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BANKBARODA - Bank of Baroda

📊 NSE: BANKBARODA 🏢 Banks - Public Sector 📅 Last Updated: 12/13/2025 19:02

📢 Recent Corporate Announcements

Bank of Baroda Incorporates SPD Subsidiary with INR 2,000 Crore Capital

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Mar 2026, 06:00 PM

Bank of Baroda has incorporated a new wholly owned subsidiary named 'BOB Securities & Giltedge Limited' to undertake Standalone Primary Dealership (SPD) business. The bank has committed a total capital infusion of INR 2,000 Crores, which will be executed in two separate tranches. This strategic move follows the receipt of necessary regulatory approvals from the Reserve Bank of India (RBI). The subsidiary will focus on the government securities market, allowing the bank to diversify its financial service offerings and strengthen its market position.

Incorporation of wholly owned subsidiary 'BOB Securities & Giltedge Limited' for SPD business
Authorized share capital of the new entity is set at INR 2,000 Crores
Total capital infusion of INR 2,000 Crores to be provided in two tranches
Regulatory approval for the venture has been obtained from the Reserve Bank of India
The move aims to enhance the bank's presence in the primary dealership and government securities market

💡 Investors should view this as a positive strategic expansion that diversifies the bank's revenue streams into specialized financial services. Monitor the subsidiary's operational progress and its contribution to non-interest income in future earnings reports.

Bank of Baroda Fined ₹1 Lakh by RBI for Soiled Note Remittance Shortage

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Mar 2026, 12:10 PM

Bank of Baroda has reported a regulatory penalty of ₹1,00,000 imposed by the Reserve Bank of India (RBI). The fine was levied following the discovery of a shortage of notes during the preliminary verification of soiled note remittances (SNR). The bank received the official communication regarding this order on March 12, 2026. Given the bank's massive balance sheet, the financial impact of this penalty is negligible.

RBI imposed a penalty of ₹1,00,000 on Bank of Baroda.
The penalty relates to shortages found in soiled note remittances (SNR) during verification.
The bank received the order on March 12, 2026, and disclosed it on March 13, 2026.
The financial impact is limited to the penalty amount affecting the P&L account.

💡 This is a minor operational penalty and should not influence long-term investment decisions. No action is required as the financial impact is immaterial to the bank's overall performance.

Bank of Baroda Maintains MCLR Rates Across All Tenors Effective March 12, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Mar 2026, 06:05 PM

Bank of Baroda has announced its periodic review of the Marginal Cost of Funds Based Lending Rate (MCLR), keeping rates unchanged across all tenors. The benchmark one-year MCLR remains at 8.70%, which is a key reference for most retail and corporate loans. Shorter-term rates such as the overnight and three-month MCLR also remain steady at 7.80% and 8.15% respectively. This status quo indicates a stable interest rate environment for the bank's existing MCLR-linked loan portfolio.

One-year MCLR remains unchanged at 8.70% effective from March 12, 2026
Overnight and one-month rates held steady at 7.80% and 7.90% respectively
Three-month and six-month MCLR maintained at 8.15% and 8.45%
No upward or downward revision suggests stable cost of funds for the bank currently

💡 As there is no change in lending rates, no immediate impact on Net Interest Margins (NIMs) is expected. Investors should continue to monitor the bank's credit growth and deposit cost trends in upcoming quarterly results.

Bank of Baroda Allots ₹10,000 Crore Long Term Green Infrastructure Bonds at 7.10%

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 05 Mar 2026, 05:11 PM

Bank of Baroda has successfully completed the allotment of Series I Long Term Green Infrastructure Bonds worth ₹10,000 crore. These unsecured, non-convertible bonds carry a coupon rate of 7.10% and were allotted to 15 investors on March 5, 2026. The funds are specifically earmarked for green infrastructure projects, supporting the bank's sustainable lending portfolio. This large-scale fundraise strengthens the bank's long-term capital position for targeted infrastructure financing.

Total issue size of ₹10,000 crore through 10,00,000 bonds
Fixed coupon rate of 7.10% for Long Term Green Infrastructure Bonds
Successful allotment to 15 allottees via the NSE EBP platform
Bonds are rated, listed, unsecured, and redeemable in nature
Face value per bond is set at ₹1.00 lakh

💡 Investors should view this as a positive step for the bank's capital adequacy and its focus on the growing green energy sector. Monitor how the deployment of these funds impacts the bank's long-term asset-liability management and interest margins.

Bank of Baroda Credit Ratings Reaffirmed at AAA; CD Limit Enhanced to ₹1.1 Lakh Crore

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 27 Feb 2026, 07:38 PM

CARE Ratings has reaffirmed Bank of Baroda's 'AAA' rating for its Tier II and Green Infrastructure bonds, reflecting its systemic importance and majority government ownership. Notably, the bank's Certificate of Deposits (CD) limit has been significantly enhanced from ₹20,000 crore to ₹1,10,000 crore to support credit growth. While asset quality has improved with GNPA at 2.04% as of December 2025, the bank faces near-term NIM pressure due to rising deposit costs. Capitalization remains healthy with a CAR of 15.29%, well above regulatory requirements.

CARE AAA; Stable rating reaffirmed for ₹10,000 crore Green Infra bonds and ₹2,900 crore Tier II bonds.
Certificate of Deposit (CD) limit enhanced five-fold to ₹1,10,000 crore with a reaffirmed CARE A1+ rating.
Gross NPA ratio improved significantly to 2.04% as of Dec 2025 from 2.92% in March 2024.
Net Interest Margin (NIM) contracted to 2.56% for 9MFY26 compared to 2.83% in 9MFY25.
Capital Adequacy Ratio (CAR) stood at 15.29% with CET-1 at 12.45% as of December 31, 2025.

💡 The rating reaffirmation and massive expansion in CD limits signal strong liquidity and creditworthiness, making it a stable pick among PSBs. Investors should monitor the bank's ability to manage NIM compression and maintain slippages below 1% in the coming quarters.

Bank of Baroda Assigned 'BBB' Long-Term and 'A-2' Short-Term Ratings by S&P; Outlook Stable

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 27 Feb 2026, 06:13 PM

S&P Global Ratings has assigned Bank of Baroda a 'BBB' long-term and 'A-2' short-term issuer credit rating. The credit rating agency has also assigned a 'Stable' outlook to the bank as of February 27, 2026. This assignment by a global rating agency highlights the bank's credit profile and financial standing. Such ratings are crucial for the bank's ability to raise capital and manage international borrowing costs effectively.

S&P Global Ratings assigned 'BBB' long-term issuer credit rating
Assigned 'A-2' short-term issuer credit rating
Outlook for the bank is officially rated as 'Stable'
The ratings were assigned and disclosed on February 27, 2026

💡 The stable outlook and investment-grade ratings from S&P are positive indicators of the bank's financial health. Investors should maintain their positions as this supports the bank's long-term capital-raising capabilities and global reputation.

CARE Reaffirms Bank of Baroda's AAA Rating; Enhances CD Limit to ₹1.1 Lakh Crore

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 27 Feb 2026, 03:34 PM

CARE Ratings has reaffirmed its 'CARE AAA; Stable' rating for Bank of Baroda's Tier II and Green Infrastructure bonds, while also reaffirming 'CARE A1+' for its Certificate of Deposits (CD). Notably, the bank's CD program limit has been significantly enhanced from ₹20,000 crore to ₹1,10,000 crore to support liquidity. The ratings are supported by the Government of India's 63.97% majority stake and the bank's strong systemic importance as the third-largest public sector bank. While asset quality has improved with GNPA at 2.04%, the bank expects some pressure on Net Interest Margins (NIM) in FY26 due to rising deposit costs.

CARE AAA; Stable rating reaffirmed for ₹12,900 crore worth of Tier II and Green Infrastructure bonds.
Certificate of Deposit (CD) program limit massively enhanced by ₹90,000 crore to a total of ₹1,10,000 crore.
Capital Adequacy Ratio (CAR) remains comfortable at 17.19% with CET-1 at 13.78% as of March 2025.
Asset quality improved with Gross NPA falling to 2.04% and Net NPA to 0.57% as of December 31, 2025.
Global CASA ratio stood at 37.82% as of March 2025, with cost of deposits rising to 4.85%.

💡 Investors should take confidence in the reaffirmed highest credit ratings and the massive expansion of the CD limit which signals strong liquidity management. However, monitor the potential compression in NIMs over the next few quarters as deposit repricing catches up with loan yields.

Fitch Affirms Bank of Baroda at 'BBB-'; Upgrades Viability Rating to 'bb'

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 25 Feb 2026, 06:46 PM

Fitch Ratings has affirmed Bank of Baroda's (BOB) Long-Term Issuer Default Rating at 'BBB-' with a Stable Outlook, aligning it with India's sovereign rating. Significantly, the agency upgraded BOB's Viability Rating (VR) to 'bb' from 'bb-', citing sustained improvements in asset quality and profitability. The bank's impaired-loan ratio improved to 2.0% in 9MFY26 from 2.3% in FY25, while credit costs decreased to 0.3%. Fitch expects the bank to maintain a healthy CET1 ratio above 13.0% through FY27, supported by strong internal accruals.

Viability Rating (VR) upgraded to 'bb' from 'bb-' reflecting improved financial profile and risk controls.
Impaired-loan ratio declined to 2.0% in 9MFY26 compared to 2.3% in FY25.
Credit costs eased significantly to 0.3% of loans in 9MFY26 from 0.5% in FY25.
Common Equity Tier 1 (CET1) ratio stood at 13.6% in 9MFY26, with projections to stay above 13.0% through FY27.
Operating profit/risk-weighted asset ratio expected to remain steady at around 2.7% until FY27.

💡 The upgrade in the Viability Rating is a strong endorsement of the bank's fundamental recovery and improved asset quality. Investors should consider this a positive signal for the bank's long-term credit health and operational stability.

Fitch Affirms Bank of Baroda at 'BBB-'; Upgrades Viability Rating to 'bb'

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 25 Feb 2026, 06:36 PM

Fitch Ratings has affirmed Bank of Baroda's Long-Term Issuer Default Rating at 'BBB-' with a Stable Outlook, while upgrading its Viability Rating (VR) to 'bb' from 'bb-'. The upgrade reflects significant improvements in the bank's financial profile, particularly in asset quality and profitability. Key metrics show the impaired-loan ratio falling to 2.0% in 9MFY26 from 2.3% in FY25, alongside a reduction in credit costs to 0.3%. The bank maintains a healthy capital buffer with a CET1 ratio of 13.6%, positioning it well for sustained growth.

Viability Rating (VR) upgraded to 'bb' from 'bb-' due to improved asset quality and risk controls
Impaired-loan ratio decreased to 2.0% in 9MFY26 from 2.3% in FY25, with credit costs easing to 0.3%
Common Equity Tier 1 (CET1) ratio stood at 13.6% in 9MFY26, expected to remain above 13.0% through FY27
Operating profit to risk-weighted assets ratio expected to remain steady at approximately 2.7%
Liquidity remains a strength with a 116% Liquidity Coverage Ratio and deposits making up 92.3% of non-equity funding

💡 The upgrade in the Viability Rating signals strengthening fundamental health and improved risk management, making the bank a preferred pick among PSU peers. Investors should maintain a positive outlook as the bank demonstrates a sustainable turnaround in asset quality and capital buffers.

Fitch Affirms Bank of Baroda at 'BBB-'; Upgrades Viability Rating to 'bb'

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 25 Feb 2026, 12:44 PM

Fitch Ratings has affirmed Bank of Baroda's Long-Term Issuer Default Rating at 'BBB-' with a Stable Outlook, aligned with India's sovereign rating. Crucially, the bank's Viability Rating (VR) was upgraded to 'bb' from 'bb-', reflecting sustained improvements in asset quality, profitability, and risk management. The bank's impaired-loan ratio improved to 2.0% in 9MFY26, while credit costs declined significantly to 0.3%. With a healthy CET1 ratio of 13.6%, the bank demonstrates strong internal accruals and a robust capital buffer.

Viability Rating (VR) upgraded to 'bb' from 'bb-' reflecting a stronger intrinsic financial profile.
Impaired-loan ratio decreased to 2.0% in 9MFY26 from 2.3% in FY25, driven by lower bad loans and write-offs.
Credit costs eased to 0.3% of loans in 9MFY26 compared to 0.5% in the previous fiscal year.
Common Equity Tier 1 (CET1) ratio stood at 13.6% in 9MFY26, with expectations to stay above 13.0% through FY27.
Operating profit to risk-weighted assets ratio is expected to remain steady at approximately 2.7%.

💡 The upgrade in the Viability Rating underscores the bank's improving fundamental health and reduced legacy risks, making it a preferred pick in the PSU banking space. Investors should maintain a positive outlook while monitoring the bank's ability to manage its high loan-to-deposit ratio of 86.9%.

Bank of Baroda Cuts MCLR by 5 bps for Six-Month and One-Year Tenors Effective Feb 12, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Feb 2026, 06:35 PM

Bank of Baroda has announced a downward revision in its Marginal Cost of Funds Based Lending Rate (MCLR) for specific tenors, effective February 12, 2026. The bank has reduced the six-month and one-year MCLR by 5 basis points each, while keeping shorter-term rates unchanged. The benchmark one-year MCLR, which influences many retail and corporate loans, will move from 8.75% to 8.70%. This adjustment typically reflects changes in the bank's cost of funds and can impact interest income and loan competitiveness.

One-year MCLR reduced by 5 basis points from 8.75% to 8.70%
Six-month MCLR decreased from 8.50% to 8.45%
Overnight, One-month, and Three-month rates remain unchanged at 7.80%, 7.90%, and 8.15% respectively
New lending rates are effective from February 12, 2026

💡 Investors should view this as a routine operational adjustment; monitor the bank's Net Interest Margin (NIM) in the next quarter for any compression effects.

Bank of Baroda Notifies One-Day Strike by Employee Unions on February 12, 2026

🔵 WATCH ⭐ 4/10

ROUTINE 📅 09 Feb 2026, 04:46 PM

Bank of Baroda has received a strike notice from major employee unions including AIBEA, AIBOA, and BEFI for February 12, 2026. The strike is based on various demands raised by the associations and may impact the functioning of branches and offices. The bank has stated it is taking necessary steps to ensure smooth operations during the strike period. Such strikes are relatively common in the public sector banking space and usually have a limited, one-day impact on operations.

Strike notice served by AIBEA, AIBOA, and BEFI for Thursday, February 12, 2026.
Potential disruption to branch and office operations if the strike materializes.
Bank is implementing measures to maintain service continuity for customers.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as one-day strikes are common in PSU banks and rarely impact long-term valuation. Investors should monitor if the strike leads to any prolonged operational issues.

Bank of Baroda Opens Special Window for Transfer and Demat of Physical Securities

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 07 Feb 2026, 11:04 AM

Bank of Baroda has issued a public notice regarding a special window for the transfer and dematerialization of physical securities. This announcement was published on February 7, 2026, across multiple national and regional newspapers including Business Standard and Indian Express. The initiative is part of the bank's compliance with SEBI (LODR) Regulations, 2015, to facilitate shareholders in transitioning from physical to electronic holdings. This is a procedural update and does not impact the bank's financial performance or core operations.

Published notices in Business Standard, Indian Express, Sandesh, and Punyanagari on February 7, 2026.
Established a special window for the transfer and dematerialization of physical securities.
Complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Aims to assist long-term shareholders in converting physical certificates to demat format.
The notification was formally submitted to both BSE and NSE for public record.

💡 Shareholders holding physical share certificates should use this window to convert their holdings into demat form for easier liquidity. No action is required for investors who already hold shares in electronic format.

Bank of Baroda to Set Up Primary Dealer Subsidiary with ₹2,000 Cr Capital

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Feb 2026, 12:29 PM

Bank of Baroda has received formal approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary for Standalone Primary Dealer (SPD) business. The bank intends to infuse up to ₹2,000 crores in capital into this new entity, subject to specified regulatory conditions. This strategic move will allow the bank to participate more actively in the government securities market and diversify its financial services portfolio. The approval follows an initial proposal disclosed by the bank in January 2026.

Received RBI approval to establish a wholly owned Standalone Primary Dealer (SPD) subsidiary
Planned capital infusion of up to ₹2,000 crores into the new business unit
The move aims to strengthen the bank's presence in sovereign debt and government securities markets
Follows previous intimation dated January 9, 2026, regarding the proposal

💡 Investors should view this as a positive long-term development that could enhance non-interest income and market-making capabilities. Monitor the impact of the ₹2,000 crore capital infusion on the bank's Tier-1 capital adequacy ratios in upcoming quarters.

Bank of Baroda Q3 FY26: Net Profit at ₹5,055 Cr, Global Advances Grow 14.7% Y-O-Y

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 04:51 PM

Bank of Baroda reported a steady Q3 FY26 with a net profit of ₹5,055 crore, representing a 4.5% Y-O-Y growth. Global advances saw their strongest growth in eight quarters at 14.7%, driven by a 17.3% rise in the RAM (Retail, Agri, MSME) segment. Asset quality remains robust with the Gross NPA ratio improving to 2.04% and a very low credit cost of 0.17%. Management has positively revised its credit cost guidance for the full year to below 0.60%.

Net profit for Q3 FY26 stood at ₹5,055 crore with an operating profit of ₹7,377 crore.
Global advances grew 14.7% Y-O-Y, while domestic deposits grew by 11.1%.
Asset quality improved significantly with GNPA at 2.04% and Net NPA at 0.57%.
CASA ratio remains healthy at 38.45% with savings account growth at 7.4% Y-O-Y.
Full-year credit cost guidance revised downward to below 0.60% from the previous 0.75%.

💡 Investors should take note of the bank's consistent 1%+ ROA and the significant improvement in asset quality metrics. The strong growth in advances combined with lower credit cost guidance makes it a stable pick in the PSU banking space.

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💰 Financial Performance

Revenue Growth by Segment

Global Advances grew 11.9% YoY in Q2 FY26. Domestic Advances increased 11.5% and International Advances grew 13.8%. Within Domestic, Retail grew 17.6%, Agriculture 17.4%, and MSME 13.9%. Corporate loans saw muted growth of 3% YoY. Net Interest Income (NII) reached INR 13,127 Cr, a 3.9% YoY increase.

Geographic Revenue Split

Domestic operations contribute the majority of business with advances growing at 11.5% YoY, while International operations contribute a smaller but faster-growing portion at 13.8% YoY growth. International deposits grew by 7.2% compared to 9.7% for domestic deposits.

Profitability Margins

Net Interest Margin (NIM) improved to 2.96% globally (up 5 bps sequentially) and 3.10% domestically. Return on Assets (ROA) stands at 1.07% for Q2 FY26, and Return on Equity (ROE) is 15.37%. Net Profit for Q2 FY26 was INR 4,809 Cr, representing a 22% growth when excluding a one-off recovery from the previous year's base.

EBITDA Margin

Operating Profit for Q2 FY26 was INR 8,493 Cr, down 24.2% YoY due to a high base effect from a significant INR 900 Cr NCLT resolution in Q2 FY25. For H1 FY26, Operating Profit stood at INR 15,812 Cr.

Capital Expenditure

Not disclosed as a traditional CapEx figure; however, the bank maintains a strong capital profile with a Capital Adequacy Ratio (CRAR) of 17.61% and CET-I of 14.12% as of June 30, 2025, supporting future balance sheet expansion.

Credit Rating & Borrowing

The bank maintains a high credit rating due to 63.97% Government of India ownership. Cost of Deposits sequentially declined to 4.91% from 5.05%, driven by prudent liability management and a CASA ratio of 38.42%.

⚙️ Operational Drivers

Raw Materials

For banking, 'raw materials' are deposits: CASA (Current Account Savings Account) at 38.42% of total deposits and Term Deposits which grew 11.7% YoY.

Import Sources

Sourced primarily from the Indian domestic market (9.7% deposit growth) and international markets (7.2% deposit growth) through its global branch network.

Key Suppliers

Not applicable as a bank; primary 'suppliers' are retail and corporate depositors and the Reserve Bank of India for liquidity.

Capacity Expansion

Total Asset book stood at INR 17.46 lakh crore as of June 30, 2025. The bank is expanding its digital infrastructure through a new Section 8 company for a Digital Payments Intelligence Platform.

Raw Material Costs

Cost of Deposits is the primary 'raw material' cost, which stands at 4.91% as of Q2 FY26. Interest expended for FY25 was INR 75,783 Cr, up from INR 67,884 Cr in FY24.

Manufacturing Efficiency

Cost-to-Income ratio was 47.94% in FY25. The Credit-Deposit (CD) ratio stands at 85.26%, indicating high utilization of the deposit base for lending.

Logistics & Distribution

Distribution is handled through a network of domestic branches and three sponsored Regional Rural Banks (RRBs) which have an aggregate business of INR 1,86,088.63 Cr.

📈 Strategic Growth

Expected Growth Rate

11-13%

Growth Strategy

Growth will be driven by a focus on RAM (Retail, Agri, MSME) segments, which grew at 17.6%, 17.4%, and 13.9% respectively. The bank also targets a 10-11% recovery in Corporate growth in H2 FY26 through a strong pipeline of INR 25,000 Cr in proposals and a focus on Mid-Corporate clusters.

Products & Services

Retail loans (Home, Auto, Education, Personal, Mortgages), MSME loans, Corporate credit, Agriculture loans, and Insurance through IndiaFirst Life Insurance.

Brand Portfolio

Bank of Baroda, Baroda U.P. Bank, Baroda Rajasthan Kshetriya Gramin Bank, Baroda Gujarat Gramin Bank, IndiaFirst Life Insurance.

New Products/Services

Establishment of a Section 8 Company for a 'Digital Payments Intelligence Platform' to enhance digital transaction security and experience.

Market Expansion

Focus on Mid-Corporate Clusters in New Delhi, Chennai, Mumbai, and Kolkata. International expansion continues through subsidiaries in Botswana, Kenya, Uganda, and the UK.

Market Share & Ranking

Second largest Public Sector Bank (PSB) and fourth largest bank in the Indian financial system as of March 2025.

Strategic Alliances

Joint ventures include IndiaFirst Life Insurance (64.98% stake) and Baroda BNP Paribas Asset Management (50.10% stake).

🌍 External Factors

Industry Trends

The industry is seeing a shift toward retail consumption-driven credit. Bank of Baroda is positioning itself by growing its retail book at 17.6%, exceeding its total advance growth of 11.9%.

Competitive Landscape

Faces intense competition in the 'fine price' corporate segment, leading the bank to strategically hold back on low-margin corporate lending to protect NIM.

Competitive Moat

Moat is derived from its sovereign backing (63.97% GoI stake), which ensures a low cost of funds and a massive distribution network through RRBs and domestic branches.

Macro Economic Sensitivity

Highly sensitive to RBI monetary policy; a 25 bps reduction in the Repo Rate directly impacts the lending rate (BRLLR) for a large portion of the book.

Consumer Behavior

Increasing demand for digital payment security and retail credit (Personal loans grew 18.6%, Mortgages 19.8%).

Geopolitical Risks

Geopolitical scenarios are monitored as they may impact slippages (guided at 1-1.25%) and international business operations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI's ECL (Expected Credit Loss) framework; the bank has proactively made floating provisions of INR 400 Cr (totaling INR 1,000 Cr) to prepare for regulatory shifts.

Taxation Policy Impact

The bank provided INR 1,624 Cr for tax in Q2 FY26, with an effective tax rate of approximately 24.2% for the quarter.

⚠️ Risk Analysis

Key Uncertainties

Slippage guidance is maintained at 1-1.25% due to potential geopolitical headwinds. Corporate growth remains a key uncertainty, having grown only 3% YoY against a target of 10-11%.

Geographic Concentration Risk

Domestic advances represent the bulk of the portfolio (INR 9.38 lakh crore), with specific focus on Gujarat, UP, and Rajasthan through sponsored RRBs.