HDFC Bank Ltd

<dhhead>D I R E C T O R S ’ R E P O R T</dhhead>

Dear Shareholders,

Your Directors take great pleasure in presenting the 31^st Annual Report on the business and financial operations of HDFC Bank Limited ("HDFC Bank" or "Bank"), together with the audited accounts for the year ended March 31, 2025.

The Bank’s key financial parameters continued to be healthy, due to its robust credit evaluation of targeted customers and a well-diversified loan book across sectors, customer segments and products. Its performance is an outcome of its disciplined approach to managing risk and return.

The Indian economy is expected to remain one of the fastest growing economies in 2025-26. RBI has forecast GDP growth of 6.5 per cent. Rural demand is expected to be healthy on account of robust agricultural output, lower food infiation and easing input costs. Urban consumption is also likely to benefit from tax cuts announced in the Budget, reduction in interest rates by the RBI and moderating infiation.

Global growth stood at 3.3 per cent in 2024, which was below the historical average. The growth in countries like the US remained strong at 2.8 per cent, while the growth contracted or remained muted in the Eurozone, Japan and UK.

For more details, please refer to the Macroeconomic and Industry section on page no. 214.

In this changing environment, your Bank continued to prioritise growth while strengthening its focus on governance, sustainability and inclusive development.

Financial Parameters

The results for the year ended March 31, 2025 include the operations of Housing Development Finance Corporation Limited ("HDFC Limited") and its subsidiaries (which became subsidiaries of the Bank on amalgamation) effective from July 01, 2023 and hence are not comparable with results for the year ended March 31, 2024.

Based on Standalone Financial Statements

The income statement reflected a growth in revenue comprising Net Interest Income and Non-Interest Income. While the former grew by 13.0 per cent, the latter fell by 7.33 per cent year-on-year. On an overall basis, Total Net Revenue for the year ended March 31, 2025, reached 1,68,302.4 crore, reflecting an increase of 6.7 per cent over the previous year.

Net Profit increased by 10.7 per cent to 67,347.4 crore from

60,812.3 crore. Return on Average Net Worth was 14.56 per cent while Basic Earnings Per Share was 88.29 up from

85.83.

Total Advances grew by 5.4 per cent and Total Deposits grew by 14.1 per cent year-on-year. Net Interest Margin (NIM) was at 3.48 per cent.

Gross Non-Performing Assets (GNPAs) stood at 1.33 per cent as against 1.24 per cent. This is amongst the lowest in the industry.

Merger

Two years into the merger, the integration of HDFC Limited’s home loan expertise with HDFC Bank’s scale and reach has solidified our position as a leading financial institution. Our enhanced capacity to support large-scale and infrastructure financing underscores our continued commitment to nation-building and job creation. As our role expands, so does our emphasis on strong governance across the HDFC Bank Group. We remain steadfast in upholding ethical practices, transparency, and strong risk management—ensuring we retain the trust that de_nes our legacy.

Parivartan

Parivartan, HDFC Bank’s CSR initiative, is dedicated to supporting the inclusion of economically and socially disadvantaged groups by fostering growth, development and empowerment. With a commitment to creating sustainable ecosystems, it identifies and supports programmes that nurture and uplift communities.

Parivartan concentrates on six key areas:

1. Rural Development

2. Promotion of Education

3. Skill Development & Livelihood Enhancement

4. Healthcare & Hygiene

5. Financial Literacy & Inclusion

6. Natural Resource Management.

Each of these pillars is designed to foster holistic growth and empower communities, ensuring sustainable and inclusive development. Through Parivartan, your Bank has reached out to underserved communities in the tribal belt, border villages and locations with limited access. The Bank through its Holistic Rural Development Programme (HRDP), has worked towards creating self-reliant villages.

Your Directors are pleased to announce that the Bank successfully fulfilled its CSR obligation for the Financial Year 2024-25.

For further details on Parivartan please refer to pages 168 to 191.

Summary

Indian GDP grew at 6.5 per cent in 2024-25. It had registered a healthy average growth of 8.8 per cent over the previous three years. This was due to moderation in urban demand as infiation and elevated interest rates weighed on discretionary spending.

According to RBI, India is expected to grow at 6.5 per cent in 2025-26. Consumption demand in the rural areas is expected to be supported on account of healthy agricultural output, lower food inflation and moderating input costs. Urban consumption demand will be supported by tax cuts, reduction in interest rates by RBI and moderating infiation. The RBI has reduced its policy rate by 100 basis points since February 2025, bringing it to 5.50 per cent. This along with liquidity infusion is likely to help reduce borrowing costs and spur credit demand in the economy.

In the year under review, the Bank focused on expanding customer reach, maintaining balance sheet strength, and advancing post-merger integration across business lines and systems. As the scale and complexity of operations increased, a formal Group Oversight Framework was introduced to ensure alignment of governance and risk practices across subsidiaries.

The Bank continued to contribute to national development by enhancing access to financial services in underserved regions and supporting rural prosperity through both commercial and social initiatives. We remain committed to responsible corporate citizenship by contributing to the development of society and promoting sustainability.

These efforts are made possible by the resilience and dedication of over 2,14,000 employees whose contribution remains integral to the Bank’s progress. We continue to focus on attracting and retaining top talent, striving to be one of the industry’s premier employers.

Mission and Strategic Focus

Your Bank’s mission is to be a ‘World-Class Indian Bank’. Its business philosophy is based on five core values:

• Customer Focus

• Operational Excellence

• Product Leadership

• People

• Sustainability

Sustainability should be viewed in unison with Environmental, Social and Governance performance. As a part of this your Bank, through its CSR initiative Parivartan, seeks to bring about change in the lives of communities mainly in rural India.

During the year under review, HDFC Bank continued building a sound customer franchise across distinct businesses to achieve healthy growth in profitability consistent with its risk appetite.

The Bank is focusing on:

• Delivering a better experience and greater convenience to customers

• Increasing market share in India’s growing banking and financial services industry

• Expanding geographical reach

• Cross-selling the broad financial product portfolio

• Sustaining strong asset quality through disciplined credit risk management

• Maintaining low cost of funds

Your Bank remains committed to the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance. Every employee affirms to abide by the Code of Conduct annually.

Summary of Financial Performance

( crore)

Particulars	For the year ended / As on March 31, 2025	For the year ended / As on March 31, 2024
Deposits and Borrowings	3,262,645.8	3,041,939.4
Advances	2,619,608.6	2,484,861.5
Total Income	346,149.3	307,581.6
Profit Before Depreciation and Tax	91,857.5	73,705.4
Profit After Tax	67,347.4	60,812.3
Profit Brought Forward	139,579.9	112,960.0
Additions on Amalgamation (net)	-	3,570.1
Total Profit Available for Appropriation	206,927.3	177,342.4
Appropriations
Transfer to Statutory Reserve	16,836.8	15,203.1
Transfer to General Reserve	6,734.7	6,081.2
Transfer to Capital Reserve	507.0	4,166.4
Transfer to / (from) Investment Reserve	-	529.4
Transfer to / (from) Investment Fluctuation Reserve	-	378.0
Transfer to Special Reserve	3,200.0	3,000.0
Dividend pertaining to previous year paid during the year	14,826.2	8,404.4
Balance carried over to Balance Sheet	164,822.4	139,579.9

Dividend

The Board of Directors of the Bank, at its meeting held on April 19, 2025, has recommended a dividend of 22.00 (Rupees Twenty-two only) per equity share of 1/- (Rupee One only), for the Financial Year ended March 31, 2025. This translates to a Dividend Payout Ratio of 25.00 per cent of the profits for the Financial Year ended March 31, 2025.

In general, your Bank’s dividend policy, among other things, balances the objectives of rewarding shareholders and retaining capital to fund future growth. It has a consistent track record of dividend distribution, with the Dividend Payout Ratio ranging between 20 per cent and 25 per cent, which the Board endeavours to maintain. The dividend policy of your Bank is available on the Bank’s website.

https://www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Footer/About%20Us/ Corporate%20Governance/Codes%20and%20Policie/pdf/Dividend-Distribution-Policy.pdf

Ratings

Instrument	Rating	Rating Agency	Comments
Fixed Deposit Programme	CARE AAA (FD)	CARE Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	IND AAA	India Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
Fixed Deposit Programme ( Transfe rre d from	CRISIL AAA	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
HDFC Limited)*	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
Certificate of Deposits Programme	CARE A1+	CARE Ratings	Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such securities carry the lowest credit risk.
	IND A1+	India Ratings	Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such securities carry the lowest credit risk.
Infrastructure Bonds	CARE AAA	CARE Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	CRISIL AAA	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	IND AAA	India Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.
	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.
Additional Tier I Bonds (Under Basel III)	CARE AA+	CARE Ratings	Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.
	CRISIL AA+	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	IND AA+	India Ratings	Securities with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such securities carry very low credit risk.

Instrument	Rating	Rating Agency	Comments
Tier II Bonds (Under Basel III)	CARE AAA	CARE Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	CRISIL AAA	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.
	IND AAA	India Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.
	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry lowest credit risk.
Commercial Paper (Transferred from HDFC Limited)*	CRISIL A1+	CRISIL	Securities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
Bank Loans (Transferred from HDFC Limited)*	CARE AAA	CARE Ratings	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
Unsecured NCD (Transferred from HDFC Limited)*	CRISIL AAA	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
Subordinated Debt (Transferred from HDFC Limited)*	CRISIL AAA	CRISIL	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.
	ICRA AAA	ICRA	Securities with this rating are considered to have the highest degree of safety regarding timely payment of financial obligations. Such securities carry lowest credit risk.

* The instruments / bank facilities have been transferred from Housing Development Finance Corporation Limited (HDFC Limited) on account of amalgamation of HDFC Limited into HDFC Bank Limited with effect from July 01, 2023.

Issuance of Equity Shares and Employee Stock Option Scheme (ESOP)

As on March 31, 2025, the issued, subscribed and paid-up capital of your Bank stood at 7,65,22,21,674.00 /- comprising 7,65,22,21,674 equity shares of 1/- each. Further, 5,53,11,012 equity shares of face value of 1/- each were issued by your Bank pursuant to the exercise of Employee Stock Options (ESOPs) and Restricted Stock Units (RSUs).

For information pertaining to ESOPs, please refer Annexure 1 of the Directors’ Report.

Capital Adequacy Ratio (CAR)

As on March 31, 2025, your Bank’s total CAR, calculated as per Basel III Regulations, stood at 19.6 per cent, well above the regulatory minimum requirement of 11.7 per cent, including a Capital Conservation Buffer of 2.5 per cent and an additional requirement of 0.2 per cent on account of the Bank being identififyed as a Domestic Systemically Important Bank. Tier I Capital was at 17.7 per cent as of March 31, 2025.

Management Discussion and Analysis Macroeconomic and Industry Developments

India’s GDP growth moderated to 6.5 per cent in 2024-25, after registering a healthy average growth of 8.8 per cent over the preceding three years. This was driven by a moderation in urban demand as infiation and elevated interest rates weighed on discretionary spending, growth in fixed investments remained muted and government spending was off to a slow start due to union and state elections in the _rst half of 2024-25. Further, Foreign Direct Investment (FDI) flows remained weak as rising global uncertainty related to US tariff threats led to out_ow of capital in second half of Financial Year 2024-25. On the other hand, domestic growth was supported by an improvement in rural demand conditions on the back of healthy agriculture output. In addition, exports also added positively to growth increasing by 6.3 per cent. Export growth was led by strong momentum in net services exports, driven by the continued expansion of global capability centers and strong demand from large trading partners like the US.

From the supply side, manufacturing growth slowed in 2024-25 with a rise in input costs and slower volume growth while service sector growth broadly held up above 7 per cent. Elsewhere, growth in the construction sector remained healthy at 9.4 per cent. The biggest support to growth came from above trend growth in the agriculture sector, as favourable monsoon conditions supported kharif output while healthy reservoir levels and soil moisture conditions supported rabi crops.

On the external front, global growth stood at 3.3 per cent in 2024 - below the historical average. While growth in countries like the US remained strong at 2.8 per cent, growth contracted or remained muted in the Eurozone, Japan, and UK.

Looking ahead, India is widely expected to remain one of the fastest growing economies in Financial Year 2025-26, with the RBI forecasting GDP growth at 6.5 per cent. Consumption demand in the rural areas is expected to be supported by healthy agricultural output, lower food infiation and moderating input costs. Tax cuts, reduction in interest rates by RBI and moderating infiation are likely to support urban consumption demand. The RBI has reduced its policy rate by 100 basis points since February 2025 bringing it down to 5.5 per cent. This along with liquidity infusion is likely to help reduce borrowing costs and spur credit demand in the economy.

The government is expected to continue supporting growth through capital spending which is budgeted at 11 lakh crore for 2025-26. In addition, with an improvement in demand conditions, private capex is expected to also see some recovery. At the same time accommodative monetary policy, lower infiation and healthy balance sheets of financial institutions and corporates are likely to support private investments.

Infiationary pressures started to ease towards the end of Financial Year 2024-25, with headline Consumer Price Index (CPI) averaging at 4.6 per cent from 5.4 per cent in Financial Year 2023-24. Though infiation increased to a high of 6.2 per cent in October 2024, it has continuously moderated since then, reaching 3.3 per cent in March 2025. The moderation in headline infiation was led by moderating food price infiation in H2-2024-25. Core infiation (which excludes the volatile food and fuel prices) continued to remain below 4 per cent for most part of the fiscal year. Going forward, we expect headline infiation to moderate further to 3.7 per cent in 2025-26, with a continued easing in food infiation, assuming a normal monsoon. The risk to infiation stems from weather-related disruptions reigniting food infiation.

Tariff threats and related disruptions in global trade flows pose the biggest risks to global and India’s growth prospects. The US had imposed reciprocal tariffs across all countries with India attracting a tariff of 26 per cent in early April, 2025. Higher tariffs were later put on pause for a 90-day period and replaced with a blanket tariff of 10 per cent on all countries except China which attracts a 30 per cent tariff for now. The final tariff imposed will depend on country specific trade agreements including between India and the US. The diversi_cation and derisking of supply chains could open an opportunity for India to expand its exports to the US in sectors like electronics and textiles amongst others. Moreover, India could benefit from closer trade ties with the US depending on the final negotiations under the Bilateral Trade Agreement. That said, the risk of a sharp global growth slowdown, recession in the US and supply chain disruptions due to US tariffs and any retaliation by other countries poses a risk for India’s overall exports in Financial Year 2025-26.

Geopolitical tensions in the Middle East, Russia and Ukraine or closer home with neighbours could impact domestic growth. The geopolitical tensions between India and Pakistan have currently subsided but need to be closely monitored. Similarly, a further escalation in Ukraine – Russia tensions could disrupt global trade and energy flows and negatively impact the domestic economy. Furthermore, financial market volatility and climate induced uncertainties continue to pose risks to growth.

Domestically, a slower than expected improvement in consumption demand due to weather related disruptions, infiation spikes and any sharp corrections in the domestic equity market could also weigh on growth prospects.

That said, India’s domestic economy remains resilient and its financial system sound to navigate global headwinds. Moreover, proactive monetary and fiscal support are likely to provide further support to growth in Financial Year 2025-26.

Financial Performance

The financial performance of your Bank during the year ended March 31, 2025 remained healthy with Total Net Revenue (Net Interest Income plus Other Income) rising 6.7 per cent to 1,68,302.4 crore from 1,57,773.5 crore in the previous year. Revenue growth was driven by an increase in Net Interest Income. Net Interest Income grew by 13.0 per cent to 1,22,670.1 crore. Net Interest Margin (NIM) stood 3.48 per cent.

Other Income fell by 7.33 per cent to 45,632.3 crore. Excluding prior year transaction gains of 7,341.42 crore from stake sale in subsidiary HDFC Credila Financial Services Ltd, Other Income grew by 8.91 per cent. The largest component was Fees and Commissions at 31,898.6 crore. Profit on Revaluation and Sale of Investments was 1,754.3 crore. Foreign Exchange and Derivatives Revenue was

4,919.04 crore and recoveries from written-off accounts were 3,785.0 crore.

Operating (Non-Interest) Expenses rose to 68,174.9 crore from 63,386.0 crore. During the year, your Bank set up 719 new branches and 201 ATMs / Cash Recycler Machines (CRMs). The addition in expenses includes HDFC Limited operating cost post-merger. This, along with higher spend on IT resulted in higher infrastructure and staf_ng expenses. Staff expenses also went up due to employee additions and annual wage revisions. Further, Deposit Insurance and Credit Guarantee Corporation (DICGC) premium cost increased due to deposit growth. Despite higher Staff and Infrastructure Expenses, the Cost to Income Ratio was 40.5 per cent as compared to 40.2 per cent during the previous year.

As on March 31, 2025, your Bank’s Total Balance Sheet stood at 39,10,199 crore, an increase of 8.1 per cent over

36,17,623 crore on March 31, 2024. Total Deposits rose by 14.1 per cent to 27,14,715 crore from 23,79,786 crore. Savings Account Deposits grew by 5.3 per cent to 6,30,467 crore while Current Account Deposits rose by 1.3 per cent to

3,14,094 crore. Time Deposits stood at 17,70,155 crore, representing an increase of 20.3 per cent. CASA Deposits accounted for 34.8 per cent of Total Deposits. Advances stood at 26,19,609 crore representing an increase of 5.4 per cent. The Domestic Loan Portfolio at 25,73,450 crore grew by 5.2 per cent over March 31, 2024.

The Bank’s Debt Equity Ratio for the year ended March 31, 2025 stood at 0.74 as compared to 1.21 in the previous year.

Total Provisions and Contingencies were 11,649.4 crore as compared to 23,492.2 crore in the preceding year. The decrease is mainly on account of _oating provision created in the previous year of 10,900.0 crore. Your Bank’s provisioning policies remain more stringent than regulatory requirements.

The Coverage Ratio based on specific provisions alone excluding write-offs was 67.9 per cent and including general, _oating and contingent provisions was 172.1 per cent. Your Bank made General Provisions of 198.4 crore during the year. Gross Non-Performing Assets (GNPAs) were at 1.33 per cent of Gross Advances, as against 1.24 per cent in the previous year. Net NPA ratio stood at 0.43 per cent as against 0.33 per cent in the previous year.

Profit Before Tax grew by 24.8 per cent to 88,478.1 crore. After providing for Income Tax of 21,130.7 crore, Net Profit increased by 10.7 per cent to 67,347.4 crore from 60,812.3 crore. Return on Average Net Worth was 14.56 per cent while Basic Earnings Per Share (EPS) was 88.29 up from 85.83.

HDFC Limited’s Borrowing Maturity Schedule

Of the HDFC Limited’s borrowings of 2,87,923 crore as at March 31, 2025, approximately 15 per cent is due for repayment in each of the two years up to FY27 and the balance 70 per cent is due thereafter.

Business Review

Your Bank’s operations are split into Domestic and International.

A. Domestic Business comprises the following:

Retail Banking

Your Bank’s Retail Assets are built on three key principles: Strong Digital Offering, Optimal Risk Pricing and Maintaining Pristine Portfolio Quality. Adherence to these principles combined with the strength of merger boosted your Bank’s Retail Advances to 13,75,769 crore witnessing a growth of about 9 per cent year-on-year.

Brief on segment performance:

The Bank’s increased focus on top corporates and good credit score customers contributed to the overall pristine portfolio quality. Personal Loans segment has experienced strong growth with the overall portfolio touching 1,99,334 crore towards the end of the year. Nearly all applications (99.6 per cent) of this segment are originated digitally and 87 per cent of these applications are disbursed digitally.

The Xpress car loans, offering seamless end-to-end digital disbursement, has increased the digital origination to 36 per cent of the total New Car Loan business.

Two-Wheeler advances are close to 12,359 crore with nearly 100 per cent digital acquisition.

Your Bank has exhibited significant year-on-year growth of 28 per cent in Gold Loans capitalising on an expanded branch network.

Post the merger, your Bank, has emerged as an institution with one of the largest mortgage loan portfolios in the country. The retail mortgage advances stood at

8,35,656 crore compared to the previous year’s

7,74,406 crore representing a growth of 8 per cent year on year.

The payments business is one of the stated strategic pillars for the Bank.

With over 7.5 crore cards issued (credit, debit and prepaid) and a widely distributed acceptance network across the online and of_ine merchant ecosystem, HDFC Bank continues to maintain a leadership position across multiple product offerings in the payments landscape.

In the Financial Year 2024-25, HDFC Bank scaled up with a slew of new products launched across UPI, TATA, Swiggy in the Payments Business.

The year ended March 31, 2025 saw 62 lakh new credit cards being issued covering retail and business segments. Of total cards in force in market, HDFC Bank crossed 2.38 crore cards in force which is the highest amongst all issuers. To provide better service to all card holders, the recently launched Mycards, emerged as a robust and comprehensive card servicing platform and currently has 3.45 crore registered customers availing several card related services.

Further, the Bank launched PayZapp 2.0 a comprehensive mobile payment commerce app in March 2023. PayZapp not only supports a complete range of payments from credit cards, debit cards, wallet and UPI with customers getting the choice of form factor to make payments at merchant stores using Scan or Tap or at Online merchants with a Swipe action. The app has reached the milestone of 1.6 crore registrations in FY 2025 and over 50 lakh (on an average) active users per month.

To enhance and strengthen offerings to merchants, SmartHub Vyapar- an integrated payment, banking and business solution that caters to the daily needs of merchants and helps them drive business growth was formally launched in October 2022. The platform has witnessed widespread adoption ever since and has onboarded close to 19.3 lakh users across the country as on March 31, 2025.

SmartHub Payment Gateway, a uni_ed payment platform for online merchants was launched in February 2024 in line with the Bank’s endeavour to provide merchants a comprehensive platform to cater to their payments and banking needs and help drive their growth. This platform enables merchants to collect payments through 150 plus methods and assists them in maximising sales with best-in-class success rate. SmartHub Payment Gateway provides an insightful dashboard powered by smart analytics and empowers merchants to provide a frictionless check out experience for their customers. The platform has onboarded over 1,600 Merchants with projected March exit volume of approximately 1,000 crore.

Lastly, in tune with the evolving payments landscape the business continues to transform itself with significant investments across Cloud Computing, Analytics, Arti_cial Intelligence and Machine Learning, Open APIs and Cyber Security. The objective is to manage large scale and continuously grow volumes while processing transactions in a safe and secure manner.

Key digital initiatives in the Retail segment in FY 2024-25:

In the Financial Year 2024-25, the Bank continued to expand and deepen its digital footprint across the retail segment, with a strong emphasis on simplifying customer journeys, scaling digital fulfilment, and embedding services across channels and platforms.

Driven by the Bank’s broader Shift Right strategy, the focus this year was on developing end-to-end journeys that minimise friction, reduce paperwork and enhance speed-to-fulfillment—while ensuring security, regulatory alignment and accessibility.

Digital Origination and Fulfillment at Scale

Retail customer acquisition through digital channels reached new milestones during the year. 86 per cent of all new retail products—including savings accounts, loans, credit cards and deposits—were sourced digitally, up from 82 per cent in the previous year. The bank now enables 97 per cent of all financial transactions through digital channels, highlighting the shift towards a self-service ecosystem. Additionally, 79 per cent of servicing requests were fulfilled digitally, compared to 73 per cent in FY 2024. The Bank’s self-service and assisted journeys now support onboarding across a diverse customer base, from digitally native users to _rst-time users in semi-urban and rural markets.

The Bank’s Xpress Car Loan (XCL) platform continued to scale as India’s largest end-to-end digital auto loan journey. The platform processed over 1.3 lakh units, disbursing 13,110 crore digitally in FY 2025. This zero-paper, zero-touch model is now the preferred channel for auto loans and extends full-service capabilities even to new-to-bank customers.

Other digitally enabled loan products—such as personal loans, gold loans and business loans—saw increased adoption, supported by features like:

• Pre-quali_ed offer journeys

• Bank statement analytics

• Automated underwriting

• Real-time KYC and biometric authentication

Digital journeys were also introduced for Group Health and Group Term insurance, embedded within account and loan offerings for existing-to-bank (ETB) customers—reflecting a growing focus on integrated protection products.

Expanded Digital Journeys Across Liabilities and Cards

In deposits and liabilities, the Bank launched new journeys for:

• Assisted and unassisted savings account onboarding

• Minor-to-major conversions and salar y family accounts

• Fixed deposits with external funding

• Standalone card and asset customer servicing

Digital issuance and activation journeys for credit cards, including DSA-assisted and corporate card variants, were expanded during the year. These journeys were integrated with real-time bureau checks and document validations, reducing manual touchpoints and enabling faster disbursals.

Enhanced Customer Service and Post-Sale Fulfillment

Customer servicing continued to see strong digital adoption. The Bank now offers 89 per cent digital coverage across common retail service interactions—up from 73 per cent in FY 2024.

Key services journeys rolled out during the year included:

• Address update (cards and assets)

• Re-KYC for standalone asset customers

• SmartHub and WhatsApp-based service ticketing

Over 55 per cent of support interactions were resolved through self-service channels, powered by intelligent routing, contextual nudges and fallback to live assistance where required.

Embedded Retail Journeys and Ecosystem Integration

Retail journeys were also extended beyond the Bank’s direct platforms through embedded financepartnerships with e-commerce, fintech and mobility platforms. Strategic tie-ups with platforms like Tata Neu, Swiggy and PhonePe enabled real-time, near 100 per cent digital fulfillment of savings accounts, personal loans and credit cards.

Behind the scenes, these embedded journeys were powered by the Bank’s growing library of secure, reusable APIs and an orchestration framework that enabled straight-through processing (STP), veri_cation, and activation at the point of need.

Inclusive and Assisted Digital Journeys

The Bank continued to prioritise accessibility through assisted digital journeys, especially in semi-urban and rural markets. These journeys leverage _eld agents, business correspondents and biometric-ready apps to support onboarding and fulfillment.

Key features included:

• Aadhaar and biometric-based KYC

• Geo-tagged documentation

• Of_ine-ready functionality for low-connectivity areas

Products such as gold loans, microcredit, and deposits were offered through assisted apps, ensuring financial inclusion while maintaining the speed and simplicity of digital fulfillment.

Our Distribution Channel:

The virtual channels of the Bank were set up to enhance coverage across customer segments and to ensure a holistic service experience to all customers. This is one of the key engagement channels in the Bank.

Virtual Relationship Banking is an integrated customer centric approach covering three pillars - Virtual Relationship, Virtual Sales and Virtual Care serving as a crucial component of the Bank’s sales and customer engagement strategy. This approach harnesses technology to connect with customers, build relationships and promote banking products and services. This helps the Bank to expand the managed customer base, generate leads and drive revenue growth.

Recognising employees and customers as the capitals for this business, your Bank has invested heavily in training and development of its relationship managers. Training covers product knowledge, sales techniques, communication skills, compliance and regulatory requirements and customer relationship management skills.

As we transition into the digital age, a banking experience characterised by digital ease and personalised conversations remains at the core of our Virtual Relationship Management (VRM) strategy.

As a part of this strategy, relationship managers reach out to customers through remote and digital platforms resulting in deeper and cost-effective engagement. As digital literacy and exposure increases exponentially, VRMs are gaining wider acceptance through deeper engagement and relationships backed by a strong product offering thereby constituting an important component of the Bank’s customer engagement strategy.

With proper training, technology support, and adherence to compliance, this channel is a highly effective tool for the Bank to drive revenue growth, expand its customer base and provide excellent customer service.

Retail Banking – Mortgage Business

Post the merger, HDFC Bank, has emerged as an institution with one of the largest mortgage loan portfolios in the country. This brings together HDFC Limited’s segment expertise of over four and a half decades and in person customer connect with HDFC Bank’s extensive branch network and an ability to leverage technology platforms. The home loan business has opened a fresh pathway for future growth for the Bank due to a large customer base. This increases its ability to serve customers better due to a longer tenure engagement and enhances its ability to tap into opportunities for cross-sell. The retail mortgage advances stood at 8,35,656 crore compared to 7,74,406 crore in FY 2024.

Cross-sell remains a primary focus for both existing and new customers. The Bank leverages its digital channels to minimise acquisition costs. Post the merger, over 95 per cent of the newly acquired home loan customers hold a liability account with the Bank. The home loan customers also enjoy the benefit of a strong suite of financial products and solutions that the Bank offers, like credit cards, consumer durable loans, wealth products and insurance. This culminates in strengthening customer relationships and enables HDFC Bank to emerge as the primary banker for these customers.

Third Party Products

Your Bank distributes Life, General and Health Insurance as well as Mutual Funds (Third Party Products) to its customers. In the Financial Year 2024-25, the income from this business accounted for 24.7 per cent of the Bank’s Total Fee Income.

Life Insurance

Your Bank has adopted an open architecture model for distributing insurance products from three trusted partners with a focus on offering customers a diverse array of options. For the year ended March 31, 2025, the Bank mobilised premium of 10,331 crore representing a year-on-year growth of 16 per cent. HDFC Bank’s extensive distribution network includes branches, virtual channels, NRI services and wealth management. The key focus would continue to be on staff training, robust quality and control processes uniformly implemented across all partners as well as offering integrated and seamless digital on-boarding journeys. Currently, the Bank’s NetBanking platform offers 66 insurance products across all partners accounting for over 49 per cent of the total policies.

Premium Earned

Non-Life Insurance

Your Bank, in collaboration with its four General Insurance and two Standalone Health and Insurance partners, has introduced innovative non-life insurance products to expand the range of offerings and provide comprehensive coverage to customers. These products are accessible through both digital and physical platforms. Employees across channels have been trained in the new products and processes. To meet customer demands, additional manpower has been deployed across non-life insurers. As on March 31, 2025, premium mobilisation in General and Health Insurance reached a total of 4,381.6 crore representing a growth of 4 per cent over the previous year.

Mutual Funds

Your Bank follows an open architecture approach in distribution of Mutual Funds and is currently associated with 37 Asset Management Companies (AMCs).

The Bank’s Assets Under Management (AUM) grew by 14 per cent to reach 1,56,321 crore for the year ended March 31, 2025. The Bank offers digital on-boarding platform to customers for Mutual Fund investments through Investment Services Account (ISA) and SmartWealth (app based).

During the same period, HDFC Bank and HSL (InvestNow) witnessed a significant growth of 40 per cent in Systematic Investment Plans (SIPs) mobilisation.

Wealth Management

In the Financial Year 2024-25, our team of over 1000 Sales and Service experts have focused on extending Wealth services to clients ranging from Ultra-HNW to Mass Af_uent client segments.

HDFC Bank was adjudged as "India’s Best for HNW" in the Euromoney Private Banking Awards 2025. In the Global Private Banking Awards 2024 organised by Professional Wealth Management (PWM), published by the Financial Times, HDFC Bank was adjudged the Best Private Bank in India.

Your Bank made continuous and incremental efforts to generate as well as quantify the alpha delivered in each client’s portfolio. In 2025, 87 per cent of our clients had generated a positive alpha with the median client alpha at 2.6 per cent. Our aim is to incorporate alpha in all client reports and portfolio reviews.

With a sales force of over 850 team members supported by 150+ service staff and over 100 Investment Analysts, we have the largest Wealth bankers in the country. With an increase in manpower, we’ve put in consistent efforts in providing the best education and training to our private bankers. By conducting intensive training sessions in collaboration with top-ranked business schools such as Indian Institute of Management at Ahmedabad and Bangalore, we have groomed our in-house talent.

Service First culture is the central pillar for our business as we focus on service led sales by prioritising client delight and relationship banking. Service Quality is an essential part of RM scorecards and Supervisor KPIs. Client engagement, portfolio servicing and Net Promoter Score are key business performance assessment measures. Our Service First Culture has led to an NPS score of 87 in the Financial Year 2024-25 which is one of the highest in the industry.

With this segment specific focus, we have been consistent in growing our market share and proving to be one of the largest Wealth Managers in the country. With the help of over 100 Investor Education Initiatives having fund managers as expert guest speakers, your Bank has been able to reach across the length and breath of the country, covering Tier II and III cities as well.

Your Bank has endeavoured to become the market leader across all investor segments through curated offerings in each segment. For Ultra-HNW clients, we have more than doubled the number of products referred on our platform. Keeping our Super-Af_uent clients in mind, we’ve introduced State-of-the-art Wealthfy reports that provide detailed portfolio diagnostics and analysis.

We have developed an advanced unassisted digital investment platform - SmartWealth that enables our clients to track their portfolios and make investments along with access to goal-based investment recommendations. With highly intuitive client experience and gami_cation of client journeys, this mobile _rst platform aims to provide access of our research to all mass af_uent clients. It has more than six lakh downloads and nearly four lakh clients onboarded on SmartWealth.

HDFC Bank’s wide range of investment offerings successfully adapt to the changing economic landscape to manage and create wealth for our clients, with "Protect, Manage, Grow." being our brand identity.

Wholesale Banking

The Wholesale Banking business focuses on institutional customers such as the Government, PSUs, Large and Emerging Corporates and SMEs. Your Bank offers a range of products and services encompassing working capital and term loans, trade credit, cash management, supply chain _nancing, foreign exchange and investment banking services.

Wholesale Banking business constituted about 42 per cent of your Bank’s Gross domestic advances as per Basel II Classification, with a book size of 10,82,413 crore.

The Bank has continued making significant inroads into the banking consortia of a number of leading corporates. Corporate Banking, focusing on large, well-rated companies continued to be the biggest contributor to Wholesale Banking in terms of asset size.

This business continued its attention towards engaging with Multi-National Corporations (MNCs) and capitalised on the increasing trend among large companies to consolidate their banking relationships. Your Bank strengthened its existing relationships and expanded its market share by leveraging its extensive array of product offerings. The Emerging Corporates Group focuses on the mid- market segment. Your Bank leveraged its vast geographical reach, technology backbone, automated processes, suite of financial products and quick turnaround times to offer a differentiated service. The business continues to have a diversified portfolio in terms of both industry and geography.

In the year under review, the Bank continued its focus on the MSME sector. There has already been increased formalistion and digitalisation of the MSME sector owing to the implementation of the Goods and Service Tax (GST). Through MyBusiness, which offers comprehensive financial solutions like Business Banking, Easy Loans, Trade Services and Digital Solutions, MSMEs can conveniently access a suite of product / services tailored to meet the business requirements.

Post the merger of HDFC Limited with HDFC Bank, the Bank inherited the realty financebusiness. During the year, the bank increased its focus to provide construction financein the residential and commercial space as well as lease rental discounting to leading developers in the country. The Bank increased its market share in existing relationships and added new customers. it plans to increase its geographical presence in the coming year to cater to new customers in key growing markets. The Bank focuses on providing a gamut of banking services and customised solutions to its customers in this segment.

The Investment Banking business further cemented its prominent position in the Debt Capital Markets, Equity Capital Markets and INR Loan Syndication._Your Bank is among the top three in the Bloomberg rankings of Rupee Bond Book Runners for the Financial Year 2024-25 with a market share of 11.61 per cent. Your Bank is amongst the top five in the Bloomberg rankings of Syndicated INR term loans for Financial Year 2024-25. The Bank has provided advisory services and actively assisted clients in equity fund raising through five Initial Public Offerings (IPOs) amounting to 17,250 crore (including one InvIT IPO) and one Institutional Placement of units of InvIT amounting to

8,400 crore, aggregating to about 25,650 crore for the Financial Year 2024-25. Additionally, the Bank also assisted in a government. disinvestment through an Offer for Sale amounting to about 3,450 crore.

In the Government Business, your Bank sustained its focus on tax collections, collecting direct tax (CBDT) of

6,08,278.22 crore and Indirect tax - CBIC (Custom duty + GST) of over 5,15,558.20 crore during Financial Year 2024-25. It continues to enjoy a pre-eminent position among the country’s major stock and commodity exchanges in both Cash Management Services and Cash Settlement Services.

Your Bank has embarked on strategic digital transformation to enhance Customer Engagement and Employee Experience and create an ecosystem for seamless banking.

It also leverages analytics to delve deeper into corporate ecosystems resulting in better product structuring, cross sell opportunities, improved yields thus improving the Bank’s share of Revenue Pools from Corporates.

HDFC Bank provides a comprehensive suite of cutting-edge platforms tailored to meet the diverse needs of corporate clients. Among these, our Corporate E-Net Banking platform stands out, offering both the reliable e-Net service and the more recently upgraded CBX platform. These platforms provide intuitive interfaces and robust functionalities empowering businesses with seamless control over their financial operations. Additionally, our Trade Platform - Trade on Net (TON) serves as a cornerstone for facilitating ef_cient trade transactions. Also, our Supply Chain Finance (SCF) transaction platform enables digital contract bookings and automated disbursements, streamlining end-to-end SCF transactions for the corporates. Your Bank has integrated with all the three TReDS platforms. We are also collaborating with Fintechs to integrate with Corporate ERP and offer Embedded Banking in Corporate Ecosystems journeys.

Treasury

The Treasury Department is the custodian of your Bank’s cash / liquid assets and handles its investments in securities, foreign exchange and cash instruments. It manages the liquidity and interest rate risks on the balance sheet and is also responsible for meeting reserve requirements. The vertical also helps manage the hedging needs of customers and earns a fee income generated from transactions customers undertake with your Bank while managing their foreign exchange and interest rate risks.

Revenue accrues from spreads on customer transactions based on trade and remittance flows and demonstrated hedging needs. Your Bank recorded a revenue of

4,919.04 crore from foreign exchange and derivative transactions in the year under review.

As a part of its prudent risk management, your Bank enters into foreign exchange and derivatives deals with counterparties after it has set up appropriate credit limits based on its evaluation of the ability of the counterparty to meet its obligations. Where your Bank enters into foreign currency derivatives contracts not involving the Indian Rupee with its customers, it typically lays them off in the inter-bank market on a matched basis. For such foreign currency derivatives, your Bank primarily carries the counterparty credit risk (where the customer has crystallised payables or ‘mark-to-market’ losses) and may carry only residual market risk, if any. Your Bank also deals in derivatives on its own account including for the purpose of its own balance sheet risk management.

HDFC Bank is also a nominated agent for the bullion imports and has a significant market share in that business.

Your Bank maintains a portfolio of Government securities in line with the regulatory norms governing the Statutory Liquidity Ratio (SLR). A significant portion of these SLR securities are in ‘Held-to-Maturity’ (HTM) category, while some are ‘Available for Sale’ (AFS). The Bank is also a primary dealer for Government Securities. As a part of this business, your Bank holds fixed income securities as ‘Held for Trading’ (HFT).

In the year under review, your Bank continued to be a significant participant in the domestic exchange and interest rate markets. It also capitalised on falling bond yields to book profits and is now looking at tapping opportunities arising out of the liberalisation in the foreign exchange and interest rate markets.

B. International Business

During the year, your Bank stayed on course to cater to NRI clients and deepen its product and service proposition. HDFC Bank’s international operations comprise five branches, located in Hong Kong, Bahrain, Dubai International Financial Centre (DIFC), Singapore and an IFSC Banking Unit in Gujarat International Finance Tec-City. Additionally, it has four representative offices in Kenya, Abu Dhabi, Dubai and London respectively, catering to Non-Resident Indians and Persons of Indian Origin.

The Bank’s product strategy in International Markets is customer centric and it has products to cater to client needs across asset classes. GIFT City branch offers products such as trade credits and foreign currency term loans (including external commercial borrowings). It is gradually widening the product offerings to cater to the needs of Resident and Non-Resident clients and capitalise on the growth in the financial centre.

As on March 31, 2025, the Balance Sheet size of International Business was US $ 10.83 billion. Advances constituted 1.75 per cent of the Bank’s advances. The Total Income contributed by Overseas Branches constituted 1.44 per cent of the Bank’s Total Income for the year.

C. Partnering with Government, Institutions and Start–Ups

It has been another year of steady progress for Government, Institutional Business and Start–Ups within your Bank. Some of the key highlights and new initiatives include:

1. Increased focus on the retail Government deposits resulted in your Bank acquiring over 10 per cent of the market share in 201 districts.

2. Your Bank continues to rank among the top three leading Government Agency Banks for collecting Central Government taxes. Substantial market shares were acquired in collections of Direct Tax, GST and Custom Duty as per tax collection data reported through PIB & CGA, Government of India. Your Bank has now started sourcing accounts under the Senior Citizens Savings Scheme on behalf of the Central Government.

HDFC Bank’s Market Share:

3. Your Bank facilitated the transfer of funds _owing from the Central Government to various bene_ciaries under the aegis of the Centrally Sponsored Schemes, Central Sector Schemes, and the 15^th Finance Commission. The total flows processed grew by 11 per cent year on year.

4. Your Bank continues its initiatives on digitalisation of financial operations of government entities. For example, it has enabled online collection of revenues from wayside amenities for National Highway Logistics Management Limited.

5. On disbursements, your Bank has helped digitalise payments to bene_ciaries against land acquisition activities undertaken by various authorities for development of national infrastructure.

6. Your Bank is now integrated with National e-Governance Services Limited (NeSL) enabling online access and validation of electronic Bank Guarantees (eBGs) to serve customers better.

7. Your Bank is now integrated with treasury systems across six states to enable bene_ciary account validation, payments, transaction and balance reporting.

8. Your Bank has successfully harnessed the granular business opportunity at District-level, Block-level and Gram Panchayat-level. It has introduced a new bundled offering called "Panchayat Kavach" where complimentary non-life insurance of 5 lakh and several exclusive benefits are provided to secure the Gram Panchayats from various calamities.

9. Your Bank has also driven digitalisation at district level through solutions that enable expenditure reporting and associated payments through integration with the Bank’s payment channels.

10. Your Bank has intensi_ed its efforts to engage with pensioners implementing the following measures:

a. Enhancing pension product for defence pensioners, with personal accidental death coverage of 50 lakh till the age of 80.

b. In the Financial Year 2024-25, we ensured that 99 per cent of pensioners (our customers) successfully submitted their digital life certificates in the Pension Processing System of the Bank through a hassle-free experience.

c. Further, your Bank has extended its pension disbursement services to non-HDFC Bank accounts thus servicing a wider pensioner population.

11. Your Bank continues to expand its presence in the education sector and has successfully onboarded approximately 42 per cent of universities nationwide. Some of the marquee additions during the year include IIM Kozhikode, IIM Visakhapatnam, AIIMS Jammu, Mahadevappa Rampure (MR) Medical College, Shekhawati University and Central Sanskrit University. Additionally, your Bank onboarded notable religious organisations, including Dwarkadhishji Mandir, Thakur Shri Bankey Bihari Ji Maharaj Vrindavan, Shri Digamber Jain Atishay Teerth Kshetra Chandragiri Dongargarh, Sri Rajapur Jagannath Mandir, Catholic diocese of Kottayam, Shri Bhimakali Temple, Haryana Wakf Board and the chain of ISKCON temples.

12. Your Bank has received positive customer feedback for its recent digital products and solutions:

a. FarSight Dashboard: Building on the existing solution, your Bank has further enhanced the FARSight Dashboard to provide visibility across accounts and offer cash_ow forecasting capabilities for customers to plan their _nances. b. GIGA: Your bank launched GIGA – an industry _rst banking programme tailored specifically for gig/platform workers. GIGA addresses an underserved demographic, by understanding the unique challenges faced by them such as irregular income, lack of financial security and limited access to traditional banking services.

GIGA Program includes a specialised savings account with relaxed quarterly balance requirements, debit and credit cards with value added offers, affordable health insurance for themselves and their family, unique _exible investment products which enables them to ‘invest when they can and how much they can’ instead of a traditional systematic investment plan. Additionally, a range of loans to meet their borrowing needs are also offered.

13. Your Bank is committed to enabling smooth cross-border transactions for Indian merchants, freelancers, MSMEs and exporters. In line with RBI’s regulations on online payment gateway service providers/ payment aggregators – cross border, your Bank is collaborating with fintech partners for providing authorised dealer services to enable secure and hassle free cross–border trade settlements.

14. Start–up Banking: Your Bank provides a comprehensive range of banking products specially curated for the start-up ecosystem. In furtherance of its objective to support the banking and financial needs of start-ups, your Bank signed MoUs with prominent start-up ecosystem partners. Most of them are government nodal agencies and incubators located at educational institutions. Some of the partners are:

a. Department for Promotion of Industry and Internal Trade (DPIIT), Government of India

b. Society for Innovation and Entrepreneurship (SINE), IIT Bombay

c. Kerala Startup Mission (KSUM) d. Startup Odisha e. Startup Assam f. Hyderabad University

g. Manipal University, Jaipur–Technological Incubation Centre

h. Chitkara University

15. HDFC Tech Innovators 2024: Your Bank along with HDFC Capital Advisors spearheaded HDFC Tech Innovators 2024, a joint initiative of HDFC Bank group companies - HDFC AMC, HDFC Ergo, HDB Financial Services, HDFC Life, and HDFC Securities to promote innovations and opportunities for technology related start-up ventures. Over 2,000 applications were received across five categories - Fintech, Proptech, Sustainability Tech, Consumer Tech and New Age Tech. The top 10 winners were selected by a grand jury comprising HDFC Bank Group leadership, venture capitalists, senior industry executives and unicorn founders.

16. Parivartan Start–Up grants: Your Bank supported 20 incubators associated with reputed academic institutions and 87 start-ups through the eighth edition of the Parivartan Start-Up Grants. This year, your Bank partnered with three nodal government agencies, each contributing to specific thematic areas: a. Reserve Bank Innovation Hub: Identifying/ developing a product/process/policy to make banking inclusive for women

b. Startup India: Strategic partnership for access to startup ecosystem

c. MeitY India AI Mission: Strategic partnership towards nurturing AI solutions for large scale socio-economic impact.

d. Semi-Urban and Rural

Your Bank has traditionally focused on the Semi-Urban and Rural (SURU) markets. As rural incomes and aspirations rise, your Bank’s focus on this market has only increased as it caters to the demand for better quality financial products and services. The Bank has been increasing its presence in Semi-Urban and Rural markets through various groups in the Bank with the objective of increasing lending.

Apart from meeting its statutory obligations under PSL (Agri and Allied activities, Small and Marginal Farmers and Weaker Sections), your Bank has been offering a wide range of products on the asset side, such as Auto, Two-Wheeler, Personal, Gold, Light Commercial Vehicle (LCV) and Small Shopkeeper Loans in these markets. Having expanded the rural footprint to more than 2.35 lakh villages, HDFC Bank now plans to increase its coverage in existing villages and deepen the relationships. The Semi-Urban and Rural push has been backed by the Bank’s digital strategy. Your Bank’s operations in Semi-Urban and Rural locations are explained below:

Agriculture and Allied Activities

Your Bank’s assets in Agriculture and Allied activities (PSL + Non PSL)_stood at _ 3,73,863.65 crore as on March 31, 2025.

The Key to HDFC Bank’s success in the existing market has been its ability to leverage various opportunities through:

1. A diverse product range

2. Faster turnaround time

3. Distribution strength

4. Innovative digital solutions

HDFC Bank’s extensive product portfolio encompasses pre and post-harvest Crop Loans, Farm Development / Investment Loans, Two-Wheeler Loans, Auto Loans, Tractor Loans, Small Agri Business Loans, Loan Against Gold, Loan to landless labourers and more. This comprehensive offering has enabled the Bank to establish a robust presence in rural areas with its asset products. Additionally, it has been a prominent participant in the Agri Infrastructure Fund Scheme consistently achieving allocated targets set by the Government.

HDFC Bank is increasingly involved in facilitating various Government / Regulatory Schemes to other Non-crop Segments, including Agri-allied and Small Agri-Business Enterprises, as well as Rural MSMEs. A unique business model encompassing a wide variety of products and services driven by a relationship management approach ensures suitable solutions as well as financial literacy to farmers. The Bank has tailored a range of crop and geography-specific products to align with harvest cycles and address the specific needs of farmers across diverse Agro-climatic zones. This customer-centric approach has transformed the rural banking services, enabling the delivery of personalised offerings to meet the evolving needs of rural customers effectively.

Products such as post-harvest cash credit and warehouse receipt financing facilitate faster cash flows to farmers, while credit is also extended for Allied Agricultural Activities such as Dairy, Pisciculture, and Sericulture. Moreover, HDFC Bank’s targeted branch expansion in SURU regions coupled with digital interventions aims to create a superior customer experience and position it as a future-ready institution.

Participation in Government Schemes

As a part of Atmanirbhar Bharat Abhiyan, the Government of India has announced several schemes/enablers across several sectors, particularly in the Agriculture sector. Your Bank is implementing almost all such initiatives / schemes targeting multiple stakeholders in the Agri ecosystem.

Agriculture Infrastructure Fund (AIF) Scheme: Through this scheme, the Bank is offering medium to long-term debt for investment in viable projects pertaining to post-harvest management and infrastructure development like construction of warehouses/silos. As of March 31, 2025, under the AIF scheme, your Bank has sanctioned 6,359 crore covering 8,859 projects and disbursed 4,642 crore covering 7,494 projects. During the year under review, your Bank has sanctioned 1,991 crore for 3,529 projects and disbursed 1,843 crore for 3,363 projects.

• The Project Monitoring Unit, AIF, Ministry of Agriculture and Farmer Welfare has set specific targets through various campaigns. Your Bank achieved 106 per cent of assigned target by approving 688 crore against target of 650 crore in AIF PRAGATI Campaign conducted between January 1 and February 15, 2025.

• In the ARISE Campaign conducted between June 18 and July 31, 2024, your Bank has secured second position amongst all Scheduled Commercial Banks (SCBs) by approving 1,421 applications.

Pradhan Mantri Formalisation of Food and Micro Enterprises (PMFME):

Your Bank is actively implementing the scheme and passing the benefits to all eligible borrowers in the food processing sector.

In the year under review, loans worth 549 crore were sanctioned for 2,929 projects and 567 crore has been disbursed for 3,319 projects.

Other Agri schemes, where your Bank has significantly contributed include Agri Marketing Infrastructure Fund (AMIF), Animal Husbandry Infrastructure Fund (AHIDF), Credit Guarantee Fund for Micro Units, National Livestock Mission (NLM) as well as state-specific Government schemes.

To address high volume and low-value ticket loans in Agri-Business with a digital optimisation strategy, your Bank plans to onboard AgriTech-BCs with differentiated business models. These BCs will help source and service small and marginal farmers.

Funding Small and Marginal Farmers (SMFs):

Your Bank views lending to the agriculture sector, including to small and marginal farmers, as a huge opportunity and not just a regulatory mandate to meet priority sector lending requirements. The Bank has leveraged its extensive knowledge of rural customers to create as well as deliver products and services at affordable price points with a quick turnaround time. This has enabled HDFC Bank to establish a strong footprint in the rural geographies which it has now leveraged to increase its penetration of liability products.

In the Financial Year 2023-24, your Bank serviced customers in about 2.25 lakh villages. Through a plethora of interventions, the number of villages grew to over 2.35 lakh in the Financial Year 2024-25. Your Bank has put in place a strategy to further penetrate these villages and add more customers through a variety of products for farmer _nancing.

HDFC Bank has _nanced and supported 35 lakh Small and Marginal Farmers. This was achieved through a strategy to engage closely with small and marginal farmers through customised agriculture loans. Leveraging the government schemes it has launched various secured/ unsecured loan products including Loan Against Gold as security, targeting small and marginal farmers in Agri and Allied segments.

Farmer Producer Organisations (FPOs):

For agriculture productivity and incomes to grow, aggregation of farm holdings in the form of FPOs is the key strategy to double farmers’ income. Leveraging the government scheme for formation and promotion of 10,000 new FPOs (Credit guarantee is available from NABARD / CGTMSE), your Bank has funded eligible FPOs for working capital and term loan requirements. As of March 31, 2025, your Bank was able to reach 249 FPOs covering about one lakh small and marginal farmers.

Digital Interventions

Some of the digital interventions made by your bank include:

Digitalising Milk Procurement:

This initiative brings transparency in the milk procurement and payment process which benefits both farmers and dairy societies. Multi-function Terminals (MFTs), popularly known as Milk-to-Money ATMs, are deployed in dairy societies. The MFTs link the milk procurement system of the dairy society to the farmer’s account to enable faster payments. MFTs have cash dispensers that function as standard ATMs. Payments are credited without the hassles of cash distribution. Further, this process creates a credit history which can then be used for accessing bank credit. So far, the Bank has digitalised payments at various milk cooperatives across two states also 279 milk cooperatives actively serving and benefitting more than 1.66 lakh dairy farmers and facilitated 41.72 lakhs transactions. Apart from dairy and cattle loans, customers gain access to the Bank’s products including digital offerings such as 10 Second Personal Loan, Kisan Credit Card and Bill Pay.

Gold Loans:

Your Bank is making inroads into a market dominated by the unorganised sector, moneylenders and pawn brokers. The Bank is keen on making the gold loan facility available across the length and breadth of the country. As on March 31, 2025, the Bank is offering gold loans through 4,617 branches, with 46 per cent of these branches in Semi-Urban and Rural location. HDFC Bank ended the year with a Gold Loan Portfolio of 18,716 crore with growth of 28 per cent over the previous year.

Your Bank is implementing its blueprint of making gold loans available in most of its branches and thereby taking this product within the reach of otherwise untapped customer segments

Social Initiatives in Farm Sector

The farm sector faces threats arising out of climate change as evident from the growing number of extreme weather events. In addition, factors like soil health, input quality (seeds and fertilisers), water availability and Government policy have significant impact, along with price realisations and storage facilities. All this has an impact on farm yield and income.

Given the vulnerabilities, it is critical to strengthen climate resilience and adaptability of the agri-food sector. In this context, your Bank has launched a variety of initiatives such as Holistic Rural Development Programme (HRDP), Crop Residue Management Project amongst others. Within regulatory guidelines, your Bank has also been providing relief to impacted farmers. It also has put in place systems designed to enable Direct Benefit Transfers in a time-bound manner.

Lending to the agriculture sector, including to small and marginal farmers, is a regulatory mandate as part of priority sector lending requirements. The Bank has leveraged its extensive knowledge of rural customers to create as well as deliver products and services at affordable price points and with a quick turnaround time. This has enabled it to establish a strong footprint in the rural geographies which has now been leveraged to increase penetration of liability products. Further, your Bank has been working with a segment-specific approach like funding to horticulture clusters, supply chain _nance, agri business, MSMEs and dairy farmers. It also continues to engage closely with farmers to mitigate risks and protect portfolio quality.

Micro, Small and Medium Enterprises (MSME)

The MSME sector serves as an important engine for economic growth and is one of the largest employers in the economy.

As on March 31, 2025, your Bank’s assets in the MSME segment stood at_ 5,24,101.10_crore.

The Micro Enterprises assets alone stood at_ _ 1,54,028.51 crore.

The Union Government and the Reserve Bank of India (RBI) have been providing support for lending to MSME segment on an ongoing basis. Apart from various schemes to support MSMEs during the pandemic, the Government has also launched a revamped CGTMSE scheme with an increased limit threshold for guarantee cover and reduction of guarantee fee. Many other schemes like Credit Guarantee to Start Ups (CGSS), eNWR guarantee scheme have been rolled out.

Your bank emerged as one of the leading contributors to CGTMSE in the Financial Year 2024-25 also, supporting the MSME sector with guarantee-covered credit facilities. This has further supported the growth of MSME loans which have shown a year-on-year growth of 4.07 per cent.

The pace of digitalisation among MSMEs has accelerated, which has helped to speed up the pace of disbursement and increase transparency in the sector. Customers can now apply online and submit required documents digitally and they can also execute post-sanction agreements digitally to avail of facilities quickly with straight-through disbursement. The Government’s digitalisation push, the adoption of GST and reforms in return _lings, such as income tax have made it easier to access customer cash _ow and financial data, which can be used to support decision making and portfolio monitoring. Your Bank’s SME portal continues to offer ad hoc approvals and pre-approved Temporary Overdrafts (TODs) on a simpli_ed and faster basis to existing customers. They can request a top-up of loans and submit the required documents online. The SME portal also allows customers to access your Bank’s services related to sanctioned credit facilities 24/7 from anywhere. Customers can download various certificates and statements as needed on an ongoing basis.

On the trade side, your Bank focuses on customer engagement to increase the penetration of Trade on Net applications. Trade on Net is a complete enterprise trade solution for customers engaged in domestic and foreign trade. It enables them to initiate and track requests online seamlessly, reducing time and costs.

Financial Inclusion and Financial Literacy to educate and empower the under-banked

The philosophy of financial inclusion is about seamless delivery of financial services. This includes opening of savings bank accounts to inculcate the savings habit/ transactions, extending credit for productive, personal and other purposes and offering value added services such as micro-insurance, pension products among others. The Bank, through its wide network of branches and business correspondents coupled with enhanced digital offerings such as BHIM UPI as well as Aadhaar and RuPay-enabled Micro-ATMs ensures a wide coverage pan-India.

HDFC Bank is committed to extending banking services to deeper geographies in the country to educate, empower and enable citizens to be a part of the formal financial system. The bank believes that financial literacy is an important tool for promoting financial inclusion and has adopted an integrated approach, wherein its efforts towards Financial Inclusion and Financial Literacy go hand in hand.

Through Financial literacy and education, the Bank disseminates information on the general banking concepts to diverse target groups, including students, women, rural and urban poor, pensioners and senior citizens to enable them to make informed financial decisions as well as to make people understand the benefits of linking with the banking system.

Your Bank has been actively committed to offering a multitude of Government schemes across diverse geographies. Below are key highlights:

• Pradhan Mantri Jan Dhan Yojana and Social Security Schemes (PMJJBY, PMSBY and APY): To enhance financial inclusion coverage.

Support: Opened more than 50 lakh PMJDY accounts and enrolled 90.97 lakh customers in Social Security Schemes (PMJJBY, PMSBY and APY) since inception.

• Financial Literacy Camps (FLCs): To educate and empower citizens to understand the benefits of joining the formal financial system.

Support: The Bank has cumulatively covered over 1.84 crore customers through its FLCs. During the Financial Year 2024-25, the bank has conducted 4.97 lakh FLC camps covering 30.65 lakh participants.

• Pradhan Mantri Mudra Yojana (PMMY): To enable small borrowers to borrow upto 20 lakh for non-farm income generating activities.

Support: Since the launch of the scheme, the Bank has extended loans amounting to 88,664 crore to 1.32 crore bene_ciaries.

• Stand Up India (SUPI): To empower Scheduled Caste, Scheduled Tribe and Women borrowers.

Support: Your Bank has extended loans amounting to 3,720 crore to 16,115 beneficiaries since inception of the scheme.

• Prime Minister’s Employment Generation Programme (PMEGP): A special scheme aimed at generating employment opportunities in rural and urban areas through establishment of new self-employment ventures, projects and micro-enterprises.

Support: The Bank has disbursed funding of 390 crore since inception to micro-enterprise units in manufacturing and service sectors.

• PM-Street Vendors AtmaNirbhar Nidhi (PM-SVANidhi): Special scheme under micro-credit facility for street vendors providing collateral-free, affordable term loans of 10,000 for one year in the 1^st tranche.

Support: Your Bank has provided loans to 40,302 Street Vendors since inception and educated and encouraged them to adopt digital transactions through the "Main Bhi Digital" campaign.

• Aadhaar Seva Kendras (Aadhaar enrolment and updation service): Your Bank provides Aadhaar enrolment and update services at branches that are designated as Aadhaar Seva Kendras.

Support: More than 65.8 lakh enrolments and updates undertaken since inception basis explicit customer request.

Sustainable Livelihood Initiative

Our Sustainable Livelihood Initiative (SLI) is a holistic approach that aims to deliver financial support to that section of the population who lack access to formal banking services.

For details click on https://www.hdfcbank.com/personal/ borrow/other-loans/sustainable-livelihood-initiative

E. Environmental Sustainability

Sustainability is one of the core values of the Bank. The details are covered in pages 112 to 135.

F. Business Enablers

1. People

People is one of the core values of the Bank. Through continuous reinforcement and alignment with our strategic objectives, the HDFC Bank Culture Framework ensures that over 2.14 lakh employees are equipped to succeed in an ever-evolving landscape. Our supervisory behaviour framework - Nurture, Care, Collaborate (NCC) - empowers our workforce with the knowledge and guidance needed to lead transformation. We focus on acquiring diverse talent and prioritise their well-being, safety and development, fostering an inclusive environment where they can thrive and grow.

For details please refer to pages 150 to 167.

2. Leveraging Technology for Growth and Technology Absorption

In the Financial Year 2024-25 HDFC Bank advanced its long-term technology strategy with an integrated approach to digital, data, and risk transformation. Our ambition to build a future-ready, inclusive financial institution continued to gain ground—guided by the belief that technology must serve the customer, not complexity.

The year saw the convergence of three key forces:

• A pivot towards platform-led architecture,

• A sharp focus on digitalising every meaningful journey, and

• A proactive stance on resilience and responsible AI exploration.

Our "Shift Right" strategy, launched in FY 2024., served as the compass—anchoring transformation around five pillars: Journeys, Channels, Core, Data, and Security.

Reimagining the Banking Experience

Across customer segments—retail, SME, and enterprise—we reengineered critical touchpoints to be more responsive, inclusive and insight-led.

• 86 per cent of new account acquisitions and 79 per cent service requests were fulfilled digitally, supported by simplified onboarding, real-time validations, and assisted journeys where needed.

• High-volume lending products like Xpress Car Loans, Business Loans and Gold Loans saw scale through straight-through processing and biometric KYC flows.

• In rural and semi-urban India, digitally assisted journeys enabled credit and deposit access via local business correspondents—reducing onboarding time and improving branch capacities.

Our customer-_rst design philosophy enabled us to deliver outcome-based journeys, not just digital workflows—focused on speed, intuitiveness and self-resolution.

Scaling Digital Interfaces with Intelligence

Our newly upgraded Mobile and NetBanking platforms—rolled out in phases—have ushered in a cutting-edge experience, featuring uni_ed views, smart navigation and enhanced security protocols that elevate every interaction.

Conversational interfaces through HDFC BankOne handled over 3.7 crore customer engagements monthly, while WhatsApp Banking emerged as the preferred channel of our customers. Over half of all service requests now _ow through digital self-service channels, with fallback to agents only when required.

The launch of Pixel, a fully digital, app-native credit card, saw strong traction. It is built on the principles of configurability, real-time servicing and contextual engagement.

Deepening Ecosystem Play: Embedded and API Banking

Our embedded banking model evolved into an anchoring capability:

• We scaled integrations with partners like Tata Neu, PhonePe and Swiggy enabling seamless API-led journeys for retail lending and cards.

• Over one lakh products were sourced monthly through these ecosystems.

• Our co-branded cards portfolio expanded with curated benefits, contextual offers and intelligent onboarding.

We also enhanced our cross-border offering:

• HDFC Bank now handles over 20 per cent of India’s inbound remittances through tie-ups with Lulu Exchange, Flywire and PayMyTuition, supported by over 115 correspondent arrangements.

A robust API-first orchestration layer continues to drive plug-and-play capability for partners, enabling secure, real-time access to banking infrastructure across platforms.

Modernising the Core for Real-Time, Resilient Scale

Financial Year 2024-25 marked a major milestone with the migration of our Core Banking System to a next-gen engineered platform—making HDFC Bank one of the largest banks in the country to host its core ecosystem on a modern, scalable architecture.

This was complemented by:

• The first deployment under our "Lighten the Core" strategy-Payments Hub-which modularised IMPS processing with reduced latency.

• Active-active data center configurations and infrastructure upgrades across payments, origination and loan management platforms.

These foundational shifts allow us to handle exponential digital growth while preserving availability and performance.

Harnessing Data for Insight-Led Decisions

The Bank initiated a Data Lake House programme to centralise data from across systems, enabling scalable analytics, improving accuracy and regulatory compliance.

Built on modern open-stack technologies, the platform supports better decision-making, standardises master data, and strengthens governance through unified controls, lineage tracking and reduced duplication.

Cybersecurity and Digital Risk: A Measured Approach As the Bank expands its digital footprint, safeguarding customer data and ensuring system integrity remain paramount. In FY 2025, HDFC Bank strengthened its cybersecurity architecture with a comprehensive suite of tools and governance frameworks designed to manage evolving risks, ensure regulatory alignment and preserve operational continuity.

The Bank continued to enhance its Zero Trust Architecture, reducing reliance on perimeter defences and embedding veri_cation at every access point—across users, systems and APIs. These principles now underpin access controls, policy enforcement and cloud governance across business-critical environments.

The Bank protects its customer data and digital services through a range of advanced security measures. By deploying PRISMA Cloud Infrastructure Entitlement Management (CIEM), the Bank effectively manages and restricts cloud permissions based on least-privilege principles. The integration of Accops Secure Gateway provides MFA-protected access to crucial internet-facing applications while Zscaler Private Access (ZPA) ensures secure, policy-driven remote connectivity in line with the Bank’s Zero Trust roadmap. Additionally, the Cloud Web Application Firewall (WAF) safeguards against application-layer threats across digital channels. Continuous monitoring, detection and remediation of cloud miscon_gurations and vulnerabilities are achieved through the Cloud Security Posture Management (CSPM) and Cloud Workload Protection Platform (CWPP). The Bank also employs Cloud Access Security Broker (CASB), Browser Isolation and CI/CD Security Controls to secure SaaS usage and development pipelines. Lastly, Attack Surface Monitoring (ASM) continuously scans and secures exposed digital assets throughout the enterprise.

Collectively, these investments reinforce the Bank’s commitment to secure-by-design architecture ensuring that innovation, scale and resilience go hand in hand with responsible risk management.

Serving Enterprises and SMEs with Speed and Simplicity

Our Corporate and Wholesale Banking business saw strong digital adoption through:

• Rollout of fully digital onboarding journeys for working capital and trade _nance.

• Enhancements to CBX (Corporate Banking Exchange), which now processes large volume of transactions monthly, with API share steadily rising.

In parallel, our SmartHub suite scaled across SME and merchant communities with embedded _nance, payments and loan origination stitched into a single interface.

Building at Scale: Agile Tech Delivery

The Factory model continues to be the nucleus of digital execution at HDFC Bank—with dedicated units focused on:

• Experience design

• Mobile and cloud engineering

• APIs and orchestration

• Data and GenAI

• Secure-by-design architecture

Various high-impact programmes were executed in FY 2025 using this construct—ranging from core modernisation to next-gen servicing platforms.

The Next Chapter: Responsible GenAI and Platform-Led Innovation

Financial Year 2024-25 served as the foundation year for AI-readiness. A structured platform approach is being developed with focus on:

• Secure, reusable models and components for scalability

• Built-in observability and compliance

The Bank is exploring a Class of Problems methodology—prioritising high-impact, enterprise-wide opportunities over isolated use cases. This approach ensures scalability, consistency and measurable business outcomes.

Early pilots in documentation, support, underwriting and productivity workflows have validated the potential for GenAI to augment decision-making and reduce operational friction.

What Lies Ahead

Financial Year 2024-25 was a year of bold action, modernisation and simpli_cation. In FY 2026, our focus sharpens towards:

• Scaling digital platforms with embedded capabilities

• Operationalising responsible GenAI

• Delivering contextual experiences at the edge

• Sustaining resilience while enabling agility

HDFC Bank’s technology and digital strategy remains focused not just on keeping pace with change—but on shaping the future of customer-centric, inclusive and intelligent banking in India.

Cybersecurity

Cybersecurity is at the heart of the technology transformation journey and the Bank is deeply committed to ensuring robust cyber security with substantial advancements being made to further fortify its infrastructure and applications. Key initiatives in this regard include:

• Significant advancements to consolidate cyber security through initiatives such as the foundation of a next-generation Cybersecurity Operations Center (CSOC) for predictive security and incident management, introduction of Security Orchestration, Automation and Response (SOAR) to reduce incident response times and network micro-segmentation for better control, visibility and preparedness against ransomware.

• The initiative and approach to leverage AI and ML as an entire suite to proactively detect and respond to threats is managed through the deployment of next generation Security Incident Event Management (SIEM) solution augmented by Arti_cial Intelligence (AI) and Machine Learning (ML) capabilities along with strong User Entity Behavioral Analysis (UEBA) functionalities and built-in threat modelling.

• 24/7 defacement monitoring and vulnerability management of the bank’s internet properties, antivirus / malware program, patch management, penetration testing, etc. for minimising the surface area for cyber security attacks and fortifying the Bank’s assets like infrastructure and applications.

• Dedicated program for attack surface management (ASM) that includes continuous attack surface discovery and probing for weaknesses on the discovered assets. There has been a continuous effort to ensure that all significant weaknesses are remediated within a reasonable timeframe.

• Adopting a zero-trust architecture approach to ensure protection against cyber-attacks.

• Implementation of Anti-Advanced Persistence Threat (Anti-APT) system agent on all endpoints in the Bank to protect from zero-day malware attacks. All network elements such as email, web as well as endpoint computers are protected by the anti-APT system.

• Enterprise solutions such as Data Loss Prevention (DLP) to monitor sensitive data stored, transmitted and shared by users, and to prevent and detect data breaches. All endpoints have proxy agent con_gured to ensure that only authorised websites are accessed. All outgoing e-mails are monitored through DLP solution.

• Laptop Encryption: Data encryption ensures that business-critical and sensitive data is not misplaced, thereby preventing any reputational damage and curtailing monetary losses. Hard disk encryption is implemented on all laptops.

• Implementation of Domain-based Message Authentication, Reporting and Conformance (DMARC) system for protecting the Bank’s domain from unauthorized use, commonly known as ‘email spooffng’.

Technology related challenges over the past few years have only made the Bank’s resolve stronger to consolidate and fortify its technology environment. Focused technology / digital investments and programs in technology are pivotal to the Bank in the new age of digital banking and experiences for its customers.

Service Quality Initiatives and Grievance Redressal

Customer Focus is one of the five core values of the Bank. Given a highly competitive business environment, especially with diverse lines of businesses, we continuously strive to enhance customer experience. Delivering exceptional product quality and customer service is a prerequisite for sustained growth. The Bank strives to achieve this by seeking customer feedback, benchmarking with best-in-class business entities and implementing customer-centric improvements. We have adopted a well-defined three-step strategy towards Customer Service - De_ne, Measure and Improve. Towards improving customer experience, the Bank has adopted industry best practices and continuously acts on customer feedback secured across multiple channels.

HDFC Bank has adopted a multi-pronged approach to provide an omnichannel experience to its customers. On the one hand, it has traditional touchpoints like branches, email care and PhoneBanking. On the other hand, it has state-of-the-art platforms like NetBanking, MobileBanking, WhatsApp Banking, the chatbot Eva and the Bank’s exclusive social care handles. The Bank also has a Virtual Relationship Management programme to cater to various financial needs in a personalised manner.

One of the key strategies adopted by your bank is to leverage the benefits of Arti_cial Intelligence (AI) and Automation in providing better customer service – which entails (a) Speed of Response (b) Accuracy of Response (c) Response being In line with regulatory prescriptions and (d) in-depth root cause analysis to reduce/eliminate recurrence of customer grievances.

Customer service performance and grievance redressal are regularly assessed at various levels, including Branch Level Customer Service Committees, Virtual Level Customer Service Committees, Standing Committee on Customer Service and Customer Service Committee of the Board. HDFC Bank has implemented robust processes to monitor and measure service quality levels across touchpoints, including at product and process level through the efforts of the Quality Initiatives Group.

The service quality team conducts regular reviews across various products, processes and channels, focusing on improving the customer experience. A unique Service Quality Index (SQI) has been developed to measure the performance of key customer facing channels based on critical customer service parameters. This SQI enables customer facing channels to identify improvement areas, thereby raising service standards.

One of the basic building blocks of providing acceptable level of customer service is to have an effective Internal Grievance Redressal Mechanism / Framework. HDFC Bank has developed a comprehensive Grievance Redressal Policy, Customer Rights Policy, Customer Protection Policy and a

Customer Compensation Policy duly approved by the Board which outline a framework for resolving customer grievances in an effective manner. These policies are accessible to customers through the Bank’s website and branch network.

HDFC Bank has created multiple channels for customers to provide feedback and register grievances facilitating a transparent and accessible system. As a pioneer in innovative financial solutions and digital platforms, the Bank has witnessed an increased utilisation of its digital channels. Keeping customer interest in focus, the Bank has formulated a Board approved Protection Policy which limits the liability of customers in case of unauthorised electronic banking transactions.

This Bank is compliant with the RBI Internal Ombudsman Scheme of RBI Guidelines. At the apex level, as a part of the Internal Grievance Redressal mechanism, the Bank has appointed seasoned-retired bankers as Internal Ombudsmen to independently review any customer grievance which is partly/wholly rejected by the Bank before the final decision is communicated to the customer.

HDFC Bank is on a journey to measure customer loyalty through a high velocity, closed loop customer feedback system. This customer experience transformation programme helps employees to empathise better with customers and improve turnaround times. Branded as ‘Infinite Smiles’, the programme helps establish behaviours and practices that result in customer-centric actions through continuous improvement in products, services, processes and policies.

The Bank remains committed to placing the customer at the centre of its operations. By consistently improving customer experience, adopting an omnichannel approach and implementing robust service quality and grievance redressal mechanisms, it aims to build and nurture lasting relationships.

Risk Management and Portfolio Quality

Your Bank’s historical focus on Pillar 1 risks, including Credit Risk, Market Risk and Operational Risk has been expanded in response to the evolving banking landscape. Liquidity Risk, Information Technology Risk, Information Security Risk, Group Risk and Model Risk have also emerged as critical considerations. These risks not only impact your Bank’s financial strength and operations but also its reputation. To address these concerns, your Bank has established Board-approved risk strategy and policies overseen by the Risk Policy and Monitoring Committee (RPMC). RPMC is a Board level committee, which supports the Board by supervising the implementation of the risk strategy. It guides the development of policies, procedures and systems for managing risk. It ensures that these are adequate and appropriate to changing business conditions, the structure and needs of the Bank and the risk appetite of the Bank. It ensures that frameworks are established for assessing and managing various risks faced by the Bank, systems are developed to relate risk to the Bank’s capital level and methods are in place for monitoring compliance with internal risk management policies and processes.

The hallmark of your Bank’s risk management function is that it is independent of the business sourcing unit with convergence only at the CEO level.

The gamut of key risks faced by the Bank which are dimensioned and managed include:

• Financial Risks: Credit Risk,

Market Risk

Interest Rate Risk in the Banking Book

Liquidity Risk

Intraday Liquidity Risk

Intraday Credit Risk

Credit Concentration Risk

• Non-Financial Risks Operational Risk

Information Technology and Information Security Practices

Technology Risk

Third Party Products Risk

Outsourcing Risk

• Group Risk (various risks pertaining to subsidiaries)

• Model Risk

• People Risk

• Business Risk

• Strategic Risk

• Compliance Risk

• Reputation Risk

Financial Risks:

Credit Risk

Credit Risk is the possibility of losses associated with diminution in the credit quality of borrowers or counterparties. Losses stem from outright default or reduction in portfolio value. Your Bank has a comprehensive credit risk architecture, policies, procedures and systems for managing credit risk in its retail and wholesale businesses. Wholesale lending is managed on an individual as well as portfolio basis. In contrast, given the granularity of individual exposures, retail lending is managed largely on a portfolio basis across various products and customer segments. Robust front-end and back-end systems are in place to ensure credit quality and minimise default losses. The factors considered while sanctioning retail loans include income, demographics, credit history, loan tenure and banking behavior. In addition, multiple credit risk models are developed and used to assess different segments of customers based on portfolio behavior. In wholesale loans, credit risk is managed by capping exposures based on borrower group, industry, credit rating grades and country, among others. This is backed by portfolio diversi_cation, stringent credit approval processes, periodic post-disbursement monitoring and remedial measures. Your Bank has ensured strong asset quality through volatile times in the lending environment by stringently adhering to prudent norms and institutionalised processes. Your Bank also has a robust framework for assessing Counterparty Banks, which are reviewed periodically to ensure interbank exposures are within approved appetite.

As on March 31, 2025, your Bank’s ratio of Gross Non-Performing Assets (GNPAs) to Gross Advances was 1.33 per cent. Net Non- Performing Assets (Gross Non-Performing Assets Less Specific Loan Loss provisions) was 0.43 per cent of Net Advances.

Your Bank has a conservative and prudent policy for specific provisions on NPAs. Its provision for NPAs is higher than the minimum regulatory requirements and adheres to the regulatory norms for Standard Assets.

Credit Risk emanating from digital lending

Driven by rapid technological advancements, the banking sector is witnessing the increasing importance of digitalisation as a critical differentiator for customer retention and service delivery. Digital lending has emerged as a convenient and quick method for customers to secure loans with just a few clicks, often in minutes. However, addressing the risks associated with digital lending is crucial, and your Bank has implemented appropriate measures to manage these risks effectively. Digital loans are sanctioned primarily to your Bank’s existing customers. Often, they are customers across multiple products, thus enabling the Bank ready access to their credit history and risk proffle. This accessibility facilitates the evaluation of their loan eligibility. Moreover, the credit checks and scores used by your Bank in process-based underwriting are replicated for digital loans. This ensures consistency in the evaluation process.

Market Risk

Market Risk arises primarily from your Bank’s statutory reserve management and trading activity in interest rates, equity and currency market. These risks are managed through a well-defined Board approved Market Risk Policy, Investment Policy, Foreign Exchange Trading Policy and Derivatives Policy that caps risk in different trading desks or various securities through trading risk limits/triggers. The risk measures include position limits, tenor restrictions, sensitivity limits, namely, PV01, Modi_ed Duration of Hold to Maturity Portfolio and Option Greeks, Value-at-Risk (VaR) Limit, Stop Loss Trigger Level (SLTL), Scenario-based P&L Triggers, Potential Loss Trigger Level (PLTL), YTD Trigger for AFS book. These limits are monitored on an end-of-day basis by treasury mid office. In addition, forex open positions, currency option delta and interest rate sensitivity limits are computed and monitored on an intraday basis. This is supplemented by a Board-approved stress testing policy and framework that simulates various market risk scenarios to measure losses and initiate remedial measures. Your Bank’s Market Risk capital charge is computed daily using the Standardised Measurement Method applying the regulatory factors.

Liquidity Risk

Liquidity risk is the risk that the Bank may not be able to meet its financial obligations as they fall due without incurring unacceptable losses. Your Bank’s liquidity and interest rate risk management framework is spelt out through a well-defined Board approved Asset Liability Management Policy. As part of this process, your Bank has established various Board-approved limits for liquidity and interest rate risks in

The Net Stable Funding Ratio (NSFR), a key liquidity risk measure under BCBS liquidity standards, is also used to measure your Bank’s liquidity position. The NSFR seeks to ensure that your Bank maintains a stable funding proffle in relation to the composition of its assets and off-balance sheet activities. The NSFR promotes resilience over a longer-term time horizon by requiring banks to fund their activities with more stable sources of funding on an ongoing basis. The RBI the banking book. The Asset Liability Committee (ALCO) is a decision-making unit responsible for implementing the liquidity and interest rate risk management strategy of the Bank in line with its risk management objectives and ensures adherence to the risk tolerance/limits set by the Board. ALCO reviews the policy’s implementation and monitoring of limits. While the maturity gap, Basel III ratios, and stock ratio limits help manage liquidity risk, Net Interest Income impact and Market Value of Equity (MVE) impact help mitigate interest rate risk in the banking book. This is reinforced by a comprehensive Board-approved stress testing programme covering both liquidity and interest rate risk.

Your Bank conducts various studies to assess the behavioural pattern of non-contractual assets and liabilities and embedded options available to customers, which are used while managing maturity gaps and repricing risk respectively. Further, your Bank has the necessary framework to manage intraday liquidity risk.

The Liquidity Coverage Ratio (LCR) is one of the Basel Committee’s key reforms to develop a more resilient banking sector. The LCR, a global standard, is also used to measure your Bank’s liquidity position. LCR seeks to ensure that the Bank has an adequate stock of unencumbered High-Quality Liquid Assets (HQLA) that can be converted into cash easily and immediately to meet its liquidity needs under a 30-day calendar liquidity stress scenario. The LCR helps in improving the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source, thus reducing the risk of spillover from the financial sector to the real economy. guidelines stipulated a minimum NSFR requirement of 100 per cent at a consolidated level and your Bank has maintained the NSFR well above 100 per cent since its implementation. Based on guidelines issued by RBI, your Bank’s NSFR stood at 119.80 per cent on a consolidated basis at March 31, 2025.

Non-financial Risks:

Operational Risk

This is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. It also includes risk of loss due to legal risk but excludes strategic and reputational risk.

Given below is a detailed explanation under four different heads: Framework and Process, Internal Control, Information Technology and Information Security Practices and Fraud Monitoring and Control.

A. Framework and Process

To manage Operational Risks, your Bank has established a comprehensive Operational Risk Management Framework, whose implementation is supervised by the Operational Risk Management Committee (ORMC) and reviewed by the RPMC of the Board. An independent Operational Risk Management Department (ORMD) is responsible for implementing the framework. The framework incorporates, three lines of defence to ensure implementation.

* In order to achieve the aforesaid objective pertaining to operational risk management framework, the ORMC guides and oversees the functioning, implementation, and maintenance of operational risk management activities of Bank, with special focus on:

• Identification and assessment of risks across the Bank through the Risk and Control Self-Assessment (RCSA) and Scenario analysis

• Measurement of Operational Risk based on the actual loss data

• Monitoring of risk through Key Risk Indicators (KRI)

• Management and reporting through KRI, RCSA and operational risk losses of the Bank

B. Internal Control

Your Bank has implemented sound internal control practices across all processes, units and functions. It has well laid down policies and processes for the management of its day-to-day activities. Your Bank follows established, well-designed controls, which include traditional four eye principles, effective segregation of business and support functions, segregation of duties, call back processes, reconciliation, exception reporting and periodic MIS. Specialised risk control units function in risk- prone products/ functions to minimise operational risk. Controls are tested as part of the SOX control testing framework.

C. Information Technology and Information Security Practices

Your Bank operates in a highly automated environment and makes use of the latest technologies available on cloud or on-premises Data Centres to support various business segments. With the advent of new technology tools and increased sophistication, your Bank has improved its ef_ciency, reduced operational complexities, aided decision making and enhanced the accessibility of products and services. This results in various risks such as those associated with the use, ownership, operation, redundancy, involvement, in_uence, and adoption of IT within an enterprise, as well as business disruption due to technological failures. Additionally, it can lead to risks related to information assets, data security, integrity, reliability, and availability, among others. Your Bank has put in place a governance framework, Information Security Practices, Business Continuity Plan, Disaster Recovery (DR) resiliency, Public Cloud and Cloud Native Services Adoption and Enhanced Automated Monitoring mechanisms to mitigate Information Technology and Information Security-related risks. Our Bank continues to enhance its information security posture through a range of strategic and technology-driven initiatives aimed at strengthening its information security and resilience against evolving cyber threats.

a. The Next-generation Cybersecurity Operations Center (CSOC) has brought in significant advancements to improve overall cyber security posture of the Bank by deploying a predictive / proactive security monitoring of Bank IT Infrastructure and Applications. We have deployed next generation Security Incident Event Management (SIEM) solution augmented by Arti_cial Intelligence (AI) and Machine Learning (ML) capabilities along with strong User Entity Behavioral Analysis (UEBA) functionalities and built-in threat modelling.

b. The Bank’s dedicated Attack Surface Management (ASM) program is aimed at continuously identifying and addressing vulnerabilities across its assets, thereby ensuring a secure environment for the Bank and its customers.

c. Additionally, vulnerability management of the Bank’s internet properties, penetration testing, antivirus / anti-malware program etc. minimize the surface area for cyber security attacks. d. Our centralized patch management tool automates the discovery, management, and remediation of endpoints and servers across various operating systems and environments for the available patches. It further facilitates patching, software deployment, and compliance with security standards, thus reducing the risk of the introduction of vulnerability due to lack of timely patching.

e. With the growing use of cloud infrastructure, tools such as Cloud Posture and Access Security Tools (CSPM & CASB) have been implemented to detect miscon_gurations, enforce compliance requirements, and proactively reduce cloud-related risks.

f. Our Red Team proactively assesses our cyber assets for vulnerabilities through various periodic tests which also include red team assessments. Any issues identififyed during the assessments are remediated in a timely manner to ensure that the banking services remain resilient and stay protected against the evolving threats.

g. Our Bank has also adopted zero-trust architecture approach to ensure protection against cyber-attacks.

h. Bank’s comprehensive e-learning module, iSecurity Ambassador (iSA), a mandatory assessment-based course on information and cyber security, helps in promoting security awareness culture in the Bank.

Overall, the bank’s cybersecurity measures are focused on ensuring the highest level of protection against cyber threats, with proactive monitoring and automated incident response capabilities, enhanced network visibility and a zero-trust approach to security.

The Bank has defined various policies and frameworks for managing the IT and Information Security risks including risks emanating from third party engagements and it follows the three lines of defence principle in managing these risks. With the evolving changes in the technology landscape, the Bank has been reviewing and enhancing the scope for monitoring and mitigating the risks through revision of frameworks and policies, tools, and governance.

Your Bank has a well-defined Business Continuity and Disaster Recovery plan that is periodically tested to ensure that it can meet any operational contingencies. Further, there is a well-documented crisis management plan in place to address the strategic issues of a crisis impacting the Bank and to direct and communicate the corporate response to the crisis including cyber crisis. In addition, employees periodically undergo mandatory business continuity awareness training and sensitisation exercises on a periodic basis.

For details on Business Continuity Management, Information and Cyber Security Practices and Data Privacy Measures, please refer page 106 to 111 and 231 & 239.

An independent assurance team within Internal Audit acts as a third line of defence that provides assurance on the management of IT-related risks.

D. Fraud Monitoring and Control

Your Bank has defined a comprehensive Fraud Risk Management Policy encompassing the life cycle, i.e. prevention, detection, investigation, accountability, monitoring, recovery, analysis and reporting. Further, the Bank has Whistle Blower and Vigilance Policies and there are designated functions responsible for implementation of fraud prevention measures. Frauds are investigated to identify the root cause and relevant corrective steps are recommended to prevent recurrence.

Fraud Monitoring committees at the senior management and Board level also deliberate on high value fraud events and advise preventive actions. Periodic reports are submitted to the Board and senior management committees.

Compliance Risk

Compliance Risk is defined as the risk of impairment of your Bank’s integrity, leading to damage to its reputation, legal or regulatory sanctions, or financial loss, as a result of a failure (or perceived failure) to comply with applicable laws, regulations and standards. Your Bank has a Compliance Policy to ensure the highest standards of compliance. A dedicated team of subject matter experts in the Compliance Department works with business, support and operations teams to ensure active Compliance Risk management and monitoring. The team also provides advisory services on regulatory matters. The focus is on identifying and reducing risk by rigorously testing products and also putting in place robust internal policies. Products that adhere to regulatory norms are tested after rollout and shortcomings, if any, are fully addressed till the product stabilises. Internal policies are reviewed and updated periodically as per agreed frequency or based on market actions or regulatory guidelines/ actions. The compliance team also seeks regular feedback on regulatory compliance from product, business and operation teams through self-certi_cations and monitoring.

Group Risk

Your Bank has diverse set of subsidiaries including NBFC, AMC, Life Insurance, General Insurance, Venture Capital entities, amongst others. In order to manage the risk arising from subsidiaries with regard to potential uncertainties or adverse events that can impact the operations, financial stability, reputation of the Group, your Bank has established Group Risk Management function within the Risk Management Group. Your Bank shall have a reasonable oversight on the Risk Management Framework of the group entities on an ongoing basis through Group Risk Management Committee (GRMC) and Group Risk Council (GRC). The Board / Risk Management committees of respective subsidiary shall be driving the day to day risk management in accordance with the requirements of the respective regulator. Stress testing for the group is carried out by integrating the stress tests of the subsidiaries. Similarly, capital adequacy projections are formulated for the group after incorporating the business/ capital plans of the subsidiaries. The Group Risk Management Committee reports to the Bank’s Risk Policy & Monitoring Committee (RPMC).

Group Oversight Framework:

As HDFC Bank continues to grow in scale and complexity as the parent of a diversified financial group, the need for coordinated oversight across group entities has become increasingly important. In April 2024, the Bank formally introduced a Group Oversight Framework to reinforce governance across subsidiaries. This initiative aligns with regulatory expectations set out in the inter-regulatory forum reports by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority of India (IRDAI) on the monitoring of systemically important financial intermediaries.

The Framework applies to HDFC Bank and its group companies that are consolidated in the Bank’s financial statements, with the exception of entities where the Bank neither exercises significant control nor quali_es as a significant beneficial owner—such as HDFC Mutual Fund, Alternative Investment Funds and Separately Managed Accounts managed or advised by HDFC Asset Management Company Limited and its international subsidiary.

The Framework establishes a defined structure for oversight, reporting and escalation across the Group. The Board of HDFC Bank exercises overall oversight through periodic information reported by various stakeholders. The Group Oversight Department reports critical matters to the Board, including critical overdue action items, material risks, exceptions in intragroup transactions, material related-party transactions and significant governance concerns (if any).

Enabling and control functions of the Bank report Group-level key metrics and any observed exceptions through designated channels. Oversight responsibilities and escalation protocols are set out in the framework and is illustrated as below.

Model Risk

The use of models invariably presents model risk, which is the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. The Model Risk Management (MRM) under Risk Management Group is responsible for testing and verifying the accuracy and reliability of models used within the Bank. By establishing a dedicated MRM team, your Bank ensures that its models are independently evaluated before implementation and on an ongoing basis.

There is an established Model Risk Management Policy (MRM Policy) which is a centralized, overarching policy whose objective is to provide comprehensive guidance on model risk management across the Bank. The policy de_nes the roles and responsibilities across stakeholders i.e., Model

Owners, Model Users, Model Developers, and the Model Risk Management (MRM).

There is Model Risk Management Committee (MRMC) which is an executive committee to govern the Model Risk Management Framework as defined in the MRM policy. It also oversees the development and implementation of MRM policy, governance structure and ensure that necessary processes and systems are put in place. The Committee reviews the results of the model validation/monitoring on a periodic basis. The MRMC shall report to the Bank’s Risk Policy & Monitoring Committee (RPMC).

ICAAP

Your Bank has a structured management framework in the Internal Capital Adequacy Assessment Process (ICAAP) for the identification and evaluation of all material risks that the Bank is exposed to, which may have an adverse material impact on its financial position. Your Bank has identififyed material risks which include, in addition to Pillar 1, several Pillar 2 risks for which capital is primarily quanti_ed using stress testing approach. The ICAAP framework is guided by the Board approved ICAAP Policy. The ICAAP encompasses assessment of capital adequacy for the base period and for the projected plan years.

Climate Risk

The risks from climate change are divided into (i) Physical risk (acute and chronic) which captures economic losses from acute impacts on account of extreme weather events or long-term chronic impact on environment and (ii) Transition risks which captures financial asset level losses due to the possible process of adjustment to a low carbon economy.

The CSR and ESG committee of the Board oversees your Bank’s sustainability and climate change initiatives. This Committee monitors the ESG framework, the Environmental Policy framework, actionables and initiatives strategised and executed by the management level ESG Apex Council and the ESG Working Groups.

The Committee also maintains an oversight over your Bank’s ESG disclosures, highlighting your Bank’s ESG performance and prioritisation of material topics. A dedicated ESG vertical works in conjunction with several internal and external stakeholders, to drive your Bank’s ESG agenda including managing, mitigating and reporting on climate metrics. The Deputy Managing Director of the Bank has direct oversight on the ESG function and reports to the Board on such matters. Further, your Bank has formulated its ESG policy framework and ESG Risk Management (ESGRM) Framework, which are integrated into the Bank’s wholesale credit appraisal process. Specifically, your Bank’s ESGRM Framework addresses climate transition and mitigation plan and includes a prohibition list criterion and ‘Category-A’ tagging of climate risk-related vulnerable sectors. Your Bank’s commitment to enhance its portfolio from a climate and ESG perspective is reflected in the development of the Board approved Sustainable Financing Criteria Framework, which aligns with the overall sustainability strategy of the Bank.

Your Bank is in the process of evaluating appropriate methodology and frameworks to assess climate transition risk for the wholesale borrowers. Your Bank also estimates _nanced emissions in its lending portfolio and is _rming up an internal strategy on tracking its portfolio-based _nanced emissions. Additionally, your Bank has taken initiatives to engage in capacity building programmes to familiarise the Board and its staff members on the key developments in climate risk assessment, considering this risk is continuously evolving.

Additionally, your Bank is continuously striving to align itself to make increased climate risk related disclosures in line with domestic and global regulations. Your Bank endeavours to align with climate risk related disclosures as per Task Force on Climate-Related Financial Disclosures (TCFD) framework and has been reporting on ESG KPIs in alignment with the Global Reporting Initiative (GRI) since FY2014, along with reporting in line with the SEBI-mandated Business Responsibility and Sustainability Reporting (BRSR) framework in its annual disclosures.

Stress Testing Framework

Your Bank has implemented a Board approved Stress Testing Policy and Framework which forms an integral part of the Bank’s ICAAP. Stress testing involves the use of various techniques to assess your Bank’s potential vulnerability to extreme but plausible stressed business conditions. The changes in the levels of Pillar I risks and select Pillar II risks, along with the changes in the on and off-Balance Sheet positions of your Bank are assessed under assumed ‘stress’ scenarios and sensitivity factors. The suite of stress scenarios includes topical themes depending on prevailing geopolitical / macroeconomic / sectoral and other trends. The stress testing outcome may be analysed through capital impact and/or identification of vulnerable borrowers depending on the scenario.

Business Continuity Planning (BCP)

Your Bank has a strong BCP programme in place that enables operational resilience and continuity in delivering quality services across various business cycles. With our ISO 22301:2019 certi_ed Business Continuity Programme, we prioritise minimising service disruptions and safeguarding our employees, customers and business during any unforeseen adverse events or circumstances. The Programme is designed in accordance with the guidelines issued by regulatory bodies. Further, our programme undergoes regular internal, external and regulatory reviews.

The Business Continuity Management function focusses on strengthening the Bank’s preparedness for continuity. Oversight over programme is provided by the Business Continuity Steering Committee (BCSC), chaired by the Group Chief Risk Officer and Risk & Policy Monitoring Committee (RPMC), a Board-level committee.

The programme is guided by an enterprise-wide Board approved BCM Policy, supported by comprehensive processes and procedures. These enable the Bank to effectively respond to, recover from, resume and restore critical business functions following disruptions caused by internal or external risk events. The framework clearly de_nes roles and responsibilities for teams involved in Crisis Management, Business Recovery, Emergency Response and IT Disaster Recovery, ensuring a coordinated approach.

As a responsible Bank, these steadfast practices have enabled us to continue seamless service delivery to our customers through disruptive events and beyond.

Internal Controls, Audit and Compliance

Your Bank has put in place extensive internal controls and processes that are commensurate with the size and scale of the Bank to mitigate Operational and other allied risks, including centralised operations and ‘segregation of duty’ between the front and back-office. The front-office units usually act as customer touchpoints and sales and service outlets while the back-office carries out the entire processing, accounting and settlement of transactions in the Bank’s core banking system. The policy framework, de_nition and monitoring of limits is carried out by various mid-office and risk management functions. The credit sanctioning and debt management units are also segregated and do not have any sales and operations responsibilities.

Your Bank has set up various executive-level committees, with participation from various business and control functions, that are designed to review and oversee matters pertaining to capital, assets and liabilities, business practices and customer service, operational risk, information security, business continuity planning and internal risk-based supervision among others. The second line of defence functions set standards and lay down policies and procedures by which the business functions manage risks, including compliance with applicable laws, compliance with regulatory guidelines, adherence to operational controls and relevant standards of conduct. At the ground level, your Bank has a mix of preventive and detective controls implemented through systems and processes, ensuring a robust framework in your Bank to enable correct and complete accounting, identification of outliers (if any) by the management on a timely basis for corrective action and mitigating operational risks.

Your Bank has put in place various preventive controls, including: a) Limited and need-based access to systems by users b) Dual custody over cash and near-cash items

c) Segregation of duty in processing of transactions vis-?-vis creation of user IDs

d) Segregation of duty in processing of transactions vis-?-vis monitoring and review of transactions / reconciliation

e) Four eye principle (maker-checker control) for processing of transactions

f) Stringent password policy g) Booking of transactions in core banking system mandates the earmarking of line/limit (fund as well as non-fund based) assigned to the customer

h) STP processes between core banking system and payment interface systems for transmission of messages

i) Additional authorisation leg in payment interface systems in applicable cases

j) Audit logs directly extracted from systems k) Empowerment grid Your Bank also has detective controls in place: l) Periodic review of user IDs and its usage logs

m) Post-transaction monitoring at the back-end by way of call back process (through daily log reports) by an independent person, i.e., to ascertain that entries in the core banking system / messages in payment interface systems are based on valid/authorised transactions and customer requests

n) Daily tally of cash and near-cash items at end of day

o) Reconciliation of Nostro accounts (by an independent team) to ascertain and match-off the Nostro credits and debits (external or internal) regularly to avoid / identify any unreconciled/ unmatched entries passing through the system

p) Reconciliation of all internal/transitory accounts and establishment of responsibility in case of outstanding

q) Independent and surprise checks periodically by supervisors.

Your Bank has an Internal Audit Department which is responsible for independently evaluating the adequacy and effectiveness of internal controls, risk management, compliance with extant regulations, governance systems and processes and is manned by appropriately quali_ed and experienced personnel.

This department adopts a risk-based audit approach and carries out audits across various businesses i.e., Retail, Wholesale and Treasury (for India and Overseas books), Audit of Operations units, Audit of Control functions, Management and Thematic audits, Information Security audit, Revenue audit, Spot checks and Concurrent audit in order to independently evaluate the adequacy and effectiveness of internal controls on an ongoing basis and proactively recommending enhancements thereof.

The Internal Audit Department, during the course of audit, also ascertains the extent of adherence to regulatory guidelines, legal requirements and operational processes and provides timely feedback to the management for corrective actions. A strong oversight on the operations is also kept through off-site monitoring by use of data analytics and automation tools to study trends/patterns to detect outliers (if any) and alert the management for due corrective action, wherever warranted.

The Internal Audit Department also independently reviews your Bank’s implementation of Internal Rating Based (IRB) - approach for calculation of capital charge for Credit Risk, the appropriateness of your Bank’s ICAAP, as well as evaluates the quality and comprehensiveness of your Bank’s disaster recovery and business continuity plans and also carries out management self-assessment of adequacy of the Bank’s internal financial controls and operating effectiveness of such controls in terms of Sarbanes Oxley (SOX) Act and Companies Act, 2013. The Internal Audit Department plays an important role in strengthening of the control functions by periodically reviewing their practices and processes as well as recommending enhancements thereof. Additionally, oversight is also kept on the functioning of the subsidiaries, related party transactions and extent of adherence to the licensing conditions of the RBI.

Any new product / process introduced in your Bank is reviewed by Compliance function in order to ensure adherence to regulatory guidelines. The Audit function may, if deemed necessary also proactively recommend improvements in operational processes and service quality for such new products / processes.

To ensure independence, the Internal Audit Function has a direct reporting line to the Audit Committee of the Board and an administrative line reporting to the Managing Director for administrative purposes.

The Compliance function independently tracks, reviews and ensures compliance with regulatory guidelines and promotes a compliance culture in the Bank.

Your Bank has a comprehensive Know Your Customer (KYC), Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) policy (based on the RBI guidelines/provisions of the Prevention of Money Laundering Act, 2002) incorporating the key elements of Customer Acceptance Policy, Customer Identification Procedures, Risk Management and Monitoring of Transactions. The policy is subject to an annual review and is duly approved by the Board.

Your Bank besides having robust controls in place to ensure adherence to the KYC guidelines at the time of account opening also has monitoring processes at various stages of the customer lifecycle including a continuous review process in the form of transaction monitoring carried out by a dedicated AML CFT monitoring team, which carries out transaction reviews for identification of suspicious patterns/trends that enables your Bank to further carry out enhanced due diligence (wherever required) and appropriate actions thereafter.

The Audit team and the Compliance team undergo regular training and certi_cations, both in-house and external to equip them with the necessary know-how and expertise to carry out the function.

The Audit Committee of the Board reviews the effectiveness of controls, compliance with regulatory guidelines as also the performance of the Audit and Compliance functions in your Bank and provides direction, wherever deemed _t. The Audit function is also subject to periodic external assurance reviews. Your Bank has always adhered to the highest standards of compliance and has put in place appropriate controls and risk measurement and risk management tools to ensure a robust compliance and governance structure.

Performance of Subsidiary Companies

Your Bank has five key subsidiaries, HDFC Life Insurance Company Limited (HDFC Life), HDB Financial Services Limited (HDBFSL), HDFC ERGO General Insurance Company Limited (HDFC ERGO), HDFC Asset Management Company Limited (HDFC AMC) and HDFC Securities Limited (HSL). HDFC Life is a leading, listed, long-term life insurance solutions provider in India. HDBFSL is a leading NBFC that caters primarily to segments not covered by the Bank. HDFC ERGO offers a complete range of general insurance products. HDFC AMC is Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in the country while HSL is among India’s leading retail broking firms.

Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Limited and HDFC ERGO General Insurance Company Limited prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’).

The detailed financial performance of the companies is given below.

HDFC Life Insurance Company Limited (HDFC Life)

Established in 2000, HDFC Life Insurance Company Limited (‘HDFC Life’ or the ‘Company’) is a leading provider of long-term life insurance solutions in India. It offers a broad range of individual and group plans across the Protection, Pension, Savings, Investment, Annuity, and Health categories, with a portfolio comprising over 70 products and optional riders designed to meet the diverse needs of its customers.

The Financial Year 2024-25 was a year in which HDFC Life deepened its reach, continued sharpening its value propositions and demonstrated the resilience of its business model. The Company reported 18 per cent growth in Individual APE (Annualised Premium Equivalent) for FY2025, in line with the stated growth aspirations for the year. This growth was broad-based, driven in equal measure by an increase of 9 per cent in policies written and an increase of 9 per cent in average ticket size.

Based on FY2025 industry data, HDFC Life outperformed both the private peers and the overall sector. HDFC Life’s overall industry market share expanded by about 70 bps to 11.1 per cent and about 30 bps to 15.7 per cent in the private sector. Notably, the Company’s policy count grew faster than the overall industry and private sector. Almost 75 per cent of the Company’s new customers on-boarded in FY2025 were _rst-time buyers from HDFC Life, reflecting its expanding reach across Tier I, II and III markets.

In FY2025, HDFC Life known for its innovative products and customer-centric approach has secured about 5 crore lives with an overall claim settlement ratio of 99.8 per cent. The company has over 650 branches across India.

For FY2025, HDFC Life reported New Business Margin of 25.6 per cent, Value of New Business of 3,962 crore, an Embedded Value of 55,423 crore and delivered Profit After Tax of 1,802 crore. As of March 31 2025, HDFC Life had an AUM of 3,36,282 crore.

HDFC Life has consistently delivered positive and range-bound operating variance over the past nine years (excluding Covid), underscoring prudent risk management, disciplined execution and strong fundamentals. Moreover, aligning with the stated aspirations, the Company has nearly doubled all significant metrics between FY21 and FY2025. The Company was also recognised as a Great Place to Work and amongst the top 50 companies in India for building a culture of innovation.

As the Company steps into its 25^th year of operations, the focus remains clear - to build a future-ready life insurer that grows sustainably, serves responsibly and innovates purposefully.

HDB Financial Services Limited (HDBFSL)

HDB Financial Services Limited (HDBFSL) is a subsidiary of HDFC Bank and is a Non-Banking Finance Company (NBFC). HDBFSL has a comprehensive bouquet of products and service offerings that are tailor-made to suit its customers’ requirements including first-time borrowers and the underserved segments.

HDBFSL is engaged in the business of lending, fee-based products and BPO services.

The company’s Profit After Tax stood at 2,176 crore as on March 31, 2025 compared to 2,461 crore as on March 31, 2024. The Total Loan Book stood at 1,06,878 crore as on March 31, 2025 compared to 90,218 crore as on March 31, 2024, a growth of 18.47 per cent. The asset quality remained robust, with Gross Non Performing Asset (GNPA) ratio at 2.26 per cent and Net Non Performing Asset (NNPA) ratio at 0.99 per cent as on March 31, 2025. GNPA stood at 1.90 per cent and NNPA at 0.63 per cent for the year ended March 31, 2024. Capital Adequacy Ratio stood at 19.22 per cent as on March 31, 2025.

HDBFSL has continued to focus on diversifying its products and expanding its distribution while augmenting its digital infrastructure and offerings to effectively deliver credit solutions. The company has a strong network of over 1,771 branches spread across 1,170 cities. As on March 31, 2025, your Bank held 94.32 per cent stake in HDBFSL.

HDBFSL has a diverse range of product offerings (secured and unsecured) to various customer segments. Given below are the key product as well as service offerings to various customer segments.

On October 19, 2024, the Board of Directors of HDFC Bank approved sale of such number of shares of HDBFSL equivalent to up to 10,000 crore in the Initial Public Offering ("IPO") of HDBFSL, by way of Offer for Sale. The IPO also consists of a fresh issue of such number of shares of HDBFSL equivalent to up to 2,500 crore, and accordingly the IPO would be for an aggregate amount of 12,500 crore. The Red Herring Prospectus in relation to the IPO was _led on June 19, 2025 and the price band for the issue has been fixed at 700 to

740 per share. The anchor bidding date would be June 24, 2025 and the public issue would open on June 25, 2025 and close on June 27, 2025.

Consumer Loans

Consumer Loans are provided to individuals for personal or household purposes to meet their short to medium term requirements. It comprises loans for consumer durables, lifestyle products and digital products, personal loans, auto loans for new and used cars, two-wheeler loans and gold loans.

Enterprise Loans

HDBFSL offers loans to businesses for their growth and working capital requirements. Various loans offered to enterprises include: Unsecured Business Loan, Enterprise Business Loan, Loan Against Property, Loan Against Securities. These loans cater to the financial requirements of enterprises for the purchase of new machinery, inventory or revamping the business.

Asset Finance

HDBFSL provides loans for the purchase of new and used commercial vehicles and provides refinanceagainst existing vehicles for business working capital. It extends these offerings to _eet owners, _rst-time users, _rst-time buyers and captive use buyers. Construction equipment loans are offered for the procurement of new and used construction equipment. The company also facilitates refinancing on existing equipment. HDBFSL also offers customised tractor loans for the purchase of tractors or tractor-related implements to meet both agricultural and commercial needs.

Micro Lending

HDBFSL offers micro-loans to borrowers through the Joint Liability Group (JLG) framework to empower and promote financial inclusion for sustainable development.

These loans were initiated in 2019 and are currently available in seven states including Maharashtra, Bihar, Rajasthan, Gujarat, Madhya Pradesh, Uttar Pradesh, Odisha and Tamil Nadu covering 144 districts with more than 269 operational branches.

Fee-Based Products / Insurance Services

HDBFSL has a licence from the Insurance Regulatory and Development Authority of India (IRDAI) and is a registered Corporate Insurance Agent certified to sell both life and general (non-life) insurance products. The company has tie-ups with HDFC Life Insurance Company Limited and Aditya Birla Sun Life Insurance for life insurance products. HDBFSL has partnered with HDFC ERGO General Insurance Company Ltd, Tata AIG General Insurance Company Ltd and Go Digit General Insurance for general insurance products.

BPO Services

The BPO service offerings include running collection call centres, sales support services, back office operations and processing support services. Under collection services, HDBFSL has a contract to run collection call centres for HDFC Bank. These centres provide collection services for the entire range of HDFC Bank’s retail lending products offering comprehensive end-to-end collection services. Under back office and sales support, HDBFSL offers sales support and back-office services like forms processing, document veri_cation, financeand accounting operations and processing support for HDFC Bank.

Digital Presence

HDBFSL’s presence across digital channels enables it to offer a wide range of financial solutions to its customers. They can access and manage their loan account 24/7 through its new, upgraded version of Mobile Banking Application HDB-On-the-Go with enhanced features, customer Service Portal to manage the loan account, missed call service, WhatsApp Account Management and the Chatbot #AskPriya.

HDFC ERGO General Insurance Company Limited (HDFC ERGO)

HDFC ERGO General Insurance Company Limited (HDFC ERGO), is a subsidiary of HDFC Bank. It offers a comprehensive bouquet of general insurance products - such as Health, Motor, Travel, Home, Personal Accident and Cyber Insurance to its retail customers. It also offers products like Property, Engineering, Marine and Liability Insurance to its SME & Corporate Customers. For Rural Customers it offers Crop and Cattle Insurance.

HDFC ERGO has a track record of consistent profitable growth. Over the past 17 years, it has grown faster than the industry – with a 28 per cent CAGR vis-?-vis 15 per cent CAGR for the General Insurance industry. As a result, HDFC ERGO has improved its market share from 0.8 per cent in FY08 to 5.1 per cent in FY2025.

Profit After Tax for the year ended March 31, 2025 stood at

500 crore as compared to 438 crore for the year ended March 31, 2024.

Distribution Network

HDFC ERGO has a pan-India presence and a multi-channel distribution network. This enables it to provide its customers _exibility while availing its products and services.

Riding on the motto of ‘Customer First’, HDFC ERGO has a comprehensive distribution network of over 1,20,000 individual agents including Point of Sales Personnel (POSPs), 177 Banks / Corporate Agents and over 600 brokers with 299 offices and over 600 digital offices spread across the country, enabling it to ‘Insure More, Serve More, Reach More’.

Product Segments

Accident & Health Insurance: As an important stakeholder in building a ‘Healthy India’, HDFC ERGO offers various products under Accident & Health Insurance – retail health insurance to those seeking individual or family _oater health insurance plans, group health insurance to insured groups, top-up health insurance to those who seek to protect themselves from high medical expenses, mass health insurance to those interested in participating in Government schemes. The Company is the fourth largest retail health insurer in the industry as of March 31, 2025.

Commercial Business: HDFC ERGO has a track record of providing customised insurance solutions to its corporate clients. Be it property, engineering insurance, marine insurance or liability insurance, the Company follows an advisory approach to its clients based on a thorough understanding of their requirement. It is the fourth largest insurer in the private sector in the Commercial segment in the Financial Year 2024-25.

Motor Insurance: HDFC ERGO offers motor insurance for various segments – private cars, two wheelers, passenger vehicles, commercial vehicles, electronic vehicles as well as new and old vehicles.

Rural and Agri Business: HDFC ERGO’s rural market development activities are spearheaded by crop insurance covering a large agrarian population which is frequently affected by crop losses attributable to an irregular climatic pattern. It is the second largest insurer in the private sector in the crop insurance segment in FY2025. HDFC ERGO also supports deepening insurance penetration in rural India via its Common Service Centre (CSC) channel.

Servicing

The Company continues to invest in developing robust digital capabilities supported by Arti_cial Intelligence. Be it unique insurance products, integrated customer service models, top in-class claim processes or a host of technologically innovative solutions, the Company strives to consistently enhance the customer / partner experience. It has ISO certi_ed processes for Claims, Operations, Customer Services, Business Continuity Management System and Information Security Management System.

HDFC ERGO has a fair and robust claims management practice. The Company provides prompt response and quick claim settlement and equity of treatment to all its stakeholders, through its wide network of motor workshops and empanelled hospitals across the country. Customers are able to view and track claims status and provide feedback through HDFC ERGO’s website and mobile application thus bringing in transparency. Over 47 per cent of motor insurance claim surveys were conducted digitally in FY2025. About 92 per cent of motor insurance claims and about 69 per cent of health insurance claims were settled in cashless mode in FY2025.

HDFC ERGO issued more than 3.4 crore policies in FY2025, of which about 92 per cent were issued digitally. The Company has enabled multilingual support across digital platforms to service the customers in their preferred language. It Introduced "1UP", an AI-driven application that provides advisors with AI-powered contextual prompts for sales, retention, and daily planning, optimising their work_ow. It also embedded an AI-enabled inspection technology on its WhatsApp chatbot, which allows the customers instant motor claim settlement feature for minor damages like dents, scratches among others. In line with its customer centric philosophy, the Company’s grievance resolution TAT is lower than industry average by about 5 days.

HDFC ERGO’s Here app is a one-of-a-kind ecosystem which aims to address consumers’ anxiety and provide convenience towards healthcare & mobility needs and helps them save cost on their daily healthcare and vehicles expenses. The app is free for use by all, irrespective of whether or not one is an HDFC ERGO policyholder, and has been well received, as evident by over 70 lakh downloads since launch. The app also includes features to help people manage their cyber and pets related requirements.

The Company continues to invest in developing robust digital capabilities to ensure long-term success in the digital landscape. Its transition of the policy administration system to Duck Creek marks a significant stride towards future readiness and unlocking growth. The new core system facilitates dynamic product con_guration, expediting product launches and enabling swift deployment of niche offerings and embedded insurance journeys.

HDFC ERGO continues to be future-ready by innovating and focusing on new-age technologies like AI, VR, Robotics, etc. to continue to provide superior customer experience.

ESG

HDFC ERGO believes in building a sustainable ecosystem to ensure it can continue providing value to its customers and society at large. It has developed an ESG policy and framework, and has been undertaking a number of initiatives across Environmental and Social aspects and further strengthening its Governance related processes.

As an example, Diversity, Equity and Inclusion (DEI) is a key part of the Company’s culture and embedded in various processes. The share of women in overall workforce has improved from 19 per cent in FY22 to 27 per cent in FY2025.

HDFC Asset Management Company Limited (HDFC AMC)

Established in 1999, HDFC AMC offers a comprehensive suite of mutual fund and alternative investments across asset classes, including equity, fixed income, hybrid and multi-asset solutions. These offerings are available on both active and passive platforms, catering to a broad and diverse customer base. As of March 31, 2025, HDFC Bank held a 52.47 per cent stake in HDFC AMC.

As the investment manager to HDFC Mutual Fund – one of India’s leading mutual funds - HDFC AMC reported a closing AUM of over 7,54,453 crore, representing a market share of 11.5 per cent as on March 31, 2025. It serves over 1.32 crore unique investors through 2.33 crore live accounts. With a strong nationwide presence across 280 offices and a network of over 95,000 distribution partners, HDFC AMC is further enabled by modern digital platforms, ensuring broad and ef_cient access for clients across India.

HDCF AMC extends Portfolio Management, Segregated Account Services, along with Alternative Investment Funds to high net-worth individuals, family offices, domestic corporates, trusts, provident funds and domestic cum global institutions.

Financial highlights ( in crore)	FY 2024-25	FY 2023-24	Y-o-Y growth %
Total Income	4,058.3	3,162.4	28
Closing AUM	7,54,453	6,07,342	24

Additionally, the company has a wholly owned subsidiary company - HDFC AMC International (IFSC) Limited in Gujarat International Finance Tec-City (GIFT City) offering investment management, advisory and related services.

HDFC Securities Limited (HSL)

HDFC Securities Limited surpassed a key milestone of 25 years of existence in April 2025. The company has demonstrated a strong financial performance over the years underscored by a 31 per cent CAGR in total income and a 24 per cent CAGR in profit after tax, both over the last five years. As one of the long-standing bank-based stockbrokers and a key subsidiary of HDFC Bank, HDFC Securities Ltd. (HSL) leverages real-time, data-driven insights and research-backed information to empower investors. HSL serves 68 lakh customers, offering a comprehensive range of investment and protection products. HSL’s distribution footprint stood at 134 branches across 106 cities/towns as of March 31, 2025. Approximately, 96 per cent of its customers accessed its services digitally. HSL’s ranking in NSE active clients has improved to the 6^th position with 15.25 lakh customers from the 7^th position last year.

HDFC Bank held a 94.5 per cent stake in HDFC Securities Ltd. (HSL) as of March 31, 2025. Total equity raised, pursuant to the rights issue in fiscal 2025 aggregated to 996 crore.

In FY 2024-25, HSL achieved a total income of 3,265 crore, reflecting a 23 per cent increase from 2,661 crore in the previous financial year. Net revenue (total income less financecosts) aggregated to 2,479 crore in the year ended March 31, 2025, a 20 per cent year-on-year increase. Operating expenses were 983 crore, resulting in a cost-to-revenue ratio of 39.7 per cent. PAT for fiscal 2025 was 1,125 crore marking an 18 per cent rise year-on-year, and registering an earnings per share of 638. The average margin trading funding (MTF) portfolio increased significantly by 50 per cent year-on-year to

8,343 crore, while equity trade volumes grew by 24 per cent year-on-year to 8 lakh crore.

HSL launched its wealth advisory platform viz., HDFC TRU, in fiscal 2025. It has an aggregate of 10,000 crore assets under management. During the year under review, HSL has incorporated a Wholly Owned Subsidiary namely HDFC Securities IFSC Limited (HSIL) in the GIFT City-Gujrat.

India’s financial markets in FY2025 reflected a clear duality—marked by strong domestic investor participation in the _rst half, followed by a more subdued second half due to weaker corporate earnings, rupee depreciation, and global risk aversion. Foreign capital outflows also added to market volatility during this period. This economic environment created a stark contrast in market performance, with the strong gains achieved in the _rst half of the fiscal year largely erased in the second half, though a late recovery helped the Nifty 50 close with a modest 5 per cent annual gain.

Other Statutory Disclosures

Number of Meetings of the Board, attendance and constitution of various Committees

During FY 2024-25 the Board met 14 (Fourteen) times. The details of Board Meetings held during the year, attendance of Directors at the Meetings and constitution of various Committees of the Board are included separately in the Report on Corporate Governance.

Annual Return

In accordance with the provisions of Companies Act, 2013 ("Act"), the Annual Return of the Bank in the prescribed Form MGT-7 for FY 2024-25 is available on the website of the Bank at https://www.hdfcbank.com/personal/about-us/investor-relations/annual-report.

Requirement for maintenance of cost records

The cost records as specified by the Central Government under Section 148(1) of the Act, are not required to be maintained by the Bank.

Details in respect of frauds reported by auditors under Section 143(12)

Pursuant to Section 143(12) of the Act and circular issued by National Financial Reporting Authority on Statutory Auditors’ Responsibilities in relation to fraud in a company dated June 26, 2023, there were 2 (Two) instances of fraud committed during FY 2024-25, by the employees of the Bank and reported by the Statutory Auditors to the Audit Committee. Details of the frauds are as under:

Sr. No. Nature of fraud with description	amount involved (Rs. in Lakh)
1 Cheating & Forgery Case pertains perpetrated by borrowers in connivance with staff and third parties by processing loan in the name of dummy customers by pledging spurious gold.	by a designated assayer and further dual valuation is carried out by an alternate team, which will help in identification of suspected fraud cases.
2 Misappropriation criminal breach of trust Pursuant to customer complaints received, a was detected which involved a relationship misappropriation funds.	independent staff. In event of miss-out, the staff will seek issuance confirmation from the account holder and annotate on reverse of the cheque.

Directors’ Responsibility Statement

Pursuant to Section 134(3)(c) and Section 134(5) of the Act, and based on the information provided by the Management, the Board of Directors hereby con_rm that:

• In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

• Accounting policies have been selected and applied consistently. Reasonable and prudent judgments and estimates have been made so as to give a true and fair view of the state of affairs of the Bank as at March 31, 2025 and of the profit of the Bank for the year ended on that date;

• Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

• The annual accounts have been prepared on a going concern basis;

• Internal financial controls have been laid down to be followed by the Bank and such internal financial controls are adequate and operating effectively; and

• Systems to ensure compliance with the provisions of all applicable laws are in place and such systems are adequate and operating effectively.

Compliance with Secretarial Standards

The Bank has complied with Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

Statutory Auditors

The Members of the Bank at the 28^th Annual General Meeting held on July 16, 2022 had approved the appointment of M/s. Price Waterhouse LLP, Chartered Accountants (ICAI Firm Registration No. 301112E/E300264) ["PW"], as the Joint Statutory Auditors of the Bank for a period of 3 (Three) years from FY 2022-23 till (and including) FY 2024-25. Further, the Members of the Bank at the 30^th Annual General Meeting held on August 9, 2024 had approved the appointment of M/s. Batliboi & Purohit, Chartered Accountants (ICAI Firm Registration No. 101048W) ["B&P"] as the Joint Statutory Auditors of the Bank for a period of 3 (Three) years from FY 2024-25 till (and including) FY 2026-27.

In view of the completion of term of PW, the Board of Directors based on the recommendation of the Audit Committee has vide its resolution dated June 20, 2025 recommended the appointment of M/s. B S R & Co. LLP (ICAI Firm Registration No. 101248W/W-100022) ["BSR"] as the Joint Statutory Auditors of the Bank for a period of 3 (Three) years from FY 2025-26 till (and including) FY 2027-28, subject to approval of the Members at the ensuing Annual General Meeting ("AGM").

The said appointment shall also be subject to approval of Reserve Bank of India ("RBI") every year. Accordingly, RBI vide its letter dated May 16, 2025 has approved the appointment of BSR as the Joint Statutory Auditors of the Bank along with B&P for FY 2025-26.

The resolution in this regard is being proposed at the ensuing AGM for approval of the Members.

During the year ended March 31, 2025, the fees paid to PW and B&P ("Joint Statutory Auditors") as well as their respective network firms, on aggregated basis, are as follows:

in Crore

Fees (excluding taxes)*	HDFC Bank to Joint Statutory Auditor(s)	Subsidiaries of HDFC Bank to Joint Statutory Auditors and its network firms
Statutory Audit	9.90	0.36
Certification & Other Audit / Attestation Services	1.76	0.02
Non-Audit Services	-	-
Outlays	1.28	0.01
Total	12.94	0.39

*No fees were paid to network firms of Joint Statutory Auditor(s) by the Bank.

The aggregate fees paid to Joint Statutory Auditors were within the limits approved by the Audit Committee.

Corporate Social Responsibility

The composition of CSR & ESG Committee, brief outline of the CSR policy of the Bank and the initiatives undertaken by the Bank on CSR activities during FY 2024-25 are set out in Annexure 2 to this report in the format prescribed in Companies (Corporate Social Responsibility Policy) Rules, 2014.

The CSR & ESG Committee confirms that the implementation and monitoring of the CSR Policy was done in compliance with the CSR objectives and policy of the Bank.

The Bank’s CSR Policy & Environmental Social & Governance (ESG) Policy Framework are available on the Bank’s website at https://www.hdfcbank.com/personal/about-us/corporate-governance/codes-and-policies.

Particulars of Contracts or Arrangements with Related Parties

There were no contracts or arrangements entered into with related parties referred to in Section 188(1) of the Act during FY 2024-25 and hence Form AOC-2 as required under Rule 8(2) of the Companies (Accounts) Rules, 2014, is not enclosed.

Further, the Policy on Related Party Transactions of the Bank ("RPT Policy") ensures that the related party transactions are based on principles of transparency and arm’s length pricing. RPT Policy outlines the basis on which the materiality of related party transactions will be determined and the manner of dealing with the related party transactions by the Bank. Pursuant to SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, the RPT policy was amended to align it with all the applicable amendments.

RPT Policy is available at https://www.hdfcbank.com/personal/ about-us/corporate-governance/codes-and-policies.

Further, the Directors / Key Managerial Personnel who are interested in the related party transaction(s) do not participate in the discussion / abstain from voting on the said matter at Board / Audit Committee meetings. The Bank has engaged M/s. Vinod Kothari & Company as external consultant to advise the Bank on related party transactions and related compliances.

Particulars of Loans, Guarantees or Investments

Pursuant to applicable provisions of Section 186 of the Act, the particulars of investments made by the Bank are disclosed in Note no. 9 of Schedule 18 of the standalone financial statements as per the applicable provisions of the Banking Regulation Act, 1949.

Material Development

There were no material developments / changes / commitments affecting the financial position of the Bank which occurred after March 31, 2025 till the date of this Report.

Financial Statements of Subsidiaries and Associates

In terms of Section 134 of the Act read with Rule 8(1) of the Companies (Accounts) Rules, 2014, the highlights of the performance of the Bank’s subsidiaries & entity over which control is exercised and their contribution to overall performance of the Bank during FY 2024-25 are enclosed as Annexure 3 to this Report. The Bank does not have any associate companies or other joint venture companies.

Pursuant to amalgamation of HDFC Limited with and into the Bank and conditions as stipulated by RBI, on October 18, 2024, the Bank sold 18,20,00,000 equity shares of face value of 10 each of Edu Voyage Education Private Limited (formerly known as HDFC Education and Development Services Private Limited) ("Edu Voyage"), corresponding to 91% of its paid-up share capital, to Vama Sundari Investments (Delhi) Private Limited ("Vama Sundari"). Accordingly, Edu Voyage ceased to be a subsidiary of the Bank with effect from October 18, 2024. Further, on December 20, 2024, the Bank completed the sale of balance 1,80,00,000 equity shares of face value of 10 each of Edu Voyage, corresponding to 9% of paid-up share capital of Edu Voyage to Vama Sundari. Accordingly, as on March 31, 2025, the Bank does not have any shareholding in Edu Voyage.

HDFC Securities Limited ("HSL"), a subsidiary of the Bank, incorporated a wholly owned subsidiary, namely "HDFC Securities IFSC Limited" on October 1, 2024. Accordingly, HDFC Securities IFSC Limited has become a step down subsidiary of the Bank with effect from October 1, 2024.

Further, during FY 2024-25, the Bank made the following investments in its subsidiaries:

• In April 2024, pursuant to the rights issue of HSL, the Bank was allotted 16,13,176 equity shares amounting to 9,53,22,56,984. The Bank held 94.55% shareholding in HSL as on March 31, 2025.

• In August 2024, pursuant to the rights issue of HDFC ERGO General Insurance Company Limited ("HDFC ERGO"), the Bank was allotted 44,20,598 equity shares amounting to 2,89,10,71,092. The Bank held 50.33% shareholding in HDFC ERGO as on March 31, 2025.

• In accordance with the Employee Stock Option Plan 2021 of HDFC Capital Advisors Limited ("HCAL"), the Bank acquired 69,330 equity shares of HCAL amounting to 67,47,19,560 from the employees of HCAL. The Bank held 89.34% shareholding in HCAL as on March 31, 2025.

In accordance with the provisions of Section 136 of the Act, the Integrated Annual report of the Bank including the annual financial statements and related documents of the Bank’s subsidiary companies are placed on the website of the Bank.

Disclosure under Foreign Exchange Management Act, 1999 ("FEMA")

During FY 2024-25 the Bank has complied with the applicable provisions of FEMA with respect to downstream investments made by it. Further, as required under the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, the Bank has obtained a certificate from M/s. Batliboi & Purohit, Chartered Accountants, one of the Joint Statutory Auditors of the Bank, to this effect.

Whistle Blower Policy / Vigil Mechanism

The Bank encourages an open and transparent system of working and dealing amongst its stakeholders.

While the Bank’s "Code of Conduct & Ethics Policy" directs employees to uphold Bank values and conduct business worldwide with integrity and highest ethical standards, the Bank has also adopted a "Whistle Blower Policy" ("WB Policy") to encourage and empower the employees / stakeholders to make or report any Protected Disclosures as defined under WB Policy, without any fear of reprisal, retaliation, discrimination or harassment of any kind.

WB Policy has also been put in place to provide a mechanism through which adequate safeguards can be provided against victimization of employees who avail this mechanism. WB Policy covers and is applicable to the Protected Disclosures related to violation / suspected violation of the Code of Conduct including:

(a) breach of applicable law;

(b) fraud / criminal offence or corruption / misuse of office to obtain personal benefit / pecuniary advantage for self or any other person;

(c) leakage / suspected leakage of unpublished price sensitive information which are in violation of SEBI (Prohibition of Insider Trading) Regulations, 2015 and internal code of the Bank i.e. Share Dealing Code of the Bank;

(d) wilful data breach and / or unauthorized disclosure of Bank’s proprietary data including customer data.

WB Policy does not cover the following types of complaints which if made, is not considered as Protected Disclosure under WB Policy:

(a) Matters relating to personal grievances on issues such as appraisals, compensation, promotions, rating, behavioral issues / concerns of the manager(s) / supervisor(s) / other colleague(s), complaint of sexual harassment at workplace, etc. for which alternate internal redressal mechanisms in the Bank are in place.

(b) Matters which are pending before a court of law, tribunal, other quasi- judicial bodies or any governmental authority.

(c) Anonymous / pseudonymous complaints will not be considered as Protected Disclosures under this Policy.

All Protected Disclosures made under WB Policy are made to the Whistle Blower Committee through the following modes:

(a) By letter in a closed / sealed envelope addressed to the Whistle Blower Committee, or

(b) by submission of the same on the information portal of the Bank, or

(c) by way of an email addressed to whistleblower@ hdfcbank.com. In exceptional circumstances, the Whistle Blower may make such Protected Disclosures directly to the Chairperson of the Audit Committee of the Board.

All Protected Disclosures received under WB Policy are examined by the Whistle Blower Committee and the investigation is further assigned to an appropriate investigating Officer(s) depending on the nature of the subject matter of the Protected Disclosure.

Details of whistle blower complaints received and subsequent action taken and the functioning of the whistle blower mechanism are reviewed periodically by the Audit Committee. During FY 2024-25, a total of 97 such complaints were received and taken up for investigation which has resulted in certain staff actions in 41 cases, post investigation. The broad categories of whistle blower complaints were in the areas of misappropriation of Bank / customer funds, forgery related cases, improper business practices and corruption.

WB Policy is available on the website of the Bank at https://www.hdfcbank.com/personal/about-us/corporate-governance/codes-and-policies.

Statement on Declaration by Independent Directors

Mr. Atanu Chakraborty, Mr. M. D. Ranganath, Mr. Sandeep Parekh, Dr. (Mrs.) Sunita Maheshwari, Mrs. Lily Vadera,

Dr. (Mr.) Harsh Kumar Bhanwala and Mr. Santhosh Keshavan are the Independent Directors on the Board of the Bank as on March 31, 2025.

The Independent Directors have submitted declarations that each of them meets the criteria of independence as provided in Section 149(6) of the Act, along with the Rules framed thereunder and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During FY 2024-25 there has been no change in the circumstances affecting their status as Independent Directors of the Bank. In the opinion of the Board, the Independent Directors possess the requisite integrity, experience, expertise, skills, and proffciency required under all applicable laws and the policies of the Bank.

Evaluation of Board of Directors

The performance evaluation of the Board, its Committees and the individual members of the Board (including the Part-Time Chairman) for FY 2024-25, was carried out internally pursuant to the framework laid down by the Nomination and Remuneration Committee ("NRC"). A questionnaire for the evaluation of the Board, its Committees and the individual members of the Board (including the Part-Time Chairman), covering various aspects of the performance of the Board and its Committees, including composition, roles and responsibilities, board processes, boardroom culture, adherence to Code of Conduct and Ethics, quality and _ow of information, as well as measurement of performance in the areas of strength as identififyed in the previous board evaluation, was sent out to the Directors. The Committees were evaluated inter-alia on parameters such as composition, terms of reference, quality of discussions, contribution to Board decisions and balance of agenda between the Committees and the Board.

The responses received to the questionnaires on evaluation of the Board, its Committees and Non-Independent Directors were then placed before the meeting of the Independent Directors for consideration. The assessment of performance of Non-Independent Directors on personal and professional attributes was also carried out at the meeting of Independent Directors. The assessment of performance of the Independent Directors on the Board (including Chairman) was subsequently discussed at the Board meeting. In addition to the above parameters, the Board evaluated and was satis_ed that the Independent Directors of the Bank fulfill the independence criteria as specified in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and was independent from the management.

The Board of Directors complimented the improved effective oversight on the group entities. Other areas such as code of conduct, board processes, board composition and boardroom culture demonstrated the best corporate governance practices adopted by the Bank. The Board appreciated the independent and transparent discussion at the meetings. The Board noted that it has been dedicating significant time in Strategic planning, Competitive positioning, Benchmark, talent management & Succession planning and the same will continue. The Board further realised the need to focus more on Gen AI and Cyber Security aspect considering that the same has become increasingly important. The Board also noted that while there has been positive development in the areas of focus identififyed in the previous evaluation, efforts need to continue in that direction. The appropriate feedback was conveyed to the Board members on their respective evaluation.

Policy on Appointment and Remuneration of Directors and Key Managerial Personnel

The Bank has in place a Policy for appointment and _t and proper criteria for Directors of the Bank. This Policy lays down the criteria for identification of persons who are quali_ed as ‘_t and proper’ to become Directors such as academic quali_cations, competence, track record, integrity, relevant skills, etc. which shall be considered by the Nomination and Remuneration Committee ("NRC") while recommending the appointment of proposed candidate as a Director of the Bank.

This Policy also deals with the process for re-appointment of directors, annual af_rmations, familiarization programme for Non-Executive Directors ("NEDs"), etc. and is available on the website of the Bank at https://www.hdfcbank.com/personal/ about-us/corporate-governance/codes-and-policies.

The remuneration of all employees of the Bank, including Whole Time Directors, Material Risk Takers, Key Managerial Personnel, Senior Management and other employees is governed by the Compensation Policy of the Bank. The same is available at the https://www.hdfcbank.com/personal/about-us/corporate-governance/codes-and-policies.

The Compensation Policy of the Bank, duly reviewed and recommended by the NRC has been articulated in line with the relevant Reserve Bank of India guidelines.

The Bank’s Compensation Policy is aimed to attract, retain, reward and motivate talented individuals critical for achieving strategic goals and long-term success. The Compensation Policy is aligned to business strategy, market dynamics, internal characteristics and complexities within the Bank. The ultimate objective is to provide a fair and transparent structure that helps the Bank to retain and acquire the talent pool critical to build competitive advantage and brand equity.

The Bank’s approach is to have a "pay for performance" culture based on the belief that the performance management system provides a sound basis for assessing performance holistically. The compensation system also takes into account factors such as roles, skills / competencies, experience and grade / seniority to differentiate pay appropriately on the basis of contribution, expertise and availability of talent on account of competitive market forces. The details of the Compensation Policy are also included in Note No. 18 of Schedule 18 forming part of the standalone financial statements.

During FY 2024-25 based on the recommendation of the NRC, the Compensation Policy of Bank was reviewed by the Board of Directors and necessary changes were made to the policy with respect to addition of clauses pertaining to ‘Special Payouts’ and inclusion of ‘Guidelines to grant LTI to New Joiners’.

The NEDs including Independent Directors are paid remuneration by way of sitting fees for attending meetings of the Board and its Committees, which are determined by the Board based on applicable regulatory guidelines / circulars.

Further, expenses incurred by them, if any, for attending meetings of the Board and Committees in person are reimbursed at actuals. Pursuant to the relevant RBI guidelines and approval of the Members, the NEDs including Independent Directors, are paid fixed remuneration as detailed in the Report on Corporate Governance.

The following Directors of the Bank are also the director(s) of the Bank’s subsidiaries / step down subsidiaries as on the date of this report:

Name of Directors	Name of Subsidiary / Step down Subsidiary Company	Designation
Mr. M D Ranganath	HDFC Pension Fund Management Limited (Subsidiary of HDFC Life Insurance Company Limited)	Non-Executive Independent Director
Mr. Keki Mistry	HDFC ERGO General Insurance Company Limited	Non-Executive Director (Chairman)
	HDFC Life Insurance Company Limited	Non-Executive Director (Chairman)
	HDFC Capital Advisors Limited	Non-Executive Director
Mrs. Renu Karnad	HDFC Asset Management Company Limited	Non-Executive Director
	HDFC ERGO General Insurance Company Limited	Non-Executive Nominee Director (HDFC Bank)
	HDFC Capital Advisors Limited	Non-Executive Director
Mr. Kaizad Bharucha	HDFC Life Insurance Company Limited	Non-Executive Nominee Director (HDFC Bank)
	HDFC Capital Advisors Limited	Non-Executive Nominee Director (HDFC Bank)
	HDFC Securities	Non-Executive
	IFSC Limited (Subsidiary of HDFC Securities Limited)	Nominee Director (HDFC Bank)
Mr. Bhavesh Zaveri	HDFC Trustee Company Limited	Non-Executive Nominee Director (HDFC Bank)
	HDFC Sales Private Limited	Non-Executive Nominee Director (HDFC Bank) [Chairman]
	HDFC Securities Limited	Non-Executive Nominee Director (HDFC Bank)
Mr. V Srinivasa Rangan	HDFC Asset Management Company Limited	Non-Executive Nominee Director (HDFC Bank)

Note: As per the Bank’s Policy, no sitting fees were paid to the Executive Director(s) of the Bank nominated on the board of its subsidiary/ step down subsidiary.

Succession Planning

The NRC and Board reviews succession planning and transitions at the Board and Senior Management level. The

Board composition and the desired skill sets / areas of expertise at the Board level are continuously reviewed and vacancies, if any, are reviewed in advance through a systematic process. Succession planning at Senior Management level, including business and assurance functions, is continuously reviewed to ensure continuity and depth of leadership at two levels below the Managing Director. Successors are identififyed prior to the Senior Management positions falling vacant, to ensure a smooth and seamless transition.

Succession planning is a continuous process which is periodically reviewed by NRC and the Board.

Significant and Material orders passed by Regulators

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and operations of the Bank in the future.

Directors and Key Managerial Personnel

In compliance with Section 152 of the Act and the Articles of Association of the Bank, Mr. Kaizad Bharucha and Mrs. Renu Karnad will retire by rotation at the ensuing AGM and are eligible for re-appointment. The resolutions for their re-appointment are being proposed at the ensuing AGM for the approval of the Members. A brief proffle of Mr. Bharucha and Mrs. Karnad is furnished elsewhere in the Integrated Annual Report and Notice of the AGM for the information of the Members.

During FY 2024-25 following were the changes in composition of the Board of Directors and Key Managerial Personnel of the Bank:

1. Re-appointment of Mr. Atanu Chakrabor ty (DIN: 01469375) as the Part-Time Chairman and Independent Director of the Bank for a period of 3 (Three) years with effect from May 5, 2024 to May 4, 2027 (both days inclusive), not liable to retire by rotation, as approved by RBI and the Members through Postal Ballot on May 3, 2024;

2. A ppointment of Mr. Santhosh Ke shavan (DIN: 08466631) as an Independent Director of the Bank for a period of 3 (Three) years with effect from November 18, 2024 to November 17, 2027 (both days inclusive), not liable to retire by rotation, as approved by the Members through Postal Ballot on January 11, 2025;

3. Resignation of Mr. Santosh Haldankar (ICSI Membership No.: A19201) as the Company Secretary and Compliance Officer of the Bank effective from July 20, 2024 (close of business hours); and

4. Appointment of Mr. Ajay Agarwal (ICSI Membership No.: F9023) as the Company Secretary and Compliance Officer of the Bank with effect from July 21, 2024.

All the Directors of the Bank have con_rmed that they satisfy the _t and proper criteria as prescribed under the applicable regulations and that they are not disquali_ed from being appointed as Directors in terms of Section 164(2) of the Act.

Particulars of Employees

In accordance with the provisions of Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the requisite details are set out in Annexure 4 to this Report.

Further, the statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in an Annexure and forms part of this Report. In terms of Section 136(1) of the Act, the Integrated Annual Report including the financial statements are being sent to the Members excluding the aforesaid Annexure. The Annexure is available for inspection and any Member interested in obtaining a copy of the Annexure may write to the Company Secretary of the Bank.

Compliance on Maternity Benefit Act, 1961

The Bank has complied with the applicable provisions of Maternity Benefit Act, 1961 for female employees of the Bank with respect to leaves and maternity benefits thereunder.

Conservation of Energy and Technology Absorption

Please refer to page nos. 119 to 120 and 125 of this Integrated Annual Report for information on Conservation of Energy and page no. 228 of this Integrated Annual Report for information on Technology Absorption.

Foreign Exchange Earnings and outgo

During the year, the total foreign exchange earned by the Bank was 4,919.04 crore (on account of net gains arising on all exchange / derivative transactions) and the total foreign exchange outgo was 4,092.04 crore towards the operating and capital expenditure requirements.

Secretarial Audit

In terms of Section 204 of the Act and the Rules made thereunder, M/s. BNP & Associates, Company Secretaries, (ICSI Firm Registration No. P2014MH037400), were appointed as Secretarial Auditors of the Bank for FY 2024-25. The report of Secretarial Auditors is enclosed as Annexure 5 to this Report. There are no quali_cations, reservations or adverse remarks in the report of the Secretarial Auditors.

Further, the Audit Committee and the Board of Directors of the Bank at their respective meetings held on April 12, 2025 and April 19, 2025 have recommended the appointment of M/s. Bhandari & Associates, Practicing Company Secretaries (ICSI Firm Registration No. P1981MH043700), as Secretarial Auditors of the Bank at an overall audit fees of Rs. 15,00,000 (Rupees Fifteen Lakh Only) per annum in addition to out of pocket expenses, outlays and taxes as applicable, to conduct secretarial audit of the Bank for a period of 5 (Five) years i.e. from FY 2025-26 till (and including) FY 2029-30.

The resolution in this regard is being proposed at ensuing AGM for approval of the Members.

Corporate Governance

In compliance with applicable provisions of SEBI Listing Regulations, a separate report on Corporate Governance along with a certificate of compliance from the Secretarial Auditors, forms an integral part of this Annual Report.

Business Responsibility and Sustainability Report

The Bank’s Business Responsibility and Sustainability Report forms an integral part of this Report.

Prevention, Prohibition and Redressal of Sexual Harassment of Women at the Workplace

The relevant information is included in the Report on Corporate Governance.

Customer complaints and grievance redressal

Details of customer complaints and grievance redressal is enclosed as Annexure 6 to this Report.

Unclaimed Deposits of HDFC Limited

The Bank is a private sector bank registered with RBI and in terms of applicable RBI norms, deposits remaining unclaimed / unpaid for a period of 10 (Ten) years, need to be transferred by the Bank to Depositor Education and Awareness (DEA) Fund maintained by RBI.

In accordance with applicable provisions of the Act read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, HDFC Limited, has transferred deposits remaining unclaimed for a period of 7 (Seven) years upto June 30, 2023, to the Investor Education and Protection Fund (IEPF) established by the Central Government. The deposit holders of HDFC Limited can claim their respective unclaimed deposits from IEPF. The process of claiming the deposits from IEPF is uploaded on the website of the Bank. Post merger of HDFC Limited with and into the Bank i.e. effective July 1, 2023, the Bank has been transferring all the unclaimed deposits of HDFC Limited (remaining unclaimed for more than 10 years) to the DEA Fund.

Acknowledgement

The Directors of the Bank would like to place on record their gratitude towards the guidance and co-operation received from the Reserve Bank of India, Securities and Exchange Board of India, Stock exchanges, Ministry of Corporate Affairs and other Government and Regulatory Agencies. The Directors of the Bank would like to take this opportunity to express their appreciation for the hard work and dedicated efforts put in by the Bank’s employees and look forward to their continued contribution.

Conclusion

After two years of the merger, the integration of HDFC Limited’s home loan expertise with HDFC Bank’s extensive scale and reach has strengthened our position as a leading financial institution. The merger has resulted in a much stronger Bank that is now poised to capitalise further on the growth opportunities in the market. In FY 2024-25, the Bank reported healthy growth while maintaining pristine asset quality. There is immense opportunity for offering banking services in India as the economy grows. HDFC Bank is well positioned to capitalise on this due to its strong balance sheet as well as established brand name. While pursuing growth, the Bank will not compromise on high corporate governance standards and will continue focusing on its five core values: Customer Focus, Operational Excellence, Product Leadership, People and Sustainability.

On behalf of the Board of Directors

Atanu Chakraborty	Sashidhar Jagdishan
Part-Time Chairman	Managing Director
and Independent Director	and Chief Executive Officer

Place : Mumbai

Date : June 20, 2025