Provision coverage for the Stage 1 to 3, so there has been a significant change on a quarter -on- quarter basis. Stage 1 and 3 have come down where Stage 2 has risen. So, can you just run us through the thought process and what is driving this change?
Okay. So, going forward, we should see it as a steady state from here on?
The first question is with regard to credit cost. I think you mentioned it's going to remain elevated for the next 2 quarters or was it a few quarters? Do we have the visibility that it can normalize towards the end of next year?
And the second question sir, I think we had articulated a target or the sustainable credit cost guidance of 5.8 to 6.2. Will it be fair to assume that's likely to be too conservative in the current scenario and this could be a new normal where the credit cost could remain high for an elongated period of time versus that guidance?
Sir, on the ECL which you've given on Slide #48, just one question. We have seen an improvement in Stage 2 and 3 on a sequential basis. But when I look at the total ECL, it's gone up by around 8 basis points on a Q -on-Q basis. So, my assessment is that the PCR you have increased the coverage across various stages. Can you verify that? And also give us some sense of what is driving this.
Okay. So, the composition of the GNPAs now has significantly higher non -gold portfolio? That is what you're saying and that is why the PCR has gone up?
So sorry to belabor on the ECL model again. So, we are just looking for some handholding in terms of how we should be looking at forecasting on the credit cost side. So, if I were to use the framework, you talked about some amount of benefit coming with rollover post COVID. So, if I were to look at the numbers, pre COVID there in the total ECL this is ECL 1 plus 2 plus 3 was around 3% of the total asset base. Is that a benchmark, which we should hold on that the company will not go down below that level on a total provisioning basis or even that number might not hold given that the change in customer profile is -- we have better customer mix and product mix. And secondly, in the same thing, GS3 at that point of time, I think it was around 40% odd, now, we still are way above that level. So, should we see that normalizing to -- on the provisioning -- the Stage 3 PCR going to that level towards the end of this year?
Sure, sure. Got it. And the second question is with regards to the opex. Obviously, it's a big focus area for us, and it's been trending down. So, the 2.5% aspiration on opex side, can we see that number towards the end of this year? Or is that a number which we should see in FY '26?
Congrats again, Raul. So first question is on the funding cost. We have seen a significant tightening of the liquidity and also the reset increase for bank lending to NBFCs. So Vivek, probably you can give us some outlook on how the funding outlook is there for the 4Q and the next year? And also what it implies for NIM?
So unless something changes on the repo side there -- or liquidity items further. This is the kind of the peak cost of funding, which we should assume.
Congratulations on a good set of numbers. Mr. Mohanty, the first question is with regards to the strong performance in the non-par...
Is it better?