Meeting Details

  • Date: Tuesday, September 29, 2026
  • Time: 12:00 Noon Indian Standard Time (IST)
  • Location: Conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM)
  • Type: 10th Annual General Meeting
  • Compliance: Held in compliance with Companies Act, 2013 and SEBI Listing Regulations, read with relevant MCA and SEBI circulars

Attendance

  • Members Present: 43 members as per attendance records
  • Chairperson: Mr. Rajat Kumar Jain, Part-time Chairman & Independent Director
  • Directors Present:
  • Mr. Rajat Kumar Jain (Part-time Chairman & Independent Director, Chairperson of Strategic Investment Committee, Committee of Directors (Operations) and Crisis Management Committee)
  • Mrs. Deena Asit Mehta (Independent Director, Chairperson of Audit Committee)
  • Mr. Rakesh Bhartia (Independent Director, Chairperson of Stakeholders Relationship Committee)
  • Mrs. Anita Pai (Independent Director, Chairperson of Nomination & Remuneration Committee, IT Strategy Committee, Special Committee of Board on Fraud Monitoring and follow-up of cases of frauds and Small Finance Bank Execution Committee)
  • Directors Absent: Mrs. Neeta Mukerji (Independent Director), Mr. Pankaj Kumar (Nominee Director), Mr. Prateek Roongta (Nominee Director) due to pre-occupation
  • Management Present:
  • Mr. Ketan Merchant – Interim Chief Executive Officer
  • Mr. Anup Agarwal – Interim Chief Financial Officer
  • Mr. Basavraj Loni – Company Secretary & Compliance Officer
  • Other Attendees: Representatives of Statutory Auditors, Secretarial Auditors, and Scrutinizer

Proposed Resolutions

| Item No. | Particulars of Resolution | Type of Resolution |

| 1 | To receive, consider and adopt the audited financial statements of the Bank for the financial year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereon | Ordinary |

Voting Process

  • Remote E-voting Period: Commenced Friday, September 25, 2026 at 9:00 a.m. (IST) and ended Monday, September 28, 2026 at 5:00 p.m. (IST)
  • E-voting During Meeting: Facility remained open for 30 minutes after conclusion of AGM for shareholders who had not voted remotely
  • Scrutinizer: Mr. Tribhuwneshwar Kaushik of M/s. Kaushik Joshi & Co., Practicing Company Secretaries, appointed to scrutinize e-voting process
  • Results Disclosure: Combined results of e-voting along with Scrutinizer's report to be disclosed separately to stock exchanges within 2 working days of AGM conclusion

Key Discussions and Presentations

  • Chairman's Address: Mr. Rajat Kumar Jain apprised members about:
  • Bank's operational performance during FY26
  • Growth of low-cost liability base
  • Extensive merchant network and last-mile presence
  • Technology-led platforms and "Phygital" approach
  • Evolving customer relationships and increasing use of Bank for savings, deposits and digital services
  • GST-related investigation involving third-party programme managers and Technology Service Providers
  • Comprehensive review undertaken by Board regarding GST investigation
  • Strengthening of KYC and anti-money laundering frameworks, transaction monitoring, cybersecurity, fraud prevention and internal controls
  • Reserve Bank of India's in-principle approval to convert into Small Finance Bank
  • Ambition to build differentiated, trusted Small Finance Bank for Bharat
  • Leveraging granular deposit base, extensive merchant network, deep customer engagement and technology-first operating model
  • Developing high-quality lending business and creating long-term shareholder value
  • Expression of gratitude to Mr. Rishi Gupta for exemplary leadership and dedication (voluntary early retirement in May 2026)
  • Interim CEO's Address: Mr. Ketan Merchant apprised members about:
  • In-principle approval from RBI for transition into Small Finance Bank
  • Migration of core banking system to Finacle
  • Strengthening of compliance, controls and governance frameworks
  • Strategic recalibration of B2B UPI P2M business
  • Growth in CASA customer base and merchant network
  • Strengthening of deposit franchise and digital customer base
  • Growth in loan referral business and development of lending capabilities
  • Financial performance during FY 2025-26
  • Focus on operating efficiency and sustainable business mix
  • Building of credit platform and lending infrastructure
  • Recruitment for key leadership positions
  • Strengthening of underwriting, portfolio monitoring, collections, risk management and capital allocation
  • Future plans to build differentiated, digital-led and AI-driven Small Finance Bank
  • Leveraging established customer franchise, distribution network, digital capabilities and low-cost deposit base
  • Expression of gratitude to shareholders, merchant partners, business correspondents, technology partners, customers and regulators

Shareholder Queries

Members sought clarifications on:

  • Expansion of Bank's merchant network
  • Future growth/roadmap
  • Strategy & regulatory conditions for SFB transition
  • Profitability growth
  • Clarity on appointment of regular Managing Director & CEO
  • Reason for decline in market capitalization of the Bank

All queries were responded to by Interim CEO and Part-Time Chairman

Document Circulation

  • AGM Notice and complete Annual Report for FY2025-26 circulated electronically well in advance
  • Annual Report included Board's Report, Report on Corporate Governance, Business Responsibility and Sustainability Reporting, Management's Discussion and Analysis, Reports of Auditors, Financial Statements
  • Letter with QR Code and web-link sent to members without registered e-mail addresses

Audit Reports

  • No qualifications, observations or adverse remarks in Statutory Auditor's Report and Secretarial Auditors' Report
  • Audit Reports and AGM Notice taken as read pursuant to Companies Act, 2013 and Secretarial Standards

Registers and Documents

Necessary registers as required under Companies Act, 2013 and other documents mentioned in Annual Report were open for inspection in electronic mode

Meeting Conclusion

The meeting concluded at 12:47 p.m. (IST) on September 29, 2026

Compliance Statement

The proceedings confirm compliance with applicable provisions of Companies Act, 2013, SEBI Listing Regulations, and relevant circulars issued by MCA and SEBI