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slowing down, it will be in the next six months or so.
Which are the geographies you are looking at outside of southern India? Will you be expanding aggressively?
In Uttar Pradesh, Haryana, Punjab and Rajasthan, we have opened about 100 branches, while in Maharashtra, Gujarat and Madhya Pradesh, we have opened 40-45 branches. We are seeing how we can expand our business there. Our philosophy as a company is that we do not rapidly expand. First, we understand that how we can establish ourselves in those geographies and, then, slowly expand.
We are not really in rural areas, though Shriram Transport has been opening a lot of rural offices now. We are largely in urban and semi-urban areas and our expansion will continue there.
Some of your peers have already started moving towards a shorter duration for NPA classification, expecting RBIís new norms. Why is the Shriram Group waiting it out?
We are waiting because we believe that the segments that we are catering to are not going to be sufficiently catered to with these changed norms. These are sectors with irregular cash flows and they need a lot more tolerance when it comes to NPA recognition. We want to ensure that it is maintained the way it is. We are making a lot of representations that the changed norms will hurt financial inclusion. This is something we are categorically telling the ministry as well as the regulator.