The counter-case argues that deposit growth is bought with rate, so the margin gain reverses within two quarters. Resolution requires peer-normalised cost-of-deposit disclosure.
Unsecured credit cost is understated
BLOCKINGCredit Analyst 02
Vintage curves are not evidenced. Until licensed bureau data lands, the council may not raise NBFC conviction beyond monitor.
Capex order book is government-paced
OPENIndependent Challenger 02
Award timing risk is not in the base case. Challenge asks for a funded-versus-announced split of the disclosed pipeline.
Passive sleeve tracking is unverified
BLOCKINGPassive Analyst 02
Tracking difference is not published for the current window; replication quality cannot be asserted in committee papers.
Duration overweight assumes benign liquidity
OPENMacro Analyst 01
Busy-season currency leakage could withdraw surplus faster than modelled; the stance needs a liquidity-contingent exit rule.
Auto discounting erodes the margin base case
RESOLVEDIndependent Challenger 01
Channel checks confirmed discount intensity; base-case margin was cut 60 bps and the position moved to trim review.
Demonstration desk for IndusInd Capital. Modelled book, dated observed market data, no live client positions.
