Puneet Sharma

We remain confident that we will get to the 3.8 over the duration of reprice of our assets and liabilities.

Retail asset quality is stabilizing as evidenced by the credit card portfolio has seen a YoY improvement across gross slippages, net slippages, gross credit cost, and net credit cost.

This is not an asset quality problem. This is a PSL classification question, not an income recognition or an asset classification question.

We do not need equity capital for either pillar. We may opportunistically evaluate Tier 2 and AT1 instruments based on market conditions.

We do not provide quarterly margin guidance. Our stated position is we are confident that we can deliver a 3.8% margin on a two-cycle basis.

We can confirm to you that this was not regulatory-led.

We have said the way we look to we are getting more stringent on how we classify accounts, not upgrade accounts.

We do not need equity capital for either pillar. We may opportunistically evaluate issuing Tier 2 and AT1 instruments based on market conditions.

We have priced for this risk that we are seeing manifest today.

We do not need equity capital for either pillar [growth and protection].

I do believe that MSME will be what Retail was, or MSME will be, over the next decade, what Retail was in the previous decade.

We will do what's in the best interest of our shareholders.