GNPA is still above the RBI requirement of 2% for 2 years. To reduce GNPA they would either have to do write-offs or grow the book. I am guessing they will be growing more in H2 as indicated by many banks, and MFIs that H2 should be normal for the entire lending industry.
But that means they cannot apply for the license now till at least Q2FY27, this assumes that in Q2 the GNPA reduces below 2%.
In the meantime Ujjivan and AU who are eligible for UBL should be applying this year, let us see if RBI grants them the license. If they do, they will have an advantage over Equitas and other SFBs for this period.
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