Am I audible?

Okay.

Thank you so much, Shri Dhirendra, our CFO. It is great pleasure for me to welcome all of you in first quarter '26-'27 working results press meet.

For me it is virtually third and normally it's fourth. I welcome all of you for the financial results announcement, and I think around 12:15 or so we have already uploaded to stock exchange, and we have already uploaded in website.

Presentation as well as the details of the financials are uploaded as per the regulatory. I am sure?

Yeah. Thank you.

Thank you for that. Friends, I think as I said that this is the third one in sequence we are meeting, and you have heard to us earlier also.

Before going to the financials and the PPT and other things, your Q&A, before that I would just like to set the context. The Indian economy, you know actually more than us as well, but our country Bharat is holding up well despite persistent global headwinds on a combination of its inner resilience and proactive efforts undertaken by our policymakers.

Though there are disruptions, though there are challenges, but our country has stood very well, very firm. We need to acknowledge that Q1 FY26-'27 was deeply affected by the West Asia conflict with varied channels of impact on our macros and markets via oil prices, trade linkages, logistics, currency, and rate movements.

Despite this, our country Bharat has grown. Fundamentals remain relatively resilient, and the banking sector has well managed to navigate the heightened external volatility with prudence.

I must again assert the consistent policy support from both the Government of India and various state governments and the RBI to cushion the impact of war-related disruptions on the economy, especially the hard-hit MSMEs and the markets, specifically to protect the rupee. This helped the banking sector to withstand the macro uncertainty and demonstrate continued strength.

As we have said earlier in our earlier press meets during various quarterly results, your bank, Union Bank of India, is working upon five very clear pillars. The first is the efficiency.

The second is the robustness. Third is the quality and sustainable growth, and fourth is the profitability, and fifth, the customer-centricity and ease of doing business for both customers and the staff, equally distributed.

We are giving equal weightage to each because we believe these five pillars will actually help us in navigating these challenges, and we will be for sure coming up with improved and better, far better performance going forward. This is the five pillar where we are actually working, and against this backdrop our strategy has remained around this five pillars.

I am very sure that the results which you have seen quarter-to-quarter for at least the last three quarters are aligned to all these five pillars. We at Union Bank of India continue to pursue strategic initiatives, as highlighted in the last three press analyst meets as well, given our focus stays on long-term growth, sustainability, and business profitability.

We aim to remain a key contributor to the overall banking ecosystem with trust from our customers, investors, and key stakeholders with a focus on sustainable growth, given our motto: business first and compliance always. More importantly, our 7,400-plus staff member employee stayed true to our slogan in both letter and spirit: "Achhe Log, Achha Bank".

With this I acknowledge first of all their support—all our stakeholders, the support, and our employees more so during these turbulent times, and keeping the bank's performance as aligned to the five pillars of objective. In terms of key accomplishment during the quarter, actually your bank has got IIBF Banking Excellence Award under Excellence in Governance and Compliance, TransUnion CIBIL Award for Best Data Quality Bank, IBA Award for Cybersecurity Team, and Economic Times Enterprise Security Winner for Data Privacy.

I think these are important ones in today's scenario, all this four, five things. We need to be concerned about that, and we are happy that the team which has worked on these pillars actually could secure recognition and achievement on this.

Let me share with you the financial results as well. The net profit for Q1 financial year 26-'27 stood at ₹5,332 crore with a growth of 29.57% on YoY basis.

I think that is also one of the remarkable, if we see June '25. Even we are better than the March figures, but then June figure it is 29.57%.

The OP is one of the key parameters, and if we take Q1 FY26-'27, the first time your bank has crossed ₹8,000 crore of OP, the growth of 15.83% YoY basis. As we have been highlighting in our constant communication with investors, our strategy was focused on defending the NIM.

Two, three things which we clearly told, I think in last three press meet, analyst call, that the NIM we would like to defend and make it better. I think this quarter we have achieved it, and the results are in front of you.

We have clocked 2.80% vis-a-vis 2.64% during the March quarter, and the same was actually 2.70% for the full year '25-'26. The next is we always say that we believe upon the CASA, which I will come going forward in my commentary.

Our profitability ratios, we really work hard on the efficiency parameters. Because once we are efficient, we'll be in a position to deliver much faster, much better results.

Our profitability ratios has remained favorable, with RoA comfortably above 1%, clocking 1.36%. On RoA, I would say that last three quarters there you would have seen the consistency on the RoA front.

We are continuing the same RoA of 1.36%, and the return on equity stood at 17.23%. There is a consistency, I think, in this.

The capital adequacy is one of the best in industry as 18.46%, with CET1 ratio at 16.38%, and which shows the robustness, strength in the balance sheet. Similarly, we stay focused on asset quality.

Asset quality we have already told many a times that this is one parameter which we are observing both during underwriting and during monitoring of the assets. Key metric to watch for in an uncertain world, I think this is very, very important, asset quality, particularly these I should say turbulent times.

Our gross NPA reduced further by 87 bps YoY to 2.65%, and our net NPA declined by 15 basis points YoY to 0.47%. The provision coverage ratio has held steady at 95.05%, reflecting a well-provisioned balance sheet of the bank.

Moving to other crucial metrics of asset quality, as promised, our credit cost eased further by 9 basis points YoY to 38 basis points in quarter one FY26-'27. This was primarily led by a consistent drop on our slippage ratio to 0.82% in Q1 '26-'27 as compared to 0.99% in Q1 of the last year.

The gross slippages for the quarter stood at ₹2,157 crore, but well surpassed by reductions of ₹3,465 crores. Before discussing the business growth number, it is pertinent to reassert that we have attempted to balance the top line with bottom line, though our top line numbers have also minute underlying details that warrants attention.

Our growth in domestic deposit clocked at 3.49% YoY, as we continue to curtail high-cost bulk deposit. In this quarter, ₹24,907 crores, that is what we have shed it during the quarter, and we adjust for the same, the deposit growth is above 5.50%.

Our domestic advances growth jumped back to double digits by 13.11%. If we adjust for the impact of shedding of low-yielding IBPC and all, I think it is far better, which I have already told in our earlier press and analyst calls.

Getting into details, I should mention very clearly that how we are working, and we told that we actually focus much on the average assets, on the average figures, rather than the only terminal. Let me tell you very clearly, because I think on 28th or 29th of April we have given a disclosure also where our CASA was quite high on the March.

Average CASA, which remained for the June quarter was around ₹24,000 crore, and average RTD was ₹17,000 crore. If we put together RTD and CASA, it was ₹41,000 crore.

I think that is the reason we always say that the first preference is to build the deposit base through CASA and RTD. If you take from the March figures or maybe from the June '25 figures, the bulk deposit to total deposit has come down by 7.5% to 8% for a bigger balance sheet size.

I think it is sizable, and I'm very sure it is more than ₹75,000 crore of bulk deposit. It doesn't mean that we are not taking bulk deposit.

We are taking, because there are maturities, because bulk deposit base itself is quite huge. Every quarter, we take.

Even last quarter, we have replaced with the ₹35,000 to ₹40,000 crore. The first choice is to build the base of the CASA and RTD, and there we are coming into it.

The present one also, we are actually working a lot on the FCNR(B), which the window has been opened. Because there is again some benefits to the bank on CRR, SLR.

We are very firm on that, and we are approaching all our NRI customers, branches, and even friends and relatives who are abroad, to get converted into. That is what it will help the bank, but then more than the bank it will help the economy as such.

I think that is where we are coming from now. Our strategy goal remains to boot high NIM and assertive RAM lending.

As we said, domestically we are 57:43 on the large corporate and corporate book and the RAM book. I think these are the figures, and if we take the vision what we feel, we would like to work very clearly on the five pillars which we have told you, because we surely believe as a team in Union Bank that if you have to build the bank further on a large scale, because we have already done five-year strategic plan, we have built the business figures of five years, we are in line with that with the structural changes which we have made.

We are very sure that working upon these five, because these five are important, so as to when you build the bank of maybe down the line 4 to 5, 6 lakh crore more, you need to be robust, you need to be compliant, you need to be much more disciplined. I think in that line only we are moving right now.

The IT also, we spend almost ₹1,800 to ₹2,000 crore every year. This time, though we have got Cybersecurity Team Award and DPDP, our data privacy, DPO award, but at the same time we are again planning that how we can build the cybersecurity version 2.0 in our bank.

I think that is the plan which has been mooted, and we will be discussing further in our board, and we will making it. Because when you have to grow, you will grow, but you have to be more customer-centric, I believe, and we have to be more compliant, and the negatives in the society like money mule and frauds and all, we have to be very careful on that.

I think these five pillars will be working. As far as the FCNR is concerned, your bank is having a plan for reaching out around $1.5 to $2 billion, and OFCCB around $200 to $300 million.

We are in line with that. As of today, $105 million without any leverage, we have already done it.

Every day we are actually in a position to garner good portfolio in that. Then some of the things are in line, and for leveraging and all, maybe the line and other things, we are in discussion with the various partners, and we'll be concluding that soon.

The most importantly, I would like to convey that is what we have conveyed, Project Muskaan, to all of you in our last three press meet. It has given very, very good results, and I think this you can always see in the figures reflecting as well.

The bottom-up approach which we have adopted in the bank, where we are taking suggestions from the branch people, even UAT, production testing they are doing before we roll out anything, it has given a very good impetus to the bank. With this, I think more importantly bank undertook several transformative initiative during the year and during the last quarter on the branch productivity, operational resilience.

Let me tell you, we are working a lot on the operational resilience along with technology resilience, because we firmly believe technology has to be supported by the operational resilience first. I think with this total base we are working in the entire workforce capabilities, skilling, reskilling them.

Simultaneously branch workload is also reduced through centralization, automation, digital sourcing. Even the RPA we have done.

We started recently, but we have done more than 60, and we have a plan to go for around 500 in a times to come. Customer service excellence and operational efficiency and ease of doing business, these are the three for bank like us and in the financial BFSI sector.

I think customer is on the top. These three things, I think we are very sure with Project Muskaan, we're in a position to reconnect and redo and we can be in a position to have a very good customer base and business from them.

I conclude with a deep gratitude for our customers, our investors, our board most importantly, without whose support it would not be possible for bank to flourish, for any organization that matter. Our key stakeholders who have supported a positive turnaround in the bank in recent quarters will continue to need your support to help us reach greater heights of glory in the coming quarters.

Thank you, thank you so much. With this, I request my CFO to run through the presentation quickly, because we have already uploaded, and you must be having now all the datas and all the questions with you by now.

I think you can run through, and we can have a Q&A.

Thank you very much, MD sir. With these comprehensive remarks at the initial stage make my work easy going forward because almost every key parameter is covered by MD sir.

This slide in front of you shows that bank is a pan-India having 8,700 branches, and 60% of our branches are in rural and semi-urban places. Bank has centralized processing units for various processing of retail loan, MSME loan, gold loan, and corporate advances.

Next slide, please. This slide shows all the operating parameters, which almost everything is covered by MD sir.

Still, for the sake of little repetition, CASA and retail term deposit, as MD sir mentioned, has grown. Absolute terms it is 111 on a YoY basis, and bulk deposit we have consciously reduced it by about 68,000.

Advances reached to ₹10,96,000 crore with a YoY growth of 12.5%. Capital position remain comfortable with CRAR of 18.46% and CET level at 16.38%.

Continued improvement in asset quality with gross NPA at 2.65, net NPA at 0.47, and PCR at 95.05%. Both operating profit and net profit MD sir already mentioned.

Net interest income has improved from ₹9,113 crore to ₹10,037 crore with a YoY growth of 10.15 and sequential increase of 6.71%. The bank first time has crossed the NII figure of ₹10,000 crore in a quarter.

Credit cost contained at 38 basis points versus 47 basis points in Q1 of FY26. Next slide, please.

These are profitability indicators. Operating profit, net profit already mentioned.

Improvement in earning is a outcome of healthy and profitable business growth and continued cost discipline. The same has resulted in improved interest income and expenditure.

Resultantly, the net interest income has improved from 9,113 to 10,037 crore. Non-interest income, that is fee-based income, has also increased from ₹4,486 crore to ₹4,603 crore, showing a YoY increase of 2.61%, mainly driven by core fee income, which grew by ₹457 crore from ₹2,219 crore in June 2025 to ₹2,676 crore.

Despite there is a fall on YoY basis in treasury income, the bank could be able to register a growth of 2.61% in its fee-based income. RoA, RoE, and EPS stood at 1.36, 17.23, and 27.94% as on 30th of June against 1.11, 15.15, and 21.57 a year ago, respectively.

Next slide, please. This slide shows the asset quality.

Both gross NPA and net NPA stood at 2.65 and 0.47 as of 30th of June 2026. PCR improved to 95.05 from 94.65% a year ago due to controlled slippages and PCR above 95% means lower aging provision and resulting to a credit cost decline from 47 to 38 basis points.

Slippages ratio contained at 82 basis points in Q1 of FY27 versus 99 basis points in Q1 of FY26. Next slide.

Credit growth. Advances, as mentioned by MD sir also, grew by 12.5% globally and 13.13% domestically.

RAM sector grew by 11.56%. Within RAM sector, MSME grew by 16.49 and retail by 12.06% YoY.

Corporate growth is 13.73%, and absolute number stood at ₹4.88 crore. Already mentioned by MD sir, the domestic RAM to corporate book is 57:43.

Strong underwriting discipline reflected in 700-plus of retail bureau score constitutes 99.8% of the retail loan portfolio of the bank. Next slide, please.

This is credit growth, particularly in RAM sector. Retail lending reached to a level of ₹2.57 lakh crore, YoY growth 12.06%, constitute 24% of the domestic loan book of the bank, supported by housing book providing stability.

MSME reached to a level of ₹1.68 lakh crore, YoY growth of 16.49, with a strong micro and small book constituting more than 80% of MSME portfolio. Agriculture advances reached to a level of ₹1.83 lakh crore, YoY growth of 6.75%, largely core farm credit and constituting more than 80% of agri portfolio.

Next slide, please. This is credit exposure of the bank to various industries.

Infra portfolio is well diversified and balanced, avoid concentration risk. Credit to major seven industries as mentioned in the slide stood at ₹3.87 lakh crore, up over 18% YoY, with better underwriting standard.

About 95% of corporate loan book above ₹25 crore is investment grade, that is BBB and above. NBFC housing finance exposure largely high rated, with 99% in A and above category.

Next slide. Deposit growth already touched by MD sir in the initial remark, stood at ₹12.83 lakh crore with a YoY growth of ₹3.50 lakh crore.

CASA and retail term deposit registered a higher growth of 11.70 and 12.48%, respectively. CASA ratio improved by 258 basis points from 32.52% to 35.10%.

Absolute increase in CASA plus RTD is 1.11 lakh crore. Reduction in high bulk deposit by ₹68,000 crore resulted in bulk to total deposit ratio from 26 to 19%, as mentioned by MD sir in that 7% reduction in bulk deposit ratio.

Due to cautious reduction of this bulk deposit, the deposit growth is 3.5%. However, this reduction in bulk deposit has led to a reduced cost of deposit by 48 basis points on a YoY basis and 18 basis points on a QoQ basis, resulting in decline in our interest expenditure.

Strong liquidity position with stable average LCR and NSFR, which stood at 121 and 118.72 as of 30th of June 2026, well above the regulatory guidelines. Next slide, please.

This is our treasury book. The treasury portfolio experienced a volatile quarter with the uncertainty rising on account of geopolitical situation and fluctuation in crude oil prices.

The India 10-year G-sec, which closed at 7.03% at the end of March 2026, witnessed significant movement during the quarter ended June 2026 to a high of 7.15 before settling at 6.77% at the end of June quarter. The bank continued to proactively manage its investment portfolio between earning liquidity and interest rate risk.

Total investment portfolio stood at ₹3,33,994 crore. 78% of the same is in HTM category.

Duration during the quarter increased marginally by 13 basis point from 4.63 to 4.76, primarily on account of fresh accretion in HTM portfolio aimed at enhancing carry income and portfolio stability. At the same time, the bank took a cautious stance in AFS book and reduced the SLR AFS duration from 4.06 to 3.70 sequentially, thereby mitigating MTM volatility amid uncertain interest rate scenario.

Overall duration of the total investment portfolio has been reduced from 4.90 to 4.63 on a sequential basis. The bank maintained excess SLR of 2.29% of its NDTL, providing adequate liquidity buffer.

Next slide, please. This is a profitability statement.

Major part is already covered. Yield at 2.80, up four four basis point and 16 basis point on a YoY and sequential basis.

It is interesting to note, MD sir has given a little color on the stickiness and average about the business of the bank. I just like to put some points here additionally, that average-to-terminal ratio of advances, deposit, and CASA has shown marked improvement during Q1 of FY27.

As on 30th of June, the same stood at 97.44% for advances, 99% for deposit, and 96.44% for CASA deposit. The same figure as of March quarter was 94.52, 93.95, and 89.13, respectively.

Due to increased average level of CASA and advances, the interest expenses have come down and interest income has increased, resulted in increased net interest income. Non fee-based income already we have covered, operating profit and net profit is also covered.

Next slide, please. This slide shows the provisions made during the quarter.

The total provision for Q1 stood at ₹2,671 crore against ₹2,793 crore during the corresponding previous quarter. NPA provision stood at 1,020 in Q1 against 1,153 a year ago.

Resultantly, credit cost has come down from 47 to 38 basis point. During Q4, the bank had proactively strengthened standard asset provisioning coverage and has made a one-time provision of ₹700 crore in Q1 now towards contingency provision.

Now, during this Q1 of FY27, the bank has added another ₹100 crore in this, and the same now stood at ₹800 crore as contingency provision. Key ratios, next slide, please.

Basically, ECL and other guidelines are in place. We are simply strengthening the book so that by the time it comes we are very, very clear.

We have a visibility, and we do not want it to lag it at the last fag end of the time. I think we are proactively while at least maintaining the highest profit and all the efficiencies parameter at the best, and then whatsoever remains we can better put it for strengthening the balance sheet.

Yeah.

Key ratios, cost of deposit is in declining trend and stood at 5.05. Yield on advance also declined and stood at 7.90 global and 8.01 domestically.

Yield on investment stood at 6.77 global, and domestic it is 6.80. Yield on funds at 6.93.

Cost of funds at 4.37. NIM, as already mentioned, 2.80.

Next slide, please. Efficiency parameters.

Cost to income ratio at 45.34% during Q1 of 2027.

I think this is very, very important parameter because we were harping on this that cost to income has to improve. I think from 50.65 levels 45.34,

almost

5%.

4% sir.

Five. Almost 5%, I think it is.

5.3.

Yeah. Please continue.

Factors contributing to this improvement in cost to income ratio are mainly improved net interest income, as we discussed, reduction in interest expenditure, and—

Actually various parameters.

Yeah. EPS improved from 21.57 to 27.94.

Price to earning ratio declined from 7.12 to 6.17. Business per branch and business per employee stood at ₹274 crore and ₹32 crore, respectively.

Book value as of 30th June is 162.15, and price to book it 1.06. Next slide.

This is NPA movement. Recovery, upgradation, and technical write-off stood at 3,465 for the quarter against the slippages reported 2,157 for the quarter, leading to continued reduction in both gross and net NPA.

Recovery in written-off accounts stood at ₹743 crore compared to ₹850 crore during the corresponding previous quarter. Gross NPA stood at ₹29,093 crore and net NPA at ₹5,017 crore, supported by a strong PCR of 95.05%.

Delinquency ratio we already mentioned, reduced to 82 basis point from 99 basis point, reflecting better credit discipline, and fresh slippages during the quarter was ₹2,157 crore. Next slide, please.

This is sectoral asset quality. Very visibly you can observe retail NPA ratio at 0.89 against 1.19 as of June 2025.

Agriculture NPA ratio at 7.49 as of June '26 now against 8.42 as of June 2025. MSME NPA ratio at 4.15 against 4.39 as of June 2025, and large corporate NPA ratio at 0.99 as of June 2026 against 1.70 as of June 2025.

All the credit sectors NPA has improved over the year. Next slide, please.

This is our restructured book. Restructured book is declining from ₹8,608 crore to ₹7,118 crore YoY, with no material fresh accretion during the year.

Reduction led mainly by retail and MSME, indicating the post-stress normalization. SMA above ₹5 crore declined sharply by 51.56% YoY and 37.85% QoQ.

I think June quarter we will see mostly it gives a more sort of in slippages and generally in banking and more SMA. The positive thing is that it is almost ₹1,000 crore down SMA from I think this more than ₹5 crores: 0, 1, and 2.

I think from 3,833. From December, I think September, from all the quarters you can see.

I think this is one of the best figures which the team could generate.

Next slide, please. This is about the capital of the bank.

Capital ratio remains strong with overall CRAR of 18.46%, YoY increase of 16 basis point, sequential increase of 36 basis point, and CET at 16.38%, YoY improvement of 108 basis point and QoQ of 69 basis point. In terms of revised RBI guideline with effective from 1st April, we have transferred amount of ₹1,701 crore from Tier 2 to CET1, and similarly, the RBI guidelines, which now permits to add the quarterly profit net of three years average dividend, an amount of ₹4,483 crore has been a part of the CET1.

During the quarter, the bank has redeemed ₹850 crore of Tier 2 bonds. Bank has a board-approved capital plan in place and will take appropriate call at appropriate time depending upon the market situation.

Next slide, please. This is about inclusive growth.

Bank is driving inclusive and sustainable development by extending banking services to underprivileged and vulnerable section of the society. Strong commitment to financial inclusions through various flagship program of the Government of India with sustained growth in PMJDY, PM—

I think here we are focusing more on the claim settlement, because these are the needy people who has done PM Suraksha Bima and Jeevan Jyoti. In this quarter itself you can see 898 and 1,753.

These are the number of lives which was taken and the claim was settled during the period.

Next slide, please. I now request our CRO, Sowmya madam.

Request every other vertical to be precise.

Key points you can tell. Yeah.

Good afternoon, ladies and gentlemen. Regarding our bank's contribution to ESG, bank has taken many steps in this direction, and we are pioneer in many areas.

We are the first major Indian bank who is a signatory to the Partnership for Carbon Accounting Financials. On the ESG front, we have taken many steps.

We are pioneers in many areas. Bank's green financing portfolio is around ₹40,000 crores now, and we have also sanctioned around ₹2,800 crores for green vehicles.

We are the first major Indian bank as a signatory in the Partnership for Carbon Accounting Financials. We have set up emission reduction standards for Scope 1 and Scope 2 emissions, which we are planning to achieve by financial year '34-'35.

CareEdge has given us ESG 1+ rating, which is the best rating, and that defines the leadership position in managing ESG risk. Moody's also has given us SQS2 rating, which is the second best score on a scale of 5.

Our bank has organized an ESG event, which is Union Bank Climate Dialogue, during the Mumbai Climate Week 2026. We have also been awarded as one of the top 60 India's most sustainable companies for the financial year '24-'25 by Businessworld during March 2026.

The bank has also been ranked second out of the top 35 banks by market capitalization based on IFRS S2 for financial year '24-'25 by Climate Risk Horizons during May 2026. These are some of our achievements on the environment side.

On the social side also, bank has taken many initiatives, and we are doing a lot of CSR activities also. On the governance side also, all the prescribed policies which a bank of our size should be having, we are having all of those.

Those are some of the— Yeah. Request ED sir.

Good afternoon, sirs and madam. Union Bank has a young workforce with an average age of less than 40 years.

We have also a strong base of professionally qualified employees, mainly in engineering, CA, CS, MBA, PGDM, and FRM. We have also a good number of specialist officers, 5,900-plus, having IT and technology, credit and marketing, law and risk, and specialized roles.

Bank has also taken several initiatives for employee well-being, like wellness app, yoga, counseling, doctor consultation. We have also revamped Milestone Award, health checkup, trailblazer scheme we have brought in for rewarding the performer and uplifting the aspirers.

We have also been providing financial support scheme for PWD and child care support. In the area of accessibility, we have launched several schemes like Divyangjan employee help desk, and we have also enabled monthly account e-statement.

We have also introduced mandatory accessibility awareness training programs. We have initiated this [GAAD?]

2026 awareness initiative. During this program, this wide plays and quiz awareness campaigns have been organized.

Also strengthened this Divya, innovative and inclusive products. Our employee Ms.

[Engmo Chonmin?] , she has completed this Mount Yunam along with Mount Everest, Kilimanjaro, Aconcagua, and Siachen Kumar Post.

She has completed five summits, and she has a target to achieve seven summits. Our player Miss Rutuja Bhosale, she is in Indian hockey team also selected, and she has been participating in Asian Games, 20th Asian Games.

One more our employee, Miss Chandana, for our employees in the well-being of the employees. Thank you.

Good afternoon, sirs and madams. Under Project Muskaan, to enhance ease of doing business, bank has taken several initiatives.

Initiatives are: dedicated audit quality cell within the audit vertical, dedicated functional IT department, and also dedicated compliance cell within the IT vertical of the bank. Bank has strengthened its stressed asset management vertical by creation of specialized OTS settlement cell and also zone-wise NPA recovery cell.

For a deep-rooted compliance culture across the organization in the field level, bank has created the role of zonal assurance head and also regional assurance head. Bank has created a data validation cell at central office.

The cell ensures data quality, accuracy, consistency, and completeness. Bank has also created unified central reconciliation vertical by bringing reconciliation, transaction monitoring, and AML activities under one governance structure.

Finally, bank has also revamped its support service vertical by establishment of dedicated cells for outsourcing, premises management, and also for centralized insurance management for a better governance, customer service, and also for cost rationalization. Thank you.

Customer service cell is one of the important pillar for the customers, to listen the voice of the customer, taking all the complaints on a single place. Initiatives has been taken where all the channels has been integrated and automated in terms of sending an acknowledgment of any issue which has been raised, plus the documented based closer of any complaint or redressal.

That is being communicated to the customer back and listen the feedback, if any, on the further improvement. This is also being done based on the root-cause analysis, so that such kind of complaints are addressed on a permanent basis.

In terms of creating an awareness to the customers, various initiatives has been done. Continuous email mailers or the SMS is being sent to the customers for getting various product understanding, and if any issues, they can raise to the various different channels.

This is also being supported based on if any feedback is there or if customer is not satisfied, they can reopen the ticket on the automatic manner. Such initiatives are helping the organization to have more further strengthen in the service.

Thank you.

Around 10% plus, there is a reduction,

so

that it is reducing or not?

Good afternoon. I'm Sumit Srivastava, Head of Ecosystem Banking.

During the last two quarter press conference also we highlighted this, that several activities like liability acquisition, transaction banking, wealth business, and channel finances, they were working separately, and we have brought them under the umbrella of ecosystem banking as a one department and vertical. We have started understanding the requirements of various ecosystems and providing them the 360-degree view of our product offering and providing it.

Where that has helped? This is helping us in generating the stable CASA base, fee income, better wallet share, penetration, and also the cross-selling opportunities.

Because of that, in this quarter we have got several green shoots. Like our CFO mentioned, the overall CASA growth YoY is 11% plus.

If you see the institutional CASA growth, it is more than 17%. That's started helping.

We have overall footprints like nine ecosystem hubs we have created, and 118 ecosystem business centers we have created across country. It's working as a vertical.

Yes,

please.

Thank you. Good afternoon, sirs.

Good afternoon, madam. On the IT and digital front, bank has onboarded nearly 11 lakh customers on the Union Vyom app in the last quarter, taking the total to 296 lakhs.

Similarly, on the Union e-Beach front, bank has added 20,000 customers, taking it to 26,500. During the period, bank has onboarded 7.31 lakh CASA customers through the digital front, 3.01 lakh number of accounts opened for the fixed deposit.

Similarly, on the CBDC front, bank has actively participated in the program on CBDC, and at present bank is having around 9 lakh customer base on the CBDC platform. Similarly, bank has gone live on the pre-sanctioned credit line on the UPI.

Number of UPI transactions during the quarter has crossed 400 crores first time, which comes to nearly 5 crore transactions in a single day. Thank you.

No, no, not audible.

Good afternoon. Cybersecurity is going a fundamental transformation with the emergence of frontier AI and models like MythoS and other things.

It has transformed how artificial intelligence can accelerate the discovery and the exploitation of a vulnerability in the systems. This has redefined the cybersecurity threat landscape and reinforced the need for banks to strengthen the cyber resilience.

At Union Bank of India, we have been proactively preparing for this. We have established our next-generation cyber SOC, which is AI-enabled, having a capability to monitor the cybersecurity posture of all the applications which are accessed through the internet as well as inside.

We have also implemented the system to continuously monitor the threat exposure around these things, and we have continuously strengthening our cybersecurity validation through the AI-led adversarial testings and all. At the same time, it is also equally important to strengthen the awareness amongst our customer and general public also.

Bank has taken a extensive exercise in terms of awareness campaign, which is displayed here also. All this is leading to the awareness amongst the customer that how to operate our digital channel, because the way digital transformation is happening, it's equally important that customer remain aware of the threats, which we are proactively informing them.

All this initiatives are getting a recognition in the industry, which our MD sir has talked about. We are also working on the next phase of our cybersecurity initiative, and shortly we will come out with that.

Thank you.

These are the details of various subsidiary, associate, and joint ventures of the bank. Bank has five subsidiary, two joint venture, and one associate.

Next slide, please. MD sir in his initial remark have mentioned about various awards and accolades.

These are listed in this slide. Next slide, please.

This is all from our side. Now you must be having some questions, some curiosity in your mind, I would now request you to be prepared for yourself.

Please give to them one by one. Yeah.

See, there are three things. The first is FCNR.

We have already done 100 and around 6 million up till now. 106 we have already done.

$106 million. 106.

We have not done as such our leveraging. That is purely.

We are having customers in already we have discussed and agreement finalized and all. We are going for then arrangements, and we do have plan of $1.5 to $2 billion, and we'll be getting it done.

That is we are saying OFCCB. That is where we are looking at the opportunities around $200 to $300 million on the OFCCBs.

ECB actually, these are our corporates only. We are in discussion, and wherever feasible, so that we'll be taking.

There is nothing as such, because it is only our corporates only where we are having the dealing. Whenever they require it, we'll be going ahead in that.

Huh? 106 has come from various places.

It has come from even the Australia, it has come from the UAE side, so many places. We have NRI branches various, and actually now we have run a campaign for all our NRI branches who are having NRI customers, and we are approaching mostly one-by-one to each one of them, not only through SMS or but this.

Then we have set up an NRI cell. Yes?

Five branches we have, but then we have selected some 20 more branches where the base is more, they are general branches, but the base is more. We are running a campaign for the branches for accumulating this.

Then we are very sure to achieve around between $1.5 to $2 billion. See, basically we have, let us understand we have first of all NRI branches where we will run through, because already they are our customers, and that will be.

Second is, we have a DIFC branch in Dubai, and we have a subsidiary in London and a branch in London, means branch of that subsidiary, and another one is we have in Sydney, Australia. Certainly, when we have a base, we have a relationship with the Indian diaspora over there and all.

Those we are actually mobilizing to deal with. Sir, it's been about 40 days since—hi here,

Shayan Ghosh from Mint. It's been about 40 days since the scheme was announced.

You have got 100 105, $106 million so far. What gives you the confidence that you will reach $1.5 to $2 billion in the next 75 days?

At

initially, the people were also not aware like it will come or not. It has come, and it is all the support which Government of India and Reserve Bank of India are supporting.

Then secondly people had queries, then FAQs has also come, it has taken some time. Particularly this NRI is not like domestic business.

You need to convince them over deposit rates. We were not very sure all.

I am saying as a industry, not as a Union Bank. That what rate will settle down somewhere, and when we have come it is around 6.10

to 6.60%. Do you think you'll have to raise the rates further?

As of now, we are comfortable with that, and we are getting it. See, that is where I said $106 million approximately we have got without leverage, so that is a good amount.

Already it is in pipeline. I think then what happens now let us see 2013 first.

You will see that in September, means last fag only it has come. It builds, and maybe because it is a competitive market, NRIs will also wait that whether the rates will improve further or not, then leveraging will happen, all those things.

There are so many things dynamics playing to it. Generally it comes in the last.

Then this time initial response is also very good. I think that is the green shoot we should say this time scheme, that people are much aware.

Maybe 2013 and 2016 down the line 13 years, social media and the news which is propagating to all the people. I think that is a green shoot which has come, and we are very sure of meeting that.

Actually we have in pipeline. [unclear] See, we do not have a GIFT City branch as of now.

Then, yes, when we have shown you the capital plan of ₹8,000 crore, we do not as such plan for QIP or as such right now. At an appropriate time, we will see for ESPS for our staff members basically.

That— For leveraging— No, I am saying not FCNR, I am saying on capital first. Where ESPS is basically for employees.

Now coming to another which we said, OFCCB and other things, there we are thinking that where can we go for an MTN or something sort of around say 200 to $300 million somewhere. That is what figure we have given.

First is on your deposit growth, you mention losing bulk deposit, focusing on CASA, retail term deposits, but 3%, sir, and your advances is in double digit. Can you guide us whether the deposit growth will go in double digit at least in the second half?

I will tell you very clearly how asset and liability goes hand in hand. The first thing is that let us see March '25 levels, and let us see all the efficiency and profitability figures of June, March, June.

It was around 4,000, you can see 29% jump. Now certainly the CD ratio at that point of time was around 74%.

Today it is around 85, 86%. Now 18.4% 18.46% capital we are sitting in.

Don't you think it is my own money which I can leverage upon? That is point number one.

The second is that, now see, going forward probably Indian banking industry you will see probably the changed version of a CASA. People will talk more about the CASA and RTD, the combination of both.

That is why we are monitoring both combinations: that what is the CASA and what is the RTD. Now the first choice is whether to create liability first and then asset later, or whether to create asset first and liability later.

Now we do have an leverage over the capital, 18.46. We have moved.

That is quite good. You can always see that is why the RoA is 1.36 is not a small thing, and we are continuing with that.

The third thing is that deposit, it is not deposit we are not taking, because see, let us understand the deposit profile of the Indian banking sector. You will not find more than 5% where the corporates and big people are investing for three-year, five-year term.

You will see mostly maximum it will go to one year. You have maturities around the year.

Last quarter also we have taken deposit of ₹40,000 crore. What we are doing is we are replenishing with better rate than the earlier one.

We are monitoring that. The question is that the first thing is that how much we can build immediately from RTD and CASA.

The third pillar comes, whenever you discuss about asset and liability, the third pillar comes is of liquidity position. Now my average LCR is around 121.

121. Now the RBI is 100, and our board approved is 107, but we want to be a compliant bank.

We want to be a robust bank. That is why we are maintaining average liquidity of 121.

Now suppose if I take some ₹20,000 crore or 15 or ₹10,000 crore more of a deposit, my LCR will move further ahead. The thing is that up till now since last three quarters we are telling only very clearly one one very five pillars which we told even today, that how to make efficient balance sheet.

Now we are settling down here. Certainly you will see, because for credit growth we are very sure to move better than the industry.

Already we have told, and now you can see even Q-to-Q it is more than 12%. When we are intending to move out to 15 or 16% plus sort of a credit growth in RAM and other sectors, certainly we will need to look into the deposit.

The first choice is the CASA and RTD. I will put one more thing in front of you.

Probably the public sector bank you will see most people are doing most of the things. Now the ecosystem banking which you have seen that 118 centers and this, they are neither in the branch nor in admin office.

They are totally into the business. It means sourcing is totally separate vertical, underwriting is separate vertical, monitoring is separate vertical, and recovery is separate vertical in the bank.

Now the thing is that since you have created, let us enjoy the fruit. We have an offshoot.

Even if you want the average figures like how many salary accounts we opened last year, how much salary account we opened last quarter, then there are so many detailed figures in between. Certainly tomorrow when you need to have a very good fee-based income, and this department is also having a very good because of earlier Corporation Bank, you had a CAPS, cash management.

That is now in electronic form they are handling. Actually we were at around 13,000 approximately NACH registration per day, which has increased to 18,000 NACH per day.

Now there is a return charges, there is a registration charges, direct debit management, and so many things. What we are doing as a ecosystem, we are now creating a system.

The thing is that rather, first how much, even if the June quarter I have given you ₹41,000 crore of the total average increase. Average means it is very good increase.

If we increase the CASA and RTD on an average basis in a quarter, the first priority. The second is that we do have taken, but the maturing one and one more thing I think I believe December our commentary if you see, around ₹77,000 crore of a bulk deposit we shed, we told.

Now which is 68, means 7,000 we have accreted more. Wherever we require we are going.

Even if we require suppose 10, 15, ₹20,000 more, we are there. Certainly there is a asset being created, and liability is also created.

No, why I asked is because in March quarter we saw the deposit bump up quite high. CASA was also going quite high, and there were certain reports also flowing that the bank had garnered deposits the pace at which it garnered in the last weeks of the quarter was too high.

Do you have any comments to make with regard to—

I think this time very transparently we have given all the average figures. I think you all have noticed that it was a pseudonymous sort of thing, and it was not any base of that whomsoever has circulated that.

The stickiness, my CFO has told, which is around 94, 95, 96, and 99% in advances and all. I think that is one of the best stickiness even after the quarter end.

On April 28th or 29th, we have given a disclosure where our average CASA was 28,000 around more than the March figures. Even today, let me tell you that whatsoever June figure, even today's figure is average CASA is more than my June figures.

Now I can tell you about stickiness. I can give you the figures about the average.

I think that is the best. When figure speaks, I think words would not speak more than figures.

I think— [unclear]

See, it is a total budget utilization. Most of the banks you will see it is declining because it get utilized at the panchayat levels.

How it flows from treasury? Treasury to SNA if it's state, if it is central treasury to CNA, CNA to SNA, and then block, panchayat, and all those levels.

You need to capture at each level if really you want to have a stickiness in CASA. That's what they are doing.

I would not give much of the color, but one important point let me tell you that probably two states more than 700 panchayat accounts we have opened in last I think maybe 20 days. It is not a matter, but then we are telling you that to what extent we are going for this.

See, again, it is more than 235 basis point 2.35 basis percentage point CASA, and we are sticking to it. We are sticking on a quarter-to-quarter.

I think that is also a very good color that we are having the— Yeah. [unclear] See, generally you will see the June quarter much more, but in our case it has not come.

Certainly SMA also it also gives you the good pipeline how it is building up for delinquency and all. We have come down to 2,800 and odd levels.

If you see the delinquency, it is hardly increased. Generally March you will not see much of the delinquencies, but in this quarter you will see because this quarter it accumulates from the last quarter.

Even then, you see what we say is the recovery is more than the slippages, and we are continuing with that. We have strengthened the recovery vertical, which we have shown under the Project Muskaan, that now at central level we are monitoring even the SARFAESI of even an housing loan.

Sir, [unclear] will you be able to replace this $2 billion of FCNR,

which will help to replace how much of bulk deposit? Which one?

$2 billion of FCNR, will help you to replace how much of bulk deposits?

Certainly. You can multiply with the dollar rate.

Do you have the targets in place and how much—

See, nothing. We are going straightaway, this mostly a retail FCNR(B), and certainly there is a benefit of CRR, SLR, other.

That is why 1.5 and 2. It will come in stages till September levels.

Our priority is to garner as early as possible, as much as possible, and we are going to do for that. Certainly we want to build the asset also along with that.

Then we are building the CASA along with it. Let us see, but then $1.5 to $2 billion we have in mind to garner FCNR.

That will help the CASA as well because you've been taking bulk deposit [unclear] in almost every— No,

this will help me, no?

CASA? My last thing is that in the non-bulk do you have an optimum bulk deposit level in your mind [unclear]?

Certainly. It is a very good question.

We attempt to Actually, we said last time same thing you asked. We said first is 20%, and we breached it, and we have achieved it.

It is not an easy job to breach or achieve within 7% in the three quarters. Certainly we aim to be below 15% going forward.

It may take time, but we want because see, CASA and RTD doesn't accumulates overnight. Doesn't accumulate.

Certainly it will take time, but our aspiration is to go below 15%.

Sir, how much of this $100 million which has come in is through leverage and how much is it through SBLC? There is no leverage.

Till now, no leveraging.

Are you planning to give leverage?

Yes, we have to in market, and we are also planning for that here. We are also arranging the funds and all here.

Once the funds is being arranged, and that is why we have estimated around 2 billion. That is once the funds is being arranged, that 2 billion is also achievable.

That funds you're arranging by way of— Market

today it will not be prudent to name the bank. Yes, we are in talk with various important players and—

Foreign banks? Yes.

We are very close to finish. Already actually one or two we have done it.

Yet documentation, other things, it takes some time. Probably we may take maybe 10 days.

Then I will tell you one more thing. It is not only full leveraging.

Yesterday we have taken $5 million without leverage.

For? Without leveraging.

How would you look at deploying these funds?

Certainly, my credit growth. We have another 10 minutes kind of.

Yes, yes.

Sir, this is Manish Suvarna from PTI. Sir, you mentioned that you are getting good recovery from the whatever NPAs you have, but in FY26 recovery from the written-off account was lower compared to FY25.

Then what target you want to give for the FY27 as you mentioned that recovery is going to be good?

Let us understand that NCLT has played very good role in India. There were diverse views, but I not go into that diverse views, but at least one thing which I can share with you, it has given a good liquidity, return back of money through that routes.

Now that is drying up going forward, and certainly the banks have to move more on the SARFAESI and the other schemes of OTS and other things. The thing is that what we have done in our bank is that we have strengthened our stressed asset management recovery vertical on various counts.

At least three GMs are there along with a CGM. Now we are looking to even a smaller account from central office.

We are digitalizing even to advocate on record, and we are trying to create a cell so that they can discuss here, no further date adjournment and other things, and we will discuss with the advocate what we are going to take in the second. I think that is all we are using PR.

We are using all the channels. Actually we have taken exclusive Lok Adalat for Union Bank of India for pan-India.

18th.

18th.

18th we are having. If we can go to that extent taking exclusive Lok Adalat for only Union Bank, I think let us understand we are serious on that, and our thing is that we would like to cross those figures.

How much is the number you are expecting in FY27?

See, 750 is the minimum, because June quarter is always sluggish. Into four you can always make it, and you can add further maybe 1,000, 1,500, 2,000 more.

TWO 5,000 certainly we can make it during.

It will be lower than FY26 then if we'll into four.

The '26 because see, in that one 700 came of one of the account. You may be knowing that Supreme Court decision was there.

We would like to cross those figures. That is our aspiration.

FY26 was 4,000 only

sir. It was 4,000, but we are aiming ₹5,000 crore from TWO.

Sir, what is the impact that you're seeing on rain deficit on your agri loan portfolio?

Which deficit?

Rain. Monsoon deficit.

I think

it was there initial, which we have seen and forecast and all monsoon. Now the sequencing is almost okay.

There is no such adverse we have heard, and the agriculture is picking up.

Sir, Kabir here from Informist. Sir, excess SLR as a percentage of NDTL has fallen from last quarter and the quarter before that.

Is it safe to assume that you're relying on alternate channel of funds rather than deposits to fund credit growth now given the high interest rates?

Because we only efficiency which we were working upon very clearly. Certainly if I have a better option to deploy, let me deploy on a better option.

That's the reason this time you are saying almost 16 bps growth in NIM is not a small from June. Actually comparing with June because at that time repo was something else, June '25, and now repo is something else.

If you want to compare, I think March Q4 and first Q1 is better to compare. So 2.64 even we have come to 2.80 levels, and let me tell you we are very sure to further defend it, make it more better.

Sir, but with the current inflation and interest rate environment people are expecting maybe even a hike. Do you think it'll be possible to maintain NIM here or you think it might have peaked out?

See, NIM as far as each organization is different, and each organization is having their own portfolio, investments, everything. For our bank, I can say that 2.64 was peaked out, and now we have made a U-turn.

Certainly we are seeing we have come to 2.80 levels, and we are very sure it is a good number as far as the earlier periods are concerned. One of the best, I think, for last many quarters, many quarters.

Here again I would like to be very clear with you that we would like to defend and probably let me see better better NIMs going forward.

Hello.

Sir, how do business volumes look like for ULI, Unified Lending Interface?

That is one of the very, very promising initiative of RBI, and let me tell you we have already done five on agriculture already integrated, six five states. Yes, and actually we are working upon internally, we are working upon to make a system where we shift all our because see, banks are having already those channels of MSME and other.

I think you can please brief.

ULI Union Bank is already there. We are consuming half a dozen services from them, and I think two or three products we are using.

Going forward, the idea is that whichever service is available in ULI, we'll consume services from there directly rather than having our own vendors which are presently there.

How do business volumes look like for ULI?

Presently our business volume is not that great because presently we are only doing the KCC, which has a dependency on the land data digitization, which is available currently for us with five or six states. As we integrate this with the MSME businesses, I think business volume opportunities is high.

See,

we have given one on the channel business, and we are having a separate vertical headed by a general manager who is looking to digital business. Now the question is that we are already doing this business.

It is not a new stream for us. Now we will shift it to ULI as early as possible to all those services which they are going to provide.

One more thing in digital always remember the delinquency is less and SMA is less than the manual one.

Sir you spoke about the bank's strategy remains to defend NIM, right? How do you see the NIM trajectory for the rest of the year if you can give some guidance over there?

If any target number if you can just share.

In a uncertain world, madam, let us understand we are not in a very sort of an economy and everything, because we are not shielded alone within our own country. Now everything happening across the world is having an impact.

At the same time, we have now visibility very clear that earlier 2.64 was bottomed out. We have come a good way to 2.80, and certainly we aim to be better than from here.

Also

gross NPA has also improved. If you can just brief us brief us about what segments led to this recovery?

No,

recovery has been across the segments in retail, agri, and MSME. That is a key.

Also that gross NPA improvement is because we have been able to contain the slippages. If you look at even the last quarter, it was ₹2,100 crore, and this quarter also June was around ₹2,157, kind of thing.

One is that we have been able to contain the slippages, and secondly, we have been able to increase the recovery and upgrade. That is the reason for decrease in the gross NPA on a consistent basis.

[unclear] See,

we have given a slide. It is in the slide, but then more granular probably I think you want it, absolutely no issues.

Right now in this quarter 850 we have done the call option. We have given redemption of How much?

850. ₹850 crores.

Redemption is done. There are few more in this quarter, which it has higher cost, we are going to call for it.

No, no, I am saying Tier 2 only. I am talking about Tier 2 only.

The thing is that see, always capital is I will come both on equity and debt side. On the pure equity side, we have an option of QIP, and certainly I have the concerns from the shareholders.

Rather than for QIP, I would go for an ESPS, because my own staff members, after the amalgamation who has come and all those people, a huge 75,000 staff members team. Now coming to the debt side, Tier 1, Tier 2, we are not as such thinking right now, because already we are at 18.46 capital base.

There is absolutely no requirement from that side to go. Even the ECL if you take, the requirement is only ₹6,000 crore maximum, in which ₹800 crore you are seeing right now in the balance sheet.

There is nothing hidden in that. ₹800 crore is already there.

Tier 1, Tier 2, nothing we are saying. On the equity front, we are saying only ESPS going forward at appropriate time.

Yes, OFCCB like bond, no, we are thinking of MTN going forward. Not now, maybe in the third or fourth quarter we will see if appropriate time, appropriate cost, because we are cost-conscious.

₹3,000 equity, ₹5,000 debt. It is there.

₹3,000 is already there.

₹3,000 equity, ₹5,000 debt.

Because see, we can spread it out, no? I think voice is not coming.

Swap facility won't be there. That is

available up to December. For FCNR(B), it is up to September, and for other, it is up to December.

You have to complete it by December, that's what I said.

Yeah. That will be done before that here if

Please. Hello, hello, yeah.

Talking about AI, what is bank's current roadmap for integrating generative AI into its operations?

See, AI, as you rightly said, is becoming omnipresent. In fact, bank in several of its initiatives, either directly or through the vendors that we are working on, whether it is the fraud risk management, whether it is the transaction monitoring alerts, or even in the cybersecurity, we are already using the AI tools to do that.

Now further for the GenAI, we are in the process of building our own platform. Our board has already given the approval, and very soon we'll be taking that process to the next stage.

By that, maybe in the next six to nine months, we'll be able to create our own platform for the AI through which we'll be using for the customer services and also for the products like credit appraisal notes. That is a process which is already on, and this is one of the top priorities that bank is giving for integrating AI and GenAI in our operations.

Are you focusing on customers-facing tools or—

See, I will tell you one thing that AI we have a big plan as our ED sir has told. One thing is very clear, let us understand that AI we need to build.

It is order of the day. The thing already told, on the proposal making and other things, and there are certain use cases which POC is already done, I think three, four, on the HR and other things.

Now let me share with you, but we maybe giving a press release not now, but maybe down the line by close of this month, or we are waiting actually. We are about to launch some 15, 16 very novel thing, and where we have used huge machine learning technology and all.

Those are around 150 use cases already in place. Now actually we are just waiting for the platform to be built and put into use.

I think the use cases when I am saying, the real use cases, which maybe probably we maybe giving a press release at that point of time. We are waiting for some event or something like that where we can launch those 14, 15 things as soon as possible.

There I think is straightaway 150 use cases for AI we have.

Thank you, sir.

Sir, Canara Bank and Union Bank is getting merged into some other public sector bank?

Sir, like you, I also heard somewhere, but I do not know.

No, I'm asking sir have you heard anything?

From you only I heard.

Sir now I think we need to close, sir. 3:00 conference call is there, and the people must have connected through call.

Sir,

just quickly numbers on ECL.

Yes, ₹11,000 crore plus we ₹11,000 I think around ₹12,000 crore we have already sanctioned, and around 10,000 we have disbursed.

How much in total do you foresee would you be able to— Huh? How much in total do you foresee would you be able to find a ECL?

See, certainly we will be, I think one thing which probably I can tell very quickly, keeping in view West Asia and all, we have done 140 MSME customer meets across India. I think this is a point which you can note.

It has been attended from central office by my GM MSME and chief economist. One-to-one we have discussed on their working capital, input cost.

Around 2,500-plus MSME we have talked, and we have made the report, and we have bifurcated them to Central India, into North India, South India, East, West, Northeast, Northwest, Southeast, Southwest. We have taken So each geographically located MSME has given different input.

That actually we are now working upon where we can give ECLGS, where we can support them on export, RBI. We are doing that huge.

I think we are working a lot on this piece particularly.

Sir, requesting vertical heads to join the conference room.