63.

64,

65.

66.

in ways that continue to disrupt our operations including through lockdowns and limited access to business resources, such
disruption may materially negatively affect our operating results for Fiscal 2021 and possible subsequent periods. If the
spread of the COVID-19 continues to limit the level of economic activity globally, and in particular in India, this likely
would negatively affect, and may materially negatively affect, our operating results, cash flow and business. Additionally,
as the spread of COVID-19 negatively impacts our customers, employees, or employees or contractors of our vendors, it
has and will continue to negatively affect our ability to provide timely services, comply with regulatory reporting
requirements and may generally affect our operations, which may materially and negatively affect our business, financial
condition and results of operations. For further information on the impact of COVID-19 on our operations, see “ — The
continuing impacts of COVID-19 are highly unpredictable and could be significant, and may have an adverse effect on
our business, operations and our future financial performance.” on pages 22 to 24.

The occurrence of natural or man-made disasters could adversely affect our results of operations, cash flows and
financial condition. Hostilities, terrorist attacks, civil unrest and other acts of violence could also adversely affect the
financial markets and our business.

The occurrence of natural disasters, including cyclones, storms, floods, earthquakes, tsunamis, tornadoes, fires, explosions,
pandemic diseases such as the COVID-19 and man-made disasters, including acts of terrorism and military actions, could
adversely affect our results of operations, cash flows or financial condition. Terrorist attacks and other acts of violence or
war in India or globally may adversely affect the Indian securities markets. In addition, any deterioration in international
relations, especially between India and its neighbouring countries, may result in investor concern regarding regional
stability which could adversely affect the price of the Equity Shares. In addition, India has witnessed local civil
disturbances in recent years and it is possible that future civil unrest as well as other adverse social, economic or political
events in India could have an adverse effect on our business. Such incidents could also create a greater perception that
investment in Indian companies involves a higher degree of risk and could have an adverse effect on our business and the
market price of the Equity Shares.

Any deterioration in the general economic conditions in India and globally could adversely affect our business and
results of operations.

Our performance and the growth of our business are dependent on the health of the Indian economy. Any slowdown in the
Indian economy or future volatility in global markets could increase in our borrowing costs, result in freeze in lending
generally, thereby adversely affecting our business. Additionally, an increase in trade deficit, a downgrading in India’s
sovereign debt rating or a decline in India’s foreign exchange reserves could negatively affect interest rates and liquidity,
which could adversely affect the Indian economy and our business. Any downturn in the macroeconomic environment in
India could also adversely affect our business, results of operations, financial condition, cash flows and the trading price
of the Equity Shares.

India’s economy could be adversely affected by a general rise in interest rates, adverse weather conditions affecting
agriculture, commodity and energy prices as well as various other factors. A slowdown in the Indian economy could
adversely affect the policy of the Government of India towards our banking and finance industry, which may in tum
adversely affect our financial performance and our ability to implement our business strategy.

The Indian economy is also influenced by economic and market conditions in other countries, particularly emerging market
conditions in Asia. A loss of investor confidence in other emerging market economies or any worldwide financial
instability may adversely affect the Indian economy, which could materially and adversely affect our business and results
of operations and the market price of the Equity Shares.

Financial difficulty and other problems in certain financial and other non-banking financial institutions in India could
materially adversely affect our business and the price of our Equity Shares.

We are exposed to the risks of the Indian financial system. The financial difficulties faced by certain Indian financial and
non-banking financial institutions could materially and adversely affect our business because the commercial soundness
of many financial institutions may be closely related as a result of credit, trading, clearing or other relationships. Such
“systemic risk”, may materially adversely affect financial intermediaries, such as clearing agencies, banks, NBFCs,
securities firms and exchanges with which we interact on a daily basis. Any such difficulties or instability of the Indian
financial system in general could create an adverse market perception about Indian financial institutions and banks and
materially adversely affect our business. Our transactions with these financial institutions and other non-banking financial
institutions expose us to various risks in the event of default by a counterparty, which can be exacerbated during periods
of market illiquidity.

The restructuring and insolvency laws of India may differ from other jurisdictions with which investors are familiar
and investors may have limited recourse to the assets of our Bank in view of the overarching powers of the Government.

50
