Bank of Maharashtra Auditor Reports

To,

Opinion

1. We have audited the accompanying standalone financial statementsofBank of Maharashtra, which comprise the Balance Sheet as at 31st March 2025, the Profit and Loss Account and the Statement of Cash Flows for the year then ended, and notes to financial statements including a summary of significant accounting policies and other explanatory information in which are included the returns 20 fortheyearendedonthatdate of the Head Office, 50 Zonal Offices and 20 branches and one Treasury and International 682 , Banking Division audited by us, and 682 branches audited by Statutory Branch Auditors of the Bank. The branches audited by us and those audited by other auditorshave been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows are the returns from 1927 branches which have not been 46.21%, subjected to audit. These unaudited branches account for 21.70% of advances, 46.21% of deposits, 20.98% of interest income and 44.35% interest expenses.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and: a. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary , particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March, 2025; b. theProfit and Loss Account, read with the notes thereon shows a true balance of profit for the year ended 31st March, 2025 and c. the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Basis for Opinion

2. We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditor s Responsibilities for the Audit of the standalone 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 ethical requirements that are relevant to our audit of the financial statements prepared in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by the ICAI, and provisions of section 29 of the Banking Regulation Act, 1949 and circulars, directions and guidelines issued by the Reserve Bank of India (‘RBI”) from time to time 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 opinion.

Emphasis of Matter

3. We draw attention to Note No. 18 in Schedule 18 of the Financial Statements regarding absence of sufficient number of Independent Directors on the board, the Bank has invoked Para 14A of Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970 and placed the Financial Statements directly to the Board for want of quorum in Audit Committee of the Board.

4. We draw attention to Note No. 4(g) in Schedule 18 of the

Financial Statements where Bank continues to hold COVID-19 related provision of Rs. 1200 Crore as contingency provision as on 31st March 2025.

Our Opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the year ended March 31 2025. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters prescribed below to be the key audit matters to be communicated in our report.

Information other than the Standalone Financial Statements and Auditors Report Thereon

6. The Banks Board of Directors is responsible for other information. The other information comprises the information other than Standalone Financial Statements and our Auditors Report thereon and the Pillar III disclosure under the Basel III disclosure.

Our opinion on the Standalone Financial Statements does not cover the other information and Pillar 3 3 , disclosure under the Basel III Disclosure and we do not express any form of assurance conclusion thereon. , In connection with our Audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of audit or otherwise appears to be materially misstated.

If, based on the work we have performed on the Other Information that we obtained prior to the date of this Auditors Report, we conclude that there is a material misstatement of this Other Information, we are required to report that fact. We have nothing to report in this matter.

7. The Bank s Board of Directors is responsible with respect to the preparation of these Standalone 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 issued by ICAI, and provisions of Section 29 of : the Banking Regulation Act, 1949 and circulars and guidelines 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 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone 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.

The Board of Directors is also responsible for overseeing the Banks Financial Reporting process.

8. 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 auditors 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 Standalone 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 Standalone 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 theAuditinorder to designAuditproceduresthatare appropriate in the circumstances. Evaluatetheappropriatenessofaccountingpolicies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management s use ofthegoingconcernbasis ofaccountingand,basedon 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 auditors report to the related disclosures in the Standalone Financial Statements or, if suchdisclosuresareinadequate,tomodifyouropinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors 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.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of Standalone Financial Statements may be influenced. We ; considerquantitative materiality and qualitative factors in (i) planning the scope of our Audit work and evaluating the results of our work; and (ii) to evaluate the effect of identified misstatements in the Standalone Financial Statements.

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.

Wealso 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 Standalone Financial Statements of the current period and are therefore the key audit matters.

We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determinethat 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 Matters

9 Wedid not audit the financial statements / information of /682 branches included in the Standalone Financial Statements of the Bank whose Financial Statements / Financial Information reflect total advances of Rs. 79025.94 crores as at March 31, 2025 and total revenue of Rs. 6514.95 crores for the year ended on that date, as considered in the Standalone Financial Statements. These branches cover 32.95% of advances, 48.99% of deposits 22.94% and 43.15% of non-performing assets as at March 31, 2025 and 22.94% revenue for the year ended March 31, 2025. TheFinancial Statements / Information of these branches have been audited by the Branch Auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of branches, is based solely on the report of such Branch Auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. TheBalance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949; Subject to the limitations of the audit indicated in paragraphs 7 to 9 above and as required by Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein and 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 purposes 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 returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

11. As required by letter no. DOS.ARG. No.6270/08.91.001/2019-20 dated March 17, 2020 on “Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks Reporting obligations for SCAs from FY 2019-20”, read with subsequent communications dated May 19, 2020 issued by the RBI, we further report on the matters specified in paragraph 2 of the aforesaid letter as under: a. In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards , issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI. b. There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank. c. As the bank is not registered under the Companies Act,2013 the disqualifications from being a director of the bank under the sub-section (2) of Section 164 of the Companies Act, 2013 do not apply to the bank.

d. There are no qualifications, reservations or adverse remarks relating to the maintenance of accounts and other matters connected therewith. e. Our audit report on the adequacy and operating effectiveness of the Bank s internal financial controls , over financial reporting is given in Annexure A to this report. Our report expresses an unmodified opinion on the Bank s internal financial controls over financial reporting with reference to the Standalone Financial Statements as at March 31, 2025.

We further report that:

12. a. Inouropinion,properbooksofaccountasrequired by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our , audit have been received from branches not visited by us; b. The Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us; c. The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and d. In our opinion, the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extentthey are not inconsistent with the accounting policies prescribed by RBI.

ANNEXURE “A” TO THE INDEPENDENT 13 " " AUDITORS REPORT

(Referred to in paragraph 11 e under ‘Report on Other 11 Legal and Regulatory Requirements section of our report of even date) Report on the Internal Financial Controls (" ") Over Financial Reporting as required by the Reserve Bank of India (the “RBI”) Letter DOS.ARG.No.6270/08.91.001/2019-20 dated March 17, 2020 (as amended) (the “RBI communication”) -

We have audited the internal financial controls over financial reporting of Bank of Maharashtra (“the Bank”) as of March 31, 2025 in conjunction with our audit of the standalone financial statements , of the Bank for the year ended on that date which includes internal financial controls over financial reporting of the Bank s branches.

Management s Responsibility for Internal Financial Controls:

The Bank s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal

Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient

conduct of its business, including adherence to the Bank s policies, the safeguarding of its assets, the prevention and , detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Banking Regulation Act, 1949 and the circulars and guidelines issued by the Reserve Bank of India.

Auditor s Responsibility

Our responsibility is to express an opinion on the Banks internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over

Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India (the “ICAI”) and ") the Standards on Auditing (SAs) issued by the ICAI, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal financial controlsbasedontheassessedrisk.Theproceduresselected dependontheauditor sjudgement,includingtheassessment , of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the branch auditors, in terms of their reports referred to in the Other Matters paragraph

, below, is sufficient and appropriate to provide a basis for our audit opinion on the Bank s internal financial controls over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Bank s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. ABank sinternalfinancial controls over financial reporting includes those policies and procedures that

(1)pertain to the maintenance of records that, in reasonable , detail, accurately and fairly reflect the transactions and ; dispositions of the assets of the Bank;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Bank are being made only in accordance with authorisations of management and directors of the Bank; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Banks assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the branch auditors referred to in the Other Matters paragraph below, the Bank has, in all material respects, adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2025, based on the criteria for internal control over financial reporting established by the Bank considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial

Reporting issued by the Institute of Chartered Accountants of India.

Other Matters

Our aforesaid report insofar as it relates to the operating effectiveness of internal financial controls over financial reporting of 252 branches is based on the corresponding reports of the respective branch auditors of those branches.

Our opinion is not modified in respect of this matter.

Chartered Accountants Chartered Accountants Chartered Accountants Chartered Accountants

FRN FRN 105215W/ W100057 FRN 004207S FRN 100515W 106041W/ W100136

CA Mittal Shah CA S Ramkumar CA S B Rashinkar CA Hitesh Pomal

Partner Partner Partner Partner . M. No. 147370 . M. No. 238820 . M. No. 103483 : : : : UDIN: 25147370BMHZKZ4443 UDIN: 25238820BMKNFV2259 UDIN: 25103483BMNANY6751 UDIN: 25106137BNGNIN5404

Pillar 3 Disclosures - 31st Mar 2025

" " Basel - III Pillar 3 disclosures as on 31 March 2025 is made available on Banks website under "Disclosure" section. For details, please visit our official website link -

https://bankofmaharashtra.in/basel_iii_disclosure