Indian Economic Review
Overview
India continued to strengthen its position as one of the worlds fastest-growing major economies, with GDP expanding by 6.5%, a moderation from the previous years pace but still a strong performance in the global context. Growth was powered by resilient domestic demand, a notable rural recovery, and robust expansion in services and construction. Agriculture also saw improved momentum, aided by favourable conditions.
Inflation steadily declined, easing to 4.63% for the year and dropping further to 3.34% in March 2025, creating space for the RBI to cut the repo rate to 6%. This brought relief to households and businesses, while also boosting consumer confidence. The rupee strengthened in the latter part of the year, and foreign exchange reserves rose to $676 billion, reflecting improved external stability.
The financial sector posted strong gains. Scheduled commercial banks brought down their gross NPA levels to 2.6%, and maintained a comfortable capital adequacy ratio of 16.7%. Credit rating upgrades continued to outpace downgrades for the fourth straight year, thanks to low corporate leverage and consistent economic performance.
In the global context, the Indian economy presents a picture of strength, stability, and opportunity. First, strength comes from the strong balance sheets of the five major sectors - corporates, banks, households, government, and the external sector. Second, there is stability on all three fronts – price, financial, and political – providing policy and economic certainty in this dynamically evolving global economic order. Third, the Indian economy offers immense opportunities to investors through 3Ds – demography, digitalisation and domestic demand.
This 5x3x3 matrix of fundamentals provides the necessary core strength to cushion the Indian economy against global spillovers and propel it to grow at a faster pace. (Source: RBI)
Industry Overview
Indian Banking Industry
Indias banking sector continues to play a pivotal role in supporting economic growth through capital mobilisation, credit expansion, and financial inclusion. Banks and NBFCs remain the backbone of Indias financial sector, providing support to its growth aspirations by meeting the credit requirements of the productive sectors of the economy. Banks in India will continue to nurture and incentivise the development of infrastructure to give a ‘digital push to payments and settlements. They are also committed to playing an enabling role in the adoption of emerging technology, while reinforcing its customer-centric measures and deepening financial inclusion. Maintaining financial stability and being a facilitator of development will continue to remain the overarching goal of Banks in India under the regulatory and supervisory guidance of Reserve Bank of India. Though gross NPAs fell to a 12-year low of 2.6%, rising defaults in unsecured loans—making up 51.9% of new retail NPAs as of September 2024, pose risks, especially as many borrowers also hold secured loans. The sector remains well-capitalised but must manage emerging credit stress and global uncertainties.
Net interest income is expected to grow in 2025, with moderate growth expected through 2029, reflecting cautious optimism amid evolving dynamics.
(Source: IBEF, CNBC, Statista)
Small Finance Banking Industry
Small Finance Banks (SFBs) were established to drive financial inclusion by extending credit to underserved groups and small businesses. While the sector grew strongly in FY24 (24%), growth slowed to 18–20% in FY25 amid rising delinquencies, especially in microfinance. The GNPA ratio rose to 2.6–2.8% (from 2.1% in FY24), and ROA dropped to 1.4–1.6% from 2.1%. A modest ROA recovery to 1.6–1.8% is expected in FY26.
Profitability in H2 FY25 was hit by higher provisions and loan write-offs, needed to maintain asset quality for universal bank license eligibility. Margin pressure persisted due to high funding costs, increased secured lending, and rising operational expenses. Despite near-term challenges, SFBs remain pivotal in advancing inclusive banking through digital innovation and grassroots outreach.
(Source: ICRA)
Microfinance Industry
Indias microfinance sector remains critical for financial inclusion, supporting underserved individuals and small businesses. Stress levels rose, with NBFC-MFIs seeing 90+ DPDs climb to 3.5% and 60+ DPDs to 5.6% by Q3 FY25, leading to slower disbursements and credit growth.
Profitability was hit by rising credit costs (peaking at 13.5% in Q3) and higher operating expenses. FY25 credit costs are expected to average 9.6%, as asset quality improves. Liquidity buffers remain adequate, but borrower overleveraging is a concern. To address this, a H2 lakh cap on total borrowings has been introduced, along with a new three-lender rule effective April 1, 2025.
While growth may moderate, these measures aim to ensure responsible lending. The NBFC outlook remains negative, but the MFI outlook is stable, supported by the sectors importance and expected recovery in H2 FY26.
(Source: CNBC)
Micro, Small and Medium Enterprises (MSME)
The MSME sector remains a key pillar of Indias economic growth, contributing 45.7% to exports in FY24 and employing over 25 crore people across 5.93 crore units. As a major driver of entrepreneurship, job creation, and rural development, the sector is central to Indias ambition of doubling its economy.
To boost MSME competitiveness, the Union Budget 2025–26 raised the ministrys allocation by 4.6% to H23,168 crore. Key reforms include increased investment and turnover thresholds for classification, expanded credit guarantee coverage, and targeted schemes for first-time entrepreneurs and sectors like footwear, leather, and toys.
MSME exports surged from H3.95 lakh crore in FY21 to H12.39 lakh crore in FY25, with the number of exporting units tripling. The government now focuses on promoting R&D, tech adoption, and global partnerships to enhance product quality and global competitiveness, ensuring sustained growth and resilience for the sector.
(Source: pib.gov.in, IBEF)
Housing Finance
Indias housing finance sector has grown significantly, driven by rising incomes, affordability, and strong government support through schemes like PMAY. As of March 2024, the individual housing loan portfolio stood at H33 trillion, growing at a 13% CAGR over six years and comprising 14% of total systemic credit. Public sector banks hold 40% of this market, followed by private banks at 34.5%.
The sector is projected to grow at a 15–16% CAGR through FY30, with strong demand in affordable housing. HFCs portfolios rose 13.2% to H9.6 trillion in FY24, with NIMs at 3.7%. Challenges include tight liquidity and stable borrowing costs, but NPAs are expected to remain moderate at 1.6–1.8% in FY25–26.
(Source: Care Edge)
Commercial Vehicle & Construction Equipment Finance
The commercial vehicle & construction equipment finance markets are experiencing steady growth, driven by global trade expansion, infrastructure development, and increasing industrial activity. In 2024, the commercial vehicle market reached $976.15 billion and is expected to grow to $1,067.45 billion in 2025. Key drivers include e-commerce logistics, last-mile delivery, green transport initiatives, and supply chain efficiency.
Meanwhile, the construction equipment finance market, is expected to grow in 2025. This growth is fuelled by rising demand for construction equipment, smart city projects, accessible financing options, and stable resale values. Both sectors are set to benefit from continued infrastructure investment and evolving market dynamics.
(Source: Business research company)
Utkarsh Small Finance Banks Overview
Headquartered in Varanasi, Uttar Pradesh, Utkarsh Small Finance Bank Limited (Utkarsh SFBL) was incorporated on April 30, 2016, as a public limited company under the Companies Act, 2013. As of March 31, 2025, the Bank has established a strong presence nationwide through its 1092 banking outlets spread across
23 States and 4 Union Territories of the country. It maintains a significant presence in rural and semi-urban regions, aligning with its mission to serve underbanked communities.
This strategic focus on underserved areas has not only driven the Banks growth but also enabled compliance with the Reserve Bank of Indias directive that mandates at least 25% of branches be located in Unbanked Rural Centres (URCs). As of March 31, 2025, 27% of Utkarsh SFBLs outlets were situated in URCs. Over the past two financial years, the Bank has added more than 260 branches, a steady expansion that supports its ongoing business growth and strengthens its diversified operational profile.
As of March 31, 2025, Utkarsh Small Finance Banks branch network comprised 761 Micro Banking (MB) branches and 331 General Banking (GB) branches. The MB branches are primarily located in rural and semi-urban areas and focus on micro-banking loans and advancing financial inclusion. In contrast, the GB branches are concentrated in metropolitan and urban centers, offering a broader range of services, including deposit mobilization and lending products such as MSME (retail assets) loans, housing loans, and loans for commercial vehicles & construction equipment.
Utkarsh SFBL is committed to advancing financial inclusion by providing access to banking services for underserved and unserved segments of society. This includes women entrepreneurs, low- to middle-income households, micro and small enterprises, and homebuyers from similar income groups. To fulfil this mission, the Bank has established a strong presence in financially underserved regions such as Bihar, Jharkhand, and Uttar Pradesh. As of March 31, 2025, these states accounted for 54% of the banks gross loan portfolio, highlighting both its impact and the significant growth potential in these areas. Utkarsh SFBL actively expands its footprint to address the banking needs of all its customers across the country. The banks journey began with micro-banking operations in Uttar Pradesh in September 2009 through its promoter entity, Utkarsh Core Invest Limited (UCL). Since then, it has built a solid reputation in the microfinance sector, laying a strong foundation for long-term growth. While continuing to scale its micro-banking business, the Bank is also diversifying its retail loan portfolio with products focused on MSME (Retail Assets), housing, and commercial vehicle & construction equipment (CV & CE) financing.
As of March 31, 2025, Utkarsh SFBL had a strong workforce of 19,779 employees, serving a customer base exceeding 4.9 million. The banks gross loan portfolio reached H 19,665.59 crores, reflecting continued growth and outreach.
Utkarsh SFBL offers a wide range of banking services as permissible for small finance banks. Its product suite includes various savings and current account options tailored to meet the diverse saving and transaction needs of its customers. Embracing digital transformation, the Bank provides convenient banking experiences through Internet Banking, Mobile Banking, Bharat Connect Bill Payments, Aadhar Enabled Payment System, ASBA, and E-Nach and UPI-based transactions.
The banks deposit base also witnessed substantial growth, rising from H17,472.60 crores as of March 31, 2024, to H21,565.70 crores as of March 31, 2025, underscoring increasing customer trust and engagement.
Focusing on financial inclusion, the Bank provides a diverse suite of products and services tailored to meet the unique needs of various customer segments.
The Bank is led by its Managing Director and Chief Executive Officer, Mr. Govind Singh, who brings over 25 years of experience in the banking and financial services sector. The board comprises members with diverse industry expertise, offering strategic direction that supports the banks continued growth. Backed by a seasoned senior management team with deep industry knowledge, the Bank remains focused on sustainable and responsible expansion.
Business Performance
The Bank has built a robust presence in rural and semi-urban areas, with approximately 65% of its branches located in these regions. Its distinctive branch network is designed to deliver customized and relevant financial solutions while maintaining operational cost efficiency. The Banks micro banking (MB) branches provide micro-credit, a range of retail loans, deposit services, and payment solutions to meet the diverse needs of its customers.
Demographic Break Up of MB Outlets
On the other hand, GB branches focus on garnering deposits. The Bank has adopted the strategy to target the top 100 locations that can facilitate deposit mobilisation to expand its GB branches network.
Demographic Break Up of GB Outlets
Financial Statements
As of March 31, 2025, the Bank operated its MSME (Retail assets), housing loan, and CV & CE loan verticals through 86, 63, and 47 branches, respectively. This extensive branch network not only supports a diversified customer base but also offers strong cross-selling opportunities.
During FY 2024–25, the Bank delivered stable performance, with total assets growing by 18% to H28,127.44 crore. This positive growth reflects the banks strategic expansion and broad portfolio of services. Utkarsh SFBLs gross loan portfolio and deposits grew by 7% and 23%, respectively, reaching H 19,665.59 crore and H21,565.70 crore as of March 31, 2025.
Liabilities – Deposits
The Bank has adopted a strategic focus on Indias top 100 deposit centres, primarily targeting metropolitan and urban markets. It offers a comprehensive suite of services at competitive rates, catering primarily to a broad retail customer base, including senior citizens, middle-class individuals, salaried professionals and the self-employed.
To support this growth, the Bank opened 204 new branches in FY 2024–25. The Bank has a presence across 27 States and Union Territories, operating through a network of 1,092 banking outlets. This includes 331 General Banking (GB) branches and 761 Micro Banking (MB) branches. Among the GB branches, 90% are situated in metropolitan and urban areas, with a focus on mobilizing stable and sustainable deposits. Meanwhile, 88% of the MB branches are located in rural and semi-urban regions, playing a key role in advancing the Banks financial inclusion initiatives. Complementing this network are 369 ATMs and 760 micro-ATMs, offering cost-effective access to essential services such as cash deposits, withdrawals, and green PIN generation. The Bank continues to enhance its digital and fintech capabilities through both direct initiatives and strategic partnerships. Customers can now instantly open savings and term deposit accounts via video KYC on the Banks website. Moreover, a fintech partnership has enabled the Bank to offer term deposit products to the fintechs existing customer base. Innovations Deposits (in Crore)
like interoperable card-less cash withdrawal (ICCW) have been introduced, allowing customers to withdraw funds from enabled ATMs without using a physical card. The Bank also participates in the Aadhaar enabled payment system (AEPS) as both an issuer and acquirer, facilitating convenient cash withdrawals and access to micro-ATM services in rural and semi-urban regions.
Deposits Growth
The Bank has maintained a strategic focus on achieving sustainable and consistent deposit growth, driven by a well-diversified and granular retail deposit portfolio. As a result, the total deposit grew to H 21,566 crore as of Mar 31, 2025 marking a strong year-on-year (YoY) increase of 23.4%. The Banks CASA Deposits grew by 31% YOY to H 4,699 Crore in FY24-25 ,reaching a CASA ratio of 21.8%.
Improvement in CASA Ratio and CASA + RTD Ratio
| Mar23 | Mar24 | Mar25 | |
| CASA (Amount in H Crore) | 2,864 | 3,582 | 4,699 |
Retail term deposits (RTD) emerged as a key driver, growing by 33.5% YoY to H10,635 crore as of Mar31, 2025. The bulk term deposit book also expanded to H 6,232 crore as of Mar31, 2025, reflecting a 5.2% YoY growth. The overall deposit growth was predominantly led by the surge in RTDs.
Key performance metrics saw notable improvements:
1. CASA Ratio: 21.8%
2. CASA + RTD Ratio: Improved to 71.1%
3. Credit to Deposit (CD) Ratio: Improved to 86.8%
4. Net stable funding ratio (NSFR): Stood at 120.76%
Deposit Portfolio Enhancement
Despite industry headwinds, the Bank was able to grow its CASA deposits by 31.2% YoY, taking CASA Ratio to 21.8% as of Mar31, 2025. Banks CASA+RTD ratio improved to 71.1% reflecting healthy retail mix.
The Bank has strengthened its institutional deposit base by intensifying efforts to acquire and deepen relationships across the Government, TASC (Trusts, Associations, Societies, and Clubs), and Financial Institution segments. Moreover, it has successfully reduced its reliance on high-cost bulk deposits.
Reduced Dependency on Bulk Deposits
Bank focused on building well-diversified customer base. Concentration risk reduced as share of deposits from Top-20 customers brought down to 16%.
Decline in Top-20 Depositors Concentration
Geographically Well Diversified Mix Of Deposits
The Banks deposit portfolio is well-diversified across geographies, with no single State or Union Territory accounting for more than 20% of the total deposits. As of March 31, 2025, the Bank had established its presence across 27 States and Union Territories. The largest shares of deposits come from Uttar Pradesh (17.3%), Maharashtra (14.6%), NCT of Delhi (12.3%), Haryana (7.7%), Uttarakhand (5.9%), and Bihar (4.8%). This broad-based distribution reflects the Banks strategic focus on geographic diversification, supporting a balanced and de-risked deposit profile.
Geographical Split of Deposits
States |
% Share in total deposit | Total banking outlets |
| Andhra Pradesh | 0.3% | 4 |
| Assam | 0.8% | 2 |
| Bihar | 4.8% | 272 |
| Chandigarh | 1.8% | 3 |
| Chhattisgarh | 1.3% | 24 |
| Goa | 0.1% | 2 |
| Gujarat | 4.2% | 20 |
| Haryana | 7.7% | 35 |
| Himachal Pradesh | 2.4% | 4 |
| Jammu & Kashmir | 0.2% | 1 |
| Jharkhand | 4.3% | 99 |
| Karnataka | 1.6% | 10 |
| Kerala | 2.0% | 11 |
| Madhya Pradesh | 2.2% | 53 |
| Maharashtra | 14.6% | 85 |
| Meghalaya | 0.0% | 1 |
| NCT of Delhi | 12.3% | 35 |
| Odisha | 1.0% | 101 |
| Puducherry | 0.1% | 1 |
| Punjab | 4.3% | 10 |
| Rajasthan | 2.6% | 29 |
| Sikkim | 0.0% | 1 |
| Tamil Nadu | 2.3% | 15 |
| Telangana | 1.1% | 5 |
| Uttar Pradesh | 17.3% | 225 |
| Uttarakhand | 5.9% | 27 |
| West Bengal | 4.6% | 17 |
Total |
100.0% | 1,092 |
Note –classification as per RBI regional categorization
Northern Region – Chandigarh, Haryana, Himachal Pradesh, Jammu & Kashmir, NCT of Delhi, Punjab, Rajasthan Central Region – Chhattisgarh, Madhya Pradesh, Uttar Pradesh, Uttarakhand Eastern Region – Bihar, Jharkhand, Odisha, Sikkim, West Bengal Western Region – Goa, Gujarat, Maharashtra Southern Region - Andhra Pradesh, Karnataka, Kerala, Puducherry, Tamil Nadu, Telangana North East Region – Assam, Meghalaya
Product Offerings
The Bank offers a comprehensive suite of demand and term deposit products, complemented by a range of digital and utility services tailored to meet the diverse needs of its customer base. Its product portfolio caters to individuals, senior citizens, high-net-worth individuals (HNIs), non-residents, MSMEs, corporates, and businesses across the retail spectrum.
Seamless digital banking solutions including internet and mobile banking, WhatsApp Banking, UPI, and Digital Fixed Deposits, are central to the Banks technology-driven approach. Additional services such as debit cards, bill payments, Aadhaar seeding, interoperable card-less cash withdrawals, lockers, POS solutions, and merchant payment soundbox apps are offered alongside insurance and asset products. The Bank has also built a strong asset-liability franchise and distributes third-party products through multiple channels.
For institutional clients, the Bank provides specialized solutions such as cash management services, Smart Pay, corporate internet banking, and PFMS integration—delivering a robust and comprehensive institutional banking experience.
To enhance its competitive edge, the Bank has undertaken several strategic initiatives and digital revamps, strengthening its capabilities through both in-house innovation and external partnerships. Bank pursued the following initiatives in the financial year:
Non-Resident Banking Services: Bank launched, on pilot basis, NRO/NRE savings and term deposit products to cater to the Non-Resident segment.
Real Estate Regulation Act (RERA) Account: The introduction of a dedicated proposition for the Real Estate segment is expected to help tap into a large market opportunity in real estate sector, enabling growth in the institutional client base and an increase in CASA balances.
PFMS: Public Financial Management System (PFMS) is an initiative of Ministry of Finance, Govt. of India which provides a web-based application for e-payment of Direct Benefit Transfer (DBT)/ Non DBT payments. Implementation of PFMS payment solutions would be a leverage in building government and TASC segments.
E-ASBA (Application Supported by Blocked Amount): Launch of ASBA services on Internet/Mobile Banking and UPI platforms to serve mass segment.
Internet Banking and Mobile Banking: Bank offers advanced applications to the customers, which is secure and robust and offers ease of operation. Major developments ongoing - onboarding journey simplification, UI-UX improvements and limit enhancements.
SPARSH Service Centres: The Bank is empaneled with the Defence Accounts Department (DAD) to act as a SPARSH Service Centre through all its General Banking Branches for which the Bank entered into an MoU with the Controller General of Defence Accounts, Ministry of Defence. This empanelment enables our Bank to provide last mile connectivity to Defence pensioners, especially those who live in remote areas of the country and those who do not have the means and access to logon to SPARSH Portal.
Life Insurance of India (LIC) Current Accounts: The Bank has signed the MoU with LIC of India for providing banking services to Corporate Office and its Branches/ Zonal / Divisional Offices. This MoU will facilitate opening the Current Account of Head Office of LIC of India for transfer of funds to/ from the Current Accounts of Branches and Divisional Offices as well as for various other purposes.
WhatsApp Banking: The Bank has gone live with WhatsApp banking services enabling mini statements, debit card services, etc.
UPI: Ongoing utility enhancements viz UPI lite, Tap & Pay and Auto Top up.
Fintech Partnerships: Onboarded Money Honey Financial Services and Bajaj Capital Financial Services for sourcing FD via physical and redirection model.
Customer Service and Digital Adoption
The Bank remains committed to delivering customer excellence by continually enhancing its technology infrastructure and service delivery processes. A well-equipped customer care center, supported by a dedicated relationship management channel, ensures efficient and personalized support across customer segments.
To streamline and elevate the service experience, the Bank has deployed several technology-driven solutions, including tab-based onboarding, next-generation applications, advanced customer relationship management (CRM) systems, and video banking capabilities. These digital tools play a key role in improving responsiveness, accessibility, and overall customer satisfaction.
Assets – Lending Products
Utkarsh SFBL continues to strengthen its retail loan portfolio by focusing on a diverse mix of lending products, including micro-banking loans through the Joint Liability Group (JLG) model, micro-banking business loans, MSME (retail assets) loans, housing loans, and loans for commercial vehicles & construction equipment.
As of March 31, 2025, the banks gross loan portfolio grew by 7.47% and stood at H19,665.59 crore. This expansion was primarily driven by strong performance in non-JLG segments, including other retail loans and wholesale lending, which together registered a robust 45% growth during FY25, albeit on a modest base. However, this growth was partially offset by a 17% decline in the JLG loan portfolio over the same period.
*Excluding BC JLG portfolio; including BC JLG, JLG loan book is H 9,207 crore (47% of total portfolio) as of Mar-25; **Includes PM Svanidhi & PM Vishwakarma loan portfolio of H 9 crore as of Mar-25
Micro-Banking Lending
Utkarsh SFBL began its journey in September 2009 from Uttar Pradesh and has since built a strong track record in the micro-banking sector. With a focused presence in rural and semi-urban regions, areas that remain largely underserved, the Bank has played a pivotal role in driving inclusive growth and expanding access to financial services.
The Bank offers Joint Liability Group (JLG) loans, Micro-Banking Business Loans for mature JLG clients, PM SVANidhi loans tailored for street vendors and PM Vishwarkarma to traditional artisans and craftspeople. These financial products are designed to empower low-income and underprivileged individuals who traditionally have limited access to formal banking. By supporting income-generating activities and entrepreneurial ventures, these loans have enabled many customers to improve their livelihoods and pursue their aspirations.
The JLG structure fosters strong credit discipline through frequent and personal interactions with borrowers. This model not only ensures financial sustainability across economic cycles but also delivers meaningful social impact—making micro-banking a true double bottom-line business for Utkarsh SFBL.
Micro-Banking Loan Book (in crore)
As of March 31, 2025, the Banks micro-banking loan book stood at H9,679 crores. Within this, the JLG (Joint Liability Group) segment saw a reduction, tapering down to H8,761 crores at the close of FY25 compared to H10,634 crores in FY24. On the other hand, the micro-banking business loan segment demonstrated a notable expansion, climbing to H910 crores in FY25 from H671 crores a year earlier—reflecting a year-on-year increase of 36%. This uptick was largely driven by onboarding seasoned JLG borrowers and sustained disbursals across recurring loan cycles.
Looking ahead, the Bank anticipates a positive momentum in JLG lending volumes alongside robust growth in business loan advances, underpinned by its established reach in regions that remain underserved. The Banks tech-led initiatives—ranging from fully digital loan and savings account onboarding to services like e-KYC, e-signatures, personalized QR-based collections, and micro-ATMs—are expected to reinforce a scalable and efficient operating model.
While Bihar and Uttar Pradesh continue to anchor the Banks micro-banking operations, its geographic footprint has been steadily expanding. As of the fiscal year-end, the micro-banking portfolio extended across 13 states and union territories, catering to over 28 lakh clients. The Banks presence spans 182 districts and is supported by a network of 761 dedicated micro-banking outlets.
Demography Wise Break-Up Of Banks Micro-Banking Portfolio
State wise break-up of Banks Micro-Banking portfolio
The bank offers cashless disbursement for all micro banking loans, ensuring that funds are transferred directly into the customers Bank account. In line with its digital strategy, the Bank is actively increasing cashless collections, primarily through customer-specific QR codes and the bill desk payment gateway. This shift is expected to lead to greater adoption of cashless transactions, reducing operational risks associated with physical cash and improving the efficiency of field staff. Furthermore, the cashless payment model provides enhanced convenience and security for customers.
Onboarding micro banking clients is streamlined through E-KYC and E-sign processes, optimizing operational efficiency and ensuring a swift and seamless onboarding experience, ultimately offering a superior customer experience.
Joint Liability Group (JLG) Loans
The Bank offers Joint Liability Group (JLG) loans to clients for income-generating activities, leveraging a group-guarantee model that allows individuals to access loans without the need for collateral or security. This model encourages borrowers to foster credit discipline through mutual support, promoting responsible financial behaviour within the group and ensuring timely loan repayment.
The primary target segment for these loans is women in households engaged in existing or potential income-generating activities. The loan methodology includes regular centre meetings either fortnightly or bi-fortnightly and ‘stepped-up loans, which increase each time a client successfully repays a loan, demonstrating good credit discipline and a need for larger loans. As of March 31, 2025, all of the banks JLG loan customers were women, with loans ranging from H 6,000 to H1,00,000 to support various income-generating ventures.
Micro Banking Business Loans (MBBL)
To meet the growing funding needs of customers who have completed multiple loan cycles, the Bank offers micro-banking business loans (MBBL) to its matured Joint Liability Group (JLG) borrowers. As of March 31, 2025 we have no. of JLG borrowers >27 Lakh and MBBL customer base is of more than 1 Lakh. Considering MBBL penetration level of ~ 4%, there is significant potential to grow. During FY 2024-25, the banks MBBL loan portfolio reached H 910 crore as of March 31, 2025. Given the Bank has long track record in JLG lending and has a large number of JLG borrowers , the Bank expects significant growth potential in MBBL lending which is also reflected in credit growth registered by the Bank in FY25. Furthermore, as the Bank provides MBBL loans only to its existing borrowers with good track record, asset quality in MBBL loan segment remain healthy.
MBBL Loan Book (in crore)
Saving, Pension and Health Insurance for Micro-
Banking Clients
As of March 31, 2025, the Bank had opened more than 25 lakh basic savings bank deposit accounts (BSBDA), aimed at offering appropriate savings and financial products to microfinance borrowers while encouraging a habit of saving.
To further promote financial security among its customers, the Bank offers the Atal Pension Yojana (APY) to savings account holders aged 18 to 40 years. Acting as both a point of presence and aggregator, the Bank enrols subscribers under the National Pension System framework, supporting long-term savings. The Bank also provides Hospicash, a health insurance product that covers hospitalization expenses and also compensates for wage loss incurred by micro-banking customers during hospitalization, thereby offering both financial protection and income continuity.
Other Retail and Wholesale Lending Book
The Bank has consistently focused on building a well-diversified retail loan portfolio, catering to the varied financial needs of its customers. Over time, it has developed a comprehensive suite of retail loan offerings, including MSME (retail assets), housing loans, commercial vehicle (CV) & construction equipment (CE) loans, among others. The banks core geographies—Bihar, Uttar Pradesh, and other states—continue to offer substantial growth opportunities for these products as well.
MSME (Retail Assets) Loans
The Bank offers a range of lending products to MSMEs, including secured and unsecured business loans, Micro LAP, and overdraft facilities. During FY 2024–25, the Bank expanded its MSME loan footprint to 86 branches, driving a robust 52% year-on-year growth in its MSME loan book—from H2,556.99 crore in FY 2023–24 to H3,874.53 crore in FY 2024–25. This significant growth was fuelled by the banks deepening presence in underserved markets and its focus on financial inclusion. The MSME portfolio remains predominantly secured, with over 95% of loans backed by collateral, and the average ticket size ranging between H25 lakh and H35 lakh.
Housing Loans
The housing finance segment remains a key driver of economic growth in India. Utkarsh SFBL continues to strengthen its presence in this space by offering affordable housing loans to both salaried and self-employed individuals across formal, informal, and semi-formal income groups. As of March 31, 2025, the Bank provides housing loans through 63 branches.
During FY 2024–25, the housing loan portfolio grew by 36%, increasing from H 676.59 crore to H918.29 crore. This growth can be attributed to the Banks consistent focus on building the housing loan book, expanding network and a relatively small base of the Banks housing loan portfolio.
Commercial Vehicle (CV) & Construction Equipment (CE) Loans
Commercial vehicle (CV) & construction equipment (CE) loans continue to be among the key retail lending products for banks and NBFCs across India. Utkarsh SFBL provides financing for both new and used commercial vehicles as well as construction equipment, with used vehicle loans accounting for less than 10% of the total CV & CE loan book as of March 31, 2025.
The Bank primarily serves small fleet operators, focusing on core geographies such as Bihar, Jharkhand, and Uttar Pradesh—regions that remain relatively underserved but offer strong growth potential. Moreover, markets like Chandigarh, Delhi NCR, Rajasthan, and West Bengal are emerging as attractive opportunities for expansion.
With CV & CE loans currently being disbursed through 47 branches, the Banks loan portfolio in this segment grew significantly from H944.44 crore in FY 2023–24 to H1,188.13 crore in FY 2024–25.
Business Correspondent (BC)
Utkarsh SFBL introduced the business correspondent (BC) model in FY 2017–18 to expand its reach into untapped geographies and diversify its loan portfolio. Under this model, BC partners operate as an extended arm of the bank—acquiring, managing, and servicing customers while adhering to the banks internal governance policies and procedures.
The Bank leverages BC partnerships across multiple products, including Joint Liability Group (JLG) loans, small business loans, personal loans. As of March 31, 2025, BC partners collectively manage a loan book of H 1,093.69 crore, attributing to 5.56% of Gross Loan Portfolio.
Wholesale Lending (WSL)
Utkarsh SFBLs wholesale loan (WSL) portfolio grew by 19% in FY 2024–25, rising from H1,882.41 crore as of March 31, 2024, to H2,239.73 crore by March 31, 2025. Despite this growth, the WSL portfolios share in the banks total loan book grew slightly from 10.3% to 11.4%, in line with the banks strategic intent to maintain the WSL share at similar levels going forward.
The wholesale loan portfolio comprises lending to financial institutions (WSL FI) and Business Banking Group (BBG) loans extended to small corporates.
Break up of wholesale loan portfolio |
Mar-25 | Mar-24 |
| WSL FI lending | H1,337 | H1,287 |
| Business banking group (BBG) | H903 | H596 |
Total WSL portfolio |
H2,240 | H1,882 |
WSL FI Lending
Utkarsh SFBL commenced its wholesale lending to financial institutions (WSL FI) in FY 2017–18, aiming to diversify its loan portfolio and extend its geographic reach by leveraging its strong expertise in retail lending. Under this segment, the Bank offers loan facilities to non-banking financial companies (NBFCs), housing finance companies (HFCs), NBFC-MFIs, and other entities engaged in financial services, primarily to support their on-lending requirements.
As of March 31, 2025, 74% of the WSL FI loan book comprises loans extended to entities rated ‘A- category or higher by external credit rating agencies, 24% is allocated to entities rated in the ‘BBB category, while the remaining 2% is allocated to entities rated in the below ‘BBB category.
Rating Wise WSL FI Portfolio Break Up
Business Banking Group (BBG) Lending
Utkarsh SFBL extends both short-term and long-term loan facilities to small and medium enterprises (SMEs) and other entities engaged in manufacturing, services, or trading activities. These loans are designed to support working capital needs and business expansion plans. In addition to fund-based lending, the Bank also offers non-fund-based products such as bank guarantees under its wholesale lending portfolio.
The loans typically range from H1 crore to H10 crore and are primarily secured by immovable property as collateral.
Business Strengths and Strategies
Strong microfinance expertise and rural reach: Utkarsh SFBL draws on the legacy and deep experience of its promoter company, UCL, to address the financial needs of unbanked and underbanked communities. Serving the underserved is a core element of the banks vision. With a strong foundation in microfinance and an extensive presence in rural and semi-urban areas, Utkarsh SFBL is well-positioned to tap into growth opportunities in regions that remain relatively underpenetrated.
Expanding and diversifying the retail asset portfolio:
Utkarsh SFBL remains focused on diversifying its retail asset portfolio to better serve the evolving financial needs of customers, particularly from unserved and underserved segments. The Bank aims to offer a comprehensive suite of retail loan products to address varying customer requirements across segments.
Driven by healthy growth in other retail loan categories, the share of micro banking loans in the banks gross loan portfolio declined from 62% in March 2024 to 49% in March 2025. This trend of decline in share of micro-banking portfolio is expected to continue over short to medium term.
Strengthening deposit base through retail-centric growth: Utkarsh SFBL offers a comprehensive suite of demand and time deposit products, including savings accounts, recurring deposits, and fixed deposits—designed to meet the needs of a diverse retail customer base at competitive interest rates. The Bank continues to prioritize deposit granularity, with a strong emphasis on growing its current account and savings account (CASA) base, along with retail term deposits.
As of March 31, 2025, the banks CASA and retail term deposit portfolio stood at H15,334.16 crore, accounting for 71.10% of total deposits, increasing from H11,550.72 crore (66.11% of total deposits) as of March 31, 2024. This consistent growth reflects Utkarsh SFBLs strategic focus on building a stable, retail-led deposit base.
Broadening distribution network with significant cross-selling opportunities; Leverage Banks extensive franchise and presence further: As of March 31, 2025, the Bank operates an extensive physical network of 1,092 banking outlets, 708 are located in rural and semi-urban areas, aligning with Utkarsh SFBLs core vision of financial inclusion. The Bank has opened more than 260 branches during last two financial years FY24 & FY25, providing services to a diversified clientele. Furthermore, our franchise and large customer base, in addition to the implementation of Lead Management System(LeMS), offers significant cross-sell opportunities.
Prioritizing risk management and operational efficiency: Risk management is a central focus of the banks operations. Utkarsh SFBL has implemented a robust and comprehensive credit assessment and risk management framework designed to identify, monitor, and manage risks across various areas, including credit, market, liquidity, IT, and operational risks.
The Bank employs a range of risk parameters, including real-time monitoring of regulatory changes and market trends both nationally and internationally. It frames policies, guidelines, and products in line with industry best practices, defines acceptable portfolio risk limits for each product, and utilizes an early warning system to track sector performance and establish boundaries for fund allocation to specific industries.
The banks effective credit risk management is evidenced by its strong portfolio quality indicators. Moreover, the bank maintained a healthy provision coverage ratio (PCR) of 51.18% as on March 31,2025.
The banks success in managing these risks can be attributed to its efficient management team, composed of highly qualified and experienced professionals. Their deep industry knowledge enables the bank to navigate challenges effectively, fostering a resilient and consistent franchise.
Pioneering technological advancements and expanding digital offerings: The Bank harnesses advanced, cost-effective technology to streamline its operations and improve efficiency. Utkarsh SFBL is committed to strategically investing in technology to optimize operations, reduce costs, and drive greater efficiency. Moreover, the Bank encourages customers to transition from assisted services to a self-service delivery model. By continuing to invest in cutting-edge technology, Utkarsh SFBL aims to enhance the customer experience and provide a range of tailored financial products that meet diverse customer needs.
Strategic Business Technology Transformation Project
Digital transformation has become a key driver in the evolving financial landscape, placing customer-centricity at the forefront. To manage and implement strategic projects efficiently, the bank has established a transformation management office (TMO) that serves as a centralized project management office (PMO). This office ensures all initiatives are executed within established timelines, while continuously evaluating progress and return on investment.
In collaboration with a leading consulting firm, the bank has also formed an internal team of select professionals to support the TMO. Utkarsh SFBLs strategy focuses on diversifying and expanding its retail asset portfolio and liabilities business, while redefining customer journeys and optimizing operational efficiency. As part of this transformation, the bank is driving automation through the implementation of modern loan origination systems and enhancing the digital onboarding process with the support of an internal development team.
The bank is embracing cloud computing to build a robust and scalable IT infrastructure. Key applications are also being upgraded or replaced to meet the latest technological standards, ensuring a future-ready and efficient operational framework.
Commitment to Financial Inclusion and Focus on Priority Sector Lending
The Reserve Bank of India (RBI) mandates that small finance banks (SFBs) allocate 75% of their loan portfolio to priority sector lending (PSL), compared to 40% for universal banks. On account of higher proportion of PSL as compared to the requirement of the RBI, the Bank has been able to sell the surplus PSL portfolio through Priority Sector Lending Certificate (PSLCs) to earn non-interest income for the Bank. .
As of FY 2024-25, after accounting for the sale of PSLCs and IBPC, the banks PSL achievement (based on quarterly averages) stood Financial Statements at 84.79%, significantly exceeding the RBIs minimum requirement of 75%. This surplus PSL portfolio allowed the bank to earn non- interest income from PSLCs, with PSLC income totalling H115.17 a crore in FY 2024-25.
Moreover, Utkarsh SFBL continues to comply with RBI norms for SFBs, ensuring that loans with a ticket size of up to H25 lakh constitute no less than 50% of its total loan portfolio. The Banks . lending to the ticket size of less than H 25 lakh was at 65.1% of the gross loan portfolio as on March 31, 2025.
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Asset Quality
Banks Gross NPA Increased from 2.51% during FY 2023-24 to 9.43% as on March 31, 2025. Banks Net NPA Increased from 0.03% in FY 2023-24 to 4.84% as on March 31, 2025. The Bank has strengthened collections team by adding more manpower as well as separate team for bucket wise and vertical wise collections.
The Bank has also implemented EBIX collection application for better tracking of our collection efforts. These have strengthened Banks collection efforts and are likely to support asset quality & . collection efficiency.
The Bank was carrying floating asset provision of H189.96 Crore. During the year pursuant to the approval from Reserve Bank of . India (RBI), the Bank has fully utilized the floating asset provision as per relevant RBI regulations. Consequently, the provision for NPA (“Provisions and Contingencies”) has been adjusted by H189.96 Crore for the year ended March 31, 2025. On an overall basis, the Bank had provision coverage ratio of 51.18% as of March 31, 2025, against 98.92% for FY 2023-24.
Financial Performance
The Bank recorded a steady financial performance in FY 2024–25, with growth in business volumes and profitability. It reported an annual operating profit (pre-provision) of H 1,007 crore and a profit after tax (PAT) of H23.70 crore for the year.
Key Performance Indicators (KPIs) |
FY 2024-25 | FY 2023-24 |
OPERATIONS |
||
| Banking Outlets | 1092 | 888 |
| Gross Loan Portfolio (H in crore) | 19,666 | 18,299 |
| Secured Advances as % of Gross Loan Portfolio | 43.43% | 34.35% |
| Total Deposits (H in crore) | 21,566 | 17,473 |
| CASA Ratio (%) | 21.79% | 20.50% |
| CASA + Retail Term Deposits (as % of Total Deposits) (%) | 71.10% | 66.11% |
CAPITAL |
||
| Capital + Reserves (i.e. Net Worth) (H in crore) | 2,975 | 2,973 |
| Total Capital Ratio (CRAR) (%) | 20.93% | 22.57% |
| Tier 1 Capital Ratio (%) | 17.88% | 20.95% |
| Cost of Deposits (%) | 8.16% | 7.72% |
| Cost of Funds (%) | 8.21% | 7.80% |
ASSET QUALITY |
||
| Gross NPA (%) | 9.43% | 2.51% |
| SMA 1 % | 2.26% | 0.97% |
| SMA 2 % | 1.77% | 0.96% |
| Provision Coverage Ratio (excl. Technical Write-offs) (%) | 51.18% | 98.92% |
| Standard Restructured Advances (%) | 0.03% | 0.06% |
| Net NPA (%) | 4.84% | 0.03% |
PROFITABILITY |
||
| Net Profit (H in crore) | 24 | 498 |
| Yield on Advances (%) (basis Gross Loan Portfolio) | 17.85% | 19.01% |
| Net Interest Margin (%) | 7.98% | 9.44% |
| Credit Cost Ratio (%) | 5.16% | 2.20% |
| Operating Expenses to Total Average Assets (%) | 6.26% | 6.34% |
| Cost to Income Ratio (%) | 61.61% | 56.38% |
| Return on Total Average Assets (%) | 0.09% | 2.45% |
| Return on Average Equity (%) | 0.79% | 19.54% |
OTHERS |
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| Basic EPS | 0.22 | 4.79 |
| Net Asset Value per Equity Share | 27.00 | 27.04 |
Income and Expenses
The Net interest income (NII) of the bank grew by 7.27% from H1,885.80 crore in FY 2023-24 to H 2,022.86 crore in FY 2024-25. The growth in NII in FY 2024-25 was supported by healthy growth in non-microfinance business during FY 2024-25. Banks NIMs declined from 9.44% in FY 2023-24 to 7.98% in FY 2024-25 on account of subdued interest rate environment and declining share of high yielding micro-banking loan portfolio.
The other income of the bank witnessed a growth of 49.8% from H400.40 crore in FY 2023-24 to H 599.83 crore in FY 2024-25 supported by growth in income from sale of PSLCs, higher income from cross-selling of third-party products, fee-based & transaction income and recovery from written-off accounts.
The operating expenses of the bank increased by 25.36% during FY 2024-25 primarily on account of significant expansion in franchise (>260 new branches during
FY 2023-24 and FY 2024-25). Cost-to-income ratio of the bank increased to 61.61% in FY 2024-25.
During the year ended March 31, 2025, the Bank has changed its accounting policy with effect from April 01, 2024 on recognition of loan processing fees collected from the borrowers and allied expenses for more appropriate presentation of the financial statement and alignment with industry practices. Hitherto the Bank was recognising the income or expense over the tenure of the loan which is now recognised as income or expense when it becomes due.
Pre-provisioning operating profit (PPoP) of the bank grew by 0.97% year-on-year to H1,006.93 crore in FY 2024-25 as compared to H997.27 crore in FY 2023-24.
Overall credit cost was 5.2% for FY 2024-25.
Profit after Tax and Dividend
Banks profit after tax decreased by 95% in FY 2024-25 to H23.7 crore in FY 2024-25 vs. H 498 crore in FY 2023-24. Decline in PAT was mainly due to increase in credit cost resulting from industrywide stress in the asset quality of microfinance portfolio. The return on average assets (ROAA) was at 0.09% during FY 2024-25 and return on equity was 0.79% in FY 2024-25.
Credit-Deposits Ratio
Banks credit-deposits (CD) ratio declined from 93.7% as on Mar-24 to 86.8 % as on Mar-25 and the bank targets to reduce CD ratio further.
NPA
The banks gross NPAs increased from 2.51% as on March 31, 2024 to 9.43% as of March 31, 2025. The net NPAs increased from 0.03% as of March 31, 2024 to 4.84% as of March 31, 2025. The bank is holding provisional coverage of 51.18% as of March 31, 2025.
CRAR
The Banks capital plus reserves remained stable, from H2,973 crore as on March 31, 2024 to H 2,975 crore as on March 31, 2025.
The banks capital to risk weighted asset ratio (CRAR) stood at 20.93% as on March 31, 2025 compared to 22.57% as on March 31, 2024. Further, the Tier-I CRAR of the Bank stood at 17.88% as of March 31, 2025, compared to 20.95% as of March 31, 2024.
Particulars |
2024-25 | 2023-24 |
CRAR |
20.93% | 22.57% |
| Tier-I | 17.88% | 20.95% |
| Tier-II | 3.05% | 1.62% |
Credit Ratings
The Banks certificate of deposits programme is rated, at the highest credit rating grade, [ICRA] A1+ by ICRA Limited. As on
March 31, 2025, the Banks long-term subordinated bonds were rated at A+ (Stable) rating by ICRA and CARE Ratings.
Rating agency |
Facilities | Credit rating |
| ICRA limited | Certificate of deposit | [ICRA] A1+ |
| Subordinated debt | [ICRA] A+ | |
| programme | (Stable) * | |
| CARE ratings | Long term tier II bonds | CARE A+ |
| (Stable)** |
* On May 22, 2025, rating reaffirmed, and outlook revised to Negative from Stable. ** On June 12, 2025, rating reaffirmed, and outlook revised to Negative from Stable.
Outlook
The reported year witnessed an increase in secured lending while . there was a de-growth in JLG Segment. The Bank has reported annual operating profit (pre-provisions) of H 1,007 crore in FY25. The Banks deposits registered healthy business growth of 23.4% and reached H21,566 crore backed by increased branch penetration in urban and metropolitan areas. The bank opened 204 branches during the year including 55 GB branches which are poised to augment deposit accumulation capability of the bank. The Bank also witnessed improvement in secured lending portfolio which have increased to 43% of gross loan portfolio from 34% in FY24 and in the process providing more stability to the bank. Our high yield JLG portfolio underperformed during the year which we are expecting to improve going forward considering our good experience in Microfinance sector and other technological and human interventions. The Bank believes that there are significant growth opportunities available in the core operational geographies, owing to robust growth potential and relatively low financial penetration in FY26.
Utkarsh SFBL strives to be a retail-focused Bank, providing financial services to mass markets. The Bank intends to develop and offer a comprehensive suite of assets and liabilities products that will acquire new customers and strengthen the relationship with existing customers. Utkarsh SFBL will continue to augment the liabilities franchise further by expanding franchise, deepening relationship and targeting the top 100 districts of the country in terms of overall deposits, including tapping of metropolitan and urban areas by promoting savings accounts and other deposit products.
Material Orders passed by the Regulators
There were no significant material orders passed by the Regulators, Court, Tribunal or any other legal institution during FY 24-25, that can impact the growth of the organisation.
Internal Ombudsman (IO)
The Internal Ombudsman Scheme is introduced with the objective of enabling and ensuring a proper and speedy resolution of complaints of Bank customers at the Bank level by an independent apex level authority within the Bank. Internal Ombudsman deals only with the complaints that have already been examined by the Banks internal grievance redressal mechanism and have remained partly or wholly un-redressed.
Further, the Internal Ombudsman also analyses the pattern of complaints such as product/category wise, consumer groups wise, based on geographical location etc. and suggests means for taking actions to address the root cause of complaints of different nature. The Internal Ombudsman holds meetings with concerned functionaries/department of the Bank and seeks records/ documents available with the Bank that are necessary for examining the complaint. Furthermore, in its endeavor to achieve fair, transparent, and customer-centric grievances redressal system, the Bank has synchronized its Internal Ombudsman mechanism with the Customer Relationship Management System.
In the backdrop of above, the presence of Internal Ombudsman at the apex level of Grievance Redressal Mechanism of the Bank is helping to enhance the impartiality of the mechanism, as the grievance resolution have an independent viewpoint as a precursor to Banking Ombudsman.
Grievances closed by IO in FY 2024-25:
No. of grievance received by the bank during 2024-25 |
No. of cases rejected by bank partly/ fully during 2024-25 | No. of cases reviewed by IO during 2024-25 | No. of grievances closed by IO during 2024-25 | No. of grievances outstanding as on March 31, 2025 |
| 5,799 | 399 | 399 | 399 | 0 |
Disposal of grievances by bank during FY 2024-25:
| No. of grievances at the beginning of 2024-25 | No. of grievances received by the bank during 2024-25 | No. of disposed of by the bank in 2024-25 | No. of grievances outstanding as on March 31, 2025 |
| 72 | 5,799 | 5,761 | 110 |
Credit Function
The Credit Department has different verticals such as Retail Lending, Wholesale Credit, Micro Business Individual Loans, Credit Administration (CAD) & Credit Support.
The credit departments major objectives are as follows:
Largely responsible for development of Credit and Risk management strategies for loans acquisition ensuring sustainable business growth & healthy portfolio for Retail lending and Wholesale lending products.
Leverage on Technological tools for various credit appraisal and financial analysis. process. Leverage on Score card based underwriting model for Retail Lending products.
Prudent monitoring framework on Portfolio behavior and asset quality.
Adoption of a forward-looking and market responsive approach within the framework of policy guidelines for moving into profitable new areas of lending which are emerging in the market.
Fulfilling responsible lending objectives.
The Credit function largely performs the following to achieve the defined objectives
Ensuring credit expansion to productive sectors with an emphasis on asset quality.
Utilizing the sanctioning powers judiciously by following the credit norms, risk management considerations and due diligence while appraising Wholesale & Retail loans.
Ensuring prudent credit risk management practices and high standards of due diligence to protect and improve asset quality at both transaction and portfolio levels.
Leverage on various smart technological tools like “Perfios” tool for financial & banking analysis, “SaveRisk” & “Probe” tools for analysis of Companies financials and other critical parameters history, “Hunter & Sherlock” tools for borrowers adverse history enabling prudent due diligence, key lending decisions and optimization.
LOS systems for loan applications processing and leverage on Rule Engine for adherence of various product guidelines, automation of various processes, monitoring of early warning signals etc.
Lending for the sustenance of profitability, implying the need to nurture superior credit appraisal skills through specialization and competence building.
Ensuring KYC norms are strictly followed, and the borrowers are carefully selected after proper pre-sanction scrutiny and thereafter monitoring the account constantly to maintain asset quality.
Post disbursement Portfolio & covenant monitoring on wholesale lending products with periodic reviews and monitoring visits to Companies.
Collection Mechanism
The Bank presently has an in-house team for collections. The team comprises Head Collections and Zonal and Regional teams to monitor over 150 fleet on street (FOS) and control delinquencies. The field teams are well trained in the Banks policies and code of conduct. The Bank also utilises an outsourced call centre for pre-EMI calling and reminding customers in case of over-dues for businesses other than the JLG lending business. The Bank also has an in-house legal team for the recovery of dues. There is a well laid down process and policy for the entire collections cycle: from tele-calling, customer servicing, legal notices, repossession, to auction of assets.
The Bank has established a robust and structured in-house collections framework to effectively manage and control delinquencies across its lending portfolio. The collections team is led by the Head of Collections, supported by Zonal and Regional Collection Managers, who oversee and coordinate the activities of over 150 Field Officers (Fleet on Street - FOS) deployed across various geographies.
These field teams are thoroughly trained in the Banks internal policies, operational procedures, and the Code of Conduct, ensuring that all customer interactions are handled professionally and ethically.
In addition to the in-house field force, the Bank leverages an outsourced call center to manage pre-EMI (Equated Monthly Installment) calling and to issue reminders for overdue payments. This outsourced support is utilized for all lending segments except the Joint Liability Group (JLG) lending business, which is managed separately.
To support legal recovery efforts, the Bank also maintains a dedicated in-house legal team. This team is responsible for initiating and managing legal proceedings related to overdue accounts, including the issuance of legal notices and coordination of repossession and auction activities.
The Bank follows a well-defined and comprehensive collections policy, which governs the entire lifecycle of the collections process. This includes:
Tele-calling and customer engagement
Field visits and follow-ups
Issuance of legal notices
Repossession of secured assets
Auction and disposal of repossessed assets
This structured approach ensures consistency, compliance, and efficiency in managing delinquencies while maintaining a customer-centric and legally sound recovery process
Treasury
The bank conducts its treasury operations from its dedicated office in Mumbai, operating under a structure that ensures independence among the dealing desk, settlement and operations team, and risk function. This separation promotes strong internal controls and enhances operational efficiency.
The treasury plays a vital role in managing the banks liquidity and financial stability. It oversees asset and liability management (ALM) and maintains the liquidity coverage ratio (LCR), ensuring that the bank consistently meets its payment obligations and supports asset growth by participating in money and securities markets. The function is governed by a board-approved comprehensive investment policy, along with other internal management policies. These guidelines help optimise investment portfolio yields while managing the overall cost of funds through a strategic mix of deposits. The treasury also ensures strict compliance with regulatory requirements, including those related to the cash reserve ratio (CRR) and statutory liquidity ratio (SLR).
To mitigate operational risks, the treasury has implemented a robust business continuity plan (BCP), which includes periodically conducting operations from alternate sites to ensure uninterrupted functionality.
Risk Management
Risk management forms a critical pillar of the banks strategic planning process, fostering informed, collaborative, and unbiased decision-making. The banks ability to effectively manage diverse categories of risks—while complying with current regulations and proactively preparing for emerging ones—positions it as a resilient and future-ready financial institution.
The bank follows a structured and integrated risk management approach encompassing credit risk, market and liquidity risk, operational risk, IT and cyber security risk, and other emerging risk domains. This framework is underpinned by robust systems involving people, processes, data, and technology to identify, assess, monitor, and mitigate risks in a timely manner. The bank ensures that risk management roles are handled by qualified and experienced professionals who receive continuous training to stay abreast of evolving risks.
The banks risk philosophy focuses on safeguarding the interests of depositors, customers, employees, and other stakeholders while maintaining the integrity and reputation of the institution. To cultivate a strong risk-aware culture, the bank conducts regular training through mandatory induction programs, refresher courses, and weekly risk workshops.
Oversight of the risk function is exercised by the risk management committee of the Board (RMCB), which periodically reviews the overall risk framework and strategic risk exposures. The bank also has dedicated senior management committees, including the credit risk management committee (CRMC), operational risk management committee (ORMC), asset liability and market risk committee (ALCO), and the information security committee, to manage specific risk domains. Furthermore, the banks internal capital adequacy assessment process (ICAAP) ensures comprehensive assessment of significant business risks to maintain capital adequacy and financial stability.
The bank has appointed a senior official as the chief risk officer (CRO), entrusted with the overall responsibility of managing key risk verticals, including credit risk, market and liquidity risk, operational risk, information security risk, and other emerging risk areas. Operating under the framework of board-approved risk management policies, the CRO plays a pivotal role in implementing and overseeing the banks risk strategy. The CRO maintains regular engagement with the risk management committee of the Board (RMCB), providing timely updates and insights on risk-related developments, challenges, and mitigation strategies.
Risk |
Impact | Mitigants |
| Credit risk | The bank defines credit risk as the potential for loss arising from a borrower or counterpartys failure to meet their obligations as per the agreed terms. | The credit risk management committee (CRMC) is responsible for overseeing and reviewing credit risk within the bank. The committee ensures the monitoring of prudential limits on large credit exposures, portfolio concentration, loan review mechanisms, and overall risk concentration. Furthermore, it addresses provisioning, regulatory compliance, and other credit- related matters. |
| The bank has implemented various credit risk policies to limit the exposure to credit risk. Portfolio review and monitoring are carried out through an early warning framework and close monitoring of high-value customers. | ||
| This type of risk can negatively impact the banks revenue and margins, posing a significant challenge to financial stability. | The CRMC follows the following approach: | |
| y Adhering to RBIs guidelines and policies regarding credit risk and NPA management | ||
| y Establishing a governance framework to ensure effective oversight, proper segregation of duties, and management of credit risk | ||
| y Setting and monitoring credit risk appetite and limits, and taking appropriate action in case of breaches | ||
| y Creating a system for identifying and monitoring early warning signals and red flag accounts | ||
| y Enhancing the use of structured internal and external data to make informed decisions and utilizing scorecards for decision-making | ||
| y Conducting stress testing and taking necessary actions based on results | ||
| y Monitoring global and domestic developments, analysing industry trends, and issuing necessary guidelines and directions | ||
| Market risk | Risks stemming from fluctuations in market prices could affect the banks ability to generate revenue. | The investment committee and the asset-liability management committee of the bank oversee investment and market risk, approving the framework and its associated thresholds. The mid- office prepares and analyses daily reports on the banks treasury activities, closely monitoring various limits, including stop losses. A comprehensive market and liquidity risk dashboard is shared with senior management monthly, providing detailed insights into the investment portfolio, liquidity position, deposits, and borrowings, supporting well-informed decision-making. |
| Operational risk | Inefficiencies or failures in internal processes, systems, or human resources can negatively affect the profitability of the business. | Operational Risk Management Committee (ORMC), responsible for the implementation of the Operational Risk framework of the Bank. All the new products and processes, as well as changes in existing products and processes are subjected to risk evaluation by the Operational Risk team, through the PPMC process. Outsourcing arrangements are examined and approved by the Banks Outsourcing Committee after a thorough review by the Third-Party Risk Management team. |
| The Bank has set up a comprehensive structure for documenting, assessing, and periodic monitoring of various risks and controls linked to various processes across all businesses. The Bank has a comprehensive operational risk management policy, with a framework to identify, assess and monitor risks and strengthen controls to improve customer service and minimise operational losses. | ||
| The Bank has well established Business Continuity Plan (BCP) framework which has been put in place to ensure continuity of service to its large customer base. The effectiveness of the approved Business Continuity Plan (BCP) framework is tested for all identified critical units to ensure readiness to meet various contingency scenarios and take corrective actions wherever any issues are observed. The Bank has been effectively managing its operations by adapting to the checks and controls of various continuity plans. | ||
Risk |
Impact | Mitigants |
| Fraud risk | Fraud risks include cyber threats, scams, processing errors, and document mishandling, all of which can impact the banks reputation and revenue generation capabilities. | To mitigate this risk, the Bank has put together a Fraud Risk Management (FRM) department as an independent group in the Bank to enable fraud prevention, monitoring, investigation, reporting and awareness creation. |
| Fraud Risk Management Unit (FRM): The Fraud Risk Management (FRM) unit works within the overall risk management framework of the Bank. The responsibilities of the FRM Unit include effective application of fraud control measures, strategies and procedures. It is responsible for handling fraud complaints, desktop investigation, Fraud case mgmt., internal and regulatory reporting. | ||
| Risk Containment Unit (RCU): RCU conducts risk-based evaluation of applications i.e. Screening & Sampling for any new account relationship in both Asset (Pre-sanction) as well as Liability (Post A/c Opening) Businesses at the time of on-boarding, on a sample basis. RCU Screening & Sampling (S&S) involves review / scrutiny of applications/documents based on dynamic trigger observed as well as inputs received from online checks such as CUG check i.e. Hunter/Sherlock checks. The objective behind RCU S&S Is to ensure that the submitted KYC documents are reviewed to ascertain any inconsistency or discrepancy in the documents or information submitted to the bank, for taking timely preventive and corrective actions to detect and prevent fraudulent applications at on-boarding stage. | ||
| Transaction Monitoring (TM): TM team monitors digital debit transactions carried out through various channels and payment modes, to safeguard our customers from any abnormal/ suspicious/fraudulent transactions. Transactions are monitored via near real time & real time account alerts generated by volumes and/or velocity based preventive rules built in IFRM and EFRM Transaction Monitoring Tool/Solutions | ||
| IT risk | The risks tied to the growing adoption of technology encompass system and process unavailability, which can lead to business losses due to both unintentional issues (such as faulty usage) and intentional events (such as cyber fraud). | To effectively manage IT risk and safeguard the confidentiality and integrity of business and customer information, the bank has implemented security controls in line with the RBI cybersecurity framework. Regular security monitoring is conducted, and the bank adheres to regulatory guidelines as they are updated. To ensure business continuity while maintaining security, the bank has established controls such as VPN with multi-factor authentication, business continuity plans (BCP), and incident response protocols to address both operational and security risks. |
| Liquidity risk | An asset-liability mismatch can lead to liquidity risk for the bank, potentially forcing it to raise new liabilities at a higher cost or sell assets at a higher discount rate, which could negatively impact the banks margins. | The banks asset liability management (ALM) policy establishes a framework for managing liquidity risk, ensuring that the bank can meet its liquidity obligations and endure periods of liquidity stress, whether caused by internal or market-wide factors. |
| The banks liquidity profile is closely monitored both statically and dynamically, using key liquidity ratios and periodic liquidity stress tests. Liquidity positions and stress test outcomes are regularly reviewed by the banks ALCO and the risk management committee of the board. | ||
| In addition to regulatory limits, the bank has set prudential internal limits on liquidity gaps, borrowings, deposits, and placements. The bank also adheres to the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) in line with RBI guidelines, ensuring alignment with the defined risk appetite. | ||
Risk |
Impact | Mitigants |
| Cyber risk | The banks interconnected structure, both internally and externally via the internet, along with the complexity of its people, processes, and technology—such as delivery channels, cloud services, partners, and remote workers—the bank is susceptible to cyber threats. These include risks like man-in- the-middle (MiTM) attacks, distributed denial of service (DDoS) attacks, and ransomware, which could lead to financial losses, data breaches, and reputational damage. | The bank has established a robust and efficient cybersecurity framework, in line with RBI guidelines, to enhance its cybersecurity posture. The bank has a cybersecurity policy, cyber crisis management plan (CCMP), and information security policies, all approved by the board. A dedicated governance and management process has been put in place, defining roles and responsibilities to ensure these policies are implemented, maintained, assessed, and periodically updated. |
| In line with regulatory requirements, the bank has set up a cybersecurity incident response team (CSIRT) and a cyber crisis management team (CCMT), as outlined in the CCMP. The security operations centre (SOC) operates 24/7 to monitor and protect the banks assets in real-time. | ||
| The bank has fully complied with the baseline cybersecurity resilience requirements of the RBI and has implemented a layered defence strategy, covering perimeter, network, application, data, and physical security. The bank runs a comprehensive cybersecurity awareness program for customers, employees, and partners. Cyber risk insurance coverage has been secured as a fallback for cyber incidents. | ||
| The bank is ISO 27001:2013 certified and has been recognized with consecutive awards from the Indian banks association (IBA) for its excellence in cyber risk management over the past two years. |
The banks compliance department encompasses regulatory compliance, AML (anti-money laundering) compliance, and legal compliance. It plays a critical role in ensuring adherence to applicable laws, regulations, and internal policies by facilitating structured oversight and proactive engagement with regulatory authorities.
The department follows a well-defined process for:
• Circular management process
• Returns management process
• Policy management process
• AML/Transaction monitoring process
• Compliance risk assessment framework (compliance testing)
• Risk-Based Supervision (RBS) data management
• Legal management
Circular management process
All scheduled commercial banks (SCBs) in India are required to comply with various guidelines issued by the reserve bank of India (RBI) and other regulatory bodies. The bank has institutionalized a structured circular management process, which includes the systematic dissemination, tracking, and monitoring of regulatory circulars until their complete implementation across relevant departments.
Returns management process
In accordance with regulatory requirements, SCBs are mandated to submit periodic returns to the RBI and other authorities. The banks compliance department has implemented a robust returns management process to ensure timely and accurate submission of all statutory and regulatory returns, thereby minimizing the risk of non-compliance.
Policy management process
The compliance department maintains a central repository of all policies approved by the board of directors. To promote transparency and regulatory alignment, all departments are required to seek inputs from the compliance and legal teams when drafting new policies or reviewing existing ones. The department closely monitors the policy lifecycle to ensure timely review and approval by the Board within the defined timelines.
AML / transaction monitoring process (Under PMLA,
2002)
The banks AML cell, functioning under the compliance department, is responsible for ensuring adherence to transaction monitoring guidelines as prescribed under the Prevention of Money Laundering Act, 2002 (PMLA). It also oversees statutory reporting to the financial intelligence unit India (FIU-IND) to ensure full compliance with applicable AML regulations.
Compliance risk assessment framework
The compliance risk assessment framework enables the bank to identify and assess compliance-related risks across departments, products, and services. Through periodic compliance testing, the department evaluates the effectiveness of existing controls and recommends corrective actions to address any identified gaps, thereby strengthening the overall compliance posture of the bank.
Risk-based supervision (RBS) data management
In addition to the regular and ad hoc submission of statutory returns to the reserve bank of India (RBI) and other regulatory authorities, the bank undergoes periodic inspections by the RBI under the risk-based supervision (RBS) framework. The compliance department is responsible for coordinating the submission of data elements required for RBS and acts as the primary interface with the RBIs onsite inspection teams.
Further, the bank is also regulated and supervised by other authorities such as UIDAI, IRDAI, SEBI, and FIU-IND, depending on the scope of its operations. The compliance department functions as the single point of contact (SPOC) for these authorities, representing the bank in all regulatory matters and ensuring prompt response to information requests and inspections.
Legal management
The Legal Department of Utkarsh Small Finance Bank Limited is structured to provide comprehensive legal support across all business verticals, ensuring compliance with applicable laws, regulations, and internal policies. The legal management process encompasses the following core responsibilities:
1. Legal Advisory Support
Providing legal opinions, clarifications, and approvals to various internal departments including:
Branches / branch operations team – on matters like account opening, HUF formation, partnership account issues, etc.
Central processing centre (CPC) – on operational and documentation queries.
Recovery and collections teams – on recovery and enforcement actions.
HR department – in relation to employee investigations, enquiries, and disciplinary matters.
2. Contract Management
Drafting, vetting, negotiating, and standardizing various legal agreements and documentation, including but not limited to Non-Disclosure Agreements (NDA), Master Service Agreements (MSA), Software License Agreements (SLA), Referral Associate Agreements (RFA), Direct Selling Agent (DSA) Agreements, Branding/Co-Branding & Sponsorship Agreements, Manpower, Housekeeping & HR Contracts,
Recovery Agent & Auction Purchaser Agreements, Call Centre & Collection Agreements, Agreements with Payment Aggregators / Gateways, Merchant Agreements (e.g., Zomato, Flipkart, etc.), All other vendor/contractor/subcontractor arrangements
3. Legal advisory and policy development
Advising on loan and security documentation
Issuing circulars on state-wise stamp duty rates
Recommending delegation of powers for legal and operational decisions
Advising on loss of documents and related procedures
4. Product papers and policy vetting
Legal review and sign-off on product notes, policies, guidelines, and procedural manuals prepared by business and functional departments.
5. Vigilance matters
Legaladviceonvigilanceproceedingsagainstemployees
Vetting of legal representations made to authorities/ courts
Tracking and sharing of FIRs filed by employees
Liaising with empanelled/local advocates for legal support in such cases
Support during internal enquiries initiated by HR or Vigilance
6. Statutory notices and regulatory responses
Responding to legal notices and queries from government and enforcement authorities including:
Police, Courts, DRTs, Cyber Crime, CBI, ED, GST, EPFO, ESIC, Income Tax, Revenue Authorities, Arbitration Forums, Tehsildars, etc.
Advisories related to freeze orders, title search reports, property documentation and mortgage loan compliance
Handling Banking Ombudsman (BO) complaints and customer grievances arising out of service deficiencies
7. Litigation and advocate management
Empanelment/Disempanelment of legal counsel
Drafting, reviewing, and filing replies to legal notices, RTIs, and court proceedings
Tracking and maintaining MIS of all legal cases including: ? Writ Petitions (High Court) ? Civil and Criminal Cases ? Consumer and Labour Disputes ? Pre-litigation and Recovery Matters
Coordination with external counsel for drafting:
? Written Statements, Applications, and Submissions before DRT, CMM, DM, and other authorities
8. Legal audit and RBI compliance
Conducting legal audits in alignment with:
Master Direction on Frauds – Classification and Reporting by commercial banks and select FIs (July 01, 2016)
Master Direction on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions (July 15, 2024)
9. Corporate transactions and strategic actions
Legal support for all strategic and transactional matters, including:
Drafting, vetting, and review of documents for reverse merger and corporate restructuring
Support in regulatory filings with SEBI, RBI, NSE, BSE, NCLT, ROC
Drafting and negotiation of Engagement Letters for Valuers, Merchant Bankers, Legal Advisors, Trustees, etc.
Review of fundraising documentation:
? GID, KID, DTA, DTD – for issuance of Non-Convertible Debentures (NCDs)
Vetting of Shareholders Agreements (SHA) and Share Subscription Agreements (SSA) for equity deals
10. Miscellaneous responsibilities
Advising on title perfection and property due diligence
Supervising legal research, analysing key judgments and regulatory updates
Issuing advisories to prevent non-compliance or avoidable litigation
Coordinating with internal departments on emerging legal trends impacting the Bank In addition to the interaction with the regulators, the compliance department periodically apprises the Banks management, Board of Directors, and Board Committees on the changes in the regulatory environment and the status of compliance thereof in the Bank. Necessary steps have been initiated towards cultivating and building a strong compliance culture within the Bank.
Audit and Internal Control Systems
The Banks Internal Audit function plays a pivotal role in ensuring robust governance, risk management, and control processes. With a team of skilled professionals, the function provides assurance and advisory services that enhance the organizations overall operational efficiency & objective evaluation of the adequacy and effectiveness of internal controls, information security controls, risk management and processes on an ongoing basis to provide assurance that the policies, regulations, and internal standards defined for management of the various risks are operating effectively.
A key focus area for the function is leveraging technology to enhance audit efficiency and effectiveness. In this regard, IT/ IS audits emerge as a prominent area of emphasis, enabling the function to assess the organizations technology infrastructure and identify potential vulnerabilities. Additionally, system-based offsite audits are being successfully implemented, allowing for more comprehensive and remote assessments. In congruence with the Reserve Bank of Indias Guidelines on Risk Based Internal Audit (RBIA), the Bank has adopted a robust Internal Audit Policy and undertakes a comprehensive Risk Based Audit of operating units.
The audit function is strengthening its data analytics capabilities to conduct data-driven audits and review on a continuous basis, enabling trend analysis of the issues with agility, utilizing advanced tools and techniques to analyse large datasets and identify potential risks. Computer-Assisted Audit Techniques (CAATs) tools are being extensively used to scrutinize financial transactions, detect anomalies, and provide valuable insights in audit recommendations. Additionally, it performs end-to-end reviews of new product, processes & systems, ensuring the alignment with Banks strategic objective & regulatory requirement. The Internal audit practices are guided by the globally recognized standards and best practices outlined by The Institute of Internal
Auditors (IIA). The department adopts the IIAs Quality Assurance and Improvement Program (QAIP) framework to ensure the quality and effectiveness of its internal audit activities. This commitment to quality and best practices enables the department to maintain its high standards and deliver effective support to the organization. The Head – Internal Audit functionally reports to the Audit Committee Board (ACB), ensuring the Independence, and for administrative purpose, reports to the Managing Director & CEO. The Internal Audit Department works under the guidance of Audit Committee Board (ACB) and the ACB reviews the efficacy of the Internal Audit Department, the effectiveness of controls laid down by the Bank and compliance with internal and regulatory guidelines, thus ensuring the alignment with the Best Practices on corporate governance.
Vigilance Mechanism
The Banks Vigilance and Security Department play a multidimensional role in the Bank. The department investigates all types of internal fraud cases such as corruption, cash misappropriation as well as external fraud cases such as cash snatching, theft, robbery, dacoity, untoward incidents and policy and procedural violation cases including whistle blower complaints. All investigations are reported directly to the Banks HR department for initiating suitable disciplinary action once upon categorising into ‘vigilance or ‘non-vigilance angle.
The Vigilance department imparts periodical training to the bank officials on vigilance awareness, surveillance, safety and security of the Banks assets. The department also does surprise visits to branches to facilitate preventive vigilance. The Banks Vigilance Tele calling team contacts and receive feedback on its vigilance measures. The Bank also works closely with police department and other related government departments. Furthermore, Utkarsh SFBL issue timely reminders on vigilance and security awareness. In cases of security issues, the team files police reports and send to concerned business teams for filing criminal cases against the guilty.
Information Technology (IT)
In todays rapidly evolving technological landscape, meeting shifting customer expectations is paramount. Automation and digitization are key enablers in leveraging technology to address the unique needs and preferences of our customers, thereby driving business growth.
As part of our digital transformation journey, the Bank has launched several initiatives this year to provide seamless access to our services. These include the introduction of new secured credit card products, a personal loan platform, Aadhaar Enabled Payment Systems (AEPS), and multiple automation initiatives within our Micro Banking segment. These efforts aim to expand our product offerings while embedding robust operational controls into our systems. Additionally, we introduced WhatsApp Banking to enhance customer service accessibility.
We have also strengthened our technological capabilities through collaborations with multiple fintech partners to enhance our liability, asset, and card product portfolios. Our Know Your Customer (KYC) process has been fortified with the integration of Video KYC (VKYC), biometric verification, and facial authentication. Furthermore, we have upgraded existing products with features such as cardless cash withdrawals at ATMs, eMandates for NACH, and ASBA functionalities via Internet and Mobile Banking. Enhancements to our Digi Onboarding platforms have significantly improved customer acquisition turnaround times (TAT). We have also enriched various features in our existing business applications to improve product offerings and customer service, while reinforcing operational controls and efficiency. In line with our unwavering commitment to innovation, we have re-architected and refreshed our systems to enhance scalability, reliability, and security. Strategic technology acquisitions and investments in automation tools, analytics, and machine learning have been made to boost operational efficiency and risk management. Key focus areas include API banking and middleware platforms, low-code/no-code development platforms, cloud infrastructure, and extended collaboration through Office 365. Several infrastructure-led initiatives have been implemented to revamp and upgrade platforms, thereby enhancing business-critical applications to support increased business volumes. We have also completed a comprehensive blueprint for our Business Transformation project, which includes a detailed review of existing products, operational processes, and our current technology stack. This initiative is being led by a specialized team known as the Transformation Management Office (TMO), which oversees the Banks transformation journey. The project is currently in the “Implementation” phase, during which various internal systems, processes, and applications are being modernized. As part of this effort, the Bank has embarked on a major Core Banking replacement project, transitioning to the Infosys Finacle Core Banking platform.
Human Resources and Training
At Utkarsh, we place our employees at the heart of everything we do. Our human resources framework is designed to promote inclusive growth, transparency, and equity. With a structured HR setup spanning recruitment, operations, training, and employee engagement—supported by a zonal structure—we ensure last-mile connectivity. Our technology-driven HR services, including a mobile-enabled platform, support real-time access to key functions. As of March 31, 2025, our workforce grew to 19,779, reflecting our ongoing expansion and commitment to creating a collaborative, diverse, and growth-oriented workplace.
Learning and development remain central to our people strategy. Through programs like Utkarsh Aarambh, Utkarsh Pragati, Udaan, Saksham, and Manthan, we offer employees opportunities to build functional, leadership, and compliance skills. In FY 2024–25, over 28,700 new joiners attended induction, and more than 7,600 existing employees engaged in developmental programs. Initiatives like the Probationary Officer Program, JUMPP 2.0, and our partnership with IPB and Baddi University ensure we cultivate talent aligned with our mission.
To foster a culture of continuous learning and engagement, we rolled out initiatives such as 360-degree feedback, management development programs, and succession planning for key roles. We digitized many aspects of the employee lifecycle—from hiring to ID issuance—and onboarded apprentices under government schemes for future-ready talent. Our focus also included virtual training and leadership workshops aimed at improving performance across sales, liabilities, and assets.
We promote employee well-being through structured engagement activities, wellness initiatives, and recognition programs. From celebrating milestones like our 8th anniversary to awarding long-serving employees and recognising top performers, our aim is to motivate and retain talent. Our POSH policy, applicable to all employees and stakeholders, reinforces our zero-tolerance stance against harassment. These initiatives underscore our commitment to building a supportive, safe, and purpose-driven workplace.
Cautionary Statement
Statements included in this MD&A describing the Banks priorities, forecasts, predictions, general market conditions, expectations, etc., can constitute ‘forward-looking statements within the scope of applicable legislation. Such factors and uncertainties include, but are not limited to, the Banks ability to execute plans for development and expansion, variation between anticipated and actual non-performing advances, credit loss reserve, technological change, investment income and various risk profiles.
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