Abhijeet Tibrewal

Sir, first thing on the industry, most other players talk about a very high rejection rate today, especially after the implementation of MFIN guardrails. So, if you could just help us understand how have our rejection rates trended over the last maybe 2, 3 quarters? That is the first question that I had.

Yes. So, all I was just trying to understand is, I mean, there are today players who are there in predominantly the small ticket LAP segment who still talk about weakness in Karnataka. While if I look at us and a few other players who are present in MFI segment, they have been talking about Karnataka having come back in a big way.

Got it, sir. And just one last clarification on your opening remarks. You had shared that this FY27 credit cost guidance of 4 .0% to 4.5% is factoring in monthly PAR accretion of about 30 to 35 bps. In case, like you mentioned if the PAR accretion is lower than that, then there are downside risks, right, to this credit cost guidance.