Yes, I have attended IDFCB AGM meeting. It was good experience. Let me share few important point which i remembered:
-> Someone asked about mutual fund or credit card scheme near future like other larger bank.
VV- No plan for mutual fund near future, but IDFCB will be launching credit card soon.
-> Someone asked about any plan to reduce 7% interest rate on saving account as it is burden for bank in covid-19 situation.
VV- No plan to reduce interest rate as of now. Yes, IDFCB is providing higher interest rate compare to other bank, but if you see capital first interest rate, it is is 8~9%, so compare to CAPITAL first, 7% is cheaper.(Explained in Annual report)
-> Someone asked about any plan for reversing Vodafone idea provision.
VV- We will not reverse the provision as there is no clear picture on Vodafone idea issue. Bank will reverse the provisioning only when bank find out Vodafone idea issue is resolved completely.
-> Regarding 2000 cr allotment.
VV- We are facing covid-19 like problem first time in history and nobody is completely aware how far it goes. The money is for bank insurance in difficult time. As of now we didn’t see any major problem with IDFCB near future. Those money will used for bank growth if required.
-> Someone asked about plan for opening new branches near future.
VV- We are looking at COVID situation closely and based on that we will take decision whether need to open branches aggressively or not for this year. If covid-19 situation is not coming down, instead of opening branch aggressively, bank will focus on digitization. Already using Video KYC feature.
-> Someone asked about opening personal twitter account.
VV- I find social media is distraction for me. I want to focus on work, there is lot of work daily, have tight schedule and cant handle social media account. There is separate team for Social media account and is handling all the social media query.
Please let me know if any one having specific question related to AGM meeting. I will try to remember and summarize.
I will add more point if i remember.