Updates

Yes Bank Limited has provided an update on a Goods and Services Tax (GST) matter pertaining to FY 2021-22. The bank received an Order-in-Appeal from the Uttar Pradesh GST department, confirming a penalty of Rs. 3,02,31,095/-, in addition to tax demand and applicable interest. This represents a reduction from an earlier penalty of Rs. 3,30,55,942/-, due to a partial demand being dropped in the bank's favour. Yes Bank intends to contest the order through an appeal, believing it has adequate grounds, and does not expect any material impact on its financial or operational activities.