Auditor’s Responsibility

3.

We have examined the Restated Financial Information taking into consideration:

a) the terms of reference and our engagement agreed with you vide our engagement letter dated
April 10, 2020 and addendum to the engagement letter dated February 08, 2021, requesting us
to carry out work on such Restated Financial Information, proposed to be included in the DRHP,
Addendum to the DRHP, RHP and Prospectus of the Bank in connection with the Bank’s
proposed Issue;

b) the Guidance note requires that we comply with the ethical requirements as stated in the Code
of Ethics issued by the ICAI;

c) the concepts of test check and materiality to obtain reasonable assurance based on verification
of evidence supporting the Restated Financial Information; and

d) the requirements of Section 26 of the Act and the SEBI ICDR Regulations.

Our work was performed solely to assist you in meeting your responsibilities in relation to
compliance with the Act, the SEBI ICDR Regulations and the Guidance Note in connection with the
proposed Issue.

Restated Financial Information as per the audited financial statements

4.

The Restated Financial Information have been compiled by the Management from the audited
special purpose interim financial statements of the Bank as at and for the nine month ended
December 31, 2020 and December 31, 2019 prepared in accordance with the recognition and
measurement principles of Accounting Standards (AS) 25 ‘Interim Financial Reporting’ prescribed
and audited financial statements for each of the years ended March 31, 2020, March 31, 2019 and
March 31 2018, prepared in accordance with accounting standards notified under section 133 of
the Act read with the Companies (Accounts) Rules, 2014, as applicable to the Bank (the “Indian
GAAP”), the Banking Regulation Act,1949 and directions issued by the Reserve Bank of India from
time to time and have been approved by the Board of Directors at their meeting held on February
08, 2021.

For the purpose of our examination, we have relied on:
a) Auditor’s Report issued by us dated February 08, 2021 on the special purpose interim financial
statements of the Bank as at and for the nine month ended December 31, 2020 and December

31, 2019, as referred in Para 4 above.

b) Auditor’s Report issued by us dated May 27, 2020 on the financial statements of the Bank as at
and for the year ended March 31, 2020, as referred in Para 4 above.

c) Auditor’s Reports issued by BSR & Associates LLP, (“Previous Auditor”), dated May 29, 2019

and May 30, 2018 on the financial statements of the Bank as at for the years ended March 31,
2019 and March 31, 2018 respectively, as referred in Para 4 above.

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