Punjab National Bank (BSE: 532461, NSE: PNB) — Business Report / Investor Feed

Business & Distribution Evaluation — Punjab National Bank (BSE: 532461)

1. Business Identity

Punjab National Bank (PNB) is India's second-largest public sector bank (PSB) by total business (deposits + advances) and third-largest PSB by asset size, providing comprehensive banking and financial services to retail, agriculture, MSME, corporate, and government customers across India and select international markets [1][13][43].

Market Share:

PNB is the fifth-largest bank in India in terms of total business. Fitch Ratings notes PNB's "large size with a market share of 6% in sector assets and 7% in deposits, the state's 73% ownership, and PNB's quasi-policy role through social lending" [125]. PNB is not classified as a Domestic Systemically Important Bank (D-SIB), though credit agencies acknowledge its systemic importance [37][87].

2. Revenue Architecture

Revenue Model

PNB operates an interest-spread model (Net Interest Income = Interest earned on advances & investments minus interest paid on deposits & borrowings), supplemented by fee-based income (processing fees, service charges, government business commission, insurance/MF distribution), treasury income (investment profits, forex), and recovery income from written-off accounts [25][17].

Revenue Scale — Total Income

Interest Income Composition — Multi-Year Trend (₹ Cr)

Sources: [91][113][130]

Interest on advances grew 13.4% YoY in FY25, while other interest income surged 49.5% YoY [113].

Segment Revenue Mix [FY25] (Standalone, ₹ in '000s)

¹ Treasury revenue includes Q4 FY25 at ₹10,20,932 thousand [100].

Digital Banking as a standalone segment contributes negligible revenue (₹33 thousand in FY25 vs ₹13 thousand in FY24), reflecting that digital is an enabler across all segments rather than a separate P&L line [131].

Geographic Revenue Split (Standalone, ₹ in '000s)

Net Interest Income & NIM Trend

Sources: [23][10][17][11][44][75][105][109]

NIM has been declining from 3.07% (Q1 FY25) → 2.70% (Q1 FY26) globally, driven by repo rate cuts passed through to borrowers and rising cost of deposits [7][14][75]. Domestic NIM: 3.08% for FY25, 2.84% for Q1 FY26 [86][75]. FY26 guidance: 2.8%–2.9% [4]; management expects improvement from Q3 FY26 onwards based on deposit repricing and CRR cuts [75].

NIM compression from 3.07% to 2.70% in just four quarters reflects PNB's structural vulnerability: 41% of the loan book is repo-linked (reprices immediately on rate cuts), while deposits reprice with a lag. The ~37 bps squeeze understates the pressure — cost of deposits climbed 23 bps over the same period (5.10% → 5.33%), and management's Q3 FY26 improvement expectation hinges on deposit repricing catching up.

Cost of Funds & Yield — Expanded Time Series

Sources: [71][11][17][31][43][62][101][114][126]

Other Income Composition — Full Year [FY25]

Recovery from written-off accounts declined as the low-hanging legacy portfolio gets cleaned up, but management notes ₹91,000 Cr of technical written-off accounts remain as a long-term recovery cushion [103].

Fee-Based Income — Multi-Year Trend (₹ Cr)

Sources: [55][91][113][130]

Fee-based income grew 15.4% YoY in FY25 to ₹7,023 Cr [113]. Q1 FY26 fee income at ₹2,250 Cr grew 8.3% YoY, with processing fees surging 13.0% [130].

Profitability Trend

Sources: [9][28][59][31][54][86][75]

FY23 PAT discrepancy: ₹3,348 Cr per [9]; ₹2,507 Cr per [73] (possible standalone vs consolidated).

*Q1 FY26 RoA/PAT depressed due to one-time tax provision on shift to new tax regime [75].

PAT doubling to ₹16,630 Cr in FY25 is overwhelmingly a provision-release story — operating profit grew just 7.6% YoY while provisions collapsed 87%. With PCR already at ~97% and credit cost at 0.19%, the provision tailwind is largely exhausted. Sustaining RoA above 1% (FY26 guidance) will require operating profit acceleration, which faces headwinds from NIM compression and OPEX inflation.

PAT doubled from ₹8,245 Cr [FY24] to ₹16,630 Cr [FY25] (+101.7% YoY), driven by an 87% decline in provisions as asset quality normalised [71][86]. 9M FY25 PAT was ₹12,063 Cr, up 130.5% YoY [126]. Operating profit growth was modest at 7.6% YoY in FY25 [86], and 4.6% YoY in Q3 FY25 [126].

Operating Expenses [FY25 & Q1 FY26]

Sources: [38][65][101]

Q1 FY26 OPEX at ₹8,765 Cr exceeded guidance of ₹8,000–8,200 Cr, partly due to ~₹800 Cr PSLC certificate cost [33][65][108]. Management clarified that excluding PSLC, OPEX was "almost in the same range" as Q4 FY25's ₹8,697 Cr [108].

Pricing Mechanism — Loan Book Benchmark Mix [H1 FY25]

MCLR-linked: ~34%, External benchmark (repo-linked): ~41%, T-bill linked: ~8.39%, Fixed: ~10% [92]. This external benchmark-heavy mix means rate cuts transmit rapidly to the asset side, compressing NIM ahead of liability repricing.

3. Product & Service Portfolio

Core Offerings

Retail Loan Book — Multi-Year Breakdown (₹ Cr)

Sources: [84][89][105][117]

Retail loan breakup as at ~Mar'25 per management commentary: Housing ₹1,06,000 Cr, Vehicle ₹27,000 Cr, Education ₹8,500 Cr, Mortgage ₹16,400 Cr, Personal ₹22,500 Cr, Gold ₹3,400 Cr (retail segment), Credit Card ₹1,200 Cr [117].

Core Retail Growth Rates

Sources: [41][89][81][105]

Unsecured Retail Loan Book [H1 FY25]

Total unsecured retail: ₹27,966 Cr, comprising Credit Card ~₹1,000 Cr, Education ₹4,333 Cr, Pension ₹4,513 Cr, Personal ₹18,119 Cr (of which digital PAPL ₹4,239 Cr). Expected NPA in personal loans factored into pricing at ~2% [92].

Gold Loan

₹8,500 Cr [Jun'24] → ₹13,777 Cr [Mar'25] → growing rapidly across agri + retail segments [74][41].

Self-Help Group (SHG) Book

₹8,500 Cr [Jun'24] → ₹12,000+ Cr [Jun'25] — ~41% YoY growth [63][117]. Management is pursuing SHGs aggressively: "yield is also very good, NPA percentage is just around 1%, and the women, the financial inclusion point of view also" [117]. SHG lending also helps meet Priority Sector sub-targets for small & marginal farmers and agriculture [117].

Key Differentiators

• Pan-India branch network — 2nd largest PSB franchise; top-20 depositor concentration at just 5.07% [FY24] [6]; retail deposits ~80% of total [43][62].
• Centralized underwriting — retail sanctions >₹10 lakh routed through central infrastructure since FY20 [16]. Post-Jul 2020 underwriting: ₹11.34 trillion sanctioned, ₹9.84 trillion disbursed, ₹7.18 trillion outstanding (63% of total book), with NPA of just 0.40% [50][57].
• Priority sector compliance achieved — all mandated targets met [FY25]: Total PS 40.36% of ANBC (norm 40%), Agriculture PS 18.08% (norm 18%) [41]. Also met in Dec'24: PS 40.45%, Agriculture 18.20%, Small & Marginal Farmers 10.12%, Weaker Section 13.56%, Micro Enterprises 8.02% [126].
• Investment-grade corporate book: 93.06% rated BBB & above [Dec'24] [30], up from 90.68% [Sept'23] [78].
• No DSA/third-party sourcing for Mudra loans — all sourced through branch network; "There is no DSA or third-party involved in this Mudra loan" [33][108].
• ISO/IEC 27001:2013 certification for Information Security Management; CCoE oversees 30+ security technology products [119].
• 50+ fintech partnerships for customer outreach and embedded banking [115].

Recent Product Launches [FY25–Q1 FY26]

• Dynamic Currency Conversion on POS; Co-branded credit card with EasyMyTrip [18]
• Digital financing against Electronic Negotiable Warehouse Receipt (eNWR) [18]
• Cash-flow-based digital MSME lending (up to ₹25 lakh, end-to-end) [21]
• Gen AI Chatbot 'PIHU' on website, IBS, and PNB One [20][79][102]
• RAHEE — Gen AI powered employee chatbot [102]
• PNB One Biz — Corporate mobile banking app (1.41 lakh customers) [Q1 FY26] [20][79]
• CBDC app — 4.58 lakh customers, 74.71 lakh transactions cumulative [Q1 FY26] [79]
• Green finance: PNB Green Car Loan (₹518 Cr outstanding [Jun'24]), Renewable Energy & Green Finance (₹6,129 Cr sanctions in Q1 FY25) [64][80]
• Digital Mudra loans ≤₹10 lakh transitioning to fully digital BRE-driven sanction; "in another two, three months time, manual sanction and disbursement up to Rs.10 lakhs category is going to be totally stopped" [108]
• Comprehensive digital product suite spanning 30+ journeys: e-Mudra, MSME Easy Renewal, Pre-Approved Business/Personal Loans, Digital Home/Vehicle/Education Loan, Digital KCC Renewal, Digi Gold Loan, Insta EMI Credit/Debit Cards, Virtual Credit Card, WhatsApp Banking, CBDC [115]
• PNB Braille Debit Card (PNB ANTAH DRISHTI) for visually impaired customers [112]
• Doorstep banking facility for senior citizens and differently-abled customers [104][112]
• PSLC elimination roadmap: management targets complete elimination of PSLC purchases within 3 years, expecting ~₹300 Cr savings next year from agri segment initiatives [117]

4. Value Chain Position

PNB operates as a full-service financial intermediary:

Depositors (savers) → PNB (credit assessment, maturity transformation, payment services) → Borrowers (retail/MSME/corporate/agriculture)

Fitch characterizes PNB's business model as having "a large franchise and its ability to support profitable business generation," though counterbalanced by "larger risk appetite — due partly to the government's influence" [125].

Direction of Integration

Subsidiary & Associate Ecosystem [as at Jun 2025]

Sources: [61][77][107][124]

RRB consolidation: Per GoI gazette notification, three former RRBs — Prathama UP Gramin Bank, Dakshin Bihar Gramin Bank, and Bangiya Gramin Vikash Bank — were merged into successor entities (Uttar Pradesh Gramin Bank → transferred to Bank of Baroda as sponsor; Bihar Gramin Bank and West Bengal Gramin Bank remain PNB-sponsored), reducing count from 9 to 8 RRBs [100][124][127].

JSC Tengri Bank (Kazakhstan, 41.64%) remains under liquidation [52][124].

Related Party Transaction Concentration [FY25]

Supplier Concentration (Liability Side)

Top 20 depositors constitute only 5.07% of total deposits [FY24] — extremely granular [6]. Bulk deposits (≥₹3 crore) in term deposits: 12.1% [Q2 FY25], down from 17.9% [FY24] [16]. Retail term deposits <₹3 Cr: ₹5,85,598 Cr [Jun'24], representing ~68% of total term deposits [82]. Fitch notes "comfortable liquidity, supported by a strong retail deposit base" [123].

5. Distribution Architecture

Channel Structure & Network Scale

Sources: [34][2][18][36][42][26][61][66][98][120][129]

ATM count declining (12,645 → 11,240 over two years) as digital transactions grow. BC count fluctuates quarter-to-quarter, suggesting periodic re-onboarding/churn cycles. Accessibility: 94.24% of ATMs and 83.67% of branches have ramp facilities [93].

BC Channel Effectiveness — Deposits Mobilized (₹ Cr)

Source: [98]

International presence: Branches at Dubai and GIFT City, Gandhinagar; Subsidiaries in London (7 branches) and Bhutan (8 ATMs); JV in Nepal (95 branches); Representative Offices in Myanmar and Bangladesh [36][61][70][106][129].

Branch Distribution by Geography [Jun 2025]

Source: [26]

63.4% of branches are in Rural & Semi-Urban areas — consistent across all reported periods [26][42][96][120].

Regional distribution [Jun 2024]: Northern 31.5% (3,194), Eastern 24.9% (2,524), Central 23.8% (2,418), Western 8.6% (868), Southern 6.9% (702), North-Eastern 4.4% (444) [34]. PNB's network is heavily concentrated in North and East India.

Specialized Branch/Centre Network [Q1 FY26]

Sources: [61][2][40][33][48][76][80][108][129]

All MSME proposals are routed through the 138 dedicated processing centres: "All those proposals come under that MSME cell and there only the processing and disbursement happens" [108].

Financial Inclusion Infrastructure [FY25]

PNB trained 79,989 persons through RSETIs in FY25 (82% BPL families, 80% women); cumulative since inception: 6,82,671 persons [27][112]. FTCs trained persons cumulatively up to 18.52 lakh persons till Jun'24 through programmes; spent ₹10.02 lakh under this during FY25 [112][119]. FLCs provide financial education to farmers, SHGs, MSMEs, and senior citizens [112][127].

Government Scheme Reach

Note: APY data shows minor discrepancies across presentations (e.g., Jun'24 reported as 39.80 in [89] but 43.79 in [98]); the presentation dated Jul 2025 [98] may reflect corrections.

Digital Distribution

Sources: [26][42][46][79][114][121]

Dec'24 WhatsApp figure of 29 lakh appears to use a different counting methodology [121].

Digital transaction share progression: 88% [Q3 FY24] → 89.5% [Q4 FY24] → 91.1% [Q3 FY25] → 94% [FY25] → >95% [Q1 FY26] [39][19][50][121].

Digital lending: Sanctions crossed ₹27,900 Cr cumulative [Q1 FY26]; every fifth loan sanctioned through digital mode [20][79]. Prior milestone: ₹17,500+ Cr cumulative as at Sept'24 [114]. Bank onboarding system integrator for full-fledged Gen AI implementation; unified solution for 100+ digital journeys; revamping internet banking and mobile banking applications [79][102].

Key digital & analytics initiatives:

• Analytics Center of Excellence for data-driven client identification and personalized interactions [72]
• PNB 360, Customer 360 dashboard [72]
• AI/ML models for fraud detection, collection propensity, early warning signals [72]
• PNB Aarambh application for real-time NPA follow-up; SAMARTH Portal for automated recovery [72]
• New Enterprises Fraud Risk Management (EFRM) system [119]
• Digital signage solution for 1,000 branches to reduce flex & vinyl usage [127]
• Collaborating with 50+ fintech companies to expand customer outreach [115]

Network Efficiency Metrics

Sources: [54][58][11][89][114][126]

Sources: [54][89][114][126] — Q1 FY26 depressed by one-time tax provision.

Contact Centre Infrastructure

Primary Contact Centres at Gurugram and Noida (24×7); secondary centres at Dehradun and Bhopal. Services in Hindi, English, and 11 regional languages (WhatsApp Banking now available in 6 languages including Kannada & Tamil [102]). Next-gen AI-enabled call centre with customer segmentation and IVR-based loan payments. Call centre being strengthened as a collection channel [15][34][72].

Customer Grievance Handling

Source: [122]

Top complaint categories [FY25]: Internet/Mobile/Electronic Banking: 4,04,168 (-17.5% YoY); ATM/Debit Cards: 3,83,578 (+21.0% YoY) [122]. The shift from digital banking complaints to ATM complaints is notable given the declining ATM count.

6. Customer Profile

Customer Base & Segments

PNB serves ~17.68 crore customers [FY25] [22] across individuals, corporates, farmers, government entities, start-ups, MSMEs, NRIs, societies, trusts, and HUFs.

Key lending customer segments:

• 4.35 lakh Self-Help Groups (35 lakh beneficiaries under KCC) financed [Sept 2024]; SHG book ₹12,000+ Cr [Jun'25] vs ₹8,500 Cr [Jun'24] [56][63][117]
• >7.20 lakh PM SVANidhi beneficiaries financed [Sept 2024] [56]
• 17,509 Stand Up India loans to women beneficiaries [Sept 2024], up from 17,423 [Jun 2024] [56][119]

Customer Concentration (Liability Side)

Top 20 depositors: 5.07% of total deposits [FY24] — extremely granular [6].

CASA Ratio Trend (Domestic)

Sources: [47][53][5][95][105][109][116]

Persistent CASA ratio decline is an industry-wide phenomenon driven by higher term deposit rates. Term deposits grew 24.7% YoY to Dec'24 while CASA grew only 2.7% [95][105]. Management responded by waiving minimum balance charges across all account categories and bundling free insurance, health check-ups, and OTT subscriptions. 26.31 lakh new CASA accounts opened in Q1 FY26 with fresh CASA accretion of ₹4,686 Cr [75]. FY26 guidance: >38% [4].

The CASA ratio has declined 516 bps in eight quarters (42.15% → 36.99%), consistently missing management guidance. Each quarter of decline pushes the cost-of-deposits higher (4.86% → 5.33%), creating a structural drag on NIM that is difficult to reverse quickly. Management's bundling of free insurance and OTT subscriptions signals desperation to arrest outflows — the real risk is whether these costly retention measures further erode the cost advantage CASA deposits are meant to provide.

Deposit Mix [Q1 FY26]

Source: [5]

Current deposits grew 9.2% YoY; Savings 2.8% YoY [Q1 FY26] [89]. Retail term deposits (<₹3 Cr) witnessed 9.2% YoY growth to ₹5,85,598 Cr [Jun'24] [116].

Advances Mix — RAM vs Corporate

Sources: [29][53][5][97][105]

Management target: 58–59% RAM near-term, 60–61% in 3–4 years [45][35][73][74].

Lending Portfolio — Industry Diversification with Asset Quality Trend (₹ Cr)

Sources: [68][85][94][24][128]

Industry advances as a share of domestic advances have been declining: 23.9% [Dec'23] → 23.8% [Mar'24] → 23.2% [Sept'24] → 22.7% [Dec'24], reflecting the strategic shift toward RAM [133].

Segment-wise GNPA Multi-Year Trend

Sources: [97][75][123]

CRISIL notes: "In retail, the gross NPA reduced to 1.3%...from 2.3%. Corporate loans GNPA reduced to 0.9%...from 1.9%. Agri and MSME loans contribute highest to the GNPAs with GNPA of 12.7% and 12.6% respectively as on September 30, 2024" [123].

NBFC Exposure (₹ Cr)

Sources: [85][94]

NBFC exposure grew 13.2% YoY [Jun'25], dominated by NBFC-Private (45.3% of NBFC book). Management stated NBFC selection is "very cherry picking — 99% in A and above, 98% in double A and above" [74].

Corporate Credit Quality — Rating Distribution Trend

Sources: [78][30]

Relationship Depth & Acquisition Model

• Centralized processing: Retail sanctions >₹10 lakh through central infrastructure [16]; MSME through 138 dedicated processing centres — "All those proposals come under that MSME cell and there only the processing and disbursement happens" [108].
• In-house sourcing strategy: "That strategy of growing in-house retail...has picked up very well" [117]. No third-party sourcing for Mudra loans — all branch-originated [33][108].
• Corporate pipeline: ₹1.29 lakh crore sanctions pending disbursement [Q1 FY26]: ₹43,000 Cr sanctioned up to Mar'25 + ₹48,000 Cr fresh Q1 FY26 sanctions + ₹38,000 Cr in pipeline [81].
• Massive outreach campaigns: Retail expos, Agri outreach, MSME outreach — top management including MD & EDs participate personally [81].
• SHG-driven acquisition: Aggressive SHG onboarding as a strategy to build agriculture/weaker section portfolio with low NPA (~1%) and good yield [117].
• Co-lending tie-ups with IREDA, REC [35].
• Digital-first for small tickets: Every fifth loan now sanctioned digitally [79]; Mudra loans ≤₹10 lakh transitioning to fully digital BRE within 2–3 months [108].

Banking Sector-Specific Metrics

Global Business Scale Trend (₹ Cr)

Sources: [32][60][53][75][116]

Guidance vs Actuals Tracker

*Q1 FY26 RoA impacted by one-time tax provision on shift to new tax regime [75]. *Guidance excl. PSLC costs (~₹800 Cr in Q1) [33][108]. Sources: [8][4][33][75][109][119]

Capital Adequacy

Sources: [39][57][86][89][102][121]

Capital raised in FY25: ₹5,000 Cr QIP (Q2, 68% FII subscription, 17% MFs, 8% Insurance [99]) + ₹3,000 Cr Tier-2 bonds (Q3). Board approval obtained for FY26: AT-1 (₹4,000 Cr) + Tier-2 (₹4,000 Cr) = ₹8,000 Cr [86][102].

Asset Quality Time Series

Sources: [32][86][75][105][123]

PCR (excl. TWO) improved from 85.40% [Dec'23] to 90.23% [Dec'24] (+483 bps YoY) [105].

At ~97% PCR, management notes: "whatever recovery that happens…is directly adding to my operating profit" and "we have Rs. 91,000 crore of technical written off accounts. So, there is enough cushion for us to recover it and maximize our operating profit" [67][103].

PNB's post-amalgamation underwriting quality is the strongest proof point for the turnaround thesis: ₹9.84 trillion disbursed since July 2020 carries just 0.40% NPA, compared to the legacy book which still weighs on headline GNPA at 3.78%. As the post-2020 book grows to become the dominant share (currently 63%), headline asset quality metrics should converge toward the new-vintage quality — but Agriculture (12.7% GNPA) and MSME (12.6%) segments remain structural risk pockets that will take years to fully clean up.

Consolidated Position [9M FY25 & Q1 FY26]

Sources: [107] for 9M data; [127] for Q1 data marked with asterisk (RRB consolidated position)

Liquidity

Liquidity Coverage Ratio: 129.22% [Sept 2024] against regulatory requirement of 100% [123]; 134.76% [Q1 FY25] [96]. Fitch notes PNB "also has access to systemic sources of funds, such as the liquidity adjustment facility from RBI, access to the call money market, and refinance limits from sources such as NHB and NABARD" [123].

Competitive Distribution Comparison

PNB data from [26][37][50][41][75][89]. SBI figures are approximate public benchmarks.

Key Advantages

1. Highly granular deposit base — top 20 depositors at 5.07%, retail deposits ~80% of total, reducing concentration/flight risk [6][43]
2. Deep rural/semi-urban penetration — 63.4% branch presence in rural/semi-urban areas enabling financial inclusion reach and priority sector compliance [26][120]
3. Rapidly growing digital adoption — >95% digital transactions, 223 lakh PNB One users, 69.7 lakh WhatsApp banking users, every 5th loan digitally sanctioned, 50+ fintech partnerships [50][79][115]
4. Exceptional post-amalgamation underwriting quality — 0.40% NPA on ₹9.84 trillion disbursed since Jul 2020 [50][57]
5. Strong recovery engine — recovery-to-slippage ratio consistently >1.5x; PCR at 96.88%; ₹91,000 Cr TWO portfolio provides long recovery runway [67][90][103]
6. Business per branch improving steadily — ₹218 Cr [Sept'23] → ₹257 Cr [Jun'25] in under two years [89][114]
7. Corporate pipeline strength — ₹1.29 lakh Cr sanctions pending disbursement [81]
8. Comprehensive digital product suite — 30+ digital lending/banking journeys covering retail, MSME, agri, and corporate segments [115]
9. SHG-driven financial inclusion — ₹12,000+ Cr SHG book with ~1% NPA and good yields, simultaneously addressing priority sector targets [117]

Key Gaps

1. CASA ratio declining faster than guidance (36.99% vs >38% target), posing persistent NIM pressure; term deposits growing 5–8x faster than CASA [75][95]
2. Geographic concentration — ~56% of branches in North & East India; Southern (6.9%) and Western (8.6%) penetration is weak [34]
3. ATM network declining (12,645 → 11,240 over two years) while ATM/Debit Card complaints grew 21% YoY [61][122]
4. NIM below guidance at 2.70% [Q1 FY26] vs 2.8%–2.9% target, though management expects improvement from Q3 FY26 [75]
5. Credit growth trailing (9.84% YoY in Q1 FY26 vs 11–12% guidance), though the ₹1.29 lakh Cr undisbursed corporate sanctions expected to close gap [81]
6. Agriculture & MSME GNPA still elevated — 12.7% and 12.6% respectively [Sept'24], though declining [123]
7. OPEX run-rate at ₹8,765 Cr/quarter exceeded guidance, partly due to ~₹800 Cr PSLC costs; management targets eliminating PSLC purchases entirely within 3 years [33][65][117]
8. Pending complaints beyond 30 days surged to 9,034 [FY25] from 2,201 [FY24] — a 4.1x increase flagging service quality risks [122]

Data Gaps

1. Channel-wise revenue split (branch vs digital vs BC) — not disclosed in filings.
2. Channel economics — BC commission rates, dealer/agent margins not available.
3. Peer comparison — filings contain limited comparable data for Bank of Baroda, Canara Bank, or other large PSBs on distribution metrics.
4. Employee count update — referenced as "around 100,000" [Sept 2024] [49] but no updated FY25/Q1 FY26 absolute headcount disclosed.
5. Co-lending volumes — C-CPC centres (3) mentioned but co-lending book size not disclosed [2][61].
6. Digital lending outstanding book — ₹27,900 Cr [Q1 FY26] cited as cumulative sanctions, but total outstanding digital-originated loan book not separately disclosed [20][79].
7. Insurance/MF cross-sell metrics — distribution income at ₹484 Cr [FY25] but per-policy or per-customer productivity metrics not disclosed [113]. RPT data reveals PNB MetLife paid ₹170.4 Cr commission and Canara HSBC ₹11.0 Cr [132], but total third-party distribution income reconciliation is not available.
8. BC unit economics — deposits mobilized by BCs (₹28,000–33,000 Cr quarterly [98]) are disclosed, but advances sourced through BCs and cost-per-BC are not.