Suresh Ganapathy: Yeah, hi. Just two questions. One is, Sashi said 83% to 85% of the INR1.1 trillion is retail deposits, right? So it’s about INR85,000 crores is what you mobilized out of INR1.1 trillion, is that right?
Srinivasan Vaidyanathan: That is right. 83% is retail, yeah.
Suresh Ganapathy: Yeah. So, seeing it as INR85,000 crores, which is the effective number absolute, what would be the Basel III LCR quarter-on-quarter addition? The reason why I’m asking is, last quarter it was INR66,000 crores. I want a like-for-like quarter-on-quarter addition for the Basel III retail deposits, because this number seems to be way different from this INR85,000 crores. Is it possible to share that number?
Srinivasan Vaidyanathan: I don’t have it off hand. We’ll look at it and share, but Suresh, just to say that the Basel classification is different, right? And there are different factors that apply in that classification. So, there is no one-for-one mapping. The point I’m trying to say is that the retail, which is the branch managed deposits that we have is not one-for-one retail definition as per Basel.
Suresh Ganapathy: Okay, fine. And last question is on the synergy itself, right. I mean, of course, these are very early days. We are seeing a pickup — slight pickup in mortgage growth. And also what your subsidiary reported numbers and apparently the counter share has gone to 70% in your bank branches, HDFC Life. So, just wanted to understand on a qualitative aspect, what are the things which — where you’ve already started seeing not in terms of price as a quantifiable, but better traction, it could be anything like cross-selling of loans or products, anything that you can give us would be great.
Srinivasan Vaidyanathan: Suresh, we are focused on a few things, right. One, they are our subsidiaries and we work very closely and the engagement level has gone up significantly since before the merger and certainly after the merger. And one is about the sales process itself, right, in terms of — so, say a customer comes in into a branch and works with an RM or an RM visits a customer for various sales processes, the sales support has significantly enhanced, right, in terms of making the product features and the product kind of a dynamic much more articulated to the customers. So that is the process. And not only the — when you go into one of the metro regions, you will find that it is at the top notch, but the process has to be broad based across the country, which has begun very well.
That’s one, right, in terms of getting that. The second is also getting that — closing it out from an immediate turnaround time point of view that has also been a great deal of a focus to ensure that customer doesn’t need to wait to get the product consummated. You’re able to turnaround quite fast. That gives enormous confidence to the RMs to pitch a product to a customer. Because you know that if you get the turnaround times pretty soon, pretty fast and the product will be in the hands of the customer that we could consume it. So, there have been some of these qualitative or kind of a relationship process that has enhanced and it will pay results as we go along.
Suresh Ganapathy: Okay, thank you.
Srinivasan Vaidyanathan: Thank you.
Operator: Thank you. Next question is from the line of Abhishek from HSBC. Please go ahead.
Unidentified Analyst: Yeah, good evening. Thanks for taking my question. So the first one is, can you just quantify the LCR now on a merged basis? And also how much of the HDFC Limited deposits were retail as per the LCR classification? If you can share that number, it will be useful.
Srinivasan Vaidyanathan: Yeah. I did give out the LCR was at an average 121% after absorbing the ICRR for most of the quarter. Your second aspect of the question was to do with the retail component…
Unidentified Analyst: Of the HDFC Limited deposits that came in.
Srinivasan Vaidyanathan: Yeah. I think the retail component was slightly above two-thirds. It’s merged into the total organization. There is no particular special tracking that we look at to say this is HDFC Limited and this is HDFC Bank kind of thing, it’s all part of one.
Unidentified Analyst: Got it. And in terms of conversion of HDFC Limited loans from the current PLR to repo linked, what percentage has been done? And yeah, what — just what’s the progress on that?
Srinivasan Vaidyanathan: Abhishek, all of that has done — has been done, right. And it’s available for the customers who are in the bank. Already a bank customer could view it in the system on the screen, when you log in, you will see. But yes, it has been done.
Unidentified Analyst: So, I think we had a December deadline for it, right. So we should be — like the entire book would be on repo now or by December anyway, it would be on repo, the mortgage book?
