ESAF Small Finance Bank has received a significant boost in its leadership structure with the Reserve Bank of India (RBI) approving the appointment of Shri. Karthikeyan M as the bank's new Part-Time Chairman. This development marks a crucial step in the bank's governance framework and strategic direction.

Key Appointment Details

Appointment Process and Next Steps

The appointment of Shri. Karthikeyan M follows a structured process that began with the bank's internal recommendations. The Nomination, Remuneration and Compensation Committee, along with the Board of Directors, had initially recommended his appointment in August 2025. This recommendation was subject to RBI approval, which has now been granted.

The bank has confirmed that it will seek shareholder approval for Shri. Karthikeyan M's appointment as a Non-Executive Independent Director within the required timelines. This step is crucial to complete the appointment process and ensure compliance with regulatory requirements.

Regulatory Compliance

ESAF Small Finance Bank's announcement adheres to the disclosure requirements under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The bank has promptly informed the stock exchanges about this significant development, demonstrating its commitment to transparency and regulatory compliance.

Implications for ESAF Small Finance Bank

The appointment of a new Part-Time Chairman is expected to bring fresh perspectives to ESAF Small Finance Bank's leadership. As the banking sector continues to evolve, especially in the small finance segment, strong governance and experienced leadership are crucial for navigating challenges and capitalizing on opportunities.

Investors and stakeholders will likely watch closely how this appointment influences the bank's strategic direction and operational efficiency in the coming years. The bank's ability to leverage Shri. Karthikeyan M's expertise could play a significant role in its future growth and market position.

As ESAF Small Finance Bank moves forward with this new appointment, the financial community will be keen to observe any potential shifts in the bank's approach to market expansion, product innovation, and overall business strategy under the guidance of its new Part-Time Chairman.

ESAF Small Finance Bank has announced the appointment of George Ittan Maramkandathil as a Non-Executive Director for a three-year term, following shareholder approval at the bank's 9th Annual General Meeting (AGM).

Key Details of the Appointment

• Term: November 18, 2025, to November 17, 2028
• Approval Date: September 24, 2025 (9th AGM)
• Position: Non-Executive Director
• Shareholding: 2.58% stake in the bank

About George Ittan Maramkandathil

George Ittan Maramkandathil brings a wealth of experience to his new role:

• Current Position: CEO and Founder of AST Group of Companies
• Professional Experience: 43 years
• Career Highlights:
  • Started as a CAD Team Leader at Rice Perry Ellis and Partners in 1982
  • Founded AST Group in 1985

Governance Aspects

• Maramkandathil is not related to any existing directors of ESAF Small Finance Bank.
• He will be subject to retirement by rotation as per the bank's Articles of Association.

Other AGM Outcomes

The 9th AGM of ESAF Small Finance Bank, held on September 24, 2025, also approved several other important resolutions:

1. Statutory Auditors: Appointment of M/s. Sundaram & Srinivasan, Chartered Accountants, as one of the Joint Statutory Auditors for a period of three consecutive financial years.

2. Secretarial Auditors: Appointment of M/s. SEP and Associates as the Secretarial Auditors for a period of five consecutive financial years.

3. Debt Securities: Approval for borrowing/raising funds through the issue of debt securities on a private placement basis.

Voting Results

The appointment of George Ittan Maramkandathil as Non-Executive Director received overwhelming support from shareholders:

This strong endorsement reflects shareholders' confidence in Maramkandathil's potential contributions to the bank's board.

ESAF Small Finance Bank's decision to bring Maramkandathil on board aligns with its commitment to strengthening corporate governance and leveraging diverse expertise for its growth strategy. As the bank continues to expand its operations, the addition of experienced professionals to its leadership team is likely to play a crucial role in shaping its future direction.