Thank you, Siddharth. Good afternoon, everyone.

I would like to welcome the management and thank them for this opportunity. We have with us today Mr.

Amitava Chatterjee, Managing Director and CEO, and his management team. I shall now hand over the call to Mr.

Amitava Chatterjee for his opening remarks. Over to you, sir.

Thank you, Avinash. A very good afternoon and a warm welcome to all the investors, analysts, and other stakeholders joining us today for the J&K Bank September 2026 earnings call.

Before we discuss the results, let me introduce my fellow colleagues from the bank's senior management who are accompanying me on this call: Executive Director, Mr. Sudhir Gupta; Chief General Managers, Mr.

Imtiaz Ahmad Bhat, Mr. Ashutosh Sareen, and Mr.

Rakesh Malla Tikoo; Deposit and Liability Management Head, Mr. Peer Masood Ahmad; RAM Banking Head, Mr.

Sanjay Gupta; Corporate Banking Head, Mr. Suresh Kumar Choudhary; Impaired Assets Portfolio Management Head, Mr.

Tariq Ali; Chief Risk Officer, Mr. Altaf Hussain Kira; and our Treasury Head, Mr.

Ajay Kohli. The geopolitical uncertainties which persisted in the first quarter of the current financial year have continued to mar the global economy in Q2 following the re-escalation of conflict in West Asia, which has driven energy prices sharply higher, leading to inflationary concerns and increased volatility across financial markets.

However, despite these persistent geopolitical challenges, the Indian economy has posted a robust growth of 7.8% during Q1, driven by domestic consumption and investment. This resilient performance has led to a upward revision of India's GDP growth forecast for 26-27 by IMF to 7% from 6.4% earlier.

The resilience in the domestic economy is also reflected in the bank's business momentum, with the bank's total business growing by 19.4% YoY to ₹3.10 lakh crore as on 30th September 2026. The YoY growth across both deposits and advances has been healthy at 16.3% and 23.7%, respectively.

The profitability has also improved after a subdued performance in the first quarter, with the net profit for the quarter being recorded at ₹546 crore, a sequential jump of almost 29% and a double-digit YoY growth as well. On the credit side, an alignment with the bank's strategic positioning as a retail-focused bank, as emphasized during the Q1 call, the bank has recorded a sequential growth of 7.62% in agriculture advances and 3.90% in retail advances, underscoring the tangible progress made in execution.

The entire net incremental growth during the quarter has been contributed by retail, agriculture, and MSME loans, that is RAM, and this growth has been contributed by both Jammu, Kashmir, Ladakh and rest of India, in almost equal proportions to the share in the bank's outstanding RAM loans. On a YTD basis, more than 60% of the bank's net incremental credit has been contributed by RAM portfolio.

Within RAM, bank has registered a YoY growth of around 17% in agriculture advances with a double-digit YTD growth for the first half year. Auto loans continue to be the best-performing segment among retail loans with a YoY growth of over 25%, doing well both in Jammu, Kashmir, Ladakh, as well as rest of India.

Housing loans in rest of India division also continue to grow at a healthy pace, recording a double-digit YoY growth. On the deposit front also, the bank has already achieved a YTD growth of around 7% against our guidance of 10% for the financial year, with the growth in term deposits continuing to outpace the growth in CASA, in line with the continuing industry trend.

However, the gap between the growth in term deposits and CASA deposits has narrowed down in this quarter as the bank has been able to record positive CASA inflows during the quarter, after a sharp outflow in Q1. As a result, bank has been able to broadly maintain its CASA ratio at the same level of around 42%, being recorded at 41.97% as on 30th September 2026.

Now coming to profitability: The bank has recorded an operating profit of ₹789 crore for this quarter, registering a 27% YoY growth and a 12% QoQ growth. Even on a half-year basis, the bank has recorded a YoY growth of over 15% in operating profit, being recorded at ₹1,492 crore for the first half year of the current fiscal.

While operating income for this quarter has grown by over 6% sequentially and 14.5% YoY, the increase in operating expenditure continues to be controlled, at just 2% QoQ and 6.5% YoY, contributing towards improved profitability for the quarter. As a result, cost-to-income ratio of the bank for this quarter has also moderated substantially on both sequential and YoY basis, being recorded at 56.57% for the quarter.

Yield on advances has remained broadly flat on a sequential basis, being recorded at 8.55% for the quarter. However, the increasing contribution of RAM segment to our incremental credit portfolio, coupled with the recent repo rate hike, is expected to support an improvement in the yield from the third quarter onwards.

The sharp outflow of CASA deposits during Q1 continued to weigh on our liability profile, contributing to an increase in the cost of deposits in this quarter to 4.85%. However, with the surplus liquidity in the banking system, easing bulk deposit rates, combined with the positive CASA inflows in Q2, and the reduction in term deposits rates by our bank in this quarter, we expect moderation in the cost of deposits going forward.

Resultantly, the NIM has witnessed compression, being recorded at 3.22% for the half year, but with expected improvement across both yield and cost, the NIM should improve considerably. Notwithstanding the prevailing macroeconomic uncertainties, the bank has witnessed a notable moderation in slippages during the current fiscal, the annual gross slippage ratio of just 0.4% for the half year, as gross slippages in terms of absolute amount have halved compared to the corresponding period last year.

This reflects the resilience of our portfolio and the continued effectiveness of our underwriting and monitoring mechanisms. The asset quality metrics also continue to consistently improve, reaching decadal best numbers with GNPA and NNPA as on 30/9/26 being recorded at 2.23% and 0.51%, respectively, with PCR improving from 90.53% as on 30th June '26 to 91.76% as on 30th September 2026.

Capital adequacy ratio has been recorded at 16.57% as on 30th September 2026, with CET1 of 13.88%. The bank is already in the process of raising both equity and debt capital to the tune of ₹1,000 crore and ₹500 crore, respectively, and will raise the capital at an opportune time to support its future growth.

On the back of improved profitability, ROA has jumped by 20 bps QoQ, while ROE has jumped by more than 250 bps QoQ, and have been recorded at 1.07% and 13.68%, respectively, for the quarter. Based on the midterm review, we have reassessed our guidance, as indicated in the last call.

The revised guidance for 26-27 would be: a credit growth of 14% plus, deposit growth of 12% plus, CASA to be 42% plus, there should be a considerable improvement in NIM, ROA to be around 1.20, and GNPA to be below 2%. Thank you all for the time today, for giving me a patient hearing.

We can start with the questions now.

Thank you for the opportunity and congratulations on a good quarter. Sir, I have a couple of questions.

Firstly, CASA growth has lagged overall deposit growth, a trend we have seen across the industry. What are the steps are we taking to improve CASA mix?

That is first question.

You want me to answer the first question first, right? Yuvraj, while there was a flight of CASA during the first quarter, as I already mentioned, we could recover a fair bit of it in the second quarter in the last month of second quarter.

If you ask me about the steps, there are not one or two steps, there are several steps that we have taken to restore CASA. For example, we are entering into MOUs with multiple organizations, companies for salary package within Jammu and Kashmir as well as outside Jammu and Kashmir to open salary accounts, and we have been converted by several organizations.

In fact, in the last quarter itself, I guess there would be not less than 20 such occasions. Apart from that, there is a strong flavor of UPI payments within the state of Jammu and Kashmir, where most of the merchants, they have either our POS machines or QR codes.

At a point of time, maybe we were not very concerned about this, but now there is a very strong monitoring of all these POS machines as well as QR codes that have been allotted to the merchants, and we are following up with their transactions being routed through our bank. This is another.

Apart from that, we are in the process of signing a fresh MOU with the government of Jammu and Kashmir for their salary accounts. This time around, we expect the MOU to be for five years, and most likely, we are going to sign it tomorrow.

All these things put together, I guess we are working on CASA. Apart from that, all the zones have shown a remarkable improvement in opening of CASA accounts, especially savings accounts, including rest of India, which I think is a very positive sign.

Like I said, there has been a positive contribution from rest of India as well in the CASA segment. All these things put together, I believe that we can improve our CASA to a fair extent, at least we will not lose the ratio.

One thing which we need to understand, unlike other banks, if our CASA ratio has gone down, we have not lost those deposits. They have got converted into term deposits with our bank only.

If you look at the growth in term deposits vis-a-vis whatever we have percentage terms, whatever we have lost in CASA, we have been able to maintain these deposits with us. Unlike earlier, we have now a very stable base.

If you look at the average deposits and average advances compared to the quarter-end deposits and advances, they are almost the same. That has actually stabilized the business position.

Thank you, sir. That was helpful.

Sir, second question would be, sir, our credit cost has remained negligible as our net slippages has been negative. Firstly, any outlook on the credit cost for the current year?

Secondly, our expectation on credit cost on a ongoing basis post-ECL implementation?

See, I will not at the moment want to comment on the impact or the credit cost on account of ECL implementation because we are in the final stages of arriving at the model, and probably by the end of next quarter, we'll be in a position to comment on that. As far as the credit cost on a general basis, I do not see any reason why we will be increasing the credit cost.

Whatever credit cost at the moment we witness in our bank's numbers, they are all the aging provisions only. As I mentioned, if you compare the half year of 2025-26 and compare it with 26-27, the slippages have come down to half.

Last year, this point, the slippages were ₹550 crore. Compared to that, it is ₹234 crore only for this first half year.

As I mentioned, we have managed to keep the book very, very steady.

Got it, sir. This helpful.

Thank you, sir.

Thank you.

Am I audible, sir?

Yes, Deepak, you are audible.

Thank you very much, sir, for this opportunity. Sir, just first up wanted to understand on ROA.

Now we are talking about 1.2%, right? Earlier, I think we were talking in the range of 1.25 to 1.3%.

What are the factors you see because of which you have downgraded your ROA, ROI outlook?

If you ask me honestly, it's not downgradation. I'm trying to be a little bit conservative and deliver more than what I predict.

There are quite a bit of other income which is in pipeline for the bank at the moment. As you know that few things like recovery in written-off accounts and other things like similar things, they are sometimes not predictable.

You may get it within, say, next 15 days or you may not get it in the next two months. It's not a downward revision.

What we have done is, based on what we had in the first quarter, we have now revised it so that we do not fall back on that. We are able to achieve it.

Maybe I said 1.20 plus, I did not say 1.20. It is not downward revision, it is a little bit of a conservative approach that I think we have taken.

Okay. No, in the first half itself, if you have to see, our ROA is close to 1%, right?

More than 1% now.

Yeah. To do that 1.2%--

1.07%.

To do 1.2%, you have to do 1.4% kind of ROA in the second half, right?

Yes, that is very much visible at the moment.

Understood. Why we are saying 14% kind of a credit growth?

In the second quarter, I think we are at about 24, 25% kind of a advances growth, right?

If you look at the credit growth that happened in our bank last year, third quarter and fourth quarter, so that was much better than the first two quarters. Comparatively, if you look at the differential, I am keeping it conservatively at 14%, but again, if you have noticed my statement, it is 14% plus.

It will be definitely more than 14%. Now again, as I also mentioned, the focus more is on the retail.

Retail growth is not as fast as the corporate growth, and obviously, the retail growth focus is because of the advantage of yield on retail advances. At least for the next quarter, we will be continuing our focus on the retail advances growth.

Again, we have kept a conservative number at 14%, but it will definitely be much more than that. No, I don't expect it to be 25% because last year, third quarter and fourth quarter were very good.

Compared to that, the differential will be slightly lower.

Understood. Now given our PCR is already at 91, 92%, right, so, last two quarters, I think the credit cost of provisioning we have been doing in the range of ₹70, ₹85 crore, right, per quarter?

You expect this run rate to maintain going forward?

It should be.

Okay. No incremental credit cost we expect, right?

No, I do not expect any incremental credit cost. The SMAs have been in control.

Sequentially also, we have been coming down. Obviously, the concern is ECL, and we have been working in a very focused way on that.

I got it. That's very helpful, sir.

That would be from my side. Wish you all the best.

Thank you.

Thank you, Deepak.

Hey, hi, sir. Hello?

Hello, yeah, I can hear you. Please go ahead.

Hi, sir. Thank you for the opportunity.

If I heard you correctly, you mentioned that loan growth target is 14%. Is it correct, sir?

The target for the year, which we had earlier set at a lower rate, we have revised it a little bit higher now at 14%, but I said 14% plus. My aim is to reach to around 18%, provided that we continue with the retail growth.

Can you break down this guidance into how much can be retail?

60 and 40: 60% retail and 40% corporate.

Okay. We have some compression in NIMs.

What kind of NIMs should we expect in your guidance?

See, we had seen the downward cycle last year. Also, a factor which is very easily forgotten is the fact that this part of the geography went through a lull for almost a year because of what happened previously because of Pahalgam.

There was a pressure on NIM because last year, we had to resort to increase in business through some sort of high-cost deposits and as well as some competitive rates in advances. That cycle is gone.

We are back to growing in retail. The incremental growth in advances for this quarter has essentially come from retail.

60% of the total growth for this year already has been from retail. The rate cycle has reversed.

We also expect some more rate hikes in the coming future. Obviously, I do not want to give a number to the NIMs because in the past, it has not been taken very, very pleasantly by others.

Yes, I am very sure it is going up significantly in the next and the next quarter.

The ROA improvement which you are expecting, will it largely come from NIMs or any other lever?

If you look at this quarter's numbers also, we have had a substantial increase in other income. See, I had already mentioned this at the beginning of the year that we are targeting substantial improvement in other income.

In fact, I cannot give you a very detailed breakup of all the components of other income, but I can say that almost all the components of other income has shown improvement from quarter one to quarter two. That itself gives a very positive signal that we are going to have a fair bit of other income coming up this financial year next two quarters.

Apart from that, as I said, the yield is definitely going to go up, and the pressure that we had as a bank, Jammu & Kashmir Bank, on taking high-cost deposits, that is also over. We do not need to take any high-cost deposits for the remaining part of the year.

All these things coupled together, I am 100% sure the NIM is going to go up. I am not predicting a number, but it is going to go up substantially.

Okay. Thank you.

That's it from my side.

Hi, sir. Thank you for the opportunity and congrats on a good set of numbers.

Coming back to the ROA guidance of 1.2%, our H1 ROA is 1%, and we are guiding for full year of 1.2. H2 ROA you are expecting at 1.4.

You said there will be some improvement in other income and NIM will also go up, but there seems to be limited levers on the credit cost side to go down further. I wanted to understand on that front again that what are the levers that we understand for ROA to go up to 1.4% in the H2?

As I mentioned, now see, this bank has had a very good past, say, 8 to 10 quarters, on account of recovery in written-off accounts. Now recovery in written-off accounts at the moment is pipeline, which is very, very, I would say, hot pipeline, is substantial at the moment.

As it has not materialized or matured as yet, I'm not giving the numbers, but it is very good. Apart from that, we have also got an approval for a special OTS scheme for old NPAs as well as written-off accounts.

That also is likely to contribute a considerable amount of profit by way of recovery as well as reversal of provisions of NPA accounts recovery. These two are almost certain to happen.

Apart from that, I said the cross-selling income is likely to improve. We have added two more insurance companies, the best in the industry.

Other than that, our treasury has started showing good recovery and they have also posted good income this quarter, and I expect the treasury also to support forex income. Apart from that, there has been a very strong focus of the bank at the moment on non-fund-based business, which also has shown considerable improvement, almost 30 to 40% improvement on quarter to quarter.

All these things, again, I said, put together, it is going to add to the profit of the bank to a large extent. That will definitely help me post a 1.40 ROA for the second half.

It may be better than that. I'm optimistic of being better than that.

Right, sir. What I could understand is the 1.4% ROA in the H2 is on the back of strong TWO recovery that may not be durable in FY '28.

How do we think about the ROA in FY '28, a durable one which would be steady?

See, it is a statement that you made, I didn't make it. I didn't say that it is not durable.

The pipeline is not so small that it will not last for the next one year, that is one. Second, we have built up a very strong other income backup now with what I mentioned of non-fund-based business, of forex business, of third-party insurance product selling business, all these things, and apart from that, the improvement in yields in the advances with the return on advances, interest on advances going up.

All these things put together, I do not see that it is sort of, as you mentioned, is a one-off factor. It's not a one-off factor.

It is going to continue. I mentioned what is ripe for this financial year.

If you ask me about the next financial year, I will wait for two quarters to respond to you.

You foresee the TWO recoveries for FY '28 to be durable? I had

already mentioned in the beginning of the year that we still have sufficient pipeline for two years, this year and the next.

Right, sir. Sir, last, a data-keeping question is how much of our book is linked to EBLR and MCLR if you can give that out?

31% is MCLR, and 65% is repo-linked.

Sure, sir. Thank you, sir.

Hello, sir. Good afternoon, and congratulations on good results.

Sir, just one question on the employee cost side, which has been very, very good for us sequentially as well as YoY. It's been flat.

How do you see the trend for this number on absolute basis for the next few quarters? Also, sir, if you can give some visibility around this for FY '28?

Thank you, Gaurav, first of all. Then, I expect the employee cost to remain flat, perhaps will come down slightly for the next two quarters.

If you look at very slight, but a slight dip from quarter one to quarter two. It is going to continue because we have retirements.

However, for 27-28, we will be back to this level again because we are also adding employees, which will take place by the end of the say, third quarter or maybe beginning of the fourth quarter. The impact won't be visible this year.

Slight increase, which will take the employee cost to level now what we are having, maybe slightly less, but almost similar. Employee costs will not go up.

Understood. Okay.

Thank you so much.

Hello, sir. Just one question.

What will be the NIM growth trajectory going forward? What are the key drivers expected?

I just mentioned that I do not want to mention a particular number for NIM. See, 25 bps improvement has already happened on repo, and I said 65% of my portfolio is linked to repo, which is already passed on.

The next is we are in the process, in the bank at the moment, we had been resorting to some high-cost deposits, which we have shed now. We are no longer required to take any high-cost deposits going forward.

Putting together, I believe, and also the expectation of the repo maybe going slightly higher in the near future, I believe that there will be substantial improvement in NIMs.

Okay. Thank you, sir.

Hi, sir. Can you let me know what are yields within the retail and the agri segment, average yield on the portfolio?

You want to know the quantum of agri and retail? No,

no, not the quantum, sir, the average yield on the portfolio.

Yield. See, our retail yield is around 10%.

Agriculture is 9.5%. Agriculture is 9.5% and retail is 10%.

Okay. What are the yields within the corporate portfolio rest of India and within Jammu and Kashmir?

There is hardly any large-size corporate advances in Jammu and Kashmir, largely MSME. Even MSME is around 9% yield.

The corporate yield in rest of India is around 7.2%.

Fair enough. My next question is, considering we already had one repo rate hike, when does this rate hike get passed on to the customer, on the immediate next day or

Same day. It's the same day.

Okay. Fair enough, sir.

Thanks a lot, sir.

Sir, my question is regarding this regulation paper of IRDA. As you are saying that other income might increase, how much impact will it be on the insurance commercial due to this regulation paper of IRDA?

Yes, I agree with your statement. I think some mics are on.

Anyway. The reason why I said that we will be able to jack up our income from third-party product selling is because we have added two more insurance companies for life, that is SBI Life as well as HDFC Life.

I expect the volumes to actually compensate for the commission difference that is going to come. Whatever the reduction in commission likely to happen because of the new IRDA guidelines is going to be compensated by the volumes.

As Jammu and Kashmir is a highly underinsured, low penetration as far as life and general insurance is concerned. The potential is very high.

We have not had actually realized the potential so far, and that is what is happening now. Going forward, I expect the volumes to go up substantially.

Thank you, sir.

Hi, sir. Good evening.

I have a few questions. First is, sir, what is the breakup of this miscellaneous, and specifically, how much is the recovery from TWO accounts in this quarter?

This quarter, recovery from TWO is only ₹25 crore.

Okay. Sir, then this other miscellaneous income of around ₹150 crore, what does it all include?

Just a second, I'll give you. There's a ₹41 crore from card business, around loan processing charges of around 18, ₹19 crore, penal charges ₹12.89 crore, check return charges ₹4.57 crore, SMS charges ₹6.42 crore, CGTMSE fee ₹4.79 crore, like that.

Okay. This treasury income, sir, does it include any equity stake sale, PNB MetLife or NSE or any one-off nature, or is it only pure bond-related?

It is not yet. The transaction is completed, but the transaction happened after 30th of September.

That is also which is going to add to the bank's profit for the next quarter. That is not included.

Okay. What is the rough quantum, sir, from all of that transaction?

Plus ₹100 crore.

Right. This ₹92 crore is only for the bond portfolio, is it?

See,

it also includes some revaluation of unlisted stocks.

Where you have gained?

Yes, it is a combination of both, and the net result was a gain.

All right. Sir, do you have the AFS figure, available-for-sale reserves, the change in Q1 versus Q2?

Can you give me the figures? It's negative.

It's -₹62 crore, yeah.

Hello?

It's -₹62 crore.

Okay. What was this last quarter, sir?

Last quarter was zero.

Sure. Now secondly, sir, on bulk deposit, what was the need for bulk deposit, and what is the quantum right now in absolute rupees crore in bulk deposit or high-cost deposit?

It was in the first quarter that we took some certificate of deposits, which was slightly at a high cost, around 8%. That was the need at that point of time.

We had loan commitments which was already there, at that point of time, it was the need. Out of that, most of it is already shed.

It is no longer in the books now.

Right. What is the quantum of bulk deposit outstanding, sir, which are high-cost?

It will be around See, ₹3,000 crore, sir? High-cost is less than ₹3,000 crore.

Not substantial.

Almost shed it, quite a bit.

Right, right, right. The benefit may come in subsequent quarters, right, maybe immediately in Q3?

It is definitely going to come in the third quarter and the fourth quarter.

Right. Sir, there is an other in personal loan, which is housing, auto, and then there is an others.

I believe it includes some salary account, personal loan, unsecured personal loan. If you can quantify--

Just give me a moment. I have the details.

Just a second. Just a minute.

It is housing loan. Then the J&K Bank MOU personal consumption loans, then car finance.

No, no, so that the MOU loans is how much, sir?

That is 13,000, ₹13,400 crore.

It has not grown, is it?

It has gone down.

Okay. What is the reason, sir?

Why it has declined when it is almost secured by state government types and high-yielding?

In fact, there are two variants. Including the two variants, it is almost ₹16,000 crore, more than ₹16,000 crore.

Last year it had contracted because for two reasons. One, we were revamping our product to make it more attractive.

The second was there was some correction that we needed to make on the employees where NMI-EMI ratio was unfavorable. We corrected that.

You also might remember that we had a problem of high SMA-0s in that segment. All that was corrected last year.

Last year, there was a slight dip in that. This year, we have again come back.

To be specific, this year, by first half year, we have surpassed the total amount that we had lent last year full year.

Now, sir, what have you done to rectify this EMI-to-salary ratio? Have you elongated the duration, or what else can a bank do if you want to fix the FOIR ratio?

We had one EMI prepaid. We had got a one EMI prepaid by the employees, which resulted in alignment and also alignment with the salary dates.

Right, right. I got a little bit.

Maybe I'll take this offline, sir, it's very interesting. Secondly, sir, are you ready for ECL?

It looks like that you're falling behind. You have the highest SMA in the industry, and you are saying that you do not have any assessment of the ECL, which is going to be implemented.

See, exact-figure assessment is not what I want to mention at the moment. That is why I'm not saying.

Otherwise, we have a fair assessment of the ECL requirement, and the model is almost ready. It will be public at least it will go to the board by the December board meeting.

We will be ready. We are not falling back on it.

We are ready.

Sir, because you have the highest SMA, 5% is SMA 1 plus 2. If I include SMA-0, then the number is in double digit.

It looks like that it can jeopardize, and right now you have almost negligible credit cost. You have not provided anything prudentially when there was a time.

You're not giving any number as to what could be the transitional hit or maybe the recurring hit. It looks like--

I have already mentioned, based on the assessment that we have done so far, our ECL hit will not be more than the average industry hit. It will be less than that.

Sir, average industry rate is around 50 to 60 basis points, depending on what is the average. PSU bank will be around less than 100 basis point of capital.

Some of the banks are also carrying prudential buffer, which I don't know if you are carrying or no.

We have a little bit of buffer. Around ₹300 crore buffer we are carrying.

Sir, any range if you can also give, that this is the transitional hit?

I will give that range in the month of December. I'll give you the exact number.

Yeah. Thank you for the opportunity, sir, and congrats on a good set of numbers.

Sir, can you guide further on this capital raise plans that you have during the rest of the year? You mentioned about both equity and debt raise plans, potentially, specifically any guidance on when do you plan to come up with these and also curious on what would be the target levels, considering the reported capital numbers are already looking robust?

See, there are multiple factors for which we intend to raise capital. I'm not going into that.

If you ask me the quantum, I can mention that it is going to be ₹1,000 crore of equity and ₹500 crore of debt. Timings, I think the debt will be quite this quarter, and as I mentioned that the equity will be slightly dependent on the time when it is most conducive for our bank.

We already have a approval in place. We are almost ready with all the initial preparedness, we are already prepared for it.

We will just wait for a conducive time to go for it.

Understood. This is helpful.

Thank you.

Thank you. Thank you, Avinash, and thank you all to the participants for joining in today.

For any other further questions or queries, you can contact our Investor Relations desk. Thank you.