Updates

JSFB/SEC/2026-27/56 10th July 2026 BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Mumbai 400001, Bandra (East), Mumbai 400051, Maharashtra Maharashtra. Dear Sir/ Madam, Sub: Credit Update - Care Ratings Limited – No change in Credit rating assigned on 17th February 2026 Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 We wish to inform that CARE Ratings Limited has issued a press release dated 09th July 2026 in relation to Jana Small Finance Bank Limited. The aforesaid press release has no rating change and continue to remain unchanged from those assigned by CARE Ratings Limited on 17th February 2026. In line with our earlier intimation JSFB/SEC/2026-27/47 dated 01st July 2026, Care Ratings Limited has also observed that the refinancing and repayment risks associated with the promoter entities are not expected to materially affect the Bank's credit profile amongst other factors. Further, observed that the Bank is a listed entity and the promoter shareholding is below 25%. CARE Ratings Limited has further noted that there are no cross-default or cross-acceleration provisions linking the Bank's debt obligations with those of the promoter entities and that no material deterioration has been observed in the Bank's liability franchise, deposit flows and liquidity since the announcement of the promoter level debt reschedulement. A copy of the CARE Ratings Limited press release dated 09th July 2026 is enclosed herewith. Kindly take the above information on record. Thanking you Yours faithfully, For Jana Small Finance Bank Limited Lakshmi R. N Company Secretary and Compliance Officer JAMA KARO, JANA KARO. Registered Office: Jana Small Finance Bank Limited The Fairway Business Park, # 10/1, 11/2 & 12/2B, Telephone : 080-46020100 E-mail : customercare@jana.bank.in Off Domlur, Koramangla Inner Ring Road, Next to 080-37620100 Website : www.jana.bank.in Embassy Golf Links, Challaghatta, Bengaluru -560071. Toll-free No. : 1800 2080 CIN: L65923KA2006PLC040028 Press Release Jana Small Finance Bank Ltd July 09, 2026 Credit Update CARE Ratings Limited (CareEdge Ratings) notes the recent debt reschedulement at Jana Small Finance Bank Limited’s (JSFBL’s) promoter entities, Jana Holdings Limited (JHL) and Jana Capital Limited (JCL). The maturity date of promoter entities’ outstanding listed non-convertible debentures (NCDs) has been extended from June 30, 2026 to December 31, 2026, basis the approvals from the debenture holders. JHL and JCL are non-operating holding entities with no independent operating cash flows, and repayment of these NCDs is proposed to be primarily funded through monetisation of their shareholding in JSFBL per CareEdge Ratings’ discussion with the majority NCD holder. JSFBL has no obligations towards the debt servicing of the promoter entities. Also, there are no cross-default or cross-acceleration provisions linking JSFBL’s debt obligations with those of the promoter entities. As on June 30, 2026, JHL held 16.9% of the JSFBL’s equity after divesting 4.9% in Q1FY27. The promoter entities intend to further monetise their shareholding to repay the outstanding NCDs. Upon dilution of promoter shareholding below 9.99%, JHL intends to seek reclassification from the promoter category to the public category, subject to the requisite regulatory and statutory approvals. Successful execution of this process will delink the bank from the promoter entities and is expected to mitigate the reputational risk arising from the overhang of the promoter-level debt. CareEdge Ratings, while assigning the rating to the Lower Tier-II bonds of JSFBL earlier, had already taken the cognisance of the elevated refinancing and repayment risks at JSFBL’s holding companies, and also highlighted that the weak standalone credit profiles of JHL and JCL were not expected to materially affect JSFBL’s credit profile, considering its status as a listed bank and the promoter stake being below 25%. Further, there is no representation of the promoter entities on JSFBL’s Board, and vice versa. Since the date of announcement of promoter-level debt reschedulement, no material deterioration has been observed in the bank's liability franchise, deposit flows, and liquidity. The rating continues to factor in the bank's adequate capitalisation, healthy business growth, and increasing diversification of its loan portfolio. However, the rating remains constrained by the moderation in asset quality and profitability, and its relatively low current account saving account (CASA) ratio of ~18% as on March 31, 2026, with continued reliance on bulk deposits. For the detailed press release of IFBL, please click here About the company and industry Industry classification Macroeconomic indicator Sector Industry Basic industry Financial services Financial services Banks Other bank JSFBL (formerly Janalakshmi Financial Services Limited) commenced operations as an NBFC in 2008 and later operated as an NBFC-microfinance institution (NBFC-MFI). It received a licence to set up a small finance bank (SFB) on April 28, 2017, and commenced banking operations on March 28, 2018. JSFBL is a Bengaluru-based SFB focused on retail banking, with emphasis on microfinance, housing loans, micro housing/M-LAP, and micro and small enterprise lending. As on March 31, 2026, the bank operated through 822 branches and reported deposits of ₹35,784 crore and advances of ₹36,289 crore. Brief Financials (₹ crore) March 31, 2025 (A) March 31, 2026 (A) Total income 5,486 6,375 Profit after tax (PAT) 501 326 Total assets 38,279 47,263 Net interest margin (NIM) (%) 6.76 6.06 ROTA (%) 1.42 0.76 Gross non-performing assets (NPA) (%) 2.71 2.46 Net non-performing assets (NPA) (%) 0.94 0.92 Capital adequacy ratio (CAR) (%) 20.68 19.38 A: Audited; Note: these are latest available financial results 1 CARE Ratings Ltd. Press Release List of facilities/instruments and FSRs As required by SEBI Circular dated February 10, 2026, to Credit Rating Agencies (CRAs), the list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is disclosed below: Sr. Regulator of the Facilities/Instruments Name No. Instruments1 1. Listed / Proposed to be Listed Bonds / Debentures / Preference Shares (All Securities) SEBI 2. Unlisted / Proposed to be Unlisted Bonds / Debentures / Preference Shares (All Securities) MCA 3. Listed PTCs / Securitisation Notes (Originated by Entities Regulated by RBI) * SEBI 4. Listed PTCs / Securitisation Notes (Originated by Entities Not Regulated by RBI) * SEBI 5. Unlisted PTCs / Securitisation Notes (Originated by Entities Regulated by RBI) * RBI 6. Listed Commercial Paper and NCDs with Original Maturity Less Than 1 Year RBI 7. Unlisted Commercial Paper and NCDs with Original Maturity Less Than 1 Year RBI 8. Loan Facilities (Fund / Non-Fund Based) From Banks / NBFCs / NHB / FIs ^ RBI 9. External Commercial Borrowings and Other Similar Borrowings RBI 10. Certificates of Deposit RBI 11. Fixed Deposits Raised by Banks, NBFCs, HFCs, FIs RBI 12. Fixed Deposits Raised by Corporates Other Than Banks, NBFCs, HFCs, FIs MCA 13. Inter Corporate Deposits / Loans Extended by Corporates MCA 14. Borrowing Programme ~ - 15. Issuer Ratings # - 16. Credit Ratings for Capital Protection Oriented Schemes (By Mutal Funds and AIFs) SEBI 17. Credit Quality Ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18. Listed Security Receipts SEBI 19. Unlisted Security Receipts RBI 20. Independent Credit Evaluation (ICE) RBI Expected Loss Ratings (For Loan Facilities (Fund / Non-Fund Based) from Banks / NBFCs / 21. RBI NHB / FIs) Expected Loss Ratings (Listed / Proposed to be Listed Bonds / Debentures / Preference 22. SEBI Shares (All Securities)) Expected Loss Ratings (Unlisted / Proposed to be Unlisted Bonds / Debentures / Preference 23. MCA Shares (Al [Showing first 8,000 characters — download PDF for full document]