Ladies and gentlemen, good day and welcome to Yes Bank's Q1 FY 2025 earnings conference call. On the management panel, we have with us today Mr. Prashant Kumar, MD and CEO; Mr. Rajan Pental, Executive Director; Mr. Niranjan Banodkar, Chief Financial Officer; Mr. Manish Jain, Country Head Wholesale Banking; Mr. Pankaj Sharma, Chief Strategy and Transformation Officer; and Mr. Sunil Parnami, Head Investor Relations and Sustainability. Mr. Prashant Kumar will now give you an overview of the results, which will be followed by a Q&A session. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. And now, hand the conference over to Mr. Prashant Kumar. Thank you, and over to you, sir. Very good morning, and thank you for joining us so early in the day for our Quarter One FY 2025 earnings call. On this call, I am accompanied by the senior team members of the bank. Now, moving straight onto the results. Continuing from the last quarter, the bank started the current financial year with an all-round strong performance. We delivered highest quarterly profit since reconstruction of INR 503 crore, which is 46.7% up YOL and 11.2% sequential. The bank maintained its ROA at 0.5% for second consecutive quarter. Quarter One FY 2025 ROA at 0.5% came in higher by 10 basis points compared to ROA of 0.4% corresponding quarter last year. In line with our guidance given last quarter, the bank reported no shortfall for overall as well as all subcategories of PSL. The bank sequentially further improved the net NPA ratio to 0.5% and the stock of net NPA and net carrying value of security receipts to 0.9% of advances, which was at 2.4% in Quarter One FY 2024, meaning a substantial improvement of 1.5% in last four quarters. Since the ARC sale in Quarter Three of FY 2023, the security receipts has seen a redemption of over 50%. Even with the seasonality generally seen in Quarter One, the bank maintained its net interest margin at 2.4%, kept CASA ratio at levels broadly similar to last quarter at 30.8%. As the bank continued to make consistent improvements across all core operating metrics and progressed well on the key strategic objectives of improving the profitability, we also received a rating outlook upgrade from moving on its long-term issuer rating Ba3 to positive from stable. In addition, ICRA also upgraded its credit rating of the bank to A from A-. I am pleased to also report the exercise of outstanding warrants by CA Basque Investments and Verventa Holdings, which are the funds affiliated and managed by The Carlyle Group and Advent International, which boosted the bank's CET1 by 100 basis points. These developments reflect a positive view of the external stakeholders on the bank and the reinforcement of their belief in the growth and ROA improvement roadmap of the bank. Now, I will only briefly cover the key performance highlights of our Quarter One performance, assuming that many of you might have already gone through our detailed results presentation, which was uploaded on Saturday afternoon. For Quarter One FY 2025, net interest income at INR 2,244 crores registered a growth of 12.2% YoY and 4.2% sequentially. The bank's net interest margin, as I stated earlier, at 2.4%, remained steady compared to last quarter. The core fee income of the bank, normalizing for realized and unrealized gains on investment and treasury income, has grown by 20.5% on YoY basis. Core fee-to-average assets further improved to 1.21% for Quarter One as compared to 1.15% for the corresponding quarter last year. Bank saw a strong traction in regular and transaction fee income streams, with retail banking fees saw a growth of 26% YoY. We expect this overall momentum in fee income to continue, driven by our strong customer acquisition engine, which is well integrated with our spectrum banking and relationship banking channels. Our distinctive move in our payments, APIs, and digital and transaction banking leadership, and finally, our distinctive Yes Bank brand and lastly, our service orientation and disciplined execution. For Quarter One FY 2025, cost-to-income ratios normalized for PSLC cost, realized unrealized gain on investment and treasury income was 71.8% against 76.4% in Quarter One FY 2024, and largely flattish as compared to last quarter, owing to efficiency gains and operating leverage within the respective business segments. Normalizing for PSLC cost of INR 63 crore incurred during Quarter One, the YoY growth in operating expenses has been contained at 8% in comparison to 15% YoY growth in our core income. As the bank has achieved many PSL shortfalls, it is on track to start seeing a reduction in the stock of aggregate deposits made in lieu of PSL shortfalls, starting in the current financial year itself. It expects that by FY 2027, the same would meaningfully reduce and come down to below 5% of our total assets. Bulk of the compliance is targeted to be achieved through focused organic acquisitions, besides balance being funded through inorganic means, including purchase of PSL certificates. Bank reported a pre-provision operating profit of INR 885 crore, which is up by 8.2% YoY. Normalized for realized and unrealized gains on investment and treasury income, as well as PSLC cost, operating profit growth has been higher at 37.6% YoY. The salient highlights pertaining to asset quality, slippage, recoveries, and provisions are as under: Gross NPA was at 1.7% in Quarter One, improving from 2% in the corresponding quarter last year, while remaining steady compared to 1.7% in Quarter Four of last financial year. Net NPA ratio, as I mentioned earlier, has improved to 0.5% against 1% in Quarter One FY 2024 and 0.6% in Quarter Four of last financial year. The strong resolution momentum continues during the last quarter, with recoveries and upgrades of INR 1,581 crores during the quarter. NPA provision coverage ratio has been stepped up to 67.6% against 66.6% last quarter and 48.4% in Quarter One FY 2024. Including technical write-off, PCR now stands at 80.1% against 79.3% in last quarter and 67.8% in Quarter One of FY 2024. Net provision cost at INR 202 crores and as a percentage to total assets was 0.21% on annualized basis. This was lowered by 41.2% YoY and 55% on sequential basis. Gross provision write-back of INR 654 crores from SR redemption during the quarter helped us in containing the credit cost. The gross slippage for Quarter One was at INR 1,205 crores against INR 1,482 crores in Quarter One of last financial year and INR 1,356 crores in the last quarter. Slippage ratio as percentage of advances for Quarter One was at 2.1% against 3% in Quarter One of FY 2024 and 2.4% in the last quarter. Now, moving over to business balance sheet and other highlights, bank balance sheet registered a YoY growth of 14.6% and CD ratio stood at 86.6% against 85.5% in the previous quarter. Robust acquisition continued in deposits, growing at 20.8% YoY and marginally down 0.5% quarter-on-quarter, in line with the seasonality of first quarter. CASA ratio, as covered earlier, came in at 30.8% as compared to 30.9% in Quarter Four and 29.4% in Quarter One of the previous financial year. During the quarter, bank added 378,000 new retail CASA accounts. CASA balances at the end of Quarter One were up 26.3% over Quarter One of FY 2024 and flattish compared to last quarter. The average daily balances sustained robust momentum, with average daily current accounts growing 21.7% YoY and average daily savings accounts growing 28.5% YoY. Retail and small business deposits, as per LPI definition, grew by 13% YoY. As we continue to leverage branches as a fulcrum of our business, the contribution of retail and branch banking deposits increased to 54% of total deposits compared to 52% in FY 2023. We remained committed to judiciously expand our distribution and added nearly 140 new branches since January 2023 in CASA-rich clusters, including 9 in Quarter One of FY 2025. During Quarter One, we introduced YES Grandeur, a premium banking experience for the elite and emerging affluent segment, and also launched YES Private for Business, an enterprise banking program that seamlessly blends a full array of business banking solutions along with best-in-class service delivery. An update on iris by YES BANK, this is a new, this is a next-generation super app for retail. This has been gaining strong traction and adoption since its launch in August 2023, with over 27 lakh registered users, 67% monthly active users, and cumulatively having handled 175 lakh transactions and 87 lakh service requests at the end of Quarter 1 2025. Moving on to advances, the advances growth was at 14.7% YoY. In line with our strategic objectives, SME and mid-corporate advances continue to grow at a faster pace of 23.8% and 25% YoY respectively. Further there was a pickup in corporate advances in line with our recent guidance, which was up by 13.8% YoY and 6.3% quarter-on-quarter decline seen over the last few years. Retail advances were up 9.4% YoY, while declining sequentially by 3.1%. As the focus continues towards product and sourcing mix calibrations, both of which continue to show positive traction during the quarter. It should be noted that growth rates for retail, SME, and mid-corporate are normalized for inter-segment movement of products and customers during the quarter. Within advances, the ratio of retail plus SME segment advances against wholesale segment advances, which is mid and large corporate, remained at a level of 60-40 in line with our guidance. Bank announced a strategic partnership with EBANX, a Brazil-based global fintech company, to empower cross-border commerce and bank presence in cross-border payment processing offerings for merchants and customers in India. As regards our market share in UPI transactions, while you may notice that the bank gained incremental market share in this quarter, however, it expressed some moderation going ahead. In Quarter One, bank's average quarterly LCR remained healthy at 137.8%. Bank's core equity ratio stood at 13.3%, with total capital adequacy at 16.5%. As I conclude, let me reiterate that Yes Bank's core franchise is gaining momentum due to past interventions. This momentum is expected to be further fueled by our ongoing structural initiatives around PSL and business transformation, our distinctive digital capabilities, and market leadership across digital payment ecosystem, with number one position in UPI and Aadhaar-enabled payment solutions transactions, number two position in NEFT, and top three position in IMPS. As I said, fundamentally, the key for us has been and would continue to be disciplined execution, and in that, we would like to thank you for your continued support. And lastly, before we take your questions, as India gears up for Paris Olympics 2024, we urge you to join us in cheering for Team India at www.yes-team-india.com as we celebrate the collective effort behind our athlete's journey to glory on the global stage. Thank you, and we now take your questions. Thank you very much. We now begin the question and answer session. If anyone wishes to ask a question, you may press star one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star one to ask a question. Ladies and gentlemen, you may press star one to ask a question. Participants, you may press star and one to ask a question. The first question is from Ranush Srinivas, individual investor. Please go ahead. Yeah, good morning. I have seen in the presentation that the gross bank's upper end is around INR 600-odd crores, whereas the recovery is in excess of INR 700 crores from SRs. Can you just explain the difference in the numbers there? Can you just repeat the question, please? Yeah, what I was saying is that the presentation has seen that the gross gain to the P&L on account of recovery from SRs, the return from SRs, is around INR 600-plus crores, but actual recovery is in excess of INR 700 crores. I think it's INR 732 or something. Yes, so two parts. So whenever we have cash flow coming in from security receipts, some of it goes for redemption of the face value of the security receipts, and if there is a carrying value which is sitting on the balance sheet, there is an appropriation that also goes for reducing the carrying value of such security receipts. Whatever is in excess of the carrying value becomes a write-back to the P&L. Okay, but does that mean the carrying value is on account of additional provisioning requirements? So it is. So sir, you can think of this like any NPA. So there is a gross NPA, and there is a net NPA. So the net NPA is effectively the carrying value of those non-performing assets in your balance sheet. So similarly, for security receipts, there is a face value of security receipt, and there is a carrying value. The difference is the provisioning that the bank is already carrying in its books. So whenever we receive cash towards redemption of the security receipt, we first use, and it depends on which trust we are receiving the money into. So for that trust, we will first reduce the carrying value of that security receipt. Only once it becomes zero for the respective trust, it becomes then a write-back into the P&L. So for those trusts where the principal is still not fully, rather the carrying value is still not zero, it will go down to reduce the carrying value. For those trusts where the carrying value is already zero, if we receive cash, we have taken that into the P&L. So that explains the difference between a cash flow versus total cash flow versus the total P&L write-back. Okay, okay. Got it. What this means is the balance provisioning requirement, which is still there, to make the carrying value zero, that would be deducted from the gross recovery. And what remains will be the gain for the P&L. Yeah, so as on 30th June, sir, the number that we have as carrying value of security receipts is about INR 850 crore. Now, whenever we receive cash towards the security receipts, it could be in two parts. One, either it will reduce the carrying value. So from INR 850 crore, it could come down to maybe a INR 650 crore, or it could be a P&L write-back. It depends on which trust is the cash coming from. But just to also give a simple answer to you, so the carrying value is of INR 850 crore that we have in the balance sheet today. The face value of these security receipts is about INR 3,500 crore, and the NAV is actually higher than that. So what we are expecting over the course of fiscal 2025 is clearly for the book value to become zero, rather the carrying value to become zero and without any hit to the P&L. So we don't expect that there should be a hit to the P&L. On the contrary, we will recover more cash than the carrying value we will have in our security receipts. Okay, thank you. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of M.B. Mahesh from Kotak Securities. Please go ahead. Hey, hi. Just wanted an update on the unsecured loan book. We've had some issues in the last couple of quarters. We could just kind of get an update of what you are seeing in the portfolio. Yes, unsecured book, in line with the market, has some issues, particularly in some segments. Accordingly, both for cards and unsecured, we have undergone the policy change. There are new scorecards in play. We have cut down on certain markets and certain profiles. Also, just to keep you updated, we have also beefed up our collection machinery. Till the time we are fully comfortable with all the segments, we don't intend to open up. As a result, you will also see a muted growth around the unsecured. I think it's a time to be a little extra careful around the segment, and it could be a result of the customers over-leveraging themselves and stuff like that. Can you just clarify these two parts? One, we understand that the forward origination, or at least the fresh origination of the book, is likely to be tighter. About the existing book that you're carrying today, any sense of how long the pain will persist based on what you're seeing in the data? So first of all, the new book, which we are creating, obviously is a much better quality because of the measures what I spoke about. The old book, I think, should reflect in 1 or 2 quarters from here before it stabilizes and then starts subsequently coming down. Okay, sorry. Just to clarify, so today we are looking at these retail slippages. You're saying that this at a bank level is more or less likely to remain at these levels is the assumption that you are building with it? So unsecured will remain at that level for the next 1 or 2 quarters. Okay, okay. Thanks a lot. I also just want to call out on that, and you would recall that just on unsecured, some of the interventions that at least from our side, we have been making those almost two quarters prior to this. So sometime September quarter, December quarter, we had already taken note of some of the early signs of some risk kind of building onto the portfolio. And those interventions were made. So we are hoping, like Rajan mentioned, over the next couple of quarters, this should stabilize. And in any case, we are a lot tighter on the new sourcing. Yeah, yeah. Perfect, perfect. Thanks a lot, man. Thanks. Thank you. Next question is from the line of Jai Mundhra from ICICI Securities. Please go ahead. Hey, hi. Good morning, sir. Firstly, it looks like that in the fee income, of course, there is a negative fee on the trading side. But apart from that, is there anything else which is changing, I think? And is this the negative treasury income? Is it because of the, I mean, what explains this negative treasury gains? So Jai, just on the core fee, so the core fee actually has done very well. And if you look at excluding the treasury on a YOY basis, we would have grown 20%+ on the core fee. And this is across all lines. Of course, there have been some sluggishness that we saw in our FX income. We've seen some acceleration that we've seen in our digital income. So there are pulls and pushes, but I think on the whole, we've seen actually core fees continue to do well, growing more than 20%+. If you compare the fees sequentially, you would appreciate that typically there are seasonality performances that kind of play out in March. For example, you see third-party distribution do very well in March quarter as compared to a June quarter. Also, between March and June, two big callouts were we had received MeitY incentives, which was also part of the P&L in Q4. So that also meant that June was subdued as compared to March quarter, just from a digital banking income line. And then, of course, if you look at also the overall non-interest income, there was the income tax refund, which was in excess of about INR 100 crore that we had in Q4 as compared to Q1. So at least the underlying trends on core fees continue to hold good. Yes, of course, there were some pulls and pushes that played out during the quarter, but we are confident the fee trend should hold up about 20% plus. Right. That is helpful. But anyway, the negative income on investment gain and treasury income, is it like some MPN or, I mean? That's right. No, that's right. What happens is in the balance sheet we run, of course, there are large cash flows on foreign currency that also goes through. So there are revaluation effects that we do have to sometimes take into the P&L. But the explanation actually is not whether it is negative or not. The explanation is that last quarter, as well as the prior year, we had a large gain on sale of investment. This quarter, that number was quite muted, and that explains the difference between Q1 of last year and Q1 of this year. Right. Secondly, on the loan growth side, even in this quarter, it looks like even retail, we have taken a bit of a calibrated stance. I would have thought that retail SME were your growth driver. And you have mentioned that corporate has now resumed the growth trajectory. So if you can comment on this individual retail, how do you look at retail growth and maybe the corporate growth? Sure, Jay. So I will take SME and the large corporate first. And you would recall that we have very consistently been saying that these are two sectors where we will continue to drive about a 25% mid-20s growth. And we continue to see that over the last 3 or 4 quarters, as well as how we see going forward. We do believe that mid-corporate and large corporate will grow, rather mid-corporate and SME will grow at mid-20s%. On retail, and we just had a question also prior to yours, we have seen there are two focus areas on retail. But of course, in some segments, there is, especially on the unsecured side, we have seen that we need to be more cautious. And some of the interventions have played out over the last 6-9 months to have identified some pockets of stress that have gone up. And we have also course-corrected to make sure that the new sourcing, therefore, is in the right risk framework. As a consequence, what we end up seeing is subdued disbursement there. That's number one. Number two, and again, we've said this for some time now, that on the overall retail as well, we are wanting to recalibrate the mix to make sure it is a profitable growth. As a consequence, FY 2025, we do believe we will see a subdued growth on the book. Once we kind of put through the right processes, there are some interventions we need to undertake in FY 2025 as well. Once all of those are recalibrated, the new disbursement on profitable products will start reflecting on the book in FY 2026 and 27. But you will see slightly, I would say, subdued, not the 25 and the 30% growth rate that we would have seen in the past. I think we'll get calibrated to more like low, very low double-digit to 15 kind of a growth. The third is large corporate business. Again, you recall that we have always been seeing that the new business generation in large corporate momentum has always been there. It's been there for the last 12 to 18 months. It has now picked up, in fact, even more. There has also been businesses, good client outreach that has resulted in growth coming in from some of the large corporate names as well. But I think importantly, what's also playing out is that the rundown of some of the old book or the legacy book, that the run rate, which used to be quite fast or high, that has also slowed down. So again, what we are now seeing on the book is that the new growth that's coming through is reflecting on the book more emphatically than it has in the past. But that doesn't mean that we are not sourcing more. I think that run rate is also picking up. So I think that's broadly the landscape of how the growth is. SME and mid-corporate will be a mid-20s growth for us. Again, LC is now beginning to pick up as the retirement of the past has slowed down. Retail, at least for FY 2025, will be in a slight product recalibration. But we are confident that once we're confident about the risk that we are sourcing, we will be able to also scale up the growth there. And in the opening remarks, Prashant mentioned that you may see a decline in the UPI share. As per your presentation, it is past 50% or more than 50%. But anything to suggest that why would it come down? Or is this the normal because you have more than one-third share? So like if you recall, in case of one company where there was an issue, the whole thing has been migrated to four ways, right? But in the first quarter, almost everything is coming to us. I think going forward, we are going to see equal distribution of that business within the four ways. So does this change any of the fee line item also? So definitely, it helps us in both fee income as well as on the float, which comes through the CASA. Jai, also just to add to see that I think the question that we have to ask is, how fast is the market also growing, right? The underlying market is actually growing very fast. And even if, let's say, our volumes grow at a reasonable pace, it helps us deliver the growth rate on fees. So we don't believe that there will be an impact of any materiality on our fees just because of the diversification. Because diversification would mean that on the incremental business, maybe there will be a higher share that might go to other banks. But I think the market itself is quite big for us to keep growing. That's one. Just to, sorry, just complete one point on the retail asset calibration. What I also wanted to drive, Jay, there is if you look at the new yield that we have been doing on retail businesses as compared to the portfolio over the last 3-4 quarters, you will see that the spread is already close to 80-100 basis points. So the new disbursements are already accreting almost 80-100 basis points more than what the portfolio is at, right? So I think that's the calibration journey we are going through. And hopefully, over the next year or so, it will start reflecting on the book more emphatically. Sure. And lastly, I don't know if you can clarify. There were some news articles suggesting the largest bank shareholder may be replaced by another bank, etc. So it would be best and possible if you can comment on that. Thank you. Well, I think on these news items, we have already given the clarification to the stock exchanges. But these news items as of now, they are not correct. Thank you. And all the very best, sir. Thank you. Participants in the first one to ask a question. Next question is from the line of Sri Karthik Velamakanni from Investec. Please go ahead. Please stay on the line. The line for the participant is on hold. Participants in the first one to ask a question. Ladies and gentlemen, in the first one to ask a question. Next question is from the line of Kunal Shah from Citigroup. Please go ahead. Yeah. Hi. So firstly, on PSL, so given that in Q1, the overall what we have bought is still maybe the expenses which have been cut to, that is INR 63 crore. And broadly, we have been able to pick up maybe after the buying of the certificates, we have been broadly able to pick up of the fee as well. And you had given maybe what is the difference of how much is the drag on margins and other aspects. But when should we ideally expect it to neutralize? Maybe how long is it going to take before we see that gap narrowing down between PSL and XOP? So Kunal, on the PSL impact, there are two parts. One is the flow. And when I say the flow, it is what we are doing to comply with PSL from here on, right? So last year, let's say we had INR 300+ crore of, I mean, cumulative ballpark INR 300 crore of PSLC expenses that was to comply for FY 2024. In addition to that, we had some other loans that we had on our balance sheet, which although were not, I mean, they were not a drag from an earnings standpoint. But I think the question that we have to answer is, from here on, what would be the share of inorganic and organic compliance to PSL? And the good part, Kunal, is that FY 2024, almost two-thirds of the compliance came in from more than two-thirds of them came in from inorganic sources. And just one-third was from organic. As we look at June quarter, of course, it's just early indication, but we have to see the course of the year. But the June quarter itself, when we look at the mix of compliance, we are already at a 50/50 mix, right? Now, clearly, from our ability to improve our earnings, we will want more and more share coming in from organic and less from inorganic. And I'm including PSLCs also as part of inorganic, right? So that's point number one. And that is a function of the scaling up the MFI book. But of course, we have to be mindful about the industry headwinds as well. Of course, we will have to put our own investment into that segment. There is, we have been discussing this in the past as well. There is a thought to see if we can look at anything organic to scale up. But clearly, our focus would be that, and we are tracking this almost every day to say, how can the organic share be more than the inorganic and therefore less than PSLC? That's number one. Number two is that even within the inorganic, how can we make sure that we are more rate-effective? The good part is when we look at, let's say, PSLC compliance cost last year versus PSLC compliance cost this year, we do believe that we are more effective and optimal this year than we were last year, right? Because a bulk of our compliance also came in at the lag in Q4 as compared to Q1. So just to drive that point, so we are very consciously making sure that the mix of compliance is moving from high-cost contributors like PSLC to inherently ROE-accreting businesses, let's say, which is ISC. I think that journey is not going to be immediate. It It will take about two, three years. But we will keep working hard on that. That's number one. I think the second part of your question was, which is already a big drag, is on the RIDF, right? Which are the deposits which are sitting on our balance sheet. That book is about INR 44,000 crore, is about 11% to our total assets. Because we have now been complying in FY 2024, like you mentioned, we don't believe on incremental basis, we should start seeing new demands come through. And therefore, the rate at which the RIDF book will start falling off will start improving. So this year itself, when we look at FY 2025, the RIDF book, which is about INR 44,000 crore on a net basis, should already come below INR 40,000 crore. But I think the key is that FY 2026 and 27, this book should come below, well below 5% by the end of fiscal 27, right? So that's how the book will start falling. And the moment this book starts falling, clearly, it will aid and add to our margins, right? So just to summarize, the new business formation, we are making sure that we do more organically. In fact, we have also done our own direct lending to the MFI sectors. We've also started that, reduce the PSLC costs. But importantly, on RIDF, latter half of fiscal 25 is when we start seeing the redemptions or the reductions in the RIDF book. But the P&L impact will start materially playing out in FY 2026 and 2027. Okay. So maybe 26 and 27 is where to look. Okay. And maybe looking at, as you mentioned, will it be well spread through the fiscal rather than being more either the upfront aid or maybe having so last year, we had it more towards 4Q. But fair to assume that this will be well spread now across all the quarters? No, so absolutely, Kunal. This year, in fact, when we look at the PSLC expense line, which is, I think, ballpark about INR 60-odd crores in Q1, that will be very largely evenly spread out to the remainder of the year. Because we have taken bulk of the PSLC expense in Q1 itself compared to Q4 of last year. Sure. And second is on retail slippages, maybe at almost 4%. But if you can just give some color in terms of if we just have to look at it in terms of the breakup between secured and the unsecured, given that unsecured, we have now built it up, say, as a proportion of the overall retail side. Would the skew be more towards the unsecured in this entire? Yeah. So out of the total around 800 gross slippage we had in this quarter, around 40%-45% is actually coming from the unsecured, which is where the larger issue lies. And keeping in mind, as I said earlier, we have deepened our collection machinery. And also, we have been going one is slow. And also, we have cut the segments which were contributing to the default. And we were able to reach these signs around 6-7 months back. And hence, the adequate measures have been taken. But for the slippage, already they are in place. There is a complete basing up of the collection machinery, both on that circuit as well as on the recording part. Okay. So INR 1,000 crore of slippage, right? So that is the total of retail, adding up everything. But only if we have to look at the retail asset slippage, that is the compliance we're talking about. Got it. Okay. Okay. Good. Yeah. Okay. Yeah. Thank you. Thank you. Participants, you may press star and one to ask a question. As there are no further questions, I will now hand the conference over to Mr. Prashant Kumar for closing comments. Again, thank you so much for joining us so early in the day. And again, since 26 onward, the Paris Olympics is starting. I think we again urge all of you to send your wishes for the Indian Olympic team. Thank you very much. On behalf of YES BANK, that concludes this conference. Thank you for joining us. You may now disconnect your lines. Thank you.