Yes, sir. Good evening, everyone. We welcome you all to Indian Bank's Post Results Conference Call for the third quarter of financial year 2025, hosted by Emkay Global. From the top management, we have with us Shri Binod Kumar, MD and CEO, Shri Mahesh Kumar Bajaj Ji, Executive Director, Shri Ashutosh Choudhary, Executive Director, Shri Shiv Bajrang Singh, Executive Director, and Shri Brajesh Kumar Singh, Executive Director, and the other top management from the bank. First, I would request the MD, sir, to briefly summarize the key highlights of the third quarter results and also provide us the strategic direction on growth, margins, and asset quality, post which we will open up the floor for Q&A session. Over to you, MD, sir. Thank you, Anand, and good evening to all who are participating in the call. Friends, Indian Bank has published its quarterly results today, and key highlights, sir: total business has grown from INR 12.44 trillion to INR 12.61 trillion, with a YoY growth of 8.33%. Deposits have grown from INR 6.93 trillion to INR 7.02 trillion, with a YoY growth of 7.34%. CASA, we have been able to maintain at 40% CASA share. CASA has grown by 3.86%. One good thing, retail term deposit, which we have been able to grow at decent 9%. And advances, we have grown from INR 5.51 trillion to INR 5.59 trillion at 9.61% YoY, 1.45% QoQ. RAM, we have grown from INR 3.25 trillion to INR 3.35 trillion, with a growth of 12.79% and QoQ growth of 3.08%. Particularly in retail, we have grown at 16.16%. Agriculture, we have grown at 14.04%. MSME at 8.43%. Share of RAM has grown from 63.32% on September 24 to 64.35% on December 24. If I talk of the net profit, net profit has grown from 2,119 a year ago to 2,852, with YoY growth of 34.57% and QoQ growth of 5.36%. Operating profit has also increased from 4,097 to 4,749 at 15.91% YoY and 0.44% QoQ. NII has increased from 5,815 to 6,415, with a YoY growth of 10.32% and QoQ growth of 3.57%. NIM, we have been able to increase overall NIM, global NIM, from 3.41% to 3.45% on YoY basis. That means there is a 6-point increase. And QoQ, if I talk of from 3.39 to 3.45% on QoQ basis, 6-point improvement is there. ROA, we have been able to increase from 1.33 to 1.39%. And on YoY basis, there is an increase of 28-point from 1.11 to 1.39. Return on equity, again, we have been able to maintain at 21%, with a YoY growth of 108%. Cost-to-income ratio, cost-to-income ratio, again, we have been able to reduce it from 45.12% to 44.56%. PCR, we have been able to maintain at 98.09%, up 209 points as compared to the December 2023. Credit cost, credit cost sequentially also and YoY basis also, it has come down to 0.47% from 0.65% a quarter ago. Earnings per share, earnings per share also has seen an increase of 26% YoY basis from 67.12 to 84.70 and 5.39% on QoQ basis from 80.37 to 84.70. Book value has also increased from 347.73 to 412.42 on YoY basis and sequentially from 394.40 to 412.42. Cost of deposit, there is an increase of around 5-point on QoQ sequentially, and yield on advances has increased 15-point sequentially. Gross NPA, gross NPA, we have been able to bring it down to 3.26%, 22-point sequentially, and 121-point on YoY basis. Net NPA also, we have been able to reduce it to 0.21% from 0.27 a quarter ago and 0.53 a year ago. Slippage ratio, consistently, it is coming down. From last three quarters, in June, it was 1.7, and September 1.06. Now it is 0.78. Consistently, if you see, our recovery is more than slippage. This time, also, against slippage of 1,016, recovery is 1,911. SMA book, many analysts may have questioned, SMA has increased a little bit because two accounts, three big accounts came to SMA. SMA, out of that, now all these three have come out of SMA-2. Only one is in SMA-0, and presently, our exposure to SMA-2 is less than 3,000 crores. The bank has taken various initiatives during the last two, three years on account of digital initiative and HR transformation also. In the last two, three years, we have opened more than or launched more than 117 journeys or product and processes. Similarly, account opening has also been revamped, and account opening, if I compare, it was 56 lakh during the last financial year, which is 42 lakh in the nine months. Similarly, in current account, we have opened 1.80 lakh account in the last financial year. So far, we have been able to open 1.15 lakh crore. Guidance, whatever guidance we have given for the financial year, we stick to the guidance. For deposits, we have given guidance of 8%-10%. We will continue to do that. We will achieve that. For advances, we have given guidance of 11%-13%. We will achieve that. CASA also, CASA, we have given guidance of around 40%. We have been able to maintain that, and our endeavor will be to maintain CASA at 40%. Although that may be a little challenging. Credit deposit ratio, LDR, it is 80%. We have given approximately 80%. We are at 79.63%, so we have been able to maintain that. Net NPA, we have given guidance of less than 0.23%. We are at 0.21%. Recovery, we have given guidance of 7,000. So far, we have been able to recover 5,800. So we are on track. We will be able to achieve that. AUC A recovery, we have given guidance of 2,000. We have already recovered 2,100. NIM, we have given guidance of 3.40% to 3.50%. So we are on that target. ROA, we have given guidance of approximately 1.20%. We have beaten that. We are at 1.39%. Return on equity, we have given guidance of 19%-20%. We are at 21%. Cost-to-income ratio, we have given guidance of approximately 44%. We are at 44.56%. And credit cost, we have given guidance of 0.77, but we are at 0.47. So these are the numbers, and I will request my colleague, Mr. Mahesh Bajaj, to explain about the digital initiative. Thereafter, we can take calls. Thank you, sir. Good evening, friends from the analysts and the investors. As far as our digital journey successfully continues, our digital migration has gone up from 87% to 92%, YoY 5% up. So branch-level transactions have come down to 8%. And the mobile banking and all the channels, there is a growth of 18%. Same way, the transaction growth is also 12%. And again, MD, sir, was talking about the digital journey. So this financial year, we have launched 15, close to 39 journeys, and this quarter, 15 journeys. So put together, 117. And our business on the digital channel has gone up by 125%. It was INR 52,884 crore during the last financial year, December 2023. And this time, it is INR 118,981. So it is nine- months growth is 125%. Same way in RAM, it has gone up by 113%. E-deposits in the digital deposits also, it has gone up by 186% from 7,500 to 21,000. In the same way, the digital adoption also has gone up in both RAM, MSME; it is 80%, retail 77%, and agri 88%. We have crossed the digital business since inception, which we started our branches, more than 205,870 crore, and branches, almost all branches, if you see, even the branch-wise, also the growth is there. We have opened 89 lakh accounts through digital platform, which is YoY; it's 160% growth. In the same way, on the liability side, it is 186% growth, which is growth is 14,000 crore. On the digital home loan, also 3.2x growth is there, which is 4,259 crore. Even digital vehicle loan, also 4.7x growth is there, and we have the gold loan on the retail side also. We have now made journey on the digital channels, which is again a 12-time growth, which is 7,715. MSME growth is also close to 79%, which is close to 4,718. And same way on the digital agri, 98%, it is almost doubled, which is the growth itself is 33,467. Even on the self-help group also, we have started our journeys. And our IndSMART app, already it is launched on June 24 for the retail customer. And it has more than 275 functionalities. It is available on both Google Play and Apple App Store. We are now very shortly, we are going to start our mobile banking for the corporate customer also. It is under CUG. And on the retail, more than 60 lakh customers have already onboarded. And the digital business and fintech partnership, we have onboarded close to 138 fintechs. The bank provide all type of fintech solution to the government, to the institutions like municipal corporation, cess collection, religious institution, hostel, FASTag, all kind of solutions bank is providing through the fintech partnership. Bank is having various other ongoing key projects, which we have provided in the presentation. With that, I'll conclude my presentation. Thank you. Yeah, thank you, sir. So before we open up the floor for Q&A, I had two questions. One was, you said that the credit growth will be about 10%-11%, which means that the fourth quarter will have to do a heavy lifting in terms of about 5%-6% quarter-on-quarter growth. Now that you are focusing a lot on margins front, whether obviously the targets were actually given by the earlier management, would you want to stand to it or you basically would want to revise it downwards? No, no, we won't go for any downward revision. The credit we are seeing, we will be growing at 11%-13% in the range of 13%. And margin also, we will be maintaining that between 3.40%-3.50%. Yeah, but then that would call for a pretty heavy growth in the fourth quarter. Given the run rate that. But you see, credit we have grown at almost 10% already. So maybe, and you see, in fourth quarter, demand is also higher. So that is achievable. We will achieve that. My second question was to Mr. Bajaj that, I mean, we have given a good slide on digital lending front. So is it all organic digital lending that we are doing, or basically there are a lot of partners through which basically we are doing this lending? No, basically, sorry. Basically, our journeys, we have already taken a vendor. So with that, with their help, we are doing all these journeys. As far as the other solutions which we are providing, where we will not go for our own solutions, there we have onboarded 138 fintech partners like some government department is asking for a platform solution, some institution is asking. So for that only, these platforms are the fintechs we have onboarded. Other than that, bank has its own VR journeys we are only doing, and through our own, the permanent partners only. Vendors we have already onboarded for mobile banking as well as the DLP digital lending platform. I recall we had Rupeek as one of the partners which was there particularly on the gold loan front. So is it still working? That partnership is still working or we have basically closed down that partnership? No, that was basically for doing business on the gold loan, but bank on its own is having a good amount of business. So with Rupeek, we have stopped doing. I think very a few lakh or crore must be pending. How much is balance? No, no. No outstanding as on date, and we are not taking it forward. Gold loan, we used to do. Gold lending, we have stopped. Now we'll open up the floor for Q&A. Anybody who wishes to ask a question shall raise their hands. I request all the participants to limit their question to two participants in the first round. If you have any further questions, please come back in the queue. First, we have Mr. Ashok Ajmera in the queue. Sir, please unmute yourself and ask the question. Yes, sir, good evening. Binod Kumarji, and welcome to you to Indian Bank as the Managing Director and CEO. Nice to see you there. Thank you. Yeah, thank you. Good evening. Sir, yes, good evening. My first question is I will extend Anand's concerns because my major concerns is basically on the growth nowadays in most of the banks are facing. But it seems that our growth in the last nine months, of course, you have joined, I mean, the bank recently, but of course, I'm talking about the whole bank as such, has been very, very mute. So if you maintain the same targets of 11%-13%, say even 12% of the credit growth, you need to disburse in this quarter almost about INR 38,500 crore, as against INR 8,500 crore in the last quarter and INR 25,000 crore in the whole of nine months. So how do you, how do either we believe that INR 38,500 crore can be disbursed by Indian Bank only from January to March 2025? So all color on your sanctioned pipeline, you have your disbursements under pipeline. Because even if some fresh sanctions take place now, I think the loan book will not increase. The disbursement will not take place before 31st March. May not take place. Ajmera ji, I appreciate your concern because since last in last quarter, we have grown by 8,500 crore and developed suddenly and if management come and say that we will grow by 38,000. I appreciate your concern. But if you see, in last quarter, growth has been good in the RAM sector. RAM, we have grown at 13%. That means there is no challenge on the RAM. Then question comes of the corporate. Corporate, we have a good pipeline of around 40,000 crore in various stages. Some are in the disbursement stage, some where in principle has been given, some proposal has come to head office, and after my joining, we have also already conducted one MC. And we have already, as you are saying, after taking charge, I have already taken stock of the situation. And you are saying 38,000. I'm targeting rather 40,000. And we will be able to achieve the 11%-13%. Not saying that. Yes, no, 38,000. I said I took the average of 12%. That is why 38,000. But 40,000 is better. And we will be very happy, sir. We will be very happy if you achieve this target because on the deposit fronts also, we are lagging behind. And. Yeah, yeah. But deposit also, let me tell you the good thing. Good thing, if you see our that data may not be there. Our deposit growth, we could have grown. There is no issue in that. But total wholesale deposit, we have degrown from 1.08 to 1.01. So there is no point in taking deposit at higher cost and deploying somewhere at not very profitable opportunities. Similarly, if I talk of the retail deposit, retail deposit, we have good growth of around 8%-9%. So and CASA, we have been able to maintain 40%. So if we want to grow, it's our choice. If you would have wanted to grow at, let's say, 9% or 10% in CASA, if that makes business sense, we could have grown because we could have taken some bulk deposit because CASA and retail term deposit is supporting us. No, sir, it's very good to be optimistic and then to achieve also the same optimistic targets. Sir, my second little bit observation, you said that because the SMA-2 numbers had increased to 4,982 crore, and you said that three accounts have already been, I mean, recovered the amount. They are regularized from SMA-2 to SMA-0 maybe or SMA-1. And now the balance outstanding is only 3,000 crore in SMA-2 as on today. So these two or three accounts are habitual of one month lag, I mean, coming in SMA-2 and again going in SMA-1, or it was a one-time problem for them? See, these accounts are coming in SMA for some time, say, three, four months. But out of these three, two has become regular completely, not even in SMA-0. Only one account is in SMA-0, which we expect that will also become completely regular. And going forward, it is our expectation that they should not further slip to SMA. Okay, sir. That's a very good point. Sir, only there is one note that INR 155 crore excess provision has come to the profit and loss account because of the sale of the stressed loan book. So going forward in this quarter, also we expect some this kind of additional recoveries like the reduction in the provision because of those recoveries. Sale of stressed loans. Sale of stressed loan. So I will reply it like this, Ajmera ji. So recovery in which is adding to our bottom line and operating profit also, that amount is around 548 crore. Last quarter, it was somewhere 782. So we expect that this 540, around 500, we will be able to achieve that because we have given guidance of recovery of around 2,000 in AUC, and we have already achieved 2,100. And whereas it was last year, 3,000 crore. So we expect that this momentum will continue because we have good TWO book of around 40,000 crore. Sir, my last question in this round, sir, is on investment book. Investment or other nowadays, we will call it as a trading profit or opportunities, either I don't know, on the arbitrage or something. So how do we can the treasury like looking, I mean, income from treasury in this coming quarter, profit from the investment, sale of investment, or the treasury profit, some indication in this coming quarter, I mean, January, March quarter? Treasury profit? Yes, we are expecting in this quarter. Treasury profit was 278. Yeah, no. 283. So trading profit was 283, but MTM was minus 20. There was MTM charge of 24. So maybe in next quarter, we will have some trading profit again. It should be in the same range. And MTM may not be there because we expect that there should be some moderation in the interest rate. So may not be there. This is my expectation, but don't know market how it will behave. No, anyway, sir. Good. Once again, congratulations and all the best to you. You are maintaining a very good ROA of 1.39%. Your net NPA is also almost now no more scope is there for any further provision 0.21%. Of course, in gross NPA, still there is scope for reduction. So anyway, all the best to you, sir. And if time permits, I'll come back again, sir, for some minor database data points, sir. Thank you. Thank you, Ajmera ji. Question will be taken from Piran from CLSA. Piran, and video. Yeah, thank you. And congratulations, Binod ji, for this new role as MD and CEO. So firstly, I just wanted to ask, what is our LCR right now, liquidity coverage ratio? Thank you, Piran. My LCR as on 31st December was 116. Presently, it is 125. Okay, and what are our plans thereafter the LCR norms come? Is 116 the comfortable level for us, or do we plan to shore it up? But on an average, our LCR remains in the range of in excess of 120, approximately 125. And impact of new norms are around 8-10 basis points. So on particular day, I cannot say, but with 125, even if there is a hit of 10 basis points, then 115 we will be able to maintain. I think that is comfortable. Okay, okay, sir. And sir, secondly, just going back on the SMA book, can you give us some color on these three accounts, which sector were they from? Are they PSUs or privates? And what gives you confidence that the SMA-0 account will be recovered soon? Just some color would be useful, sir. See, if you see the track record of all these accounts, these accounts' recovery has been very good, and it's not new account. It's old. All these are old accounts. So all of a sudden, some problem crept in, and since last, I will say around six months, there has been some issue. But now some understanding has been reached, and we expect that these accounts should not slip into SMA further. Two has already come out of SMA, and one which is in SMA-0 is expected to come out shortly. Okay, sir. And sir, just lastly, in Agri, for other banks, we see in the third quarter, slippages are usually higher. Like ICICI Bank, Axis Bank, they say slippages pick up in third quarter. But for us, it has actually gone down. Is it a different profile we do because we don't do much Kisan Credit Cards? What would be the reason really? Yeah, yeah, yeah. Actually, we are focusing on investment credit. So that is a differential. KCC is not much for us? KCC we are doing, but selectively. Okay. Okay, sir, this answers my question. Thank you and wish you all the best in your new role. Thank you. Thank you, Piran. Question will take from Rakesh. Rakesh, please answer. Hi, sir. Thanks. Thanks for the opportunity and quite good set of numbers. So just had a few queries, sir. So firstly, coming to this standardized provision, we are continuously making this provision. And if I'm not mistaken, that number, we have done it kind of around INR 550 crore we have done for the nine months. And we already had close to around INR 8,000 crore in the March 2024. So what is the provision that we have for the restructured book and for the SMA? So if you can just tell us, so what is the provision cover we have on that now? On SMA-2 book, we make provision of 10% flat on SMA-2. And on restructured book, we have a provision of 25%. Okay. So does this mean that the additional provision that we have, so if I consider that for the standard loans, which are not stressed, we would have approximately 55 basis points of provision, 50, 55 basis points of provision. And then we have, as you said, 20% provision for restructured and 10% for SMA. So the residual standardized provision, is it that we are building it for ECL only? I will not say that it's building for ECL because we don't know when ECL will come. We are adopting prudent measure, I will say. Wherever we feel that there is some stress or account may slip or there may be some sector where we can see some stress, we are conservatively making provision, prudently making provision for that. Okay. Sir, just second question on the borrowing part, sir. We have raised Infrastructure Bond of INR 5,000 crore at 7.12%. Borrowing cost seems to have gone up. So I know this is a very small amount as compared to the borrowing's total outstanding. But if you can let us know why the borrowing cost has gone up this quarter? Rakesh, not 5,000. We have raised Infrastructure Bond of 10,000 crore. And whatever amount you see, it is because of that only. No, INR 5,000 crore, I think you raised in the October 2024, as you are mentioning in the. Previous quarter. [distorted audio] Previous quarter, 5,000. No quarter. Total? Two quarters. So it is the impact of that only because I have analyzed that. That is what exactly. See, Rakesh, what had happened, we have raised money in Q3, but sorry, Q2, but impact of that has come in this quarter. Okay. Okay. Okay. Sure, sure, sure. That answers my question. Thanks a lot, sir, and all the best. Maru, please unmute yourself to answer your questions. Yeah, hello. Hello, Maru. Hello, sir. Congratulations. Congratulations on your new role, sir. So I had a couple of questions. Firstly, the deposit taking was tough for all banks in the third quarter. Has it changed on the margin in the fourth quarter, or do you see change in the fourth quarter? And therefore, will some of the do you see any deposit rate cuts, even if the repo rate is not cut in the near future? That's my first question. And my second question again is on loan growth. See, Bank of India also said they are going to grow 14%-15%. Then Union Bank also gave a loan growth guidance. They have basically retained their guidance. And so for all PSU, I mean, for at least these three PSU banks, the implied growth for the fourth quarter is 5%-6%. So it's not only for your bank, it's for everyone. Is there enough demand or enough corporate demand for everyone to grow 5%-6%? Is there some CapEx lined up, or is this a busy season or real busy season? I'm just trying to find out whether there's indeed some demand improvement from the corporate side. Thank you, Maru. See, deposit rate cut, I don't think there will be a rate cut on the deposit front. Because if you see the bulk rate, it is already very high, and I think it will continue to unless there is some rate cut there. And on the credit growth, as I earlier told also, Maru, RAM sector, we are already growing at 13%. So at 64% of our book are RAM. Then we have to concentrate on the if we are able to do some good corporate credit, we will be able to grow at 11%-13%, which guidance we have given. And for that, we have a pipeline of 40,000, around 40,000 crore in the corporate book itself, and overall pipeline of around 60,000 crore. So we are hopeful. We are quite hopeful that we will be able to add around 38,000-40,000 during Q4. If you see otherwise, also if you see historically, also credit growth in Q4 is higher as compared to other quarters. Got it, sir. Sir, and with higher corporate growth, would that put pressure on margins or not really? No, no. Margin will be very cautious. As a philosophy, we are dissuading giving loan on the repo rate loan or external benchmark- linked loan, corporate book particularly. We will be cautious of the margin also. But if there is some rate cut or, I mean, deposit cost really goes up, then there can be some moderation, but we will see. We are at 3.45%. So NIM, and we have given guidance between 3.40% to 3.50%. So we will be able to maintain that margin. Got it, sir. Sir, and my final question is on LCR. So no final guidelines have come. Would that mean that it's, I mean, we can forget about it now, or how does it work? No, no. We cannot forget about it. It's already there, and we are having calculation on regular basis of that. And we expect that at some point of time, it will come. Timing, we cannot say. Got it, sir. Okay, sir. Thank you so much. Thanks a lot. All the best. Thank you, Maru. Thank you. Next question will take from Kunal Sukhani. Kunal, please unmute yourself. Hi, sir. Just a basic bookkeeping question. Just wanted to know how do we calculate this book value, which is at 412, and if we calculate it based on the balance sheet equity, which comes at 495. So what exactly is the adjustment we do in the book value per share? See who is replying. Our net divided by the number of shares, sir. Net worth divided by number of shares. Sure. Thanks. Yeah, you can unmute yourself for another question. Hello. Sir, good evening and congratulations. Congratulations, sir, on your new responsibilities. I have a few questions, sir. First, sir, on your MCLR rates, right? So if you look, there have been inching up of cost of deposits in the last six, nine months. But the one-year MCLR rates have not increased commensurately, right? It's only maybe five, five basis points increase. How does this work? I understand other banks have also not raised too much MCLR rates. But what is your sense as to why MCLR rate increase is much lower than the rise in the cost of deposits? So MCLR, thank you, Jay, for good message. MCLR, see, MCLR is marginal cost. So marginal cost, and it is a defined formula from RBI. So we are calculating according to that. Because we have to take cost of fund, then operating cost, very much defined formula. I don't think there should be, and if you see, particularly cost of funds of the banks has gone up. Definitely, if I talk of the cost of my bank, just a minute, I don't have that number right now. That is QoQ basis. QoQ basis, it has gone up by five basis points. And if you see, my MCLR has also gone up by five basis points in the last month. So maybe not be commensurate because whatever reply to that also, see, 40% is CASA. So entire cost is not being built up in the while calculating MCLR. Right. Okay. Sure. Sure, sir. And secondly, sir, if you can bifurcate the loan book into MCLR and EBLR and T-bills and maybe fixed rate book if you have that breakup. MCLR linked, it is 56.68%. EBLR, it is 36.97%. And fixed, it is 4.74%. Okay. Sure. Sir, where do you put the gold loan, which we have, I think, a decent amount gold loan? Is that also a part of out of this, or this is included in floating, or how does it work? It is mixed. Part of that in agri MCLR and part of that in EBLR. Okay. Sure. And hello? Yeah. Yes, sir. Sir, on this gold loan, if you can also quantify how much is the total gold loan at the bank level, how much is agri gold, and how much is retail gold? Total gold loan is 90,000 out of agri is 78. Right. And sir, any changes because of this RBI new final circular on gold loan? Do you have to make changes to any of the gold loan product on AGRI and non-AGRI side? Yes, because of that, there has been some declassification from agriculture to non-agriculture, and that impact has already been taken. Okay. Sure. And sir, I also wanted to check on standard assets provisioning. So you mentioned that the bank provides 10% straight away to SMA- 2. Is there any other broad guidelines? So we have 500 crores of standard assets provisioning this quarter. If I just look at SMA 1, 2, I don't think at the. I mean, one maybe that explains the SMA- 2, but is there any other formula or broad framework to provide for the standard assets provisioning? So, Jay, I told you wherever we see a stress somewhere building up, we make provision in that segment sector or account, so some additional provision has been made in some of the sectors and some of the accounts. Right. And sir, if you have the number as to what is the outstanding non-NPA provisions at the bank level, that may include restructuring provisions you have already given, is there in the presentation? But what is the total stock of all general and non-NPA provisions if you have that number? So basically, you have to have ECL numbers. Presently, I don't have that number. We'll share with you separately. Sure, sir. And lastly, sir, I think you mentioned or you hinted that you are doing very well in RAM, right? So no doubt about that. 13-14% is a very decent growth. But corporate growth has been coming down only, right? I mean, it has now come down to 4-5% YOY. What is going to change, sir, in this quarter? I mean, see, we were growing at 10-11%, then we came down to 8-9%, and now last quarter corporate growth is around 5% only. What could change for you to just to grow this book without impacting margins too much? I was just thinking on those lines. Corporate also, otherwise, we are also growing at 8%-9%. So you can take last quarter as an average. Okay. Okay. Sure. Thank you so much, sir, and all the very best. Thank you, Jay. Thank you. So, next question will take from Ashlesh. Ashlesh, please unmute yourself. Hi sir. Good evening and congratulations on the new role. Thank you, Ashlesh. So the first set of questions is on the deposits front. If I heard you correctly, your guidance is 8%-10% growth in FY 2025 on deposits. If I look at your YTD growth in the first nine months, that is at about 1%. So how do you plan to achieve that 8%-10% guidance in the next quarter? Because that would imply a fairly sharp jump in your deposit acquisition. Yeah. But if you see, our YoY growth in deposit was 7.34%. And as I told you, our growth in retail, retail term deposit is also at around 8-9%. So we are quite hopeful, and that means accretion in the last year also. It would have been good accretion in the Q4. Because if we are growing at 7.74, 7.3% in the YoY basis, that means whatever accretion we have been able to make last year, we will also be able to make accretion in this quarter. Got it. So you do not include the. 10% will achieve. Sorry? Yeah. Please go ahead. So you said more than 10% you will achieve? Deposit? No. 8 to 10. Statement. 8 to 10. Okay. Sir. No, no. 8%-10%. You don't include the infrastructure bonds in that guidance, right? No, no, no. Infrastructure Bond is separate. Okay. Sir, and secondly, you indicated that you have shed some of your bulk deposits, bulk term deposits. If I heard you right, the numbers, you said it's gone down from some INR 1.08 trillion to INR 1.01 trillion in this quarter. Any specific reason why this shedding has been undertaken in this particular quarter itself? Why not earlier? Not any specific reason. Because maybe not getting at our desired rate, whatever we are looking for. Not any specific reason otherwise. Or not opportunity to invest it at desired rate. Got it, sir. And sir. For the management of the fund, we have been able to raise INR 10,000 crore of Infrastructure Bond. So that is also a fund for me. So if I can, since we have raised also INR 10,000 crore, so because of that also, we went a little slow on the bulk side. Got it, sir. Sir, and just lastly on the AUC recovery, that momentum has been extremely strong for us in these nine months. Any sense you have for the recovery outlook for the next year? Whether this can be along similar lines or down, let's say, 20% or down 40% from FY2025? AUC recovery since last year, it was 3,000. This year, we have given guidance of 2,000 crore. Let final number come in the March, then we will give guidance for the next year. Okay, sir. Perfect. Thanks a lot for your responses. Thank you, Ashlesh. Thank you. Next question will take from Sushil. Binod ji, congratulations on your appointment. Thank you, Sushil ji. Congratulations to Team Indian Bank for a great set of results. Sir, everybody is asking you questions on growth path. I have a little different question. Textile industry in Southern India and Bangladesh is witnessing some positivity. You being headquartered in Tamil Nadu in Chennai, the textile cluster is large. Auto ancillary is a very large performing sector for India, and they are again based in south. Are we seeing an accelerated traction specifically in these two sectors from a RAM or large corporate in the credit which we are sanctioning or likely to sanction? I mean, we have not seen, as we are seeing, any good demand improvement, but we expect that going forward, there should be some demand from the textile sector. Because if you see, the textile sector is struggling since last two years. And gradually, things are improving, so textile sector may see some good demand in coming quarter or going ahead. So unavailed credit is, I mean, the credit pipeline which is already sanctioned, the availment is not fully utilized, you mean, in these two segments of the bank, or you would say they are quite utilized well? No, no. Unutilized portion are there. So what would be unutilized credit in the bank today if I ask from a credit growth perspective? Unutilized limits. So we have sanctioned limit of unutilized limit of INR 17,928 crore, unavailed portion. Sir, any visibility on infrastructure which Apple cluster, large data centers, many other warehousing, and multiple large projects, whether led by PE or large conglomerates, are coming in Tamil Nadu, Karnataka, and Southern Belt in similar proportion to Western Zone? And the visibility is very high on those projects. Is any credible visibility at your end? These companies are talking to you or likely to emerge in this quarter or the next quarter? So not any specific sector-wise, I cannot give you, but we have a good pipeline wherein we have given, say, sanction of partially disbursed book is INR 10,851 crores, where we see there will be disbursement. Then we have sanction of INR 8,000 crore, where we have sanction, but disbursement is yet to start. And there are some cases where still we are some negotiation is going on. That is around INR 5,000 crore we have given sanction, but some amendment in terms and conditions may be required. So these are the things. Sir, our management team has taken a lot of initiative where digital spend is concerned. State government businesses are concerned, not only within the state of Chennai, but in various geographies like port, municipalities, collection, which would attract CASA and many other things. And a lot of digital spend was initiated in the last two years. Any further improvement outlook coming from these businesses or the digital spend, which Mr. Bajaj may answer if possible? Yeah, yeah. See, again, the last few quarters of our digital spend, if we talk about the NINS, it is close to 25%, and OpEx, it is 9%-10%. And even the further committed figures are also close to 9%-10% of our OpEx. It will remain. Same way on the capital, also capital expenditure on the IT will remain the next two to three years. Already, we have committed so many projects. On the government fintech partnership, already we have done a good amount of the tie-ups, or close to 100 projects completed, and 65-70 projects are already in pipeline. For those also, we have already the line of fintech partnerships, and those projects also we will keep doing. Sir, this fintech partnership can contribute how much to our growth in terms of retail or MSME loans? No, it is not basically this fintech partnership. Basically, it is for government department. Basically, it gives us the collection. So there, this government and fintech department, when we started almost three years back, we have got close to 15-20 thousand crore of the present balance in those accounts. These are more from larger accounts, not retail accounts. Call back in the queue. Sushil, you let us call back in the queue. Okay. Thank you, Anand. Thank you, sir. Thank you, Sushil. Next question will take from Ashlesh. Please limit your questions. Sorry, I'm done. No more questions from my side. Thanks. Next question will take from Rakesh. Rakesh, please submit your answer. Yeah, hi sir. Thanks for the opportunity again. Just one small question, sir. So we have for total PSL approximately INR 1.9 trillion. So what is the refinanceable borrowing that we can get against that? Because that would greatly save the borrowing cost as well as it will help on the earlier front also. So if you can help us understand that. So refinanceable PSL, you are talking of? Yes, sir. Out of 1.9 trillion number, which is the completely in-house generated book of PSL. Sir, we have already taken from SIDBI, we have already taken. No, no. So no. So refinance out of that, see. I will reply it like this. INR 1.9 trillion is the book. So part of that will be refinanced, part of that will be repaid, but our growth will continue. So PSL, whatever earning we are having through PSL, we will continue to have that income through the PSL in the coming quarter also. No, sir, sorry. I was referring to something else. So PSL income is coming, and that is doing quite good to our PSL number. But what I was referring is that in the borrowing number, sir. So for the refinance borrowing, how much more that we can get, and what would be the upper limit of that refinance we can avail? Yes, sir. Borrowing. Okay. We will give you, Rakesh, separately. Sure, sir. Sure, sir. Thank you, sir. Thank you so much, sir. Next question will take from Dixit. Dixit, please invite yourself. Yeah. Just one clarification. You mentioned that SMA number has come down to below 3,000 crore. So you are talking about SMA- 2 only, right? No, no. All no. All SMA. 2%. All All SMA. All SMA I was talking. Okay. So this 7,700 crore has come down below 3,000 crore? Yeah. Yes, sir. It has come down to INR 2,543 crore only, which was INR 7,677 all together, RAM plus corporate. Okay. Okay. And my second question was, any particular reason for not continuing the co-lending business? Co-lending, sir, we are in the process of having some complete end-to-end co-lending solution. Till that time, because subsequently, there are many issues crop up regarding towards reconciliation. So because of that, we are waiting till we have a complete solution, end-to-end solution for the co-lending. Only then we will go for co-lending. Okay, and how much would be our MFI book? MFI 1,244 only. And how it is being? Okay. There is no SMA. There is no SMA in that. Okay. Okay. That's it from my side. Thank you. Thank you, Lakshit. Sushil, you're [distorted audio]. You want to ask a question? Sir, outlook on our international book and treasury, seeing that yields which are there, are we being conservative in our guidance or? Overseas book is growing at decent 7%-10%. We will continue that growth rate. YoY, also on QoQ also. On treasury book, yes. We will see some moderation in the yield. So basically, some income should come from there. Guidance exact number may not be. I may not be in a position to give you the exact number. But we expect some good income from the treasury in Q4. Sir, previously, Mr. Bajaj did answer my digital tie-ups and expanded the question. But do we have some kind of a budget which you have planned over a period of two years after you have joined the bank that we would like to spend on digitization and digital expenditure by bank like a CapEx? Presently, our bank is spending around INR 1,200 annually on the digital front, and we will continue. However, one thing I can assure you, exact amount that will depend on the requirement also, what strategy we adopt going forward, but this type of spending will keep on happening for, say, another two, three years at least, because there are many projects in the pipeline. Many initiatives have already been taken, so we will mature that. Sir, we had created a subsidiary for a lot of backend work to be done. And I think RBI had granted approval. And many banks like SBI, Bank of Baroda have been effective in doing a lot of Kisan-related products or cross-selling or backend processing where retail is concerned. Where do we stand today, and how is the shape taking place where Indian Bank is concerned on that? IGSSL has been I mean, it has been only recently established. And in this quarter, we have been able to garner business of INR 1,765 crore in this year itself. And we have a good plan for that. Because see, we want that to be our marketing arm. So we will focus on retail product also. We will focus on housing loan. We will focus on vehicle loan and collection also. We will use them for collection also. So going forward, we have a lot of expectations and a lot of plans from our subsidiary. In the interest of time, we will take that as a last question. Sir, if you have any closing remarks to make before we end the call? Bank is doing good. Numbers you have already seen. We will maintain the same philosophy of Steady growth and good asset quality and efficiency parameters like return on assets or provision coverage ratio. So these things will continue. And we will focus on MSME also. And if you see the last two years, as Mr. Bajaj told you, we have made a lot of investment on digital front. But the benefit of that is yet to come. So digital adoption in RAM sector, it is good. But on liability product also, digital adoption, we would like to increase. And we are also coming out with the next-gen call center. We will be going for CRM solution. We are also in the process of procuring Employee Assist wherein if employee has some query, he can simply put his query and he can get the reply. So that will help bridge the knowledge gap of the employee. So these are the few initiatives we will be taking, and MSME will also be our focus area. Thank you, Anand. Thank you, Anand. Thank you, everyone. Yes, everyone. And with that, we will end the call. Have a good day. Thank you. Thank you, Anand.