Hi. Thanks for taking my question. Going back to the surrender charges...
Sure. Is this better?
Questions across 22 calls
Nischint Chawathe
Kotak
SBI Life Insurance Company Limited
Five-Star Business Finance Limited
The first one is on the borrowings m ix and the share of NCD has kind of come down to 4%. Any specific reason, I mean, it's come down or it's kind of collapsed from like 35%, 40% in the past?
If I look at it, your cost of funding is 9. 5%. If you're saying 50 , 75 basis points, we are effectively saying that the NCD demand is coming closer to around 10 %, 10.25%, which is somewhere closer to probably what an A-rated company may be borrowing. Were the investors in these NCDs earlier mutual funds or were the banks , is it something that probably a set of kind of lenders are today missing in our borrowing profile?