Good evening, ladies and gentlemen. I welcome you all to Indian Bank's post results conference call for the first quarter of financial year 2025, hosted by Emkay Global Financial Services Limited. From the top management, we have with us Shri Shanti Lal Jain, MD and CEO, Shri Mahesh Kumar Bajaj, Executive Director, Shri Ashutosh Choudhury, Executive Director, Shri Shiv Bajrang Singh, Executive Director, and Shri Brajesh Kumar Singh, Executive Director. Please note that this call is for analysts and investors. So if you do not fall under these two categories, we request you to kindly exit the call. I now request the MD to briefly summarize the key highlights from Q1 FY25 results, followed by strategic direction, particularly in terms of growth, margins, and asset quality, post which we will have the Q&A session. Over to you, sir. Thank you, Kunal. Good evening. Warm welcome to all the participants. Today, we declared our first quarter results. The main highlights are the business of the bank has grown by 11%, of which deposit has grown by 10% and advances have grown by 12%. In deposit, the CASA has grown by 6%, and we could maintain our CASA ratio at 41%. The term deposit has grown by 12%. In credit of growth of 12%, RAM credit, retail, agri, and MSME, has grown by 13%, and under RAM, retail has grown by 14%, and under retail, housing loan has grown by 13%, jewel loan grown by 10%, auto loan by 55%. So put together is a 14%. Agri has grown by 18%, and the crop loan or farm credit has grown by 17%, and 78% are basically gold loan, which has grown by 25%. Investment credit has grown by 11%. Allied agri has grown by 58%, infra by 18%, SHG, Self-Help Group, by 14%. The third one is MSME, which has grown by 6%, but the standard MSME has grown by 11%, of which micro is 14%. The corporate loan has grown on a 9%, and the standard corporate loan has grown by 10%. So you see, in all the segments of our credits are growing, our CASA is, we are able to maintain at 41%. Now, coming to the profitability, the net profit of the bank has grown by 41%, and we reached to INR 2,403 crore. The operating profit has grown by 9%. The growth of the operating profit is basically the growth on NII, which has grown by 8%. Non-interest income, too, has grown by 11%. Under non-interest income, bad debt recovery, we done around INR 504 crore, and it's 180%. The fee income has grown by 17%. And you see the PSLC from last year, we started amortizing over a period of four quarters. So we had an under profit of INR 627 crore, hundred fifty-seven crore we booked as a income for the current quarter. So this was the main reason of our profitability. And now coming to the margins. So NIM, NIM. NIM has improved from 3.52 to 3.53. The return on asset improved from 1.15 of March quarter to 1.20. Likewise, ROE improved from 19.06% to 19.76%. The cost to income has improved from 47.99 to 44. If you go deeper into the margin part, so cost of deposit has increased from 5.01 to 5.05, and the yield on advances come down by 8.81 to 8.69, and there are three, four reasons for that. One is the reason is the penal charges we have booked as other income. Second is the interest reversal part, and third one is that there's a lesser recovery in MOI, or you can, you can derecognize interest. The three factors, and as a result, the YoA yield on advances come down. But you see, our yield on investment has increased from 6.88 to 7.15, because we all, from last one year, we are working on investment, and you see the investment yield is 7.15. Here, the HTM holding yield is 7.08, and AFS is 7.17, and FVTPL is 7.79. Now, coming to the asset quality, 95% collection efficiency we are maintaining. The GNPA, which was 3.95 in March quarter, improved to 3.77, and the net NPA, which was 0.43, has improved to 0.39. The PCR, which was 96.33, improved to 96.66. The slippage was INR 1,928 crore, which was 1.5%, is against 1.57% of the last year. So there are two, three reasons for that. The seasonality is also involved, and the slippage came from INR 900 crore from the MSME book, close to INR 600 crore from the agri book, and INR 400 crore from the retail book. So nine- one thousand nine hundred, we could recover around INR 312 crore post June. But the this time again, the of course, the slippage or recovery is more than the slippage. The recovery is INR 1,937 crore, is again, a slippage of INR 1,928. As far as capital adequacy is concerned, we are better than the last quarter, 6.44-6.47, and if you add the profit, it is 17%+. So this is all about our gross NPA, net NPA, our businesses, profitability, margins. Now, I request my colleague, Bajaj, to discuss about the digitization initiative, and then we will be open for question and answer. Thank you, sir. Good evening, friends from investors and the analysts. The continue of our story on digital initiatives continues, as well as the transaction at branch and digital transactions. It was 85% in June 2023, and it has gone to 90%. So now digital transactions at in the bank is 90% and 10% at branch level. As well as the mobile banking users are concerned, it has gone up from 131 lakhs to 175 lakhs, which is YOY, 33% up. And the transactions, 138 lakhs to 169, which is 22% YOY up. UPI users have gone up from 142 lakhs to 185 lakhs, which is 30% YOY growth, and the transactions from 7,574 lakhs to 11,829 lakhs, which is 56% YOY growth. Net banking, internet banking users have gone up from 87 to 109 lakhs, which is 26% YOY growth. Debit card users from 323 to 324 lakhs. Credit card user, 1.70 to 2.38 lakhs, which is YOY, 40% growth. PoS, we have gone up 13,000 to 21,658, which is YOY, 66%. As well as our digital journeys and digital initiatives are concerned, last year, we completed 78 journeys, which gave us digital business of INR 81,250 crore. This year, we have added another sx journeys in the last quarter, and planning to add another 15 journeys in Q2, and the year as a whole, we are planning for 44 journeys. As well as the business is concerned, for this quarter, it has gone up from 9,000 to 36,678, which is close to 4x. Which is RAM, which was 6,700, has gone up to 29,987. The liabilities at e-deposit, which was 2,414 for Q1, 2023. This time it is 6,670, which is up by 176%. And the journeys, as far as are concerned, this, we are adding another 44 journey during this financial years. One more thing, last quarter also, we are telling, in the last year, we started with our new omni-channel app, which we launched for the customers, also active user customers, which, App Store rating is 4.4. And we launched on 24th June for the public, our customers, and now we have onboarded 13.71 lakh customers. And it has various, the added features, which are better UI, UX, and, the marketplace. It is whatever the other apps are providing, so this new app is giving us all those functionalities. Thank you very much. So one more thing, the guidance versus actual. Actuals, we told that we, the deposit will be growing between 8%-10%, and we have grown to the 10%. In advances, we said that we'll grow between 11%-13%. We are at 12%, and we said that the CD ratio is close to 80, we are at 79. We said that recovery will be INR 7,000 crore, we are at INR 1,937 crore. We said that our margin will be 3.4, plus or minus 10-15 basis points. We are at 3.53. Yes, sir. Now, we are open for question and answer. We will now open the floor for Q&A session. Anybody who wishes to ask a question shall raise their hands. I request the participants to limit their questions to two per participant, and for further questions, please join back the queue. Let's wait a moment for the queue to assemble. We have our first question from the line of Darshan Deora. Darshan, please unmute yourself and ask your question. Thank you for the opportunity for asking this question. Just one question. In terms of CD ratio, is 80% the upper limit, or can we exceed 80% in the event that deposits are still hard to come by? So, Darshan, point is that there is no prescription from the Reserve Bank of India for LDR. But for our, in our own interest, that we should have a LDR within the manageable limits. If you see on a year-on-year basis, our deposit growth or advanced growth, same, 100%. We have grown by deposit, also INR 60,000 crore, advance is also INR 60,000 crore. If you go, even the domestic business, domestic 54,000, 54,000, both side. So we, in the deposit also, we are growing in a very calibrated way, so we are not having any excess, which we can deploy at a, at a lower rate. So we are growing at a same speed. The issue is basically in raising of deposit in CASA and all. So for that, we have done number of things, and as a result, as a result, we are growing 6%-7% in the CASA side. So we'll innovate to maintain our CD ratio LDR be close to 80% also. Got it. We are having excess SLR of close to INR 44,000, and we are having a LCR of range 100, around 120%. Got it. But if it exceeds 80% also, that's not a problem, essentially? There's no prescribed limit per se. But it is in our own interest to have this LDR within the manageable limits. Got it. Got it. Got it. Thank you. That's all from my side. Thank you. Anybody who wishes to ask a question can raise their hand. [crosstalk] In the meanwhile, sir, we have some questions in the chat. Maybe I'll read that out for you. So people are asking, what will be the impact of the new LCR, you know, the draft LCR norms just come out? Most banks, large banks have talked about impact to the tune of 17%-14%. So what do you think will be the impact for Indian Bank? So the new guidelines they came out around two days back. Basically, two things have happened. They will increase the runoff factor for retail deposits by 5%, and also the other than the retail, also 5 points. So those who are having the internet banking and mobile banking, so close to around 4 basis points, there will be impact. 4-5 basis points, there will be impact on us. And second one, what they have done in HQLA also, they have come out where the discounting factor will be applicable. As on date, even our HQLA on assets, basically, excess SLR, and we are having a market value is more than the book value, actually. Because you see the market value is 6.96, 9.7, 10, 10 years, you say we, our holding is 7.15. So you can say 4-5 basis points impact on us. Percent. 4 to 5. Percent. Percentage, 4%-5%. Okay. Close to 120, will come down to 115 or so. Okay, thank you. The next question is, one of your peer PSU bank actually reported two large accounts in SMA bucket. So do you also see some stress in the corporate book, and how much is our SMA 0, 1, and 2 book? We, we have disclosed our SMA number. I think for our SMA, which was 0.48%-0.47%, right? So in our SMA, basically, in SMA two, two accounts are coming, 263, and one is 102 crores. So INR 365 crore is a- which is not a higher amount considering our size. Thank you. The next question is from the line of Darshan. Darshan, please unmute yourself and ask your question. Hi, good evening, sir. Thank you so much for taking my question. Hope I'm audible. Yeah, yeah, you're audible. Yeah. Hi, sir. Just wanted to ask what would be a guidance for our ROA and credit cost? Your audio is not clear, sir. Darshan, your voice was not clear. Can you please repeat your question? Yeah, just wanted to ask in terms of guidance for ROA and cost and credit cost when it comes to slipping- Guidance to ROA and credit cost. Okay, if you talk about two things, ROA and- Credit cost. Credit cost. So credit cost, which was around 0.73% last quarter has come down to 0.71% or so. So our credit cost will be lower than this 0.71%. We are continuously declining. As far as ROA is concerned, it is in a increasing bias. 1.15% was the last quarter, now it is 1.20%, so we are endeavoring to do better. Okay, fair enough, sir. I just wanted to understand the market dynamics, like with deposits, you know, you know, maybe a bit harder to get. Will there be further... Like, will there be an impact on NIMs maybe coming in H2 or something? Because just wanted to understand the landscape. You want to know the deposit cost or the deposit amount? No, no, like, like, I've, like, how is the deposit market? Are we facing competition? Okay, okay, okay. So the point is the market is tight, you know, and the credit growth is happening. So we are seeing that the credit growth will be more than the deposit growth. Even the FSR of the Reserve Bank of India also said that the cycle of high credit growth and high deposit and the low deposit growth will continue for even one year or so. So we think that going forward also, the deposit will continue to be a challenge. But what we are doing for that is that we are managing our portfolio both sides, liability side and asset side. You know, on the asset side, 61% of our book is an MCLR. So what happens, with the increase in cost, we are also increasing our MCLR, so increased price will be, increase in MCLR will take care of increase in our cost. At the same time, the investment book is also giving us a good rate. So that interest rate may slightly increase, sir, because of the tight liquidity condition and because of the need because the credit growth is happening. Okay, fair enough, sir. I just wanted to know, in case RBI cuts rate this financial year, what kind of impact would that be for us? Will that be positive for our NIM? Because we, our deposits are secured and maybe, you know, how would it happen in case if there is a cut? But you see the CPI inflation is still 4 points, you know, above the RBI comfort level of 4%, right? Of course, globally, then interest rate can come down, but domestically, I'm seeing that the interest rate will take time to come down. Even if hypothetically it happens, it happens, then what will happen, the over whatever our advance is less of a repo will slightly come down. But at the same time, then the deposit cost will also come down if the situation so remains. But we are adequately covered by way of MCLR, by way of investment. So yield side, we are fully protected. On a cost side also, our endeavor is to maintain our cost. So you see, even in this increasing interest scenario and all, we could maintain our cost of deposit growth increased by only 3-4 basis. Okay. Thank you so much for answering all my questions. That's it from my side. Thank you, sir. Thank you. The next question is from the line of Sushil Choksey. Sushil, please unmute yourself and ask your question. Sushil, kindly unmute yourself and ask your question. Congratulations to management and team of Indian Bank for excellent performance. Sir, my first question is on cost to income. Can we see 40% within a year's time? Thank you, Sushil. You see that our cost income ratio has come down from 47 to 44 in the current quarter. But our endeavor is to come down, but below 40, it may take time, sir. So maybe one or two basis point here and there. Sir, with the digital initiatives and the capabilities which you have created within a bank can enhance lot of capabilities within your bank in terms of cross-sell, business, relationship, tapping multiple channels which cost cannot be high, rather the profitability will grow. So will it not impact the balance sheet, or you feel that expenditure will exceed revenue side for right now? No, I agree with you. So, but it will not change dramatically. Some benefit we'll get, and slowly, slowly we'll be getting in a time to come. But immediately, it will not change dramatically. But point is that we are working on digitization, we are working on cost reductions as well, and at the same time, you see, CASA is a challenge. So you know, if you grow further, naturally, major part of your funding will be through the term deposits. Sir, today, our G-Sec standard 6.92 at close, the likely scenario based on LCR and global market, if we head to 6.8, how would you rebalance between treasury and credit? Because I think there would be substantial profit which may arise to the bank. At the same time, credit demand at your end is very high. So win-win situation for Indian Bank to capitalize on it, because you being among one of the most efficient banks compared to peers, how do I see the profitability stack up? The profitability point is that you see, today, I'm sitting in a holding yield of 7.15. Even the FVTPL or HFT, the holding is 7.79. 7.79, and AFS is 7.17. So of course, as against the 6.92, we are at a, at a, at a better position. And we are having the excess SLR and INR 44,000 crore. So there's a, naturally, there is a good amount of cushion is available here. Good amount of cushion is available. So if the opportunities will come, naturally, we will encash that opportunity and grow. Sir, I, I would like some view on your retail book, international book. So retail book, you see, basically, in a retail, 70% is a housing loan. And even in housing, this, which is growing at a 13%. And from the CIBIL point of view or from the bureau score point of view, around 85%-90% is even beyond 750 or so. So we are underwriting a better quality customer. And second one is the auto loan. We are growing it at 50%. We have had a number of DSAs even for the auto loan. We are growing in the jewel loan also is at 10%. So this entire retail piece is growing 13%-14%. Virtually, we have sanctioned 20%-23%. But you see in retail, what happens, the repayment too comes. So as compared to last year, our growth is 22% in sanctions, and we are continuously doing sanctions to maintain this 13%-14% of it growth, and for that, what we have done, we have also opened seven RAPCs more in the field, retail asset processing center, so that our sanctions will grow and retail will continue to grow. In the agri side also, I'm telling you, the 78% is a gold loan, which is growing 25%. So majority of is in the gold or even the SHG also, we are growing good. And from this business, we are doing from 16-17 years, where the delinquency level is low. So we are concentrating where we are having better margin and a better asset quality. Even I'm telling you, in MSME also, I was discussing our onboarding. Of late our onboarding is more of a low-risk assets. That analysis we have done. So that way, quality-wise, we are better, and we will continue to grow in that way. Sir, your outlook on gold loan and international book? ... The international book, also the international book, we are also growing good. Basically, overseas advances have grown 27%, right? So we'll continue to focus on a syndication loan because then the margins are better. You see, we, as against the buyer's credit or trade finance. Even I was last week in Sri Lanka, because we are having two branches there also. There also, we are shifting our business from that buyer's credit trade finance to, again, the syndication or even the customers who are having import and exports from Sri Lanka. So opportunities are there, and there the margins are also, so we are growing there also. Sir, the manufacturing sector is growing well in states where Indian Bank has a rich presence. In your earlier avatar of Allahabad Bank, how are we capitalizing and what kind of new or sanctioned credit is visible over a period of next one year? So you see, what you rightly said, we are sitting in Tamil Nadu. Industrial manufacturing is much, much better opportunities here. So what we are doing, we have started our mid-corporate branches. Mid-Corporate Center, which is headed by a GM. There, we are having good growth, around 25%-30% growth we are having in mid-corporate, where the margins are there, and the customer base is also increasing. And today, we are having around close to 27- Twenty-seven. 27 mid-corporate branches, and we are adding two more. We are adding at Erode and- Namakkal. Namakkal, which is in Tamil Nadu. So huge opportunities are there. So we are focusing on that and growing our business. And that is why our NII is growing, our margins are better. So any color on the gold loan book, on the expansion side? I know you are doing very well. We are having virtually close to 80-81,000 crore of a gold loan book. 81,000. And of this 73-74,000 crore is in agri, which is growing 23, 23%. And we are now having 650 gold loan branches, which is basically doing gold loan. And we are increasing the stamp, and there we are giving carat meters to them to check quality and everything. So we are there are good opportunities here, and margins are better, and growth opportunities are there. We'll continue to focus on that. Can you surprise on the margin on the positive side ahead of your guidance in the year? I know you won't answer, but still my job is to ask. Sir, we should always be conservative in giving guidance and performing better than what we say. Thank you, sir. Thank you for answering all my questions, and best wishes to the management team for the year to come. Thank you, sir. Thank you. Thank you. The next question is from the line of Vibha Batra. Vibha, kindly unmute yourself- Yeah. and ask your question. Yeah. Am I audible? Yes. Yes, yes. My question is actually on fresh slippages. If we see fresh slippages at INR 1,928 crore for the quarter, they have gone up significantly vis-à-vis previous quarter and also previous year. And you've given the breakup here. So MSME seems to be worsening the most, and I think retail, maybe quarter four of last year was an aberration at INR 126 crore. That has gone back to its normal levels. So, as on asset quality, I have two questions. One is that what is the outlook on slippages? Is this the new norm? And second is, there seems to be some AUCA recovery. Is that abnormally high, or do you think that will be the trend for rest of the year, too? So thank you. First point is that slippage 1,900, is that, definitely we are not happy with this position. What happens, there are two, three reasons for this. One is that, of course, the seasonality is involved. Second one is in the first quarter, because of election, because of the heat waves and all, there is a, the problem in getting money. But what happened out of INR 1,928 crore, so far, we could recover INR 312 crore. So that will impact will come in the, in the next quarter. And what happens, in here in the agriculture, the basically, majority of this is basically a farm credit. Okay. So we are, we are working on that. We are working on that, and we'll continue to show our recovery more than the slippage. And this is, of course, not a new normal. It is not a new normal, you say? No. Okay. We hope for the best. The NPA recovery, is there some chunky accounts here or not? So what happens, we said that close to INR 2,000 crore of AUCA recovery we will have. So out of that INR 500 crore, we have recovered. Fact remains that today we are having a gross NP of INR 20,000 crore and a INR 40,000 crore of a PWO book. So major recovery naturally will come from the PWO book. Okay, but it was in the same, last, I mean, last quarter. So last quarter was also more, but in the corresponding period, it was INR 178 crore. As against this, it is INR 500 crore. Okay. So do you think you can maintain, say, INR 1,500 crore for the rest of the year on AUCA recovery? Yeah, we had targeted ourselves a total recovery of INR 7,000 crore, 7,000+. So of course, the major part of this can come in the AUCA. Okay. My other question is, if I look at your Tier 1, and compare it to your net worth, there is a difference of INR 7,749 crore. Your net worth, as per the details that you've given, is INR 60,803 crore, and your Tier 1 equity is INR 53,054 crore. So net worth is higher, as compared to 7,749 crore. So this haircut is on account of intangibles such as properties, or is there something else? Maybe— You are talking about the net worth, no? So there may be some adjustment on account of DTA or other CFO can clarify this, why there is a net worth difference of this. But fact remains, there should not be any difference, because as for the new norms, also investment new norms, our AFS reserve has increased by INR 200 crore, and the reserve, general reserve also declined by INR 200 crore. So what is... This is a, why this difference for net worth? Maybe DTA? Yes, sir. But DTA is not INR 7,000 crore, no. So can you tell me what is the number from where you are speaking? I will make it clear. Yeah, yeah, yeah. So, I'll tell you the, just a sec. In our balance sheet also, we have in our presentation also, we have given it in our balance sheet, no? Yeah, yeah, yeah. I'm talking from your balance sheet only. I'll just give you the slide numbers. Just a sec. I have done it on my Excel sheet. I'm just opening your presentation. Just give me a moment. See your slide number 25. Let me come back to you. So that reserve and surplus, 59 plus on INR 60,000, which was on March, is INR 58,000. The rest, INR 2,400, is a profit. This is the balance sheet. Now, you are talking about- No, no, no. No, no, no, no, no, no, no. So I'm talking about... See, if your net worth, if I were to look at just net worth, which is as on thirtieth June 2024, your net worth will be capital and reserves, INR 1,347 crore plus INR 59,456 crore. This is one number I have. Then this is on page number 23. Then if you go to page 25, it is INR 53,054 crores. Okay, okay, okay. I'm just trying to understand. Yeah. Understood. Revaluation reserve is discounted, na, in the CET capital. Okay. As per the RBI guideline, you can't take a revaluation reserve at a full amount. 45% you have to take there. Okay. So that, that is one factor. Second factor is that you can consider your DTA only up to the 10% of your CET capital, as per the Basel law. So always there will be a difference, sir, Madam. Okay. So technically then, when you're giving your book value, you should possibly give as per, you know, net, the net Tier 1 that you're showing, and also, as per net worth, because, there is a huge difference, 14-15% difference, broadly speaking. And, RBI may not allow it to be included as Tier 1 capital because it's not really available for risk absorption. But as far as shareholders' value is concerned, his book value is pretty much your net worth. No, shareholder, shareholder also net of revaluation reserve, no? No, I mean, if I'm a shareholder in your bank- Mm. You know, my share is basically your net worth. It's not out of thin air, whether it is reval or DTA, this benefit is going to accrue to me or if I continue to hold you. Madam, we'll, we'll discuss this offline. There is- Madam, I will- Okay. discuss this with you offline. I will make you, I will clear you everything, no problem. Sure. Okay. Thank you, and all the best. Thank you. The next question is from the line of Jai Mundra. Jai, please unmute yourself and ask your question. Yeah. Hi, sir. Good evening, and thanks for the opportunity. And congratulations on your term extension, sir. Thank you. Sir, a few questions. First, on this new guidelines on investment revaluation, there is a rise in the yield on investment, right? Which is a sizable rise on a QOQ basis. Now, considering, you know, a part of that is because of the now amortization being allowed in AFS, should we think that this yield on investment should remain here, I mean, broadly, or it will—or it was like one-time exercise that helped increase the yield on investment? No, sir, it will remain, sir. It will remain as per the new guidelines. Right. Okay. And secondly, sir, I see in the notes to account that there is a credit in the AFS reserve, but there is a debit in the general reserve. If you could explain, sir, what explains this, the negative? So what happens, actually, that FVTPL, when you go to the new regime, naturally, there is a difference in the book value and the fair value. So the difference has been debited to reserve, to the general reserve. But what happens in a AFS book, where you have a M T M gain, na, which earlier used to come in a P&L account, is now going to a reserve account. So it is going to a AFS reserve account. For us, actually, we have gone with a different, different strategy, I'm telling you. What we have done in the reclassification of our investment with the two or three objective. One objective is to have a better HTM yield, so that bank will consistently provide a better result. So as a result, our HTM yield is 7.08. You compare with other banks, then you will find a difference, because this is we think from the long-term perspective. Second point is that even the AFS book, we are having close to INR 65 thousand, and our excess SLR is INR 44 thousand. So this INR 44 thousand we have kept in AFS, in case of need, we can always have. Third point is that FVTPL, our yield is 7.79, where we can always make money. So we have gone with the different objectives. Okay. All right, sir. Okay, so thik hai. Maybe I'll take with treasury, GM, but okay, thanks. And secondly, sir- Clearly, you ask me, no problem at all. Otherwise, offline also we can discuss. Sure, sir. No, no problem, sir. Secondly, sir, if you can bifurcate your loan mix by benchmarks like repo and MCLR, and do you have any corporate loans linked with T-bills or the entire, external benchmark is repo only? We are in 61% book is on MCLR, right? And in the external T-bill is maybe very, very- 1,000 crore. 1,000 crore. Not, not much. We are basically, we are a, we are in a margin-conscious bank, so we grow only in profitable way. How much- So you see, within the MCLR also, 60% is... No, around 80% is on a one-year MCLR. So that way, that will always give us a support. Right. Sir, is it right to say that your MCLR proportion has increased? Because I remember it was, it was slightly at, in mid-50s level. Has that increased? It is from last 3-4 quarters. It is 61%. Prior to that, it was slightly less. Fifty-nine. Fifty-nine. Okay. So continuously, we are maintaining that. Okay, okay. Under- And sir, why not do T-bills? Because it looks like that, you know, T-bills will give you more concurrent, will capture more concurrent, let us say, change in the interest rate, right? Or, or that is not a right understanding. Point is, our deposits are not on T-bills, nah? Right, but they are not on repo also, right? But so that is a regulatory requirement. Rest is based on whatever increase in cost, I should be able to pass on, nah. Okay. Okay, sure. Sir, lastly, on LDR, right? So we are at 79-80% LDR. You think now, is that the optimum LDR, or you know, you think you have some still few basis point more scope to improve? No, LDR, LCR, right? Yes. So LDR also, we are at 79%, 1%-2% here and there we can move, right? And basically, what we do, we raise resources based on the need also, because resources has a cost. Mm. We basically match everything. You see on a quarter-on-quarter, how our deposit growth is happening and how our credit growth is happening. Even the whole year, last year, you see, it is INR 67,000 crore is a deposit growth, and a INR 60,000 crore is a- Correct. is a credit growth, right? Likewise, whole year, you see from June to June, it is matching. So we are matching in this concept, and we can raise the resources. Point is that you should too, you have to pay slightly higher. All right. And sir, any, any risk of... So cost of deposit has been, you know, it has inched up only maybe 2, 3 basis points only. How do you look at cost of deposit, sir? Because your capital is healthy and you are, you know, you, you are, you're doing a calibrated, 11%-12% kind of a growth. In that context, how should one look at the cost of deposit? Would it keep rising up, or it has plateaued, or how do you look at it? Yes, sir, cost of deposit is because the banks are taking money at a special term deposit rate and all, right? So cost of deposit may further inch up, maybe 3, 4, 5 basis points further. But what happens in MCLR too, we are increasing July by 5 basis points and in June by again by 5 basis points. So that income will come again in the, in the P&L. Slightly cost will increase, slightly income will also increase. And of course, the investment will also support you. So that way, we will, we are trying to maintain our margins. Understood, sir. That is very, very helpful, sir. Thank you, and all the very best. Thank you. Anybody who wishes to ask a question can raise their hands. In the meanwhile, there was one question in the chat from Mayank Gulgulia from SBI Life. He was asking, what was the reason for increase in the slippages in the MSME segment, and what is the outlook going forward? So I told you that because of the, there are three, four reasons. One is seasonality is also there, heat wave is also there, election is also there, right? There are a number of factors, and part of the money we have recovered also. There are the three, four reasons for the increase in slippage. But our recovery was higher than the slippage. Right. The next question is from the line of, Manish. Manish, please unmute yourself and ask your question. Yeah, thanks for the opportunity. So my question is regarding the one of the budget proposal, wherein PSU banks have been asked to develop independent assessment model to lend to MSME based on digital footprint. Since we are one of the prominent bank in MSME space, do we have any model right now? Have we backtested those model? How do you see this proposal by the government to the PSUs? Well, this is a good, good move from the government. We are having at present also, because we are based on the GST, GST return, and based on the CMR scores, right? Based on the balance sheet. We are having own model. Based on that, we are giving credit to the customer. And you see, I'm telling you the delinquency level on those kind of a digital lending is lower than the other. So we are having our own system, which is based on the GST. GST means your turnover, your purchase, your sales, financial statement, and also based on the CMR ranking, ranking. CMR takes care of your credit or your conduct of account. All these factors put together, we are giving the facilities, and further we'll develop based on the needs. So we are having, sir, and we are open for others, because it will be developed by IBA and all. So we'll give our comments there also. But sir, are you confident of, you know, managing the credit quality in this space if you start lending without any proper, you know, records or account statement? So, sir, you see, I'm telling you, if you are giving based on the income tax return, based on the CMR and all. But income tax return, you see return number 2, 3, and 4. What the return says, return says your entire balance sheet. So you can get, take data from them also, in a return also. And you have a CMR which takes care of your conduct, and the GST which takes care of your purchases, sales, whether the same purchases, sales, whether the buyer or seller is submitting the return and thing. Nowadays, all things are available, so you, you can, you can do, sir, better. Okay, just one follow-up on this. Does it open new lending avenues for us in MSME space? Definitely, sir. Definitely, because there are two issues in MSME with the access to credit. So if you offer a product digitally, naturally the access to credit will increase, so naturally it will grow. Further, the new schemes has also come that in a Mudra Tarun, wherever the money has been paid, you can give more, from INR 10 lakh to INR 20 lakh. So those who are paid, this is a good opportunity. My customer, they already paid, they will come back to me, and I'll give more loan. So opportunities will be there, sir. Got it, sir. And friends also. Thanks for answering questions. Thank you, sir. Thank you. Anybody who wishes to ask a question can raise their hands. So there is one question in the chat: What will be the impact of the draft project financing and the ECL norms? And do you plan to raise capital to fend off the impact of the same? So first point is that guidelines are draft. Second point is that what they say in the draft guidelines, you have to make by 2025, 2% provision, 2026, 3.5%, and at 2027, 5%. And that 2% also you can amortize over a period of four quarters. So 0.5%. Virtually, it comes to 0.5% per quarter, right? So what is my book as compared to my total book and 0.5%? It will not be a material amount. Of course, there will be an impact on my P&L because of the charging, but we will also charge the customer, na? So this is an opportunity also to make some money to us, and that will not be a major impact, considering the present projects in hand and all. Okay, thank you. And what is your view on RBI's comments on Mr. Ashish Pandey, who was designated as MD? Sir, we are not a right person to comment. Okay. How much of PSLC fees have you booked in one Q, and what is the outlook for the same? That 627 crore of PSLC commission we booked, and as per our policy, we amortize over four quarters. INR 157 crore is booked in the current quarter, and remaining we have carried forward to be booked in the remaining three quarters. Got it. And was there any reversal of penal interest from interest income in the current quarter? Yes, around INR 42 crore has been booked, has shifted from the interest income to the- Yeah. to the other income. Got it. So, we can take that as the last question. With this, we come to the end of the Indian Bank’s post-sales conference call of Q1 FY 2025. I now request the management to give their closing remarks. Anybody wants? Otherwise, thank you. Thank you all the participants for having active interest in the bank, and please keep supporting us, and your support will give us a more motivation to do better. Thank you. Thank you. On behalf of the management, I thank all the participants for joining. Happy evening, and have a good day. Thank you.