Balkrushna Vaghasia

Sir, my first question is related to the industry as a whole. So, if I look at the microfinance industry, which serves to the bottom of the pyramid, and then comes, I think the small and business loans and housing loans in the Tier-3, 4, 5 city and rural. So, when I look at the microfinance, it is kind of highly cyclical if I take the data of last 15 years.

Right. So, second question is related to employee turnover. Like if I look at the industry data, specifically the players who are listed and who are not like the government bank sponsored or something like that, I mean, if I exclude the government -sponsored, like HFC s, so employee turnover is very high in the industry.

Third question is related to NHB finance. So, what is the fund that NHB has targeted for refinance for the current financial year? And on what basis NHB allocates the fund? And how much we are targeting to borrow from NHB in this year?

Sir, my first question is on a global level regarding the sector, so as the results are coming for the 4th Quarter for all the microfinance companies , everybody is projecting some say 20% growth for the next 3-4 years, 25% 30% even higher than that.

What are some of the big risks that you see for your company and as well as for the sector that you can say with which your imagination that these are some of the big risks for the industry as well as for the company?

I think the CreditAccess Group has set up some insurance business as well , so how are they going to use our distribution channel or how are we going to integrate with them , or that is a completely different business, and we have nothing to do with that?