Mumbai-based private sector bank Axis Bank reported a one-time provision this quarter as directed by the Reserve Bank of India (RBI), which impacted its profit and loss statement. The bank also declassified some loans and purchased priority sector lending certificates (PSLCs), leading to this temporary effect on financials.

Amitabh Chaudhry, CEO of Axis Bank , said, "This specific provision is obviously a one-time hit, and if our credit costs on this portfolio do not get elevated, which we don't think will happen, it will get reversed.”

Looking ahead, Chaudhry expressed optimism about the Indian economy. He noted that factors such as the government’s GST cut, improving economic momentum, and potential CRR and rate cuts could support growth.

He added that another rate cut may not immed

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