67.

68.

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As our Bank is incorporated under the laws of the India, any restructuring and insolvency proceedings relating to our Bank
is likely to involve the laws of India, the procedural and substantive provisions of which may differ from comparable
provisions of the local insolvency laws of jurisdictions with which investors are familiar. For instance, in the ongoing
restructuring exercise of Yes Bank Limited, the RBI’s draft revival plan for the bank does not protect the value of ATI
bondholders’ investments. Accordingly, in the event of any such restructuring exercise of our Bank, there can be no
assurance that the shareholders of the Equity Shares will have the ability to wind up our Bank or protect the value of their
investments, as the Government together with the regulatory authorities and in consultation with larger consortium lenders,
may influence the ranking of claims of our Bank in liquidation.

Significant differences exist between Indian GAAP and other accounting principles, such as Ind AS, U.S. GAAP and
IFRS, which investors may be more familiar with and may consider material to their assessment of our financial
condition.

Our historical financial statements are prepared and presented in conformity with Indian GAAP. No attempt has been
made to reconcile any of the information given in this document to any other principles or to base it on any other standards.
Indian GAAP differs in certain significant respects from Ind AS, IFRS, U.S. GAAP and other accounting principles with
which prospective investors may be familiar in other countries. If our financial statements were to be prepared in
accordance with such other accounting principles, our results of operations, cash flows and financial position may be
substantially different. Prospective investors should review the accounting policies applied in the preparation of our
financial statements, and consult their own professional advisers for an understanding of the differences between these
accounting principles and those with which they may be more familiar.

Financial instability, economic developments and volatility in securities markets in other countries may also cause the
price of the Equity Shares to decline.

The Indian market and the Indian economy are influenced by economic and market conditions in other countries,
particularly emerging Asian market countries. In recent times, the Indian financial markets had been negatively affected
by the volatility in the global financial market, including on account of certain European nations’ debt troubles, move to
break away by the United Kingdom from the European Union and recent trade wars. Although, economic conditions are
different in each country, investors’ reactions to developments in one country can have adverse effects on the securities of
companies in other countries, including India. Currencies of a few Asian countries have in the past suffered depreciation
against the U.S. Dollar owing to various factors. A loss of investor confidence in the financial systems of other emerging
markets may cause increased volatility in Indian financial markets and, indirectly, in the Indian economy in general. Any
worldwide financial instability could also have a negative impact on the Indian economy. Financial disruptions may occur
and could harm our business, future financial performance and the prices of the Equity Shares.

The global credit and equity markets have experienced substantial dislocations, liquidity disruptions and market
corrections in recent years. Liquidity and credit concerns and volatility in the global credit and financial markets have
increased significantly with the bankruptcy or acquisition of, and government assistance extended to, several major U.S.
and European financial institutions. These and other related events have had a significant impact on the global credit and
financial markets as a whole, including reduced liquidity, greater volatility, widening of credit spreads and a lack of price
transparency in global credit and financial markets. In response to such developments, legislators and financial regulators
in the United States and other jurisdictions, including India, have implemented a number of policy measures designed to
add stability to the financial markets.

However, the overall impact of these and other legislative and regulatory efforts on the global financial markets is
uncertain, and they may not have the intended stabilizing effects. In the event that the current difficult conditions in the
global credit markets continue or if there is any significant financial disruption, such conditions could have an adverse
effect on our business, future financial performance and the trading price of the Equity Shares.

Any adverse change in India's credit rating by an international rating agency could materially adversely affect our
business and profitability.

India’s sovereign rating is Baa3 with a “negative” outlook (Moody’s), BBB-with a “stable” outlook (S&P) and BBB- with
a “negative” outlook (Fitch). India’s sovereign rating could be downgraded due to various factors, including changes in
tax or fiscal policy or a decline in India’s foreign exchange reserves, which are outside our Bank’s control. Any adverse
change in India’s credit ratings by international rating agencies may adversely impact the Indian economy and
consequently our ability to raise additional financing, and the interest rates and other commercial terms at which such
additional financing is available. This could have an adverse effect on our business and financial performance, ability to
obtain financing for capital expenditures and the price of the Equity Shares.

If there is any change in tax laws or regulations, or their interpretation, such changes may significantly affect our
financial statements for the current and future years.

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