are able to maintain it. Credit cost, remaining return on equity, earning per share, return on average assets, all these things already we surpassed. Whatever the guidelines we have given for the year-end, in the first quarter itself, credit cost, return on equity, earnings per share, return on average assets, we already surpassed those things. Thank you. The next question is from the line of Suraj Das. Please unmute yourself. Hi, sir. Just one question in terms of this gold that you are talking about, what could be the quantum that is sitting in the retail? Now, it is almost INR 19,000 crore is there, around. Okay. Sir, rest of the book, I mean, what would be the other segments in retail? No, mostly it's INR 19,000 crore that is there. So now it is, as on date, it's INR 156,000 crore, INR 155,000 crore is there. INR 155,000 crore total. So if you remove that, maybe hardly INR 1,000 crore is in the MSME. Remaining these are all in the agriculture. Gold loans. Retail. Retail. Retail gold loan, retail gold loan is INR 19,000. But if you remove that, remove INR 19,000 out of INR 175,000 retail, so INR 96,000 is in the housing loan, INR 17,000 under the vehicle loan, INR 16,000 under the educational loan. The remaining is personal loans and mortgage loans and all. Okay, sure. Thanks. Thank you. The next question is from the line of Jai Mundhra. Please unmute yourself and go ahead. Hi, sir. Good evening. Good evening, sir. Sir, if you look at slide 22, wherein we give the yield on advances, I believe the numbers are, you know, cumulative number, right? So for March 2024, 8.71% yield is for the 12 months. And, you know- No, sir. The num- Tell me. Tell me, sir. Tell me. No, no. So I wanted to check, sir, is- Tell me, sir. I wanted to check, sir, if this number of March 2024, is it the cumulative number or for the quarter? Because if it is cumulative number, that would mean that the QoQ decline in the yield on advances is much, much sharper, right? Because, we started the- No, what we have given—no, what we have given in the March 2024, 8.7%, is that particular quarter, that particular quarter, and along with that, cumulative- That is cumulative. That's cumulative, correct. What this current equal... Our CFO will explain to you further. Just that what you asked, this first quarter is not cumulative. It is a standalone quarter. What we gave for March was the cumulative of four quarters. So what you are anticipating, so, yes. Complete. No, no. You, what you asked, that if this is taking into consideration that 8, that March, then it is a sharp fall. No, it is not considering the March. It is standalone, April, May, June, yield. Okay. So this is only- Yes. Now, whatever we will show every quarter will be cumulative for up to, say, next quarter. It will be from April to September. December, it will be April to December. So but this, what we showed now, the yield is standalone, April to June. Am I audible? Yeah. So, sir, I was checking, if this 8.71% number, 8.71%, is that for the quarter? Yes, this is for the quarter. Since once we write cumulative, cumulative means it is for one quarter it is. Now, I think I have answered your question. Right. Right. No, no worry, sir. Secondly, sir, if you can provide the breakup of slippages in the quarter? You can note down, sir. That's an agriculture is... Agriculture is INR 900 crore. MSME is INR 1,220 crore. Retail is INR 500 crore. The corporate is, including existing NPAs, which increased, totally it is around INR 600 crore. Okay. Sir, lastly, if you can provide the breakup of the loan book by benchmark, how much is EBLR, how much is MCLR, and how much is RLLR by INR crore? So out of the total book, 51% is MCLR, sir. 38% is RLLR, the repo rate linked rate. The remaining is like a loan against deposit, staff loans, and all. Okay. And sir, lastly, you mentioned that we have now a very strong CET1. What was the impact of the investment? Guidelines on CET 1. Because of reclassification, the reaccounting procedure of. That has an impact on the CET1? No, no. Sir, it is around INR 1,400 crore that which got added, and of which INR 1,100 crore which is on the reserves and INR 300 crore has gone to HTL. Okay. And lastly, sir, if you have any capital raising plan, because if you can clarify, do we have a board approval or we can- Sir, actually, since CET1 is very comfortable, it is above 12%. I don't think we need to go to the market for core capital. But Tier 1 and Tier 2, AT1 bonds and Tier 2 bonds, the board is already permitted that management to go to the market to the extent of INR 8,000 crore to raise. Out of that, INR 4,000 crore is AT1 bonds and INR 4,500 crore is Tier 2 bonds. That we will come to the market depending on the favorable conditions of the... We are very much price conscious, so we look forward for that. Whenever we get a better opportunity, better pricing, then we will go to the market and raise that. And again, I, I want to tell you that because we have a plans-- No, just one minute. Because we have plans for disinvestment in our subsidiaries, one of those plans in the Canara Robeco Mutual Fund, it may come to the disinvestment in the fourth quarter of this financial year. That also may support our capital CET1, sir. Right, sir. That is, very helpful, sir. Thank you. Thank you, sir. Thank you, Jai. The next question is from the line of Ashok Jain. Please unmute yourself and go ahead. Yeah, good afternoon, sir. First of all, congratulations. Good afternoon, sir. Yeah, I'm CA Ashok Jain from Mumbai. Thank you. Nice meeting you, sir. For excellent results. I have few questions. One is that, our CASA has come down. If I compare from March twenty-fourth to June twenty-fourth, CASA has come down to 2.7%, whereas you were telling when in the last meeting, that you are making all the efforts to improve it. So first- Let me say that, sir. Let me clarify this question, sir, first two. The savings bank, whatever our initiatives, it has started giving the results. On state savings bank, you can see the accumulation and creation of the deposit from year on year, June to June, if you see that absolute numbers, INR 12,000 crore, there is an improvement in the SB individual itself. Actually, the SB individual, so the incremental growth is almost INR 18,000 crore. It's more than what it is reflecting there. But in SB, there are institutional deposits, which gradually is going out of the system because of central government, that new system of, they are keeping most of these funds because of that latest softwares, that's they are keeping with the Reserve Bank of India. So central government funds are slowly going out of this banking system, but that is being compensated with the SB individual, accumulation savings. But in the overall, it is reflected absolute numbers where it is a INR 12,000 crore absolute numbers in year-on-year. But the current account, the March figure, when you see that sequentially, March figure, in the March month, we have-- we are in a one central government department, we are dealing with that, we are a banker for them. We got funds of around INR 15,000 crore in the current account. And first April, that amount has, first week of April, it has converted into bulk deposit. To that extent, the dent is reflecting it, but it is INR 15,000 crore, it is moved from current account to there. But the reduction, what it is appearing, is only INR 11,000 crore. Okay. If you see that. Can we just maybe explain it? Can we show it to the market? Because it is giving wrong signal to the market. Maybe the breakup what you... We, we will try to explain to them, sir. There is no problem. If any correspondence is there, we will try to tell them that. Okay. Yeah, sir, second question is that recently you have come with infrastructure bonds. Yes, sir. What is your plan? I mean, you want to come with more amount or how, and how will it impact to our, you know, bottom line? No, sir. Actually, board has permitted for this year to raise INR 10,000 crore, which initially we thought that we will raise INR 5,000 crore and INR 5,000 crore. By seeing the overwhelming response of our issue, whatever the green shoe option is there, entire INR 10,000 crore, we have taken in single stroke itself. For this current financial year, we are-- whatever the board has permitted, we already raised it, sir. Because whatever we are raising against the infrastructure bonds, it has to be invested or lent only towards the infrastructure lending. Of course, we have enough cushion in our book, for we already lent enough more than what we have raised from the public market. That much exposures are there, but still we will see in the second half, if the board permits for us, we will think about that. It depends on the market, availability of the liquidity, again, the demand for the infrastructure bonds, sir. If suppose my, the liquidity is improved, my cost of funds in the deposits have come down, then I may not think about it. Since the currently, the incremental deposit cost is very high, we have gone to that, infrastructure bonds to compensate or to use the other resources at a lower rate of interest. The next question is from the line of Piran Engineer. Please unmute yourself and go ahead. Yeah. Hello, sir. Congrats on the quarter. Just wanted to follow up on the comment you made on savings bank deposits. So what percentage of our deposits come from government funds, government or other such as n on-retail. I'll tell you. No, also, I'll tell you that in the savings bank itself, out of INR 332, it's only approximately INR 48, 000-INR 50, 000 i s from the institutional deposit. This INR 48, 000 -INR 52, 000 is also is not entirely from the government deposits. These institutional deposits contains NGOs, pilgrim centers, colleges, universities, everything will be there. But I see that the government deposits may be around INR 20, 000-INR 22, 000. That is the range we might be having that. So that fluctuation will be there. Whenever that fluctuation is there, because of our some initiatives and new products, that is being compensated with the individual savings bank. Our focus now is in individual savings bank, sir. Okay. Okay, sir, that was very useful. And sir, secondly, this might be a bit early, but under Ind AS accounting, will you be allowed to reclassify your NPL provisions into standard asset provisions? I'll ask my CFO to answer to you, sir. But as you know that Ind AS provision is also, it's still not crystallized, but there is nothing which suggests that NPA provision will be allowed to be classified as standard asset. The only green shoot that is, that may be available there is in case of NPA, or especially doubtful and loss assets, in spite of having good security, we are making 100% provision. But if against those loss or doubtful D3 assets, where there are good securities, that may allow us to provide less. Only that is expected, but that will only be clear when the full guidelines come. No, sir, actually, I meant right now, your provision is around INR 30,000 crore on NPA. Can you say, reduce to INR 25,000 crore and move INR 5,000 crore to standard asset? Will the auditors allow it? Is it allowed under the new accounting system? No. See, especially that new, the entire details of the new accounting system is has not come. But as you said, in NPL, especially loss doubtful, we are making 100% provision, irrespective of the liability. In case, if I said in relaxation, it may get some green shoot, but that will be more than compensated by standard asset provision, where I have to make much more than 0.4%, which we are making. But having said that, bank is in a very comfortable position if any provision that we have to make under Ind AS. Even considering that, although, as you know, what the RBI said is to be covered over a period of five years, even if it is hypothetically needs to be provided in one year, all our capital ratio should be in a comfortable position. This much we can say. Okay. Okay, sir. Thank you so much, and all the best. Thank you, sir. Thank you. The next question is from the line of Rakesh Kumar. Please unmute yourself and go ahead. Yeah, hi. Thanks a lot, sir. Hi, Rakesh. Just one- Hi, sir. So sir, just one question, sir. With respect to this other interest income of INR 781 crore, I don't know if you had responded to this query. So if you can clarify, what is the corresponding, you know, balance sheet number, where we are getting this, you know, interest income? Or, maybe if you can explain, like, you know, what is the source of this number. So year-on-year, there is a large jump in this number, so. Sir, actually, these are all the... That's what actually earlier also I clarified. When you have surplus money in your system, when the market, there is a liquidity crunch is there, your surplus money can be used effectively in the market by deploying in the overnight or call money or anything. When you are deploying that, you are entitled for some interest. Because we have an excess SLR of almost 8%, and we have in our system also last four months, we are having a surplus in our liquidity. This liquidity we are using effectively by lending, wherever it is required, depending on the demand from the other institutes. That is the major contributor. The minor contributor is from some of the tax deducted, income tax, whatever it is there, some interest from that tax deducted, this refunds also will be there. Okay. So but, just if we, sir, like, you know, if we take this, you know, complete, the return what you're-- what we have from cash balances other than CRR. So why this number is so high, sir? Like, you know, if I take the interest income on the cash balances and this interest income, like, you know, what you're saying on the liquidity that, surplus liquidity that we have, this number is very, very high, sir, as compared to any other PSU bank. But if you—the PSU bank, when you say PSU bank, liquidity is there, is not there in the top five banks. Only we are having comfort that, in that way, and we are deploying that. The another thing is what you see from it is year-on-year, if you see, that is very high, but sequentially it has come down, no? You are not seeing that? Yes. Sequentially, that interest, other interest income has come down from INR 2,000-INR 1,800. For the full year, sir, if you can help us, that how much, how would this number look like for the full year, the No, Rakesh, if you see, this is a number because which if you are, that includes interest from interest rate swaps, SDLs, RIDF, et cetera, including some, as sir said, on income tax refund. These are not steady income sources, so this can vary based on market conditions. So it is very difficult to say whether how, what will be the figure on a consistent basis. But if you see, there is some sort of consistency which we have maintained over last year. The last three, four quarters, we are maintaining that consistency. If you see that, last September onwards, I remember that September, December and March now, there is a consistency. It is around INR 1,500-INR 2,000, and we are able to maintain that consistency. Okay. And secondly, sir, on the non-SLR side, so, you know, the total, the total non-SLR, if you look at in the slide number 26, has come from, you know, there is a one line item, which is others. So there's an INR 10,000 crore increase in that number, which is reflecting the, you know, increase in the total non-SLR also. So what is that number, sir, which is sitting into the others? It is investment in mutual fund that is around INR 7,500 crore, roughly. So, in the March, what was that number? No, no, it was, it was very small. So because we had some surplus funds, so we deposited in this mutual fund and CD. CD is around INR 3,000 crore. So if you add that, you will get the, you know, number. Okay. It was a very short. It is a short duration. As we speak today, that amount is not there in others. It was a short-term investment that we liquid certain amount of- See, whenever you get an opportunity to earn higher yields, these are all the windows available to the banks, and they use these for earning a higher returns. When because the balance sheets are based on particular specific date, that particular date may, the investment may be outstanding. But it's not that once that is outstanding, it will be there in every quarter that much. Okay. Got it. Thank you, sir. Thank you. Thanks a lot. Thank you, Rakeshji. Thank you. Due to time constraints, that would be the last question for the day. We hand it over to MD, sir, for your closing remarks. Thank you. Thank you very much, sir. Whatever we have given the guidance, we will try to do much better than that. And the first, actually, the first quarter itself is what we are doing, that's consistency. In our performance, our main thrust area is consistency. There should not be any majors in your performance, whether it is a bottom line or the top line. The same, the corporate call, what we want to show that the steady growth in all the business parameters without affecting the bottom line, that will continue, sir, and will continue to perform. Thank you. Thank you, one and all. Thank you. We conclude today's meeting. You can all disconnect.