Exhibit 2.6



DESCRIPTION OF SECURITIES
REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT



As of March 31, 2020,
ICICI Bank Limited (“we,” “us,” and “our”) had the following series of securities registered
pursuant to Section 12(b) of the Exchange Act:



|Title of each class                                                                                              |  | Trading symbol |  | Name of each exchange on which registered
|---------------------------------------------------------------------------------------------------------------- |  | -------------- |  | -----------------------------------------
|American Depositary Shares, each representing two equity shares of ICICI Bank Limited, par value Rs. 2 per share |  | IBN            |  | New York Stock Exchange                  



Our equity shares
are traded on the BSE Limited (formerly known as the Bombay Stock Exchange Limited) (“BSE”) and National Stock Exchange
of India Limited (“NSE”), (collectively, the “Indian Stock Exchanges”) under the ticker symbols “532174”
and “ICICIBANK”, respectively. Our American Depositary Shares (or “ADSs”), as evidenced by American Depositary
Receipts (or “ADRs”), are traded in the United States on the New York Stock Exchange (“NYSE”) under the
ticker symbol “IBN.” Each ADS represents two equity shares. Our ADSs began trading on the NYSE in March 2000.



In connection with
the registration of our ADSs pursuant to the requirements of the Securities and Exchange Commission (but not for trading), our
equity shares are registered under Section 12(b) of the Exchange Act. This exhibit contains a description of the rights of (i)
the holders of equity shares and (ii) ADR holders. Equity shares underlying the ADSs are held by Deutsche Bank Trust Company Americas,
the depositary, and holders of ADSs will not be treated as holders of the equity shares.



The following summary
is subject to and qualified in its entirety by our Memorandum and Articles of Association, as amended, and by Indian law, particularly
the Indian Companies Act, 2013, as amended (the “Companies Act”).



This is not a summary
of all the significant provisions of our Memorandum and Articles of Association, or of Indian law and does not purport to be complete.
Capitalized terms used but not defined herein have the meanings given to them in our annual report on Form 20-F for the fiscal
year ended March 31, 2020 (the “2020 Form 20-F”).



ORDINARY SHARES



Item 9. General



9.A.3. Pre-emptive rights



A company incorporated
in India must offer its holders of equity shares preemptive rights to subscribe and pay for a proportionate number of shares to
maintain their existing ownership percentages prior to the issuance of any new equity shares, unless these rights have been waived
by at least three-fourths of the company’s shareholders present and voting at a shareholders’ general meeting.



United States investors
in ADSs may be unable to exercise these preemptive rights for equity shares underlying ADSs unless a registration statement
under the Securities Act of 1933, as amended (the “Securities Act”) is effective with respect to such rights or an
exemption from the registration requirements of the Securities Act is available. Our decision to file a registration statement
will depend on the costs and potential liabilities associated with any such registration as well as the perceived benefits of enabling
investors in ADSs to exercise their preemptive rights and any other factors we consider appropriate at such time. To the extent
that investors in ADSs are unable to exercise preemptive rights, their proportional ownership interests in us would be reduced.



9.A.5. Type and class of securities



(a)
Generally



Each ADS represents
two equity shares. At June 30, 2020, we had approximately 590 million ADSs, equivalent to about 1,180 million equity shares, outstanding.
At June 30, 2020, there were 89,929 record holders of our ADSs, out of which 96 have registered addresses in the United States.
The equity shares are in registered form. Our equity shares and their holders are registered in a registry of members. All of our
equity shares have equal voting rights and carry equal entitlements to dividends.



ADS holders seeking
to sell in India any equity shares withdrawn upon surrender of ADSs, convert the rupee proceeds from such sale into a foreign currency
or repatriate such foreign currency may need the Reserve Bank of India’s approval for each such transaction. Under current
Indian regulations, an ADS holder who surrenders ADSs and withdraws equity shares may deposit those equity shares again in
the depositary facility in exchange for ADSs. An investor who has purchased equity shares in the Indian market may also deposit
those equity shares in the ADS program. However, the deposit of equity shares may be subject to securities law restrictions
and the restriction that the cumulative aggregate number of equity shares that can be deposited as of any time cannot exceed the
cumulative aggregate number represented by ADSs converted into underlying equity shares as of such time. These restrictions increase
the risk that the market price of our ADSs will be below that of the equity shares.













(b)
Restrictions on transfer



The issue or transfer
of any security of an Indian company by a person resident outside, foreign investment in equity instruments (shares, convertible
debentures, convertible preference shares and share warrants) as well as issuance of rupee denominated shares for issuing ADSs,
are all governed by applicable rules and regulations issued under the Foreign Exchange Management Act, 1999 and by the Securities
and Exchange Board of India and shall be only in accordance with the terms and conditions specified under such rules and regulations.



The foreign investment
limit in Indian companies shall include, in addition to foreign direct investments, investment by Foreign Portfolio Investors,
Non-Resident Indians, Foreign Currency Convertible Bonds, American Depository Receipts, Global Depository Receipts and convertible
preference shares held by foreign entities.



Foreign Direct
Investment



The Foreign
Exchange Management (Non-debt Instruments) Rules, 2019 (the “Rules”), as amended, among other things, provide for the following
restrictions on foreign ownership for private sector banks:



| | · | Foreign investors (including indirect foreign investment made by foreign portfolio investors) may
own up to 74.0% of the equity share capital of a private sector bank in India subject to rules and regulations issued by the Government
of India and the Reserve Bank of India from time to time. While foreign investment up to 49.0% in private sector banks is under
automatic route and does not require any specific approval, foreign investment beyond 49.0% and up to 74.0% requires prior approval
of the Government of India, unless such investments are otherwise exempted from the requirement for approval. Investments by foreign
investors exempted from the requirement for Government of India approval include aggregate foreign portfolio investment (as defined
in the Rules) up to 49% or sectoral cap, (whichever is lower) that does not result in the transfer of ownership or control from
residents to non-resident investors, and foreign investment through rights and bonus issues fulfilling certain conditions laid
out in the Rules. Additionally, in case of proposals requiring prior approval of the Government of India, those proposals involving
total foreign equity inflow of more than Rs. 50.0 billion, shall require approval of the Cabinet Committee on Economic Affairs.
The aggregate foreign investment limit of 74.0% includes investments by way of foreign direct investments, ADSs/ Global Depositary
Receipts (Depository Receipts), Foreign Currency Convertible Bonds (mandatorily and compulsorily convertible) and investment under
the Portfolio Investment Scheme by foreign portfolio investors and non-resident Indians/ Overseas Citizens of India, and also includes
shares acquired by subscription to private placements and public offerings and acquisition of shares from existing shareholders.
At least 26.0% of the paid-up capital would have to be held by Indian residents at all times, except in regard to a wholly owned
subsidiary of a foreign bank.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | An individual non-resident Indian’s holding is restricted to 5.0% of the total paid-up share
capital both on repatriation and non-repatriation basis and the aggregate limit of investment by all non-resident Indians cannot
exceed 10.0 % of the total paid up capital both on repatriation and non-repatriation basis. However, non-resident Indian holdings
can be allowed up to 24.0% of the total paid-up capital, both on repatriation and non-repatriation basis, subject to a special
resolution to this effect passed by the shareholders of the bank.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Any foreign investment in private banks by any person (including his relatives and associate enterprises
and persons acting in concert) whereby such shareholding reaches or exceeds 5.0% shall require prior approval from the Reserve
Bank of India for acquisition of shares or voting rights. The Reserve Bank of India shall assess the “fit and proper”
status of such foreign investors according to the criteria laid down under the Master Direction dated November 19, 2015 on ‘Prior
approval for acquisition of shares or voting rights in private sector banks’ and the Master Direction – Ownership in
Private Sector Banks Directions, 2016 issued by the Reserve Bank of India, which will include extensive information on ownership
of the investors and beneficial interest in the shares/voting rights being acquired. Additionally, the ceiling on voting rights
is 26.0% of the total voting rights of a bank.
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Under the Portfolio
Investment Scheme:



| | · | Effective from April 1, 2020, foreign portfolio investors, as referred in Securities and Exchange
Board of India (FPI) Regulations, 2019, may hold share capital up to sectoral cap applicable to such Indian company. However, an
Indian company may, with the resolution of its Board of Directors and a special resolution: (i) decrease the aggregate limit before
March 31, 2020 to a lower threshold of 24% or 49% or 74% or (ii) increase the aggregate limit to 49% or 74% or the sectoral cap
or any statutory ceiling. However, once the aggregate limit is increased, the limit cannot be reduced later. No single foreign
portfolio investor may own 10% or more of total paid-up equity capital on behalf of itself or its sub-accounts.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Overseas corporate bodies are not permitted to invest under the Portfolio Investment Scheme, although
they may continue to hold investments that have already been made under the Portfolio Investment Scheme until such time as these
investments are sold on the stock exchange. Overseas corporate bodies are derecognized as a class of investor entity by the Reserve
Bank of India under various routes and schemes under the foreign exchange rules and regulations.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Foreign Portfolio Investment–
Purchase of shares or convertible debentures or warrants



The Securities and
Exchange Board of India issued Foreign Portfolio Regulations, 2019. A foreign portfolio investor registered with the Securities
and Exchange Board of India can purchase shares or convertible debentures or warrants of an Indian company. The total holding
by each foreign portfolio investor or an investor group shall be less than 10.0% of the total paid-up equity capital on a fully
diluted basis or less than 10.0% of the paid-up value of each series of debentures or preference shares or share warrants issued
by an Indian company. If the total investment exceeds the aforementioned threshold of below 10.0%, the foreign portfolio investor
shall divest the excess holding within five trading days from the date of settlement of the trades resulting in the breach. In
the event of failure to do so, the entire investment in the company by such foreign portfolio investors including its investor
group shall be considered a foreign direct investment, and the foreign portfolio investor and its investor group shall not make
further portfolio investments in that company. The aggregation of investment limits of foreign portfolio investors is based on
common ultimate beneficial ownership. Except for the exemptions provided in these regulations, multiple entities registered as
foreign portfolio investors and directly or indirectly having common ownership of more than 50.0% or common control, shall be
treated as part of the same investor group and the investment limits of all such entities shall be aggregated at the investment
limit as applicable to a single foreign portfolio investor.



Transfer of equity
instruments by a person resident outside India



The
Government of India regulates foreign ownership in Indian banks. Foreign investors (including indirect foreign investment made
by foreign portfolio investors) may own up to 74.0% of the equity share capital of a private sector bank in India subject to rules
and regulations issued by the Government of India and the Reserve Bank of India from time to time. While foreign investments of
up to 49.0% in private sector banks do not require any specific approval, foreign investments beyond 49.0% and up to 74.0% require
prior approval of the Government of India, unless such investments are otherwise exempted from the requirement for approval. Investments
by foreign investors exempted from the requirement for Government of India approval include certain aggregate foreign portfolio
investments up to 49.0% or the relevant sectoral cap (whichever is lower) that do not result in the transfer of ownership or control
from Indian residents to non-resident investors, and foreign investment through rights and bonus issues fulfilling certain conditions.
Additionally, in the case of proposals requiring prior approval of the Government of India, such proposals involving total foreign
equity inflow of more than Rs. 50.0 billion also require approval of the Cabinet Committee on Economic Affairs. Additionally, the transfer of equity shares by a person resident outside India may also be subject to pricing and other requirements
depending inter alia on the mode of transfer and the residency in India of the transferee.



Guidelines
with regard to shareholding in private sector banks issued by the Reserve Bank of India are as follows:



| | · | individual and non-financial corporate entities can have a shareholding up
to 10.0% in private sector banks;
| | - | ------------------------------------------------------------------------------------------------------------



| | · | non-diversified unlisted financial institutions can hold up to 15.0%;
| | - | ---------------------------------------------------------------------



| | · | well-diversified listed financial institutions including the Government of
India can hold up to 40.0%; and
| | - | ----------------------------------------------------------------------------------------------------------



| | · | higher stake by promoters/non-promoters through capital infusion by domestic
or foreign entities will require the approval of the Reserve Bank of India.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------













Voting rights
are capped at 26.0%. However, any acquisition of shareholding/voting rights of 5.0% or more will require the prior approval of
the Reserve Bank of India.



Reporting of
foreign investments



In June 2018, the
Reserve Bank of India issued revised guidelines on reporting of foreign investments with the objective of integrating different
reporting structures for foreign investments in India. As per the guidelines issued on June 7, 2018, a Single Master Form has been
introduced that will be filed online. The Single Master Form would provide a facility for reporting total foreign investments in
an Indian entity as well as investments by persons residing outside India in an investment vehicle.



Prior to the implementation
of the Single Master Form, an interface was provided by the Reserve Bank of India for companies to input their data on total foreign
investments in the specified format. This interface was available from June 28, 2018 to July 12, 2018. Indian entities not complying
with this pre-requisite will not be able to receive foreign investments (including indirect foreign investments) and will be deemed
non-compliant under Foreign Exchange Management Act, 1999 and regulations made thereunder.



From September 2018,
all the reporting prescribed under “Foreign Investment in India”, except if specifically stated otherwise, is required
to be done through the Single Master Form (SMF) available on the FIRMS platform of the Reserve Bank of India.



Currently, an Indian
entity or an investment vehicle making a downstream investment in another Indian entity which is considered as indirect foreign
investment for the investee Indian entity in terms of Foreign Exchange Management (Non-Debt Instrument) Rules, 2019, shall notify
the Secretariat for Industrial Assistance about such investment (including modality of investment in new/existing ventures) within
30 days, even if shares have not been allotted. Such entity or investment vehicle shall also file Form DI with the Reserve Bank
of India within 30 days from the date of allotment of equity instruments.



Issue of ADSs



Indian companies were
permitted to raise foreign currency resources through the issuance of shares represented by ADSs to foreign investors under the
Scheme for Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism), 1993 which has
now been replaced by the Depository Receipts Scheme 2014. Such issuance is subject to sectoral cap, entry route, minimum capitalization
norms, pricing norms, etc. as applicable as per the rules and regulations notified by the Government of India/Reserve Bank of India
from time to time in this regard.



An Indian company
issuing ADSs must comply with certain reporting requirements specified by the Reserve Bank of India. An Indian company may issue
ADSs if it is eligible to issue shares to persons resident outside India under the foreign direct investment scheme, and shall
not exceed the limit on foreign holding of such eligible securities under the extant Foreign Exchange Management Act and the rules
made thereunder, as amended from time to time. Similarly, an Indian company which is not eligible to raise funds from the Indian
capital markets, including a company which has been restricted from accessing the securities market by the Securities and Exchange
Board of India, will not be eligible to issue ADSs. Investors do not need to seek specific approval from the Government of India
to purchase, hold or dispose of ADSs. However, overseas corporate bodies as defined under applicable rules, which are not eligible
to invest in India and entities prohibited to buy, sell or deal in securities by the Securities and Exchange Board of India are
not eligible to subscribe to ADSs issued by Indian companies. Notwithstanding the foregoing, if any investor were to withdraw its
equity shares from the ADS program, its investment would be subject to the general restrictions on foreign ownership noted above
and may be subject to the portfolio investment restrictions. Secondary purchases of securities of a banking company in India by
foreign direct investors or investments by non-resident Indians, and foreign portfolio investors above the ownership levels set
forth above require the Indian government’s approval on a case-by-case basis. It is unclear whether similar case-by-case
approvals of ownership of equity shares withdrawn from the depositary facility by non-resident Indians, overseas corporate bodies
and foreign institutional investors would be required.



Furthermore, if an
investor withdraws equity shares from the ADS program and its direct or indirect holding in us is equal to or exceeds 25.0% of
our total equity, or when such holding is or exceeds 25.0% of the total equity and thereafter such investor acquires additional
5.0% equity within any financial year, such investor may be required to make a public offer to the remaining shareholders under
the Takeover Code.



Depository Receipts
Scheme, 2014



An eligible person may now, issue or transfer
eligible securities to a foreign depository for the purpose of issuance of depository receipts in terms of Depository Receipts
Scheme, 2014, as amended. However, depository receipts issued under the Issue of Foreign Currency Convertible Bonds and Ordinary
Shares (Through Depository Receipt Mechanism) Scheme, 1993 shall be deemed to have been issued under the corresponding provisions
of the Depository Receipts Scheme 2014.



9.A.6. Limitations or qualifications



Not applicable.













9.A.7. Other rights



Not applicable.



Item 10.B. Memorandum and articles
of association



10.B.3. Shareholder rights



(a)
Dividend rights and bonus shares.



Under Indian law,
a company pays dividends upon a recommendation by its Board of Directors and approval by a majority of the shareholders at the
annual general meeting of shareholders held within six months from the end of each fiscal year. The shareholders have the right
to decrease but not increase the dividend amount recommended by the Board of Directors. Dividends may be paid out of the company’s
profits for the fiscal year for which the dividend is declared or out of undistributed profits of prior fiscal years, after excluding
amount representing unrealized gains, notional gains or revaluation of assets and any change in carrying amount of an asset or
of a liability on measurement of the asset or the liability at fair value. Dividends can also be paid by a company in the interim
period, termed “interim dividend” which does not require the approval of the shareholders unless it is combined with
the final dividend being recommended by the Board of Directors.



Under the Companies
Act, 2013 and rules made thereunder, dividends may be paid out of profits of a company in that financial year in which the dividend
is declared after providing for depreciation or out of the undistributed profits of previous fiscal years after providing for depreciation.
Before declaring any dividend in any financial year, company may transfer a percentage of its profits which it considers appropriate
to its reserves. The Companies Act, 2013 further provides that in case of an inadequacy or absence of profits in any year, a maximum
of 10% of paid-up capital can be declared as dividend, subject to other provisions contained in the Companies (Declaration and
Payment of Dividend) Rules, 2014.



The Companies Act,
2013 provides that any dividends that remain unpaid or unclaimed after a period of 30 days from the date of their declaration are
to be transferred to a special bank account opened by the company at an approved bank. We transfer any dividends that remain unpaid
or unclaimed within 7 days from the date of expiration of such 30 days period to such account. If any amount in this account has
not been claimed by the eligible shareholders within seven years from the date of the transfer, we transfer the unclaimed dividends
to an Investor Education and Protection Fund established by the Government of India under the provisions of the Companies Act,
2013.



In
addition to the Companies Act, 2013, the Banking Regulation Act, 1949 (the “Banking
Regulation Act”) requires banks to completely write off capitalized expenses and transfer 20.0% of the disclosed yearly
profit to a reserve account before declaring a dividend.



Banks
have to comply with the following prudential requirements to be eligible to declare dividends:



| | · | The capital adequacy ratio is at least 9.0% for the preceding two completed
years and the accounting year for which the bank proposes to declare a dividend.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The net non-performing asset ratio is less than 7.0%.
| | - | -----------------------------------------------------



| | · | The Bank is in compliance with the prevailing regulations and guidelines issued
by the Reserve Bank of India, including the creation of adequate provision for the impairment of assets, staff retirement benefits,
transfer of profits to statutory reserves, etc.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The proposed dividend will be paid out of the current year’s profit.
| | - | --------------------------------------------------------------------



| | · | Under the Reserve Bank of India’s Basel III guidelines, banks are subject
to higher minimum capital requirements and must maintain a capital conservation buffer above the minimum requirements to avoid
restrictions on capital distribution. The capital conservation buffer would be implemented in a phased manner beginning from March
31, 2016 and fully implemented by March 31, 2019 as prescribed by the Reserve Bank of India. The Reserve Bank of India has clarified
that dividend payment by banks would be governed by the application of the above guidelines, once the capital conservation framework
is in effect. In case a bank does not meet the capital adequacy norms for two consecutive years, but has a capital adequacy ratio
of at least 9.0% for the accounting year for which it proposes to declare a dividend, it would be eligible to do so if its net
non-performing asset ratio is less than 5.0%. Banks that are eligible to declare dividends under the above rules can do so subject
to the following:
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The dividend payout ratio (calculated as a percentage of dividend payable in
a year to net profit during the year) must not exceed 40.0%. The maximum permissible dividend payout ratio would vary from bank
to bank, depending on the capital adequacy ratio in each of the last three years and the net non-performing asset ratio. Banks
should have a minimum capital adequacy ratio of 9.0% for three consecutive years (including the accounting year for which it proposes
to declare dividend) and a net non-performing assets ratio of less than 7.0% to be eligible to declare dividends. A bank with a
net non-performing assets ratio of less than 3.0% can declare a dividend of up to 35.0% if its capital adequacy ratio for three
years is 11.0% or above, a dividend of 30.0% if its capital adequacy ratio is 10.0% or more and up to 25.0% if its capital adequacy
ratio is 9.0% or above. A bank with a net nonperforming assets ratio between 3.0% and 5.0% can declare a dividend of up to 25.0%,
20.0% and 15.0% against the three-year capital adequacy ratio of 11.0%, 10.0% and 9.0%, respectively. Similarly, a bank with a
net non-performing assets ratio between 5.0% and 7.0% can declare a dividend of up to 15.0%, 10.0% and 5.0% against the three-year
capital adequacy ratios of 11.0%, 10.0% and 9.0%, respectively.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













| | · | If the profit for the relevant period includes any extraordinary income, the
payout ratio must be calculated after excluding that income for compliance with the prudential payout ratio.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The financial statements pertaining to the financial
year for which the bank is declaring a dividend should be free of any qualification by the statutory auditors, which might have
an adverse effect on the profit during that year. If there are any such qualifications, the net profit should be suitably adjusted
while computing the dividend payout ratio.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | There might be other restrictions on our ability
to declare dividends promulgated by the relevant Indian regulatory authorities, including the Reserve Bank of India, that needs
to be observed from time to time.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Reserve Bank of
India has stipulated that banks may declare and pay dividend out of the profits from the relevant accounting period, without prior
approval of the Reserve Bank of India if they satisfy the minimum prudential requirements and subject to the prudential cap on
dividend payout ratio prescribed in the guidelines issued in this regard by the Reserve Bank of India. Equity shares issued by
us are pari passu in all respects including dividend entitlement.



In addition to permitting
dividends to be paid out of current or retained earnings, the Companies Act, 2013 permits our board of directors to distribute
to the shareholders, in the form of fully paid-up bonus equity shares, an amount transferred from the capital surplus reserve or
legal reserve to stated capital. Bonus equity shares can be distributed only with the prior approval of the Reserve Bank of India.
These bonus equity shares must be distributed to shareholders in proportion to the number of equity shares owned by them.



(b)
Voting rights.



A shareholder has
one vote for each equity share and voting may be by a show of hands or on a poll. On a show of hands, every shareholder present
in person shall have one vote and on a poll, the voting rights of a shareholder shall be as provided in Section 47 of the Companies
Act, 2013, but will subject to the ceiling of 26% stipulated in terms of Section
12(2) of the Banking Regulation Act or under any of the proviso or explanation to Section 12 of the Banking Regulation Act. As
provided in our Articles of Association, a shareholder may exercise his voting rights by proxy to be given in the form prescribed
by us. This proxy, however, is required to be lodged with us at least 48 hours before the time of the relevant meeting. A shareholder
may, by a single power of attorney, grant general power of representation covering several general meetings. A corporate shareholder
is also entitled to nominate a representative to attend and vote on its behalf at all general meetings.



ADS holders have no
voting rights with respect to the deposited shares. The depositary will exercise voting rights in respect of the deposited equity
shares as directed by the board of directors. The depositary will not, under any circumstances, be obliged to exercise any discretion
in relation to the exercise or non-exercise of voting rights. ADS holders may withdraw the equity shares underlying their ADSs
and seek to exercise voting rights under the equity shares obtained from the withdrawal. However, for foreign investors, this withdrawal
process may be subject to delays.



Resolutions are adopted
at a general meeting by a majority of the shareholders having voting rights present or represented. The quorum for a general meeting
is as prescribed under Section 103 of the Companies Act,
2013 and other applicable laws. Generally, resolutions may be passed by simple majority of the shareholders present and
voting at any general meeting. However, certain resolutions, such as an amendment to the organizational documents, commencement
of a new line of business, an issue of additional equity shares without preemptive rights and reductions of share capital, require
that the votes cast in favor of the resolution (whether by show of hands or on a poll) are not less than three times the number
of votes, if any, cast against the resolution.



Any company which
is required to mandatorily provide its members with a facility to exercise their right to vote on resolutions at a general meeting
by electronic means can pass the above-mentioned resolutions through electronic vote instead of postal ballot.  Companies
whose equity shares are listed on recognized stock exchange and if it has not less than one thousand members are compulsorily required
to provide their members with a facility to exercise their right to vote on resolutions at a general meeting by electronic means.
Our equity shares are listed on a recognized stock exchange and it has more than one thousand members. Hence, we are eligible to
pass the above-mentioned resolutions by electronic vote.



The Companies Act,
2013 and our Memorandum and Articles of Association require that at least two-thirds of our non-independent directors be subject
to retirement by rotation. Our Memorandum and Articles of Association also provides that we may execute trust deeds in respect
of our debentures under which the trustee or trustees may appoint a director, known as the debenture director. The debenture director
is not subject to retirement by rotation and may only be removed as voided in the relevant trust deed. At every annual general meeting, one-third of the directors who are subject to re-election must
retire from the Board. However, if eligible for re-election, they may be re-elected by our shareholders at the annual general meeting.
Executive directors are appointed by the Board for a maximum period of five years. An independent
director shall hold office for a term of up to five consecutive years and will be eligible for reappointment on the passing of
a special resolution by the shareholders.













The Banking
Regulation Act requires that at least 51% of our directors should have special knowledge or practical experience in banking
and areas relevant to banking including accounting, finance, law, economics, agriculture and small scale industry. The
Reserve Bank of India in November 2016 has broadened the fields of specialization to include information technology, payment
& settlement systems, human resources, risk management and business management. The appointment of the chairman and
executive directors requires the approval of the Reserve Bank of India, in addition to the approval of our shareholders that
is generally required for the appointment of all directors (other than the government director and the debenture director, if
any).



(c)
Rights to share in our profits.



See “Dividend
Rights” in subsection (a) above.



(d)
Rights to share in any surplus in the event of our liquidation.



Subject
to the rights of depositors, creditors, employees and holders of any preference shares entitled to preferential prepayment
over the equity shares, in the event ofour winding up, the holders of the equity shares
are entitled to be repaid the amounts of capital paid up or credited as paid up on such equity shares. All surplus assets
remaining after payments are made to the holders of any preference shares belong to the holders of the equity shares in
proportion to the amount paid up or credited as paid up on such equity shares, respectively, at the commencement of the
winding-up.



In the event of our
liquidation, the provisions contained in the Banking Regulation Act will apply and provisions of the Companies Act, 2013 will also
apply to the extent to which they are not varied or in consistent with the Banking Regulation Act.



(e)
Redemption provisions.



Not applicable.



(f)
Sinking fund provisions.



Not applicable.



(g)
Liability to further capital calls by us.



Although our Memorandum
and Articles of Association do provide for certain capital call obligations in respect of any monies unpaid on the shares of a
shareholder, all of our issued and outstanding shares have been fully paid in. Accordingly, our shareholders are not obliged to
make further contributions with respect to their shares.



(h)
Any provision discriminating against any existing or prospective holder of such securities as a result of such shareholder owning
a substantial number of shares.



According
to applicable Indian laws and regulations, including the Rules, any foreign investment in private banks by any person (including
his relatives and associate enterprises and persons acting in concert) whereby such shareholding reaches or exceeds 5.0% shall
require prior approval from the Reserve Bank of India for acquisition of shares or voting rights. Additionally, the ceiling on voting rights is 26.0%
of the total voting rights of a bank. For details, please see item 9.A.5(b) “Restrictions on Transfer – Foreign
Direct Investment” and 10.B.3(b) “Voting Rights.”



For a summary of
the other restrictions under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011 (the “Takeover Code”) and the Banking Regulations Act, see item 9.A.5. “Type and class of
securities” set forth above.



10.B.4. Changes to shareholder
rights



Currently, only one
class of equity shares is authorized and outstanding under our Memorandum and Articles of Association. However, if,
at any time, our share capital is divided into different classes of shares, the rights and privileges attached to the shares of
any class (unless otherwise provided by the terms of issue of the shares of that class) may, subject to the provisions of the Companies
Act, 2013 and the Banking Act, and whether or not the Company is being wound up, be varied, modified, commuted, affected or abrogated
with the consent in writing of the holders of not less than three-fourths of the issued shares of that class or with the sanction
of a special resolution passed at a separate general meeting of the holders of the issued shares of that class.If a capital
increase is approved, then our shareholders would generally have certain pre-emptive rights as described under item 9.A.3 above.













10.B.6. Limitations on rights
to own securities



No limitations on
the rights to own securities are applicable under our memorandum and articles of association. However, for a summary of the restrictions
on transfers applicable to both foreign direct investments and portfolio investments, including the requirements under Indian law
applicable to the issuance and transfer of ADSs, see item 9.A.5. set forth above.



10.B.7 Change in control



According to applicable Indian laws and regulations, including the Rules, any foreign investment in private banks by any person
(including his relatives and associate enterprises and persons acting in concert) whereby such shareholding reaches or exceeds
5.0% shall require prior approval from the Reserve Bank of India for acquisition of shares or voting rights. In addition,
the ceiling on voting rights is 26.0% of the total voting rights of a bank. For details, please see item 9.A.5(b) “Restrictions
on Transfer – Foreign Direct Investment” and item 10.B.3(b) “Voting Rights” set forth above.



According
to our Memorandum of Articles of Association, our Board may in its absolute and uncontrolled discretion refuse to register
any transfer of equity shares if the total nominal value of the transferred securities exceeds, or together with the total
nominal value of the securities held by such transferee will exceed, 1% of our paid-up equity share capital or, if as a result
of the transfer a change in the composition of the Board or change in our controlling interest is likely to take place and
that such change would be prejudicial to our interest or to the public interest.



There are other
transfer restrictions imposed under the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011, which may have an effect of delaying, deferring or preventing a change in control. For details,
see item 9.A.5. “Type and class of securities” set forth above.



Under the Banking
Regulation Act, the government may, after consultation with the Reserve Bank of India, in the interest of our depositors or banking
policy or better provision of credit generally or to a particular community or area, acquire our banking undertaking. The Reserve
Bank of India may acquire our business if it is satisfied that we have failed to comply with the directions given to us by the
Reserve Bank of India or that our business is being managed in a manner detrimental to the interest of our depositors.



10.B.8 Disclosure of shareholdings



The provisions of
the Companies Act, 2013 generally require beneficial owners of equity shares of Indian companies that are not holders of record
to declare to the company details of the holder of record and holders of record to declare details of the beneficial owner. While
it is unclear whether these provisions apply to holders of an Indian company’s ADSs, investors who exchange ADSs for equity
shares are subject to this provision. Failure to comply with these provisions would not affect the obligation of a company to register
a transfer of equity shares or to pay any dividends to the registered holder of any equity shares in respect of which this declaration
has not been made, but any person who fails to make the required declaration may be liable for an initial fine of up to Rs. 50,000
coupled with a further fine of up to Rs. 1,000 for each day this failure continues. However, under the Banking Regulation Act,
a registered holder of any equity shares, except in certain conditions, shall not be liable to any suit or proceeding on the ground
that the title to those equity shares vests in another person.



10.B.9 Differences in the law



See the references
to Indian law throughout this “Item 10.B Memorandum and articles of association.”



10.B.10. Changes in capital



The requirements
of the memorandum and articles of association regarding changes in capital are not more stringent than the requirements of Indian
law.



Item 12. Description of Securities
Other than Equity Securities



12.A Debt securities.



Not applicable.



12.B Warrants and rights



Not applicable.



12.C Other securities



Not applicable.



12.D American Depositary Shares



Deutsche Bank Trust
Company Americas has been appointed as the depositary pursuant to the Deposit Agreement and the Letter Agreement entered into on
March 8, 2005. Deutsche Bank Trust Company Americas’ principal executive office is located at 60 Wall Street, New York, N.Y.
10005.













Each of our American
Depositary Shares (or “ADSs”), as evidenced by American Depositary Receipts (or “ADRs”), represents two
of our equity shares. Our ADSs are issued by the depositary, and not by us. The ADR is vested with rights defined and enumerated
in the Deposit Agreement (such as the rights to vote and to receive a dividend). Only the depositary is registered as shareholder
in our share register. An ADR is not an equity share and an ADR holder is not a shareholder of our company.



The following is a
summary of the material provisions of the Deposit Agreement. As it is a summary, it does not contain all the information that may
be important to you. For more complete information, you should read the entire deposit agreement and the ADR. Copies of the deposit
agreement and the ADR will be available for inspection at the Corporate Trust Office of the depositary and at the office of the
custodian.



Share Dividends
and Other Distributions



The depositary has agreed to pay to you
the cash dividends or other distributions it or the custodian receives on equity shares or other deposited securities after deducting
its fees and expenses. You will receive these distributions in proportion to the number of equity shares your ADSs represent.



Cash



The depositary will, as promptly as practicable,
convert any cash dividend or other cash distribution we pay on the equity shares into U.S. dollars, if it can do so on a reasonable
basis and can transfer the U.S. dollars to the United States. If that is not possible or if any approval from any government is
needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS
holders to whom it is possible to do so. It may hold the foreign currency it cannot convert for the account of the ADS holders
who have not been paid. It will not invest the foreign currency and it will not be liable for interest.



Before making the distribution, any
withholding taxes that must be paid will be deducted. See “Taxation” of the 2020 Form 20-F. The depositary will distribute only whole
U.S. dollars and cents and will round fractional cents to the nearest whole cent. If exchange rates fluctuate during a time
when the depositary cannot convert foreign currency, you may lose some or all of the value of the distribution.



Shares



The depositary will distribute new ADSs
representing any equity share we may distribute as a free distribution, if we request it to make this distribution and provided
that the depositary receives satisfactory evidence that it is legal to do so. The depositary will only distribute whole ADSs. It
will sell equity shares which would require it to issue a fractional ADS and distribute the net proceeds in the same way as it
does with cash. If the depositary does not distribute additional ADSs, each ADS will also represent the new equity shares.



Rights to Receive Additional Shares



If we offer holders of securities any rights
to subscribe for additional equity shares or any other rights, the depositary, after consultation with us, will have discretion
as to the procedure to be followed in making those rights available to you. If the depositary decides it is not legal or feasible
to make these rights available to you, the Depositary may sell the rights and distribute the net proceeds. The depositary may allow
rights that are not distributed or sold to lapse. In that case, you will receive no value for them.



After consultation with us, if the depositary
makes rights available to you, upon instruction from you, it will exercise the rights and purchase the equity shares on your behalf.
The depositary will then deposit the equity shares and issue ADSs to you. It will only exercise rights if you pay it the exercise
price and any other charges the rights require you to pay.



The U.S. securities laws may restrict the
sale, deposit, cancellation and transfer of the ADSs issued after exercise of rights. For example, you may not be able to trade
the ADSs freely in the United States. In this case, the depositary may issue the ADSs under a separate restricted deposit agreement
which will contain the same provisions as the deposit agreement, except for the changes needed to put the restrictions in place.
The depositary will not offer you rights, unless those rights and the securities to which the rights relate are either exempt from
registration or have been registered under the Securities Act with respect to a distribution to you. We will have no obligation
to register under the Securities Act those rights or the securities to which they relate.



Other Distributions



The depositary will, after consultation
with us, send to you anything else that we distribute on deposited securities by any means it thinks is legal, fair and practical,
subject to the receipt of requisite approvals. If it cannot make the distribution in that way, the depositary, after consultation
with us, may decide to sell what we distributed and distribute the net proceeds, subject to the receipt of requisite approvals,
in which case the ADSs will also represent the newly distributed property.



The depositary is not responsible if it
decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register
ADSs, equity shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to
permit the distribution of ADSs, equity shares, rights or anything else to ADS holders. This means that you may not receive the
distribution we make on our equity shares or any value for them if it is illegal or impractical for us to make them available to
you.













Deposit, Withdrawal and Cancellation



Subject to Indian law, the depositary will
issue ADSs if you or your broker deposits equity shares or evidence of rights to receive equity shares with the custodian. Upon
payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary
will register the appropriate number of ADSs in the name you request and will deliver the ADSs as promptly as practicable at its
New York office to the persons you request. Under current Indian laws and regulation, the depositary cannot accept deposits of
equity shares other than from us (except for equity shares issued as bonus shares or pursuant to rights offerings) and issue ADRs
evidencing ADSs representing the equity shares.



Persons resident in India (other than us)
may not, directly or indirectly, deposit equity shares with the custodian.



If you surrender your ADSs and
withdraw the underlying equity shares, you or any subsequent transferee will not be permitted to redeposit the equity shares
and obtain ADSs. Moreover, foreign institutional investors, non-resident Indians or overseas corporate bodies who withdraw
equity shares will be subject to Indian legal restrictions governing the foreign ownership of Indian securities. For a
discussion, see “Restriction on Foreign Ownership of Indian Securities” of the 2020 Form 20-F. The depositary has agreed, subject to
the terms of the deposit agreement, to accept deposits of equity shares if current Indian laws and regulations are amended to
permit such deposits.



You may turn in your ADSs at the depositary’s
New York office. Upon payment of its fees and expenses and any taxes and charges, such as stamp taxes or stock transfer taxes or
fees, the depositary will deliver (1) the underlying equity shares to an account in the book-entry system in India and (2) any
other deposited securities underlying the ADSs at the office of the custodian.



If you surrender ADSs and withdraw
equity shares, you will have to take the equity shares in electronic dematerialized form. You will be required to establish
an account with a participant of the National Securities Depository Limited or Central Depository Services (India) Limited to
hold or sell the shares in electronic dematerialized form, and you may incur customary fees and expenses in doing so. Equity
shares which are withdrawn from the depositary also may not be sold on the stock exchanges in India until the equity shares
underlying the ADSs have been listed on those exchanges. The process of listing on those exchanges will be completed within
six weeks after the offering. In addition, the sale of withdrawn equity shares by a non-resident of India to a resident of
India may require approval from the Reserve Bank of India. For further details on the restrictions on transfer of
underlying equity shares, see item 9.A.5. “Type and class of securities” set forth above.



Voting Rights



You have no voting rights
with respect to the deposited equity shares.



The depositary exercises voting rights
in respect of the deposited equity shares as directed by the board of directors. The depositary will not, under any circumstances,
be obliged to exercise any discretion in relation to the exercise or non-exercise of voting rights.



Equity shares which have been withdrawn
from the depositary facility and transferred on our register of shareholders to a person other than the depositary or its nominee
may be voted by that person. However, you may not receive sufficient advance notice of shareholder meetings to enable you to withdraw
the underlying equity shares and vote at such meetings.



Notwithstanding the foregoing, if a foreign
institutional investor, non-resident Indian or overseas corporate body were to withdraw its equity shares from the depositary
facility, its investment in the equity shares would be subject to the general restrictions on foreign ownership noted under “Restriction
on Foreign Ownership of Indian Securities” of the 2020 Form 20-F and may be subject to the portfolio investment restrictions,
including the 10-24.0% portfolio investment limitations, and the 5-10.0% non-resident Indian limitation. The application of these
limitations, however, is not clear. Secondary purchases of securities of Indian companies in India by foreign direct investors
or investments by non-resident Indians, persons of Indian origin, overseas corporate bodies and foreign institutional investors
above the ownership levels set forth under “Restriction on Foreign Ownership of Indian Securities” of the 2020 Form
20-F require government of India and Reserve Bank of India approval on a case-by-case basis. It is unclear whether similar case-by-case
approvals of ownership of equity shares withdrawn from the depositary facility by foreign institutional investors, non-resident
Indians and overseas corporate bodies would be required.















Inspection of Transfer Books



The depositary will maintain at its transfer
office in New York facilities for the execution and delivery, registration of transfer, combination or split-up of ADRs and a register
for the registration of ADRs and the registration of the transfer of ADSs that at reasonable times will be open for inspection
by the investors in the ADSs and by us provided that such inspection shall not be for the purpose of communication with investors
in the ADSs in the interest of a business or object other than our business or a matter related to the deposit agreement or the
ADRs.



Reports and Notices



We will transmit to the depositary copies
of any communications generally distributed to holders of equity shares, including annual reports to shareholders and notices of
shareholder’s meetings. The depositary will make available for inspection by ADS holders at its principal office any notices,
reports and communications received from us that are both received by the depositary or the custodian as the holder of the equity
shares and made generally available to holders of our equity shares. The depositary will also send to ADS investors copies of such
reports where furnished by us as provided in the deposit agreement.



On or before the first date on which we
give notice, by publication or otherwise, of any meeting of shareholders, or of any adjourned meeting of such holders, or of the
taking of any action by such holders other than at a meeting, or the taking of any action in respect of any cash or other distributions
or the offering of any rights, we will transmit to the depositary and the custodian a written English-language version of the
notice thereof in the form given or to be given to shareholders. The depositary will arrange for the mailing of such notices to
all ADS holders.



Reclassifications, Recapitalizations and Mergers



|If
we:                                                                                                              | Then:                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------
|Change the nominal or par value of our equity shares                                                                | The cash, equity shares or other securities received by the depositary will become deposited securities.                                    
|Reclassify, split up or consolidate any of the deposited securities                                                 | Each ADS will automatically represent its equal share of the new deposited securities.                                                      
|Distribute securities on the equity shares that are not distributed to you                                          | The depositary may, and will if we ask it to, distribute some or all of the cash, equity shares or other securities it receives.            
|Recapitalize, reorganize, merge, liquidate, sell all or substantially all of our assets, or take any similar action | It may also issue new ADSs or ask you to surrender your outstanding ADSs in exchange for new ADSs, identifying the new deposited
securities.













Amendment and Termination



We may agree with the depositary to amend
the deposit agreement and the ADRs without your consent for any reason. If the amendment adds or increases fees or charges, except
for taxes and other governmental charges or certain expenses of the depositary, or prejudices an important right of ADS investors,
it will only become effective thirty days after the depositary notifies you of the amendment. At the time an amendment becomes
effective, you are considered, by continuing to hold your ADS, to agree to the amendment and to be bound by the ADR and the deposit
agreement as amended.



The depositary will terminate the deposit
agreement if we ask it do so. The depositary may also terminate the agreement if the depositary has told us that it would like
to resign and we have not appointed a new depositary bank within 90 days. In both cases, the depositary must notify you at least
90 days before termination.



After termination, the depositary and its
agents will be required to do only the following under the agreement: (1) collect dividends and distributions on the deposited
securities, (2) sell rights offered to you, and (3) deliver equity shares and other deposited securities upon cancellation of ADSs.
Any time after one year after termination, the depositary will, if practical, sell any remaining deposited securities by public
or private sale. After that, the depositary will hold the proceeds of the sale, as well as any other cash it is holding under the
deposit agreement for the pro rata benefit of the ADS holders that have not surrendered the ADSs. It will not invest the money
and will have no liability for interest. The depositary’s only obligations will be to account for the proceeds of the sale
and other cash. After termination, our only obligations will be with respect to indemnification and to pay certain amounts to the
depositary.



Limitations on Obligations and Liability to ADS Holders



The agreement expressly limits our obligations
and the obligations of the depositary, and it limits our liability and the liability of the depositary. We and the depositary:



| | · | are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith;
| | - | -----------------------------------------------------------------------------------------------------------------------



| | · | are not liable if either we or the depositary is prevented or delayed by law or circumstances beyond our or its control from
performing our or its obligations under the deposit agreement;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | are not liable if either we or the depositary exercise discretion permitted under the deposit agreement;
| | - | --------------------------------------------------------------------------------------------------------



| | · | have no obligation to become involved in a lawsuit or other proceeding related to the ADRs or the deposit agreement on your
behalf or on behalf of any other party; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | may rely upon any documents we or the depositary believe in good faith to be genuine and to have been signed or presented by
the proper party, and may rely on advice or information from any person we or the depositary believe, in good faith, to be competent
to give such advice or information.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In the deposit agreement, we and the depositary
agree to indemnify each other under certain circumstances.



Requirements for Depositary Actions



Before the depositary will issue or register
transfer of an ADS, make a distribution on an ADS, or allow a withdrawal of equity shares, the depositary may require:



| | · | payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third parties
for the transfer of any equity shares or other deposited securities;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | production of satisfactory proof of the identity and genuineness of any signature or other information it deems necessary;
and
| | - | ------------------------------------------------------------------------------------------------------------------------------













| | · | compliance with laws or governmental regulations relating to ADSs or the withdrawal of deposited securities and such reasonable
regulations, if any, that the depositary may establish, from time to time, consistent with the deposit agreement, including presentation
of transfer documents.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The depositary may refuse to deliver, transfer
or register transfers of ADSs generally when our books or the depositary’s books are closed, or at any time if we or the
depositary think it advisable to do so.



You have the right to cancel your ADSs
and withdraw the underlying equity shares at any time except:



| | · | when temporary delays arise because: (1) we or the depositary have closed our transfer books; (2) the transfer of equity shares
is blocked to permit voting at shareholders’ meeting; or (3) we are paying a dividend on the equity shares;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | you or other ADS holders seeking to withdraw equity shares owe money to pay fees, taxes and similar charges; or
| | - | ---------------------------------------------------------------------------------------------------------------



| | · | when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs
or to the withdrawal of equity shares or other deposited securities.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



This right of withdrawal may not be
limited by any other provision of the deposit agreement. Foreign investors who withdraw equity shares will be subject to
Indian legal restrictions governing the ownership of Indian securities. For a discussion, see “Restriction on Foreign
Ownership of Indian Securities” of the 2020 Form 20-F.



Pre-Release of ADSs



Subject to current Indian law and regulations,
our consent and the provisions of the deposit agreement, the depositary may issue ADSs before deposit of the underlying equity
shares. This is called a pre-release of ADSs. The depositary may deliver equity shares upon the receipt and cancellation of ADSs,
including pre-released ADSs. The depositary may receive ADSs instead of equity shares to close out a pre-release. The depositary
may pre-release ADSs only under the following conditions:



| | · | before or at the time of the pre-release, the person to whom the pre-release is being made must represent to the depositary
in writing that it or its customer, as the case may be,
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | beneficially owns the equity shares to be received,
| | - | ---------------------------------------------------



| | · | assigns all beneficial rights, title and interest in the equity shares to the depositary in its capacity as the depositary
and for the benefit of the holders of the ADSs,
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | will not take any action with respect to the ADSs or equity shares that is inconsistent with the assignment of beneficial ownership
(including, without the consent of the depositary, disposing of the equity shares) other than in satisfaction of the pre-release,
and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | the pre-release must be fully collateralized with cash or collateral that the depositary considers appropriate; and
| | - | -------------------------------------------------------------------------------------------------------------------



| | · | the depositary must be able to close out the pre-release on not more than five business days’ notice.
| | - | -----------------------------------------------------------------------------------------------------



The pre-release will be subject to whatever
indemnities and credit regulations the depositary considers appropriate. In addition, the depositary will limit the number of ADSs
that may be outstanding at any time as a result of pre-release to 30.0% of the total equity shares deposited, although the depositary
may disregard such limit from time to time if it shall choose to do so.