Bank of Maha

Bank of Maharashtra Auditor Reports

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Bank of Maharashtra Share Price Auditors Report

To,

The President of India and Members of "BANK OF MAHARASHTRA"

Report on Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Bank of Maharashtra, which comprise the Balance Sheet as at 31^st March 2026, the Profit and Loss Account and the Statement of Cash Flows for the year then ended, and notes to standalone financial statements including a summary of significant accounting policies and other explanatory information in which are included the returns for the year ended on that date of the Head Office, 20 branches and one Treasury and International Banking Division audited by us and 633 branches (including 1 International Banking Unit situated in Gujarat International Finance Tec-City) audited by Statutory Branch Auditors of the Bank. The branches audited by us and those audited by other auditors have 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 2132 branches which have not been subjected to audit. These unaudited branches account for 21.45% of advances, 47.35% of deposits, 21.80% of interest income and 47.65% 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 31^st March, 2026; b) the Profit and Loss Account, read with the notes thereon shows a true balance of profit for the year ended 31^st March, 2026 and c) the Statement of Cash Flows 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 Auditors 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 standalone financial statements prepared in accordance with the accounting principles generally accepted in India, including the applicable 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. 4(x) in Schedule 18 of the Standalone Financial Statements which states that the bank holds additional COVID-19 related provision amounting to Rs. 1010 Crores as contingency provision as on 31 March 2026.

4. We draw attention to Note 17 in Schedule 18 of Standalone Financial Statements which states that in respect of investments in the associate Maharashtra Gramin Bank, pursuant to the amalgamation of Vidarbha Konkan Gramin Bank with Maharashtra Gramin Bank, an impairment loss of Rs. 280.59 Crore has been recognised in the Standalone Financial Statements.

Our Opinion is not modified in respect of these matters.

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 2026. 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.

1 Key Audit Matters	How our Audit procedures addressed the Key Audit Matters
1. Classification of advances and compliance with RBI IRACP guidelines:	Our audit approach towards the advances portfolio of the bank included a combination of both – testing of the design and operating effectiveness of the internal controls, related processes and substantive procedures in relation to classification of advances and compliance with RBIs IRACP guidelines.
(Refer Schedule 9 to the Balance sheet and Note No. 4 of Schedule 17 – Significant Accounting Policies annexed to and forming part of the standalone financial statements for the year ended March 31, 2026)	Our audit procedures included:
As of March 31, 2026, Advances constitute a significant portion @ 67.41% of the total assets of the Bank.	a) Reviewing the logic and assumptions used in the CBS and other related IT systems for compliance of the IRACP norms for identification, classification and provisioning of the non-performing advances.
Advances include Bills purchased and discounted, Cash credits, Overdrafts, Loans repayable on demand and Term loans.	b) Obtained information in respect of manual interventions required in system-based identification and classification of NPAs, evaluated the compensating controls for such manual interventions including authorisation, review and reporting mechanism thereof.
These are further categorised on the basis of security, guarantee and sectors.
The Bank classifies advances into performing advances or non-performing advances (NPA) based on the master circulars / directions issued by Reserve Bank of India (RBI) contained in "Prudential Norms for
Income Recognition, Asset Classification and Provisioning for Advances" (IRACP), as applicable for the financial year.	c) Obtained and reviewed the Risk Control Matrix (RCM) pertaining to the advances and tested the design and operating effectiveness of key internal financial controls with respect to classification of advances and provisioning thereof.
The instructions / guidelines issued by RBI are applicable for all the credit facilities sanctioned by the Bank and are to be mandatorily followed for the purpose of Income Recognition, Asset Classification and Provisioning.	d) Involved our internal IT expert for testing IT general controls over Income Recognition, Asset Classification and Provisioning process in CBS.
The IT environment of the Bank is complex and involves a number of independent and interdependent IT systems (including Core Banking Systems CBS) used in the operations of the Bank for processing and recording a large volume of transactions.	e) Recomputed on sample basis the overdues, days past due and tested whether the accounts are classified as performing / SMA / NPA accordingly, verified the reporting to RBIs Central Repository of Information on Large Credits (‘CRILC), the dates of NPA (in case of NPA accounts) and ensured that applicable provisioning are made as per the RBI guidelines and policy of the Bank.
As a result, there is a high degree of reliance and dependency on such IT systems for the financial reporting process of the Bank.
The Bank relies on its CBS for identification of NPA, further categorisation thereof, provisioning and for compliance with the applicable regulatory guidelines.	f) Performed various analytical procedures to ascertain the trends in the movement of total advances, NPA and stressed portfolio.
Further, the Bank also avails the services from various experts such as independent valuers, legal experts etc. to determine the valuations and enforceability of security taken against such advances.	g) Obtained and perused, on test basis, the reports of the concurrent audits, internal inspections, management audits, revenue audits, audit of
Considering the high degree of complexity, the classification of advances, provisioning and compliance with RBI IRACP guidelines requires considerable level of management judgment, estimates and application both quantitative as well as	IRACP logic at product level, Regulatory audits, etc. in order to assess the existence and effectiveness of controls, monitoring and supervision, adherence to the policies, procedures, delegation of powers, instructions from the

Sr. Key Audit Matters No.	How our Audit procedures addressed the Key Audit Matters
1. qualitative factors prescribed by the regulations.	controlling offices, compliance and governance mechanism etc.
There is a significant risk of material misstatement if the RBI IRACP guidelines with respect to classification of advances and provisioning are not followed properly.
Accordingly, in terms of guidelines contained in Standard on Auditing – SA 701 "Communicating Key Audit Matters in the Independent Auditors Report", we have identified this aspect as a key audit matter.	h) In respect of branches audited by us, carried out substantive audit procedures by way of examination of large, stressed, restructured and other advances on test check basis covering the overall portfolio at respective branches including review & perusal of reports of independent valuers, agencies for special monitoring of large advances, reports issued by credit / stock auditors, lenders independent engineers etc., tested the operating effectiveness key internal financial controls at the branch level.
	i) In accordance with SA – 600 – using the work of another auditors, communicated with the Statutory Branch Auditors (SBAs) for advising them to verify the compliance with the applicable norms regarding classification and provisioning as per IRACP guidelines and policies and procedures followed by the bank. Perused and relied on the reports submitted by the SBAs.
	j) Obtained and understood the process of consolidation of advances and NPA at zonal offices and at central office. On sample basis checked the consolidation process to ensure correctness and completeness.
	k) As a part of our substantive audit procedures recalculated the provisions on sample basis for retail and corporate portfolios both for advances under standard category on collective portfolio basis and case to case basis in respect of NPA for ensuring the correctness and completeness of provisions worked out by the Bank.
	l) Examined the adequacy and appropriateness of the related presentation & disclosures as per applicable accounting standards and regulatory guidelines.

2. Classification and Valuation of Investments:	Our audit approach towards classification and valuation of investment portfolio is with reference to the RBI Circulars / directives which includes a combination of test of the design, implementation, and operating effectiveness of internal controls, related
(Refer Schedule 8 to the Balance sheet Note No. 3 of Schedule 17 of Significant Accounting policies to the Standalone Financial Statements)
Investment portfolio of the bank comprises of Investments in Government Securities, Bonds, Debentures, Shares, Security Receipts and other Approved Securities which are classified under three categories, Held to Maturity (HTM), Available for Sale (AFS) and Fair Value through Profit or Loss (FVTPL) with subcategory of Held for trading (HFT).	process and substantive procedures in relation to classification, valuation, identification of non- performing investments (NPIs), provisioning / depreciation related to Investments.
Investments constitute 23.75% of the Banks total assets as at March 31, 2026 and Interest on Investments comprises 19.86% of the Banks total income for the year ended March 31, 2026.	Our audit procedures with respect to audit of classification and valuation of investment portfolio includes:
	a) We understood and reviewed the methodology and internal control system adopted by the Bank to comply with relevant RBI guidelines regarding

Sr. Key Audit Matters No.	How our Audit procedures addressed the Key Audit Matters
2. These are governed by the circulars and directives of the Reserve Bank of India (RBI), which inter-alia, cover valuation of investments, classification of investments, recognition of income on investments, identification of non-performing investments, the corresponding non-recognition of income and provision there against.	valuation, classification, income recognition, identification of Non-Performing Investments (NPIs) and provisioning / depreciation related to investments;
The valuation of each category (type) of the aforesaid securities is to be done as per the valuation hierarchy prescribed in circulars and directives issued by the RBI which involves collection of data/information from various sources such as FIMMDA/ FBIL rates, rates quoted on BSE/NSE, financial statements of unlisted companies, NAVs of mutual funds, AIFs, VCFs, Security Receipts etc.	b) We have performed a review, on a sample basis, of investment agreements, term sheets, deal tickets and broker contract notes executed during the year to obtain an understanding of the key terms and conditions of investments which had an impact on the valuation of the investment portfolio. c) For the selected sample of investments, tested the existence, accuracy, completeness and compliance with the RBI guidelines and directives for each category of the security.
Considering the complexity and significant judgement involved in investment valuation, the volume of transactions, the size of the investment portfolio, and the heightened regulatory focus, our audit concentrated on the valuation of investments, their classification, identification of non performing investments, and the related provisioning.	Samples were selected in such a way that all the categories of investments (based on nature of security) were covered.
Accordingly, this area has been determined to be a Key Audit Matter.	d) Verified Investment portfolio on sample basis and performed various substantive analytical procedures in determination of Income, gain / loss on sale and tested the controls implemented by the Bank in recognizing the profit / loss to profit and loss account.
	e) We have performed an assessment of the design and implementation of controls and evaluated the process adopted by management for collection and aggregation of information from various sources for determination of fair value of investments. In addition, we have carried out independent valuation procedures, on a test check basis, in respect of unquoted investments using valuation methodologies prescribed under the applicable RBI guidelines, and compared the results with the values determined by management.
	f) We have assessed the process for identification of NPIs, including the related reversal of income and creation of provisions, with reference to applicable guidelines issued by the RBI. On a sample basis, tested investments across categories to evaluate compliance with the RBI norms for NPI classification. Further, performed substantive procedures, including independent re-computation of provisions and depreciation required to be maintained, in accordance with the relevant RBI circulars and directives.
	g) Reviewed the reports of the internal audits, concurrent audits etc. conducted by the bank.
	h) We have ensured that adequate disclosures have been made by way of Notes to the financial statements as mandated by the RBI guidelines.

Sr. Key Audit Matters No.	How our Audit procedures addressed the Key Audit Matters
3. Information Technology Systems and Control Framework:	Our significant audit procedures included the following:
The Bank is having complex Information Technology environment which comprises of various interdependent IT systems and applications used in the day-to-day operations of the Bank for processing and recording large volume of transactions across various locations.	a) We involved our internal IS Audit team and obtained an understanding of the Banks IT related control environment, IT applications relevant for the purpose of our audit of the financial statements.
Further the Banks key financial accounting and reporting processes are highly dependent on the Core Banking Solution (CBS), Treasury Solutions, IRAC and and other allied systems, software, network and hardware controls.	b) For this purpose, we had discussions with the process owners with respect to various IT policies, processes and procedures put in place by the Bank.
Considering the high-level of automation, complexity of the IT architecture, simultaneous and significant use of IT systems, appropriate IT general controls and application controls are required to ensure that such IT systems are able to process the data, as expected, completely, accurately and consistently for reliable financial reporting.	Reviewed these IT policies and procedures including user management, change manage- ment, backup and recovery procedures, system & cyber security, incident management, physical and environment security, standard operating procedures, Segregation of duties, BCP, DRP,
Hence, IT system controls have been considered as a	service level agreements, security policies to ensure that these are in line with business requirements of the Bank and comply with the relevant regulatory guidelines in this regard.
Key Audit Matter as any control lapses, validation failures, incorrect input data and wrong extraction of data may result in wrong reporting to the management and regulators.	c) Tested the design and operating effectiveness of the Banks IT controls over the IT applications. Tested IT general controls particularly, logical access, change management and aspects of IT operational controls.
	d) Tested that requests for access to systems were appropriately reviewed and authorized; tested controls around Banks periodic review of access rights; inspected requests of changes to systems for appropriate approvals and authorizations.
	e) Reviewed and placed reliance on the reports of various specialised audits by internal / external IS Auditors, consultants appointed by the Bank and discussed with IT Department on compliance with key IT controls, including IRAC Automation Controls.
	f) In addition to the above, we tested the design and operating effectiveness of certain automated controls that were considered as key internal controls over -financial reporting.
	g) On sample basis, verified the results obtained from the systems with the other information sources; and tested logic used for extracting the data.
	h) Tested combination of compensating controls or remediated controls such as reconciliations between systems and other information sources and / or performed alternative audit procedures, where necessary.

Sr. Key Audit Matters No.	How our Audit procedures addressed the Key Audit Matters
4. Provisions and Contingent Liability:	Our audit procedures with respect to audit of provisions and contingent liability includes:
Assessment of Provisions and Contingent Liability in respect of certain litigations on various claims filed by other parties not acknowledged as debt (Note No. 10 of Schedule 17 and Note No. 16 of Schedule 18)	a) We have obtained an understanding of Internal Controls relevant to the audit in order to design our audit procedures that are appropriate in the circumstances.
There is high level of judgement required in estimating the level of provisioning. The Banks assessment is supported by the facts of matter, their own judgement, past experience, and advice from legal and independent experts wherever considered necessary.	b) Understanding the current status of the litigations / tax assessments.
Accordingly, unexpected adverse outcomes may significantly impact the Banks reported profit and state of affairs presented in Balance Sheet.	Examining recent orders and communications received from various tax authorities / judicial forums and follow up actions thereon;
We determined the above area as a Key Audit Matter in view of associated uncertainty relating to outcome of these matters which requires application of judgement in interpretation of Law.	c) Evaluated the merit of the subject matter under consideration with reference to the grounds presented therein and available independent legal / tax advice including opinion of experts.
	d) We reviewed the managements underlying assumptions in estimating the possible outflow and the possible outcome of the disputes.
	The legal precedence and other rulings were considered in evaluating managements position on these uncertain tax/non tax positions.
	Further we have relied upon the management judgements, industry level deliberations and estimates for possible outflow and opinion of internal experts of the Bank in relations to such disputed tax positions.
	e) Verified the disclosures related to significant litigations and taxation matters.
	f) Our audit was focused on analysing the facts of subject matter under consideration and judgements / interpretation of law involved.
	g) Reliance on the work performed by the statutory branch auditors and the rectification entries passed based on branch audits/additional information to the extent available at Head office.

Information other than the Standalone Financial Statements and Auditors Report Thereon

6. The Banks Board of Directors is responsible for preparation of the other information. The other information includes Corporate Governance Report and Directors Report with annexures (but does not include the Standalone Financial Statements and our Auditors Report thereon), which is expected to be made available to us after the date of this Auditors Report.

Our opinion on the Standalone Financial Statements does not cover the Other Information and Pillar 3 disclosures under the Basel III and we do not and will 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 identified above 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.

When we read the Corporate Governance Report and Directors Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

7. The Banks 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 to the extent applicable, 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, Board of Directors is responsible for assessing the Banks 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.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the standalone 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:

Q 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.

Q Obtain an understanding of Internal Control relevant to the Audit in order to design Audit procedures that are appropriate in the circumstances. As required by RBI letter DOS.ARG No.6270/08.91.001/2019-20 dated March 17, 2020 (as amended), we are also responsible for expressing our opinion on whether the bank has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

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

Q Conclude on the appropriateness of managements 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 banks 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 such disclosures are inadequate, to modify our opinion. 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.

Q Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone 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 consider quantitative 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 any 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.

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 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 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 Matters

9. a) We did not audit the financial statements / information of 633 branches (including 1 International Banking Unit situated in Gujarat International Finance Tec-City) included in the Standalone Financial Statements of the Bank whose Financial Statements / Financial Information reflect total advances of Rs.

102743.26 crores, total deposits of Rs. 168025.14 crores as at March 31, 2026 and total revenue of Rs. 11816.13 crores for the year ended on that date, as considered in the

Standalone Financial Statements. These branches cover 35.19% of advances, 47.93% of deposits and 44.83% of non-performing assets as at March 31, 2026 and 36.00% of revenue for the year ended March 31, 2026. The Financial 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. b) The standalone financial statements of the bank for the previous year ended 31st March 2025 were audited by the joint auditors, 2 of them were predecessor audit firms and expressed unmodified opinion on such financial statements vide report dated 25th April 2025.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

10. The Standalone Balance Sheet and the Standalone 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 applicable 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 subsection (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 Banks internal financial controls over financial reporting is given in Annexure A to this report. Our report expresses an unmodified opinion on the Banks internal financial controls over financial reporting with reference to the Standalone Financial Statements as at March 31, 2026.

12. We further report that:

a) 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 and proper returns adequate for the purposes of our audit have been received from branches not visited by us; b) the Standalone Balance Sheet, the Standalone Profit and Loss Account and the Standalone 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 Standalone Balance Sheet, the Standalone Profit and Loss Account and the Standalone Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For M/s. G D Apte & Co.	For M/s. Manubhai &	For M/s. Sagar & Associates	For M/s. S. Singhal & Co.
	Shah LLP
Chartered Accountants	Chartered Accountants	Chartered Accountants	Chartered Accountants
FRN – 100515W	FRN – 106041W/ W100136	FRN – 003510S	FRN – 001526C
CA C M Dixit	CA Vitesh D. Gandhi	CA D. Manohar	CA Mukesh Kumar
Partner	Partner	Partner	Khandelwal
			Partner
M No 017532	M No 110248	M No 029644	M No 074661
UDIN: 26017532CZPHSA4265	UDIN: 26110248ASJPHX4461	UDIN:26029644IVILKV8957	UDIN:26074661FPGZFT2758

Place: Pune

Date: April 20, 2026

M/s. G D Apte & Co.	M/s. Manubhai & Shah LLP
Chartered Accountants,	Chartered Accountants,
D-509, Neelkanth Business Park, Nathani Rd,	4th Floor, Capital One, Opp. Ashok Vatika BRTS Stop,
Vidhya Vihar West, Mumbai - 400086.	Ambli Bopal Road, Ahmedabad 380058
M/s. Sagar & Associates	M/s. S. Singhal & Co.
Chartered Accountants,	Chartered Accountants,
H. No. 6-3-244/5 Saradadevi Street, Premnagar,	S-4, Gordhan Enclave, 4B, Yudhister Marg,
Hyderabad - 500004	C-Scheme, Jaipur - 302005

Annexure "A" To The Independent Auditors Report

(Referred to in paragraph 11(e) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting with reference to Standalone Financial Statements 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 with reference to Standalone Financial Statements of Bank of Maharashtra ("the Bank") as of March 31, 2026 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 with reference to Standalone Financial Statements of the Banks branches.

Managements Responsibility for Internal Financial Controls:

The Banks 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 ("ICAI"). 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 Banks 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.

Auditors Responsibility

Our responsibility is to express an opinion on the Banks internal financial controls over financial reporting with reference to Standalone Financial Statements 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 with reference to Standalone Financial Statements 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 with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls over financial reporting with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls over financial reporting with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal financial controls based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment 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 Banks internal financial controls over financial reporting with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls Over Financial Reporting with reference to Standalone Financial Statements

A Banks internal financial controls over financial reporting with reference to Standalone Financial Statements 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.

A Banks internal financial controls over financial reporting with reference to Standalone Financial Statements 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 authorizations of management and directors of the Bank; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized 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 with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with reference to Standalone Financial Statements, 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 with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial controls over financial reporting with reference to

Standalone Financial Statements 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 with reference to Standalone Financial Statements and such internal financial controls over financial reporting with reference to Standalone Financial Statements were operating effectively as at March 31, 2026, 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 236 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.

For M/s. G D Apte & Co.	For M/s. Manubhai &	For M/s. Sagar & Associates	For M/s. S. Singhal & Co.
	Shah LLP
Chartered Accountants	Chartered Accountants	Chartered Accountants	Chartered Accountants
FRN – 100515W	FRN – 106041W/ W100136	FRN – 003510S	FRN – 001526C
CA C M Dixit	CA Vitesh D. Gandhi	CA D. Manohar	CA Mukesh Kumar
Partner	Partner	Partner	Khandelwal
			Partner
M No 017532	M No 110248	M No 029644	M No 074661
UDIN: 26017532CZPHSA4265	UDIN: 26110248ASJPHX4461	UDIN:26029644IVILKV8957	UDIN:26074661FPGZFT2758

Place: Pune

Date: April 20, 2026

Pillar 3 Disclosures - 31 Mar 2026

Basel III Pillar 3 disclosures as on 31 March 2026 is made available on Banks website under "Disclosure" section. For details, please visit our official website link -https://bankofmaharashtra.bank.in/basel_iii_disclosure

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