Nischint Chawathe

Congrats for a good set of numbers. My first question is actually on the borrowing side which you sort of partially answered but going forward looking at the tight environment and there will be som e benefit of rating upgrade? You kind of seem to be pretty confident that you will have a stable borrowing cost?

I take the point on margins but more on the borrowing cost is what I was looking at and what is the FI share that is going up in your borrowing ? I can see that public ba nks are coming down? In fact banks as a share of borrowing is coming down?

The financial institutions are going up so?

Just one or two points. Any sense that you could give in terms of the business trajectory at ICICI Bank? And how do you see the second half playing out here?

And if I look at the overall VNB growth for the Company, I guess, obviously, we discussed the challenges in the first quarter or for the quarter in the first half. In the third quarter when I really look at the margin base for nine months, I think it's still kind of a slightly demanding base. So, in the backdrop of that, how do we really look at VNB growth for the year?

On the partnership side and as well as on the agency side, in terms of product profile, I believe the initial thought was that you probably focus more on traditional products through these channels, but is there a change in the strategy? And are you kind of also kind of looking at doing ULIPs through these channels?