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<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Prior_Intimation_Of_Board_Meeting/2023-05-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2023-05-31/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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-05-31.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543942</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-16</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543942</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-16</xbrli:startDate><xbrli:endDate>2026-07-16</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">UTKARSHBNK</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">Utkarsh Small Finance Bank Limited</in-capmkt:NameOfTheCompany><in-capmkt:WhetherCompanyIsSME contextRef="MainD">false</in-capmkt:WhetherCompanyIsSME><in-capmkt:ISIN contextRef="MainI">INE735W01017</in-capmkt:ISIN><in-capmkt:TypeOfMeeting contextRef="MainI">Committee Meeting</in-capmkt:TypeOfMeeting><in-capmkt:DetailsOfCommitteeMeetingOrOtherTypeOfMeeting contextRef="MainI">Board Committee Meeting</in-capmkt:DetailsOfCommitteeMeetingOrOtherTypeOfMeeting><in-capmkt:TypeOfIntimation contextRef="MainD">New</in-capmkt:TypeOfIntimation><in-capmkt:DateOfProposedMeeting contextRef="MainD">2026-07-21</in-capmkt:DateOfProposedMeeting><in-capmkt:WhetherTradingWindowIsClosed contextRef="MainD">false</in-capmkt:WhetherTradingWindowIsClosed><in-capmkt:DateOfReport contextRef="MainI">2026-07-16</in-capmkt:DateOfReport><in-capmkt:Agenda1 contextRef="MainD">Alteration of form or nature or rights of securities</in-capmkt:Agenda1><in-capmkt:Agenda2 contextRef="MainD">Alteration of date of payment of interest or redemption amount</in-capmkt:Agenda2><in-capmkt:RemarksWebsiteDissemination contextRef="MainI">The proposed Supplementary Debenture Trust Deed seeks to amend certain terms and conditions governing the listed Debentures, including provisions relating to the Call Option Date, exercise of call option and the early redemption of the Debentures.</in-capmkt:RemarksWebsiteDissemination></xbrli:xbrl>
