R S Software (India) Ltd Management Discussions

Revenue opportunities and sales performance

How did our Sales perform in FY24?

RS Software continued steadfastly on the tenets of its market strategy, thereby winning key deals that have contributed to our FY24 revenue and FY25 as well and creating new sales opportunities through direct sales and strategic relationships with prominent players globally as sales channels.

RS Softwares value proposition of our products suite built on future- ready technology stack that can deliver performance and resiliency as well as functional capabilities for payment modernization based experiential learning from markets globally resonated well with the central payment infrastructure entities, banks and financial institutions, and payment service providers, primarily in the North America market.

Our strategic and consistent sales execution has enabled us to win some of the deals and reach advanced stages of the sales cycle for multiple other opportunities, majorly using RS Softwares product-led solutions, namely RS DigitalEdge™, RS IntelliEdge™, RS SettleEdge™, RS Bill@Edge™, and Payabbhi?. Our sales efforts are focused on converting opportunities for payments modernization into long-term revenues.

One of the highlights of our sales effort in FY24 was winning two key new accounts by applying our deep domain knowledge and experience in merchant acquiring and acceptance, led by our product Payabbhi?, which has resulted in signing multiyear engagements for the licence and implementation of the solutions.

RS Software is in advanced stages of sales with some of the marquee financial institutions in Canada, and we are also pursuing opportunities to contribute to the development of Canadas realtime payment market infrastructure. RS Software had in the recent past contributed to the architecture and design of Canadas modern real-time payment rails.

Similarly, RS Software is pursuing multiple long-term revenue opportunities in the US market to help financial institutions and payment service providers to leverage real-time payments leading to operational efficiency, lower liquidity risk, and revenue growth.

Our efforts on many of the pipeline opportunities are aimed at converting them into contracts and engagements during the fiscal FY25 and beyond.

What were the principal challenges faced at the start of FY24? And how were these addressed?

To maximise our reach in the target markets and segments, our go-to-market efforts continue to focus on our Channel Partner strategy, thereby expanding and strengthening our partner network. We made significant progress during FY24 to meet this objective. Our existing strategic channel partner relationships yielded substantial results in the form of new deals and revenues in FY24. While we continue to increase our synergies and deepen the existing relationships, we have also opened discussions with additional new channel partners to pursue specific large opportunities, and more, in the North America, Europe and Middle East markets. With each of our channel partners, we work very closely during each of the sales pursuits to define and differentiate our propositions and meet the clients to position them to meet their business objectives.

What/Where has been our primary focus in Sales & Marketing activities during FY24?

RS Software focussed on furthering the channel partner strategy by pursuing global partners to expand our go-to-market reach and in creating a larger quality pipeline with focus on accelerating revenue realization through improved sales execution, higher productivity of salesforce, and therefore a successful validation of our strategy and approach.

We continued our strategic investment in our RS Payments Innovation Lab to further enhance the business and technology architecture to increase the reach of the modernized payment rails and build new use-cases, powered by the modernized rails, that the attracting the attention of business and technology leaders at our client and prospect organizations, and therefore are in demand. For mission-critical payment systems of any client, RS Softwares assets help drive and accelerate the payment modernization agenda by addressing the demand for shared digital infrastructure.

Another key focus of our sales and marketing efforts and activities was to leverage our unique or differentiated experience and capabilities to address market demand with product-led solutioning. The rich combination of RS Softwares payments domain expertise built over three decades, our open-source technology experience, and passion for innovative approaches to develop highly scalable, resilient, and secure solutions, has helped us develop the most strategic assets of our offerings portfolio.

Significant focus and sales and marketing effort was towards creating a quality pipeline of opportunities at new marquee clients with potential to contribute recurring revenue over the next 3-5 years and more. The sales execution and productivity were focused on ensuring the overall efficiency of the sales and marketing efforts along with a higher win rate.

All of this has led to building a strong sales pipeline for modernization of money movement involving mission-critical payment systems at market infrastructure operators, financial institutions and payment service providers, and we are applying our improved sales efficiencies to convert them into wins.

What does the Sales function expect to achieve in 2025?

RS Softwares Sales function is committed to sustaining the momentum of our revenue growth fuelled by new client acquisitions and new deals led by our product offerings, which will yield a multi-year revenue stream, including license fee revenue, and profitable growth comparable to our recent past performance and as per industry standards for a Payments products and solutions business.

The real-time payments provide a huge number of greenfield opportunities, especially with the demand for embedded payments and financial services to support the growth of digital commerce.

As payments become increasingly embedded within the commerce journey, solving for commerce-related payment services becomes critical, where payment instruments and payment rails are dynamically chosen based on data-led intelligence.

The winners of the future will demand a set of services that allow corporates or commercial banks or fintechs to build services that put payments at the heart of their businesses. There is a demand for fintechs and financial institutions to increasingly collaborate to bring to market real-time payment use-cases for businesses and consumers. This range of services means that although payments themselves will not change, the actual means of making those payments will change, and they may be unrecognizable in just a few short years. Eventually, truly open systems will allow interactions across platforms, operating systems and devices, regardless of geographies or payment methods, across debit, credit and lending.

RS Softwares product offerings are capable of meeting such a market demand, and our Sales function are aiming to generate more opportunities in this space. Participation in such opportunities and winning them will not only yield revenues in the near-term but will also position RS Software to automatically qualify and be considered for more newer opportunities for medium-to-long-term revenue growth and higher profitability and will continuously enhance the companys brand.

Our strategic sales efforts will be to grow in more geographies. Therefore, while we are focused on immediate revenue growth from the North America and India markets, we will make efforts to penetrate the Europe and Middle East markets as well.

Marketing

What are some notable achievements and contributions of RS Software to the Indian IT industry over the past three decade?

We were honoured to have been felicitated by Nasscom, the apex body for the technology industry in India, for our contribution during the last 3 decades to the foundation of the Indian IT industry.

The felicitation took place in the presence of the company Chairman and Managing Director, Mr. Raj Jain and members of the board. Also present was our guest of honour - Mr. Jawhar Sircar, Member of the Upper House (Rajya Sabha) of the Indian Parliament. Media from leading dailies in the eastern region also attended the event to witness the historic event.

Nirupam Chaudhuri, Eastern Regional Head, Nasscom enlightened the audience of RS Softwares contribution of over more than thirty years. The audience was appraised of how India remains the undisputed leader in digital payments and how about 46% of the global real-time payments in 2022 were processed on platforms built by RS Software. It was a proud moment to internalize that RS Software from Kolkata, built Indias digital payment stack - the three major platforms that together constitute a significant part of Indias digital payment infrastructure. West Bengal which is an icon of intellectual contribution to the progress of India, delivering the transformative foundation which is helping India to become the 3rd largest global economy by the turn of this decade.

What were some of the marketing and branding initiatives taken by the company?

The primary objective of the Marketing team was to enhance the RS Software brand. Until the beginning of FY24, RS Softwares brand positioning has been primarily of a Services organization. We are now in the process of establishing RS Softwares brand as an Innovation-driven Products organization offering high performance, secure and resilient solutions for digital payments.

The goal is to convert our marketing efforts into the following results:

i. Generate interest from new prospects for our offerings, and thereby help in creating new sales pipeline, and boosting sales and revenue numbers.

ii. Execute deal-specific campaigns to help in winning key deals.

iii. Create high recall value among the industry stakeholders.

iv. Attract investors to invest and get convincing returns.

v. Attracting talent pool to work in such a dynamic organization.

vi. Creating camaraderie among existing RSites to work more cohesively aligned to the corporate strategy.

We have considered three major stakeholders who we believe we should target to meet our objectives. The three stakeholders have been identified to meet the companys goals of being an Partner of Choice, Investor of Choice, and Employer of Choice.

5 Customers: Attract customers and help support Sales team close new business, therefore help in increasing revenue and create a high recall value among our customers for RS Software and its offerings.

5 Investors: Instill confidence in the investor community that we are on the growth path, and at the same time implementing financial disciplines that will generate a substantial return on investment.

5 New Talent and Employees: Help to bring on-board talented professionals to fulfil our growth by creating brand awareness on social media platforms and the corporate website.

Participating in marketing events was crucial for building brand visibility and forging valuable industry connections. The events offered unique opportunities to showcase our innovations, engage with potential clients, and stay ahead of market trends. During the fiscal, RS Software participated in the following marketing events.

Sibos - Sibos (formerly known as the SWIFT International Banking Operations Seminar) is the worlds global, premier financial services event attended by the whos who of the payments world. Senior representatives from the company attended the event which provided valuable opportunities to get insights into the latest trends in payments, showcase our products, and expand our networks with prospective customers.

Analytics Global Conference 2024 - RS Software proudly sponsored the Analytics Global Conference 2024, Kolkata Chapter, dedicated to advancing analytics in Eastern India. Our Chief Innovation Officer, Sumit Misra, contributed his expertise to a panel discussion on ‘Quantum and 5G for AI: The Technology Pathway, showcasing our commitment to pioneering innovation in the field.

Payments Canada Summit -The last quarter of the fiscal was spent in preparing for the Payments Canada Summit where RS Software was one of the exhibitors. The event was scheduled in fiscal 25, in May 2024.

In an endeavour to enhance media relations and increase public awareness of our companys initiatives and achievements, RS Software had organized a Press Meet in November 2023. This provided a platform to share important updates, and addressed queries, ensuring transparent and effective communication with stakeholders and enabled a direct engage with the media. This facilitated the building of relationships with journalists, enhanced the companys public image, and ensured accurate and extensive coverage of key developments and initiatives. Organized in the presence of our esteemed Board Members, the meet was attended by representatives from the electronic and print media. English dailies like Times of India had published a detailed coverage about the company, its strategy and future, at the same time highlighting its role in putting RS Software on the map of eastern part of India.

The team provided support to the HR team in increasing internal branding through various fun-events and knowledge sharing sessions like organizing debates.

Women in Payments - Our Executive Head of global business development Srishti Jain Andreasen participated at the Women in Payments, EMA Symposium in London. Srishti moderated the panel on ‘The Future of the Payments Industry: Digital Everything. With banks and corporates working on envisioning the future, and innovation being a top priority for all, financial institutions are looking for ways to move forward together. Women in Payments has around 35K+ followers and is an event to look forward to. The exciting conversation was around the future of payments in an increasingly digital world. Srishti Jain Andreasen (RS Software) was applauded for skillfully moderating the discussion for the sessions panelists, Katie Dilaj, PMP (Citi), Dora Grant (Griffin Bank), Sara Savidge (Fexco), and Lisa Scott. Their perspectives shed light on the evolving payments ecosystem, including the impact of instant payments, BNPL, open banking, CBDCs, and the rise of digital banks on the financial landscape.

Has RS Software been mentioned in any news coverage or publications, building its credibility and recognition within the industry?

The company has appeared in various news publications like the Telegraph, Financial Express and Times of India. The companys Q4 results for fiscal 24 were recognized by the stock exchanges as amongst the top 20 best results for that quarter. The company CMD Raj Jain was granted an exclusive interview to Express Computer. He shed light on the companys selection to bring to life the visionary plan set forth by NPCI for the development of the UPI. He also delved into how the company successfully achieved its goal of providing Payments at the Speed of Thought.

What are the different marketing tools used by the company and what benefit is it bringing to the table?

5 The corporate website continues to serve as a strong marketing tool.

* Website visitors were linked to our sales efforts towards business growth. During fiscal FY24, the company received queries for at least eight new business opportunities from across the globe (including India), which the Sales team is currently pursuing.

* The website was also a tool to attract potential employees.

* Series of blogs and white papers were published on payment modernization, fraud and bill payments.

5 Developed product collateral in the form of marketing brochures and videos. The team was also instrumental in developing prospect-specific collateral.

5 LinkedIn continues to be leveraged as a strong marketing tool.

* Our follower base continues to increase, having reached almost the 23,000 mark, with a significant percentage of them being ‘prospective employees, thus establishing their faith in our brand.

* During the fiscal, there was a marked improvement in visitor/ follower engagements in the form of likes, reposts, and comments.

* Our company page has been viewed around 55,000 times with 15+ unique visits

* We initiated a practice of doing a research on some followers who are working in companies that we are targeting to become our clients. Once done, individual messages are being drafted and sending out to them.

* To ensure a better capture of business leads, landing pages have been developed to use during social media campaigns.

What are the few marketing initiatives planned for in FY25?

5 Reposition the corporate website to align to our corporate strategy.

5 Put in place a robust SEO to enhance a websites online presence, drive organic traffic, build credibility, improve user experience, and provide long-term, cost-effective results

5 Support companys revenue growth through Inside Sales.

5 Focus will be given on the European market to create a brand awareness leading to developed interest, and then leads.

5 We will participate in multiple technical forums and marketing events such as Payments Canada 2024, EBDA Day 2024, Women in Payments, Sibos 2024, Nordic Fintech Week 2024 to name a few, as part of our continued efforts to increase our network and reach to position our products and offerings and achieve revenue growth.

Finance

What led to the phenomenal turnaround for the company in FY23-24?

The company has been making Investments of over Rs 1 billion in its products over the last 7 years. The said products are now getting traction in the market.. The losses in the past were on account of charging these investments which are now yielding results leading to turnaround of the company.

What has been the biggest challenge for the finance process in FY23-24?

Managing the cost-structure, while allowing for higher allocations to Sales and marketing and talent acquisition to meet the growth strategy, and making required capital investments.

How did you meet the challenge?

5 The Finance team continues to focus on multiple areas while adopting a strategic cost structure to meet the short-term requirements of the company, besides aligning the same with a longer- term strategy.

5 The Finance team was vigilant in the careful allocation of budgets and tracking cost productivity at all levels in the organization.

5 The Treasury management continued to be in focus while meeting all the statutory requirements of a publicly listed company.

5 The Finance Team continues to focus on the receivables collections.

How do you see the performance of the company going forward?

The company has been able to position itself as a pioneer in digital payments as witnessed over the last few years. Leveraging its position as the developer of India digital payment infrastructure - UPI, BBPS, and EFRM, the company has already received traction in global markets.

The company plans to expand its reach through its marketing efforts to penetrate in global market. Our success in the North American market during FY 24 will help to grow more in that region.

Quality & Benchmarking Highlights

What were the major achievements during FY24?

The Q&B process has been strategic to the company since its inception, and the company has pursued global benchmarking all thru its existence, of its process architecture. Over the years, the company has built a robust Process Architecture which has enabled RS Software teams to deliver high quality Products and Services to our customers.

In FY23, we continued to finetune elements of our Process Architecture and standards through the following actions:

5 Certification of ISO 27001:2013 and Re-certification of ISO 9001:2015 5 Migration of processes from Services to Product based offerings and services 5 Identifying and mitigating risks across processes and projects 5 Identifying and implementing business process automation to enhance productivity

5 Developing a thorough understanding of project dynamics by detecting points of failure and generating alarms

5 Conducting weekly reviews of project reported metrics and customer status reports 5 Conducting defect and root cause analyses

5 Organizing training sessions, workshops, planned and unplanned audits, quality weeks and other academic and non-academic seminars

5 Carrying out routine audits of quality systems by third parties 5 Security Standard certification for payment platforms.

What are your plans for FY25?

The organization has transformed to offering products and platforms in addition to services, Software quality in a product organization encompasses various dimensions that collectively ensure the software meets user expectations, performs reliably, and can be maintained and improved effectively over time. Effective management of these quality aspects involves integrating quality into every phase of the software development lifecycle, from requirements gathering to deployment and beyond. The primary objective of the Quality and Benchmarking (Q&B) function will be to ensure quality process is embedded in all aspects in Product Development Life cycle.

The end goal of Software Product Quality is the value it delivers on time to the stakeholders. There are three stakeholders in the value consumption process, and they are as follows:

1. Sponsor: The team which owns the budget, defines the business requirements and pays for the value

2. User: The team which gives the details of the requirement from point of functionality, usability and performance. This team is also the end user of the value and verifies the product.

3. Developer: The team which translates the business requirements to value The three aspects of Product Quality are as follows:

1. Functional Quality: The key aspect in this is meeting the functional requirements given by the Sponsor and Business users. The Requirements change and evolve throughout the product life cycle. The Iterative / Agile development model will be used to ensure value is generated at the end of each sprint which can be measured and linked with the end goal of the product. The process also includes testing of the product from the inception of development with the end goal of ensuring minimum defects. The Testing Process is integrated with the sprint to ensure that at the end of each sprint the output has been validated and defects are not carried to the next sprint. The other big benefit of the Agile / Iterative development model is there is a workable product at the end of each sprint which the users can use rather having to wait significantly late in the development process to get the output.

2. Structural Quality: The key aspect in the process is the structure of the code to ensure ease of maintenance. The other factors in this process are Code Understandability, Testability, Security and Efficiency.

3. Process Quality: The key aspect in this process is to have a repeatable process delivery and quality process which ensures consistently delivering value to the customer. The other key aspects are delivering the product on time and within budget.

RS Software Quality Process has a well-defined and documented process to ensure the products delivered meet the Industry Benchmarks. The quality process is embedded in the development life cycle right from the conceptualization of the product. There are review gates at every step of the process to ensure no defect is passed into the next sprint to the extent possible and the final output excels customer satisfaction. This will be ensured by the following:

1. Defined and Documented Product Management Process

2. Independent Testing Team to validate Defect Free Deliverables

3. Independent Internal and External Audits to verify Compliance to Defined and Documented process

4. Implementation of Corrective Actions in areas of process failure

5. Continuous Training on the various aspects of Product Management and Software Quality Assurance

What were some of the employee-focused key initiatives taken by the company?

Continuous employee-focus is one of the key pillars for our companys performance and growth. Our HR function has taken multiple initiatives towards employee-focus.

As RS Software participates in the fast-evolving solutions in digital payments to pursue high-quality profitable growth, retaining our high-quality talent and acquiring new talent to fulfil the growth opportunities is one of the key initiatives of our company.

5 The organization has employed a focused strategy to attract highly skilled talent, leading to the recruitment of 31 highly skilled lateral hires in FY24. Among the new hires, 10% are senior professionals with deep domain and technology expertise and 45% are at mid-level. This includes the re-hiring of 4 ex-employees of the company who were keen to work in high-quality digital payments that our company is engaged in. This reflects the brand of the organization and the value these personnel see in RS Software in terms of learning and growth.

5 Additionally, we have successfully onboarded 14 interns from esteemed engineering colleges in India, with 11 of them being offered full-time positions following their internships.

5 We retained majority of the workforce by maintaining a healthy work environment, providing excellent opportunities in building innovative and differentiated payment solutions using cutting-edge technologies, and offering market-driven competitive remuneration. Our attrition in FY24 was 4.5% compared to the industry average 18-19% in India. This number includes both, voluntary separation and involuntary separation due to performance issues.

The company executed a planned effort towards competency development of our workforce in the following areas:

5 Payments domain: Real-time Payments, Alias Management, Clearing and Settlement, Overlay Services, Fraud and Risk Management, Bill and Invoice Payments, Merchant Acquiring and Acceptance, etc

5 Technology: Primarily in scalable design and architecture principles, Java (full stack), open- source technologies used in our products

5 Processes: Product development, service

delivery management, Agile, quality management

5 Soft Skills: Primarily communication (through Debates and Group Discussions) and client engagement.

The organization has adopted a ‘hybrid work model - a combination of working some days of the week in RS Softwares office and working for the remaining time from home. The leadership team and managers have set an example by working from RS Softwares office every day of the week. A smooth easy-to-execute process has been implemented to ensure that this hybrid work model is continuous monitored to ensure effective delivery of our work for our clients and maintain all human touch elements for our workforce. This has enhanced our employee engagement, and the overall morale and productivity of our workforce.

We have implemented additional risk management processes to ensure 100% availability of infrastructure to support delivery to our clients, innovation, and the complete business operations. Employees now have increased direct and secure access to the systems, in-person at RS Softwares office or while working remotely, to meet faster and improved service levels.

Our RS Club initiative hosts exciting events regularly to maintain a healthy fun-at-work environment and is has helped in further increasing the morale of our workforce.

How did you ensure communication with employees during FY24 when the working mode was ‘hybrid?

In FY24, our workforce operated in a hybrid model. The work-plan for each week was defined and reviewed at the delivery management level in advance, and the same was implemented week- on-week through a formal communication to all concerned personnel of the company. The key driver for defining the weekly work-plan, including which personnel would work from RS Softwares office on which day was driven by the delivery plan agreed with clients and the right team mix to achieve that plan on-time and at high quality level. During FY24, we focused on regular and enhanced employee communication through the following steps and execution framework:

5 We invested in an organization-level collaboration platform that all our employees

adopted to engage in various forms of communication such as emails, chat, and audio and video calls for, both, 1:1 and team discussions, and for remote meetings with clients and partners.

5 The leadership team engaged not only with the line managers but also with the second level of management every week. This was mostly done through in-person meetings instead of using online/remote modes of communication to ensure effectiveness in communication and implementation. Touch- points were created to ensure employees could connect with HR and senior management at any time as required.

5 The operating leaders in our Innovation, Delivery, and Support functions held weekly meetings with their teams to manage the business execution, share progress updates and seek their teams inputs on day-to-day operational aspects. The collaboration platform was widely used for open and seamless communication to ensure the effective execution of client-facing projects and internal organizational initiatives for each team.

5 The CEO and the executive management team conducted Open Houses to drive a culture of open communication and employee participation at all levels. This helped improve the people management skills of all team managers in the organization and overall employee morale and satisfaction.

What are the key practices in HR that are helping the company

achieve the goals set by the transformation the company is

pursuing?

The following HR practices are helping the company significantly

in achieving its transformational goals:

5 HR is enabling continuous employee engagement, across all operating and leadership levels, through digital channels and tools, in-person interactions, and focused sessions.

5 There is a special focus on training and building competencies that are directly aligned with the companys business plan. The competency-building plan takes into consideration the performance, strengths, and capabilities of every individual, the existing team composition, and the employees career

growth aspirations. Highly experienced and knowledgeable leaders in the company are directly involved in driving this focused exercise, and the same is assessed each month for effectiveness and results, and improvements are incorporated as per our analysis and key business drivers.

5 The performance management system has been enhanced to ensure better individual and team performances that contribute to the companys business goals and ensuring retention of quality talent. There has been a significant focus on Certifications and Self Learning.

Overall, we have established a combination of people, process, and performance-oriented culture, that recognizes the strengths of our human capital and also the companys needs towards its business plans, with a commitment to achieve a win-win result for the organization as a whole and every employee.

What are HRs plans/goals in FY25?

HR will focus on the following key areas and the respective goals to ensure that we meet our business plan for FY25:

5 Talent acquisition: Taking into consideration our business plan for FY25 and the companys medium-to-long-term business strategy, we have projected the number of new hires and talent mix for each month. Our Talent Acquisition team is focused on meeting the talent numbers and mix, which will be reviewed every two weeks with the fulfilment and business teams to ensure that the plan for each month is in line with the business execution (that is, Product Management, Sales and Delivery). The goal is also to continuously improve the talent mix such that we can successfully pursue and fulfil product-led high-value opportunities that accelerate our revenue growth at higher profitability. We plan to use the mix of sourcing directly from the market and leveraging sourcing partners to effectively meet our fulfilment plan. Importantly the company is in active contact with its alumni, and some key positions have been filled during FY 24 from ex-Rsites who are keen to rejoin the family.

5 Competency development: HR team will work closely with the Innovation and Products teams, through our RS School of Payments, to continuously train our workforce in newer

areas of Payments and Technology that are required to meet the business demand and growth opportunities. The competency of every individual and his/her performance will continue to be tracked to ensure that our investment in competency building is yielding the expected results.

5 Performance management: Currently, the goals for every employee in the company are aligned with the companys goals for each quarter and the fiscal, and individual performances are evaluated and appraised every quarter solely based on the performance of that individual and the company during that quarter. HR will continue to execute this process with complete rigor. HR will also continuously monitor and track the performance of every individual in the company, engage with our market-facing and business leaders, and compare vis-a-vis industry standards to evaluate the effectiveness of our performance management system, and will incorporate changes and improvements as needed with the primary objective being the companys sustainable growth and

ability to meet our business plan for FY25 and medium-to- long-term strategic goals. Observations during the quarterly performance appraisal process are also translated into inputs for individual competency development plans.

5 Internal branding: Our HR team is committed to building a strong internal brand that fosters a sense of pride and belonging among our workforce. This year, we will focus on enhancing our corporate culture through targeted initiatives such as comprehensive training programs, employee recognition schemes, and open communication channels. By promoting our core values and vision, we aim to create an engaging and supportive work environment that not only attracts top talent but also retains and develops our existing team members. These efforts will ensure that every employee feels valued and aligned with our mission to innovate and lead in the digital payments sector.

Risk and Response

Payments modernization has been in progress for many years now, is there a risk of this work reaching a saturation point soon? Will this limit the growth opportunity for the company?

This is a multi-decade opportunity and its got plenty of steam. The central payment infrastructure of very many countries including in the developed world, and banks in these countries are still modernizing their legacy systems. We continue to be engaged with enhancing Indias digital payment infrastructure to be available for accelerated adoption. The next 5 years have a large $800 billion opportunity.

What are the Internal control systems in place and the governance for its implementation?

The twin combination of the Companys quality audit system, and financial audit system continuously monitors and ensures that all assets are safeguarded, established regulations are complied with and pending issues are addressed promptly. Essentially the key principles of ESG are being worked upon. The Board of Directors is deeply engaged in ensuring high governance standards in all areas of the company.

To meet your growth strategy, how do you ensure availability of talent and people being current in their knowledge to contribute to the growth of the company?

The Company is focused on continuously enhancing its knowledge repositories, built over the past 30 years, and ensuring the culture of Innovation is reinforced across the organization. This is evidenced by the high mission-critical work that the company continues to do for its clients in India and global markets. RS School of Payments and RS Payments Innovation Lab are the key pillars for the growth of our people,

5 The company is actively in contact with its alumni and there are several people in key roles who are coming back to the RS family

5 The organization is focused on competency development of the individuals in the areas of Payments domain: Real-time Payments, Overlay Services, Fraud and Risk Management, Bill and Invoice Payments, Merchant Acquiring and Acceptance, Alias Management, Reconciliation and Settlement, etc.

5 Technology: scalable design and

architecture principles,

5 Processes: Product development,

service delivery management, Agile, quality management

5 Soft Skills: communication and client engagement

Are there regulatory risks in your industry?

Yes, the payments industry is going through a major transformation, which is making the regulators very active, sometimes proactive, and sometimes reactive. Fortunately, all this is positive for the growth of the payments industry, creating a larger market opportunity.

Can you please explain the Cautionary statement made by the company?

The statement made in this section describes the Companys objectives, projections, expectations and estimations which may be called ‘forward-looking statements within the applicable Securities Laws and Regulations. Forwardlooking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized by the Company. Actual results could differ materially from those expressed or implied in the statements due to the influence of external factors beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statement on account of any subsequent development, information or events.