ESAF Small Finance Bank Limited's Board of Directors convened on April 30, 2026, to address significant organizational changes involving personnel reclassification and management restructuring. The meeting resulted in key decisions that will reshape the bank's leadership structure under new regulatory compliance requirements.

Key Managerial Personnel Reclassification

The board approved the reclassification of three officials from Key Managerial Personnel to Senior Management Personnel, effective May 1, 2026. This strategic move aligns with the bank's evolving organizational structure and governance requirements based on recommendations from the Nomination, Remuneration and Compensation Committee.

New Senior Management Framework

The board established a comprehensive classification framework for Senior Management Personnel positions. Under this new structure, all Executive Vice Presidents and heads of control functions will be classified as Senior Management Personnel effective May 1, 2026.

Complete Senior Management Personnel List:

Professional Profiles of Reclassified Personnel

Sudev Kumar V brings over 32 years of professional experience, including more than 9 years with ESAF Small Finance Bank since March 2017. He holds a Bachelor's degree in science (agriculture) from Kerala Agriculture University and Master's degree in science (horticulture) from Kerala Agriculture University.

Wilson Cyriac contributes over 43 years of extensive banking experience, with more than 4 years at the bank since November 2021. He holds a bachelor's degree in arts from Kerala University and master's degree in economics from Kerala University, and is a certified associate of the Indian Institute of Bankers.

Sivakumar P adds more than 44 years of professional experience, including over 3 years with the bank since November 2022. He holds a bachelor's degree in commerce from Madras University and is a certified associate of the Indian Institute of Bankers.

Additional Senior Management Personnel

Bosco Joseph serves as Executive Vice President – Inclusive and Emerging Business, bringing nearly 34 years of total professional experience. He possesses diverse academic qualifications, including postgraduate diplomas in Personnel Management & Industrial Relations, Healthcare, and Medical Law & Ethics, along with an LLB degree.

George Chacko Varghese functions as Vice President and Chief Compliance Officer, contributing over 35 years of extensive professional experience, including more than 9 years with ESAF Small Finance Bank since joining in March 2017. He holds an MBA in Finance.

Regulatory Compliance

All decisions comply with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has provided comprehensive disclosures as required under SEBI Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, ensuring full transparency in corporate governance matters. The intimation has been made available on the bank's website under investor relations disclosures.

ESAF Small Finance Bank Limited has completed the allotment of 13,898 equity shares to eligible employees under its Employee Stock Option Scheme 2019. The allotment was approved by the Nomination, Remuneration and Compensation Committee of the Board of Directors on April 13, 2026, in accordance with SEBI regulations.

Share Allotment Details

The bank allotted equity shares with specific pricing and structural parameters to employees who exercised their vested options under the 2019 scheme.

Post-Allotment Capital Structure

Following the share allotment, the bank's capital structure has been updated to reflect the additional equity shares issued to employees.

Regulatory Compliance

The allotment was conducted pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The bank filed the required statement under regulation 10(b) on February 24, 2024, with filing numbers BSE: 195921 and NSE: 40258.

Share Characteristics

The newly allotted equity shares carry identical rights and privileges as existing shares. All equity shares allotted pursuant to the exercise of stock options rank pari-passu with the existing equity shares of the bank. The shares are issued in demat form under ISIN number INE818W01011, with no lock-in period applicable to these shares.

The bank has listed its shares on BSE Limited and National Stock Exchange of India Limited, ensuring compliance with both exchanges' disclosure requirements and circular guidelines dated July 14, 2023.