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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Changes_In_Management/2025-11-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544027</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-09</xbrli:startDate><xbrli:endDate>2026-10-09</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544027</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544027</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544027</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-10-09</xbrli:startDate><xbrli:endDate>2026-10-09</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ResignationOfDirector1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544027</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-09</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember 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dimension="in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerAxis"><in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain>ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain1</in-capmkt:ResignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficerDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">FEDFINA</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">FEDBANK FINANCIAL SERVICES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544027</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE007N01010</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">true</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Listed Entity (self)</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-10-09</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">18:30:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations and SEBI Circular on the Industry Standards Note, we wish to inform you that Ms. Anila Rajneesh, Chief Human Resources Officer (“CHRO”), had tendered her resignation on July 10, 2026, to pursue a new opportunity. Upon completion of her notice period, Ms. Anila Rajneesh ceased to be the CHRO of the Company with effect from the close of business hours on October 09, 2026.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-10-09</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement1">Resignation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Senior Management Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Chief Human Resources Officer</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Ms.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Anila Rajneesh</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-10-09</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure contextRef="D_ChangeInManagement1">true</in-capmkt:WhetherTheFurtherDisclosureForResignationOfStatutoryAuditorOrDirectorOrKMPsOrSMPOrComplianceOfficerIsToBeFiledAlongWithThisDisclosure><in-capmkt:Salutation contextRef="D_ResignationOfDirector1">Ms.</in-capmkt:Salutation><in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Anila Rajneesh</in-capmkt:NameOfTheDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer contextRef="D_ResignationOfDirector1">Chief Human Resources Officer</in-capmkt:DesignationOfDirectorOrKeyManagerialPersonnelOrSeniorManagementPersonnelOrComplianceOfficer><in-capmkt:DateOnWhichTheResignationLetterWasReceived contextRef="D_ResignationOfDirector1">2026-07-10</in-capmkt:DateOnWhichTheResignationLetterWasReceived><in-capmkt:EffectiveDateOfResignation contextRef="I_ResignationOfDirector1">2026-10-09</in-capmkt:EffectiveDateOfResignation><in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation contextRef="I_ResignationOfDirector1">true</in-capmkt:WhetherTheLetterOfResignationHasTheDetailedReasonForResignation><in-capmkt:ReasonOfResignationInBrief contextRef="D_ResignationOfDirector1">Ms. Anila Rajneesh, Chief Human Resources officer (“CHRO”) had tendered her resignation on July 10, 2026, to pursue a new opportunity</in-capmkt:ReasonOfResignationInBrief></xbrli:xbrl>
