We hosted two public sector banks, Bank of Baroda and Indian Bank, at our PSU Day conference, to understand their outlook mainly on growth and asset quality post unlocking leading to rally in banking stocks, including typically laggard PSBs, on the back of the improving pace of economy recovery. Management indicated that the overall growth outlook remains upbeat, driven by retail and some early signs of pickup even seen in corporate. The asset quality so far has been better than expected in terms of fresh slippages and restructuring, though caution is needed in case of any tail-end risk in FY22. After Canara, PNB and IDBI, we expect BOB and Indian Bank may also raise equity capital for growth, though not immediately. Merger integration has...