Board approves new Chief Risk Officer, re-appoints Chief Compliance Officer; amends fair disclosure code

Board met on October 12, 2026 and approved changes in the Bank's senior management.

Mon 12 Oct 2026

CRO Cessation Date

Mr. Deepak Kumar ceases to be Chief Risk Officer effective close of business hours on October 31, 2026

New CRO Appointment Date

Mr. Ashwini Kumar Choudhary appointed Chief Risk Officer with effect from November 01, 2026

CCO Re-appointment Term

Mr. Prakash Gupta re-appointed Chief Compliance Officer with effect from November 1, 2026 for a period of one year and eight months

Senior management changes

• Mr. Deepak Kumar, Chief Risk Officer, was associated with the Bank on a fixed term contract. As per its terms, the contract concludes on October 31, 2026, and he ceases to be part of the senior management of the Bank effective close of business hours on October 31, 2026. The stated reason is completion of term as Chief Risk Officer.
• Mr. Ashwini Kumar Choudhary has been appointed Chief Risk Officer with effect from November 01, 2026, based on the recommendations of the Risk Management Committee of the Board and the Nomination and Remuneration Committee of the Board. He is part of the senior management of the Bank.
• Mr. Prakash Gupta has been re-appointed Chief Compliance Officer with effect from November 1, 2026 for a period of one year and eight months, based on the recommendations of the Audit Committee of the Board and the Nomination and Remuneration Committee of the Board. He is part of the senior management of the Bank.

Profile of the incoming Chief Risk Officer

• Mr. Ashwini Kumar Choudhary brings over 27 years of experience across banking and financial services, with expertise in enterprise risk management, credit and governance.
• His earlier roles include Group Chief Risk Officer at Union Bank of India and Chief Risk Officer at Tata Cleantech Capital, along with positions at HSBC, HDFC Bank, Srei Infrastructure Finance and Bank of Baroda.
• He holds a Post Graduate Diploma in Banking and Finance from the National Institute of Bank Management, and has completed the FRM, CFA and CAIIB certifications, and holds a B.A. (Hons.) in Sociology from Magadh University.

Profile of the re-appointed Chief Compliance Officer

• Mr. Prakash Gupta has over 31 years of experience in the banking and financial services sector.
• He has been Head of Compliance at Barclays, Credit-Suisse and Rabobank, and has worked across institutions including Bank of Baroda, ICICI Bank Ltd and Edelweiss. Prior to joining the Bank, he was Chief Risk Officer with ECL Finance Ltd, where he was responsible for oversight of NBFCs and other regulated group entities.
• He holds a Master's Degree in Economics.

Fair disclosure code

• The Board reviewed and approved amendments to the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
• The revised code is available on the Bank's website under its investor relations disclosures.

Other points from the update

• The disclosure of information for the appointments and cessation is enclosed as an annexure, in which the disclosure of relationships between directors is marked Not Applicable for all three individuals.
• The Board meeting commenced at 2:04 p.m. and concluded at 6:03 p.m.
• The Bank states this disclosure may be read in continuation of its earlier intimation dated October 12, 2026 regarding approval of the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.

How to read this

• This is an update on who holds two key senior management positions, risk and compliance, and on when the change takes effect. The exit of the Chief Risk Officer is described as completion of a fixed term contract, while a successor takes charge from the next day and the Chief Compliance Officer continues for a defined term.
• The update does not contain financial figures; the only quantities are the experience of the two senior officials and the length of the compliance officer's re-appointment term, which are set out above.

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