Utkarsh Small Finance Bank has announced that it has received regulatory approval from the Reserve Bank of India (RBI) for its Managing Director and Chief Executive Officer's compensation structure. The approval, communicated through RBI's letter dated March 17, 2026, covers both variable and fixed pay components for the senior executive.

RBI Approval Details

The central bank has approved two key components of Mr. Govind Singh's compensation package:

This approval aligns with the RBI's earlier communication dated September 16, 2024, indicating a structured regulatory review process for executive compensation in the banking sector.

Regulatory Compliance Framework

The bank has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The approval process involved multiple stakeholders:

• Shareholder Approval: Previously obtained from the bank's shareholders
• RBI Approval: Received through the March 17, 2026 letter
• SEBI Compliance: Disclosed under Schedule III of listing regulations

Corporate Governance Transparency

Utkarsh Small Finance Bank has ensured transparency by making this disclosure available on its official website at www.utkarsh.bank.in . The announcement was formally communicated to both major stock exchanges where the bank's securities are listed.

The disclosure was signed by Sarju Kumar Simaria, Chief Financial Officer, demonstrating the bank's commitment to proper corporate governance and regulatory compliance in executive compensation matters.

Utkarsh Small Finance Bank has successfully completed its postal ballot voting process through electronic voting, with shareholders approving all three proposed resolutions by overwhelming majorities. The bank declared the results on March 02, 2026, following the conclusion of the e-voting period on February 28, 2026.

Postal Ballot Overview

The postal ballot process was conducted in accordance with Regulation 44 of the SEBI Listing Regulations, with Mr. Avinash Bagul of BNP & Associates serving as the scrutinizer. The e-voting period commenced on Friday, January 30, 2026, at 9:00 A.M. and concluded on Saturday, February 28, 2026, at 5:00 P.M.

Resolutions and Results

The bank sought shareholder approval for three key resolutions, all of which received strong support from the voting members.

Resolution 1: Director Appointment

The appointment of Dr. Ram Jass Yadav (DIN: 08911900) as Non-Executive Non-Independent Director was approved as an ordinary resolution with exceptional support.

Resolution 2: Independent Director Re-appointment

The re-appointment of Mr. Ajay Kumar Kapur (DIN: 00108420) as Independent Director was passed as a special resolution with strong shareholder backing.

Resolution 3: CEO Remuneration Approval

Shareholders approved the payment of remuneration to Mr. Govind Singh, Managing Director & CEO (DIN: 02470880) for FY 2025-26 through a special resolution.

Regulatory Compliance and Process

The postal ballot process was conducted in full compliance with the Companies Act, 2013, and various MCA circulars. The bank engaged KFin Technologies Limited as the Electronic Voting Service Provider, ensuring a transparent and secure voting process.

Key aspects of the process included:

• Advertisement in national newspapers including Financial Express, Aaj, and Jansatta on January 30, 2026
• Postal ballot notice sent via email to registered shareholders on January 29, 2026
• Voting results unblocked in presence of independent witnesses Mr. Shreyash Bhogal and Mr. Sarvesh Palkar
• Complete documentation maintained by the scrutinizer for regulatory compliance

Conclusion

The successful completion of the postal ballot process with overwhelming shareholder approval across all resolutions demonstrates strong confidence in Utkarsh Small Finance Bank's leadership and strategic direction. All resolutions are deemed passed effective February 28, 2026, and the results have been made available on the bank's website and stock exchange platforms.