Few questions:-
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For a small bank which aspires to grow at 10-15%. Aren’t the growth rates too less? When icici and HDFC are showing superior growth rates. Sharing this I have seen someone close to me being trapped in DCB, where growth rates were inferior to HDFC Bank.
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Too much regional concentration along with lack of investments to go PAN India and to launch new products beyond MSME landscape.
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As per my understanding- Banks have been aggressive in 30-50Lakh ATS for MSME’s vs 1-10 lakhs for the likes of 5 STAR or Equitas. As the latter is much more opex intensive (60%+ C/I) and banks havent entered TIER 3-4. Whereas, CUB in places where it lends, is exposed to competition. Which reflects in inferior growth rates, regional concentration and the Bank still isn’t out of COVID.
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Operational and asset quality performance has been substandard post covid… In other banks like Indusind or even a South Indian bank at least on asset quality a turnaround has been seen.
Thus, why own this when other financials are growing at 25-30%+ and offering better asset quality. And Valuation wise aren’t absurd+ Don’t have any overhang of Divergence as per RBI?
Disc: Biased in Equitas and SIB. Did take a look at CUB. Want to understand the thought process better 
No reco to buy or sell. Open to change my mind.
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