Board notes CRO term completion, approves new CRO, re-appoints Chief Compliance Officer and amends UPSI code

Board noted CRO Mr. Deepak Kumar's term ends Oct 31, 2026 ✅ Approved Mr. Ashwini Kumar Choudhary as CRO from Nov 01, 2026 ✅ Re-appointed Mr. Prakash Gupta as Chief Compliance Officer from Nov 1.

Mon 12 Oct 2026

Outgoing CRO term end

Mr. Deepak Kumar's term ends Oct 31, 2026

New CRO effective date

Mr. Ashwini Kumar Choudhary as CRO from Nov 01, 2026

CCO re-appointment

Mr. Prakash Gupta as Chief Compliance Officer from Nov 1, 2026 for one year eight months

Three senior management movements and one policy change came out of the Board meeting held on October 12, 2026.

The Chief Risk Officer transition

• Mr. Deepak Kumar, Chief Risk Officer, was associated with the bank on a fixed term contract. As per the terms, the contract concludes on October 31, 2026, and he ceases to be part of the Senior Management effective close of business hours on that date. The reason recorded is completion of term.
• Mr. Ashwini Kumar Choudhary has been appointed as Chief Risk Officer with effect from November 01, 2026. The appointment follows 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.
• The outgoing CRO's last working day and the incoming CRO's start date are consecutive: the changeover takes place on November 1, 2026.

Profile of the incoming Chief Risk Officer

• Over 27 years of experience across banking and financial services, with expertise in enterprise risk management, credit and governance.
• Senior leadership roles include Group Chief Risk Officer at Union Bank of India and Chief Risk Officer at Tata Cleantech Capital.
• His career also includes key roles 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, besides a B.A. (Hons.) in Sociology from Magadh University.

Chief Compliance Officer re-appointed

• Mr. Prakash Gupta has been re-appointed as Chief Compliance Officer with effect from November 1, 2026 for a period of one year and eight months.
• The re-appointment is based on the recommendations of the Audit Committee of the Board and the Nomination and Remuneration Committee of the Board.
• He has over 31 years of experience in the banking and financial services sector. He has been the Head of Compliance at Barclays, Credit-Suisse and Rabobank, and has worked in varied capacities across banks and financial institutions like Bank of Baroda, ICICI Bank Ltd and Edelweiss. Prior to joining the bank, he was the Chief Risk Officer with ECL Finance Ltd.
• He holds a Master's Degree in Economics.

Changes to the 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.

Dates to note

• The Chief Risk Officer contract runs to the close of business on October 31, 2026; the new Chief Risk Officer and the re-appointed Chief Compliance Officer both take effect from November 1, 2026.
• The bank has stated that 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.

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