We have jointly audited the accompanying financial statements of Jana Small Finance Bank Limited ("the
Bank"), which comprise the Balance Sheet as at March 31 2025, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
financial statements give the information required by the Banking Regulation Act, 1949 as well as Companies
Act, 2013, as amended ("the Act") and the circulars and guidelines issued by Reserve Bank of India in the
manner so required for banking companies and give a true and fair view in conformity with the accounting
principles generally accepted in India, including the accounting standards specified under section 133 of the
Act read with relevant rules issued thereunder, as applicable to banks, of the state of affairs of the Bank as at
March 31, 2025, its profit and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the
'Auditor's Responsibilities for the Audit of the Financial Statements' section of our report. We are independent
of the Bank in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements for the financial year ended March 31, 2025. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of
the financial statements. The results of our audit procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on the accompanying financial statements.

Identification of Non-performing advances and provisioning of advances:(refer note 3.C of Schedule 17 and
Schedule 18.7 (a) to the Financial Statements)

Advances constitute a significant portion of the Bank's Our audit procedures included, among others the
assets and the quality of these advances is measured in following:

terms of ratio of Non-Performing Advances ("NPA”) to • Considered the Bank's policies for NPA identification,

the gross advances of the Bank. As at March 31, 2025, classification and provisioning in assessing

the Gross Advances of the Bank was ' 27,650.89 crores, compliance with the IRAC norms

Gross NPA of the Bank was '749.60 crores and Gross • Obtained an understanding and performed walk

NPA ratio of the Bank was 2.71%. through of key process controls around identification

of NPAs, classification and provisioning

The Reserve Bank of India's ("RBI”) guidelines on Income • Evaluated the design and operating effectiveness of

recognition and asset classification and provisioning key controls (including application controls) around

pertaining to advances dated April 01, 2024("IRAC identification of NPAs, classification of loans in the

norms”) prescribes the prudential norms for identification respective asset classes viz., standard, sub-standard,

and classification of NPAs and the minimum provision doubtful and loss, valuation of security including

required for such assets including restructuring. collateral with reference to RBI regulations

• Performed account statement reviews on sample

Given the volume and variety of loans, judgement basis for account slippages and upgrades and

is involved in the application of RBI regulations for identified customer accounts availing more than

classification of loans as NPA. In view of the significance one loan from the Bank and test checked that all

of this area to the overall audit of financial statements, it loans availed by a delinquent customer are classified

has been considered as a key audit matter appropriately

• Performed analytical procedures on various
financial and non-financial parameters to test the
completeness of accounts identified as NPA

• Performed inquiries with the credit and risk
departments to ascertain if there were indicators
of stress or an occurrence of an event of default in
a particular loan account or any product category
which needs to be considered as NPA

• Obtained management analysis for the additional
provision created during the year and evaluated
the management estimates and assumptions used
considering our understanding of the risk profiles of
the customer of the Bank

• Performed test of details to test on provisioning rates
applied for respective asset classes in lines with the
Bank's policies

• Tested the arithmetical accuracy of computation of
provision for advances

• Assessed disclosures included in the financial
statements in respect of asset classifications and
provisioning, including specific disclosures made
with regard to RBI regulations

• Tested on a sample basis that the restructuring of
loans done during the period as per IRAC norms was
approved and implemented and provisions made
on such restructured loans in accordance with the
Bank's Board approved policy and the IRAC norms.

INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITOR'S REPORT
THEREON

The Bank's Board of Directors is responsible for the other information. The other information comprises the
information included in the Annual report, but does not include the financial statements and our auditor's
report thereon. The Annual report is expected to be made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information
identified above when it becomes available and, in doing so, consider whether such other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated.

When we read the Annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance and take appropriate action as applicable
under relevant laws and regulations.

RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS

The Bank's Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to
the preparation of these financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Bank in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under section 133 of the Act read with relevant rules issued
thereunder and the provisions of section 29 of the Banking Regulation Act, 1949 and circulars, guidelines
and directions issued by the Reserve Bank of India (RBI) from time to time. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and the design, implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank's ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has
no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Bank's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Bank has adequate internal financial controls with reference to
financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Bank's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Bank to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements for the financial year ended March 31, 2025 and
are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

OTHER MATTER

The financial statements of the Bank for the year ended March 31, 2024, were jointly audited by Brahmayya

& Co. and M M Nissim & Co LLP (the 'Joint Predecessor Auditors') who expressed an unmodified opinion on

those financial statements on April 29, 2024.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement for the year ended March

31, 2025, have been drawn up in accordance with the applicable accounting standards prescribed

under section 133 of the Act read with relevant rules issued thereunder, the relevant provisions of the

Banking Regulation Act, 1949, RBI Guidelines and other accounting principles generally accepted in India.

2. As required by sub section (3) of Section 30 of the Banking Regulation Act, 1949, we report that:

a. We have obtained all the information and explanations which, to the best of our knowledge and belief,
were necessary for the purpose of our audit and have found them to be satisfactory;

b. The transactions of the Bank, which have come to our notice, have been within the powers of the
Bank; and

c. The financial accounting systems of the Bank are centralized and therefore, accounting returns for the
purpose of preparing financial statements are not required to be submitted by its branches; we have
visited 25 branches for the purpose of our audit.

3. As required by Section 143(3) of the Act, we report, that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit;

b. In our opinion, proper books of account as required by law have been kept by the Bank so far as it
appears from our examination of those books except for the matters stated in the paragraph (i)(vi)
below on reporting under Rule 11(g);

c. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this
Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified
under Section 133 of the Act read with relevant rules issued thereunder, to the extent they are not
inconsistent with the guidelines prescribed by RBI;

e. On the basis of the written representations received from the directors as on March 31, 2025, and
taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025
from being appointed as a director in terms of Section 164 (2) of the Act;

f. With respect to the maintenance of accounts and other matters connected therewith, reference is
made to our remarks in paragraph 3(b) above on reporting under section 143(3) and paragraph 3(i)(vi)
below on reporting under Rule 11(g) of the rules;

g. With respect to the adequacy of the internal financial controls with reference to these financial
statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure
1" to this report;

h. In our opinion and to the best of our information and according to the explanations given to us, the
provisions of Section 197 of the Act are not applicable to the Bank by virtue of Section 35B(2A) of the
Banking Regulation Act, 1949. Accordingly, the reporting under Section 197(16) of the Act regarding
payment/ provision for managerial remuneration in accordance with the requisite approvals mandated
by the provisions of Section 197 read with Schedule V to the Act, is not applicable; and

i. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11
of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our
information and according to the explanations given to us:

i. The Bank has disclosed the impact of pending litigations on its financial position in its financial
statements- Refer Schedule 18.13 to the financial statements;

ii. The Bank did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Bank;

iv. a) The management has represented that, to the best of its knowledge and belief, other than
as disclosed in the note 18.22 (y) to the financial statements, no funds have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the Bank to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Bank ("Ultimate Beneficiaries")
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief,
other than as disclosed in the note 18.22 (y) to the financial statements, no funds have
been received by the Bank from any person(s) or entity(ies), including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise,
that the Bank shall, whether, directly or indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (a) and (b) contain any material misstatement.

v. No dividend has been declared or paid during the year by the Bank.

vi. Based on our examination which included test checks, the Bank has used various accounting
software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and the same has been operated throughout the year for all relevant transactions
recorded in the software except in respect of records in two accounting software where audit
trail feature was not enabled, as described in note 18.22 (u) to the financial statements. Further,
during the course of our audit we did not come across any instance of audit trail feature being
tampered with, in respect of accounting software where the audit trail has been enabled.
Additionally, the audit trail in respect of the year ended March 31, 2025 and March 31, 2024 has
been preserved by the Bank as per the statutory requirements for record retention to the extent
it was enabled and recorded in those respective years, as stated in note 18.22 (u) to the financial
statements.

For S.R. Batliboi & Associates LLP For Batliboi & Purohit

Chartered Accountants Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004 ICAI Firm Registration Number: 101048W

per Sarvesh Warty per Janak Mehta

Partner Partner

Membership Number: 121411 Membership Number: 116976

UDIN: 25121411BMOKPQ2501 UDIN: 25116976BMOKPB1125

Place of Signature: Bengaluru Place of Signature: Bengaluru

Date: April 29, 2025 Date: April 29, 2025