Evening, everyone. Welcome to Canara Bank Q2 FY 2026 earnings conference call hosted by Antique Stock Broking. I would like to thank Canara Bank management team for giving us the opportunity to hold this call. From the management side, we have with us Sri Satyanarayana Raju, MD and CEO, Sri Bhavendra Kumar, Executive Director, Sri S. K. Majumdar, and S. K. Majumdar. With this, I hand over the call to MD sir for his opening remarks. Thank you and over to you, sir. Good evening, all the investor community. We are presenting before you the September quarter results. Our global business has year-on-year growth as recorded at 13.55% and stood at INR 2,678,963. Our global deposits also have grown at 13.4% year-on-year, stood at INR 15.27. Our global advances have grown at 13.74% year-on-year and stood at INR 11.51. Our operating profit has increased year-on-year at 12.20%, at INR 8,588 all-time high of operating profit, and the net profit also has increased at 18.93% year-on-year, stood at INR 4,774. Our return on asset has increased 7 bps from year-on-year and stood at 1.12%. Our PCR further improved. Year-on-year, it's 270 bp s and stood at 93.59%. Our credit cost has further come down at 0.68% with the year-on-year decrease of 29 bp s. Our gross NPA has come down to 2.35%. Year-on-year decline is 138 bp s. Our net NPA has also come down at 0.054%, 0.54%, year-on-year decline of 45 bp s. This entire business, what we have grown at about 13%, is led by our RAM credit at almost 17% and stood at 6.71 lakh crore. Among these RAM credit, retail credit has grown at 29.11%, stood at 2.51 lakh crore. And within the retail, the housing loan grown at 15.25% and stood at 1.14 lakh crore. And vehicle loan grown at 25.58% year-on-year and stood at 23,367 crores. First time during the last five, six years, our MSME has grown more than 12%, almost 13%, and year-on-year growth of 12.70% and stood at 1.54 lakh crore. Our earnings per share continues to be above 20, that's at 21.01% with a 20.68% year-on-year growth. And our slippage ratio has further down at almost 24 bp s year-on-year and stood at 0.76%. These are all the few of the highlights we have given. In the year starting, we have given some 13 parameters or guidance for this financial year. Out of those 13, 11 parameters we already achieved. Under two parameters, CASA and NIM, we are working hard to see that it is also achieved. Of course, NIM, we are finding it a little difficulty. But CASA, there is a positive growth from June quarter to this. We are at now 30.69 as against a guidance of 32% for the March. And there is a CASA first time that there is a year-on-year growth more than 10%. These are all the few highlights of the presentation, sir. Now, we are open for any of your questions or the queries so that we can answer you and satisfy you. Over to you, sir. Thank you, sir. This will commence the question and answer session. Participants who wish to ask questions are requested to raise hands. The first question that we have is from Ms. Mahrukh. Hello. Hello, sir. Good evening. Congratulations, sir. Thank you very much, madam. Sir, I have a couple of questions. Firstly, on your margins, it panned out exactly the way you had put it, right? Like last time you had said that I don't see more than 5 bps, and that's exactly how it has turned out. So from now on, do we expect margins to stay stable or improve if there are no further cuts? So one more quarter, it may continue to be stable, madam. Thereafter, you can say there is some improvement may happen. Okay, and sir, what is your outlook on CASA now? I know that traditionally your bank's CASA has been low, but the system environment for CASA, how do you view it, and how do you view your own CASA in that context? See, when the total balance sheet is growing at 14%, near to 14%, it is a big challenge for us to grow even CASA to match with that, to maintain that percentage, madam. But however, whatever the initiatives we have taken by introducing the new products, new initiatives, introducing the customer relationship manager concept, feedback mechanism, so many initiatives we have taken, business around app, several initiatives we have taken. Because of these several initiatives, first time we are seeing almost above 10% growth in the CASA. And especially SB individuals, in year-on-year absolute numbers, we have increased. There is an incremental growth of INR 20,000 crores. And our retail term deposits also in just half year, we have grown more than INR 30,000 crores, which is actually for the last several years, it's a record growth in the last maybe seven to eight years. So it is giving the results. But again, I'm telling you that we have given a guidance of 32%. We work hard to see that we achieve that, our guidance, 32%, but definitely, when we are growing this guidance, we are 32%, keeping in mind that our business grows at 10.5%, but now we are growing at 14%, so we have to work hard to maintain that 32%. Got it, sir. Sir, my other question is on the new ECL guidelines. So once they are implemented, what do you see as your run rate of credit cost? Will it be higher than what it is now? How does it work? See, I don't think that it will have impact so much on that credit cost, madam. That much I can tell that we are internally something we have assessed, but already we are working for the last two years. So wherever there is a scope is there, we are additionally providing even standard assets itself when the SMAs are there. So in the big, all big accounts, we are providing in the standard assets provisioning itself. So that itself is the nothing but that itself is actually the expected credit loss, whatever the ultimate meaning of that. Only the small, small accounts, anything is there. If you see that our SMA position at five crore and above, there is 7,500 crore. Out of these 5,000 crores, already we have provided. The left is only 2,500 crores. I don't think that will have so much impact on our either CRAR or on our credit cost. Because credit cost, if you see that quarter on quarter, there is a reduction for implementation. It is effective from March 2027. That means still we have 15 months' time. This 15 months' time, credit cost may come down maybe around 5.50 or below 5.50. I don't think that again it may go beyond 1% and all. It will be well within less than 1% only. Got it. Sir, because there will be many accounts below five crores, right? And that's the problem. That is where you will have to make stage two provisions because below five crore accounts usually have early delinquency. Let me tell you, madam, earlier even entire below five crore and above five crore, entire combined entity, we used to have around 5% of SMA. Now it has come down below 3%. Now it is only 3%. Less than 3% is there, the total SMA position. And SMA zero may, there is no such issue. Only one and two. One and two have drastically come down. Okay. Okay. Got it. And you should look at our profits also. Our profits are growing very comfortably. And even current quarter, we have grown more than 18% year-on-year growth in the net profit. This year, we are expecting that our net profits may cross INR 20,000 crores. Last year, we were at INR 17,400 crores. So this additional profits, whatever we are earning, all these things will give us a comfort. Got it, sir. Got it. And sir, I just have one last question in terms of growth. Your growth has been good. Going ahead, do you see it accelerating? I mean, are there any green shoots in October which makes you more confident about growth, say corporate growth or even SME growth? Actually, MSME, we are expecting that definitely by the end of the year, we may end up at above 15% growth. As on date, it is 12.5% growth. Corporate, already we are growing at 10%. We want to grow around the 10% to 11% only. We don't want to compromise on our bottom lines. The green shoots, whatever is there, just two days back, our board meeting, the Credit Sanction Committee has cleared INR 26,000 crore worth of loans only in one meeting. That gives you an idea that how the proposals are there in our bank. But again, let me say that our RAM sector will grow much faster than our corporate sector because it is a strategy that we should reach our RAM sector to 60% and corporate sector to 60 to 40. That is the ratio we want to reach in the next one or one and a half years' time. So our thrust will continue to be in the RAM sector to grow faster than the corporate credit. Got it, sir. Thank you so much. Thanks a lot. Thank you, madam. All right. The next question we have is from Mr. Ashok Ajmera. Sir, please unmute yourself. Good evening, sir. How are you? Hope all is well. Yes, sir. Yes, sir. Good evening, sir. Happy Diwali and Happy New Year. We are very just. Thank you, sir. We celebrated a festival just a week back. Congratulations to you, sir, for another good quarter, for a very good set of numbers, sir. Especially your business growth, I mean, which includes credit and deposit growth. You are a little above than some of the other peer banks, which is very heartening to note, which you always have been. Mostly, it is all organic credit, organic growth, which is also very nice. Sir, you addressed those two concerns, which are my concerns also. One is that for our, excuse me, our CASA, sir, which was six quarters back, was 30.98%. Still today, it's 30.69%. So something has to be worked on that little more seriously. So as to make our CASA a little higher, because it is a perennial problem in our bank as compared to some of the other banks where they have anything from 37% to 45% and some small banks even 50%. So one thing on CASA, our strategy. And second one, sir, if you observe this NIM is also going down from 2.9% six quarters back to now 2.50%. I understand that because of the rate cuts and this thing and the lag effect in the deposit and the corporate credit, I mean, credit rates. But then still, where are we heading? And how are we controlling this fall in the continuous fall in the NIM? So these are the two things which I can seek your some comments on that. Yes, sir. I definitely, I appreciate your concern in these things. And I am sure that you will appreciate our efforts in the CASA, sir. Actually, just two, three years back, the balance sheet used to grow at 5%, 4%, 6% per annum. In those days, maintaining the percentage of the CASA at the same level was a little easy task for the banking. But now, because of the credit demand, the balance sheets are growing at 13%, 14%. And current scenario, 14% garnering the maintaining the growth in the CASA also is a big task for any bank, not only the Canara Bank and any bank, sir. But still, since we don't want to lose that control on the CASA, whatever it is there, if you see that the first time year-on-year growth is more than 10% in the CASA, and I am sure that our savings bank individual has started giving the results for us. These are all why we are getting the results is that we have introduced several segment-wise targeted products. And those products became grand success in the market, and we got very good business out of those special products. And special initiatives also we have taken like a customer feedback mechanism, relationship manager concept, business around app. Several initiatives we have taken, and these initiatives will continue to focus on that. Now we are working on some other untouched segments in the society like farmers. We want to come out with a new product to favor the farmers. Then we also want to come out with the gig workers to target them also to bring them into our fold. We don't want to lose any opportunity which gives us a CASA. So we are touching every opportunity. We are trying to explore that possibility to get those things. And we are sure that I can share with you the absolute numbers because of these initiatives. In just one financial year in savings bank individuals, we got 20,000 crores incremental growth in the SB individuals, which is we never seen in the last almost eight to nine years period in the Canara Bank. That means whatever the initiatives we have taken, it has started giving the results. And we are confident that we want to work furthermore and build and strengthen our field functionaries' hands to canvass more and more CASA deposits. We continue to do that. We allowed recently the opening of current accounts through Tab. That also will help them to maintain the TAT immediately. We are also working some more digital initiatives also, and especially in the society side and all. Recently also, we have introduced through Canara CASA product both in SB and current account targeting for the NGOs, societies, our pilgrim centers so that we can garner that CASA. That also has attracted very excellent response we have received for that product. We keep continue our strategy. We want to maintain that. At least the guidance given this year is 32%. Our efforts will continue to meet that requirements that target whatever the guidance given to that. The second one is NIM, sir. As you are all aware that in the first quarter itself, when the RBI regulator has reduced the 100 bp s in the repo rate, our 45%-46% of our loan book is linked with the repo rate. And this repo rate, 46% as a benefit is extended immediately, whereas our deposit rates will continue almost 90% of our deposits, our one-year deposits, whatever the deposits we accepted up to April 1st fortnight. Those are all the deposits will continue to attract the same earlier rate of interest. That's why there is a stress on the NIMs. When the higher rate of interest resume, we also got benefited. We have gone up to that even 3%. In some quarters, we are 3.05%. Also, we could show that NIMs. It's not that the bank is not able to take the benefit of whatever the market conditions are there. Presently, since market conditions are going downward tendency in the interest rates, already 100 bp s suddenly that regulator has come down for us transforming that benefit to that burden to the depositors. It takes almost nine to 12 months period. So till that time, some stress will be there on the NIMs. We expect that the same current level in absolute numbers, if you see that our interest NII in the interest amount has quarter on quarter, there is a 500 crores increase. If you see that the last June quarter, our NII was 9,900 crores, whereas now it's 9,141. That means there is a 130 crores increase as shown in the absolute numbers. That shows that now presently, whatever the deposit rates we have marginalized or we have rationalized has started giving some results. Next quarter also, we see the same. Maybe little bit improvement on the same level will be there. There won't be any further dip in those areas. I don't think that there will be a further dip in that NIMs. Below 2.5, it will not be maintained at 2.5 or 2.5 above. But fourth quarter onwards, definitely again, we look forward for uptick in this NIMs, sir. We will regain our NIMs back to that where we are shown that 2.9 or 3% if the market conditions are continued and if there are no further rate cuts are there. If there is a further rate cut, again, that takes for us to transform into that the deposit rate of interest. It takes minimum 9 to 12 months period. So to that extent, impact will be there on NIMs, sir. Thank you, sir. The next question that we have is from Anand Dama. Please unmute yourself, Anand Dama. Thank you for the opportunity. My first question is that what kind of one-off gains that we can expect from the stake sale in Canara Robeco and Canara Life? And PSL fees this quarter also are very strong. Should we expect that to continue in next two quarters as well? First, let me say that stake sale is there that we got the benefit earlier. So unlocking the benefit what we have that ultimately we are the first banker who could come to that listing in the current financial year two subsidiaries simultaneously. And we got benefit of almost INR 2,000 crores. If you remove that IPO expenditure and all, we got benefit of INR 1,935 crores. These INR 1,935 crores, we have not booked so far anything in the previous quarter. The entire amount will be booked in this current quarter. And PSLC is our business tool. It is a strategy. Whenever we need, we can sell because always demands are there. And even now we have a surplus of almost INR 25,000 crores, which we can sell in the market. Depending on the demand and supply, we have the supply. But we will see that if it is selling in the December is required because already we have enough one-time benefit in the form of stake sale, or it has to be sold in the March month. But we definitely take the benefit out of it than the PSLC sale because there is so much demand in the market and supplier is not there. We are the only big supplier in the Indian banking scenario for PSLC. Sir, secondly, you want to retire in December. Is there any chance that a private banker also could be a contender for the MD & CEO post? We hear that for SBI and others now that government has opened up. But is there a chance that even Canara Bank could be one where government could be looking for a private banker? No, it's beyond my level to comment on those things because already notification has come. The notification terms and conditions are very open. Now the selection process is there. FSIB will take a call who is the suitable candidate. I don't think that there is any leadership deficiency with enough capabilities. Let's wait and see. Do you have any views on the merger as well? I know that basically that banks may or may not be involved. But do you see that happening in next 12 to 15 months? Any broader level discussions which are happening in the government and whether Canara Bank also could be part of that? See, at this moment, till that moment, no formal or informal discussions have happened with Canara Bank regarding any mergers or amalgamations from DFS. Thank you, sir. Mr. Anand Dama, please come back in the queue for further questions. The next question we have is from Mona Khetan. Mona Khetan, please unmute yourself. Hello. Hello. Yeah, hi, sir. Good evening. Yes, madam. Yeah, I have two questions. Firstly, on the sharp growth in CASA balances this quarter. Sorry, I joined late in case you already answered. So. I could not get, madam. Some quality issue is there in your. Sorry. Can you repeat that? Yeah. If you look at the current account balances, there was a sharp growth this quarter after a decline last quarter. So if you could just highlight what really happened here. Current account is we have some institutional deposits. Quite often we get the money, it goes out of that. And that benefit you will get it even March also, if you see that there was a steep increase was there. If you see that even now current balance is less than March. So it's not that an unexpected thing something has happened. So we have some institutional deposits. Sometimes it comes too heavily on that. And that quarter you get the benefit. Got it. And secondly, on the margin, if I look at your one-year MCLR, it has come down by roughly 35 bp s in the last six months. So how much of the repricing impact here is factored on the yields currently? See, we have actually 45% of our loan book is under MCLR. Right. This MCLR is resetting mostly happens on an annual basis only, majority of the accounts. Okay. So six months is over. Then the remaining six months, that means 50% of this 45%, approximately 25% of the loan book may repriced, the remaining to be repriced. Got it. All right. Thank you. I'll come back in the queue. Okay, madam. Thank you. Thank you. The next question we have is from Chetan. Chetan, please unmute yourself. So we are not able to hear. Can we take up another question? Bhavik Shah. Unmute yourself for the next question. You. Hello? We are not able to hear. Can I hear you audible? Yes, sir. Tell me, sir. Congrats, sir. Very good quarter. So two questions. Sir, last quarter we had one-off in the margin. Is there any one-off this quarter? No, last quarter one-off the margin is PSLC only. Except that nothing is there. PSLC in every year first quarter we are getting it. This year also, this year second quarter also we got because we have some excess priority sector and there is a demand. We got the benefit of INR 900 crores in that. So we had some IT in last quarter. No, that is only 4,500 crores. Okay. And sir, how much of the interest on written-off accounts is booked in the interest income line? Approximately INR 450 crores, sir. Okay, sir. And sir, standard provision has gone up quite materially quarter on quarter. We had like INR 350 crores or something. Anything incrementally has it done? Yes, sir. Actually, almost INR 500 crores. Additionally, INR 550 crores other to whatever the additional provision out of that one account, some drinking water project of Telangana. It is quite often appearing in the SMA- 1 or SMA- 2. So on precautionary measure that we have provided that INR 380 crores towards that account. That is in a standard provisioning only. It's only precautionary we have taken that. And we have an actual business strategy to provide like that. Earlier also for one more such irrigation project was there. There we have provided INR 580 crores previous two quarters. Okay. And sir, those accounts are still in SMA or how is it? No, one is in SMA 1. One is out of SMA. Okay, sir. And sir, of the agri book of 2.7 lakh crores, how much would be gold loan? It's 118,000. 118,000 is direct agriculture, sir. The remaining is gold loan book. Okay. Sir, the stake sale amount that we will receive, so will it flow through P&L or it will be through our AFS reserve? No, sir. It will be on P&L only. So whatever the 1,935 after adjusting the expenses, that will be taken into profit and loss. Okay, sir. Thank you so much, sir. Thanks for your question. Thank you, sir. Thank you. Thank you, sir. The next question we have is from Ashlesh Sonje. Please unmute yourself. Hi, sir. Good afternoon. A few questions from my side. Firstly, sir, if you can quantify the interest on income tax refund which you received in this quarter. Sir, it is again around INR 400 crores, sir. Okay. Got it. Sir, and secondly, if you can, if I look at the recoveries from written-off accounts. Sir, almost INR 1,600 crores. What is your expectation on this for the full year? Yes, sir. We expect that on average, every time we are telling that in a year, written-off accounts through written-off accounts, we would like to, we are confident that we can recover approximately INR 5,000 crores. So third quarter also, we are expecting like the same lines of INR 1,700- INR 1,800. And it will continue. And every year, the INR 5,000 crores approximately we can recover from the written-off accounts. Okay. This holds for FY 2027 as well, tentatively? Yes, sir. Yes, sir. Understood. Okay. Sir, and lastly, if you can give us a break-up of the slippages across segments. 750 crore agriculture, sir. INR 350 crore retail, INR 900 crores MSME. Total INR 2,000 crores. Thank you, sir. Thank you. Thank you, sir. The next question we have is from Apurva. Please unmute yourself. Hi, sir. Can you hear me? Yes, madam. Thanks for the opportunity. I have two questions. One, is there any particular reason why ECL on investments have moved up quarter on quarter? What? Is there any particular reason why the loan investments have moved up? yield on investment has increased by 2 bps now, madam, from 6.88% to 6.90%. Yeah, but this quarter, most banks have seen a decline in loan investments. Any particular reason, Canara Bank? That is only, it's a 2 bp is not a big change, madam. Actually, that is only an efficient way of investing where there are chances there bright, they might be investing on that. So non-government securities also, nowadays we are permitting them to invest. They are little higher margins may be getting like NCDs of AAA rated NBFCs and all. So that might be the reason. That's all. It's 2 bps way here and there always it can happen. Got it. Understood. And secondly, does the CET1 of 12.2% include profit for the quarter and post-op? Yes, madam. CET1, this particular one quarter itself, if you see that almost INR 55,000 crores growth is there in advances. That demands that CET1. Even then, because we are earning good profits, we are able to maintain 12.2 above. So from 12.29 to 12.21, it has come. The reason behind is only just because we have grown 14% in the advances. In the particular quarter itself, we have grown INR 55,000 crores of advances. Okay. Understood, sir. And lastly, what is the NIM adjusted for interest on IT refund, sir? Pardon? What is the NIM adjusted for interest on IT refund? IT refund is only INR 400 crores. I already told, madam, asked at a previous question. Thank you, ma'am. The next question we have is from Mr. Sushil Choksey. You may please unmute yourself, sir. Congratulations to Team Canara for the excellent result. Thank you, sir. Thank you, Joshi, sir. Sir, first question, you spoke about INR 5,000 to INR 7,000 crores of recovery from technical write-off of assets. As of today, what kind of pool is available at historical value? 71,000 crores, sir. This is all on historical value, not on current value? No, sir. That's actually the current value नहीं है. That's what actually we have provided 100%. The provision is a book value. The provision we have provided that, sir. So out of that 70,000, you can get even whatever it is there yearly 5,000. And you can observe from our systems, because of our comfortable profits, we keep continuing the return of also. The fresh accounts also, we are continuing to wherever 100% provisions are there for cleaning the balance sheets. We are again writing off some accounts, technical write-off, and that portfolio is able to maintain that level. So that 70,000 is available to us for recovering that next few years. Sir, second thing is RBI took a lot of measures for new initiatives for credit growth, whether it is M&A, stock market, equity lending, many other initiatives. Any thoughts how would you proceed on these products? Yes, sir. Anticipating this decision only, actually we launched last April that online loan against mutual funds, STP process. And it became very successful. And we are the second public sector bank that we are growing in that market comfortably in the current financial year. So now the limits have been increased that will help us in growing this particular area, the STP process. So that and simultaneously to take the benefit of the corporate market, what it is growing, we are also focusing on revamping our subsidiary that Canara Bank Securities Limited. And the revamping RFP has been floated for onboarding a new platform, technology platform, comprehensive platform. And we are also planning to inject some capital to that company. We want to strengthen it because we already listed three companies, three subsidiaries: Canfin Homes, Canara Robeco, Canara HSBC. Now we are focusing more on that fourth one. We want to strengthen that subsidiary so that in the future that value also we can unlock. And if we can make it successful, that subsidiary, it will indirectly or in turn be helpful for us, CASA also for garnering. Otherwise, all our customers who are dealing in the corporate market or capital market, we are unable to serve them in those Demat accounts comprehensively that we want to tap that business. Sir, any thoughts on M&A financing? Which finance, sir? Merger acquisition. That is definitely, sir. We are working on that. We are creating a policy now on the same draft guidelines. We are also eagerly waiting for that opportunities because earlier this opportunity was not there. We also know that we lost some of the very AAA rated transactions also. But now we want to focus on that. Already we are sending our officers and executives for improving their capabilities for training, on-the-job training. We are deputed somebody for foreign also. And we are deputing our some local reputed institutes also. We are also eagerly waiting. We are building that capabilities in the bank, sir. I am sure that within one quarter, policy and the building of capabilities may happen. Then we will be very active in financing those acquisitions. What was our undisbursed credit lines and new sanction pipeline visibility? It will be approximately 50,000 to 55,000 will be there, sir. Because just two days back only, we are sanctioned 26,000 crores, and earlier those sanctions, almost 30,000 crores is there, so more than 50,000 crores undisbursed loan will be there in the corporate sector alone. How do you see the balance by the year end on RAM versus corporate? 60, 40 or it will be something? 59, 41 by the end of this March, sir. The next year we feel that it will be 60, 40. Okay. Sir, my last question, how is your digital spend looking like on budget, exceeding budget, or you will increase the budget? No, actually last four years continuously we are invested almost near to the 1,000 crores every year. So this year also we are budgeted almost to 600 crores because many of the things we are onboarded already. Now we are more working on return on investment. So how to take maximum benefit out of what we are invested. But at the same time, whatever the opportunities are there, we are keep on investing. With 70 crores, we are investing only exclusively on cyber security. So different platforms we are already working on that, sir. So we will continue to invest on the digital. We don't compromise on that because we strongly believe that digital journey only has brought this glory to this bank. Last three years, four years, whatever we have spent, that has started giving the results. If you see that last two quarters, our market share both in the deposit and advances are considerably growing. Our deposit market share has increased in 9 bps and the advances market share is growing 6 bps. That shows that Canara Bank is growing much better than the peer public sector banks and some of the private sector banks. That is because of the digital journeys only, sir. Sir, on M&A financing, one of our peer banks from North said that large banks will work together under IBA or a consortium kind of arrangement. Any thoughts on it? Yes, we are open for that, sir. It's not that, but actually so far in consortium, we acquired an efficiency or capabilities in underwriting the big projects on sole basis, and thereafter, we are downscaling the many of the infrastructure projects done earlier also. Even two years back also, we have done some big projects. Almost total together, so our exposure itself is almost INR 12,000 crores. Two projects we have underwritten that, so this underwriting process also will continue. Simultaneously, we will be part of that consortium if any. It depends on the viability of the projects, sir. If there are any viable projects, somebody has underwritten, we don't mind participating in that, either it's in multiple banking or in the consortium basis, or even solely also, we don't mind because we have ample manpower or the efficiency in our bank. Canara Bank is nobody can corporate sector. I am sure that Canara Bank cannot be neglected. And many people want to deal with the Canara Bank. They are very proactive to deal with the Canara Bank. So we want to encash that reputation or credibility what we are enjoying in the corporate community, sir. Sir, I agree on that. My question was, that is, IBA working towards some kind of a platform where M&A financing is considered? So far, no such initiative has taken. But if they take initiative, we also will be part of that, sir. Okay. Sir, thanks for answering all my questions and congratulations, best wishes to entire Canara management and team. Thank you. Thank you so much, sir. Thank you so much, sir. Thank you, sir. The next question we have is from Dixit Joshi. Please unmute yourself. Yeah, thanks for the opportunity. Firstly, one clarification. You mentioned 3% of the book as an overall book SMA. So that's SMA 0, 1, and 2 or only 1 and 2? SMA 0, 1, and 2. All the together is less than 3%, sir. Okay. Okay. And my second question is, so you mentioned that we will be getting almost 1,900 crore kind of benefit from stake sale in Q2. So are you looking at? It's not Q2, sir. It is in Q3. Sorry, Q3. Yeah, sorry, Q3. So are you thinking of utilizing that to create the buffer provision? Always, no, sir. Even when we don't have that one-time benefit, still you might have find that last consecutively three, four quarters, we are providing excess provisions towards the standard assets where towards to meeting that SMA 2 or SMA 1. So that strategy will continue because anyhow, from 1st March to 1st April 2027, we have to provide for that expected credit loss. So to the possible extent, we are creating that buffer now itself. Yeah. So we can use this to ramp up the. It's not that the entire thing we will use it for that partly because still our PCR is around near to that 94%. Some of the banks are there at 97% to 98%. So there also scope is there to build our PCR percentage. Okay. Okay. Thank you. That's it from my side. Thank you, sir. Thank you, sir. The next question we have is from Mr. Anand Dama. Please go ahead. Yeah, I'm done with my questions. Sorry. Thank you, sir. The next question we have is from Ramanuj. Please unmute yourself and go ahead with your question. Am I audible? Yes, you are. So my next question is regarding the recent changes in bond yields. How do you see this decision affecting our? Some cross-talking is happening, sir. Can you repeat again the question? Hello? Tell me, sir. Tell me, sir. Mr. Ramanuj, unmuted. Please unmute yourself and ask your question. Am I audible, sir? Yes, you're audible. Please. Hello. Yes, sir. Hello. Hi, sir. You're audible. Please go ahead with your question. Unmute yourself and go ahead with your question. Hello, sir. Am I audible? Yes, sir. You're audible. Yes, sir. You are audible. You can speak. Yes, sir. My question is regarding the recent changes and regulations on gold loans by RBI. How do you see this impacting our business, sir? Means will it become difficult to give loans or has the process become easier for us? No, actually that they are very proactive for doing the much better business in the gold loan, sir. Because earlier the LTV ratio used to be up to the 75%. Now the RBI has increased it up to 85%. That comfort they are given. Of course, at this moment, we are not using that. We are restraining ourselves to that below 75%, including the interest component. And the second one is for agriculture loan also. They are given the benefit that if it is, it can be a partially or fully collateralized. Even then, it will be considered as an agriculture loan. These two things have given a lot of benefit. And one more initiative they have given it for renewals up to five lakhs. That can be by paying the interest, they can renew that loans. These three have helped us in growing much faster than the earlier, sir. Tell me, sir, can we see Canara Bank expanding its gold loan business just the way other gold loan NBFCs do? Will it be possible for us? No, sir. I think India may be the number one banker that I don't think any bank or the NBFC is near to us in the gold loan. Our gold loan portfolio is, as on date, it has crossed INR 211,000 crores, sir. Okay. Sir, so do you see gold loan as more profitable than other products? Or is there any product in our portfolio? No, actually, definitely. No, no. Definitely, the gold loan does not require the capital. The second one is gold loan. Our return is almost 8.75% to 8.8%. The gold loan pay, it will not be slippages will be meager. Almost less than 1.1%. So if you see that the product is definitely a better returns, better safety, better security. But only thing, handling the gold loan is the professionalism is required. Otherwise, that will have a lot of problems in the individual bank. Canara Bank is famous for the gold loans for decades together. That's why we have established practices, good practices. That's why we are able to handle it. Otherwise, handling the gold loan is a tough job. Can you explain particularly what makes handling gold loans so difficult? Means exactly what is it procedural problem or there is some legal issue in handling gold loans? No, sir. When you have a proper systems and procedures in safekeeping, appraising, appraisal should be made available, reappraisals, cross-verifications, and safety, keeping safekeeping of these customers' gold. These are all actually there's so much infrastructure it is required. So we have created because it's an established bank, we created those infrastructure already as the processes and procedures. SOPs are very clear. And there is a very stringent monitoring systems are there in the bank. That's why it is not challenging for us. Maybe it's a little difficult for the people who are first time they are starting it. But otherwise, many other institutes can compete with us, no. But nobody is nearer to us. Thank you, sir. Ramanuj, please join back in the queue for further questions. We have a follow-up from Jai Mundhra. Please go ahead, sir. Most of the questions have been answered. There I just needed a few data points. One is you mentioned this total gold loan is INR 2.11 lakh crore. How much is retail and how much is agri, sir, if you have that bifurcation? Sir, approximately INR 63 lakhs. INR 63,000 crores is retail. Okay, and sir, last quarter, sir, how much was this number? Sure. How much was this, sir, last quarter? Last quarter, it was one lakh. I am telling about June 30th, sir. June 30th, it was approximately 195. Now it is 211. Okay. And out of this 195, the retail would be around how much, sir? 55, 60 roughly? 55, 56, sir. Okay. Okay, Okay, sure. And sir, do we have any policy to provide on SMA? Like this quarter, we have done INR 380 crores on this state government drinking water project. But do you have any written policy? The policies will be there proactively subject to availability of your comfortable margins in your hand. Sir, this is actually proactive policy adopted by the board from time to time. It's not that a regulatory requirement that it is required. But still, just when you are comfortable, it is better to provide more and more because anyhow, regulator is expecting you to shift it to the expected credit loss system. That is from 1st April 2027. So we are in advance, we are creating that buffer so that there will not be any much impact on the bank balance sheet, either on the capital CRAR or any other provision profits, bottom line. That's why we are in advance when you are comfortable itself, we are providing those things. It's not that just because we have provided, these accounts are going to be slipped to NPA. No. I am sure we are very much confident that none of these accounts will slip to NPA. But still, in a prudent banking, we want to create those buffers. Thank you, sir. Jay, please join back in the queue for further questions. The next question is from Ashley. Go ahead, sir. Ashley, please unmute yourself for this question. Sorry, I was done with my questions. Thank you. Thank you. The next question we have is from Abhinav. Please go ahead. Sorry. The next question that we have is from Saket Kapoor. Please go ahead. Your request to unmute yourself. Thank you, sir. As we have no further questions, now I hand over the call to you for your closing remarks. Thank you. Thank you so much for all the investors, investor community. Thank you, sir. With this, now we end the Canara Bank Q2 call. All participants are requested to leave the call. Thank you. Thank you.