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Any change in Indian tax laws could have an effect on our operations. For instance, the Taxation Laws (Amendment)
Ordinance, 2019, a new tax ordinance issued by India’s Ministry of Finance on September 20, 2019, prescribes certain
changes to the income tax rate applicable to companies in India. According to this new ordinance, companies can
henceforth voluntarily opt in favor of a concessional tax regime (subject to no other special benefits/exemptions being
claimed), which would ultimately reduce the effective tax rate for Indian companies from 34.94% to approximately
25.17%. While we have opted for the concessional regime, any such future amendments may affect our other benefits such
as exemption for income earned by way of dividend from investments in other domestic companies and units of mutual
funds, exemption for interest received in respect of tax free bonds, and long-term capital gains on equity shares if
withdrawn by the statute in the future, and the same may no longer be available to us. Any adverse order passed by the
appellate authorities/ tribunals/ courts would have an effect on our profitability.

In addition, we are subject to tax related inquiries and claims. We may be particularly affected by claims from tax
authorities on account of income tax assessment and GST that combines taxes and levies by the central and state
governments into one unified rate with effect from July 1, 2017. We cannot predict whether any new tax laws or regulations
impacting our services will be enacted, what the nature and impact of the specific terms of any such laws or regulations
will be or whether, if at all, any laws or regulations would have an adverse effect on our business.

The Government of India has announced the union budget for Fiscal 2021, pursuant to which the Finance Act, 2020 has
introduced various amendments. As such, there is no certainty on the impact that the Finance Act, 2020 may have on our
business and operations or on the industry in which we operate. In addition, unfavourable changes in or interpretations of
existing, or the promulgation of new laws, rules and regulations including foreign investment laws governing our business,
operations and group structure could result in us being deemed to be in contravention of such laws or may require us to
apply for additional approvals. We may incur increased costs relating to compliance with such new requirements, which
may also require management time and other resources, and any failure to comply may adversely affect our business,
results of operations and prospects. Uncertainty in the applicability, interpretation or implementation of any amendment
to, or change in, governing law, regulation or policy, including by reason of an absence, or a limited body, of administrative
or judicial precedent may be time consuming as well as costly for us to resolve and may affect the viability of our current
business or restrict our ability to grow our business in the future.

A significant change in the Government of India’s economic liberalization and deregulation policies could adversely
affect our business and the price of our Equity Shares.

Our business and customers are essentially located in India or are related to and influenced by the Indian economy. The
Government of India has traditionally exercised, and continues to exercise, a dominant influence over many aspects of the
economy. Unfavourable government policies could adversely affect business and economic conditions in India, and could
also affect our ability to implement our strategy and our future financial performance. Since 1991, successive governments
have pursued policies of economic liberalization, including significantly relaxing restrictions on the private sector and
encouraging the development of the Indian financial sector. However, the members of the Government of India and the
composition of any coalition in power are subject to change. As a result, it is difficult to predict the economic policies that
will be pursued by the Government of India. The rate of economic liberalization could change and specific laws and
policies affecting the financial services industry, foreign investment, currency exchange and other matters affecting
investment in our securities could change as well. Any significant change in India's economic liberalization and
deregulation policies could adversely affect business and economic conditions in India generally and our business in
particular.

Changing laws, rules and regulations and legal uncertainties may materially adversely affect our business and
financial performance.

Our business and financial performance could be materially and adversely affected by changes in the laws, rules,
regulations or directions applicable to us, or the interpretations of such existing laws, rules and regulations, or the
promulgation of new laws, rules and regulations. Banks in India are subject to detailed supervision and regulation by the
RBI. In addition, banks are generally subject to changes in Indian law, as well as to changes in regulations, government
policies and accounting principles. There can be no assurance that the Government of India may not implement new
regulations and policies which will require us to obtain approvals and licenses from regulatory bodies or impose onerous
requirements, conditions, costs and expenditures on our operations. Any such changes and the related uncertainties with
respect to the implementation of the new regulations may have a material adverse effect on our business, financial
condition, results of operations and cash flows. In addition, we may have to incur capital expenditures to comply with the
requirements of any new regulations, which may also materially harm our results of operations.

India's existing credit information infrastructure may cause increased risks of loan defaults

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