41.

© cyber liability insurance covering losses due to cyber frauds, unauthorized online transactions,
phishing and email spoofing, damage to e-reputation, identity theft, cyber bullying, business
interruption and e-extortion;

e all risks for cash in transit and vault insurance covering damage or loss to cash in transit and vault;

* money insurance covering cash in transit between the premises and the bank or post office and
vice versa, as well as money in safe or vault;

¢ breakdown of machinery.

While we believe that the insurance coverage which we maintain would be reasonably adequate to cover
the normal risks associated with the operation of our business, we cannot assure you that any claim under
the insurance policies maintained by us will be honoured fully, in part or on time, or that we have taken
out sufficient insurance to cover all material losses. Further, we may not have obtained insurance cover
for certain of our operations that do not require us to maintain insurance. In addition, our insurance
coverage may expire from time to time. We apply for the renewal of our insurance coverage in the
normal course of our business, but we cannot assure you that such renewals will be granted in a timely
manner, or at all.

Notwithstanding the insurance coverage that we carry, we may not be fully insured against some
business risks and the occurrence of an event that causes losses in excess of limits specified under the
relevant policy, losses arising from events not covered by insurance policies or delays in the settlement of
claims under such policies could adversely affect our business, results of operations, cash flows and
financial condition. As of August 31, 2021 and March 31, 2021, 2020 and 2019, the aggregate coverage
of the insurance policies obtained by us was 13,802.35 million, % 13,678.53 million,
% 14,506.90 million and 2 12,872.60 million, respectively, which constituted 268.42%, 251.87%, 261.34%
and 243.26%, respectively, of our total assets. Further, as of August 31, 2021 and March 31, 2021, 2020
and 2019, our aggregate amount of loss relating to assets covered (excluding cash in ATMs) under
insurance policies was = 17.40 million, = 32.45 million, = 53.65 million and 2 46.44 million, respectively.
In addition, as of August 31, 2021 and March 31, 2021, 2020 and 2019, our aggregate amount of loss
relating to cash in ATMs was 25.68 million, % 26.20 million, % 38.17 million and 2 43.03 million,
respectively. Losses relating to cash in ATMs are covered under our cash in ATM policy, which has a
per incident limit of % 13.00 million per ATM, with no annual aggregate limit. If we are subject to
litigation or claims or our operations are interrupted for a sustained period, we cannot assure you that our
insurance policies will be adequate to cover the losses that may be incurred as a result of such
interruption. If we suffer large uninsured losses or if any insured losses suffered by us significantly
exceed our insurance coverage or our insurance claims are rejected, it may adversely affect our business,
results of operations, cash flows and financial condition. Although we have not received any rejection of
insurance claims in the past three financial years, we cannot assure you that the insurance claims that we
may make in the future will not be rejected.

To the extent that we suffer loss or damage for which we did not obtain or maintain insurance, and which
is not covered by insurance, exceeds our insurance coverage or where our insurance claims are rejected,
the loss would have to be borne by us and our business, results of operations, cash flows and financial
performance could be adversely affected. See “Our Business — Description of our Business — Insurance”
on page 176.

We depend on a number of key personnel, including our senior management, and the loss of or our
inability to attract or retain such persons with specialized technical know-how could adversely affect
our business, results of operations, cash flows and financial condition.

Our performance depends largely on the efforts and abilities of our senior management and other key
personnel, including our present officers who have specialized technical know-how. The inputs and
experience of our senior management and key managerial personnel are valuable for the development of
our business and operations strategy. We cannot assure you that we will be able to retain these employees
or find adequate replacements in a timely manner, or at all. We may require a long period of time to hire
and train replacement personnel when skilled personnel terminate their employment with us. We may
also be required to increase our levels of employee compensation more rapidly than in the past to remain
competitive in attracting and retaining skilled employees that our business requires. For the five months
ended August 31, 2021, and financial years 2021, 2020 and 2019, our attrition rate was 13.74%, 10.7%,
14.2% and 16.6%, or 304, 604, 874 and 1,066 employees, respectively. Further, a few of our Key
Managerial Personnel have resigned over the last three years, as shown in the table below:

48
