“On the wholesale category, we have seen that credit demand is high but the rates are benign,” said chief financial officer Srinivasan Vaidyanathan. “The spread over government securities is thinner and competition pushes it even down. We want to be circumspect in how we price and choose (loans). In the retail segment, we are leaders on mortgages but on the unsecured side, we have seen regulators talking about being cautious of credit quality. We are cautious of the credit and calibrate accordingly.”