<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/RelatedPartyTransactions/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2022-03-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier 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scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">KARURVYSYA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2023-04-01</xbrli:startDate><xbrli:endDate>2023-09-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain6</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction_PY6"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">KARURVYSYA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2023-03-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain6</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction6"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">KARURVYSYA</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2023-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain6</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">Karur Vysya Bank Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">590003</in-capmkt:ScripCode><in-capmkt:NSESymbol contextRef="MainI">KARURVYSYA</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:DateOfStartOfFinancialYear contextRef="MainD">2023-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainD">2024-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingPeriod contextRef="MainD">First half yearly</in-capmkt:ReportingPeriod><in-capmkt:DateOfStartOfReportingPeriod contextRef="MainD">2023-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainD">2023-09-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:LevelOfRoundingUsedInFinancialStatements contextRef="MainD">Lakhs</in-capmkt:LevelOfRoundingUsedInFinancialStatements><in-capmkt:WhetherTheCompanyHasAnyRelatedParty contextRef="MainD">true</in-capmkt:WhetherTheCompanyHasAnyRelatedParty><in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod contextRef="MainD">true</in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod><in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic contextRef="MainD">Yes</in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic><in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings contextRef="MainD">Yes</in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings><in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A contextRef="MainD">false</in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A><in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239 contextRef="MainD">false</in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction1">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction1">B Ramesh Babu</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction1">Key Managerial Personnel (KMP)</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction1">Remuneration</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction1">NA</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction1" decimals="-3" unitRef="INR">8015000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction1">&lt;DIV   &gt;
&lt;DIV&gt;
&lt;P&gt;As per the Accounting standards, MD&amp;amp;CEO is considered as KMP. &lt;/P&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction2">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction2">AVS &amp; AVR</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction2">Promoter Related Entity</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction2">Purchase of goods or services</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee contextRef="D_RelatedPartyTransaction2" decimals="-5" unitRef="INR">2500000</in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction2">Approved</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction2" decimals="-3" unitRef="INR">509000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction2">&lt;DIV   &gt;
&lt;P&gt;Purchase of Fuel/Batteries for office vehicles and generators on arm’s length basis. &lt;/P&gt;
&lt;DIV&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction3">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction3">AKC Service Station</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction3">Promoter Related Entity</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction3">Purchase of goods or services</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee contextRef="D_RelatedPartyTransaction3" decimals="-5" unitRef="INR">2500000</in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction3">Approved</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction3" decimals="-3" unitRef="INR">785000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY3" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction3" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction3">&lt;DIV   &gt;
&lt;DIV&gt;
&lt;P&gt;Purchase of Fuel/Batteries for office vehicles and generators on arm’s length basis. &lt;/P&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction4">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction4">A K Praburaj</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction4">Promoter</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction4">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_RelatedPartyTransaction4">Concession on Service Charges</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee contextRef="D_RelatedPartyTransaction4" decimals="-5" unitRef="INR">100000</in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction4">Approved</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction4" decimals="-3" unitRef="INR">18000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY4" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction4" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction4">&lt;DIV   &gt;
&lt;DIV&gt;
&lt;P&gt;Concession on service charges are offered at arm’s length basis which are uniformly applicable to customers based on their business relationship in ordinary course of business. No excess concessions are offered in the status of Director/Promoter &lt;/P&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction5">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction5">A J Suriyanarayana</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction5">Promoter</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction5">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_RelatedPartyTransaction5">Concession on Service Charges</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee contextRef="D_RelatedPartyTransaction5" decimals="-5" unitRef="INR">1000000</in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction5">Approved</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction5" decimals="-3" unitRef="INR">302000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY5" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction5" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction5">&lt;DIV   &gt;
&lt;P&gt;Concession on service charges are offered at arm’s length basis which are uniformly applicable to customers based on their business relationship in ordinary course of business. No excess concessions are offered in the status of Director/Promoter &lt;/P&gt;
&lt;DIV&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction6">Karur Vysya Bank Ltd</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction6">R Ramkumar</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction6">Director &amp; Promoter Group</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction6">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_RelatedPartyTransaction6">Concession on Service Charges</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee contextRef="D_RelatedPartyTransaction6" decimals="-3" unitRef="INR">25000</in-capmkt:ValueOfTheRelatedPartyTransactionAsApprovedByTheAuditCommittee><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction6">Approved</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction6" decimals="-3" unitRef="INR">1000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY6" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction6" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction6">&lt;DIV   &gt;
&lt;DIV&gt;
&lt;P&gt;Concession on service charges are offered at arm’s length basis which are uniformly applicable to customers based on their business relationship in ordinary course of business. No excess concessions are offered in the status of Director/Promoter &lt;/P&gt;&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory></xbrli:xbrl>