Hello. Sir, can we start with the call? Yes, sir. Sure, sir. Thanks a lot. Good evening, ladies and gentlemen. We welcome you all to Indian Bank's Post Results Conference call for the first quarter of financial year 2026, hosted by Emkay Global. From the top management, we have with us Shri Vinod Kumar, MD and CEO, and Shri Ashutosh Choudhury, Executive Director, Shri Shiv Bajrang Singh, Executive Director, Shri Brajesh Kumar Singh, Executive Director. I request the MD, sir, to briefly summarize the key highlights from first quarter FY26 results and also provide some strategic direction on growth, margins, and asset quality, post which we will have the Q&A session. Over to you, MD, sir. Good afternoon, ladies and gentlemen. My colleague on the board, Mr. Ashutosh Choudhury, Mr. Brajesh Kumar Singh, CGMs. We have come out with our first quarterly result for the financial year 2025-26. I will say result is in line. So total business has grown QOQ 1.5 by 1.52% from 13.25 to 13.45. Trillion. YOY growth is 10.25%. Deposit has grown QOQ 0.97%, YOY 9.26% from INR 7.44 lakh. Current account has, in fact, CASA saving current both has degrown. Current has degrown in QOQ basis by 3.67%. However, YOY growth is 10.70%. Saving fund, again, QOQ there is some marginal decline of 1.76%, but YOY growth of 3.27%. CASA YOY growth of 4.23%. At QOQ, there is degrowth of 2.03%. CASA ratio has also domestic CASA ratio is at 38.97%. Against in March, it was 40.17%. And CD ratio domestic is at 78.32%. Advance, we have grown from YOY by 11.50% from INR 5.39 trillion to INR 6.01 trillion. And QOQ also there is a growth of 2.21% from INR 5.88 to INR 6.01. RAM has grown by 15.93%. YOY QOQ 83.52% and reached to INR 3.63 trillion. Retail has grown by YOY 16.52% and QOQ 3.83% and reached to INR 1.24 trillion. Agri has also grown by 16.40% and YOY QOQ 4.75%. MSME also where we were struggling earlier and in the range of 5%-6% growth. Now we are growing in the range of 14%-15%. Last quarter also it was 11%-12%. This quarter it is 14.45% and we reached to INR 0.95 trillion. RAM share has increased from 64.23 to 65.34. Corporate credit has grown. QOQ basis it has marginally degrown by -1.41%. However, YOY there is 1.77% growth. Here I would like to highlight one thing. In NBFC, our growth, our balance has outstanding has come down from INR 62,000 crore to INR 56,000 crore. So there is marginal decline in NBFC and some WCDL where we have very competitive rate. Even on the last date, I allowed some money to be repaid because of the pricing issue. However, having said that, I will like to add in this quarter itself, we have sanctioned total sanction of INR 27,000 crore. We have sanctioned in this Q1 itself, which was INR 18,000 in the previous quarter of the financial year FY25. So there is a growth of our sanction around 50%. So we are on track. It was a strategic decision. Then net profit, net profit grew by YOY 23.69%, QOQ 0.57%, and reached to INR 2,973. Operating profit is at INR 4,770 with YOY growth of 5.97% and QOQ marginal decline of 4.96%. Primarily on account of two factors which will come in the other income also. Around INR 300 crore there is a degrowth in other income. That is primarily because of two factors. In last quarter, interest on income tax refund we have got around INR 180 crore and INR 86 crore we have recovered penal charges which we recover on half-yearly basis. That means September and March. So that amount was not there. So that is the reason. Otherwise, other components are on track. Net interest income YOY basis it has grown by 2.93% to 6,359. However, there is marginal decline from 6,389 to 6,358, only 30 crore. Other income as I explained it has degrown from 2,743 QOQ basis to 2,439. But if we see YOY basis, YOY basis our other income has also grown by 28%. NIM, domestic NIM it has come down from 3.48 to 3.35. That means there is decline of 13 basis points. Return on asset we have given guidance of in the range of around 1.20, but we have been able to maintain 1.34 in this quarter. Return on equity also we have been able to maintain at 20.26 where we have given guidance of around in the range of 19%-20%. Cost to income ratio have staff expenses, other expenses remained flat. It was 2,700 in March. Now it is 2,612. Other expenses also 1,413 crore and now it is 1,415. So it is almost flat. Cost to income ratio has slightly gone up from 45.05 to 45.78, but that is not on account of any increase in the cost. That is basically as I explained earlier it is on account of the some reduction in the other income. PCR ratio is at 98.20%. Credit cost has come down substantially from 0.81 to 0.28. And earning per share has increased to 88.28. Cost of deposit there is marginal increase from 5.10 to 5.14 because repricing of deposit is yet to happen, which part of that will start from this quarter. NIM on advances despite 100 basis point passing on the external benchmark linked loan, we have been able to contain only marginal decline from 8.642% on QOQ basis to 8.58%. Gross NPA has come down from 3.77% to 3.01% on YOY basis. That means 76 basis point reduction. And QOQ basis 8 basis point reduction. Net NPA has come down YOY basis from 0.39% to 0.18%, 21 basis point reduction. And on YOY basis QOQ basis 1 basis point reduction from 0.19% to 0.18%. Slippage ratio in the last June it was 1.50. Now it is 0.94. For quarter-ended March, it was 1.09. And for financial year, it was 1.11. So we have been able to contain slippages. Recovery since September 2022, our recovery is more than consistently slippage. This quarter also we have been against a guidance. We have given guidance of 5,500 between recovery of between 5,500-6,500. We have been able to recover 2,059 in this quarter itself. Out of that, and we have also given guidance of AUC of 2,000 crore, but we have been able to recover around 815 crore already in this quarter itself. SMA, if you see SMA number has gone up. SMA 2, if you see particularly, if not entire SMA, SMA overall has come down from 13.32% as of March, June 2024 to 7.99% as of June 2025. So there is a substantial decrease of around 5.32%. But if you see SMA 2 has gone up basically because of two PSU account which were in SMA 1, it has come to SMA 2. But now SMA 2, which was more than 5 crore, which was 4,586 as of June end, 30th June 2024, now it is only 815. Government guarantee. In these accounts, we have government guarantee is available. NBFC exposure, I explained it has come down from INR 62,000 crore to INR 56,000 crore. Sanction also, overall sanction if I talk of including all the different segments of different, I mean different verticals. In last year, it was 60,000. Now this year, so far it is INR 88,000 crore in first quarter itself we have been able to achieve. Capital liquidity ratio is at 17.80% with CET1 is at 15.26%. RWA density has slightly come down because of if you see our AAA rated exposure has gone up from INR 49,000 crore to INR 60,000 crore. And also some reduction because of the some reduction in RWA NBFC. Coming to external benchmark linked loan, it has slightly inched up from 39.06% to 40.46%. But primarily that is because of the dual loan being classified in retail. Retail loan is necessarily linked to external benchmark. So that is on account of that basically. Coming to the guidance, various guidance we have given deposit in the range of 8-10%. It is now 9.26%. Advance we have given guidance of 10-12%. It is in the range of it is 11.50%. CASA is CASA we have given guidance of around 40%, but our endeavor will be to maintain that 40%. This quarter it has come down because some money has to flow in, somehow could not. So that is the reason CASA slightly come down to 39% approximately. Our gross NPA guidance less than 3% we will definitely achieve. I mean maybe we can go even up to 2.5%. Net NPA same range 0.1%-0.7%, 0.65%. I mean we have already provided hardly 1,000 crore is there. So that does not make any difference now. NIM, we have given guidance of 3.15%-3.30%. We are at 3.23%. So and I'm hopeful that we will be able to maintain the NIM guidance of between 3.15% to 3.30%. ROA, we have given guidance of 1.20%, but we have been able to maintain at 1.34%. Credit cost, we have given guidance of 1%. We are at 0.28%. Slippage, again we are maintaining less than 1%. We will definitely achieve that. And recovery from NCLT, we have given guidance of 800, but in this quarter itself we have been able to recover 451 crore from one NCLT account. We don't have much exposure in unsecured or even in MFI NBFC. Our exposure is only 855 crore in MFI NBFC and that is in all good rated accounts only. And personal loan is at 7,000 crore. So that is not cause of concern there. Also credit card exposure is also flat at 561. So there is no concern in that. We are focusing on opening savings account. So as against last year we have been able to open 10.89 lakh accounts. This quarter Q1 we have been able to open 12.17 lakh. And current account also 0.33 lakh to 0.34 lakh. So these are the numbers. But a few initiatives which we have taken which I would like to share with all of you. CASA, since it is a cause of concern, we have taken some initiatives on CASA. We have launched five new CASA products like for one we have opened for MSME sector. One also we have opened for women, also one for pensioners, also one for professionals, also and one for Ind Sampoorna for salaried accounts also. We have given many benefits in that. Hopefully that will help us in gathering some CASA. Otherwise also we have taken some initiative for CASA which we will explain subsequently. We have very recently opened 51 branches which will definitely help in gathering some new CASA business because new branch on an average give 20-25, 30 crore business in a year. These branches will add further value to us. This is our 119th year. We are planning to open 119 branches in this financial year. We have already opened 51. Around another 68 we will be opening 69 more branches. Few initiatives we have taken on the digital side. We have launched a lighter version of our Ind Smart app for the transaction only. Ind UPI we have launched, so with the expectation that we will be able to, I mean, our customers use our UPI instead of going to another platform. That is the motive behind opening this, launching this app. Then we have also opened MSME business app so that people can take and loan on their own instead of visiting to the branches. So around 13 digital journey we have launched in MSME. So that will further help in getting the business. Then KCC digital journey where land record is digitized. In these states we have launched digital KCC journey. Senior citizen branch we have opened one senior citizen branch, and let us see how that pans out. We have expectation that we will not CASA but we will get some good sticky deposit at least in that branch, and we are really providing good services in that branch. We have Agentic AI we have launched for collection. So that will further help in containing our SMA and slippage. And we are also trying to automate corporate credit assessment. So in our board note around 10 sections are there. Out of that, four sections we have digitized and remaining we will take in a staggered manner. So these are the few initiatives we are going to we have taken. And on digital side we have taken some initiatives and we are going to take like CRM we have started and by September end I think we will be going ahead with a few of the services we will start in that. Then Data Lake journey we have started Data Lake for that. And then, new Next Generation call center we have already floated RFP and hopefully that will help us in further vendor has been onboarded for next in call center. So that will again help in reducing our customer complaint, improving customer service, and resolution of the complaint. And we can use this for various purposes like for collection, for digital, for lead generation, lead monitoring, etc. We can use this also. We are also in the process of launching EFRMS new software. So that will again be the revamped version of EFRMS solution. So these are the few initiative we have taken. Further, we are also planning to revamp our training system entirely because training system knowledge gap is one thing which I believe is cause of concern for not only customer complaint that also impacts our business. So we will be that will take a year or so but we will be revamping our training center completely. The way training is imparted basically. It should be very interactive like quizzes, various small quizzes, presentation, case study, etc. So this curriculum we will redefine our curriculum completely. So these are the few initiatives we have taken and I will request Ashutosh to briefly capture digital. Yeah, thank you sir. In the digital journey, I will just capture in the four different phases. The first one is the transactions. If you see our UPI transactions have grown substantially from 2.12 crore per day to 2.82 crore per day. The mobile banking transactions have also improved this quarter, 59 lakhs per month. The rating of our mobile app has substantially increased from 4.1 to 4.4. We have launched 11 digital journeys this quarter, means Q1. So taking the total to 132. And if you see the digital transactions has gone up from 90% to 93% in a year. And the biggest contribution to that is our UPI channel in the digital transaction. In mobile banking, internet banking, and in the card also we have seen good traction. In the mobile banking, after launching of our Ind Smart mobile banking app in last year, we have seen a lot of onboarding in that particular app which is user-friendly. A lot of features are available. Hence, we have seen a lot of traction in that particular category. If you see the digital business, digital business, this particular quarter we have done INR 57,955 crore and we are aiming to do INR 225,000 crore of digital business this particular financial year. Most of it will be from the digital asset side. One good thing we have done is that this e-Bank Guarantee we have started issuing. We are popularizing this. We are handholding our customers. We are imparting knowledge how to use that. That will also help a lot to the bank in non-fund business. If you see the adoption, the digital adoption has gone up substantially, more particularly into the retail side which was 69% one year back. This has improved to 87%, so also the agri business from 90% to 96%. And we are putting good efforts to increase the MSME business which is at present 78%. With that, it will grow in a good manner. The bank has also onboarded itself in the ULI platform and garnered a business of almost INR 6,350 crore. So sir has told a lot of digital initiatives. So I'm not telling all those digital initiatives right now. But one or two things that I will like to tell here. We have launched employee assist. So this particular things will enhance the customer experience because this assist is a chatbot which will immediately provide all the answers related to bank's internal guidelines, process, and systems. So which will help the employee of the bank to reply to the customer promptly. So rest sir has told. And one more thing I will like to tell here is that the Agentic AI for collection that we have introduced, which is right now in two language, that is English and Tamil, with the success and with more use cases, we will expand it to other regional languages and Hindi. So that will help us in our collection systems, improve our collection system. And that particular agentic AI system will definitely take it forward for our business cases in the days to come. Thank you sir. Thank you sir. We will now open up the floor for Q&A session. Anybody who wishes to ask a question shall raise their hands. I request the participants to limit their question to two participants. And for further questions, please join back the queue. Anyone who wants to ask a question, please raise your hand. Yeah, Mr. Ajmera, please unmute yourself and ask your question. Thank you sir. Vinod Kumar ji, compliments to you sir for keeping at least the I mean the bottom line at least intact. You are in profit on the net profit front. Many of the banks are finding it difficult and even the business growth, the credit growth of 2.21% in this quarter is commendable. Overall business also is. Thank you sir. So in spite of so many challenges you have met, I mean you have given declared good results, good numbers. And in your presentation and Ashutosh sir's digital journey presentation, you almost covered I think everybody's 70%-80% questions or the queries. So there is hardly anything to ask. But yes, there are some couple of questions on some observations and some data points for the future three quarters now because there is no. You already explained everything in detail. Like one was on SMA 2 and you said that two government accounts are already I think one of them is already been regularized under SMA 1 or SMA 0. So what is the exact number of that now? Where do we stand now vis-à-vis the June number on SMA 2? SMA 2, these two accounts constitute around 3,300 crore. So total SMA 2 more than 5,000 crore was 4,586. So these two accounts have come out of SMA 2 and now SMA 2 is for 815 only. Yeah, so that's a very good encouraging, I mean, statement from you because that was the major cause of worry that RBI slippage or having the future NPAs or. No. Even the NPA. I don't think these accounts will slip to NPA. Even the NPA provision in this quarter is also very less. So there is hardly any chance, you know, like for any further numbers going NPA increasing. Now sir, with this part of the benefits or part of rather I would say the hit of the rate cuts has already been factored in but still some part is left out of the earlier rate cuts, and now two more rate cuts of 25 basis points. So total about 50 basis points is also expected in this year also maybe little, I mean, later half or later part of the year. So where do we because the NIM today is comfortable at 3.3723. But going forward, will you be able to protect that 3.1 or 3.15 with this lag effect as well as the future effect on the, I mean, effect of the future rate cuts? I think we will be able to because see from this quarter onwards, bulk rate has come down by more than 100 basis points. So impact of that will start coming in this quarter. Plus rate cut has also happened in retail term deposit. So impact of that will also start coming on in another three to six months around my INR 86,000 crore will reprice. So impact of that will also start coming in. So I am hopeful that I will be maintaining around between 3.15% to 3.30%. That's very good, sir. Sir, you have been giving little conservative targets, goals and achieving it. That's very good. But looking at the current trend and with your INR 88,000 crore of the sanctioned or in pipeline, I think it was 88,000 isn't it you said? Yeah, 88,000 we have sanctioned this quarter. Is there any chance of upgrading the targets for the credit going to maybe 13%-14% or we will stick to that 10%-12% only sir? As of now, we stick to 10 between. We'll try to be on the higher band of the guidance. I'm in the lower band of the guidance. Higher band of the guidance will be trying. Okay. Sir, Sir, one last question in this round. You had said in the last quarter's meeting that you are not encouraging much the, I mean, the co-lending or increasing your book by participation by others because you are not fully geared up or prepared digitally. Your digital capability is not there to that extent. So whether any change is there now, would you be looking for those kind of arrangements to increase your overall loan book? And secondly, coupled with this, with RBI now relaxing the collaterals, gold collateral for the agri loans of less than 2 lakhs, do you think that some major chunk can go there now when you can accept the collateral and give the loans? No, actually what had happened. Let me explain you. Co-lending, we are still not in preparedness for our digital platform. So as and when our digital platform is ready, we are not against co-lending. Only technological requirement is there. So as and when we have technological requirement, we can go for co-lending, number one. Number two, agriculture wanted this gold loan up to INR two crore. They have allowed now to take INR two lakhs. 2 lakhs. 2 lakhs. If they are willingly providing. So when draft guidelines came, we have already initiated for shifting this gold loan to retail loan. So now at least with this, we can further take them as agriculture. So the last one is on the treasury. Indian Bank is known for making very good treasury profit, good arbitrage, good arbitrage even in the foreign currency. So going forward and with the rate cuts already there and further rate cuts coming, do you think that we will make some bumper good profit from the treasury in the remaining three quarters? No, definitely. So even if you see last quarter also, we have from forex arbitrage, you can say we have earned around INR 158 crore. And treasury profit we will book as per requirement because if I sell some of the higher yielding, then again whatever we will purchase, that will be low yielding. So we will book profit as per requirement only. I mean not very bumper or something like that. Okay. Okay sir, thank you. Just if you can tell me any buffer provision which we still have now in our books? No, see, we have various policies for providing even on standard assets. So we are following that policy and we are making like I may share with you like on SMA 2, we have a policy of providing 10% which is not required but we have a policy. So similar there are various pockets where as per our policy we keep on providing. All right sir, thank you and all the best to you sir. Thank you. Thank you Ajmera ji. Have some meeting with me for physical interaction, sir. Anu, we will come. Come first week or second week, we will come. Thank you ji. We'll take next question from Jayant Kharote ji. Jayant, please unmute yourself. I'm audible? Yeah Jayant, please go ahead. The question is on the asset yields. How much of the current rate cut has been passed on? And also if you could highlight on the MCLR book, how much of the book would be corporate where competitive intensity could sort of drive some repricing decisions for us? See, my MCLR book is 52% and external benchmark link is 40.46%. And within MCLR, one year MCLR link is 41%. So substantial portion of even MCLR is linked to one year MCLR. Coming to your question of. Sir, transmissions. How much of the current rate? So, external benchmark linked has immediately we have, on the very next day of the rate cut, we have passed on. So, on 40% of the book, it has already been passed on. Coming to the MCLR, since cost of deposit has not come down, so although in last three months MCLR has come down by 5 basis points each month, but going forward only MCLR will start coming down as and when our cost of deposit starts coming down and marginal cost starts coming down. Sir, the question is on margin trajectory. Would you expect the second quarter margins to take a further hit because of the two months that will be left? Yes, yes. There will be some margin reduction further. You're still comfortable with the full year guidance of 3.15%-3.3%? 3.15%. I think we will be able to maintain. Last question. If there is some very aggressive rate cut, then of course then we will have to think, otherwise we will be able to. Sir, last question on the deposit mix. So there is some pressure on deposit growth and we've seen the CD books of a lot of banks rising. How comfortable are you with the mix of CDs moving up? And if you could also help us understand what is the growth in that book? No, just let me explain to you why my credit deposit growth has not been there. If you. Sir, no certificate of deposit. I mean bulk I am saying including CD and bulk also. So that book in March was 1.41 and in June it is only 1.45. So only hardly INR 4,000 crore increase we have taken. So not much of bulk we are not taking very aggressively because that is at a cost. Are you comfortable growing the bulk book in case retail falls short to fund your growth? I mean if no option left and still we are making some margin, we will. Sorry, the question is essentially growth versus margin. You will pick growth over margin? No, no. We will strike balance. Like I told in the corporate book, we said around INR 12,000 crore. So that will depend on what stage, what margin we are getting. That will depend on that. Say we are at times even bulk, at times we get very cheaper. So at that point of time, there is no harm in taking even bulk. Understood. Thank you, Mr. Thank you. Thank you Jayant. Next question we'll take from Mahrukh. Mahrukh, please unmute yourself. Hello. Hello sir, congratulations. Thank you, Mahrukh. Sir, I had a couple of questions. I think Jayant already asked but just to dwell a little deep. So our margins have fallen by 14 basis points this quarter, right? And next quarter there will be some impact of the June rate cut and there will be some amount of MCLR, small amount of MCLR repricing as well. So given all that, would you say that the quantum of margin decline would reduce in the second quarter or it could be similar? No, quantum of margin decline will reduce from this quarter onwards because bulk will also start repricing and we have also gone for revision of rate in retail term deposit, and also we have gone for some rate rationalization in savings funds, so this quarter from 1st of July, so this quarter onwards, this rate of decline should come down. Okay, sir, got it. And sir, just in terms of retail term deposits, how much would they reprice in one quarter? Because we know all banks have 13-15 month maturity but it may be lumpy in some quarter, not lumpy. So on a ballpark, what could you say would be the repricing in the second quarter? So my retail term deposit is around INR 250,000 crore, 288. So out of that, 86 is repricing in next three to six months. 86 in next three to six months. Okay. 3 to 6. Okay, sir, very helpful. And just one last question in terms of competition, right? Where do you think private banks are more aggressive relative to PSU banks? For instance, PSU banks have recouped their market share in home loans. So where are private banks really very aggressive in pricing in which segments? Very rightly you are saying, but maybe because of their strategy also. Since they have some CD ratio constraint in the past quarter, so maybe, and very openly he came and told we will consolidate. So certain segments like MSME, we are seeing good competition from the private sector banks. Certain export oriented units, there also we are seeing very high competition. Okay. And in corporate, it's largely PSUs only, right? Like, say, in the A category or AA category, would it be PSUs or private? Mostly PSUs. Okay. One or two private banks come, but smaller banks come, but that is for a very small amount. Got it sir, got it. Sir, this is so helpful. Thank you so much. Thank you. Thank you Mahrukh. Thank you Mahrukh. Next question we'll take from Mona Khetan. Mona, please unmute yourself. Hello. Hello? Yeah, Mona, go ahead. Hi. Good evening, sir, and congratulations on a good set of numbers. So firstly, on the bulk deposits, you mentioned about 1.4 lakh crore. What would be the maturity pattern of these deposits between three months, six months, and so on? 50% one year. 50% one year. And 50% below one year. Okay. So 50% will be after one year. 50% will be after. Or at one year. Or at one year. Okay. So in the next. Normally bulk we are not taking for more than one year. In very few circumstances, we take for more than one year. Okay. So is it fair to say that in the next six months or so, about 50% of this will mature? Is that a fair understanding? Or in the next nine months, that's the case? No, in six months. Because around this quarter itself, 33,000 will reprice. So out of 104,000, 33,000 will reprice in this quarter itself. Okay. Okay. Got it. And so secondly, if I look at your, you've made significant provisions, which is the PCR on your existing NPA, and the trend on slippages have also moderated. So is it fair to assume that sort of credit costs will settle down between 50 to 70 basis points? Or what are the risks you're seeing to credit cost, if any? No, no. Very rightly you are saying, although we have given guidance of credit for less than one, but it will settle somewhere between 50 to 70. Or maybe less than that. Sure. Sure. Got it. And also, you've been provisioning on standard assets. This quarter also, you made some additional provisions. So if I have to look at the outstanding standard provisions, including general restructured and everything, where would it stand? I think restructured in sector where smaller loans are there, we have 100%. We have made restructured, we have made 25%. But we are taking various measures for provisioning. Like one example I told you, even in SMA 2, we are making 10% provision, and wherever we see, yes, Mona? Yeah, no. So please go ahead. Yeah, so wherever we see some sector also there is some stress, so we take proactive measures. Right. So if I have to understand the outstanding standard provisions, where would it be? You can tell me X of general and restructured as well. Particularly into these accounts because you've been consistently providing. So just wanted to get the outstanding number. That number, we'll see. Exactly, I don't remember. Sure. We'll see. Got it. Got it. And also just finally, on the recovery from written off, it looks fairly strong from a Q1 perspective. So anything you want to highlight there that has played out in the year? No, no. It is basically on account of one big account has been resolved. In one account itself, 3,040 has come. So that is because of that. 340, I told you. 340. So because of that. Okay. Got it. Thanks so much. If you could just come back on that outstanding provisions number, standard provisions, that will be very helpful. Thank you. Sure. Thank you, Mona. So before we take the next question, there was one question in the chat which talks about what's the recovery from written off that you expect in second quarter and for the full year? I believe you gave a guidance of about INR 1,800-2,000 crores, but I think you already had INR 450 crores in first quarter. So you want to revise that number? And any color on second quarter, what could be the recovery from written off pool? Additionally, you also talked about that the PSLC, there is some relief which has come from the RBI now. So then you intend to book some PSLC fees in second quarter? No. So, AUC recovery, whatever we have given guidance of 2,000, will not revise because already what account has come, we have already accounted for that. So, it has come in this quarter, but in this next quarter also, AUC recovery will be in the range of 400-500 crore. And PSLC, we have already booked. If you see, we have already booked in this quarter of 258 crore. Okay, but can that run rate go up now that there is a relief? That's a question. No, no. No, because since that guidelines was applicable from 1st of April, so we have already taken measures and PSLC wherever we have already sold around INR 1,000 crore PSLC income will come during this year. Out of that, pro rata we have booked 1/4 in this quarter. Sure. So secondly, your SMA pool, if you look at, and the SMA pool of another bank where they had this government-related agri project, what's happening on that? I believe you also have an exposure to that agri project. Is it stressed? Are you getting timely recoveries? Do you offer some delay? What's happening over there in that account? No, we are getting recovery in these accounts. I don't think they will slip. Because with some delay, we are getting recovery. Okay. So you don't expect any, I mean, that account to turn NPA, right? No, no. Government guaranteed also and we have provided. Sure. Sure. Sure. Next question we'll take from Devendra Kumar. Devendra, please unmute yourself. Hello? Yes, Devendra. Yeah, please go ahead. Yeah, yes, audible. Okay. Thank you, sir, for giving me opportunity. And thanks for the good setup number, even above the guidance. Sir, actually, I just want to know what type of initiative are being taken for increasing customer base, like advertisement and other things. We are taking good steps for digital transformation, but how those information are shared with normal public so that they can attract towards bank? So we are taking various measures and publicity is one of them. We are making good publicity of our products on various visible platforms. Digital marketing also we are adopting. And apart from that, we have a very strong team of RAC, Resource Acquisition Centers. 100 we have RACs. So these people also go on for marketing. And we have a subsidiary IGSS. So we are using these manpower also for canvassing our liability products and also generating lead for asset products like home loan, car, vehicle loan, etc. So multi-pronged approach we are taking. Okay, sir. Thank you. Thank you very much, sir. Thank you. Thank you. Thank you, Devendra. We'll take last question from Sushil Choksey. Sushilji, please unmute yourself. Sir, congratulations to Team Indian Bank for excellent result. Sir, my first question is, what is the likely balance between RAM and corporate for the year end? 65, 35? It will be around 65, 35. Sir, what is the average yield which we are getting on RAM today? RAM average yield? We have? Average yield on RAM we'll share with you. Right now, I don't have. No problem, sir. I'll take it offline. Second thing, sir, most of the bankers in the Q1 con call are indicating whether it's a murmur on the street or general assumption there will be two more rate cuts in the second half. In view of that, what is the outlook on treasury and how are we prepared for if there are two more rate cuts on overall business scenario? So overall business scenario, we have given guidance we will achieve that. Advance, we have given guidance of 10%-12% and deposit also we have given 8%-10% we will achieve that. I'm quite confident in that count. If there are two rate cuts, so treasury there will be basically, of course, there will be profit booking in treasury. But when we have given guidance of 3.15%-3.30%, we have taken into account 100 basis point rate cut in the year. 75 already happened. And if, as you are saying, another 50 happens, then of course, then we will have to think about our new strategy. So how we can protect at least whatever guidance we have given. We will have to rework that. Sir, Indian Bank has taken lots of initiative where digitization, cross-sell, cash management, back office services over the number of years, and bank has done well to transform. Now, this transformation and digital expenditure which we have done, is it likely that as liquidity in the system is increasing, rates have dropped, our CASA can move back to 41%-42% in a year, year and a half? No, I don't think. CASA moving up will be really a challenge on two counts. One, government is also adopting JIT in many states. And this pace of increasing JIT will further increase only. And number two, if you see people are shifting their savings to other alternatives also. And this trend I expect will continue. So maintaining even around 40 will be a challenge, to be very candid with you. Okay. Sir, now, second thing is southern states, specifically where Indian Bank presence is high. There's a lot of re-energizing of the states happening because whether it is China plus one story, GCC, a lot of global manufacturing capabilities coming to India. So job creation is happening, which ultimately leads to betterment for banks, whether it's for corporate lending or consumer is concerned. Are we seeing in your sanctions such kind of borrowing demand specifically from new industries? No, sir. See, the amount of CapEx expected is not happening, private CapEx particularly. Public government CapEx, yes, it is happening, but we are seeing some traction in few of the sectors like renewable energy. Of course, there is good demand in solar also, solar module also, so some traction we are seeing there. Then city gas distribution also, since government is trying to lay down line for the gas distribution, so traction is being seen in that also, and in PLI sectors also, we have seen some traction. But the amount of CapEx, which is private CapEx, which is expected, it is not up to that level, and one more challenge is that all good-rated companies are going to market for raising their resources instead of either CP or bond. Okay. Sir, second thing is India signed a FTA with U.K. Many such more deals will happen. So there is assumption with Bangladesh in turmoil, textile, which is the big center of Tamil Nadu and adjoining states. Similar way, leather is likely to be where Tamil Nadu is a big player. Are we sensing on specifically MSME any demand which is supporting the bank for business growth? Yeah. So I will reply it like this. There was some stress in textile sector. So now we are seeing sign of revival in that. So prospects of business for Indian Bank may get better in that segment? In this sector, yes. Okay. And sir, any specific digital trend which we are likely to this year and human resource, as you've taken so many initiatives which will be very important for the bank? Yes, of course. Our ITS spend will be in the range of approximately INR 1,500 crore for this year also. Last year also, it was around 1,400, 300. So it will be in that range. Manpower also, we are around 3,000 fresh hiring will happen in this year. So out of that part, we'll be in a specialized sector. Like we are also going for cyber security, IT sector, risk management, forex officer. So specialized hiring will also happen and generalist hiring will also happen. Sir, you highlighted in your opening remark that you'll be opening 119 branches in the 119th year. Very good luck for that. These branches are likely to be more of metro tier two cities or interiors. See, in few of the sectors, my presence is not much. Like in Mumbai, Gujarat, even Rajasthan, some sectors, if you take Mumbai or Gujarat, they are contributing around almost 35% to GDP. Our presence is only 7%. So in these sectors, we'll open the branches wherever potential is there. It will not be specific to any metro or urban area. But in these sectors, we'll be opening branches. This will be along with your mid-corporate, large-corporate, or will be all specific branches more of retail? No, it will be general branches. Thank you and good luck for the year. And best wishes to entire management. Yeah. Thank you, sir. Thank you, Sushilji. We will take that as a last question. With this, we come to the end of Indian Bank's post-results conference call for first quarter FY26. I now request the management to give their closing remarks. We have already discussed everything, but two, three things. Asset quality, I mean, we are on very right track of the asset quality. Gross NPA, we have given guidance of less than three, but maybe we will do better than that. Slippage also, we will be able to maintain at healthy number. Growth also, we will be around whatever guidance we have given. Our endeavor will be to on the upper band of our guidance. Profit also, we will see steady profit because I don't believe in one quarter going showing very good numbers and then the second quarter going down. Our endeavor will be to provide steady growth or steady decline wherever decline is there. Like gross NPA, net NPA, steady decline we will ensure. Thank you, Anand. Thank you, sir. We thank the management and we thank all the participants. Have a happy evening. Have a good day. Bye-bye. Thank you. Thank you.