RBI has approved the re-appointment of Mr. Shyam Srinivasan as MD and CEO for a period of three years, starting from 23rd Sep'21 till 22nd Sep'24. We see this as a positive development as it addresses a key overhang on the management continuity. Moreover the approval for three years has come at a time when the street was expecting RBI to grant only a one-year extension. On the asset quality front, the initial impact of COVID-19 was in check as FB has no big ticket accounts (over INR1b) in its watch list. The restructuring book stood at INR14b (1.1% of loans). Also, total slippages stood at 1.4% of loans in FY21, similar to...