Your Directors are pleased to present the 19^th Annual Report of the
Company and the 8th Annual Report of Jana Small Finance Bank
Limited along with the Audited standalone financial statements for the
financial year ended 31st March 2025.

FINANCIAL SUMMARY: ? _in ooo's

OVERVIEW OF OPERATIONS:

The net Interest Income grew from '2,127.9 crores in FY24 to '2,393.1 crores in FY25 an increase of 12.5%.
The Profit Before Tax (PBT) was '473.7 crores in FY 25 as compared to '514.4 crores for FY24. Profit after tax
(PAT) stood at '501 crores in FY25 as compared to '670 crores in FY24. The PAT for FY25 has reckoned '29.8
crores of Deferred Tax Asset and '305 crores of accelerated provision in FY25.

Advances Under Management witnessed an increase of 19.4% from '24,746 crores in FY24 to '29,545 crores
for FY25. The secured portfolio grew by 40% year-on-year basis and is now near to 70% of the total Advances
Under Management. Deposits of your Bank grew by 29% during the year and stood at '29,120 crores. Retail
Deposits, including CASA constitute 58.8% of the overall deposits of the Bank.

The Capital Adequacy Ratio ("CRAR") was 20.68% as at March 31, 2025 (March 31, 2024: 20.31%) well above
the statutory minimum requirement of 15%.

Cost to Income ratio for FY25 was 61.3% as compared to 57.4% for FY24. The Return on Assets of the Bank was
at 1.49% during FY 25 as compared to 2.38% in FY24. The number of banking outlets stood at 802 in March
2025 as compared to 808 in March, 2024.

The asset quality of your Bank remained robust, with GNPA at 2.71% (vs. 2.11% in FY24) and NNPA at 0.94%
(vs. 0.56% in FY24).

Please note IBPC and Securitization book is included for the purpose of GNPA/NNPA.

DIVIDEND AND TRANSFER TO RESERVES:

In compliance with Section 15 of the Banking Regulation Act, 1949 your Board of Directors has not
recommended any dividend for the financial year 2024-25. However, in compliance with Regulation 43A of
SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015 the Board of Directors of the Bank have
approved and adopted the dividend distribution policy which can be accessed at: https://www.janabank.
com/images/policies/Dividend-Distribution-Policy.pdf

Further, the Board has recommended transfer of '133.94 crores from the profit/surplus to reserves, as against
'187.39 crores transferred during the previous year.

SHARE CAPITAL:

The authorised capital of the Bank as on 31st March 2025 was ' 2,00,00,00,000 (Rupees two hundred crores),
comprising ' 20,00,00,000 (Twenty Crores) equity shares of ' 10/- (Rupees Ten) each. The paid up capital of
the Bank stood at ' 1,05,05,65,230 comprising 10,50,56,523 equity shares of ' 10/- (Rupees Ten) each.

During the year, the Bank's capital increased due to exercise of ESOPs. No other capital raised was undertaken
during the year.

Details of capital augmentation is as under:

DEBT INSTRUMENTS:

As at 31st March 2025, details of rated, listed and unlisted, unsecured, subordinated, redeemable lower Tier II
bonds in the form of Non-Convertible Debentures are as under:

CREDIT RATING:

The ratings assigned by ICRA/ and India Ratings & Research Private Limited for various instruments are:

BOARD OF DIRECTORS:

At the end of financial year 2024-25, the composition of Board was as under:

*Mr. Dinesh Patwari has been appointed as an Independent Director effective from 22^nd July 2024.

During the financial year 2024-25, the Board met nine (9) times and the intervening gap between the meetings
were within the period prescribed under the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015.

STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS:

All Independent Directors have submitted the required declarations that they meet the criteria of Independence
as laid down under Section 149(6) of the Companies Act 2013 and Regulation 16(1)(b) and Regulation 25(8)
of the SEBI Listing Regulations. The Board had assessed the veracity of the confirmations submitted by
Independent Directors, as required under Regulation 25(9) of the SEBI Listing Regulations.

In the opinion of the Board, all Independent Directors are independent of the Management. During the year,
there has been no change in the circumstances affecting their status as Independent Directors of the Bank
and they are not debarred from holding the office of Director under any order of the Securities and Exchange
Board of India or any other statutory/regulatory authority.

In the opinion of the Board, Independent Directors are persons of integrity and possess the requisite experience,
expertise and proficiency required under all applicable laws and policies of the Bank.

PERFORMANCE EVALUATION:

The Bank has, during the year conducted an Board evaluation as per the provisions of the Companies Act,
2013 and Regulation 17(10) of the SEBI (LODR) Regulations, 2015. Additionally, the Bank has laid down a
process for performance evaluation of the Board and its Committees as well as a framework for evaluation of
the performance of each Director.

The evaluation criteria include inter alia, experience, competency of Directors, effectiveness of the Board
process, information and functioning, Board culture and dynamics, governance and compliance, evaluation
of risk, amongst others.

The Nomination & Remuneration Committee in their meeting held on 29th April 2025 took note of the
evaluation report of the Board's performance including Directors' own performance and committees of the

Board. The Committee deliberated on various evaluation attributes indicated in the evaluation questionnaire
for all directors and after due deliberations made an objective assessment and evaluated that all directors in
the Board have adequate expertise and have been drawn from diverse backgrounds and businesses and bring
specific competencies relevant to the Bank's business and operations.

The Committee found that the performance of all Directors was satisfactory and the functioning of the
Board and its Committees were effective. The Committee evaluated the composition of the Board and its
performance as a whole and expressed satisfaction in this regard. Further, the suggestion/feedback of the
Committee were duly taken note of by the Management.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Sections 134(3) (c) and 134(5) of the Companies Act, 2013 the Directors
hereby confirm that:

• In the preparation of annual accounts for the year ended 31st March 2025, applicable accounting standards
read with requirements set out under Schedule III to the Act, have been followed and there are no material
departures from the same;

• The Directors have selected such accounting policies and applied them consistently and made judgements
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March 2025 and of the profits of the Company for the year ended on that date;

• The Directors have taken proper and sufficient care for maintenance of adequate accounting records in
accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing
& detecting fraud and other irregularities;

• The Directors have prepared the annual accounts on a 'going concern' basis;

• The Directors have laid down internal financial controls to be followed and that such internal financial
controls are adequate and are operating effectively; and

• The Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems are adequate and operating effectively.

FAMILIARISATION PROGRAMMES FOR INDEPENDENT DIRECTORS:

Independent Directors of the Bank have attended various programs conducted by CAFRAL, IICA, Ministry of
Corporate Affairs and IDRBT. They have also attended strategy discussions organised by the management
team of the Bank. Details of the programmes attended by Independent Directors are available on the website
of the Bank at https://www.ianabank.com/about-us/investor-relations/familiarisation-programme/.

AUDIT AND COMPLIANCE COMMITTEE RECOMMENDATIONS:

The Board has accepted all recommendations of the Audit and Compliance Committee and hence no further
explanations have been provided for in this Report.

KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT PERSONNEL:

As of 31st March 2025, Mr. Ajay Kanwal, Managing Director & CEO, Mr. K S Raman, Executive Director,

Mr. Abhilash Sandur, Chief Financial Officer and Mrs. Lakshmi R N, Company Secretary & Compliance Officer
were the Key Managerial Personnel of the Bank in terms of Section 203(1) of the Act and Rule 8 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Further, apart from
Mr. Rajesh Rao (erstwhile - Chief Operating Officer) - there was no change in the senior management personnel
during the year. The details of senior management are provided in page 11 of this Annual Report.

Statutory Audit:

For the financial year 2024-25, there were no
qualification(s) or reservation(s) or adverse
remark(s) or disclaimer(s) in the audit reports
of the Standalone Financial Statements. Hence
explanations or comments on the same are
not required from the Board of Directors.

Audit for the financial year has been conducted by
M/s. S. R. Batliboi & Associates LLP., (Firm registration
no. 101049W/E300004) Chartered Accountants,
and M/s. Batliboi & Purohit (Firm registration no.
101048W), Chartered Accountants, as Joint Statutory
Auditors of the Bank.

Cost Audit:

The Bank is not required to appoint a Cost Auditor. Th
sub-section (1) of section 148 of the Companies Act,

During the year under review, no frauds have been
Auditors under Section 143 (12) of the Companies Ac

INTERNAL CONTROL SYSTEMS:

The Board has adopted policies and procedures
for ensuring the orderly and efficient conduct of its
business, including adherence to the Bank's policies,
the safeguard of its assets, prevention and detection
of frauds and errors, the accuracy and completeness
of accounting records, and the timely preparation of
reliable financial disclosures.

EMPLOYEES STOCK OPTION SCHEME
AND OPTIONS GRANTED DURING FY
2024-25:

The Bank currently has two ESOP schemes i.e.,

(1) Employee Stock Option Scheme, 2017 and

(2) Employee Stock Option Scheme, 2018.

Applicable disclosures with regard to Employee
Stock Options granted during FY 2024-25 is provided
as Annexure I to this report.

Secretarial Audit:

The Company has complied with all applicable
provisions of the Secretarial Standards and provisions
of the Companies Act, 2013.

Secretarial Audit for the year has been conducted by
Mr. Nagendra D Rao, Practicing Company Secretary
(M. No. FCS 5553 and COP 7731). The Secretarial
Audit Report for the financial year 2024-25, forms
part of the Annual Report.

There are no qualifications, reservations, or adverse
remarks made by the Statutory Auditors/Secretarial
Auditors in their respective reports.

efore, maintenance of cost records as specified under
13, is not applicable to the Bank.

eported by the Statutory Auditors or the Secretarial
2013.

PARTICULARS OF LOANS, GUARANTEES
OR INVESTMENTS:

Pursuant to Section 186(11) of the Companies Act,
2013 loans made, guarantees given, securities
provided or acquisition of securities by a banking
company in the ordinary course of its business
are exempted from the disclosure requirement
under Section 134 (3)(g) of the said Act.

Details of Investments are given in Schedule 8 to
the Financial Statements which forms a part of the
Annual Report.

PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED
PARTIES:

During the year under review, there were no
contracts or arrangements with related parties as
referred to under Section 188(1) of the Companies
Act, 2013.

RISK MANAGEMENT FRAMEWORK:

The Bank has put in place a comprehensive Risk Management framework supported by detailed policies and
processes for management of Credit Risk, Market Risk, Liquidity Risk, Operational Risk and various other risks.

The Risk Management Committee of the Board has established a formal Risk Appetite Statement which
governs the risk-taking activities of the Bank. The Risk Management Committee exercises oversight on the
implementation of various risk management policies and processes and is also in charge of review of these
and other policies from the risk perspective.

MATERIAL CHANGES AND
COMMITMENTS, AFFECTING THE
FINANCIAL POSITION OF THE BANK:

There are no material changes and commitments,
affecting the financial position of the Bank
subsequent to the close of the FY 2024-25.

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of Companies Act, 2013
read with Rule 12 of the Companies (Management
and Administration) Rules, 2014, the Annual Return
for the financial year 2024-2025 is available in the
Bank's website at: https://www.janabank.com/
about-us/investor-relations/annual-return/.

CORPORATE GOVERNANCE:

The Corporate Governance Report as detailed
in Schedule V of SEBI (LODR) Regulations, 2015
along with the certificate issued by Mr. Nagendra
D Rao, Secretarial Auditors of the Bank confirming
compliance with Corporate Governance
requirements is annexed to this report as Annexure
II and Annexure III respectively.

Being a banking company, disclosures relating to
deposits as required under Rule 8(5)(v) & (vi) of the
Companies (Accounts) Rules, 2014, read with Section
73 to 76 of the Act are not applicable to the Bank.

SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS:

There are no significant or material orders passed
by Regulators or Courts or Tribunals which impact
the going concern status of the Bank or its future
operations.

NOMINATION & REMUNERATION POLICY:

The Bank has adopted a Nomination and
Remuneration Policy on Directors' Appointment
and Remuneration including criteria for determining
qualifications, positive attributes, independence
of a Director and other matters as provided under
the provisions of Section 178(3) of the Companies
Act, 2013. The Policy is available at the website of
the Bank at https://www.ianabank.com/about-us/
leadership-governance/policies/.

INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Bank has adopted a Policy for Prevention of Sexual Harassment ("POSH Policy") at the workplace under
the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal
Complaints Committee ("ICC") has been constituted in compliance with the provisions of the Act and the
POSH Policy to review, investigate and take suitable action on complaints. An Appellate Committee has also
been constituted under the Policy before whom a complainant who is not satisfied with the decision of the
ICC, can prefer an appeal.

Details of complaints received and resolved by the ICC during the FY 2024-25 are as follows:

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:

During the financial year 2024-25, the Bank undertook 55 CSR projects totaling to ' 5.18 crores. The category
of CSR contribution has been provided below. Further, the detailed report along with composition of the
Committee on CSR has been annexed to this report as Annexure IV.

MATERIAL CHANGES AND COMMITMENTS:

There has been no material changes and commitments affecting the financial position of the Bank which
have occurred between the end of the financial year and the date of the report.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, the Company has established
a vigil mechanism for directors and employees to report genuine concerns. The vigil mechanism forms a
part of the Whistle Blower Policy, which has been approved by the Board of Directors in their meeting held
on 05th August 2014 as a NBFC-MFI.

After conversion into a Small Finance Bank, the Bank Board approved the Whistle Blower Policy and Vigilance
Policy, in their meeting held on 08th February 2018. The Policy has been hosted on the website of the Bank.

AWARDS AND RECOGNITIONS:

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:

OTHER DISCLOSURES:

• Details of application made or any proceeding pending under the Insolvency and Bankruptcy Code,

2016 (31 of 2016) during the year along with their status as at the end of the financial year:

Not applicable, as no such application was made by the Bank.

• Related party transactions:

The details of related party transactions have been provided as an Annexure VI to the Board Report in
Form AOC-2. Further, the Board approved policy on dealing with related party transactions can be viewed
at: https://www.ianabank.com/images/policies/RELATED-PARTY-TRANSACTION-POLICY.pdf

ACKNOWLEDGEMENTS:

The Board of Directors place on record its gratitude for the support and co-operation from Reserve Bank of
India, Securities Exchange Board of India, Customers, Shareholders, Vendors and Employees of the Bank.

For and on behalf of the Board

For JANA SMALL FINANCE BANK LIMITED

Bengaluru

30^th April 2025 ^R. ^Ramaseshan _{Aj Kanwal}

Part-time Chairperson & Independent

_Director ^{Managing Director & CEO}

DrN^c000200373 ^{DIN: 07886434}