I believe Manappuram has largely stayed rational when it comes to LTV and that was one of the reasons they lost material market share to IIFL.
The only time in recent tear where Manappuram did go aggressive was back in 2022 mid when there was some dip in gold prices and they decided to auction a higher portion of gold which led some customers away from doing repeated loans with Manappuram.
I think, ban on IIFL is a big positive for the incumbents and between Manappuram and Muthoot, whoever is a little aggressive here can quickly gain market share.
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