Report of Independent Auditor on the restated summary statement of assets and liabilities as at
December 31, 2020 and 2019, March 31, 2020, March 31, 2019 and March 31, 2018 , restated
summary statement of profits and losses and restated summary statement of cash flows for the
nine month ended December 31, 2020 and 2019, years ended March 31, 2020, March 31, 2019 and
March 31, 2018 along with the summary statement of significant accounting policies and other
explanatory information of Suryoday Small Finance Bank Limited (collectively, the “Restated
Financial Information”)

The Board of Directors

Suryoday Small Finance Bank Limited
1101, Sharda Terraces

Plot No. 65, Sector 11, CBD Belapur
Navi Mumbai 400 614

Maharashtra, India

Dear Sirs / Madams,

1. We have examined the Restated Financial Information of Suryoday Small Finance Bank Limited
(“the Bank”) as at December 31, 2020 and 2019, March 31, 2020, March 31, 2019 and March 31,
2018, annexed to this report for the purpose of inclusion in the Addendum to the Draft Red Herring
Prospectus (“Addendum to the DRHP”), Red Herring Prospectus (“RHP”) and Prospectus, prepared
by the Bank in connection with its proposed Initial Public Offer of equity shares of face value of
Rs.10 each (“Issue”). The Restated Financial Information, which have been approved by the Board
of Directors of the Bank at their meeting held on February 08, 2021, have been prepared by the
Bank in accordance with the requirements of:

a) the Sub-section (1) of Section 26 of Part | of Chapter Ill of the Companies Act, 2013 (the
“Act”);

b) the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended (the “SEBI ICDR Regulations”); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute
of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance
Note”).

Management’s Responsibility for the Restated Financial Information

2. The Bank’s Management are responsible for the preparation of Restated Financial Information for
the purpose of inclusion in the Addendum to the DRHP to be filed with Securities and Exchange
Board of India (“SEBI”) , BSE Limited (“BSE”) and the National Stock Exchange of India Limited
(“NSE”), and the RHP and the Prospectus to be filed with the Registrar of Companies, Maharashtra
at Mumbai (“RoC”) in connection with the proposed Issue. The Restated Financial Information have
been prepared by the Management of the Bank in accordance with the basis of preparation stated
in Note 2 to Annexure 21 of the Restated Financial Information. The Management of the Bank is
responsible for designing, implementing and maintaining adequate internal control relevant to the
preparation and presentation of the Restated Financial Information. The Management is also
responsible for identifying and ensuring that the Bank complies with the Act, the SEBI ICDR
Regulations and the Guidance Note.

242
