The Board of Directors of Fedbank Financial Services Limited in their meeting held on November 29, 2024, have taken note of/approved the following changes in the Senior Management Personnel (SMP) of the Company: Mr. Vikas Srivastava, Chief Business Officer - Small Ticket Mortgage, MSE LAP had tendered his resignation citing personal reasons. The Management of the Company have accepted his resignation and the Board of Directors of the Company in their meeting held November 30, 2024 have taken note of his resignation and accordingly, his last working day will be on November 30, 2024 after the close of business hours. As a result of the above change, the management has chosen Mr. Shardul Kadam as Chief Business Officer (CBO), Small Ticket Mortgage, MSE LAP.

Mr. Shardul Kadam has been a Senior Management Personnel (SMP) and Chief Risk Officer (CRO) for 3.5 years. He has been associated with the organisation for more than 13 years. The Board in its meeting held November 29, 2024 has approved the new role of Mr. Shardul Kadam as Chief Business Officer (CBO).

The Board of Directors of the Company have decided to appoint Mr. Awadhesh Jaiswal, Head- Risk & Policy as Interim Chief Risk Officer (CRO). Appointment as Interim Chief Risk Officer of the Company effective from November 30, 2024. Mr. Awadhesh Jaiswal is a qualified Chartered Accountant (Nov 2004 batch) and has 2 decades of experience in Banks and NBFCs.

He worked with organizations like ICICI Bank, Bajaj Finance and Axis Bank into underwriting and Risk functions for secured and unsecured products (Retail and MSME). He worked with ICICI Bank for its Agri business covering underwriting for its secured and unsecured working capital products including WRF. Within Bajaj Finance, he has played the underwriter role and launched Online Salaried Personal Loan.

For Axis bank, he led the foundation of business Loan and was a key member for the setup of SBB vertical. He launched multiple secured and unsecured products as Policy Head. He again setup the Digital Initiative vertical for SBB vertical and led to many partnerships.

Also worked as Policy Head for PL and HL products. He has Joined Fedfina in April, 2020 as Head of Credit and Risk for unsecured business. Since then he has been instrumental in overseeing various areas of risk including portfolio management, analytics, policies, operational risks and regulatory compliances at entity level.

He has played a key role in implementation of Business Rule Engine, Sales Force implementation and other key projects for the company. Due to the resignation of Mr. Vikas Srivastava the management has chosen Mr. Shardul Kadam as Chief Business Officer (CBO), Small Ticket Mortgage, MSE LAP. Mr. Shardul Kadam has been a Senior Management Personnel (SMP) and Chief Risk Officer (CRO) for 3.5 years.

He has been associated with the organisation for more than 13 years. Mr. Shardul has a good understanding of the business of the Company to take charge of the new roles and responsibilities of a Chief Business Officer (CBO). In addition, Mr. Shardul Kadam had conceptualised and launched the MSE LAP vertical for the Company in its early days.

The Board of Directors of the Company have approved the new role of Mr. Shardul Kadam in their Meeting held today. Accordingly, Mr. Shardul Kadam will cease to be CRO effective from November 29, 2024 (after the close of business hours) and will take charge as CBO- Small Ticket Mortgage, MSE LAP effective from December 01, 2024. Mr. Shardul Kadam is a qualified Chartered Accountant.

He joined the Company on April 18, 2011. He is inter alia responsible for developing risk maps and plans to mitigate the company's risks, monitoring the progress of risk mitigation, developing and disseminating risk analysis reports and determining the company's risk appetite. Previously, he had been associated with ICICI Bank Limited.