Q2 25/26

Oct 17, 2025

Ladies and gentlemen, good evening and welcome to Bank of India's Q2 FY26 results conference. I would like to thank you all for taking our time and joining us today. We have with us Shri Rajneesh Karnatak, Managing Director and CEO, Shri P. R. Rajagopal, Executive Director, Shri Subrat Kumar, Executive Director, and other top management team from Bank of India. Shri Rajneesh Karnatak has been with the bank for more than two years and has played a crucial role in steering the bank towards growth and success. I would now request Shri Rajneesh Karnatak to address this analyst meet. Over to you, sir. Thank you so much. Ladies and gentlemen, good evening and welcome to today's analyst meet. On behalf of the entire top management here from Bank of India, I share with you the financial results of the bank for Q2 FY26. It is my pleasure to welcome each one of you for the interaction. Thank you for joining us. As we advance into the second half of FY26, the country has delivered the fastest quarterly real GDP growth in five years. For emerging markets like India, H1 FY26 has highlighted remarkable resilience and policy discipline. The RBI's calibrated monetary stance has played a pivotal role in sustaining the economic stability. It has rolled out a series of forward-looking measures, including new digital payment initiatives and facilitating the rupee-denominated cross-currency trading. With domestic GDP growth estimated at 6.8% for FY26, the government, through its GST 2.0 reforms and the new Income Tax 2025, has been instrumental in shielding India from the international macroeconomic challenges. This will support the economy in sustaining its growth momentum and strengthening its fiscal stability. In response to market developments, the Indian banking sector is emerging more resilient, with stronger balance sheets and lower NPAs, while effectively supporting businesses and households. Our bank is committed to balancing credit growth while increasing the low-cost deposits and ensuring margin stability. At the same time, we are expanding our technology infrastructure to enhance operational efficiency and customer experience. This dual approach will position us to drive consistent profitability and build resilience in an evolving economic landscape. My speech has three parts for coverage: initiatives towards the banking for a more diverse and inclusive world. The first part being the various initiatives that the bank has taken during the quarter. Number one, Bank of India has launched BOI Trade Easy, a cutting-edge supply chain finance platform, aiming to significantly enhance the access to working capital for MSMEs. The platform leverages the digital credit engine that automates the onboarding, conducts real-time risk assessment, and ensures regulatory compliance, enabling MSMEs to secure loans within 30 minutes. Number two, we have implemented a policy to waive off the minimum balance charges on all savings accounts effective July 2025, promoting financial inclusion and convenience to account holders, especially women, farmers, and low-income households. Number three, the Star Parivasi Deposit Scheme at the International Banking Unit (IBU) in GIFT City is now offering NRIs a specialized fixed deposit product designed to cater to their unique investment needs. This scheme provides NRIs with tax-efficient, secure, and flexible deposit options in foreign currency or Indian rupees. The bank has recently obtained clearance for establishing a testing center of excellence to centralize and standardize the quality assurance processes, as well as ensuring strict compliance with regulatory standards. This initiative will enhance the bank's ability to deliver a high-quality, secure, and compliant banking ecosystem. Number five, the Employee Wellness Program has been introduced to offer 24/7 professional counseling that supports employees' emotional well-being. Number six, as the first in the industry, generative AI tutors have been developed and launched at our center of excellence. It has been designed to simplify complex learnings and test policy concepts of officers through gamified lessons and quizzes, and also real customer pitch simulations. As regards the business initiatives, the global business has grown by 11.83% on a YOY basis, from INR 13,097 billion in September 2024 to INR 15,062 billion in September 2025, with incremental growth of nearly INR 1,065 billion. Global gross advances have increased by 14.03% on a YOY basis, from INR 6,021 billion in September 2024 to INR 7,009 billion in September 2025, with incremental growth of nearly INR 87 billion. Global deposits increased by 10.08% on a YOY basis, from INR 7.75 trillion in September 2024 to INR 8.53 trillion in September 2025, with incremental growth of nearly INR 78 billion. Domestic gross advances have increased by 14.73% on a YOY basis, from INR 5.21 trillion in September 2024 to INR 5.97 trillion in September 2025. RAM advances have increased by 17.02% on a YOY basis, from INR 2.97 trillion to INR 3.4 trillion in September 2025, constituting nearly 58% of the advances in the September 2025 quarter. Domestic deposits have increased by 8.53% on a YOY basis, from INR 6.73 trillion in September 2024 to INR 7.3 trillion in September 2025. CASA has increased on a YOY basis from INR 2.76 trillion in September 2024 to INR 2.86 trillion in September 2025, with an incremental growth of more than INR 10 billion in September 2025, and CASA ratio stood at 39.39%. As regards the profitability and asset quality in the bank, the operating profit stood at INR 3.821 billion for Q2 FY26. Net profit increased by 8% on a YOY basis and stood at INR 2,555 crore in Q2 FY26, against INR 2,374 crore in Q2 FY25. Net profit for half-year ended September 2025 increased by over 18% on a YOY basis and touched INR 4,800 crore, as against INR 4,076 crore in half-year September 2024. Global NIM stood at 2.41% in Q2 FY26. Slippage ratio improved to 0.14% in Q2 FY26, as against 0.44% in Q2 FY25. Gross cash recovery in Q2 FY26 has been 1.9X of the slippages during the quarter. Credit cost improved to 0.28% in Q2 FY26, as against 0.97% in Q2 FY25. Non-interest income for half-year September 2025 increased by 15% YOY basis to INR 4,386 crore, as against INR 3,820 crore in HY September 2024. The non-interest income stood at INR 2,220 crore for Q2 FY26. There has been improvement in the asset quality with reduction in both gross NPA and net NPA ratios. Gross NPA ratio improved by 187 basis points to 2.54% in Q2 FY26. The net NPA ratio improved to 29 basis points on a YOY basis to 0.85% only. Provision coverage ratio improved to 93.39% in September 2025, as against 92.22% in September 2024. As on 30 September 2025, bank's CRAR has improved to 16.69% from 16.63% as on 30 September 2024. In tune with growth of global economy, the guidance for global advances growth will be around 12 to 13%, and the global deposit growth will be around 10 to 11% for FY26. Bank's core objective will be to mobilize low-cost deposits to safeguard our NIM, while simultaneously increasing yield on advances to drive the sustainable growth. Our concerted efforts will be to bring and improve the asset quality. The bank's firm resolve is to enhance efficiency and profitability while maintaining the strict compliance and better corporate governance practices. This will ensure sustainable value for all our stakeholders. I thank you, all of you, for your continued support. The floor is now open for discussion and question and answer. Thank you. Thank you, sir. We would now like to open this analyst meet for questions. Please raise your hands if you would like to ask a question. We will proceed in an orderly fashion, allowing each person to ask up to three questions at a time. If you wish to ask additional questions, you will have the opportunity to do so after others have had their turn. Thank you for your kind cooperation. Participants, you will notice a small icon on your screen, a hand sign. Once you press this, it will alert us that you would like to ask a question. We will go around one by one. The analyst asking the question will be unmuted. You will get a notification on your screen to unmute yourself. Kindly click on the unmute icon, identify yourself and the organization before asking the question. For those who have joined us through audio call, request you to kindly WhatsApp my colleague Memuna, Gauri, or Viraj from the @Factors PR team if you would like to ask a question. We will ensure that your questions are taken in. Allow us a moment for the queue. Sir, the first question is from the line of Mr. Nitin Gosar. Sir, you may unmute yourself and proceed. Nitin, sir, you may proceed. Hello, ma'am. Am I audible? Yes, sir. Please proceed. Okay, okay, fantastic. Thank you for the opportunity, sir. Sir, as we can see that there was some pressure on net interest margin in this quarter. What is the trajectory from quarter three onwards? You have actually indicated this in the previous quarter. Can you please indicate that considering the changes in the interest rate that has happened from the regulator's side? Yeah, as far as the NIM is concerned, if you see, our NIM was 2.55% global NIM as on June 30, 2025, which has come down to 2.41% as on September 25. However, if you see our half-yearly NIM, it is still at 2.48%. There is a pressure for the simple reason that the entire pricing change had to happen because of the repo cut. The last cut of point which had happened in the repo cut has been taken in this quarter, basically in the September quarter. However, on the liability side, the full repricing in the term deposit is yet to happen. We feel that the entire repricing should happen in this quarter, in the Q3 quarter of FY26. I think that the NIM should start improving from the Q4 quarter onwards once this repricing on the liability side gets over, particularly as far as the term deposits happen. Got it, sir. Q3 onwards we'll see some improvement and full impact will be from Q4 onwards. Is that a correct understanding, sir? Yeah, that is the correct way. Okay, sir. My next question is about ROA because that's one of the points we discussed earlier. This quarter we have seen some improvement in that. What will be the trajectory once we see the improvement in NIMs towards the end of the quarter? If you can give some guidance on ROA for the financial year, sir. Yeah, as far as the ROA is concerned, we have closed the ROA at 0.82% as on June. During this, we have improved it by nearly 9 basis points to 0.91%. If you see on the half-yearly basis, it is also at 0.87%. There also the improvement has been there. Considering the fact that the NIMs are, and we feel that the full impact of the improvement in the NIM may happen in Q4, we are giving a guidance of around 0.90% of ROA for FY26. Okay. Don't you think, sir, this is a little conservative considering the fact that we'll be improving on NIMs in Q4 and we are already beyond 0.91%? Yeah, that's correct. Just to be on the conservative side, it is better to give a low estimation and overachieve that. I got it, sir. Sir, overall guidance for the financial year, if you can reiterate that, is there any change or we continue to maintain the same? As far as the top lines are concerned, we will continue to remain the same. As I said in my opening remarks, the credit growth will be at around 13 to 14%. The global deposit growth will be at around 10 to 11%. Got it. My final question is, sir, about the growth. Where are we witnessing the growth, in which sectors we are observing growth, domestic as well as global? Is there any sector where you see some stress is happening? Yeah, as far as the growth is concerned, we have a pipeline of more than INR 70,000 crore, global pipeline which is there. If you see in terms of the global advances book of the bank, it is more than 10% of the global book which is there. As far as the segmentation of that is concerned, I can say that more than INR 50,000 crore is coming from the corporate credit. We also have a healthy pipeline as far as the international book is concerned. The RAM book also has a healthy pipeline of say around INR 20,000 crore. We are seeing robust growth which is coming in the corporate book also. If you see our presentation, we have grown double digit in the corporate book and nearly 19% as far as the RAM growth is concerned. In all segments, whether it is retail, agriculture, MSME, or corporate, we are seeing healthy growth which is coming. With this kind of growth which has already happened in the H1 quarter, we expect that the H2 quarter should be even better. Got it, sir. Thank you so much. In case I have any additional questions, I'll come back in the queue. Wishing you best, sir. Thank you. Thank you. Next in line, we have Mr. Bimal Panchal. Sir, if you could unmute yourself and proceed. Bimal Panchal Ji, you are unmuted. Can you please proceed? Yeah, my name is Bimal Panchal from Bimal Panchal & Associates. Highly congratulations for the robust performance and very good guidance for the current year. Just two quick questions. What is the planned IT expenditure for this current year? Is there any plan of capital raising through equity? Just two questions. Yeah, as far as the capital raising is concerned, we presently do not have any board approval. Neither are there any plans for raising any capital, fresh capital in this financial year 2026. As of now, there is no board approval for that. As far as the IT expenditure is concerned, we have an IT budget approved for nearly INR 2,000 crore for this financial year 2026. We estimate that with the kind of technology transformation that we are going through, both in the IT for digital and also for cybersecurity, we'll be utilizing most of the budget. Thank you, sir. Thank you. Sir, next question is from the line of Mr. Sushil Choksi. Sir, you may proceed. Sushil, sir, you're unmuted. You may please proceed. We've lost him, sir. We will join him back in the queue shortly. Next question is from the line of Mr. Vansh Solanki. Vansh Solanki from RSPN Ventures. Just one on NIM, NIMs, that you told that Q3 will be still stable and there will be a much improvement in Q4. The guidance for 2.5 and 2.6, which you have given in an earlier phone call, will be maintained, right? Yes, yes. Is there any chance that we will be more than the guidance? Guidance received 2.41, we are already there as far as the global NIM is concerned. Half-yearly NIM is at 2.48% for this H1 FY26. As I said, the thing should pan out and the transmission on the liability side should get completed in this quarter in Q3 of FY26. The improvement in the NIM should certainly start from the Q4 onwards. Okay. From last many quarters also, we are having a credit growth of 14, 15% from last many quarters. Still, we are giving the very lower guidance of 12 to 13%, right? We are taking into account certain geopolitical things which are there. As far as the international scenario which is panning out, we are factoring that while we are giving the guidance. Because the guidance is six months hence, and that is for March 2026, because still the war situation is there at some of the places and geopolitical situation which is there. The tariff situation is also there. Keeping in mind all these things, we are giving a guidance which is a conservative guidance, though we are growing more than that. Since this is an annual guidance, we are giving a guidance of around 12 to 13%. Okay. The last one is on credit cost. In this quarter, we have a very good reduction in the credit cost. Will this momentum continue or is there any one-off in credit cost? Credit cost is a derivative basically of the fresh slippages and the slippage ratio which is there. If you see our fresh slippages this time, they are within INR 900 crore. Because of the slippage ratio which has improved substantially in this quarter, the credit cost has also come down to 0.28% in this quarter, because whatever the provisions are required are required for only those INR 900 crore of fresh slippage which was there and which was much higher in the earlier quarter. That is why you see there has been a continued improvement in the credit cost from 0.76% which was there in FY2025 to 0.68% in Q1 of this financial year, and now coming down to 0.28%. In fact, for the half year, it is 0.47% only. We estimate that this credit cost should continue to improve for us. The annualized credit cost should be somewhere at around 0.60% as against the financial year 2025, which was at around 0.76%. Okay, sir. The last question is on PSB mergers which the government has recently announced. Is Bank of India getting some notifications from the government or what are in the onboard reality for the same? We have no idea about that. Whatever we are reading is we are reading from the press only. As far as that is concerned, we have no idea about that. It is the government which has to take the decision. As of now, there is no communication from the government or any other things, right? Not at all. Okay, okay. Thank you. That's from me. I will join if needed. Thank you. Thank you. Sir, we have Mr. Sushil Choksi back on the call. Sir, if you can unmute yourself and proceed, please. Robust regarding the outlook. Sir, happy Diwali to Team Bank of India again. First question is, sir, RBI came up with a few notifications recently allowing M&A financing, share advance financing, IPO financing, and many such enablers are there in place. If I look at traditional Bank of India many decades back, Bank of India had a large share where this business was concerned. Today, this business of share advance and IPO financing is almost a double-digit financing yielding products. Is our bank looking at this and this financing through GIFT City and international and domestic branches? Yeah, thank you, Sushil Ji. Yes, very much. The RBI has come out with the M&A guidelines. Earlier, they were not allowing the M&A acquisition funding. Now that they have allowed that, definitely for a bank like us, which is into corporate lending, we are definitely interested in financing these merger and acquisition transactions, not only from the domestic book, but also from the international book. Why only GIFT City? We may also do it from some of our international branches like New York, London, and Singapore, and others. As far as this share funding and IPO is there, there also RBI has relaxed the guidelines and put some enablers for increased funding as far as loan against shares and IPO is concerned. Since this is quite a safe advance, the way the equity market is improving over the quarters, definitely we see opportunity for lending in this segment also. Sir, this product should be a CASA enabler, cross-sell in mutual funds, and also our own products in mutual fund and third-party products. My personal belief is that if a bank of your size and esteem capitalizes on it, I think you'll have almost incremental CASA growth as well as business growth where fee is concerned. I would, in fact, I see a robust profit coming from this segment because private banks are anyways an NBFC charging 10%, 11% and borrowing from you at 7.5% and 8.0% because they are AAA or AAA rated companies. Yeah, thank you for your suggestion, Choksi Ji. We are looking into these guidelines, and we'll be coming out with some product. Third question is, what is your outlook on treasury if there is a repo cut estimated whether by December or March based on the current WPI and CPI inflation? How do you? The current situation which is there with the interest rate scenario, we do not see much of the income coming from the treasury segment. As far as the further repo cut is there, we would not like to speculate on the RBI decision what would come. Presently, we feel that in Q3, we may not see much of treasury income coming. No, I'm asking from a year-end point of view. I'm not looking at any particular quarter to quarter. As it is, I don't like to see quarter to quarter numbers. I would rather see FY 2026 and 2027 outlook from today's call because GST cut, many such enablers which have come from RBI and government, I personally see consumption may drive CapEx as well as infrastructure growth for you. That's why I personally feel it may be early indicators, but I see a robust pipeline because the team is quite aggressive on business. As far as the sale from treasury instruments is concerned, if you see our results here also on the half-yearly basis, we have increased on a year-over-year basis by nearly 26% from INR 896 crore to INR 1,134 crore. If this trend continues, definitely it will be more on a financial year basis in FY 2026, should be much better on the 12 months side over FY 2025. Second, my last question on your digital spend, what kind of digital initiatives have taken for co-lending and RAM? Because your RAM and retail growth is showing a very positive sign, and this can be a big game changer for balance sheet numbers where Bank of India is concerned. Yeah, so far as digital is concerned, see, we are investing a lot in technology and IT. When we say IT, it includes both IT, cybersecurity, and also digital. As far as the loan book, which we have created already on the retail side, retail, agriculture, and MSME side, out of the total domestic book, which is their RAM book, which is of nearly INR 347,000 crore as on September, our digital book is at around somewhere around INR 120,000 crore, which constitutes nearly 20% of our domestic loan book. We are doing quite well as far as the products which are there. We have already given in the presentation, we have nearly 20 products which are there in agriculture, retail, and MSME, in which we have gone digital. A good book is getting created as far as the digital is concerned on the asset side. Happy Diwali and best wishes for the year to come. Thank you, Choksi Ji, from the entire Bank of India top management. Thank you. Thank you. Thank you, sir. Sir, next we'll take a question that's coming from the chat window from Mr. Vinod Aggarwal. His question is, any view on offtake of gold loans as gold prices have zoomed at all-time high? As far as the gold loan is concerned, RBI has changed the guidelines also. Basis this new change guidelines from RBI, presently, our gold loan book is at around INR 40,000 crore. If you see our domestic loan book at around INR 600,000 crore, it is a healthy number which is there. Growth also we have seen in Q2, particularly in Q2 in the loan book as far as the gold loan is concerned. Thank you, sir. Sir, next question we'll take from the line of Mr. Bhavik Shah. Sir, you may unmute and proceed. Hello. Yes, sir, please proceed. Yeah, a few questions, sir. In our other income schedule, there is this miscellaneous item called other income that was INR 822 crore this quarter versus INR 463 crore last quarter. Sir, why such a sharp increase? Yeah, other non-interest income. Okay. Yes, sir. Is this the entire PSLC income only? Sorry, am I authorizing or this was done this quarter? Yes, Mr. Kumar is explaining these items. Sir, actually, this other non-interest income, INR 506 crore, increased to INR 822 crore mainly because we got this quarter, we sold that PSLC income that is given in your notes to account also, around INR 124 crore. That has been added in this other non-interest income. Besides this, this spin charges which have been there, now it got stabilized. That also has been steadily this particular increase in advances to that extent that also has been increased in this particular rate. Because of that, other non-interest income has increased quarter on quarter as well as YOY also. Understood, sir. Sir, can I get SMA 1 and 2 number, including accounts which are of ticket size below INR 5 crore? Can you come again, please? SMA 1 and 2 number, including accounts which are? Below INR 5 crore. Yeah, we'll share that separately because at present, we have given in the presentation only the above INR 5 crore numbers, INR 5 crore and above numbers. There, if you see that we have reduced those numbers from June quarter from INR 7,000 crore, it has improved to INR 6,100 crore only. In percentage terms, it is only 0.89% of the total standard asset. Understood, sir. Sir, how should we think about ECL transition on transition? How much will be the impact? Yeah, our team is studying these guidelines. They have recently come, and certain clarifications will also be called from the RBI because there are certain issues which are interpretation issues. As far as the ballpark number is concerned, we feel that the impact on our CRAR should be at around 1% only. We are having a healthy CRAR of, if you see, at 16.69%. This year, we have already made a half-year profit of around INR 4,800 crore. Our estimated net profit is around INR 10,000 crore. With 1% CRAR equaling to around INR 4,700 crore, we feel that the incremental increase in the CRAR would be at around 2% in this financial year. This would be at around 1% only because the effective date is April 1, 2027, and the end date is March 31, 2031. Five years have been given to the banks. We feel that as a ballpark number, the impact should be at around 1% on the CRAR. That is a thought only. Sir, are we looking to front load the transition impact by higher credit cost over the next couple of years? We're trying to control the credit cost. No, front load the transition impact by the way of higher provisioning over the next few years. Okay, transmission of that. We are yet to take any call on that because it is too early to say on this thing, actually. Understood, sir. Sir, if I look at your cost of deposits, it was 4.85% this quarter and 4.85% last quarter. If I see your cost of funds, that has gone up sharply from 4.66% to 4.84%. Sir, what drove this? This is very unusual. Cost of deposit and cost of fund, you are saying? Yeah, yeah. The cost of fund, our September cost of fund is 4.85% on a quarterly basis. It was earlier also at around 4.85% only. If you see on the half-year side, earlier it was for half-year September 2024, it was 4.88%. It has come down by 3 basis points to 4.85%. That's awesome. The cost of fund is also at a similar number at 4.84% only. For the half-year, it is further down at 4.67%. Sir, what explains the difference on a quarterly basis from 4.66% to 4.85% cost of funds? Sir, our General Manager, Treasury, is explaining the exact number. This is because of CDs and refinance cost of CDs and refinance which we are taking. Because of CDs, this rate is good. Sir, is this like incremental CDs that we have taken this quarter, or how should I understand? What exactly happened? Half-yearly, it has decreased, but this quarter-wise, it has increased. Understood, understood. Sir, last question, sir. We saw a strong increase in your NBFC portfolio quarter on quarter. Sir, any ballpark yield that you would be lending at to AAA rated NBFCs on an incremental basis? Yeah, as far as the NBFC is concerned, you are right that there has been incremental increase in the NBFC book outstanding at around INR 93,000 crore for the global book. To just give you a flavor, our NBFC which is BBB and above rated, which is the investment book, is more than 99%. Only 1% is NBFC which is below the BBB. Out of which there is some NPA of only INR 1,000 crore, and the entire book other than that is only INR 1,300 crore. Hardly any book is there which is BBB. Within that component, just to give you a color, if I tell you that out of the entire book, our book to NBFC, to the PSU NBFC, and to the bank floated NBFCs is nearly 50%. The majority of this book is AAA rated and AAA rated book. Okay, sir. Sir, what was the yield we gave the loans on a blended basis to NBFCs on an incremental basis? That number I am not having, we are not having at this moment of time. We can share it separately with you. Definitely for AAA and AAA, it is on a finer side, but we can share it with you separately. Sure, sir. Thank you so much, sir. Happy Diwali to everyone. Thank you, Bhavik. Thank you, sir. Sir, next question is from the line of Mr. Siddharth Rajpurohit. While we are unmuting him, participants, feel free to hit the hand icon to raise questions. Over to you, Siddharth. Thank you for the opportunity. Sir, first, we have taken a SAR rate cut in September, but still, our cost of deposits has remained the same quarter on quarter. Could be the reason, sir? Yeah, there has been a cut in the saving deposit. In fact, we have cut that deposit rate by nearly 25 bps. The cost of deposit has remained because this is a blended cost of deposit, actually. This includes the interest rate that we are paying in saving, the interest rate that we are paying to the retail depositors, the interest rate that we are paying also to the bulk deposits. It's a blended thing. As I said earlier in my remark, the entire transmission on the term deposit side is yet to happen. I think the entire transmission would happen by Q3. There are certain fixed deposits where the transmission is yet to happen. That is the reason why you do not see much of the reduction as far as the cost of deposit is concerned. On the SAR book, we should have some benefit, right? The benefit is immediate, and we have, say, 30% SAR book. You should have, some benefit should have flown on the cost of deposits if we see the environmental impact too. It means what? There is some change in bulk deposit rate or any other deposits where the cost is going up? No, see, SAR deposit rate we have cut by only 25 basis points. That also has been recently cut from 2.75% to 2.50% we had cut, right? The SAR book is, you are right that SAR book is a substantial book, and 39% of our book is CASA book. Out of that, 36%, 37% should be the SAR book. As far as the term deposits are concerned, those rates have not come down significantly. There is a big chunk of deposit where the repricing is yet to take place. Transmission will take place in the Q3 quarter. Okay, sir. How will our MCLR book play out in the coming quarters? The transmission in the MCLR book? Yeah, as far as the MCLR book is concerned, if you see the presentation that we have given, the majority of our book is in the repo link book, which is around 60%. The MCLR book is 28%. We are making all efforts to increase our MCLR book, particularly giving to the mid-corporate borrowers. We have 20 branches now which are into the segmentation of emerging corporate credit. There we are trying to give MCLR-based, linked loans. We are trying to increase that book. Once that book increases, definitely the yield in advances should be better. Sir, how will the repricing play out in the MCLR book in the coming two quarters? As far as the MCLR repricing is concerned, you are aware that the RBI circular is very clear. That is the marginal cost of lending, right? As the deposit rate is decreasing, only then we can reduce the MCLR. As far as the reduction in MCLR rates is concerned, we have reduced our MCLR by 20 basis points over the last six to eight months, both in terms of the one-year MCLR and the one-month MCLR, overnight MCLR is concerned. Definitely, if the cost of deposit further comes down, we may lower the MCLR cost also. How much % of this book, MCLR book, will get repriced in, say, six months down the line? How much % of the MCLR book? I will share with you separately. See, if we reduce the one-year MCLR book, say, by 20 basis points, it will not change the existing book because the existing book of one-year MCLR will come to repricing only after the completion of that one year in those accounts. It will be only the new book which will be repriced lower by 20 basis points in this example. It is a complex understanding of the entire scenario, but we can definitely separately give you the data. Okay, sir. Sir, on the slippages number, which came out very good, were there some internal upgrade which has kind of net out from the slippages, which has brought the slippage number so low? No, there has not been much upgrade. Whatever the slippages have been, the slippages have been shown in this slide which is there. Not much of upgradation is there. I think we have already given in one of the slides what is the number. Because the gross NPA number in the corporate book has come down sharply. Has there been any upgrade there or any write-off there? No, no upgrade has been there. See, gross NPA, which was INR 19,640 crore, has come down to INR 18,015 crore. If you see, the fresh slippage is INR 887 crore for us, and the debits in the existing NPA is INR 8 crore. Total fresh slippage was INR 895 crore only in the book. We had a cash recovery of INR 1,022 crore. Upgradation was INR 418 crore, and the return of amount is only INR 1,081 crore. The reduction happened was INR 2,521 crore, and incremental increase was INR 895 crore. Further to that, we had a recovery in our URI and UCI of nearly INR 253 crore. All these things led to a final figure of INR 8,040 crore in the gross NPA. After the provisions, which were nearly INR 13,484 crore, we have a net NPA of INR 4,530 crore. It is there in the slide where the movement of NPA is depicted. This is the global NPA, not only domestic NPA. Okay. Sir, what will be our LTV in the gold loan book in agri and retail? LTV. Pathak Ji, if you can tell the... Yeah, it is between the range of 65% to 75%. Including agri also? Agri also. Okay. Sir, lastly, how is the MSME environment currently panning out? Are we seeing any incremental stress in the MSME segments? If you see our SME presentation, which is there, SME numbers which we have shown here in the presentation, our overall SME numbers have come down from INR 7,000 crore to INR 6,100 crore in September. Within that, if you see the MSME book, it has come down from INR 1,600 crore to INR 1,200 crore for INR 5 crore and above SMEs for the MSME segment. Within that INR 1,200 crore of the MSME book SME, the SME 2 is only INR 470 crore. The majority of this SME, which is there, is in SME 0 only. We do not see much of stress, which is there in this book. It's a normal SME, which is there in the MSME book. Okay. Lastly, sir, what will be your recoveries target for the full year from the collections account? Yeah, for recovery, we have kept an internal target of around INR 10,000 crore for this financial year. This would be including live accounts, right? Or only from the collections book? No, this will be from the book, which is the NPA book. Okay. Upgradation, which will be separate from the incremental slippages, which happened from where some upgradations happened, that will be also there. Okay. Thank you, sir. Thank you very much for giving me this opportunity. I wish you all a very happy Diwali. Thank you. Thank you so much. Happy Diwali to you, Siddharth, from Bank of India team. Thank you. As there are no further questions, I would now like to hand the conference over to Shri Rajneesh Karnatak Ji for closing comments. Thank you so much for patient listening and wishing you all the best. A happy Diwali to all of you from the Bank of India top management. Thank you so much. Thank you. On behalf of Bank of India, I now announce that this conference stands concluded. Thank you for joining us. Have a good evening.