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YBL/CS/2024-25/71
July 23, 2024
National Stock Exchange of India Limited BSE Limited

Exchange Plaza, Corporate Relations Department
Plot no. C/1, G Block, P.J. Towers, Dalal Street
Bandra - Kurla Complex Mumbai – 400 001
Bandra (E), Mumbai - 400 051 Tel.: 2272 8013/15/58/8307
Tel.: 2659 8235/36 8458 BSE Scrip Code: 532648
NSE Symbol: YESBANK
Dear Sirs/Madam
Sub.: Integrated Annual Report of the Bank for Financial Year 2023-24
Ref.: Regulations 34, 53 and other applicable provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
Please refer to our letter no. YBL/CS/2024-25/49 dated June 25, 2024, inter alia, intimating about the
20th Annual General Meeting of the Bank scheduled to be held on August 23, 2024.
In continuation of the aforesaid letter and pursuant to Regulations 34, 53 and other applicable provisions
of the Listing Regulations, please find attached the Integrated Annual Report for Financial Year 2023-24
and the Business Responsibility and Sustainability Report of the Bank which forms part of the Integrated
Annual Report along with Independent Assurance Opinion Statements provided by M/s BSI Group
India Private Limited.
The PDF version of the 20th Annual General Meeting Notice and Integrated Annual Report for Financial
Year 2023-24 can be accessed/downloaded from the weblink given below:
 www.yesbank.in/pdf?name=agm_notice2024.pdf
 www.yesbank.in/pdf?name=integrated_annual_report2023_24.pdf
The Bank has commenced dispatch (by electronic means) of the Notice of 20th Annual General Meeting
scheduled to be held on Friday, August 23, 2024 at 10.30 a.m. (IST) through Video Conferencing/ Other
Audio-Visual Means and the Integrated Annual Report for FY 2023-24 to its shareholders and
bondholders, starting today i.e. July 23, 2024.
We request you to take the above on your record and disseminate to all concerned.
Thanking you,
Yours faithfully,
For YES BANK LIMITED
SHIVANAND Digitally signed by
SHIVANAND RAMA
RAMA SHETTIGAR
Date: 2024.07.23 17:32:41
SHETTIGAR +05'30'
Shivanand R. Shettigar
Company Secretary
Encl: As above
Integrated Annual Report
2023-24
Nikhat Zareen Esha Singh Neeraj Chopra Harmanpreet Singh Tajinderpal Singh
(Boxing) (Pistol Shooting) (Javelin Throw) (Field Hockey) (Shot Put)
Key highlights FY 2023-24
` 1,251 crore ` 13,209 crore

Net Profit Total Net Income
` 227,799 crore ~ ` 114,000 crore

Total Advances New Sanction/Disbursements
` 266,372 crore 30.9%

Total Deposits CASA Ratio
The Bank works and interacts with several forms of capital to

create value in the course of its business activities.
FINANCIAL HUMAN
CAPITAL CAPITAL
See this report online at
www.yesbank.in
NATURAL MANUFACTURED
CAPITAL CAPITAL
SOCIAL AND INTELLECTUAL

RELATIONSHIP CAPITAL
CAPITAL
For more details pg 90

Contents
CORPORATE OVERVIEW OUR PERFORMANCE STATUTORY REPORTS
02 Theme of the Report 92 Governance and Compliance 206 Management
04 About this Report 104 Business Ethics Discussion and Analysis
06 At a Glance 110 Data Security & Privacy 240 Directors’ Report
08 Message from Chairman 114 Digital Innovation 275 Corporate Governance Report
12 Message from 120 Customer Relations 328 Business Responsibility &
Managing Director & CEO 128 Employment Practices Sustainability Report
18 Message from 152 Progress on Profitability
Executive Director 162 Climate Action FINANCIAL STATEMENTS
24 Board of Directors 172 Financial Inclusion 371 Standalone Financials
26 Board Committees 184 Operational Eco-efficiency 467 Consolidated Financials
28 Management Team 194 Sustainable Finance
30 Key Performance Indicators 204 Principles for 520 Assurance Statements
32 Products and Services Responsible Banking 542 GRI Content Index
548 TCFD Index
OUR BUSINESS IN-DEPTH 549 Principles of Responsible
52 Operating Environment Banking: Self
58 Our Strategy Assessment Report
68 Risk Management
Governance Framework
82 Stakeholder Engagement &
Materiality Assessment
90 Our Value Creation Model
p206
p 12 Management Discussion
and Analysis
Message from
Managing Director & CEO
p 08 p 18 Scan the above

QR code to read the
report on your
Message from Chairman Message from Executive Director handheld device
01
YES BANK’s partnership with the Indian Olympic Association as
the Official Banking Partner to Team India for Paris Olympics
2024 transcends the conventional boundaries of sponsorship.
This collaboration is ingrained with a deeper commitment,
not just to the athletes, but also to the spirit of our nation’s
aspirations and dreams.
The partnership aims to demonstrate the strength the microsite yesteamindia.com. This platform
an ecosystem plays in nurturing Olympic talent. empowers well-wishers of Team India from within
In line with this, YES BANK launched the campaign and outside the country to send their heartfelt
‘Milkar Jitayenge’, highlighting the shared effort best wishes to our Olympians. The microsite was
behind every victory. YES BANK's brand ethos, ceremoniously inaugurated by Dr. P.T. Usha,
'Life Ko Banao Rich', is the bedrock of this President of the Indian Olympic Association
philosophy, emphasising how sports add richness and Hon’ble Member of Parliament, Rajya Sabha,
to life. As our athletes compete globally, their during a spirited send-off ceremony organised
achievements contribute to our national memory by the IOA.
and pride, creating a legacy of shared experiences.
To further honour this collaboration and empower
In our support for Team India at the Paris Olympics our athletes, we are delighted to introduce
2024, we recognise that every athlete's journey to ‘YES Glory’, a special savings account proposition
excellence is a collaborative effort. It is the unspoken for the Indian Olympic contingent heading to Paris.
dedication of families, friends, coaches and the Through this gesture, YES BANK extends best wishes
support staff that lays the foundation for a champion. to the athletes and acknowledges the importance
of their families in their journey. The benefits of
To rally the nation in a chorus of support for our ‘YES Glory’ will also be available to the athletes'
Paris-bound Olympic athletes, we proudly launched immediate family members.
02 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Corporate Overview Our Business In-Depth Our Performance Statutory Reports Financial Statements
Together, we believe that with

dedication and collaboration, we Send your wishes
will indeed to Team India
#MilkarJitayenge.
03
About this Report
YES BANK is delighted to present its second Integrated Annual Report (IR) that
delineates the Bank’s financial and non-financial performance, and its progress at
integrating Environmental, Social and Governance (ESG) considerations, into its
operations, portfolio and the larger value chain, during the financial year 2023-24.
Scope and Boundary1

This Integrated Annual Report (IR) contains financial and non-financial disclosures pertaining to the business
and operations of YES BANK Limited (YES BANK), for the financial year 2023-24. The Bank has one subsidiary,
Yes Securities (India) Limited, which only forms part of the consolidated financials presented in this report,
in accordance with statutory requirements.
The operational boundary for this report covers the following:
1 The Bank’s eight major offices in India (including

2 Its 1,234 Branches and 1,290 ATMs across 28 States
the Bank’s Registered Office, YES BANK House in and six Union Territories of India
Mumbai) and 51 Regional Offices
3 Its two international facilities, i.e., a representative

office in Abu Dhabi and an IFSC Banking Unit (IBU) in
Gujarat International Finance Tec-City (GIFT)
Reporting Standards and Principles

This report provides detailed financial and non-financial y The Bank follows the accrual method of accounting
disclosures aligned to several statutory and voluntary and the historical cost convention, unless otherwise
disclosure standards and frameworks. stated by the RBI guidelines
The Bank’s financial disclosures are aligned to the The Bank’s statutory disclosures are aligned to the
following reporting standards and frameworks: following reporting standards and frameworks:
y The financial statements have been prepared in y Companies Act, 2013 (including the rules made
accordance with requirements prescribed under the thereunder)
Third Schedule (Form A and Form B) of the Banking y The Securities and Exchange Board of India (SEBI)
Regulation Act, 1949 Regulations, 2015 and other SEBI circulars (Listing
y The accounting and reporting policies of the Bank Obligations and Disclosure Requirements)
used in the preparation of these financial statements y The Banking Regulation Act, 1949 and other relevant
conform to Generally Accepted Accounting Principles RBI regulations
in India (Indian GAAP), the guidelines and clarifications y The Secretarial Standards issued by The Institute of
issued by the Reserve Bank of India (RBI) from time to Company Secretaries of India
time, the accounting standards notified under section
133 of the Companies Act 2013 read together with
Companies (Accounting Standards) Rules, 2021 to the
extent applicable and practices generally prevalent in
the banking industry in India
GRI 2-1, GRI 2-2, GRI 2-3

1

The Bank’s non-financial disclosures are aligned to Responsibility Statement

the following reporting standards and frameworks: The Bank acknowledges the integrity of the information
y The Bank’s Integrated Annual Report has been provided in this Annual Integrated Report and believes
prepared in accordance with the guiding principles of that the Report is a fair representation of its financial and
the International Integrated Reporting Framework non-financial performance in FY 2023-24. The Board is
y YES BANK has reported in accordance with the GRI apprised of the Report's alignment with the <IR> framework
Standards for the period April 1, 2023 to March 31, 2024 and acknowledges that the information provided in the
(FY 2023-24). The Bank’s sustainability disclosures are Report has been reviewed and approved by respective
published on an annual basis1 business unit heads and the top management.
y The Report also contains enhanced climate disclosures
aligned to the Taskforce on Climate-related Financial
Assurance1
Disclosures (TCFD) recommendations The statutory auditors of the Bank’s financial statements
and the assurance partner for its non-financial disclosures
y The Bank has published its Business Responsibility &
have been appointed by the Board of Directors on the
Sustainability Report (BRSR), as part of this Integrated
recommendation by the top management. The financial
Annual Report, in alignment with the National
statements in this report have been independently
Guidelines on Responsible Business Conduct (NGRBC)
audited by Chokshi & Chokshi LLP, Chartered
and the BRSR Core – Framework
Accountants (FRN 101872W/W100045) (‘C&C’) and G.M.
Kapadia & Co., Chartered Accountants (FRN 104767W)
Approach and Preparation
(GMK). Independent assurance for non-financial
In line with the Principles of the International <IR> disclosures including, reasonable assurance of BRSR Core
framework, YES BANK’s Integrated Annual Report seeks to key performance indicators included in the Bank’s BRSR,
provide its stakeholders with a comprehensive insight into limited assurance of non-financial disclosures as per GRI
the Bank’s integrated approach to value creation. The Bank Standards (2021); and limited assurance of the report’s
has identified key material topics that represent its most alignment with <IR> framework, have been provided by BSI
significant impacts on the economy, environment, and Group India Private Ltd.
the society. The Report highlights the Bank’s management
approach, strategy and performance against its material
Feedback1
topic and their impacts.
YES BANK welcomes your feedback and suggestions
The Report also outlines interactions between the Bank’s on this Report, which may be communicated to
material topics, strategy, risk management and governance shareholders@yesbank.in or
frameworks, in the context of its operating environment, responsible.banking@yesbank.in
and describes how its business model has impacted its
financial, manufactured, intellectual, human, social and
relationship, and natural capitals. The Report has been
prepared by a cross-functional, integrated reporting This report highlights the Bank’s integrated approach
team, led by the Chief Financial Officer and the Company and captures the interlinkages between the Bank’s
Secretary, with inputs from business units, control and capitals, material topics, risks and strategy. To view these
support functions across the Bank, and with review and interlinkages, look for the following symbols in the “Our
oversight provided by senior and top management. Performance” section:
The Report contains three restatements pertaining to the
C Capitals (C)
Bank's environmental performance, which can be referred
to on pages 354, 355 and 3581. SBO Strategic Business Objectives (SBOs)
R Risks (R)
M Material Topics (M)
GRI 2-3, GRI 2-4, GRI 2-5

1
05
At a Glance
A New Generation Private Sector Bank
At YES BANK, we are driven by a deep purpose and relentless

commitment to our customers.
Headquartered in Mumbai, YES Abu Dhabi. Through a growing • Employee-centric Culture and
BANK is the 6th largest private sector pan-India presence, we empower Efficient Processes: Prioritise
Bank in India offering full-fledged our customers to achieve their an employee-focussed culture,
banking solutions with its full potential and serve India’s streamline processes, and
comprehensive bouquet of product future businesses. develop a scalable technology
and services, digital solutions infrastructure
The Bank’s vision rests on three
catering to Retail, MSME, Wholesale
strategic pillars : YES BANK has consistently fostered
and Rural segments. The Bank has
a strong sustainability ethos
a pan India presence with 1,234 • Universal Banking with Granular
within its culture, enabling it to
branches, 219 BCBOs and 1,290 Focus: Maintain our role as a
respond effectively to evolving
ATMs (including CRMs and BNAs) in universal bank while concentrating
ESG expectations, regulations,
over 300 districts in India. on refining and expanding each
and opportunities. The Bank
business segment continuously monitors ESG and
The Bank operates its Brokerage
business through YES SECURITIES, • Digital Leadership and climate developments, collaborating
a wholly-owned subsidiary of the Relationship Banking: Leverage with stakeholders to integrate key
Bank. The Bank has a pan-India our established digital market sustainability themes and practices
presence including an International leadership to serve the new-age into its operations.
Banking Unit (IBU) at GIFT City in economy and future value pools,
the Ahmedabad district, Gujarat ensuring we also support and
and a Representative Office in capture transactional business
Our Intrinsic Strengths
` 405,493 ` 227,799 ` 266,372

crore crore crore
Total Assets Total Advances Total Deposits
Share in Total Advances
62% 15% 23%

Retail and SME Mid-Corporate Corporate

Assessing our market impact
#1 #1 #2
In UPI P2M transactions with In AePS transaction volumes In NEFT Outward Debit
34.5% share with 29.3% market share Transactions
Building a formidable and dedicated talent pool
28,001 9 Years 2 nd
Year in a row
Employees Average years of service in Certified Great Place to
Bank for Top Management Work® in India, 2024
Reaching out to a wide customer base
1,234 219 300+ 1,290

Branches BC Banking Outlets Districts ATMs/BNAs/CRMs
Doing business responsibly
74*/ 100 A- (Leadership Band) 6.56 lakh

Highest S&P Global ESG Highest CDP rating among Active women customers
score amongst Indian Indian banks for 2023 Climate in rural India
banks* Change disclosures
*YES BANK achieved the highest S&P Global ESG score amongst Indian banks based on the S&P Global Corporate Sustainability
Assessment (CSA) 2023. The Bank’s S&P Global ESG score stood at 74 (out of 100) as at February 16, 2024. The Bank’s S&P Global CSA
Score stood at 73 (out of 100) as of December 1, 2023
07
Message from Chairman1
DURING FY 2023-24,
YES BANK PROGRESSED
WELL ON ITS KEY
STRATEGIC OBJECTIVE
OF PROFITABILITY
IMPROVEMENT AND
MADE FURTHER
ADVANCEMENTS
ACROSS MOST KEY
FINANCIAL AND
OPERATING METRICS.
GRI 2-22
1

Dear Shareholders,
As I reflect on the last eighteen Advanced economies GDP grew
months, the time since I became at 1.6%, while the emerging and
the Chairman of YES BANK, developing economies grew at 4.3%.
the Bank has scripted a story
of resilience and progress,
ANOTHER KEY
In the midst of global headwinds,
achieving its third consecutive India has emerged as a pocket of HIGHLIGHT WAS
year of full-year profitability in the resilience. The GDP growth stood
Financial Year 2023-24. at 8.2% in FY 2023-24, supported
THE SUBSTANTIAL
by government-led capex spending, PROGRESSION IN
Post moratorium, YES BANK robust urban and rural demand,
has exemplified resilience and and proactive measures by the RBI
ACHIEVEMENT OF
adaptability, successfully navigating
multiple challenges that came
stabilising inflation at 5.4%. TARGETS OF LENDING
along the way. The collective spirit The government's emphasis on TO PRIORITY SECTOR
and ability to steer through these
challenging periods is a testament to
infrastructure development and LENDING (PSL)
digital transformation has been
the dedication of the staff, the loyalty pivotal in attracting investments and ACHIEVED THROUGH
of our customers, and the support fostering economic resilience.
of our shareholders and regulatory A COMBINATION OF
authorities. As we move into the The latest Financial Stability Report ORGANIC EFFORTS
financial year 2025, I feel that YES highlights that Indian Banking
BANK is well placed to continue to Sector continues to remain stable, AS WELL BUYING OF
thrive and make further progress in
the ever-changing banking landscape.
with profitability and asset quality PSL CERTIFICATES.
indicators at their “decadal best”
levels with adequacy of liquidity and
Macroeconomic Scenario
capital buffers in the banking system.
The global macroeconomic Moreover, RBI’s macro-stress tests
scenario for 2023-24 reflected a its branch network and added 85
revealed that Scheduled Commercial
complex interplay of challenges branches in FY 2023-24. YES BANK’s
Banks (SCBs) are well-capitalised and
and opportunities, marked by Deposit Growth was 22.5% vis-à-
capable of absorbing macroeconomic
cautious optimism. vis the Advances Growth of 13.8%1.
shocks even in the absence of any
There was a marked improvement
further capital infusion.
The geopolitical conflicts heightened in the asset quality with Net NPA and
the uncertainties in global energy net carrying value of Security Receipts
YES BANK in FY 2023-24
markets, affecting oil prices and (SRs), as a percentage of advances,
regional stability. These conflicts, During FY 2023-24, YES BANK reducing from 2.4% to 1.1% as at
along with trade tensions and shifting progressed well on its key strategic March 31, 2024.
alliances, underscores the need objective of Profitability Improvement
for diversified supply chains and and made further advancements Another key highlight was the
strategic economic partnerships. across most key financial and substantial progression in
operating metrics. achievement of targets of lending
Despite these geopolitical tensions to Priority Sector Lending (PSL)
and monetary policy tightening, The Bank’s balance sheet crossed achieved through a combination
the global economy demonstrated ` 4.0 lakh crore mark with robust of organic efforts as well buying
resilience, with global GDP accretion to Deposits at ` 2.6 lakh of PSL certificates by the Bank.
expanding by 3.2% in CY 2023. crore. The Bank judiciously expanded YES BANK concluded FY 2023-24
1
Excluding inter-bank reverse repo
09
MESSAGE FROM CHAIRMAN
with NIL shortfall in overall PSL and YES BANK collaborated with a
sub-categories of Small & Marginal leading player in the payment
Farmer (SMF) and Weaker Section ecosystem as the PSP Payment Bank.
(WS), and a negligible shortfall The Bank launched UPI payments
IN FY 2023-24, YES
in the Non-Corporate Farmer through RuPay Credit Cards,
(NCF) sub-category. providing customers with enhanced BANK CONTINUED
convenience and security in credit
Overall, FY 2023-24 showcased card-based transactions, empowering
ITS JOURNEY OF
YES BANK's steady commitment its customers to transact effortlessly INNOVATION IN THE
to enhancing profitability, with enhanced security measures.
prudent risk management, and DIGITAL BANKING
By leveraging technology and strategic
sustainable growth.
partnerships, the Bank endeavours to
SPACE AND
Digital @ Banking offer superior customer experience INTRODUCED MULTIPLE
and further enhance its positioning in
In FY 2023-24, YES BANK continued
digital banking ecosystem. NEW PRODUCTS AND
its journey of innovation in the
digital banking space and introduced SOLUTIONS AIMED
multiple new products and solutions Sustainability Focussed
aimed at enhancing customer The banking and finance sector AT ENHANCING
convenience and accessibility. continued to witness significant CUSTOMER
regulatory developments around
In FY 2023-24, the Bank launched ESG and climate integration, during CONVENIENCE AND
a comprehensive mobile banking the year. RBI issued a Framework
ACCESSIBILITY.
solution, ‘iris by YES BANK’ with for acceptance of Green Deposits
over 230 plus features and services aimed at channelising flow of
accessible on a single platform funds to climate-aligned activities.
enabling customers to do banking The Central Bank also released a
on-the-go, with unparalleled ‘Draft Disclosure Framework on disclosures to the value chain of
convenience and flexibility. Climate-related Financial Risks’, based listed entities. YES BANK views the
on the Taskforce for Climate-related emerging focus on ESG as a significant
The Bank introduced YES Pay Next, Financial Disclosures (TCFD) opportunity and aims to not just keep
an innovative UPI payment mobile recommendations. Regulators have pace but stay ahead of the curve in
banking application that offers highlighted that climate-related risks this area. As the only Indian banking
efficient transaction management pose significant challenges to the signatory to the UNEP FI Principles
with its intuitive features and banking sector and overall financial for Responsible Banking, YES BANK
enhanced security protocols and stability, and financial institutions is committed to align its business
seamless and secure payment need to set up mechanisms to with the objectives of the UN SDGs
solutions. Additionally, YES BANK integrate climate aspects into their and the Paris Climate Agreement.
also unveiled YES PAY BIZ, a unique business strategy, factor the effects of The Bank has already set up a robust
payment solution with multiple climate change into financial planning, governance structure for integrating
features such as multi-mode and evaluate and disclose the impact ESG and climate considerations into
payment collection, instant digital of climate-related risk drivers on the its business with oversight from the
charge slips, and automated overall enterprise risk profile. Board-level CSR and ESG Committee.
reconciliation statements.
SEBI also expanded its Business In FY 2023-24, the Bank
The Bank further strengthened Responsibility and Sustainability strengthened this commitment
its capabilities and technology Reporting (BRSR) framework by by undertaking significant actions,
infrastructure in digital payment introducing BRSR Core disclosures and progressing on its targets of
and transaction banking ecosystem. and expanding the scope of reducing its financed emission

intensity (electricity generation straight-through-processes, it would

sector portfolio), achieving net zero be without compromising on the
emissions by 2030, enhancing its first principles of banking controls
gender diversity and expanding and compliances. THE BANK ENDEAVOURS
financial inclusion amongst rural
women borrowers. The Bank also Brand that Connects TO REMAIN FOCUSSED
continued to be recognised for its
benchmark sustainability disclosures,
As YES BANK continues to evolve ON MITIGATING
and adapt to the dynamic landscape
achieving the highest S&P Global ESG of modern banking, the Bank’s RISKS REVOLVING
score and CDP rating for its climate
disclosures, amongst Indian banks,
refreshed brand identity reflects its AROUND DATA
core values, vision for the future,
for the second year in a row.
and commitment to delivering AND INFORMATION
Governance and Risk
unparalleled banking experiences. SECURITY, SUPPORTED
The introduction of a refreshed logo
Management at the Core
in May 2023 symbolises its aspiration BY A ROBUST IT
The Bank remained committed to the
highest standards of Governance,
to soar to greater heights, embodying INFRASTRUCTURE
its modern, agile, and digitally
Risk and Compliance which remains forward approach. WITH RESILIENT
at the core of everything that
YES BANK does. SYSTEMS AND
The strength of YES BANK is in each
individual team member, and the STRINGENT
The Bank has implemented
strength of each member of the
comprehensive policies and controls
team is in the YES BANK platform.
SECURITY POLICIES
to reflect the latest directives, including
those related to IT governance,
Keeping this ethos in mind, YES BANK AND CONTROLS TO
proudly announced its partnership
customer service, green deposits,
with the Indian Olympic Association
SAFEGUARD ITS
asset quality, and investments, etc.
The Bank’s leadership is dedicated
as the Principal Sponsor for Team INFORMATION ASSET.
India at the Paris Olympics 2024.
to fostering a strong culture of
This initiative underscores our
compliance, regularly evaluating and
unwavering support for Indian
updating the policies to incorporate
best practices athletes and the Bank's fervent As I conclude, I wish to express my
desire to highlight its commitment sincere thanks to my colleagues
The Bank endeavours to remain on the global stage. To complement on the Board for their continued
focussed on mitigating risks revolving this endeavour, the Bank introduced support and dedication in steering
around data and information security, a special savings account proposition the Bank, as we transition to a
supported by a robust IT infrastructure named "Yes Glory", along with the brighter tomorrow.
with resilient systems and stringent empowering campaign "Milkar
Jitayenge” which reflects our belief On behalf of the entire Board and
security policies and controls to
in collective success and the the Management Team, I extend my
safeguard its information asset.
spirit of victory. warmest greetings and express our
The Bank has adopted a risk-based
most sincere appreciation for your
approach and follows defence-in-
We, at YES BANK, continuously aspire unwavering support and trust in the
depth to protect its information
YES BANK franchise.
systems against cyber-attacks. It has to build a future-ready institution of
adopted a Cyber Security Resilient global repute, size, and stature with
Sincerely,
Framework to manage cyber a blend of distinctive capabilities
security risk. Moreover, while the that generates a superior value for Rama Subramaniam Gandhi
Bank would endeavour to invest in our stakeholders. Chairman
11
Message from
Managing Director & CEO1
IN THIS PROMISING
ENVIRONMENT, YES BANK
EXPANDED ITS PHYSICAL
AND DIGITAL FOOTPRINT,
SIGNIFICANTLY REDUCED
ITS NET NON-PERFORMING
ASSETS AND THE NET
CARRYING VALUE OF
SECURITY RECEIPTS,
GAINED A HIGHER
INCREMENTAL CASA
SHARE, AND ADDRESSED
THE SHORTFALL IN
LENDING TO PRIORITY
SECTOR (PSL).
GRI 2-22
1

Dear Shareholders,
The financial year 2023-24 was Before delving further into our
another strong year for YES BANK of performance for the financial year,
today, marking our third consecutive let me share a brief of the operating
year of full-year profitability, since
the year of reconstruction. The Bank
environment. The global economy
DURING FY 2023-24,
demonstrated resilience in CY 2023
continued to make steady progress despite facing significant challenges THE BANK CONTINUED
on its core strategic objective of such as elevated inflation rates, tight
improving profitability and made monetary and financial conditions,
TO LEVERAGE ITS KEY
further improvements across key escalating geopolitical tensions, BUSINESS LEVERS,
operating metrics. In FY 2023-24, YES and high public debt burdens.
BANK reported a net profit of ` 1,251 Emerging markets in particular, INCLUDING
crore, a 74.4% increase compared to experienced robust growth driven OPTIMISING THE MIX
the previous year. Our balance sheet by strong domestic demand and
crossed ` 4 lakh crore, registering a technological advancements. WITHIN RETAIL ASSETS,
growth of ~14% over the previous
On the domestic front, India
STRENGTHENING ITS
year’s size of ` 3.55 lakh crore as at
March 31, 2023. emerged as the fastest-growing VALUE PROPOSITION
major economy in the world with
In this promising environment, FY 2023-24 GDP growth rate of 8.2%.
IN THE SME/BUSINESS
YES BANK expanded its physical BANKING SEGMENT,
and digital footprint, significantly Key Highlights of FY 2023-24
reduced its Net Non-Performing During FY 2023-24, the Bank
AND MAINTAINING
(NPA) and the net carrying value continued to leverage its key business LEADERSHIP IN THE
of Security Receipts (SRs), gained levers, including optimising the mix
a higher incremental CASA share, within retail assets, strengthening its
PAYMENT ECOSYSTEM.
and addressed the shortfall in value proposition in the SME/Business
lending to Priority Sector (PSL). Banking segment, and maintaining
This progress is a testament to leadership in the payment ecosystem.
the responsible banking franchise Additionally, the Bank scaled its
that we have been building digital and transaction banking
through strategic interventions and services and utilised its branch
investments over the last four years. distribution network as the fulcrum As at March 31, 2024, Bank’s
Our refreshed brand identity of its business. The Bank continued Advances stood at ` 2.28 lakh
and our commitment towards our to strengthen its governance and crore, registering a robust growth
stakeholders - customers, employees, compliance standards, bolstering the of 13.8%1 over the previous year,
and shareholders have been balance sheet through granularity, driven by sustained momentum in
pivotal in this journey. The Bank building a strong retail asset and SME and Mid-corporate Advances
made substantial progress on liability franchise and expanding its (25%+ Y-O-Y growth) and the
PSL compliance and concluded customer base. resumption of growth in corporate
FY 2023-24 with NIL shortfall in segment. The Bank maintained the
overall PSL as well as its sub- During FY 2023-24, YES BANK ratio of retail and SME advances to
categories of small and marginal originated new loans and sanctions Wholesale Advances (Mid and Large
farmers, and weaker section. of more than ` 1.14 lakh crore. Corporate) at 62%:38%.
1
13
MESSAGE FROM MANAGING DIRECTOR & CEO
As at March 31, 2024, the Bank’s Full-year FY 2023-24 Net Interest

deposits reached an all-time high Margin (NIM) was 2.4%, slightly down
of ` 2.66 lakh crore, growing 22.5% from 2.6% in FY 2022-23 due to
over the previous year. The CASA
improved to ~30.9%, an outcome of
negative drag from deposits made YES BANK PROUDLY
in lieu of PSL shortfall, which have
our strategic focus on granular CASA further marginally inched up and ANNOUNCED ITS
deposits. During the year, the Bank
added ~1.7 million new CASA accounts
peaked at ~11% as at March 31, 2024. PARTNERSHIP WITH
Going forward, we expect a gradual
and expanded its distribution network
reduction in these deposits and
THE INDIAN OLYMPIC
with 133 new branches in CASA
rich clusters, since January 2023.
eventually see this to further reduce ASSOCIATION AS THE
to below 5% of our total assets over
Bank’s CASA performance relative PRINCIPAL SPONSOR.
the next 3 years and alongside that
to the industry, and in the backdrop
of a difficult interest rate period, has Bank would expect to see a reduction OUR CAMPAIGN,
been noteworthy. in its negative drag on Bank’s margins #MILKARJITAYENGE,
and profitability.
The Bank increased provisioning in HIGHLIGHTS THE
Q4, raising the Provision Coverage The Bank continued to lead in COLLECTIVE EFFORT
Ratio on NPAs to 67% as at March 31, digital and transaction banking,
2024 from 62% as at March 31, 2023. gaining higher market share in BEHIND EVERY
The Bank reported an operating digital payments platforms, with OLYMPIC ATHLETE,
profit of ` 3,386 crore in FY 2023-24, market shares in NACH, IMPS, NEFT,
a growth of 6.4% over the previous AePS, and UPI at 13.6%, 8.9%, 8.6%,
FROM LOCAL COACHES
year. Total income stood at ` 13,209 29.3%, and 34.5%, respectively, AND SUPPORTIVE
crore, up 13.8% Y-O-Y. Net interest for FY 2023-24.
income for the year was ` 8,095 crore PARENTS TO
and non-interest income grew 38.8% Despite one-off costs, including STEADFAST FRIENDS
Y-O-Y to ` 5,114 crore. incremental PSLC-related expenses
and enhanced provisioning coverage,
AND FAMILY.
There was a significant improvement
the Bank showed resilience, with
in asset quality, with ratio of Net
FY 2023-24 Return on Assets (ROA)
Non-Performing (NPA) and net
at 0.3% (higher by 10 bps over
carrying value of Security Receipts
FY 2022-23) with Q4 FY 2023-24
(SRs) as a percentage of advances
ROA exiting at 0.5%, a significant
reduced to 1.1% from 2.4% the Brand Highlights and Identity
previous year. Recoveries and improvement over previous quarter.
In a show of national pride and
resolution totalled to ` 5,978 crore. YES BANK’s proforma CET-1 as at
support for Team India at the Paris
The Gross and Net Non-Performing March 31, 2024, stood at 13.2%,
Olympics 2024, YES BANK proudly
Asset ratios, declined by 50 including the impact of warrants announced its partnership with
basis points and 20 basis points conversion by CA Basque Investments the Indian Olympic Association as
respectively to 1.7% and 0.6% as at and Verventa Holdings Limited the Principal Sponsor. Our campaign,
March 31, 2024. undertaken in Q1FY 2024-25. #MilkarJitayenge, highlights the

collective effort behind every Olympic bank in India to issue an 'ONDC

athlete, from local coaches and Network Gift Card'.
supportive parents to steadfast
friends and family. Through this Moreover, Information Technology,
AS A FUTURE-READY
campaign, we honour these Information Security and Digital
unsung heroes.
Innovation continues to be a BANK, WE HAVE
focus area for the Bank, from dual
perspectives of, a) cost prudence,
MADE SIGNIFICANT
Aligned with our brand philosophy,
'Life Ko Banao Rich', this partnership and b) Income acceleration, through STRIDES IN OUR
targeted objectives in mind.
emphasises the richness of life DIGITAL BANKING
through experiences and memories.
As our athletes compete on the global
Strategic Partnerships and CAPABILITIES.
Innovations
stage, their achievements add to our
We collaborated with a leading WE LAUNCHED ‘IRIS
national pride and create a legacy of
shared experiences. payment ecosystem player as BY YES BANK’ - A
their PSP Payment Bank, aiming to
In celebration of this collaboration, increase our market share in digital MOBILE BANKING
we are pleased to introduce the YES payments, merchant acquisition, and
APP WITH 230
Glory Savings Account. This special current account balances.
account is designed for our Olympic PLUS FEATURES
To provide seamless and secure
athletes and their immediate family
payment solutions to our customers, FOR ALL BANKING
members, recognising their collective
journey and sacrifices.
we launched YES Pay Next, a NEEDS OF OUR
cutting-edge UPI payment app with
Customer-Centricity and features like multi-mode payment RETAIL CUSTOMERS.
collection, instant digital charge
Digital Solutions
slips, and automated reconciliation
Digital Banking Enhancements statements. The ‘Khata’ feature helps
In FY 2023-24, YES BANK focussed on merchants digitise pending payments
enhancing customer experiences in and send reminders to customers.
Banking Units, and the Digital Rupee
the ‘phy-digital’ banking landscape by
We partnered with a leading (CBDC). We launched services for
fostering strategic partnerships and
cross-border payments fintech ICCW (Interoperable Cardless Cash
launching innovative products.
company to offer solutions for Withdrawal), enabling ATM cash
As a Future-Ready Bank, we have exporters and importers, allowing withdrawals through UPI without
made significant strides in our them to collect payments in multiple using a card, and implemented UPI
Digital Banking capabilities. We foreign currencies. interoperability on RBI's CBDC app.
launched ‘iris by YES BANK’ - a mobile
banking app with 230-plus features Government and Regulatory Trade Financing Innovations
for all banking needs of our retail Collaborations YES BANK became the first Indian
customers. We also introduced UPI YES BANK partnered with the bank to execute an export finance
payments via RuPay Credit Cards; Government and the RBI for transaction on the International
enabled UPI interoperability on the initiatives like the Unified Logistics Trade Financing Services Platform
RBI CBDC app; and became the first Interface Platform (ULIP), Digital (ITFS) of RXIL Global IFSC Limited,
15
MESSAGE FROM MANAGING DIRECTOR & CEO
offering credit arrangements for a sense of belonging and community

exporters and importers. This digital among our diverse employees.
platform ensures competitive pricing
Celebrating Milestones and
and quick turnaround times.
Wellness Initiatives
COGNIZANT OF
By leveraging technology and strategic The Bank celebrated its 4th Foundation THE EMERGING
partnerships, YES BANK continues
to drive digital transformation
Day on March 18 with a lot of
EXPECTATIONS
enthusiasm. Emphasising "Wellness"
and deliver innovative solutions. as the theme for the year, we AND REQUIREMENTS
Looking ahead, we plan to expand our recognised sports and fitness
footprint with ~230 new branches in enthusiasts across the organisation.
PRESENTED BY
key business clusters and districts in AN ESG-DRIVEN
the next three years, enhancing our Developing High-Quality
responsiveness to customer needs. Leadership BUSINESS LANDSCAPE,
To cultivate high-quality leadership, THE BANK CONTINUES
Strengthening Human Capital the Bank has implemented several
In our endeavour to be an employer developmental learning initiatives TO MEASURE ITS
of choice, in FY 2023-24, YES BANK for our top and senior management ESG PERFORMANCE
made notable advancements leaders. Programmes like the
in employee engagement and 'Executive Coaching Leadership AND CAPITALISE
development, focussing on diversity, Programme' and the 'Inner
ON EMERGING
equity, and inclusion. Engineering Programme' are
designed to enhance personal SUSTAINABLE
Promoting Diversity, Equity, and transformation and identify key
Inclusion leadership competencies.
FINANCE
The Bank has enhanced its gender OPPORTUNITIES.
diversity to 21.8% and is on track to Inspiring Future Leaders
further improve the same. The Bank's The Bank introduced 'YES Inspire
attrition rate for FY 2023-24 stood Mentoring Programme' to nurture
at 38.2%, compared with 42.7% a cadre of women leaders across
for FY 2022-23. the Bank. This mentorship initiative
aims to inspire and guide the next Towards Sustainable
The score of “Voice of YES’ – our generation of YES BANKers, enabling Performance
employee engagement survey, further them to make a meaningful impact in The Bank continues to stay committed
improved to 4.30 from 4.25 of the their professional journeys. to its ethos of sustainability and to
last years’ survey, is a reflection of its aim of building a responsible
our continued endeavours towards Recognition as a Great Workplace enterprise that is transparent and
creating a vibrant and supportive I am proud to share that YES BANK proactive in minimising negative
work environment. was recognised as a Great Workplace impacts and augmenting the
by the Great Place to Work positive impacts of its business
To further support our diverse Institute and ranked among the activities. Cognizant of the emerging
workforce, we introduced Employee Top 50 in "India’s Best Workplaces expectations and requirements
Resource Groups such as YES MOM in BFSI 2024" for the second presented by an ESG-driven business
POWER and YES FIT FEMME to foster consecutive year. landscape, the Bank continues

to measure its ESG performance as FTSE4Good Index Series, MSCI (PSL) shortfall related drag, improving
and capitalise on emerging ACWI’s ESG Universal Index, and the Advances Yield through product
sustainable finance opportunities. MSCI ACWI Low Carbon Leaders mix optimisation, reducing cost of
During the year, the Bank continued Index, among others. deposits by increasing proportion of
to demonstrate progress across its CASA deposits, further enhancing the
ESG targets and goals. Social Initiatives fee income intensity and improving
The Bank's flagship group-lending cost efficiency to align with best-in-
Environment Accountability programme, YES LEAP, has class in the industry. To achieve these
Ensuring that its branches and offices 6.56 lakh active women customers. goals, the Bank has implemented
adhere to the highest standards of Additionally, YES Foundation's several business strategies and
environmental performance, YES community development programmes established a dedicated Strategy
BANK expanded the scope of its have enhanced the income of over and Transformation vertical to drive
Environmental Management System 35,000 farmers, women, and artisans these initiatives with focus and rigour.
(EMS), and continues to be the from rural India, with a target to As a Bank, we remained focussed
impact over 75,000 individuals by on our mantra of Disciplined
only Bank globally to have as many
2026. The Bank has also made Execution. We encourage you to
as 1,186 facilities, under its ISO
steady headway towards realising read details of our business and
14001:2015 certified EMS. In line with
its CSR commitment to catalyse financial performance commentary
its net zero by 2030 target, the Bank
employment and entrepreneurship in our Management Discussion and
enhanced the share of renewables in
Analysis Section.
its energy mix with three of its offices opportunities for over 100,000 youth
now operating on 100% renewable by 2026, and has reached over
40,000 youth, till date. In Conclusion
energy, resulting in the avoidance
over 5,200 tCO2e emissions. The Bank YES BANK's core franchise is gaining
also continues to measure, report YES BANK’s governance framework momentum due to past interventions.
and develop targets for its portfolio includes 54% of the Directors on This momentum is expected to
in line with global decarbonisation the Bank’s Board being Independent be further fuelled by our current
pathways. During the year, the Bank Directors, and 23% of the Directors structural interventions around
achieved ~24% reduction in the being women, ensuring robust and PSL and Business Transformation,
financed emission intensity of its diverse leadership. It continues to significantly contributing to the
electricity generation fund-based be recognised for its benchmark ESG Bank's profitability. As we enter the
portfolio from its base year of disclosures and its commitment to fifth year of our journey, we remain
sustainability. focussed on diligently executing the
FY 2021-22 and remains within the
RoA expansion roadmap and are
trajectory of meeting its interim
Path to Profitability committed to disciplined execution.
intensity target for the sector.
Given its leadership performance During FY 2023-24, YES BANK made
Yours sincerely,
across ESG and climate parameters, significant progress in improving
in FY 2023-24, the Bank achieved the its profitability with Return on
Prashant Kumar
highest S&P Global ESG Score of 74 Assets (RoA) for the quarter ended
(out of 100) and the highest CDP Managing Director & CEO
March 31, 2024 at 0.5% up from
rating of ‘A-’ Leadership Band for its 0.2% in same quarter of the previous
2023 climate change disclosures, year. The Bank has identified key
amongst Indian banks. YES BANK financial imperatives to enhance the
continues to be an index constituent Return on Assets (RoA) which include:
of key global ESG indexes such resolution of Priority Sector Lending
17
Message from
Executive Director
OUR CAMPAIGN
#MILKARJITAYENGE
EMPHASISES THE IDEA
THAT BEHIND EVERY
OLYMPIC ATHLETE LIES
A COMMUNITY WHICH
ENCOMPASSES LOCAL
COACHES, SUPPORTIVE
PARENTS, AND STEADFAST
FRIENDS AND FAMILY
MEMBERS; THE IDEA
BEHIND #MILKARJITAYENGE
IS TO HONOUR THESE
UNSUNG HEROES.

Dear Shareholders,
At the end of every financial year, stakeholders. This process led to a
penning down this letter is something visual representation that accurately
I genuinely look forward to. It offers reflects YES BANK of today. The new
a moment to reflect on our progress. logo, evolving from a tick to a soaring AS WE ENTER THE
bird, represents our ambition to
India's economic resilience stood achieve greater heights and our 5TH YEAR OF OUR
out amid global uncertainties. promise to deliver a Seamless,
Its GDP grew at an impressive 8.2% Intuitive and Effortless banking
JOURNEY OF YES
in FY 2023-24, becoming one of the experience. The bright colours and BANK OF TODAY,
fastest-growing major economies. the new form factor are digitally
This growth has been underpinned friendly, complementing our ON ACCOUNT
by strong performance by the Micro, digital prowess. OF BUSINESS
Small, and Medium Enterprises
(MSME) sector, catalysed by The refreshed identity, now visible CALIBRATION, WE
technology and data-analytics-driven across all customer touchpoints,
lending. The government's focus on including our branch network, digital
ARE A FULL
enhancing infrastructure and digital assets, and payment instruments, SPECTRUM RETAIL
transformation has been pivotal, has received very positive feedback
with initiatives such as PM GatiShakti from all key stakeholders. Along with
BANK GROWING
and the Production-Linked Incentive our brand ethos "Life ko Banao WITH A STRONG
(PLI). The Reserve Bank of India Rich", the new visual identity has
(RBI) introduced several initiatives shown almost instant results. MOMENTUM,
in retail banking this year, including Independent studies have indicated DEDICATED TO
the introduction of CBDC UPI a significant 8-10% growth in our
interoperability, revolutionising digital spontaneous awareness and brand REDEFINE INDIA’S
payments and making transactions consideration scores over just two
seamless and inclusive. quarters. Additionally, our website
BANKING LANDSCAPE,
traffic increased by 18%, with ACCELERATING AS
These developments, alongside a 3.1 million unique visitors.
stable political environment and A DIVERSIFIED,
progressive policies, underscore a Another significant and proud GRANULAR RETAIL
year of innovation and expansion for achievement in this financial year
YES BANK, as we continue to support was us joining hands with the FRANCHISE, WITH
Indian Olympic Association as the
the evolving needs of our retail and
Official Banking Partner for Team
STRONG FOCUS
MSME customers.
India for Paris Olympics 2024. This ON TRANSACTION
Before I deep dive into the partnership is a continuation of our
performance aspect of our retail brand philosophy, 'Life Ko Banao Rich',
BANKING.
business, I want to reflect on our as it emphasises how as our athletes
refreshed brand identity that was compete globally, their achievements
launched in May 2023. The refreshed contribute to our national memory
identity emerged from a well-thought- and pride, creating a legacy of the idea that behind every Olympic
out strategy, developed through shared experiences. Our campaign athlete lies a community which
in-depth interactions with all #MilkarJitayenge emphasises encompasses local coaches,
19
MESSAGE FROM EXECUTIVE DIRECTOR
supportive parents, and steadfast Supporting the growth of MSMEs

friends and family members; the and emerging large corporates is
idea behind #MilkarJitayenge is to one of our core strategic business
honour these unsung heroes. objectives. This past year, we
THE YES BANK OF
introduced several innovative
Talking about our performance products that have significantly TODAY BELIEVES
enhanced our offerings for MSMEs.
in retail business, as we enter
We launched Digital Over Draft
IN BRINGING THE
the 5th year of our journey of YES
BANK of today, on account of (Digi OD), a paperless unsecured BANK TO ITS
loan specifically curated to cater
business calibration, we are a full
to bottom-of-pyramid MSME CUSTOMERS. ALL
spectrum retail bank growing with
a strong momentum, dedicated to
customers. Additionally, we OUR TOUCHPOINTS
implemented algorithm-driven
redefine India’s banking landscape,
(BRE) lending based on cash flow ARE EQUIPPED TO
accelerating as a diversified, granular
retail franchise, with strong focus on
assessments developed using SERVICE CUSTOMERS
statistical scorecards. To further
transaction banking. support our MSME clients, we WITH THE ENTIRE
launched the SME Direct Desk,
The YES BANK of today believes in which caters to over 50 services,
SUITE OF PRODUCTS.
bringing the Bank to its customers. specially designed for MSME
All our touchpoints are equipped to customers. Furthermore, we
service customers with the entire introduced SMARTFIN, a state-of-
suite of products. We are committed the-art Supply Chain Financing
to enhancing accessibility and platform as part of our new initiatives Robust Growth in SME
convenience through continuous in FY 2023-24 to provide a digitally Segment
digital innovation, ensuring that enabled solution for onboarding
Advances in the Small and Medium
banking services are available and loan management specifically
Enterprises (SME) segment increased
wherever our customers are, and tailored for MSME customers.
25.6% to ` 35,327 crore, with share
whenever they need them. These innovations are part of our
of SME advances growing to 15.5% of
ongoing commitment to providing
the total portfolio, from 14.1% earlier.
As India navigates the path comprehensive and accessible
Importantly, 86% of the book backed
towards a Viksit Bharat by 2047, at financial solutions to MSMEs.
by collateral, ensuring stability of the
YES BANK, we are cognizant of the loan portfolio.
I am immensely proud that our work
fact that Micro, Small, and Medium
is getting recognised by credible
Enterprises (MSME) sector stands A Diversified and Granular
industry bodies. In Financial year
as a cornerstone of India’s economic
2023-24, YES BANK was awarded
Book
architecture. They play a crucial Shift Towards Retail and SME
the Best Bank for Promoting
role in the growth of the economy, Government Schemes in the Segments
and support larger industries Private Sector at the MSME The ratio of Retail and SME Advances
and also generate employment. Banking Excellence Awards 2023, to Wholesale Advances improved
Their expansive footprint across organised by Confederation from 49:51 in FY 2021-22 to 62:38
rural and urban areas bridges the of Indian Micro, Small and in FY 2023-24, ensuring a more
rural-urban divide and fosters Medium Enterprises. balanced and resilient loan book.
inclusive growth.

Solid Foundation for Sustainable Micro LAP, and Education Loans,

Growth its share increased to 44% in
In FY 2023-24, YES BANK was FY 2023-24 vis-à-vis 35% in
FY 2022-23, as it contributed 43% to
committed to creating a solid
total disbursements. Retail banking
IN FY 2023-24,
foundation and stable financial base
for sustainable growth, which helped fees were up 49.6% Y-O-Y in Q4FY24 YES BANK WAS
diversify and expand our deposit and 47.3% for the entire year.
base to ` 2.66 lakh crore – a 22.5%
COMMITTED
increase Y-O-Y. Strong Growth and Innovations TO CREATING A SOLID
in Credit Cards
Expanding Customer Base and In FY 2023-24, our credit card FOUNDATION AND
Low-Cost Deposits business demonstrated robust STABLE FINANCIAL
The influx of nearly 17 lakh new growth with a 46% Y-O-Y increase
Current Account and Savings Account in new card acquisition, reaching BASE FOR SUSTAINABLE
(CASA) customers this year and a a customer base of 2.07 million.
GROWTH, WHICH
23% increase in CASA balance has Card spends hit an all-time high of
boosted our low-cost deposit base,
` 7,571 crore in Q4 FY24, marking HELPED DIVERSIFY
a 62% Y-O-Y growth. The book
underlining our successful customer
size also surged to ` 5,538 crore, a
AND EXPAND OUR
acquisition and retention strategies.
51.1% Y-O-Y increase. Notably, we DEPOSIT BASE TO
recorded peak UPI spends of ` 705
CASA Ratio and Net Interest
crore and commercial card spends ` 2.66 LAKH CRORE – A
Margin
CASA ratio rose to 30.9% from
of ` 676 crore in Q4 FY24. Our new 22.5% INCREASE Y-O-Y.
product initiatives included revised
30.8% in the earlier year, which
reward point accruals and the
highlights our strategic focus on introduction of a 1% forex markup
attracting more low-cost deposits fee on dynamic currency conversion
crucial for maintaining a healthy Net spends. We achieved a 94% digital
Interest Margin (NIM). contribution in new card acquisitions,
enhancing customer service through achieving 37.5%. We added 133
Growth in Net Advances
platforms like WhatsApp banking. new branches since January 2023
Net advances grew 13.8%1 year-on- in CASA-rich areas, totalling 1,453
year to ` 2.27 lakh crore as we Maximising Branch Distribution outlets across multiple states and
disbursed ` 41,713 crore fresh loans, The branch is the fulcrum of our union territories.
focussing on internally sourced business, facilitating customer
retail advances. As a result, its share acquisition and servicing, expanding Purposeful digital investments of
increased from 37% in FY 2022-23 to our footprint and enhancing digital ` 1,453 crore further supported
41% in FY 2023-24, enhancing our journeys for seamless cross-selling our granular business segments.
control over quality of loans. and deposit growth. Retail and Deep understanding of retail
Branch Banking-led deposits grew customers enables us to expand
Focus on ROA Accretive Products 24.9% to ` 141.5 crore, while into new segments and grow the
As we focussed on ROA accretive Branch banking deposits achieved loan book.
products such as Personal Loans, 22.3% CAGR between FY 2022-24.
Used Vehicles, Affordable Home Incremental CASA ratio was 31.5%, The Bank also entered into a
Loans, Unsecured Business Loans, with branch banking channel partnership with Paytm app to
1
21
MESSAGE FROM EXECUTIVE DIRECTOR
enable united payments interface Additionally, YES Grandeur, our

(UPI) through Paytm Payments programme for India's emerging
Bank Limited, the underlying bank affluent, offers premium banking
for supporting UPI payments on benefits and travel perks, such YES BANK REMAINS
Paytm’s platform. as zero cross-currency markup
charges. It also includes lifestyle STEADFAST IN ITS
Addressing unique lifestyle needs privileges like access to luxury hotel
stays and premium entertainment
COMMITMENT TO
In FY 2023-24, YES BANK remained
committed towards innovating and subscriptions, ensuring a rewarding SUSTAINABILITY
enriching the banking experience and comprehensive banking
for our discerning clients. As India experience for this dynamic segment.
AND RESPONSIBLE
ascends as an economic powerhouse, BANKING. AS THE
we recognise a significant increase Equipped to further augment
in the elite and the affluent Retail
FIRST BANK
demographic. According to the With a stable, granular business, GLOBALLY WITH
BCG CCI Proprietary Income Model,
affluent segment is expected to grow
robust distribution, and industry-best
AN ISO 14001:2015
platforms, we are well-positioned for
by 2.3 times over the next decade.
accelerated growth. We are investing CERTIFIED
This surge is transforming the
in advanced digital banking solutions
landscape of consumer banking in
to streamline operations and enhance
ENVIRONMENTAL
India, characterised by increased
disposable incomes and sophisticated
customer experience, enabling us to MANAGEMENT
offer more personalised and efficient
consumer behaviours.
services, and solidifying our position
SYSTEM ACROSS
With a keen understanding of the
as a leader in Retail Banking. 1,186 FACILITIES.
evolving demands of elite and
The Bank has institutionalised the Net
emerging affluent households,
Promoter Score (NPS) as a key metric
YES BANK launched two flagship
to enhance service experience,
programmes aimed at redefining
customer loyalty, and advocacy.
personalised banking. These initiatives
In FY 2023-24, significant progress in
are designed not only to meet but zero GHG emissions by 2030, with
customer service and satisfaction is
to exceed the expectations of our key facilities now operating on 100%
reflected in the reduced number of
valued clients, establishing new renewable energy. Our responsible
detractors and increased promoter
benchmarks in personalised banking. lending framework integrates
trends, resulting in best-in-class NPS
environmental and social risk
YES Private, our exclusive across various customer channels.
assessments, emphasising financing
invitation-only banking programme, for renewable energy, electric
caters specifically to ultra-high- Commitment to ESG vehicles, and rooftop solar adoption
net-worth individuals. It offers a YES BANK remains steadfast in its among MSMEs. Additionally, we
comprehensive suite of tailored commitment to sustainability and have planted 200,000 trees in
solutions covering business, wealth responsible banking. As the first agroforestry initiatives, enhancing
management, succession planning, bank globally with an ISO 14001:2015 green cover and supporting farmers'
and lifestyle needs, supported by a certified Environmental Management livelihoods. On the social front, the
dedicated team of relationship and System across 1,186 facilities, we are Bank improved its gender diversity to
product specialists. progressing towards our goal of net 21.8% in FY 2023-24.

Driving Social Impact through our recognition as a Great Place to

YES Foundation Work for the second consecutive
In its 11th year, YES Foundation, year. Through these efforts, we
continue to build a workplace where
the social development arm of
every employee feels valued and
YES BANK IS
YES BANK has continued to make a
transformative impact nationwide. empowered to contribute to our DEDICATED TO
Our initiatives under the 3Es – collective success.
Employability, Entrepreneurship, and
FOSTERING
Environmental Sustainability – have Our Growth Frontiers A CULTURE OF
empowered communities and driven Today, we are a differentiated
meaningful change. Bank with impeccable asset quality,
DIVERSITY, EQUITY,
low NPAs, high returns on assets, AND INCLUSION,
Employability: In FY 2023-24, over and strong capital adequacy.
4,000 underprivileged youth received Moving forward, we aim to maintain REFLECTED IN
job skills training across six states,
with a 70% placement rate, unlocking
our growth trajectory and asset OUR SIGNIFICANT
quality, and focus on deposit
economic potential worth ` 30 crore. and CASA growth. By scaling our STRIDES IN
Entrepreneurship: Partnering with
presence across India, we strive to
become the best retail-oriented
EMPLOYEE
local organisations, we supported bank, delivering greater choice, ENGAGEMENT
over 7,000 farmers, particularly flexibility, and improved service levels
women, with training in to our customers.
AND DEVELOPMENT.
climate-resilient farming and
improved irrigation. Thanking you,
Environmental Sustainability: We Warm regards,

planted 200,000 trees, capable of
Rajan Pental
sequestering over 1.7 lakh tonnes of
CO2 in the next 20 years, with a goal Executive Director
to plant 1 million trees in five years.
Enhancing Human Capital and

Workplace Culture
YES BANK is dedicated to fostering
a culture of diversity, equity, and
inclusion, reflected in our significant
strides in employee engagement
and development. Our 'Voice of
YES' Engagement Survey achieved a
remarkable 91% participation rate,
with the engagement score rising
from 4.25 to 4.30. This demonstrates
our ongoing commitment to creating
a vibrant and supportive work
environment, further validated by
23
Board of Directors
Mr. Rama Subramaniam Gandhi Mr. Prashant Kumar Mr. Rajan Pental
Part time Chairman, Managing Director & CEO Executive Director
Independent Director
Mr. Atul Malik Mr. Sanjay Kumar Khemani Mr. Sharad Sharma
Independent Director Independent Director Independent Director
Mr. Sadashiv Srinivas Rao


Ms. Nandita Gurjar Ms. Rekha Murthy Mr. Thekepat Keshav Kumar
Independent Director Independent Director Nominee Director of
State Bank of India
Mr. Sandeep Tewari Mr. Sunil Kaul Ms. Shweta Jalan

Nominee Director of Nominee of CA Basque Nominee of Verventa
State Bank of India Investments Holdings Limited
Note:
Detailed profile of all Directors are given in the Corporate Governance Report.
25
Board Committees
AUDIT COMMITTEE Mr. Sanjay Kumar Khemani Ms. Rekha Murthy
Chairperson Member
Mr. Sandeep Tewari Mr. Sharad Sharma

Member Member
Mr. Atul Malik

Member
NOMINATION & Ms. Nandita Gurjar Ms. Rekha Murthy

REMUNERATION Chairperson Member
COMMITTEE
Mr. Atul Malik Mr. Rama Subramaniam Gandhi
Member Member
Mr. Sandeep Tewari Ms. Shweta Jalan

Member Member
CUSTOMER SERVICE Ms. Nandita Gurjar Mr. Sunil Kaul

COMMITTEE Chairperson Member
Mr. Thekepat Keshav Kumar Mr. Rajan Pental

Member Member
Mr. Sharad Sharma

Member
RISK MANAGEMENT Mr. Sharad Sharma Mr. Thekepat Keshav Kumar

Mr. Sadashiv Srinivas Rao Mr. Atul Malik

Member Member
Mr. Rama Subramaniam Gandhi Mr. Sunil Kaul

Member Member
STAKEHOLDERS Mr. Sadashiv Srinivas Rao Mr. Sunil Kaul

RELATIONSHIP Chairperson Member
COMMITTEE
Mr. Thekepat Keshav Kumar Mr. Rajan Pental
Member Member
Ms. Nandita Gurjar

Member

FRAUD, WILFUL Mr. Prashant Kumar Mr. Sharad Sharma

DEFAULTERS AND Chairperson Member
NON-COOPERATIVE Mr. Sanjay Kumar Khemani Ms. Shweta Jalan
BORROWERS Member Member
MONITORING
COMMITTEE Mr. Sandeep Tewari
Member
IT STRATEGY Ms. Rekha Murthy Mr. Rajan Pental

Mr. Sanjay Kumar Khemani Mr. Prashant Kumar

Member Member
Mr. Rama Subramaniam Gandhi

Member
BOARD CREDIT Mr. Atul Malik Mr. Sadashiv Srinivas Rao

Mr. Thekepat Keshav Kumar Mr. Prashant Kumar

Member Member
CORPORATE SOCIAL Ms. Rekha Murthy Ms. Shweta Jalan

RESPONSIBILITY AND Chairperson Member
ENVIRONMENTAL, Mr. Sadashiv Srinivas Rao Mr. Rajan Pental
SOCIAL & GOVERNANCE Member Member
COMMITTEE
Ms. Nandita Gurjar
Member
CAPITAL RAISING Mr. Rama Subramaniam Gandhi Ms. Shweta Jalan

Mr. Sanjay Kumar Khemani Mr. Prashant Kumar

Member Member
Mr. Sandeep Tewari

Member
Mr. Sunil Kaul

Member
27
Management Team
Mr. Prashant Kumar Mr. Rajan Pental Mr. Manish Jain Mr. Amit Sureka
Managing Director & CEO Executive Director Country Head Wholesale Banking Country Head - Financial Markets
Mr. Ajay Rajan Mr. Gaurav Goel Mr. Pankaj Sharma Mr. Dheeraj Sanghi
Country Head - Government, Country Head - Emerging Local Chief Strategy and Country Head - Branch and
Multinational & International Corporates and Institutional Transformation Officer
Affluent Banking
Business, Transaction Banking Banking
& Knowledge Units
Mr. Akshay Sapru Mr. Sanjiv Kumar Roy Mr. Lavesh K Sardana Mr. Dhavan Shah
Country Head - Private Banking & Country Head - Fee Based Products Country Head - Retail Assets Country Head - SME Banking
Liabilities Products & Spectrum and Service Experience and Debt Management
Banking Business
Mr. Anil Kumar Singh Mr. Naveen Chaluvadi Mr. Parminder Singh Mr. Mehul Desai
Country Head - Credit Cards and Chief Digital Officer Zonal Head - Large Corporates Zonal Head –
Merchant Acquiring North, East & South Large Corporates – West

Mr. Niranjan Banodkar Ms. Archana Shiroor Mr. Tushar Patankar Mr. Rakesh Arya
Chief Financial Officer Chief Human Resources Officer Chief Risk Officer Chief Credit Risk Officer
Mr. Kapil Juneja Mr. Mahesh Ramamoorthy Mr. Sachin Raut Mr. Nipun Kaushal
Chief Internal Auditor Chief Information Officer Chief Operating Officer Chief Marketing Officer and
Head CSR
Mr. Indranil Pan Mr. Sandeep Mehra Mr. Rajat Chhalani Mr. Shivanand R. Shettigar
Chief Economist Chief Vigilance Officer Chief Compliance Officer Company Secretary
29
Key Performance Indicators
Net Profit (` in crore) Operating Profit (` in crore)
FY 23-24 1,251 FY 23-24 3,386
FY 22-23 717 FY 22-23 3,183
FY 21-22 1,066 FY 21-22 2,916
FY 20-21 (3,462) FY 20-21 4,648

FY 19-20 (16,418) FY 19-20 3,518
Total Income (` in crore) Advances (` in crore)
FY 23-24 13,209 FY 23-24 227,799
FY 22-23 11,603 FY 22-23 203,269
FY 21-22 9,760 FY 21-22 181,052
FY 20-21 10,440 FY 20-21 166,893

FY 19-20 10,247 FY 19-20 171,443
Deposits (` in crore) Total Assets (` in crore)
FY 23-24 266,372 FY 23-24 405,493
FY 22-23 217,502 FY 22-23 354,786
FY 21-22 197,192 FY 21-22 318,220
FY 20-21 162,947 FY 20-21 273,543

FY 19-20 105,364 FY 19-20 257,827
CD Ratio* (%) CASA Ratio (%)
FY 23-24 85.5 FY 23-24 30.9
FY 22-23 92.0 FY 22-23 30.8
FY 21-22 91.8 FY 21-22 31.1
FY 20-21 102.4 FY 20-21 26.1

FY 19-20 162.7 FY 19-20 26.6
*Excluding Interbank reverse Repo classified as Advances as per RBI Master Circular No. DOR.ACC.REC.NO.37/21.04.018/2022-23

Retail & SME: Mid Corp: Corp (%) Net Interest Margin (%)
FY 23-24 62:15:23 FY 23-24 2.4
FY 22-23 59:14:27 FY 22-23 2.6
FY 21-22 49:11:40 FY 21-22 2.3
FY 20-21 42:9:49 FY 20-21 2.8

FY 19-20 36:8:56 FY 19-20 2.2
Retail & SME Mid Corp Large Corp
CET1 Ratio (%) Liquidity Coverage Ratio** (%)
FY 23-24 12.2 FY 23-24 116.1
FY 22-23 13.3 FY 22-23 118.5
FY 21-22 11.6 FY 21-22 114.6
FY 20-21 11.2 FY 20-21 113.9

FY 19-20 6.3 FY 19-20 40.0
Gross NPA (%) Net NPA + Net Carrying Value of SRs (%)
FY 23-24 1.7 FY 23-24 1.1
FY 22-23 2.2 FY 22-23 2.4
FY 21-22 13.9 FY 21-22 4.8
FY 20-21 15.4 FY 20-21 6.8

FY 19-20 16.8 FY 19-20 5.9
Return on Assets (%) Return on Equity (%)
FY 23-24 0.3 FY 23-24 3.0
FY 22-23 0.2 FY 22-23 2.0
FY 21-22 0.4 FY 21-22 3.2
FY 20-21 (1.3) FY 20-21 (11.4)

FY 19-20 (5.1) FY 19-20 (81.8)
**Quarterly Average Consolidated LCR for the quarter ending March 31 of respective Financial Year
31
Products & Services1
RETAIL BANKING
Description
Under Retail Banking, YES BANK offers deposits and retail asset products, and personalised banking solutions.
46% 53% 22%

Share of Retail Advances Share of Retail and Branch Growth in Liability Book of
as at March 31, 2024 Banking Deposits in Total YES BANK in FY 2023-24, with
(Vs 45% in FY 2022-23) Deposits as at March 31, 2024 retail banking growth at 25%
BRANCH BANKING
Description
YES BANK offers a comprehensive suite of all banking products including liabilities, assets and fee-based products to
its customers. Retail Branch Banking continues to maintain a strategic focus on affluent, mass and emerging affluent
customers, and SMEs in metro cities and urban markets.
Scale Key Developments

y Expanded geographical footprint to 1,234 branches y YES BANK undertook a brand identity refresh and
and 219 Business Correspondent Banking Outlets launched a new vibrant logo in May 2023. Branch
across 300+ districts, with 1,290 ATMs branding and interiors were refreshed keeping
y Added 133 branches since January 2023 to with the new identity for enhanced customer
bolster presence engagement and experience
y The Bank focussed on Branch Expansion in
Products and Services top deposit clusters pan India, following an
All products of the Bank including Retail Liabilities, Retail in-depth strategy and focussed accelerated
Assets, Business Banking, Credit Cards, Merchant and Go-To-Profitability
Third-party products are offered by branch banking as it is y Significant step-up in retail assets and credit card
the fulcrum of business. offering penetration within branch network resulting
in acceleration of internal business sourcing
and cross-sell
16% 28% Robust 55%

Y-O-Y growth in Retail NTB Y-O-Y growth in New Growth in Branch
Customer Acquisition Acquisition value Banking fee income
GRI 2-6
1

SPECTRUM BANKING
Description
Spectrum Banking as a Business Unit manages the entire customer life cycle including acquisition, Video KYC,
Onboarding, Relationship Management, Customer Value Management, Activation, Retention and Service. The segment
remotely manages relationships of YES First, YES First Business, YES Premia, YES Prosperity, Corporate Salary Account and
NRI Banking customers. The Spectrum Banking Liability Acquisition, Virtual Relationship Management, Insurance & Video
KYC verticals have been ISO 9001:2015 certified and adhere to best industry practices.
Scale Key Highlights

The team of Spectrum Bankers managed relationships y Spectrum Banking registered 45% growth in new
of over 6 lakh customers and connected with over 25 lakh liability and credit card customer acquisition
customers virtually with an unwavering focus on growing y Retail Assets and Credit Card term disbursements also
the Liabilities Book (higher CASA focus), Asset Disbursals, registered similar growth
Income from Third Party Products, Credit Cards and
Merchant businesses for the Bank keeping client coverage,
centricity and wallet share in mind.
Products and Services

Products include Retail Liabilities, Retail Assets, Business
Banking, Credit Cards, Merchants and Third-party
products managed virtually through the spectrum of voice,
chat and email.
DIGITAL BANKING
Description
YES BANK has made significant investments in new-age and digital technologies to achieve increased customer engagement
and experience. It caters to simple transactional needs of customers for domestic money transfers and Aadhaar-based
cash withdrawals. YES BANK has put in place state-of-the-art digital journeys for seamless liability customer acquisition and
cross sell with multiple system checks, online validations and verification. Comprehensive assisted and Do-It-Yourself (DIY)
digital Savings and Current account onboarding is available covering different Individuals and Non-Individual segments.
Scale Products and Services

y YES BANK processes nearly every 3 digital rd YES BANK’s Digital Products and their market share:
transaction in the country which hovers over 12-14
billion on a monthly basis UPI AePS NEFT IMPS NACH
y Today, 96% of eligible savings accounts with instant 34.5% 29.3% 8.6% 8.9% 13.6%
account activation feature and 90% of eligible
current accounts are onboarded paperless through
digital platforms
33
PRODUCTS & SERVICES
New Initiatives customers can also open Demat & Trading account and
y Implemented cloud-native UPI, IMPS processors and avail retail loan & insurance products. Similarly, with a
alternate AePS processors to build resilience and grow Current Account, customers can complete the journey
Digital volumes for opening a Savings Account, Foreign Exchange
y Launched solutions around new payment aggregator Currency Accounts, Cash Credit / Overdraft Accounts
and payment gateway guidelines (PAPG Guidelines) to and avail services for online transaction platforms
participate in aggregation services y Do-It-Yourself (DIY) on-boarding platforms with
Video KYC enables customer to complete the journey
Digital Liability On-Boarding Journeys from anywhere and facilitate broadening of our
y To achieve superlative customer experience and customer acquisition base through various sources,
stickiness, our on-boarding journeys are equipped including performance-based marketing and multiple
with various advanced and innovative solutions partners-led sourcing
y Assisted on-boarding platforms fetch profile from
online sources and recommend suitable product
offerings to customers. With a Savings Account,
YES PRIVATE
Description
Yes Private is the Bank's thoughtfully-crafted client programme targeted at the HNI*/ Ultra HNI clients across the Retail
and Wholesale Banking spectrum. It is designed to offer the full-stack of solutions for HNI clients’ business banking, wealth
management, succession planning and lifestyle needs.

Yes Private programme registered significant growth y Yes Private offers clients a complete basket of third-
in both number of customers as well as the size of party products that help in managing, protecting
the managed portfolio, on the back of a powerful and growing clients’ Wealth and Assets. Yes Private’s
programme proposition and a seasoned, highly trained enterprise-led approach also extends a complete
Yes Private team. business banking product suite to our customers
The programme is now available to on-board clients in 10 y The Mastercard World Elite Debit Card offered to
locations across the country. Yes Private customers is one of the most powerful
debit cards, that brings together an enriched value
New Initiatives proposition and unique global experiences that match
clients’ lifestyles and choices
y In FY 2023-24, Yes Private was formally launched across
markets at the prestigious YES BANK - CNBC
Growth Summit
y Numerous client engagement opportunities were
curated at marquee events across cities
*High Net-Worth Individuals

YES FIRST AND YES FIRST BUSINESS
Description
YES First and YES First Business are the Bank’s flagship wealth management and business banking
programmes, curated for HNIs for their personal and business banking needs. These specialised programmes are
imbibed with a comprehensive customer-centric approach and offer curated product offerings and services, coupled
with a host of lifestyle benefits, wealth management and exquisite service solutions to provide a delightful experience
to our customers.
Scale New Initiatives

The portfolio now comprises 3 lakh+ customers with Based on market benchmarking & sharper identification of
significant contribution to the Retail & Branch Banking customer relevant solutions, the programme introduced
Liabilities and Fees. a number of powerful enhancements to the proposition
across banking and lifestyle categories. The programme
eligibility criteria have been increased in line with the
Launch of YES Glory, a curated proposition
value proposition and portfolio quality considerations.
that will cater to the holistic banking, wealth
management and lifestyle needs for esteemed This programme is further enriched by implementation of
athletes and their families RM Connect, which is a single phone number connecting
customers to their RMs.
YES PREMIA
Description
YES Premia offers segmented solutions to the mass affluent segment with an emphasis on making banking
seamless and enjoyable for our customers. The programme has been carefully curated to provide banking solutions
complementing the lifestyles and expectations of varied customer segments.
Four Pillars of YES Premia Key Highlights

y Priority servicing y Enriched bouquet of product and services (For
y Products and Preferential pricing example, introduction of YES Premia Power Club,
specially designed YES Premia Health Insurance
y Privileges
plan at competitive pricing, among others).
y Powerful digital banking platforms and solutions
y Continued to deepen our contribution in top tier
corporate and middle management to improve market
share in mass affluent segment
y Focus on right programme for right customer initiative
to improve customer experience and portfolio health
35
PRODUCTS & SERVICES
YES FAMILY
Description
YES Family is a feature-packed proposition that offers wide-ranging services and rewards to meet the financial needs of
the entire family. Packed with unique benefits and exclusive offerings, YES Family has been thoughtfully curated to make
banking more unified for the family.
Products and Services New Initiatives

YES Family enables customers to care for the financial and New 50,000 AMB Current Account proposition
overall well-being of every person in the family. The offering introduced to provide holistic CASA benefits to YES
is available across YES Private, YES First, YES Premia and Prosperity Family customers.
YES Prosperity programme.
YES PROSPERITY
Description
YES Prosperity is the Bank’s mass retail programme, providing a range of services tailored to meet the individual
banking requirements of customers. The programme is designed to serve customers ranging from rural to metropolitan
areas, assisting them in fulfilling their banking and financial requirements. It strives to match the appropriate account with
the right customer based on their demographics, income, and specific needs.
Products and Services Key Highlights

y Offers a wide range of products that cater to a diverse y Improved customer experience journey (for example,
customer base Care banking solution for senior citizen, Leveraging
y Customer-centric product portfolio to fulfil all customer technology for onboarding as well as customer
needs to become a primary bank for the customer engagement to name a few)
y Customised solutions for focussed segments like y Continued focus on growing low cost franchise through
Salaried, Senior Citizen, Women, among others product innovation as well as pricing intervention
y Digital partnership and alliances to drive customer
acquisition
NRI BANKING
Description
YES BANK’s NRI Banking programme is a power-packed customised offering providing multiple avenues for Non
Resident Indians (NRIs) to curate and manage wealth across product categories through in-person and digital fulfilment
models. This comprehensive product is complemented by a multi-channel servicing capability and benefits that extend
beyond banking.

y NRI Banking programme offers comprehensive and solutions to NRIs, including deposits, Portfolio
superior experiential banking services for NRIs and Investment Scheme (PIS), remittances and wealth
Persons of Indian origin (PIOs), providing financial management products

y The product suite comprises savings, fixed and y The Bank also introduced an industry-first offering of
recurring deposit offerings denominated in INR, and Premium Rupee Plan (a FCNR backed by Forward
fixed deposits in eight foreign currencies Contract) booking digitally through YES Genie, the
y The Bank offers deposit-linked structured products, Bank's homegrown super-app
which provide higher returns to NRIs on their deposits, y The product offering for NRIs and foreign nationals
while availing maturity proceeds in INR or FCY through its International Financial Services Centre
y The Bank offers a host of investment and insurance (IFSC) Banking Unit (IBU) was further augmented
solutions to NRIs for themselves and also for their through introduction of a non-fund based credit
families in India to help them fulfil wealth enhancement products and addition of AED and SGD currencies,
and safety goals thus offering savings account and term deposits at IBU
in five currencies
New Initiative
y In FY 2023-24, the Bank’s NR proposition continued to
witness a host of enhancements, including acceleration 19% Y-O-Y
of its digital interface to allow digital customer Robust growth in
onboarding, introduction of additional digital channels the NR Book
for Re-KYC updating, and customer servicing
DEBIT CARDS
Description
YES BANK has a complete suite of Debit Card variants across all three networks viz. Mastercard, Visa and RuPay
which cater to the varied needs of its customers. The Bank has card variants across all segments of customers including
mass-affluent, affluent, Private and even for segmented offerings such as Women, Salaried Individuals, NRIs, among others.
Products and Services Features

y Segmented across its flagship customers, YES Private, y Customers are provided easy access to their cards to
YES First, YES Premia and YES Prosperity, these debit manage their card spending and control card security
cards are designed and customised to meet the specific parameters
specific needs of customers y Easy access to their card settings and debit
y These NFC-enabled cards offer unique benefits card services across WhatsApp Banking/BOT and a
across categories, including reward points on spends, dedicated email ID for blocking/hot-listing cards in the
complimentary lounge access & golf lessons (on select event of any unforeseen situation is also provided
debit cards), exciting offers on retail categories such y To promote paper-less banking, customers are
as entertainment, groceries, etc. Further, a key feature allowed to set a debit card pin (green pin) across YES
of the Bank’s card variants include insurance cover Online, IRIS & ATMs
across purchase protection, accidental insurance &
lost card liability
In FY 2023-24, the Bank
New Initiatives added 14.8 lakh new debit
cards, increasing its overall
During the year, the Bank launched two new upgrade cards card base to 48.3 lakh
targeted at its retail customers with higher embedded
card features such as airport lounge access and movie
ticket offers.
37
PRODUCTS & SERVICES
ATM
Description
YES BANK has a spread of 1,290 On-site and Offsite ATMs across the breadth and width of the country and recorded
19 million transactions in FY 2023-24.

Cash withdrawal, Cash deposit, cross sell, PIN set reset, 95%
cheque book requests. uptime, one of the
best in the industry
New Initiatives
In FY 2023-24, new Green Pin service for debit cards and
UPI based cash withdrawal through ATMs were launched.
YES
YES GENIE GENIE
Description
YES Genie is the super-app for internal employees of the Bank in customer engagement and serves as cornerstone for
them to provide superior customer experience. It enables the staff with customer-level information, insights, actionable
as well as tracking and fulfilment capabilities in an entirely paperless, fully digital and in Straight Through Processing (STP)
mode. Genie is fully in-house designed and developed microservices-based platform customised for Banks' needs and
catering to ever-growing & fast-changing digital requirements.
Genie provides Next Best Actions enabling hyper-personalisation as a service to all digital channels in the Bank, these are
customer level alerts/actionable which includes Cross Sell Offers/Recommendations, Nudges, Service/regulatory alerts.

YES Genie is currently widely used by all YES BANK staff IN FY 2023-24, YES Genie pioneered, YES BANK RM
across various units for bespoke use cases. Connect for streamlined customer-RM connectivity
integrated with the CRM solution providing customers
with a single phone number to connect to their
Genie pioneered the industry-first digital
RMs. Fully digital and paperless services such as address,
Foreign Currency deposit booking, resulting in a
nominee and PAN updates, instant FD statement and
reduction of turnaround time to enable a seamless
Retail Assets statements were made live on YES Genie.
customer journey in a matter of minutes.

RETAIL BANKING ASSETS
Description
Retail Banking Assets serves the retail consumer and commercial business groups through Mortgage, Unsecured Loans,
and other consumer and commercial loan products. The product is offered in 1,190 Branches across 670 locations where
Retail Asset Products are offered across India.

The segment offers retail loan products such as home y Product and sourcing mix calibration oriented towards
loan, affordable home loan, car loan, commercial profitability improvement
vehicle loan, construction equipment loan, loan against y Digital loan onboarding, powered by Salesforce, is live
property, personal loan and business loan, among others, for Home Loan, Affordable Home Loan, Loan against
under a single roof. Property and Personal Loan
y Strengthened collections infrastructure with new
collection management system, additional Scorecards
~` 41,000 crore to further augment collection efficiency
Total Disbursements in
FY 2023-24
RURAL BANKING ASSETS
Description
Through its Kisan Credit Cards and farm mechanisation loans, the segment addresses the financial requirements of
Indian farmers for crop production, ancillary activities and farm mechanisation. It caters to farmers in 11 states.

y Offers variants under crop loan to cater to specific y Launched new products to cater to agri-allied activities
needs of farmers across specialised agri-clusters and farm mechanisation needs
y Takes care of farm mechanisation needs of y Expanded the geography of our operations
progressive farmers by financing purchase of
tractors as the primary asset class; finances small
business entities, self-employed professionals and
63,000
entrepreneurs in rural areas Active Farmer Borrower Base
as at March 31, 2024
39
PRODUCTS & SERVICES
AGRI-BUSINESS PRODUCT MANAGEMENT
Description
The segment offers customised lending propositions for agri value-chain participants – farmers, SMEs and
corporates. It has a granular loan portfolio against the pledge of agri-commodities across geographies, while ensuring
adequate risk mitigation. This end-to-end process is carried out on digital platforms for faster customer service and
superior experience.

y Agri Value Chain Financing y Launched the Commodity Finance Customer Interface
y Agri Commodity Pledge Financing to enable disbursement request, repayment,
interest payment and margin regularisation from
customers’ end
` 1,930 crore
Commodity Pledge Finance
Portfolio in FY 2023-24
catering to 650 customers
INCLUSIVE AND SOCIAL BANKING ASSETS
Description
The Bank focusses on frugal, inclusive, catalytic innovations and key partnerships to create and promote viable business
models, while providing ‘access to finance’ to bottom-of-the-pyramid customers. It has aligned Inclusive and Social
Banking (ISB) and Microfinance Institutions Group (MFIG) businesses with rural branches and broadened the distribution
channel through Business Correspondent (BC) branches and BC Banking Outlets (BCBO).

y The Bank’s 219 BC Banking Outlets (BCBOs) provide y Offers optional insurance products including a
Asset and Liability solutions to over 1.3 lakh customised loan cover life insurance product
customers in the rural area y Offers tailored health cover product for rural and semi
y On the retail side, through its flagship group lending urban segments to help them reduce out-of-pocket
programme ‘YES Livelihood Enhancement Action hospitalisation expenses
Programme (YES LEAP)’, it provides financial services
to women microfinance borrowers
6.6 lakh ` 16,300 crore
Active women Cumulative
customer base in disbursement since
YES LEAP inception in YES LEAP

CREDIT CARDS
Description
The Credit Card department of YES BANK is known for its focus on customer satisfaction. It offers a wide range of
feature-rich products and ensure efficient distribution and excellent customer service. This is backed by effective risk
management system leading to increased card usage and bigger spending by the customers, and better activation rates.

y In March 2024, the Bank has crossed a milestone of y In July 2023, the Bank launched “UPI facility on
2 million live Credit Cards, with 21.2 lakh credit card- RuPay Credit Cards”, a novel concept which offers
holders with YES BANK, in the market a unique and an engaging proposition to its Credit
y The Credit Cards business has achieved impressive card customers to conduct UPI transactions on their
Y-O-Y growth rates of 57% in outstanding balances Credit Cards. Since its launch, the Bank has issued
and 56% in card spends more than 4 lakh UPI-enabled Credit Cards to cater to
this opportunity
Products and Services y In December 2023, the Bank has launched a Premium
Card, MARQUEE Credit card with several benchmark
y The Bank's current Credit Card portfolio consists of
features to further strengthen its positioning in the
25 products tailored for consumer, small and medium-
Ultra HNI customer segment
sized enterprise (SME) and commercial segments
y In August 2023, the Bank launched a new digital
y In December 2023, the Bank revamped its Credit card
channel for sourcing of Term Products
suite with enhanced features and new design
Over 95% Share

Of new card issuances were
processed digitally
MERCHANT ACQUIRING SERVICES
Description
YES BANK is one of India's leading Merchant Acquiring Services provider, with a best-in-class product suite backed by
high service standards and a robust technological infrastructure. The Merchant Acquiring Services focusses on managing
merchant relationships via a dedicated Relationship Officer in the field and also through Virtual Relationship Officers, thus
continuously working towards developing an overall engagement.

y With 3.6 lakh Payment Acceptance Devices pan India Merchant Acquiring Services offer state-of-the-art
and about 1.8 lakh Merchant Outlets being catered to Android-based point-of-sale (POS) devices, SoftPOS
by the Bank, the business continues to scale upwards solution, merchant application, same-day and holiday
y About 1.4 lakh Payment Acceptance Devices and over settlements, and an array of other value-added services,
55,000 Merchants Outlets were added in FY 2023-24 including SMS Pay, EMI, Dynamic Currency Conversions
y The business has achieved an impressive Y-O-Y (DCC) and best-in-class solutions for Bharat QR (BQR) / UPI
growth rates of 44% in volume of overall transactions payments like BQR Standee and BQR Soundbox.
processed through payment acceptance devices
41
PRODUCTS & SERVICES
New Initiatives y Our First Mover Innovative Solution “Digital Hundi”

y In July 2023, launched YES DIGI INSTA app, this digital (ई-दाानपाात्र), an innovative solution for temples to
platform simplifies the entire physical onboarding digitalise donations, reducing cash management
process into a seamless digital experience costs associated with handling small denominations,
y The all-in-one YES BIZ+ app empowers merchants soiled, or mutilated notes and coins
to accept payments directly on their smartphones, y INSTA Kit now includes QR codes, enabling
analyse transactions in real-time, raise service merchants to start transacting immediately after their
requests, and apply for additional TIDs or Value- accounts are set up. This is ready-to-use solution,
Added Services (VAS) available at branches, streamlines the account
opening in process
1.8 lakh 3.6 lakh 1.4 lakh

No. of Merchant Outlets with No. of Payment Acceptance No. of new Payment
YES BANK Merchant Acquiring Devices across locations Acceptance Devices added in
Services FY 2023-24
SME BANKING
Description
YES BANK’s MSME Banking business caters to all the financial requirements of the MSME ecosystem with solutions
for working capital, term loan, trade, forex, treasury and commercial asset requirement in its over 800+ branches.
Customised solutions, dedicated relationship team, knowledge-banking experts and an extensive network deliver
unmatched one-stop service to SMEs and help them address their end-to-end requirements
Products aimed at Green Financing y Launched state-of-the-art Supply Chain Financing

y Loans for adoption of solar energy for captive platform SMARTFIN for digitally-enabled onboarding
consumption of SMEs & loan management
y Financing for urban waste collectors and processors
and manufacturers of Effluent Treatment Plant/ Products and Services
Sewage Treatment Plants The Bank offers comprehensive client-focussed solutions:
y Supporting Electric Vehicle ecosystem by financing y Working capital finance (including various Govt.
auto ancillaries/ charging infrastructure players Schemes / Start Up funding)
y Term Loans (Including Capex loans)
New Initiatives
y Commercial Asset Requirement
y Launched Digi OD, a high-yielding asset product
aimed at increasing penetration for bottom-of- y Trade finance
pyramid SME customers y Treasury services (Foreign exchange risk management)
y Implemented Algorithm (BRE) driven lending based Foreign currency loans including ECBs
on cashflow assessment developed basis statistical y Supply Chain Finance
scorecards y Agri Commodity Finance
y Launched SME Direct Desk to cater 50+ services for y Cash management services
SME customers

FINTECH PARTNERSHIPS
Description
By collaborating with select Fintech Partners, the Bank is building a sustained and scalable low-cost acquisition model.
Selecting a Fintech Partner is a well-thought-out strategy with a segmental-based focus to ensure differentiated product
offerings and value-creating propositions.

y The Bank engages with multiple fintech partners y It leverages unique propositions with the Fintech
to enable the acquisition of incremental new- Partner’s superior UI/UX and a robust application
to- bank (NTB) customers across liabilities, assets programming interface (API)-based technology stack
and credit cards
WHOLESALE BANKING
Description
The Wholesale Banking Group continues to play a key and pivotal role for the Bank, serving the below segments:
y Large Corporates y Mid-Corporates y Indian Financial Institutions

y International Banking y Government Banking y Multinational Corporates

Offering comprehensive client-focussed services across:
y Working Capital Finance y Supply Chain Finance
y Term Loans y Debt Capital Markets, Treasury Services (Foreign
y Project Finance Exchange Risk Management)
y Loan Syndication y Foreign Currency Loans including ECBs
y Transaction Banking Products y Overseas Financing (via IFSC Banking Unit in GIFT
City), and
y Trade Finance
y Liquidity Management Solutions
y Cash Management Services
43
PRODUCTS & SERVICES
LARGE CORPORATES
Description
YES BANK’s Large Corporates segment provides comprehensive financial and risk management solutions to large
corporate clients. With the Bank’s theme of Ecosystem Banking and its service-centric approach, the segment focusses
on the entire ecosystem of corporates by also catering to their dealers, vendors and customers.
Scale Products & Services

Team of 183 Relationship Bankers in nine cities y This specialised team offers a comprehensive suite of
banking and financial services to its clients including
Team Expertise: Project Finance, Balance Sheet growth solutions,
y The Large Corporates Relationship Team is dedicated Working Capital facilities, Trade and Transaction
to fostering long-term partnerships by delivering Banking, Foreign Currency management services and
customised financial solutions and strategic guidance Digital Banking services, tailored to meet the complex
to large Indian enterprises and dynamic requirements of large-scale enterprises
y The team possesses industry expertise across various y In addition to Wholesale Banking Products and
sectors, providing industry-specific insights and Services mentioned above, Large Corporates business
financial solutions tailored to meet the unique needs unit also works in partnership with Retail Banking
and challenges of each industry to offer a bouquet of services to the employees and
supply chain ecosystem of its clients
y The segment offers holistic banking solutions,
combining expertise, a gamut of product offerings,
and advanced digital platforms to facilitate seamless,
real-time banking operations for large corporates
MID-CORPORATES
Description
The Mid Corporates segment focusses on corporates with a turnover between ` 100 crore and ` 1,500 crore.
The segment serves local corporates by understanding their banking needs and delivering tailored solutions across the
entire spectrum of banking services

The Mid-Corporate segment continues to adopt a The Mid Corporates segment offers a customised suite
two-pronged approach of acquisition of New to Bank (NTB) of financial products including Term Loans, Funded &
clients, and deepening of existing relationships along with Non-Funded Working Capital Facilities, Cash Management
focussing on X-Sell through synergies with Transaction Solutions, API Banking, Digital Banking and Trade &
Banking, Digital Banking, YES Securities, FASAR, Treasury Treasury Products by leveraging cutting-edge technologies.
and Branch Banking. The strong team of 324 relationship
managers is present at 39 locations
Growth driven by regional 64% of Unicorns and

presence, granular book, 1,200+ Start-Ups in
robust risk management, strong India are served by
digital penetration, structured YES BANK’s Mid
cash & trade solutions Corporates segment

INDIAN FINANCIAL INSTITUTIONS
Description
The Indian Financial Institutions Segment offers correspondent banking solutions to domestic and cooperative banks,
digital and transaction banking solutions for NBFCs, Insurance Co’s, Mutual Funds, and Capital Market entities and
sustainable asset book building in NBFCs

Team of 62 Relationship Bankers based across all key y Resource raising in the form of Borrowings & Refinance
locations Pan-India, catering to Indian Financial Institutions basis engagements with all AIFIs like National Bank for
Agriculture and Rural Development (NABARD), the
Small Industries Development Bank of India (SIDBI),
Liability focus with superior the Export–Import Bank of India (EXIM Bank) and the
and customised Digital & National Housing Bank (NHB)
Transactional banking solutions y Facilitates Co-lending / Direct Assignment (DA)
for Financial Institutions partnerships to build the retail book
y Superior offerings for Professional Clearing Members
(PCM) and Custodial Businesses, along with banking
facilities for stockbrokers and exchanges
y PSL generation through focussed lending to NBFC/MFIs
INTERNATIONAL BANKING
Description
The International Banking segment maintains relationships with an extensive network of International Banks, Multilateral
Financial Institutions and Exchange Houses. The unit leverages its strong correspondent-banking network to create
access for its corporate customers and also for internal stakeholders, providing access to the international markets for
availing financing and international banking services.

Team manages relationship with more than 400 y Leveraging the Digital & CMS capabilities for generating
international / multinational banks spread across CA balances
70 countries and also works with a dozen International y Vostro / Special Rupee Vostro Accounts
Developmental Financial Institutions on liability generation
y Enhanced borrowings from liability-rich banks
and cross-border trade facilitation
y Capitalising the Digital strength of the Bank for
Products & Services increasing wallet share of payments routed under RDA
y Trade finance y Leverage the Bank as Payment Aggregator model for
y Treasury services cross-border business payments
y Investment banking solutions
y Remittance solutions
y Financial advisory
45
PRODUCTS & SERVICES
GOVERNMENT BANKING
Description
The Government Banking segment provides coverage to Government(s) & Administered Institutions backed by
Comprehensive Financial and Digital Solutions Expertise.

Coverage in 36 Cities by an experienced team of y Agency Business Empanelment in Key States – Assam,
76 Relationship Bankers and further amplified by Meghalaya, Rajasthan, Assam, Bihar, Gujarat, Telangana
Branch led sourcing of Government Accounts at all y Empanelment for Liabilities business with key
YES BANK Branch Locations pan-India liability-rich States
Products & Services y First Mover in key growth sectors like Smart Cities,
Defence OFBs, Ports amongst other through unique
Digital Solutions
y Digital & Transaction Banking Solutions
y Trade Finance
Emerged as a Preferred
y Treasury Services
Bank for Government(s) and
y Debt Capital Market Services Administered Institutions
y Knowledge Advisory backed by comprehensive
Financial and Digital Solutions
MULTINATIONAL CORPORATES
Description
The Bank has established strong relationships with various multinational corporates across key trade corridors and
positioned itself to extend its network for their India-linked businesses. The Multinational Corporates unit also engages
with various strategic influencers to originate current account leads by leveraging its thought-leadership and transaction
banking capabilities.

Team of 42 Relationship Bankers spread across 8 cities y Becoming preferred host-country bank to global clients
covering majority of MNC presence in India. Service and y Source solution-led current account from corporates
Digital capabilities of global standards combined with
Domestic Reach and Gift City Presence
Products & Services 1st domestic private

sector bank with a
y Comprehensive Solutions tailored to dedicated MNC unit
MNC Banking needs
y Technology Banking
y Global Banking
y Ecosystem Banking
y Knowledge Banking / Advisory

TRANSACTION BANKING1
Description
Transaction Banking is a specialised product group providing Trade Finance, Cash Management, Custodial Services, Supply
Chain Financing, Bullion and Remittance Services to Corporates, MSMEs, Startups, Governments and Financial Institutions.
Scale y Digital Trade Digitisation on our Smart Trade Platform

Product Coverage across 10,000+ Corporates and (Digital) witnessed 28% Y-O-Y growth
35,000+ Retail/SME Clients y EPFO empanelment in January 24
y Gone live with “SWIFT Corporate to Bank” enabling
Corporate Clients who are live in SWIFT (having
y Cash management services for managing receivables BIC Code)
and payables
y Focus on Export Credit – Tie-up EXIM Bank for wider
y Customised and innovative digital solutions, including geographical coverage
market-leading API banking solutions
y YES BANK partners with RXIL global IFSC to be the “First
y Digital solutions for correspondent banking and NBFCs Indian Bank” to execute export finance transaction
y Specialised products and solutions for government on ITFS platform
entities, including Central and State bodies y TBG - Corporate Client Management (CCM) unit is now
ISO 9001:2015 Certified
The segment offers innovative digital solutions by
designing, developing and co-creating products with
corporate clients, fintech/technology partners, banks and 1,000+API-related 95% of Corporate
exchange houses. TBG’s supply chain unit works with services under API CASA is embedded
strategic corporate clients to harness supply chain linkages Banking (Since its with Transaction
and provide critical liquidity solutions to SME partners. introduction in Banking Product &
These solutions are provided by leveraging cutting-edge September 2015) Solutions
technology, including artificial intelligence (AI), block chain
and API banking. 79% CA, 86% CMS 98% of our Cash
Thruput, 91% Trade Management
New Initiatives FB* & 93% Trade NFB** thruput comes
y YES Connect launched April 2023 - 4,500+ solution across Corporates from Digital
plugins & 10k+ Current Account leads generated has 2+ TBG Product modes
Embedment
y 17% Y-O-Y growth in Corp. CA Book; 41% Y-O-Y growth
in CMS Thruput
y 70% growth in Asset under Custody, 92% growth in 90% of our Corporate 70% of all Lending
total Statutory payments, 97% in NACH & 46% CASA clients is covered Clients have 2+
by dedicated Service TBG Product
growth in BBPS Y-O-Y
Team, with query Embedment
y 2x Y-O-Y growth in Corp. IBU CA resolution at 93% First
y 60+% YTD growth in Mandate executed Y-O-Y Time Right with 92%
y Trade NFB Book has increased by 26%; & Trade FB TAT adherence
book by 24% Y-O-Y
*Corporate Trade Fund Book
y 23% growth in Trade & CMS Fees
**Corporate Trade Non-Fund Book
GRI 2-6
1
47
PRODUCTS & SERVICES
PROJECT FINANCE BUSINESS AND LOAN SYNDICATION
Description
Project Finance Business (PFB) is a specialised business unit which handles project finance loans and other large long-term
loans of the Bank. The Unit houses sector expertise built over years across Energy, Transport, Ports & Logistics, Core &
Evolving Sectors, Real Estate, Hospitality and Healthcare etc.
Loan Syndication (LS) unit leverages its vast relationship with Lenders to provide capital saving, yield enhancement
and risk diversification through distribution of Bank’s advances. This provides a one-stop solution to clients large
underwriting requirements and at the same time de-risking the Bank's balance sheet. The unit also leverages its
relationship with Lenders to acquire advances from syndication market.
Key Strength y Bespoke Solutions with Client Focus - Deal

y Sectoral Knowledge - Sector-focussed Business Structuring to optimise funding attractiveness to suit
Development & Risk Identification for Deal Closure the specific client and project requirements
y Engagement with Regulatory Bodies and other y Market Intelligence & Relationship with Lenders -
Stakeholders - Pulse of sectoral Headwinds and Facilitate deal structuring and exposure strategy
Tailwinds across industry and value chain
Originate-to-Distribute
y ESG focus - Meeting Bank’s ESG commitment through
lending to sustainability sectors Combined capabilities of PFB and LS units enables the
Bank to execute deals on Originate-to-Distribute basis -
leading to Yield Improvement, Risk Diversification, Capital
Saving and Increased cross-sell (cashflow routing, Escrow,
Lead, NFB etc.) for the Bank
FINANCIAL MARKETS
Description
The Financial Markets function offers comprehensive services across Interest Rates, Foreign Exchange, Debt Capital
Markets, Bullion etc. The Financial Markets franchise caters to a multiverse of client segments such as Corporates, SMEs,
Government entities, Institutions, and Individuals. It excels in ideating on funding strategies, mitigating currency
risks with robust hedging strategies and enhancing financial stability, meeting the diverse needs of the Bank’s clients.
The Balance Sheet management group - is the custodian of the Bank's cash, liquid assets and government securities
portfolio managing day-to-day liquidity with required reserve ratios and providing fund transfer pricing for all of the asset
and liabilities products offered to the Bank’s customers. As a designated primary dealer by RBI, the Bank also underwrites
and creates liquidity for central and state government securities by making two-way prices in the market.
Products and Services y Dedicated Treasury sales manager for each client to
y Expertise in cross-border remittances on account of offer timely market insights and hedging solutions
trade and services as well as capital flows y Overseas presence through IFSC Bank in GIFT city,
y Fund raising solutions for clients through products Gujarat offering various Financial Market Products
like Non-Convertible Debentures, Commercial Papers New Initiatives
and other structured financing options
y Enabled 24*7 NEFT and RTGS for Individuals
y Electronic execution offered to clients through YES and Corporates to enhance customer base and
BANK's proprietary platform increase CASA

y Executed the Bank's maiden funding transaction

Bespoke risk Among Top 3 Banks
for an InvIT
management solutions for outright purchase
y Sophisticated product suite that includes structured to more than 35,000 of Gold, Silver and
solutions such as European and American barrier clients pan India Gold Loan
options, TRS and Bond FRAs
IFSC BANKING UNIT
Description
Only overseas branch of the Bank and the First Bank to start operations in October 2015 at GIFT - International Financial
Services Centre (IFSC). Regulated by the International Financial Services Centers Authority “IFSCA” as Host country
regulator & Reserve Bank of India “RBI” as the Home country regulator, IBU offers comprehensive FCY products helping
the Bank to complete its Wholesale & Retail product bouquet
Scale New Initiatives/Developments

` 5,960 crore + Customer Advances & Investments y Successfully participated in a few large, syndicated
deals in infrastructure & pharmaceutical sectors
Products and Services y Significant acceleration in Liability business with total
y FCY funded/non-funded loans to JV/WOS of Indian customer deposits at ` 2,010 crore
Corporates and other eligible Non-resident entities y Introduced Digital Smart Trade platform offering
y External Commercial Borrowings (ECB) and trade efficient and convenient remittance process to clients
credit loans to Indian entities y High growth seen in transaction volumes handling
y Derivatives/Forex Hedging/Cross Currency and other over 11,000 remittances
financial market products
y CA / SA /TD liability offerings
y Remittances and import/export linked product offerings
BUSINESS ECONOMICS BANKING
Description
As the research and knowledge team within the Bank, it strives to be at the forefront of understanding and disseminating
critical analytical perspectives on domestic and global financial markets. The team produces cutting-edge reports
on macro issues and public policy perspectives with an aim towards enabling clients with not only the requisite
knowledge base required for businesses but also ensure that actionable strategies with respect to financial markets are
backed by adequate research.

y GLOBAL MARKETS UPDATE: Update on overnight y CLIENT SERVICING: Regular meetings and
global markets focussing on macro developments, FX, interactions with clients for knowledge sharing
fixed income, and commodities y FRANCHISE / CAPACITY BUILDING: Thought
y ECOLOGUE: Data and critical event reporting along leadership at industry organisations, regular
with a perspective from the team, disseminated to participation in media space, including authored
clients on the same date columns
49
PRODUCTS & SERVICES
FOOD AND AGRIBUSINESS STRATEGIC ADVISORY AND RESEARCH (FASAR)
Description
YES BANK’s specialised Food and Agribusiness Strategic Advisory and Research (FASAR) unit houses industry specialists
with sectoral knowledge and experience in the food and agriculture domain. FASAR provides unique, knowledge-driven
solutions to clients by actively engaging in research, strategic advisory, policy advocacy and knowledge dissemination.
FASAR generates banking opportunities on the back of these unique knowledge banking services, with a focus on exploring
innovative banking solutions, acquiring new-to-bank clients and deepening banking relationships with existing clients.

y FASAR works closely with Corporates, MSMEs, apprising stakeholders on the latest issues, key
Multinationals, Central Government Organisations trends and developments in the Indian food and
and State Governments executing project agriculture domain
advisory, strategic advisory as well as policy y FASAR knowledge partners with various government
advisory engagements across diverse sub sectoral organisations as well as eminent industry forums to
and thematic areas focussed on the food and conduct various national as well as international
agriculture value chains conferences focussed on propagating information
y The unit also conducts in-depth research on various and knowledge that contribute to sustainable
sub-sectors of Food & Agri domain and releases development of India’s food & agriculture sectors
knowledge reports and research papers
Note: There have been no significant changes in the sector that the Bank operates in, its value chain, and other business relationships
compared to the previous reporting period1
GRI 2-6
1

CORPORATE AND GOVERNMENT ADVISORY
Description
The Corporate & Government Advisory (CGA) group works across emerging sectors of the economy by executing
knowledge and advisory mandates to support India’s holistic and inclusive growth. The group leverages its in-depth
sectoral expertise, research skills and apex-level relationship capital across the government and the industry ecosystem
to assist clients, including central and state governments, multi-lateral bodies, industry chambers and private sector
players, in their developmental and growth agenda.
A focussed sector-oriented approach across sectors such as Urban Sustainability, E-mobility/Advanced Automotive, has
led to creation of new banking opportunities and deepening of relationships with key customer segments

y Business Growth Advisory – Market Evaluation y Advisory assistance to Smart cities in planning for
(Sector Centric / Opportunity Centric), Scheme Advisory integrated waste management projects ensuring
(Central & State Schemes), Partner Identification, circular economy
Investment Location Analysis and Incentive Mapping y Advisory Assistance to the private auto components &
y Government Policy Advisory – Policy Development electronics players in localising the supply value chain
& Review, Financial Impact Evaluation, Policy to meet Atmanirbhar Bharat
Implementation Support and Policy Promotion
y Government Strategic Advisory – Investment
Promotion Advisory, Sector Development Roadmaps,
Government Financial Advisory, Pre-Feasibility & DPRs
51
Operating Environment
Key macro trends which are influencing the Bank’s business and our response
Resilient Global Economy, Moderating Despite a challenging global environment, the Indian
Inflation and Improved Domestic Stability banking sector remained stable, with improving profitability
The global economy demonstrated resilience in and asset quality, adequate level of liquidity and capital
FY 2023-24, outperforming expectations despite buffers. Moreover, RBI’s macro-stress tests revealed that
geopolitical tensions and monetary policy tightening by Scheduled Commercial Banks (SCBs) are well capitalised
major central banks. The International Monetary Fund and capable of absorbing the most adverse economic
(IMF) forecasts global growth at 3.1% in 2024 and 3.2% in shocks even without capital infusion.
2025, driven by the United States, key emerging markets,
and fiscal support in China.
India remained one of the fastest-growing economies Our Response

of the world during the year, and exhibited sound The Bank closely monitored global and domestic
macroeconomic fundamentals. While urban demand economic trends, and adjusted its actions according to
remained strong, the rural sector also recovered after the country risks and sector-specific impacts. In context,
the initial struggle. Capex spends by the government Bank also hosted 'The Growth Summit', fostering
(both Centre and state) played a pivotal role in sustaining insightful discussions with diverse stakeholders, aimed
growth momentum. Barring a few sectors, private capex at propelling India towards a USD 10 trillion economy.
continued to lag despite healthy balance sheets of
banks and corporates, although recent surveys hint at a Amidst the macro-economic backdrop, the Bank
resurgence in capex. As per the government estimates, continued to drive growth with improvement in
India’s GDP is projected to have clocked 8.2% growth in profitability with a focus on retail asset mix optimisation,
FY 2023-24, compared with 7% in FY 2022-23. strong growth within SME and Mid-Corporate
segments, and further improving the share of its
While global headwinds posed risks to India's economy, branch distribution, by leveraging the network to
macroeconomic stability is anchored by moderating offer a full spectrum of products. The Bank, through
inflation and the ongoing fiscal conditions. Headline CPI its comprehensive strategy, reported reductions
inflation dropped to 5.2% in the second half of FY 2023-24, in shortfalls in PSL categories and sub-categories.
from 5.5% in the first half of FY 2023-24, averaging at The Bank further fortified its balance sheet through a
~5.4% for the financial year 2023-24. Trade gap improved significant reduction in its Gross NPA and Net NPA.
slightly in FY 2023-24, compared to FY 2022-23 even as
moderation was witnessed in exports and imports.
Government and Regulatory Interventions Improving Asset Quality and Investment Practices
Key guidelines issued during the year focussed around In response to the high growth seen in consumer
strengthening governance and risk management, credit and increasing dependency of NBFCs on bank
enhancing customer service and grievance redressal, borrowings, RBI increased the applicable risk weights
aiding customer interests, focussing on improving asset in certain components of consumer credit and advised
quality and investment practices, and fostering a robust banks and NBFCs to strengthen their internal surveillance
compliance culture. mechanisms, address the build-up of risks, and institute
suitable safeguards. The Regulator also issued instructions
Information Technology (IT) and IT-enabled Services restricting investments by a regulated entity (RE) in any
(ITeS) scheme of Alternate Investment Funds (AIFs) which has
To exercise control and ensure due diligence with downstream investments either directly or indirectly in a
regards to various risks, RBI issued Master Directions debtor company of the RE, to curb situation of possible
on Outsourcing of Information Technology Services. evergreening through investments in units of AIF.
Further, the regulator also issued Master Directions on
IT Governance, Risk, Controls, Assurance Practices and
Business Continuity/Disaster Recovery Management. Our Response
The Bank is committed to complying with RBI's guidelines
Enhancing Customer Service and Fair Lending and regulations, ensuring a robust compliance culture
Practices that prioritises customer protection, risk management,
RBI issued a comprehensive framework for strengthening and sustainable practices. The Bank has implemented
and improving the efficacy of the grievance redressal comprehensive policies and controls to reflect the latest
mechanism and customer service provided by the Credit directives, including those related to IT governance,
Institutions (CIs) and Credit Information Companies (CICs) customer service, green deposits, asset quality, and
along with a framework for compensation to customers investments. The Bank’s leadership is dedicated to
for delayed updation/rectification of credit information. fostering a culture of compliance, regularly evaluating
The central bank also issued various guidelines to ensure and updating our policies to embrace best practices
reasonableness and transparency in disclosure of penal and align with RBI's vision for a resilient and sustainable
interest to promote fair lending practices amongst banking system.
regulated entities.
53
OPERATING ENVIRONMENT
ESG and Climate Change

In FY 2023-24, sustainability and climate action remained energy, electric vehicles, bio-manufacturing & bio-foundry,
prominent agendas in global and national discussions, and blue economy. The Securities and Exchange Board
notably through the G20 New Delhi Leaders’ Declaration of India (SEBI), also took significant steps to boost green
under India’s Presidency, which reaffirmed the G20 investments by prescribing additional requirements
leaders’ commitment to advancing sustainable finance. for issuing transition bonds to prevent mis-allocation
The endorsed recommendations included mechanisms to and pioneering the framework for ESG rating providers.
ensure the timely and adequate mobilisation of resources In April 2023, RBI issued a framework for acceptance of
for climate finance while supporting transition activities Green Deposits which aims to direct the flow of funds to
tailored to individual country circumstances. The UNFCCC sustainable projects and initiatives, protect the interest of
CoP-28 forum urged Parties to intensify global climate the depositors and address greenwashing concerns.
ambition by the end of the decade through decisive actions.
India also called for a clear roadmap for climate finance The year also witnessed significant regulatory initiatives
as an essential element for achieving the quantified goals. to promote ESG governance. The central bank
Operationalisation of The Loss and Damage (L&D) fund at intensified efforts to develop policy interventions aimed
CoP-28, became a pivotal moment in climate justice for at building resilience within the Indian banking sector
countries grappling with climate change impacts. and outlined clear supervisory expectations through a
draft disclosure framework on climate-related financial
Aligned with its Nationally Determined Contributions risks. SEBI introduced the BRSR Core standards which
(NDCs), India showcased its climate ambition at CoP-28 by expands the scope of BRSR (Business Responsibility and
launching the Green Credit programme, which incentivises Sustainability Report) reporting framework by including
voluntary pro-planet actions, under its LiFE (Lifestyle for transparency in the value chain of listed entities. SEBI’s glide
Environment) initiative. Allocations under the interim Union path for companies to adopt the BRSR Core disclosures
Budget 2024-25 reaffirmed India’s commitment to Net Zero aims to ensure that emissions across the value chain are
by 2070 by highlighting measures in four key areas: green adequately accounted and reported.

Our Response
YES BANK continues to actively monitor developments in its operations to Net Zero by 2030. In FY 2023-24,
the ESG and climate landscape by collaborating closely the Bank increased the share of renewable energy
with a diverse range of stakeholders to integrate key in the Bank’s electricity mix to 12.31% resulting in
sustainability themes and practices into its business. approximately 5,254 tCO2e in avoided emissions.
The Bank has published its BRSR as part of its Integrated
Annual Report (refer to page 328) and aligns its In line with its climate commitments, the Bank has
ESG disclosures with benchmark reporting frameworks started developing its capacity for scenario analysis
such as the GRI Standards and the Task Force on and is leveraging scenario-based target setting
Climate-Related Financial Disclosures recommendations. approaches to develop long-term climate resilient
strategies and roadmaps. To start with, the Bank has
For its comprehensive ESG and climate disclosures, measured and reported the financed emissions of
YES BANK achieved the highest score among Indian its fund-based electricity generation portfolio. It has
Banks, with a S&P Global ESG score of 74 (out of 100)*. set decarbonisation targets to reduce the financed
The Bank maintained its rating of 'A-' (Leadership Band) emissions intensity of its electricity generation loan
by CDP, making it the highest-rated Indian Bank for portfolio, in line with the Science Based Targets initiative
climate disclosures. The Bank has established a robust (SBTi) well-below 2-degree scenario, striving for a
climate governance framework, with Board-level and 1.5-degree scenario. YES BANK continues to support
Executive-level committees overseeing its climate climate-aligned sectors such as renewable energy and
strategy. It strives to align its business with the goals electric vehicles and has developed targeted products
of the Paris Agreement and India's net zero transition. for green financing, such as YES Kiran rooftop solar
YES BANK has pledged to reduce GHG emissions from loans for SMEs.
*YES BANK achieved the highest S&P Global ESG score amongst Indian banks based on the S&P Global Corporate Sustainability
Assessment (CSA) 2023. The Bank’s S&P Global ESG score stood at 74 (out of 100) as at February 16, 2024. The Bank’s S&P Global CSA
Score stood at 73 (out of 100) as of December 1, 2023
55
OPERATING ENVIRONMENT
Driving Digital Transformation, Fostering

Innovation and Delivering Unparalleled Value Our Response
The Digital Banking environment in India has entered a In response, the Bank has embraced emerging
new phase of transformation, propelled by advancements technologies to offer personalised and enriching
in Artificial Intelligence (AI), shifting customer preferences, digital banking services, aligning closely with
market dynamics and regulatory changes. The previous regulatory guidelines. Committed to its strategic
year witnessed significant policy reforms and regulatory roadmap, YES BANK remains dedicated to crafting
changes in India's banking sector, in the form of new seamless customer experiences, leveraging digital
guidelines on digital lending, NPA norms and international touchpoints to drive business adoption, and
banking standards amongst others, which were aimed exploring new growth avenues through strategic
at enhancing resilience and transparency for ensuring a partnerships. Notable among these is the Bank’s
stable financial environment. collaboration with a leading player in the payment
ecosystem - the PSP Payments Bank, reflecting the
inherent strength of its capabilities and technology
infrastructure. This partnership is expected to
further aid the Bank’s market share in digital payment
ecosystem, merchant acquisition, current account
balances, and transaction banking flow, thereby
boosting fee income. YES BANK's commitment to
innovation has resulted in strategic collaborations
with FinTech and BigTech partners, fostering
co-lending arrangements and expanding the lending
portfolio and product offerings.
The Bank also worked on several pioneering initiatives introduced during the year
CENTRAL BANK DIGITAL IRIS BY YES BANK YES PAY NEXT

CURRENCY (CBDC) All-encompassing next-gen mobile Comprehensive payments app
Recognising the potential of banking application offering 150+ designed to facilitate quick, smart,
CBDC in addressing last-mile features and services and secure transactions
connectivity challenges,
especially in low and no-internet YES PAY BIZ DIGITAL HUNDI
connectivity areas, we are Specialised mobile app tailored Digitisation solution empowering
leveraging CBDC to enhance for merchants, providing a robust religious institutions to efficiently
digital penetration and foster platform for payment acceptance, manage donations
financial inclusion reconciliation, settlement, and
operational optimisation
FACE AUTHENTICATION
FOR AePS NEW-AGE TECH INNOVATIONS
New method of AePS Actively exploring new-age tech
authentication to enhance innovations, including Voice
transaction security and Bot assistance in our Contact
customer convenience Centre and AI Chatbot services,
ensuring a seamless 24x7 banking
experience for our customers

Data Privacy and Cyber Security

As the financial ecosystem shifts towards open banking, Our Response
ecosystem banking, and digital payments and lending, YES BANK’s comprehensive information security
banks are faced with the need to have robust IT programme ensures utmost confidentiality, integrity,
infrastructure with resilient systems and stringent security and availability of its infrastructure. The Bank maintains
policies & controls to safeguard their information assets. continuous oversight over this issue through a Board
Consequently, security risks and related complexities have Level Committee, a management-level ‘Security
also emerged, which may result in breach of confidentiality Council’ and independent audits by the Internal
and compromise of customer’s classified data. Audit Team and an external third-party. The Bank
Therefore, staying ahead of the curve in cyber security has adopted Global Information Security Standard
measures has become crucial for financial institutions to ISO 27001:2013 and implemented Board-approved
maintain a secure digital environment for their customers. Information Security Policy and Cyber Security policy,
as directives to protect its information assets.
The Bank has adopted a risk-based approach and

follows defence-in-depth to protect its information
systems against cyber-attacks. It has adopted a
Cyber Security Resilient Framework to manage
cyber security risk. The Bank has established a
24x7 Security Operations Center (SOC) to monitor
cyber-related risks and keep a vigil on suspicious
network traffic and enables proactive threat detection
and response. The Bank has also embraced the
principles of Security/Privacy by Design to embed
privacy safeguards in all its processes.
57
Our Strategy
YES BANK's prime agenda for the coming years is to focus on sustainable, profitable
and technology-led growth, with the Bank’s strategy built around customer-centricity,
technology leadership and a strong governance and compliance culture. As we
accelerate growth in a dynamic market environment, we remain geared to improve
our profitability in a risk-calibrated manner and becoming one of India’s most trusted
financial brands for customers, employees, investors and stakeholders.

Resilient economic growth

The Indian economy has continued to exhibit robust of balance sheets of corporates and banks, and gross
resilience despite global headwinds and geopolitical NPAs of banks at decade lows. With credit demand and
tensions, clocking a GDP growth of 8.2% in FY 2023-24, growth outpacing growth in deposits, the banking sector
one of the highest among the world’s major economies. is navigating competitive headwinds in a bid to mobilise
Credit disbursal and the capital investment cycle is deposits while minimising the impact on margins brought
unfolding successfully, especially with strengthening on by rising funding costs.
8.2%* 20.2%# 12.9%#

India’s GDP growth Y-O-Y Expansion in Y-O-Y Growth in
in FY 2023-24 Bank Credit Bank Deposits
Our strategy Sketching the way forward

In this emerging landscape, YES BANK remains singularly As the Bank grows in size and scale, it also aims to ensure
focussed on profitable growth, supported by early that there is a prudent increase in operating expenses.
investments made in building digital capabilities, a The Bank is working towards building a future-ready
broad-based distribution franchise, a diversified product organisation through an agile organisation structure,
suite, segmental offerings and a strong customer-centric efficient fit for scale processes and optimisation of
focus. The Bank plans to continue to scale up its Retail wasteful spends.
and SME businesses and granularise its Balance Sheet
profile; while improving its Net Interest Margin. Fortified by
a strong foundation and key business levers, YES BANK
is geared to further improve profitability with consistent
change across metrics on customer base, book quality,
liquidity and coverage ratio, augmented by a strengthened
profit & loss statement and balance sheet.
Building an Agile Core and Key Business Levers

Thrust Areas
Organisation through for Strategic Planning
y Best-in-class y Driving higher customer y Retail asset mix optimisation

organisation structure acquisition through y Leveraging the Bank’s strong
y Customer journeys and internal channels SME and mid-market value
process reimagination y Optimising operating costs proposition for profitability
y C
ost optimisation and y Strengthening digital and book build
optimisation of wasteful spends banking leadership y Branch as a
y Solidifying transaction fulcrum for business
banking capabilities y Building organic priority sector
and partnerships lending (PSL) book
*Source: GDP published by Ministry of Statistics & Programme Implementation

#Source: RBI for Banking Deposit & Credit Growth. Deposit growth excludes the impact of HDFC and HDFC Bank merger
59
OUR STRATEGY
Supporting our Strategic Priorities

YES BANK remains committed to its strategic vision of sustainable and profitable growth, with a target of ~1.5% RoA in
the medium term. With the understanding that growth is inextricably linked with environmental sustainability, social
development and good governance, the Bank continues to strategically integrate ESG considerations into its core business.
KEY PILLARS OF YES BANK’S VISION
STAYING UNIVERSAL, BEING A PREFERRED BANKER BEING EFFICIENT, YET

BUT GOING GRANULAR TO THE NEW ECONOMY EMPATHETIC
Our strategy Our strategy Our strategy
Gaining market share Maintaining digital market Becoming the key
across segments, while leadership with a focus destination for talent
diversifying and de-risking on monetisation technology and purpose
Key priorities Key priorities Key priorities

y Granularise all businesses y Relationship banker to future y Optimised processes
including corporate value pools (e.g., Millennials/ y Heightened
y Develop consumer lending early corporate salary, SME) customer service
capabilities and mindset y Banker of choice for digital- y Employee centricity
(e.g., parametric lending, natives (e-commerce, fintech,
y Fit-for-scale technology
test-and-learn) start-up ecosystem)
architecture
y Key player in capturing/
facilitating money flows
Underpinned by a continuous focus on robust governance, compliance and risk management culture

The Bank has articulated 10 Strategic Business Objectives (SBOs) for delivering on its overall vision. These SBOs
are stated below, along with progress made under each of these.
SBO1 Accelerating growth of our liability franchise
Retail depositors form an important source of low-cost and stable funding for the Bank. By leveraging a growing footprint
in Branch Banking and a wide range of tailored propositions, the Bank continues to granularise its deposit base across
savings accounts, current accounts and term deposits. The Bank offers a full range of product suite and a strong service
proposition to its Current Account customers.
Key Strategies y Digital co-origination enabled across CA and
y Accelerate growth in current accounts SA onboarding, including co-sourcing of
y Deepen distribution network in identified 3-in-1 (demat and trading) account with SA for
clusters enhanced cross-sell and expanding wallet share
y Improve digital support via an integrated self- y Expanded current account book with agency
serve and engagement platform business recording major milestones post-
empanelment in 6 key states of India; Further
y Create joint propositions across assets and
augmented agency business with EPFO
liabilities to improve collaboration
enrolment received in January 2024
Initiatives in FY 2023-24 y Offered comprehensive solutions such as YES
Connect, Trade Finance, Forex, LRS Online,
y Comprehensive end-to-end STP for digital CASA
Payment and Collection solutions to cater to
onboarding with DIY VKYC, facilitating digital
customers’ banking needs, deepen wallet share
acquisition at scale
and ensure continued engagement
SBO2 Deepening relationships with our customers
While the Bank continues to expand its relationships with existing customers to increase wallet share and fee income,
acquiring new customers by leveraging existing distribution strength is another central area of focus. The Bank continues
to develop and enhance customers’ digital journeys across sales, service and operations. It serves as a one-stop solution
catering to diverse needs through multiple product offerings serving customers’ entire lifecycle. The Bank is also continually
expanding its Relationship teams across its various customer segments such as YES Premia and YES First to help them
address customers’ needs efficiently.
Key Strategies o YES Essence – For women customers
Increasing wallet share and fee income through: o YES Vijay – For the defence forces
y Sharper personalisation y Introduced “On-the-Go”, an analytics-driven
y Cross-sell of transaction banking and other customer relationship management tool for
complementary solutions relationship management and to deliver right
y Para-banking solutions products to customers at the right time
y Enhancement of self-service processes y Continued cross-selling through end-to-end
digital journeys for Fixed Deposits, Credit Cards,
Initiatives in FY 2023-24 Personal Loans, 3-in-1 Trading accounts, Mutual
y Strengthened customised offerings and Funds and Insurance
propositions for each customer segment y Focussed on fee income growth, with higher
o
Yes Private, YES FIRST and YES Premia – proportion of granular and transactional
For mass affluent fee income, contributed by healthy product
o YES Prosperity – For mass customers mix in third-party products and strong
o YES Family and YES Respect – For senior citizens momentum in card spends
61
OUR STRATEGY
SBO3 Driving retail assets growth
In Retail Lending, our digital lending journeys and digital propositions, backed by robust credit, analytics and strong IT
infrastructure, are enabling consistent growth. A combination of ‘Digital First’ capabilities and deep business expertise
positions us well to drive growth prudently without compromising on portfolio quality.
Key Strategies Initiatives in FY 2023-24
y I ncreasing the share of unsecured lending in the y Continued to capture rural value chain and
overall book, with special focus on high-yield generate priority sector lending through
product categories diversified portfolio and presence in ~230
y Exploring co-lending and partnership districts in 17 states
opportunities to accelerate growth y Initiated Loan in Seconds (LIS) platform and
y Increasing the share of insourcing of loans by front-end automation initiatives (YES Robot) led
leveraging our branch banking network to lower TAT and higher productivity
y Increasing the proportion of priority sector y Implemented Sales Force for key products
lending through both organic and inorganic assisting in process improvement and
routes, especially in providing finance for small customer delight
farmers, women and weaker sections. y Introduced geo-tagging-based monitoring and
y Being cost efficient and improving customer continued analytics, besides digital onboarding
experience through process transformation of and loan management system, to enable
key lending journeys paperless processing
y Reducing cost of customer acquisition y L
everaged Fintechs and Digitechs for
underwriting and risk management
SBO4 Pursuing profitable growth in SME segment
The Bank wants to be not only a “Lender”, but a “Financial Services Provider” handling all requirements of SME customers.
It has implemented some more enablers to gain a larger wallet share from the SME segment such as an API integrated
ecosystem, entity and family banking propositions, loyalty rewards, dedicated portfolio team and virtual RM team.
Key Strategies y CGTMSE – Extension of limit from ` 2 crore

y To improve internal sourcing on liabilities base to ` 5 crore and initiating funding to “New-
through analytics to-Credit” segment
y To enhance efficiency through simplified y Digi OD – Pre-approved offering of higher-
processing and seamless flow from origination yielding OD up to ` 15 lakh for Existing to
to disbursement Bank customers
y T
o explore co-lending opportunities in higher y Supply Chain Finance – Revamping customer
yield segments to accelerate growth journeys through state-of-the-art systems and
y To invest in platforms to augment digital calibrated programmes for better customer
offerings in Supply Chain finance to drive suitability and faster TAT
operational and functional efficiencies y Extended score-based templated lending to
` 7.5 crore for faster TAT and curated offering
Initiatives in FY 2023-24
y Instituted SME Direct Desk to render 35+
Gained traction in CGTMSE, Supply Chain Finance services exclusively for SME customers
and Digi OD towards granular and high-yielding
y Pioneered launch of Credit Guarantee Scheme
book growth through below:
for Start-ups to register with NCGTC for
` 10 crore funding
SBO5 Enhancing mid-corporate and corporate profitability
Within Wholesale Banking, the mid corporate business has seen consistent growth over the past couple of years, and
the Bank plans to continue this growth trajectory. It remains committed to enhancing customer experience through
improvements in customer onboarding journey and automation, best-in-class relationship management and deepening
the distribution network.
Key Strategies y Created new-age entrepreneurship ecosystem
y Deepening existing top-tier banking relationships with bespoke digital solutions, incubation and
y Increasing wallet share through cross-sell of networking platforms
Transaction Banking, FX and Derivatives and y Strengthened relationships with top-tier large
digital product suite corporates with customised solutions, sectoral
y Maintaining laser sharp focus on portfolio quality expertise, market intelligence and a relationship-
and sustainable growth in fund-based book centric approach
y Set up dedicated new-age banking team with
Initiatives in FY 2023-24 focus on Unicorns and ‘Soonicorns’
y Focussed granularisation and growing of y Achieved market-leading position in cross-
advances with capital light fee-driven border remittances by leveraging Payment
business model Aggregator model
y Maintained leadership position in startup
ecosystem with API banking, customised
digital solutions (UPI/PPI, Digital Escrow) and
advisory services
SBO6 Creating value from Cards and Digital Banking franchise
The Bank has been witnessing healthy growth in its Cards base in the past few years, and plans to continue the growth
momentum, improving internal sourcing efficiency and exploring co-branded partnerships. The Bank continues to be at
the forefront of advancements in digital ecosystem. It is also a market leader in the digital payments space. It enabled
digital acquisition equipped with video KYC and biometrics for a fully digital ‘paperless’ customer onboarding to drive
acquisition and launched curated customised offerings to address customer needs.
y Improving internal sourcing efficiency in Cards y Revamped credit card suite with enhanced
y Exploring co-branded partnerships features and new card designs for each
customer segment curated with industry-best
y Transitioning from being product-centric
product features
to customer-centric with digitisation of
value-added offerings o MARQUEE – for super affluent
y Initiated self-service portal providing ease of o RESERV – for affluent
access for services through WhatsApp banking o ELITE – for mass affluent
y Steadily investing towards monetisation of o ACE and SELECT – for masses
capabilities in digital payments y Launched Build Your Own Card (BYOC)
y Processing nearly 1 out of every 3 digital with wide range of benefits tailored as per
transactions in the ecosystem (UPI, IMPS, NEFT, customers’ lifestyle
AePS and Micro ATMs)
63
OUR STRATEGY
y Launched a large co-branded credit card with y Launched IRIS, a next-gen all-in-one super app
Uni Cards for customers, with 220+ features
y Increased digital acquisition of Credit Card y Launched YES Pay as next-gen UPI payments
customers to 95% app designed to elevate banking experience and
y Enhanced distribution outreach through facilitate payments safely and securely
partnerships with Fintechs and affiliates
SBO7 Expanding our distribution footprint
Customer-centricity is embedded in the Bank’s distribution approach. With a strong physical network of 1,234 physical
branches and 219 BC banking outlets, supported by best-in-class digital servicing capabilities, the Bank plans to continue
to grow through a phygital model. It continues to expand physical distribution in key micro markets for growth in retail
deposits and assets, even as digital distribution as a share of total distribution will grow in parallel.
Key Strategies y Leveraged growing distribution network to offer

y Becoming the “Bank of First Choice” and a “one- full spectrum of products (Deposits, Assets and
stop-platform” for all types of banking services Fee Products) exhibiting productivity gains and
and all kinds of customers accelerating customer acquisition
y Nurturing relationships with customers, while y Gained significant traction in branch-
creating accessibility for a wider pool led sourcing of assets and distribution of
y Building a focussed branch network with fee-based products
profitable unit economics y Catered to all customer segments (UHNI, HNI,
y Targeting expansion strategy by exploring Mass Affluent, NRIs, mass, rural and inclusive
leaner formats integrated with technological banking) with full product suite
capabilities and optimising size/location of y Digital distribution and servicing through new-
select branches age mobile app IRIS and paperless processing
through YES AIM and Video KYC capabilities
Initiatives in FY 2023-24 y Strengthened alternate channels (Virtual
Relationship Management) and fulfilled
y Added 85 new branches in FY 2023-24 to
customer requests virtually
bolster presence in high-deposit centres;
working on expansion of branch network xploring new branch formats integrated with
y E
tech capabilities

SBO8 Continued momentum in transaction banking
YES BANK understands that there is an immense opportunity in nurturing relationship banking with start-ups, e-Commerce
players and fintech ecosystem. It is a market leader in API banking, with 1,000+ API stack developed in-house. Through its
niche and customised banking solutions, the Bank aspires to be the “Banker of Choice” to new-age companies.
Key Strategies y Conducted API’fication of our marketplace

y To proliferate the API marketplace with model (YES BANK + Partner Stack) through 100+
existing clients by developing an integrated solutions, including:
front-end solution o Remittances
y To engage with 3rd party partners across different o Neo Banking services
fields (accounting, legal, taxation, expense
o Statutory payments
management, invoicing and payment gateways)
to strengthen connected banking proposition o Payment aggregator services
o Payment optimisation
Initiatives in FY 2023-24 o E-invoicing
y Digitised client journeys (E2E STP for Trade o Smart collections
Finance and Supply Chain) and created inorganic y Becoming future-ready for BaaP and BaaS models
client acquisition funnel through fintech y Offered secondary ASBA in partnership with
partnerships - MCTC on IRIS app leading discount brokerage
y Initiated sachetisation of solutions across y Completed pilot testing for digitising Liberalized
industry segments Remittance Scheme (LRS)
SBO9 Strategic investments for growth
The Bank seeks inorganic growth opportunities in businesses or assets that either enable it to:
Expand Gain entry into an industry, customer or Provide with
market share geographic segment where it has no presence new capabilities
These partnerships can be either pure-play business arrangements, such as co-lending arrangements or ‘Banking as a
Service’ partnerships, or it can be in the form of acquisitions, strategic investments or asset purchases.

y Increasing proportion of priority sector lending y Conducted evaluation of strategic investments
compliant book and gaining access to newer in unlisted start-ups and new age companies
geographies and capabilities under Fintech Investment programme
y Continuously exploring and evaluating strategic y Enhanced technical capabilities of products
investments and/or inorganic opportunities in and access additional granular liability or
priority sector lending asset relationships through client base of
investee companies
65
OUR STRATEGY
SBO10 Focus on People, Processes, Technology and ESG integration
As a future-ready bank, we are technology and digital-led in most of our operations. A digitally-enabled technology
architecture, customer experience centricity, and insight-driven strategies and actions are among our focus areas in
the long term. We will continue to invest in our engagement platform, front-end customer journeys and analytics to
deepen our engagement with customers. Our on-the-go CRM platform enables a 360-degree view backed with intelligent
recommendations, allowing the branch team to offer the right product and service to customers.
Key Strategies y Investing in timely expansion of distribution

y Enhancing IRIS platform to be the mobile resources to accelerate sourcing and
'platform of choice' for cross business portfolio build-up
applications from sales to support servicing y Building an agile, future-ready organisation,
journeys while continuing to hire key talent and drive
y Leveraging Analytics team to improve sourcing structured learning programmes for skill
and decision-making, while strengthening building and career progression
personalisation and cross-sell capabilities with y Integrating ESG considerations into the business
enhanced action engines and campaign analytics as a key priority
Initiatives in FY 2023-24
Tech-based initiatives: ESG achievements:

y API / Micro-services y Achieved the highest S&P Global ESG score
y Data & Analytics of 74 (out of 100) amongst Indian banks as at
February 16, 2024
y Partner ecosystem
y Achieved the highest CDP rating of A- (Leadership
y Artificial Intelligence / Machine Learning Band), among Indian banks for 2023 Climate
y Compliance and security Change disclosures
y Included in FTSE4 Good Index
y Ranked highest on climate preparedness by
Climate Risk Horizons' 2023 study, amongst 34
People initiatives: large scheduled commercial banks
y YES Inspire Women Mentorship Programme
y First Indian bank to be a Founding Signatory
y Advanced Leadership Programme (ALP) for Top to UNEP FI Principles for Responsible Banking,
and Senior Management executives striving to align business strategy with Paris
y Employee engagement workshops Agreement and UNSDGs
y ‘Voice of YES’ Employee Feedback Survey y First bank to have as many as 1,186 facilities
y YES School of Banking - Upskill and Certification under its ISO 14001:2015 certified Environmental
programmes Management System
y Achieved 24% reduction in financed emission
The Bank has been ranked among the Top 50 in intensity of electricity generation portfolio (from
'India's Best Workplaces in BFSI’ by Great Place to base year FY 2021-22)
Work ® Institute for the second consecutive year. y One of only 5 Accredited Entities to the Global
This reflects a high-trust and high-performance Climate Fund
culture existing at YES BANK. y Advances of ` 18.63 crore given to SMEs under
the YES KIRAN scheme to aid SME manufacturers
in accessing solar power

ESG Strategy
YES BANK has adopted a four-pronged ESG strategy which strives to align with national and global frameworks on
sustainable development, address key impacts of the Bank’s business activities and embed ESG considerations into all
aspects of its business ecosystem.
YES BANK’S 3600 ESG STRATEGY
1
Portfolio & Products
Address the Bank’s Climate,
Environmental & Social risks at
a portfolio level, and develop
Aligning with frameworks sustainable finance offerings Aligning with global
such as IFC PS, Green commitments such
Bond Principles, as UNEP FI Principles
India’s Framework for for Responsible
S
Sovereign Green Bonds TIE Banking and UN SDGs
UNI
T
R
BU
Develop Address
O
ILD
PP
sustainable E&S & Climate

4 2
EO
offerings Risk
RE
AINABLE FINANC
Stakeholder Operations
SILI
Engagement & Address the
ENCE AGAINS
Knowledge Building Balance:
Build Reduce Environmental &
Work with stakeholders knowledge Sustainability E&S impacts Social impacts of the
to address key ESG & advocacy & Profitability Bank’s operations
issues, build and
and supply chain
share knowledge on
ST
ESG integration
E
SU
Enhance Enhance
SG
ESG Governance &

ON
RI
Ratings Disclosures
S
E
K
IS
L A
PIT
CA
Aligning with key Aligning with global
disclosure frameworks standards such as the ISO
such as GRI, BRSR, TCFD 14001:2015 and ISO 45001
and requirements of
3
benchmark ESG ratings Benchmark ESG
Performance
Measure ESG performance
against benchmark national
and global frameworks and
enhance ESG disclosures
Portfolio & Products Operations Governance & Disclosures Stakeholder Engagement

The Bank practices responsible The Bank aims to conserve its The Bank is committed to the and Knowledge
lending by addressing environmental use of natural resources, reduce highest standards of governance The Bank continues to work with the
& social risks of its lending activities carbon emissions and minimise and disclosures, and aims to industry associations, regulators,
through its Environment & Social negative environmental impacts enhance its transparency in line with multilateral bodies, peers, its
Risk Management System. It refers of its operations through national and global ESG disclosure employees, the community, and
to the Taskforce on Climate related its ISO 14001:2015 certified frameworks such as the Business other stakeholders across the
Disclosures (TCFD) recommendations Environmental Management Responsibility and Sustainability spectrum to address key ESG issues
for adoption of best practices in System. It aims to build a Report, GRI Standards and and develop standards, frameworks
managing and disclosing climate workplace that is diverse, Integrated Reporting Framework and methodologies required, to
risk. The Bank supports SDG-aligned inclusive, growth oriented deepen ESG integration
sectors such as renewable energy, and safe for all its employees
electric vehicles and microfinance by and promote responsible ESG
developing sector-specific products practices amongst its value chain
and financing targets
67
Risk Management
The Bank has implemented an Enterprise Risk Governance framework to ensure
integrated risk assessment and management. The Bank’s Risk Management philosophy
is guided by its robust Governance Framework and three Lines of Defence highlighted
below and further detailed on Page 244.
BOARD OF DIRECTORS
Risk Management Audit Committee of

Committee (RMC) the Board (ACB)
Key Board
Level Risk
Fraud, Wilful Defaulters & Committees Board Credit
Non Co-operative Borrowers Committee (BCC)
Monitoring Committee
BOARD-APPROVED POLICY AND RISK

CONTROL FRAMEWORK
Key Management Level Risk Committees
Apex Management Enterprise Risk Management Asset & Liability

Committee Management Committee Credit Committee Management Committee
Operational Risk Stressed Asset Product Process Standing Committee on

Management Committee Monitoring Committee Approval Committee Customer Service
Sustainability Council Whistle Disciplinary Committee Security Council

Blower Committee
Accountability Review Fraud & Suspicious Fraud Identification Committee for

Committee Transaction Committee Classification of Wilful
Monitoring Committee Defaulters & Non
Co-operative Borrowers
First Line of Defence: Second Line of Defence: Third Line of Defence:

Business Management Independent functions Internal Audit

The Board has the overall responsibility for Risk These Committees review various aspects / key risks
Management and oversees the Bank’s Risk & Control and ensure that the best-in-class frameworks are in
environment, and also reviews and approves the policies place to oversee day-to-day management of underlying
as part of overseeing the Risk Management practices. business activities, transactions and associated risks
In this regard the Board: while dealing with internal and external stakeholders.
Further, Risk-based events, potential threats, performance
y Ensures that comprehensive policies, systems and
of the Bank vis-à-vis Risk Limits and Risk Appetite, and Risk
controls are in place to identify, monitor and manage
Profile dashboard covering key risk indicators, among
material risks at a Bank wide level with clearly
others, are presented to these Committees, with periodic
defined risk limits
trends highlighted along with level and direction of risks.
y Lays down Risk Appetite Statement which articulates
the quantum of risk the Bank is willing and able to Additionally, in line with best Risk Governance practices,
assume in its exposures and business activities, in the Bank has independent credit underwriting and
pursuit of its strategic objectives and desired returns risk management verticals. The underwriting vertical
consisting of Credit Units is headed by the Chief Credit
y Establishes
policies governing various aspects of
Risk Officer (CCRO), and the risk controls and policy
risk management, which lay down the Risk Appetite
vertical consisting of various independent control units is
Framework within the overall Risk Appetite Statement
headed by the Chief Risk Officer (CRO). The CRO reports to
the Risk Management Committee, while the CCRO reports
The Board has put in place Board-level Committees,
to the Managing Director & Chief Executive Officer, also
as highlighted above, which inter-alia pertain to Risk
accountable to Board Credit Committee.
Management, to deal with risk management practices,
policies, procedures and to have adequate oversight on
The Bank also conducts a detailed Internal Capital
the risks faced by the Bank. The Board Committees have
Adequacy Assessment Policy (ICAAP) review exercise,
in turn set up various Executive-level Committees for
which is approved by the Board at least on an annual
oversight over specific risks (details of these Committees
basis to identify its risk universe, review its risk appetite
can be referred to on Page 78
in line with business strategy as well as assess its internal
controls and mitigation measures in place for the risks and
capital requirements.
69
RISK MANAGEMENT GOVERNANCE FRAMEWORK
CORE RISKS
R1 Operational Risk
Brief Description of Risk management executives, post reviewing the proposal

Operational Risk is the loss to the Bank resulting from and accordingly approving the same. The products
inadequate or failed internal processes, people and & services approved by the PPAC are presented to
systems or external events, including loss arising Risk Management Committee and the Board on a
out of legal risk. quarterly basis
y Business Continuity Plan (BCP) for ensuring resiliency
Governance Framework in its business operations and to minimise impact
Operational Risk is monitored and reviewed by on services during disasters/disruptions. The Bank's
Operational Risk Management Committee on an overall business continuity programme is ISO 22301 certified
basis. Further, it is also reviewed by various Executive y Bank promotes and inculcates a culture of risk and
Committees, i.e., Product Process Approval Committee, compliance across the entire organisation. As a part
Fraud Identification Committee, Accountability Review of this objective, it strongly advocates awareness
Committee, Whistle Blower Committee, Disciplinary of various risks, continuous control improvement,
Committee, Standing Committee on Customer Service risk mitigation and encourages its employees to
based on the underlying risk. promptly identify, escalate, report and resolve
operational risk events
Risk Measurement, Management and Mitigation y Operational Risk Management, Outsourcing and
Business Continuity is supervised by the Operational
The Bank has adopted policies, procedures and controls
Risk Management Committee (ORMC), chaired by
across the organisation to mitigate Operational Risk.
Chief Risk Officer (CRO) at the management level and
These include:
by Risk Management Committee (RMC) at the
y Robust framework for Operational Risk Management Board-level
that is commensurate with its size, nature of business
activities and complexity of operations Impact
y O
utsourcing Risk Management framework which sets Operational Risk may lead to financial loss to the Bank.
forth the oversight and governance structure covering Additionally, Operational Risk events may lead to multiple
all aspects of outsourcing arrangements customer grievances and cause reputation loss to the
y Comprehensive Product and Process Approval Bank. The Bank may also face legal actions and incur losses
Committee (PPAC) Policy & Framework to standardise due to penalties imposed or compensation paid to the
the product and process approvals and to evaluate customers as required by the legal or regulatory bodies.
the associated risks comprehensively. PPAC is Operational risk events may also result in loss of data or
administered with a specific quorum of senior pose an increased information security risk.

R2 Market (Trading Book / Investments) Risk
Brief Description of Risk

Market Risk is the risk of loss in on-balance sheet and y Additionally, the Bank has a robust limit framework
off-balance sheet positions arising from movements in which supports various measures such as Risk
market prices due to unfavourable movement in market Sensitivity, Value-at-Risk, Stop Loss, Stress Testing, and
variables such as interest rate risk, foreign exchange risk, Rate Scan, among others
price risk, volatility risk, among others. y Additionally, the Bank has strong processes and
systems in place, along with independent Middle
Office and Market Risk Function to monitor the risk
Market Risk is monitored and reviewed by Asset & Liability on an ongoing basis and submit the same with the
Management Committee (ALCO). ALCO and the Board
Risk Measurement, Management and Mitigation Impact

Market risk may have an impact on the Bank's financial
The Bank has adopted policies, procedures and controls performance, capital ratios, regulatory compliance, and
across the organisation to mitigate Operational Risk.
reputation. It is essential for banks to manage market
These include:
risk effectively to ensure that they maintain a diversified
y The Bank manages market risk through well-defined portfolio, reduce their exposure to risk, and minimise
Market Risk, Investment and Derivative Policies and potential losses.
limit framework
71
R3 Credit Risk
Brief Description of Risk wholesale segments, credit risk is managed by capping

Credit risk is defined as potential losses associated exposures based on borrower groups, industry,
with diminution in the credit quality of borrowers or credit rating grades, country, among others. This is
counterparties. Losses stem from outright default or a backed by portfolio diversification, stringent credit
reduction in portfolio value. approval processes and periodic post-disbursement
monitoring and remedial measures
Governance Framework y For wholesale and retail segments, robust front-end
Credit Risk is monitored and reviewed by various and back-end systems are in place to ensure credit
committees such as Management Credit Committee quality and minimise loss from defaults. In the Retail
(MCC), Executive Credit Committee (ECC), Stressed Assets space, the Bank has adopted a calibrated
Asset Management Committee (SAMC), Committee and granular asset growth strategy with emphasis
for Classification of Wilful Defaulters and Non on superior risk filters and adoption of digital based
Co-operative Borrowers. lending, with an endeavour to increase the proportion
of Retail in the Bank’s overall advances book
Risk Measurement, Management and Mitigation y The Bank has been able to ensure strong asset
quality on incremental lending post-March 2020,
y The Bank has a distinct architecture of policies, despite volatile times in the lending environment,
procedures and systems for managing credit risk in by stringently adhering to prudent norms and
both its retail and wholesale businesses. Wholesale institutionalised processes
lending is managed on an individual and portfolio
basis. In contrast, retail lending, given the granularity of Impact
individual exposures, is managed largely on a portfolio Credit risk may have a significant impact on the
basis across various products and customer segments Bank's financial performance, capital ratios, regulatory
y Furthermore, multiple credit risk models/scorecards compliance and reputation. It is essential for the Bank to
are used to appraise and score different customer manage credit risk effectively to ensure that it maintains a
segments under Retail and SME segments. In diversified loan portfolio, reduce its exposure to risk, and
minimise potential losses.
R4 Asset Concentration Risk

Risk Measurement, Management and Mitigation
Asset Concentration Risk is defined as risk arising from
any single exposure or a group of exposures with the The Bank monitors concentration in its portfolio, across
potential to produce losses large enough (relative to the various categories such as but not limited to name
Bank’s capital, total assets, or overall risk level) which can concentration, concentrations to business groups,
pose a threat to the Bank’s health or ability to maintain its rating-wise concentration, sectors (industry groups),
core operations. and correlated industry groups (economic sectors),
among others. The Bank uses percentage analysis
Governance Framework as well as Normalised Herfindahl–Hirschman Index
Asset Concentration Risk is primarily monitored and (HHI) for analysing concentration risk, over and above
reviewed by Enterprise Risk Management Committee various concentration limits such as sector caps, and
(ERMC). rating wise caps.
Impact
Asset concentration risk can have a significant impact on
the Bank's financial performance, credit quality, regulatory
compliance and reputation.
R5 Compliance Risk

Compliance Risk is the risk of legal or regulatory sanctions,
material financial loss, or loss to reputation, the Bank y There is a Board-approved Compliance Policy in place,
may suffer as a result of its failure to comply with laws, which is reviewed on an annual basis
regulations, rules applicable to its banking activities. y The Compliance function tracks and reviews
compliance with regulatory guidelines
Compliance risk is reviewed and monitored by the Impact
Enterprise Risk Management Committee (ERMC). Non-compliance with applicable regulations and laws
can result in adverse regulatory action which may have
implications on the Bank’s business (in case of stringent
regulatory action in the form of curtailing expansion/
specific business lines etc). This may also result in
reputation risk to the Bank.
R6 Reputation Risk
Brief Description of Risk y Grievance redressal mechanisms

Reputation risk refers to the potential damage to the y Review of new products by senior management, audit
Bank's reputation, brand image or public perception due & compliance, and risk management through PPAC
to negative publicity, scandal, adverse regulatory actions (Product and Process Approval Committee)
or other events. The risk arises when an organisation’s
y Tracking adverse news on traditional/social media,
actions and behaviours do not align with its stated values
analysis and reporting for efficient media management
or societal expectations.
y Social Media Policy, Code of Conduct Policy and
Governance Framework trainings
Reputation Risk is reviewed and monitored by Enterprise y Creating brand image through responsible banking
Risk Management Committee (ERMC). supported through business and financial accolades
y Review of legal cases filed against the Bank to ensure
Risk Measurement, Management and Mitigation there is no undue reputation risk
y Board-approved KYC / AML policy and monitoring of
y Oversight of Reputation Risk Management, related transactions to ensure that no money laundering is
policy and reputation crisis management action plan done through the Bank
by a senior Management level Committee (ERMC).
The Committee monitors Reputation Risk quantified Impact
through a comprehensive scorecard and recommends
Reputation risk can result in a decline in market value,
necessary actions
loss of customers, difficulty in attracting and retaining
y Reputed auditors/internal and concurrent audit employees, and increased regulatory scrutiny. It may
framework undermine the public's confidence in the Bank leading
y Obtaining continuous customer feedback and to liquidity risk to the Bank. Reputation risk can have
oversight by Customer Service Committee of the long-lasting effects and may be difficult to recover from
Board to ensure superior service delivery an extreme event.
73
R7 ALM Risk
Brief Description of Risk y The Bank conducts various studies to assess the
ALM Risk arises on account of liquidity risk and interest behavioural pattern of non-contractual assets
rate risk. Liquidity risk is the risk that the Bank may not and liabilities and embedded options available to
be able to meet its short-term financial obligations due customers that are used while managing maturity
to an asset-liability mismatch or interest rate fluctuations. gaps. The Bank also has the necessary framework to
Further, asset liability mismatch may also lead to interest manage intraday liquidity risk
rate risk to the Bank. y The Bank has been maintaining Liquidity Coverage
Ratio (LCR) and Net Stable Funding Ratio (NSFR) in line
Governance Framework with extant regulatory guidelines. Further, the Bank
ALM risk is reviewed and monitored by Asset & Liability has internal thresholds for these ratios more stringent
Management Committee (ALCO). than the regulatory minimum
y To avoid liquidity risk arising out of excess depositor
Risk Measurement, Management and Mitigation concentration, the Bank has a strong mechanism to
track top depositor concentration, bulk and retail
y The Bank has an asset–liability management policy depositor concentration, with internal policy limits as
for liquidity and interest rate risk management well as a robust monitoring and reporting process
that is implemented, monitored and periodically
reviewed by the ALCO Impact
y As part of this process, the Bank has various Board- ALM Risk may result in the Bank not being able to meet
approved limits for both liquidity and interest rate obligations to its depositors and creditors on a timely
risks. While maturity gap and stock ratio limits help basis, which can result in severe reputational risk and
manage liquidity risk, net interest income and market a run on the Bank, thereby resulting in insolvency.
value impacts help mitigate interest rate risk. This Improper management of liquidity risk will also
is reinforced by a comprehensive Board-approved result in the Bank having to borrow at higher rates to
stress testing framework covering liquidity and meet its obligations, thereby eroding its profitability,
interest rate risk and thereby capital. Excess interest rate risk may also
y The Bank also has a detailed Contingency Funding Plan result in erosion of profitability when interest rates
along with various triggers for extreme scenarios move adversely.

R8 Strategic Risk
Brief Description of Risk completeness. The overall strategy of the Bank is reviewed
Strategic risks are those that undermine the organisation’s with and approved by the Board. Financial planning
capability to implement business strategy or deliver for the upcoming financial year is conducted in alignment
expected outcomes. with the Bank’s long-term strategic objectives. The annual
budgets and business plans are also approved by
the Board after deliberations and discussions with
The Bank periodically reviews financial performance the Management.
against its strategic objectives and business plans through
its Apex Management Committee (AMCOM), and identifies The Bank does regular monitoring of actual outcomes
course corrections as necessary. Actual performance vis-à- vis-à-vis budgeted targets, which are reviewed by Business
vis budget are reviewed by the Board on a quarterly basis. Heads and MD & CEO. The Bank also periodically reviews
financial performance against its strategic objectives and
Aspects pertaining to Strategic Risk are also reviewed and business plans through its Apex Management Committee
monitored by the Enterprise Risk Management Committee
(AMCOM), and identifies course corrections as necessary.
(ERMC) on a periodic basis.
Actual performance vs. budget is reviewed by the Board
on a quarterly basis.
The Bank also tracks Strategic Risk by evaluating
Strategic risk management at the Bank is not viewed as performance on key identified metrics linked to the Bank’s
a task that is performed in isolation. It is ingrained in the strategic objectives. The Strategic Risk is reviewed on a
Bank’s day-to-day processes as well as our decision-making quarterly basis and mitigation plan is documented in case
and governance structures. All Group entities conduct of moderate or high risk. Strategic Risk is also tracked and
annual business and capital planning exercise presented to the ERMC committee as well as RMC and
individually based on business strategy and risk appetite. Board as part of the ERM dashboard on a quarterly basis.
The regulatory guidelines are also considered while
formulating the business strategy, as are issues of talent, Impact
organisational culture, risk management and governance. Delay or failure in achieving the Bank’s strategies and /
The plan is challenged internally in an iterative process or expected business and financial performance
with respect to its assumptions, risks to be considered, and outcomes will ultimately impact growth.
75
R9 Attrition Risk
Brief Description of Risk performing frontline sales/service executives, in order to

Attrition Risk is the potential of losing employees from the ensure retention of junior management levels of Retail
organisation due to resignation, or retirement along with segment. Additionally, the Bank has created Retention
lack of interest from potential employees to join the Bank. Action Workgroup RAW - a dedicated team focussed on
identifying and addressing key factors that contribute
to employee satisfaction and commitment to the
Attrition risk is reviewed and monitored by the Apex organisation, which has proven instrumental in enhancing
Management Committee. employee retention.
Impact
Attrition may impact the Bank in several ways such as
The Bank has undertaken various initiatives such as timely lowering the morale, reduction in productivity and also
closure of branches, step-up targets, hiring through its culture. Higher attrition is also linked to higher costs
alternate channels, prompt redressal of employee associated with replacing, onboarding and training the
grievances, incentive in-line with other Banks, de-linking human assets. It may additionally result in operational
of local conveyance and mobile reimbursement from risk due to lack of adequate skilled manpower to perform
minimum sales achievement, identifying and elevating top critical activities.
R10 Model Risk

Model Risk is the potential for adverse consequences
from decisions based on incorrect or misused model he Bank has in place a Board-approved Model Risk and
T
outputs and reports. Governance policy outlining various aspects such as
guidelines for Model Development, Model Documentation,
Governance Framework Model Validation, Model Performance Monitoring and
Model risk is reviewed and monitored by the Model Model Risk Assessment. The Bank’s Models are developed
Assessment Committee (MAC). adhering to policy guidelines and are validated before
implementation. Further, detailed documentation for all
the Bank’s models is maintained and periodic performance
review/validation and back testing is conducted.
Impact
Model risk can lead to financial loss, poor business and
strategic decisions or damage to the Bank's reputation.

EMERGING RISKS
R11 Climate Risk
Brief Description of Risk Impact

Climate risks are emerging long-term risks comprising: Increase in frequency and severity of climatic events may
adversely affect the Bank’s infrastructure, employees
Physical Risks: Direct physical impacts of climate change and client performance, and therefore, the Bank’s
ranging from acute risks (such as extreme weather revenues and costs.
events) to chronic risks (like gradual rise in sea level
and temperature). Stricter environmental regulations and policy changes may
impact operations / strategy of the Bank and/or its clients.
Transition Risks: Risks arising from external efforts to
address climate change such as regulatory and policy
changes, technological advancement or shifts in investor
sentiment and consumer behaviour.
77
Climate Risk Governance
Aspects pertaining to Climate Risk are reviewed and monitored by

various Board-level and Executive-level Committees:
Board-level Committees ERMC also oversees the Bank’s preparedness for

Corporate Social Responsibility & Environmental mapping and managing the non-financial risks of
Social and Governance Committee (CSR & ESG its operations, keeping in focus their impact on the
Committee): Bank’s reputation and goodwill. In the identification
The CSR & ESG Committee of the Board oversees and assessment of material risks during the Internal
and reviews the decisions of the Bank’s Sustainability Capital Adequacy Assessment Process, climate risk
Council and makes recommendations to the Board has been recognised as one of the key material risks
on the Bank’s overall ESG strategy and performance. under Pillar II. Additionally, the Bank also has KPI for
The Committee also oversees and reviews the Bank’s Climate Risk as a part of its risk appetite statement,
governance frameworks and practices to monitor, in line with the framework stipulated by the Bank’s
assess and mitigate climate risks and guides the Sustainability Council.
Bank’s efforts to align its business towards low-carbon Operational Risk Management Committee
transition. The Committee reviews the Bank’s climate (ORMC):
strategy and initiatives on a bi-annual basis.
The Bank has implemented a comprehensive
Risk Management Committee (RMC): framework for the management of Operational Risk,
The RMC covers the entire gamut of risk including Outsourcing Risk and Business Continuity
management for the organisation as a whole. Planning, commensurate with its size, nature of
This includes promoting a prudent risk culture in business activities and complexity of its operations.
the Bank, assessing the risk universe and monitoring The framework includes a proactive forward-looking
risk profile of the Bank, including sustainability and approach, and adoption of industry best practices
ESG-related risks (as outlined in the ICAAP). to enable operational resilience and minimal
Operational Risk events and losses. The Operational
Executive-level Committees Risk Management Committee (ORMC), chaired by
the Chief Risk Officer and consists of members of
Sustainability Council:
the top and senior management, is responsible for
The Sustainability Council, chaired by the MD & review and implementation of the frameworks to
CEO, is responsible for developing and reviewing identify, measure, evaluate, monitor, report, and
the Bank’s ESG and climate strategy. This includes control or mitigate risks pertaining to Operational
overseeing the implementation of the Bank’s Risk Management, Outsourcing and Business
sustainability agenda, setting targets, and monitoring Continuity. The Committee is also responsible to
the ESG performance. The Sustainability Council review and understand future changes, threats and
meets twice a year to review climate risks and concur on areas of high priority with related risk
opportunities and provide guidance on the Bank’s mitigation strategy.
decarbonisation strategy, including reducing carbon
intensity of its portfolio. Operational Risk includes risks emanating due to
service disruption and/or direct physical impacts of
Enterprise Risk Management Committee: climate change which may range from acute risks
As an Executive level committee, ERMC is (such as extreme weather events) to chronic risks
responsible for overseeing and ensuring that all (like gradual rise in sea level and temperature).
material risks are identified, measured, monitored In order to tackle such a situation, the Bank has in
and controlled in accordance with the Bank’s risk place a comprehensive Business Continuity Plan,
appetite, as well as within the regulatory guidelines. which is a proactive planning process that ensures

critical services or products are delivered during Risk, Concentration Risk, and Climate Risk, among
a disruption. The plan is ISO 22301 certified, a others, as well as formulation of the Bank’s
recognised International Standard for Business Risk Appetite Statement and tracking periodic
Continuity to effectively address these possible performance against various KPIs outlined in the
service disruptions. Risk Appetite statement.
Environmental and Social (E&S) Risk Team:
Business Units involved in Climate Action:
A dedicated E&S Risk team, which is a part of the
Sustainable Finance (SF) Unit:
Credit Risk Management Unit of the Bank, undertakes
The SF Unit co-develops and implements the Bank’s environmental and social assessment (preliminary
sustainability strategy and works with sustainability and detailed due-diligence) of loans funded by
SPOCs from business units and control functions the Bank in line with the Bank’s Environment &
across the Bank to integrate ESG and climate Social Policy (ESP). The ESP helps to ensure that all
parameters into the business. activities are environmentally and socially prudent
Risk Management Unit: and compliant with the regulatory, environmental,
The Bank has instituted a robust risk management and social standards, as applicable or likely to be
framework which is implemented by its risk in force in the future. Climate-related indicators
management function reporting into the Chief have been recently added for data collection and
Risk Officer. The responsibility of overall risk qualitative climate assessment/categorisation for
management lies with the Board of Directors and project loans and project-related corporate loans
four Board-level committees. Together with the above the sanctioned amount of USD 5 million.
management, they ideate, implement and review Other business units:
policies, frameworks, and systems for effectively
There are various other specialised units across the
managing the Bank’s existing and emerging risks,
Bank such as Infrastructure Management Team;
including climate risks.
Human Capital Management; Operations & Service
The Bank’s Enterprise Risk Management (ERM) Unit Delivery; Business and Digital Technology Solutions
is responsible for the implementation of the ERM Group; Retail Banking and Branch Banking, amongst
framework, risk aggregation, stress testing and others, that work closely with the SF team to
risk-based pricing. The ERM unit is responsible for integrate sustainability principles into their business
formulation of the Bank’s Internal Capital Adequacy processes with an aim to benchmark the Bank’s
Assessment Process (ICAAP), risk assessment of performance with global best practices in ESG and
Pillar II risks, such as Reputation Risk, Compliance climate action.
y Broadening of environment and social risk management

of the Bank’s lending to include climate risk aspects
The Bank has adopted policies, procedures and controls y Measuring and reducing financed emission of carbon
across the organisation to mitigate climate-related intensive sectors in line with decarbonisation scenarios
risks. These include: y Thought leadership and policy advocacy at national
y Instituting a robust Business Continuity Plan and and global level, including engaging and working
Disaster Recovery Plan with clients, peers, regulators for accelerating low-
y Mitigating greenhouse gas emissions of its operations carbon transition
y Accelerating climate finance Further details on this can be accessed in the Climate
y Maintaining a well-diversified portfolio Action section on Page 162 of the Report.
79
R12 Information Security Risk
Brief Description of Risk damage, regulatory sanctions and broader implications for
Information security encompasses a broad spectrum of the stability of the financial system.
practices and technologies aimed at protecting data from Effectively managing information security risks involves
unauthorised access, disclosure, alteration, or destruction. identifying, assessing, prioritising, and mitigating potential
It encompasses not only technological solutions, but also threats to ensure confidentiality, integrity, and availability
policies, procedures, and awareness initiatives designed of information assets. This is essential for maintaining
to mitigate risks and vulnerabilities. trust, protecting assets and ensuring the resilience
of banking operations in an increasingly digital and
Information security risk refers to the potential threats and interconnected landscape.
vulnerabilities that could compromise the confidentiality,
integrity, and availability of sensitive information and critical Governance Framework
systems with in our environment. These risks encompass Information Security Risk is monitored and reviewed by
various scenarios, including cyber-attacks, data breaches, the Security Council on overall basis and for customer
insider threats, regulatory non-compliance and operational transactions by Fraud & Suspicious Transaction
disruptions. This can result in financial losses, reputation Monitoring Committee.

y There are well-defined policies, frameworks, The framework rides on four pillars: protect, detect,
procedures, templates, and risk assessment respond, and recover. To monitor cyber security
methodology for IT risk management. The framework risks, the Bank’s Security Operations Centre (SOC)
enables risk assessment of IT solutions, entities maintains vigilance over actionable threat intelligence
providing IT and related services and new technology and suspicious network traffic and events to detect
and digital implementation any anomalies and help respond to potential incidents
y Every specific cyber threat, including data privacy, is promptly. The Bank has also adopted Global standard
assessed based on a framework (identify, prevent/ like PCI DSS for card-related operations
protect, detect, respond and recover), and controls y T
he Bank ensures compliance to the Regulatory
that include firewalls, anti-malware, anti-advance Advisories, Circulars and Guidelines released by
persistent threats, data loss prevention, Red Teaming, regulatory bodies
intrusion prevention/detection, 24/7 security y The Bank raises awareness of global cyber security
operation centre and forensics solutions have threats among employees, customers and other
been put in place stakeholders, and issues guidance on using digital
y T
he Bank has adopted a systematic and ongoing platforms safely and securely
approach to identify assess, mitigate and monitor risk
to protect all the information assets Impact
he General Data Protection Regulation (GDPR) has
y T Information security risk poses significant challenges,
also been implemented across relevant operations encompassing financial, reputational, regulatory,
y The Bank has put a governance structure in place, operational, and customer-related dimensions.
and a Board-level committee provides guidance and Proactive measures, including robust cybersecurity
direction on information security. The Bank also frameworks, employee training, risk assessments, and
has a Security Council, which is a management-level collaboration with industry stakeholders, are essential
committee that is constituted with cross-functional to mitigate these risks and safeguard the integrity and
representation at the leadership level and meets stability of the Bank.
quarterly to review the implementation of the
information security management system in the Bank
y The Bank has adopted Global Information Security
Standard ISO 27001:2013 and implemented Board-
approved information security and cyber security
policies to protect its information assets. The Bank
implements a multi-layered defense to protect
against cyber-attacks and adopts a cyber security
resilient framework to manage cyber security risk.
81
Stakeholder Engagement &
Materiality Assessment1
Given its vast national presence, depth and breadth of its offerings, and a wide array of
business activities, YES BANK serves a broad spectrum of stakeholder groups, each of
whom either help contribute to or are impacted by the Bank’s value creation journey.
Based on a survey of its top management and senior to reach out to these stakeholder groups on a periodic
leadership, the Bank has identified 10 critical stakeholder basis. The Bank has set up dedicated grievance redressal
groups that are most affected by its business activities, mechanisms and set up specialised business units,
and in turn, impact its ability to create value. The Bank through which stakeholders can redress any of their
believes in engaging closely with all its key stakeholders grievances. Critical concerns voiced by stakeholders
in order to better understand and address their needs, are communicated to relevant Board-level committees,
and incorporate their feedback into the Bank’s overall periodically. In FY 2023-24, the Bank continued to engage
business strategy. The Bank follows a robust stakeholder with its critical stakeholder groups through various means,
engagement model, employing a combination of a summary of which is provided below.
structured, and need-based engagement mechanisms
Regulatory
Employees
Bodies
Customers Shareholders &

Investors
Business Stakeholder
Vendors
Associates Groups
Industry & Financial/

Peers ESG Analysts
Community Media
GRI 2-14, GRI 2-16, GRI 2-29

1

1 Employees
Means of Engagement Frequency Key Concerns Our Response

Employee Service Desk - Query Ongoing Training & Growth y ~` 2,290 spent per FTE on Training &
and Grievance Redressal Development
y 6,827 training programmes, 8.86 average
training days per employee and 27,819
employees trained
HRMS and Bank’s Intranet Continuous Employee Wellbeing y Policy on Employee Health Check-up,
availability of medical facilities and
wellness centre, insurance benefits and
other employee wellness initiatives
Employee Engagement & Ongoing Non-Discrimination y Policy on Equal Opportunity and on
Wellness Measures Prevention and Prohibition of Sexual
Harassment at Workplace. Institution of a
Diversity & Inclusion Council to accelerate
D&I initiatives across the Bank
Learning Management System Permanent Career Progression y Annual Performance Review for all eligible
Learning & Development Ongoing employees and a policy on Internal Job
Interventions Posting for career progression
Employee Performance Annual

Management
E-mailers and Virtual and Ongoing
In-person Meetings
Means of Grievance Redressal1: The Bank has an Employee Service Desk for addressing individual employee grievances
2 Regulatory Bodies

Mandatory filings with Periodic & Compliance and y Policies on ‘Board Diversity and Fit &
regulators including RBI and Eventual governance Proper Criteria and Succession Planning’;
SEBI (Stock Exchanges) ‘Board Remuneration’ and on ‘Code for
Engagement at banking Eventual Corporate Governance’ covering Bank’s
platforms and meetings governance practices which are in line with
provisions of the Companies Act, 2013, the
SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘SEBI
Listing Regulations’), The Banking
Regulation Act, 1949, RBI Guidelines
y Risk and Compliance Culture Policy
overseen by the Board-level Risk
Management Committee, Audit
Committee, and the Board
Means of Grievance Redressal1: The Bank has dedicated Compliance and Company Secretarial units for addressing
any concerns raised by regulatory bodies
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83
STAKEHOLDER ENGAGEMENT & MATERIALITY ASSESSMENT
3 Customers

Branches & Retail Assets Branch Requirement of Pioneering innovative digital
Centres (Walk-ins) Working Hours new features in solutions such as YES ROBOT,
digital products WhatsApp Banking, YES PAY Hub &
Lite, YES MSME, YES BANK Digital
Rupee, amongst others
Contact Centres (Voice) 24x7 Staff manpower Additional staff deployed wherever
Contact Centres (Non-Voice) Working Hours issues leading to feasible. Launched AI-enabled
higher wait time Personal Banking Assistant YES ROBOT
Digital Channels (Net Banking 24x7
& Mobile Banking) (Log in)
Branch Level Service Monthly
Committee Meetings (Walk-ins)
Standing Committee on Quarterly
Customer Service (Online)
BC Network (Walk-Ins) Working Hours
Transaction NPS Surveys Triggered post
(Emails/SMS/Calls) customer transactions
Means of Grievance Redressal1: Customers can redress their grievances and concerns by visiting the Bank’s Branch or
contacting the Bank’s contact centre: https://www.yesbank.in/contact-us
4 Shareholders & Investors

Annual Report Annual Profitability YES BANK achieved its third straight
and value creation full year profitability in FY 2023-24
Annual General Meeting Annual ESG Performance The Bank achieved the highest S&P
Global ESG score amongst Indian
banks in FY 2023-24
Company Website Continuous
Analyst Calls Quarterly
Investor Meets & Road Shows Periodic
Annual CDP Disclosure Annual
Response to ESG research and Periodic
ratings agencies
Press Releases Periodic
Communication to Stock Exchanges, SEBI Eventual/
Complaints Redress System (SCORES) Periodic
Bank's Registrar & Transfer Agents Periodic
Means of Grievance Redressal : Shareholders and investors can address their concerns through the Bank’s Investor
1
Helpdesk: https://www.yesbank.in/pdf?name=contactdetailsforstakeholdersgrievancesredressal_pdf.pdf
GRI 2-25, GRI 2-26
1

5 Business Associates

API Banking console for Relation Permanent API security Steps to secure API stack for API services
Managers (RM) to log complaints on and compliance exposed to clients for various banking
behalf of clients services (merchant pay-outs etc.)
Dedicated L1 and L2 desks to Permanent Information Strong governance and Information
address queries, complaints security (Customer Security Policy regarding storing
and technical issues raised by sensitive data) of and transmitting customer sensitive
Fintechs/SMBs/NBFCs Data exchanged information (PII data) outside Bank
with Fintechs/SMBs/ network or being stored on Bank’s
NBFCs private cloud or vendor managed
cloud platforms
Relationship Managers assigned Permanent Quality Strong governance for existing
Product & Services and new product launches.
Mandatory assessment, scrutiny
by all key stakeholders including IT,
Compliance, ORM, Operations, Audit, to
ensure zero loopholes in the offering
Customer The Bank has dedicated customer
Service channel service channels like corporate website,
YES Genie, Talisma, etc. through which
customers can log their concerns and
issues with defined escalation matrices
for customers to reach out to the next
level if issues remain unresolved
Means of Grievance Redressal1: The Bank has setup dedicated Level 1 and Level 2 desks to address queries,
complaints and technical issues raised by Fintechs/Sub-member banks/NBFCs. Partners can also log complaints through
the Relationship Managers assigned to them.
6 Vendors

Online procurement portals Permanent Transparency in SAP Ariba e-Sourcing Platform for
sourcing processes improved fairness and transparency in
sourcing processes
Supplier Sustainability Workshops Eventual Business In FY 2023-24, the Bank engaged with 769
Vendor Communications by Eventual opportunities MSME vendor amounting to total spend of
for MSMEs ` 862 crore. 100% of the Bank’s sourcing
Strategic Procurement Unit
and local vendors was done locally
Means of Grievance Redressal1: The Bank has a Corporate Whistle-blower Initiative’ (CWI) - independent
online reporting service for secure, confidential communication of vendor concerns which can be accessed here:
https://www.yesbank.in/strategic-procurement-unit
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85
STAKEHOLDER ENGAGEMENT & MATERIALITY ASSESSMENT
7 Industry & Peers

Industry and trade associations Annual Knowledge Knowledge partnerships with industry
such as CII, FICCI & IBA Sharing/Partnerships bodies on sustainable agriculture,
electric mobility amongst topics
Memberships to national and Annual Opportunities to Only Indian founding signatory and
international associations, such as collaborate member to the UNEP FI Principles
UNEP Finance Initiative for Responsible Banking (PRB) with
Signatory to international protocols Annual continued progress and disclosures
including UN Global Compact, CDP on PRB targets
8 Financial/ESG Analysts

Analyst Conference Call Quarterly Profitability and Achieved net profit at ` 1,251 crore
value creation (up 74.4% Y-O-Y) - third straight full year
of profitability
One-on-one and group meetings Ad hoc ESG Performance Achieved highest S&P Global ESG score
Investor/analyst conferences Ad hoc of 74 out of 100 and highest CDP rating
of ‘A- Leadership Band’, amongst Indian
Banks, during the year
Means of Grievance Redressal1: The Bank has a dedicated Financial and Investor Strategy unit that addresses any
concerns raised by financial analysts and also conducts analyst conference calls on a quarterly basis. ESG analysts can
address their queries and concerns by sending an email to responsible.banking@yesbank.in
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9 Community

Employee Volunteering through our Periodic Opportunities for Target to create employability and
institutionalised EVOLVE initiative inclusive growth entrepreneurship opportunities
for 100,000 youth by 2026
through YES Foundation
Beneficiary interactions as part of Periodic 9,000+ underprivileged youth skilled
CSR project monitoring since 2021 by providing skills-based
training for market-oriented jobs
Capacity building of CSR Periodic Enabled entrepreneurship opportunities,
implementation partners enhanced earning capability for
35,000+ village youth with a focus on
farm productivity, farm extension,
handicrafts, among others
Media & press releases Eventual
Thought leadership forums Eventual
Annual Report Annual
Means of Grievance Redressal1: Implementation partners and community members can address their concerns by
visiting https://www.yesfoundation.in/contact-us.html
10 Media

Press Releases & Media coverage Eventual Transparent and Periodic press releases on the Bank’s
accurate information results and announcements
Interviews of the MD & CEO, Eventual Views and insights Regular interviews with top
and top management from top management management on the Bank’s
on the Bank’s business strategy and progress
Bank's digital assets Eventual
including website
Means of Grievance Redressal1: Media outlets can address their concerns by sending an email to
corporate.communications@yesbank.in
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87
Materiality Assessment
YES BANK operates within a fast moving and rapidly changing banking and finance sector
in one of the world’s fastest growing and emerging economies. With India emerging
as the world’s foremost growth engine, the Bank’s business not only contributes to
the country’s economic progress, but also plays a key role in the nation’s sustainable
development agenda.
The Bank’s operations, business activities, products and services, and relationships touch a multitude of stakeholders
across the country and help advance India’s national priorities. Cognisant of the impacts its business can have across
economic, environmental and social dimensions, YES BANK proactively carries out a materiality assessment exercise
triennially to identify and mitigate negative impacts and advance positive impacts, originating from its business activities.
The Bank’s material topics represent its most significant impacts across its operations, business, products and value
chain. In FY 2023-24, the Bank conducted a fresh materiality assessment. The material topics identified as part of the
materiality assessment are considered pertinent areas of interest to the Bank’s stakeholders, forming a key input to the
management’s strategy and approach towards sustainability, and guiding the Bank’s sustainability-led disclosures in this
Integrated Annual Report.
Methodology: Materiality Assessment FY 2023-241

The Bank’s materiality assessment exercise for FY 2023-24 To holistically assess the impacts of its business activities,
followed a comprehensive 5-step methodology based on the Bank adopted the double-materiality concept,
the requirements of benchmark sustainability disclosure analysing both the impacts that its business has on the
frameworks such as SEBI’s Business Responsibility economy, environment, and people, including impacts on
and Sustainability Reporting (BRSR) framework, GRI their human rights; and the impact of current sustainability
Standards (2021), and the international <IR> framework. issues on the Bank’s own enterprise value creation process.
METHODOLOGY
1 Impact Identification 2 Stakeholder Engagement
y Undertaking a comprehensive desk-research, BFSI y Roll out of a stakeholder engagement programme to

sector peer benchmarking, and internal deliberations gather insights from the Bank’s key stakeholders on
to curate an extensive list of impacts that arise or may the materiality of the impacts identified
arise from the Bank’s business
y A digital survey was curated to collect stakeholder
y Covering impacts that could positively or negatively ratings on the materiality of all impacts
affect the economy, environment, and people,
y The survey covered 11 key internal and external
(including impacts on their human rights), and impacts
stakeholder groups: Top Management, Regulators,
that in-turn could affect the Bank’s enterprise value
Employees, Customers, Shareholders & Investors,
creation process
Financial & ESG Analysts, Business Associates,
y 83 impacts were identified, categorised, and clubbed Suppliers, Media, Industry & Peers, and Community
under 15 potential material topics groups
GRI 3-1
1

Materiality Matrix FY 2023-24

Materiality Matrix: FY 2023-24
IMPORTANCE TO EXTERNAL STAKEHOLDERS
The Bank’s materiality matrix

was constructed by plotting
the ratings of material topics
MT-3
by “Importance to Enterprise
Value Creation” on the X axis
MT-1
MT-7 and by “Importance to external
MT-2
stakeholders” on the Y axis.
MT-5 The change in the number of
MT-4
material topics from 10 to 11
MT-6
from the previous financial
MT-12 MT-8 year was due to the addition of
MT-14 MT-9 “advancing sustainable finance”
MT-11 MT-10 as a separate material topic.
MT-15 MT-13
Other minor changes were due
to changes in the nomenclature
of some material topics for
the purpose of enhancing the
topic’s coverage and coherence.
IMPORTANCE TO ENTERPRISE VALUE CREATION
For detailed information on the Description, Impacts and Management of each Material Topic - refer to the
following sections1:
M1 Governance and Compliance Page 92 M9 Financial Inclusion Page 172

M2 Business Ethics Page 104 M10 Operational Eco-efficiency Page 184
M3 Data Security & Privacy Page 110 M11 Sustainable Finance Page 194
M4 Digital Innovation Page 114
M5 Customer Relations Page 120
M6 Employment Practice Page 128
M7 Progress on Profitability Page 152
M8 Climate Action Page 162
3 Impact Significance 4 Impact Prioritisation 5 Materiality Matrix
y Each identified impact was y The stakeholder ratings (step 2) y The ratings of each topic were plotted
evaluated as positive or and the significance scores (step on two axes, “importance to enterprise
negative and actual or potential 3) were mapped to arrive at the value creation” and “importance to
and assigned a 'significance' prioritisation of the identified external stakeholders”
score based on its severity, impacts and the corresponding y The median rating was taken to be the
likelihood, scale and scope, and 15 potential material topics materiality threshold for both aspects
impact on human rights. The
y 11 out of 15 topics rated on or above
Bank’s top management and
the median were determined as the
senior leadership reviewed the
Bank’s most significant material topics
'significance' rating of the impact
y The final materiality ratings and
material topics were approved by the
Sustainability Council and the CSR and
ESG Committee of the Board
1
GRI 3-2
89
Our Value Creation Model
CAPITALS INPUTS
y Equity: ` 42,145 crore Our Integrated Approach

Financial C1 y Deposits: ` 266,372 crore
y Borrowings: ` 79,941 crore
YES BANK strives to embed integrated
thinking into its business, in order to
y Investment towards Human ensure, that all aspects of its value
Human Resources: ` 3,774 crore creation process coalesce around its
C2
y ` 2,290 spent per FTE on Training & goal of achieving sustainable growth.
Development in FY 2023-24
y Full Time Employees (FTE): As challenges such as climate change,
28,001 YES BANKers y Target to increase women’s participation
in workforce to 25% by FY 2024-25 environmental degradation, income
y New hires during the year: 11,749
y Cost incurred on wellbeing measures and gender inequality redefine the
amounting to 0.17% of revenue in paradigms of a 21st century
FY 2023-24
economy, the Bank
ESS
believes that true
y ` 139.29 crore in outstanding loans
value creation
S IN
Natural BU gments
towards Electric Vehicles
C3
y Robust Climate Governance,
e
ss
Environment and Social Risk
y ~52,294.06 MWh of grid electricity
consumed (non-renewable
Management System (ESMS)
ros
8
c
.5
and Environmental Management a
energy sources)
Pg
System (EMS)
it s
y ~7,339.32 MWh of grid electricity
Target to achieve net zero emissions
os
y
consumed (renewable energy sources)
ep
from operations by 2030
s
ve
y ` 2.98 crore in investments towards
gd
y Target to reduce financed emissions cti y Corporate Deposits:
energy conservation
intensity of the Bank's electricity
isin
` 124,849 crore
bje
y ` 3,819 crore in sanctioned generation loan portfolio

(ex-CDs)
Ra
debt facilities towards RE
ss O
projects of ~637 MW
y Retail & Branch
Banking led Deposits:
Strategic Busine
` 141,523 crore
y 1 IFSC Banking Unit (IBU) in Gujarat
Manufactured C4
International Finance Tec-City (GIFT) y CASA Deposits:
y Rural portfolio covering ` 82,317 crore
~230 districts in 17 states
y 8 Major Offices and 51 Regional Offices
y Investments towards technology/
y 1,234 Branches, y Net Interest
IT Costs: ` 1,108 crore
1,290 ATMs and 219 BCBOs Incomes from
Reven
y 5 state-of-the-art data centres in

y 1 representative office in Abu Dhabi loans: ` 8,095 crore
Maharashtra and Karnataka
y F ee Income:
ue t
Social & y Diverse base of 7,700+ suppliers (Total Non

hro
Relationship y Voice of the Customer scoring and NPS Interest

C5
ug
Op
to measure customer experience Income): ` 5,114 crore

h
Strong information security/cyber

era
y Serving diverse customer segments y

Int
including corporates, SMEs, individuals, security governance

er
tin
rural women and farmers y Target to catalyse employment &

es
g
entrepreneurship opportunities for

tI
y 6.56 lakh active women customer co

En
base in rural India 100,000 youth by 2026 m

vi
nm e
an
ro
en dF
t ee
y Best-in-class technology / API stack s
Intellectual C6 y Dominant leadership in digital payments pg
y 1,000+ API Stack Developed in-house . 52

MATERIAL TOPICS OUTPUTS
54%: Proportion of Independent Directors on the Board

23%: Proportion of women Directors on the Board
Governance
& Compliance ESG and climate-related KPIs linked to goalsheets of MD&CEO and
relevant top management
must not be limited to financial capital,
 Penalties/fines totalling ` 192,550 levied through regulatory actions
but encompass an organisation’s
Zero public legal cases against the organisation or employees regarding
aggregate impact on people, planet corruption during the reporting period
Business Ethics
and profits. The Bank thus aims to Zero incidents/violations of corruption that led to terminations/non-
harmonise its actions, account for its renewal of contracts with suppliers
impacts and report its performance Data Security Zero instances of data breaches
& Privacy Nil data breaches involving personally identifiable information of customers
across its financial, manufactured,
 #1 in UPI Payments with 34.5% market share with ~99.8% success rate
intellectual, human, social and  #1 in AePS, powering 29.3% of all AePS transactions
relationship, and natural capitals. Digital
 #2 in NEFT with ~98.7% success rate & 8.6% market share
Innovation
 90% eligible CA accounts sourced digitally
MO  95% New Credit Cards approvals digitally
DE
L
Customer  70: Net Promoter Score for FY 2023-24
Relations (an improvement from last year’s NPS of 68)
Ranked Top 50 in ‘India's Best Workplaces in BFSI 2024’ rankings by the
Le Great Place to Work Institute
nd Ri
in s Employment  Women participation in workforce at 21.8% (up from 21.0% in FY 2022-23)
g
fu Practices  8.86 average training days per employee with 27,819 employees trained
k
n
M
 99.7% return to work rate after maternal leave

an
Employee attrition reduced to 38.2% (from 42.7% in previous year)

ds

y Corporate Advances:
ag
ac
` 52,976 crore  3rd straight year of full year profitability with FY 2023-24 Net Profit at
em
ro
` 1,251 crore (up 74.4% Y-O-Y)

s
y Mid Corporate
e
 FY 2023-24 Non-Interest Income up 38.8% (Y-O-Y)

ss
nt
Advances: ` 34,393 crore Progress on  1.7% GNPA ratio in FY 2023-24 (down from 2.2 in FY 2022-23). Reduced
eg
G ov
y Retail Advances: Profitability NNPA ratio to 0.6% from 0.8% in FY 2022-23

me
` 105,103 crore  44% Proportion of RoA accretive products in the Bank’s disbursements
nts
erna
(up from 35% in FY 2022-23)

y SME Advances:
85 new branches opened in FY 2023-24
` 35,327 crore
nce Framework
24% reduction in financed emission intensity of electricity generation

y Rural Advances: portfolio (from base year FY 2021-22)
` 6,427 crore (included in 619 ktCO2e annual attributable emissions avoided through the
Retail Advances above) Climate Action Bank's RE financing
 Rated ‘A-’ (Leadership Band) by CDP for 2023 Climate Change disclosures
y Trade and Cash Management  Part of MSCI ACWI Low Carbon Leaders Index, ACWI Climate Change Index,
Services: Fee income of MSCI India Climate Action Index (as on April 2024)
` 897 crore in FY 2023-24
vities
` 1,678 crore disbursed to 6.56 lakh women through YES LEAP in FY 2023-24
Financial
y Forex sales: Forex fee income  Over 105,000 accounts opened under Pradhan Mantri Jan Dhan Yojana
Inclusion
of ` 803 crore in FY 2023-24 1,460 Financial Literacy Camps conducted in rural India
a c ti
pg.
Balance Sheet management  18.06% reduction in Bank’s energy intensity per rupee of turnover (Y-O-Y)
68
ry
40,892 tCO2e in Scope 1 and Scope 2 emissions in FY 2023-24

y Para-banking
asu
 19.55% reduction in emission intensity per rupee of turnover (Y-O-Y)

and other services  5,254 tCO2e in avoided emissions from the use of renewable energy at the
re
y Financial Market Operational Bank’s facilities

dT
activities on behalf of Eco-efficiency 133 tonnes of waste recycled and diverted from disposal
an
Clients/Proprietary  2 lakh: Trees planted under YES Foundation’s agroforestry project

ng
trading etc.  3 offices along with 43 of 92 Mumbai Branches switched to renewables

2
n
ki
.9
Ba  IGBC certification: YES BANK House received Platinum certification and

pg
on the Bank’s Okhala Office received Gold certification in FY 2023-24

a c ti
ce
309 ktCO2e of annual attributable emission avoidance from RE projects
ns
Tra an financed through Bank’s green bonds
o rm Sustainable  ` 6,310 crore: Khushi (Affordable) Home loan portfolio as at March 31, 2024
r Perf Finance  ` 35,327 crore SME advances as at March 31, 2024
Ou  40,000+ youth impacted through YES Foundation’s employability and
entrepreneurship programmes, till date
91
Governance and Compliance
YES BANK continues to foster a strong culture of good governance and compliance,
across all facets of its business, with an aim to safeguard trust and create value for all
its stakeholders, in a responsible way. The Bank has constituted an independent and
diverse Board, which along with the Bank's various committees and the management,
guides the Bank's overall strategy and oversees its policies, internal controls, risk
management frameworks, monitoring & reporting mechanisms, and their adherence
to the highest standards of accountability and transparency.
Ensuring compliance with regulatory requirements, is another key overarching consideration at YES BANK. The Bank’s
dedicated Compliance Department strives to be at the forefront of regulatory changes and continues to work closely with
all the business units to be compliant with the existing and new requirements.
MATERIAL TOPIC 1
Description and Impacts

Governance and compliance refers to the approach of YES Bank's Board and Management to enhance
accountability and transparency, and systematise prudent controls, risk management and reporting in
organisational processes and strategies. Good compliance culture refers to the Bank’s conformance with
all local, regional, national and international laws, regulations and policies.
Impacts on Stakeholders Impacts on Enterprise Value Creation

y Good governance and compliance practices enable y Transparency helps boost investor confidence,
the Bank to function efficiently and to create value reduces cost of capital and enhances communication
for all stakeholders, leading to overall social and amongst the Bank’s stakeholders PASC
economic development PASŚ y Good governance helps safeguard the Bank against
y Prudent governance and risk management risks and improve enterprise value PALC
practices, enhance economic stability and prevent y Good governance improves decision-making and
crises PPLŚ efficiency, strengthens the Bank’s reputation and
brand image, and helps attract new talent and
retain its employees PALC
y A good compliance culture prevents the Bank
from being subject to risks of fines, penalties
and litigation PPSŘ
Linkages
C1 C2 C3 R1 R5 R6 SBO10
P-Positive/ N-Negative | P-Potential/ A-Actual | L-Long/ S-Short | E-Environment/ Ś-Social/ C-Cost/ R-Revenue/ Ř-Risk

MANAGEMENT OF THE MATERIAL TOPIC1
Initiatives to promote good governance and compliance within the organisation:

1. The Bank has a ‘Policy on Board Diversity and Fit 6. The Bank has defined measurable financial
& Proper Criteria and Succession Planning’ which & non-financial KPIs for the MD & CEO and
details the process for appointment of Directors. senior leadership
The Bank also has a Board Remuneration Policy
7.
The Bank has implemented a comprehensive
for determining the remuneration of Directors of
Enterprise Risk Governance framework with
the Bank in terms of the statutory and business
3-Lines of Defence comprising business
requirements of the Bank
management, independent functions, and
2. To fortify its governance practices, the Bank has internal audit (for more information refer to the
established 10 Board-level Committees which Risk Management section on page 68)
assist Board in discharging its responsibilities
8. To foster a 'culture of compliance', the Bank has
effectively. The Nomination & Remuneration
instituted a Board-approved Risk and Compliance
Committee of the Board, with majority
Culture Policy to monitor the Bank’s compliance
representation of independent directors, makes
with all regulatory requirements
recommendations to the Board for appointment
of Directors and reviews the Board’s performance 9.
The Bank has a dedicated Compliance
evaluation framework Department charged with ensuring compliance
with all regulatory requirements. The Chief
3. During the year, Board Performance Evaluation
Compliance Officer reports directly to the Audit
exercise was conducted through an Independent
Committee of the Board
External Agency
The Bank monitors Compliance Risk as a
10.
4.
The Bank has also constituted a Board-level
standalone risk
Corporate Social Responsibility and Environmental
Social & Governance (CSR & ESG) Committee 11.
All employees receive regular trainings on
which along with the executive-level Sustainability regulatory compliances and compliance-related
Council, oversees the Bank’s overall sustainable subjects
development agenda
5.
The Bank’s Directors and senior management
have confirmed their adherence to the Code of
Business Conduct and Ethics that prohibit actual
and apparent conflicts of interest
KPIs:
54% ~9 years 23%

Directors on the Average vintage Directors on the
Bank’s Board are of Top and Senior Bank’s Board
Independent Directors Management Team are women
Zero incidents 23 instances

of non-compliance with of penalties/fines totalling ` 192,550 levied through
voluntary codes regulatory actions during the financial year which include
15 incidents of non-compliance with regulations concerning
product and service information and labelling, resulting in
a penalty/fine totalling ` 155,000 ( (For more information,
please refer to page 336 of the BRSR)
GRI 3-3
1
93
GOVERNANCE AND COMPLIANCE
KEY POLICIES1
Code of Business Conduct and Ethics1: The Board Board Remuneration Policy: The Board has
has formulated and adopted Code of Business adopted a Board Remuneration Policy in line with the
Conduct and Ethics for the Board of Directors and requirements under the provisions of Section 197 and
Senior Management. The Code covers a wide range Section 198 of the Companies Act, 2013. The Policy is
of business practices and procedures including fair prepared in accordance with the provisions of the Act
practice, conflicts of interest, disclosures, confidentiality, and rules made thereunder, SEBI LODR Regulations,
amongst others. In accordance with the Code, Board the Banking Regulation Act, 1949 and circular and
members and senior executives must avoid and guidelines issued thereunder. The Board's Nomination
disclose actual and apparent conflicts of interest. and Remuneration Committee (N&RC) reviews and
The Bank has received declarations from the directors amends this policy from time to time. The policy can be
and senior management for the financial year ended accessed here:
March 31, 2024, confirming adherence to the Code of
Business Conduct and Ethics. The declaration signed https://www.yesbank.in/pdf?name=board_kmp_
by the MD & CEO stating that members of Board and sr_mgmt_remuneration_policy_pdf.pdf
Senior Management have affirmed compliance with the
Code can be referred to on page 324. The Code can Tax Strategy: As a responsible corporate citizen,
be accessed here: the Bank is committed to following good corporate
practices in tax management and tax transparency,
https://www.yesbank.in/pdf?name=Code_of_ and contribute to India’s sustainable development
Business_Conduct_Ethics_for_the_Board_of_ goals by responsibly fulfilling its tax obligations.
Directors_and_Senior_Management.pdf The Bank has instituted a Board-approved Tax Strategy
that aims to incorporate best practices in responsible
Policy on Code for Corporate Governance: YES tax management. The Tax Strategy is reviewed
BANK’s Policy on Code for Corporate Governance basis regulatory changes and is available on the
codifies the governance practices followed by the Bank, Bank’s website at:
which are in line with provisions of the Companies Act,
https://www.yesbank.in/pdf?name=yes_bank_
2013, the SEBI (Listing Obligations and Disclosure
tax_strategy_pdf.pdf
Requirements) Regulations, 2015 (‘SEBI Listing
Regulations’), The Banking Regulation Act, 1949, RBI
Guidelines and other best practices being followed by Risk and Compliance Culture Policy: The Bank
Indian corporates. The Policy covers all aspects of Board has put in place a Risk and Compliance Culture Policy.
Composition, Role and Responsibilities of the Board, The primary objective of the policy is to define the Risk
Quorum for the Meeting, Role of the Chairperson of the & Compliance Culture for the Bank, highlight the way
Board, Managing Director & CEO / Executive Directors in which Risk and Compliance Culture can be fostered
(‘Whole-time Directors’), Non-Executive Directors and within the Bank and provide the methods and tools to
Independent Directors. It also covers Committees of continuously assess the Risk and Compliance Culture.
the Board, their Composition and Terms of Reference, At the Board-level, the implementation of this policy
Process for Appointment of Directors, Induction of is overseen by the Risk Management Committee
Directors and training & familiarisation programmes, and the Audit Committee. At the management level,
remuneration of Directors, Code of Conduct for the Apex Management Committee (AMCOM), Chief
Directors including Executive and Non-Executive Compliance Officer and Chief Risk Officer oversee
Directors, Code of Conduct for Independent Directors the implementation of the policy. In line with the
and Management’s Responsibilities. policy, the Risk and Compliance Culture is fostered
through leadership's commitment, Code of Conduct
Board Diversity and Fit & Proper Criteria and & accountability, information & communication and
Succession Planning: The Bank has a Board-approved through trainings, incentives & rewards. Further, the
‘Policy on Board Diversity and Fit & Proper Criteria policy also outlines a roadmap for the Bank to achieve
and Succession Planning’ (‘Fit & Proper Policy’) which a more robust Risk and Compliance Culture.
comprises the Bank's approach on diversity of Board
Composition, succession planning and the detailed
process for appointment of Directors.
GRI 2-15, GRI 2-23, GRI 2-24
1

Board Governance1
The Board of Directors of the Bank comprise thirteen Independent Directors

Directors, seven of whom are independent. As a Board
that prioritises diversity, three of the thirteen Directors
are women and each of the Directors bring with them
5 2
diverse expertise spanning a number a fields. There was
no change in the composition of the Board of Directors, Nominee Directors of State Bank of India
during FY 2023-24. The Bank ensures efficient and
transparent conduct of business through an optimum 2
combination of Executive and Non-Executive Directors
(Independent Non-Independent) on its Board.
Non-Executive Directors
The Board has also constituted 10 Board Committees, (Nominee of CA Basque Investments and nominee of
each with their own Terms of Reference, which help Verventa Holdings Limited)
discharge the Board’s duties in an efficient manner.
In case of exigency, the Board and its Committees also
approve various business proposals and regulatory 1 1
approvals through circulation. The Bank also conducts
Managing Director & CEO
trainings for all its Directors, including Non-Executive
Directors and Independent Directors on areas such
as nature of the Banking Industry, Business Model, 1
Financial Management, Risk Management System
and Technology Architecture of the Bank. The Board’s Executive Director
composition (including gender diversity) as at March 31,
2024 is presented below:
1
Number of Board Members
10 3
54%
46% % Age (Above 50 years)
10 2
Age (30 years to 50 years)

Independent Directors
1
Non-Independent Directors
Male Female
GRI 2-9, GRI 405-1

1
95
Board-Level Committees1
Board-level Committees play a key role in the governance and focus on specific areas and make informed decisions within
the delegated authority. Each Committee is guided by its Terms of Reference, which provides for the scope, powers, duties
and responsibilities. The recommendations of the committee and/or observations and decisions are placed before the
Board for information or approval.
Board Committees
BOARD OF DIRECTORS FRAUD, WILFUL

DEFAULTERS &
(ED: Executive Director) NOMIINATION & STAKEHOLDER CUSTOMER RISK BOARD IT CAPITAL
CAPACITY AUDIT CSR & ESG NON-COOPERATIVE
(NE-ID: Non-executive Independent Director) REMUNERATION RELATIONSHIP SERVICE MANAGEMENT CREDIT STRATEGY RAISING
BORROWERS
(NE-D: Non-Executive Director) MONITORING
Mr. Prashant Kumar MD & CEO * * # *
Mr. Rajan Pental ED * * * *
Mr. Rama Subramaniam Gandhi^ NE (Ch) ID * * * #
Mr. Atul Malik NE-ID * * * #
Ms. Rekha Murthy NE-ID * * # #
Mr. Sharad Sharma NE-ID * * # *
Mr. Sandeep Tewari$ N-ED * * * *
Mr. Thekepat Keshav$ N-ED * * * *
Mr. Sadashiv Srinivas NE-ID # * * *
Ms. Nandita Gurjar NE-ID # * # *
Mr. Sanjay Kumar Khemani NE-ID # * * *
Mr. Sunil Kaul¥ N-ED * * * *
Ms. Shweta Jalan£ N-ED * * * *
INDEPENDENCE OF THE BOARD
80% 67% 40% 40% 67% 60% 50% 60% 40% 33%
COMMITTEES
GENDER DIVERSITY 20% 50% 20% 20% 0% 60% 0% 20% 20% 17%
COMMITTEE MEETINGS HELD IN FY 2023-24 14 3 2 2 5 3 28 5 3 1
IMPACTS REVIEWED ECONOMIC ECONOMIC; ECONOMIC; ECONOMIC; ECONOMIC; ENVIRONMENT; ECONOMIC ECONOMIC; ECONOMIC ECONOMIC ECONOMIC
PEOPLE PEOPLE PEOPLE ENVIRONMENT; PEOPLE PEOPLE
PEOPLE
*Member of the Committee

#
Chairperson of the Committee
Executive Director
€
^Non-Executive Part-time Chairperson, Independent Director

Non-Executive Director (Nominee Director of State Bank of India)
$
Non-Executive Director (Nominee of CA Basque Investments)

¥
Non-Executive Director (Nominee of Verventa Holdings Limited)

£
1
GRI 2-10

Board Discussions1
The Bank’s Board of Directors, meet regularly to discuss important/critical matters that require to be reviewed/approved
as per the applicable statutory provisions. The Bank has an effective post-meeting follow-up procedure and mechanism
to track important decisions taken at the Board/Committee meetings and track closures of such decisions. The Bank
has put in place an Action Tracker System, to track actionables emanating from Board/Board-level Committee meetings.
The Action Taken Report on decisions taken in a meeting are placed at the succeeding meeting(s) of the Board/Board-level
Committees. A report on ongoing actionables (Action Taken Report) are placed before the meeting of the Board/
Board-level Committees from time to time. The key matters for the Board’s discussion during FY 2023-24, included:
Capital raising activity Operations, risk New initiatives in business

management and business
Budgets Financial results Update on corporate social

responsibility activities
Environmental, Social and Minutes of the Board and Appointment and remuneration
Governance performance Committees of the Board of the Senior Management
and climate strategy
Board nomination and selection process1

The composition of the Board is driven by various forms an opinion that there is a need for induction of a
requirements of the Bank such as qualification, knowledge, new director with a specific skill or experience to bridge
skill and experience of the directors. At the time of the gap, it makes a recommendation to the Board for
appointment/re-appointment, the Bank’s Board-level induction of a new director. In such cases, the Bank follows
Nomination & Remuneration Committee (N&RC) reviews the procedure laid down in the policy with regard to Fit and
the qualification, knowledge, skill sets and experience Proper Criteria for induction of a director.
of the directors. Upon its review, if the N&RC finds that
the directors meet the requirements of the Bank, it The appointment of the Chairman and Executive Directors
makes further recommendation to the Board for their are subject to prior approval of the RBI and final approval
appointment/re-appointment. by the Bank’s shareholders.
Further, the N&RC on an annual basis, also assesses the

various skill sets and experience of the Board members
and evaluates the same as against the Bank’s requirements
based on business and regulatory norms. If the N&RC
GRI 2-10, GRI 2-12

1
97
Board Remuneration Policy1

The Board has adopted a Board Remuneration Policy accordance to the RBI circular no. RBI/2021-22/24 DOR.
in line with the requirements under the provisions of GOV.REC.8/29.67.001/2021-22 dated April 26, 2021.
Section 197 and Section 198 of the Companies Act, 2013.
The Policy is prepared in accordance with the provisions The remuneration of all Executive Directors are governed
of the Act and rules made thereunder, SEBI LODR by the Bank’s Board-approved ‘Total Rewards Policy’ which
Regulations, the Banking Regulation Act, 1949 and circular includes fixed pay and variable pay, performance bonus
and guidelines issued thereunder. The Board and the and stock-linked incentives, terms and conditions of
Board-level Nomination and Remuneration Committee termination (including payments), malus/clawback clauses
(N&RC) reviews and amends this policy from time to time. as per the Bank’s policy, and retirals such as Provident
Fund and Gratuity.
The objective of the Policy is to put in place a mechanism
for determining the remuneration of Directors of the Bank The remuneration payable to the Chairperson and
in terms of the statutory and business requirements of Executive Directors is subject to the prior approval of RBI
the Bank. The Bank has a separate Total Rewards Policy and final approval of the shareholders.
articulated in line with relevant RBI guidelines which
Remuneration is benchmarked for every role against
inter alia deals with the Compensation & Benefits of the
market data provided by Bank’s appointed remuneration
Managing Director & CEO and the Whole-time Directors.
consultant. A reputed and credible third party organisation
The N&RC recommends to the Board the remuneration has been onboarded as remuneration consultant.
for the Chairperson, Non-Executive Directors (NEDs),
There were no proposals related to change of
and Executive Directors. NEDs are paid sitting fees within
remuneration of Directors sent to the Board in FY 2023-24.
the permissible limit prescribed under the Companies
The remuneration for Chairman and Executive Director
Act, 2013, Listing Regulations and other regulatory
were approved in FY 2022-23, details of which are available
guidelines, as amended from time to time. The N&RC
on page 268 of the Bank’s Integrated Annual Report for
recommends changes in sitting fees based on factors
FY 2022-23 which can be accessed here:
such as performance parameters of the Bank, industry
benchmarking, etc. which is approved by the Board. https://www.yesbank.in/pdf?name=integrated_
The Bank may also pay NEDs a fixed remuneration in annual_report2022_23.pdf
Managing Director and Chief Executive Officer’s Compensation

The remuneration for the Bank’s MD&CEO is in line The MD&CEO’s Variable pay consists of performance
with the guidelines stated in the RBI circular dated bonus and stock-linked Incentive. The variable pay is
04 November 2019 (Ref. RBI/2019-20/89, DOR.APPT. governed by regulatory guidelines which includes deferral
BC. No. 23/29.67.001/2019-20). The Bank has a process arrangement. While part of performance bonus is
of defining measurable Key Performance Indicators (KPIs) deferred over subsequent three performance periods, the
for MD & CEO under financial & non-financial parameters. stock-linked incentive vests over 42 months from the grant
Financial KPIs include metrics such as profitability, asset date. The entire variable pay is subject to Malus/Clawback
quality, deposit growth etc. while non-financial KPIs include clauses as per the Bank’s policy.
metrics on governance and compliance, ESG and climate
change, human resources etc.
The ratio of the remuneration of the MD&CEO to the median remuneration of the employees for the
financial year is 71.4x*. The ratio of the percentage increase in the annual total compensation of the MD
& CEO to the median percentage increase in annual total compensation for all employees stood at 1.951.
*Remuneration includes fixed pay, perquisite value, performance bonus paid and value of stock options granted during the year (this
ratio is calculated in accordance to the requirement of GRI 2: General Disclosures Standard 2021 - Disclosure 2-21 and is different from
the ratio mentioned in Annexure I to the Directors’ Report on page 254)
GRI 2-19, GRI 2-20, GRI 2-21
1

Board Performance Evaluation1

In FY 2023-24, the Board carried out its annual performance Board-Level Committees for further action. The Board
evaluation of the Directors. The Board Performance of Directors also identified specific action areas with
Evaluation exercise was conducted through an due emphasis and focus on sustainable improvement
Independent External Agency and covered various aspects in governance practices, business strategy and growth,
including the Board’s oversight of the management of the long-term succession planning and talent management.
organisation’s impacts on the economy, environment, and
people. The feedback from the performance evaluation For more information, refer page 248 of the
was shared with respective Directors, the Board and Directors' Report
ESG Governance1
YES BANK has set up a robust governance structure for strategically integrating Environmental, Social and Governance
(ESG) and climate considerations into its business. The Bank’s Chief Financial Officer heads the Sustainable Finance unit
as the highest ranking executive responsible for the Bank’s sustainability strategy, reporting directly to the MD & CEO.
The Bank has also constituted a Board-level Corporate Social Responsibility and Environmental, Social & Governance (CSR
& ESG) Committee which along with the executive-level Sustainability Council, oversees the Bank’s overall sustainable
development agenda.
Board-level: Sustainable finance unit: strategy and works with sustainability

The Bank’s Board of Directors The Bank has set up a dedicated SPOCs from business units and control
guides its overall ESG agenda and is Sustainable Finance (SF) unit that functions across the Bank to integrate
periodically apprised of the Bank’s houses employees with specialised ESG and climate considerations into
sustainability approach, targets, and knowledge and experience in business, measure and manage the
key initiatives sustainability. The SF unit co-develops Bank’s impacts and report the Bank’s
and implements the Bank’s ESG non-financial performance.
CSR & ESG Committee of the
Board:
The Bank's CSR & ESG Committee Role of Board Committees
is the highest governance body The CSR & ESG Committee, is one of 10 Board-level Committees
that drives the Bank's sustainable constituted by the Bank to oversee the management of the organisation’s
development agenda. It reviews and impacts on the economy, environment, and people, including their
approves the Bank’s material topics human rights. Each of the Committees reviews different aspects of the
and key non-financial disclosures. Bank’s sustainability performance, approves key policies and oversees
The Committee also oversees the the Bank’s KPIs against its targets and goals. The Board-level Committees
Sustainability Council and reviews the also oversee the work of key executive-level committees, that undertake
Bank's overall ESG performance due diligence, develop strategies, identify and mitigate negative impacts,
and implement the Bank’s policies related to various aspects of its
Sustainability Council: business. The Bank has also dovetailed domain-specific ESG KPIs related
The Bank's Executive Level to its economic, environmental, and people-related performance into the
Sustainability Council, chaired by the goal sheets of relevant executive management, cascading its thrust on
MD & CEO, develops and reviews sustainable outcomes, across the organisation.
the Bank’s sustainability strategy,
oversees the implementation of For more information on the Bank’s Board-level Committees, impacts
the Bank’s sustainability agenda, reviewed and frequency, please refer to page 285. For more information
sets targets, and monitors its on the Bank’s risk governance framework, please refer to page 68.
ESG performance
GRI 2-9, GRI 2-13, GRI 2-18

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99
Comprehensive and transparent disclosures Human Capital Development, Human Rights, Corporate
In line with its ethos of good governance, YES BANK Governance, Risk Management, amongst others.
continues to be a benchmark institution for financial and
non-financial disclosures. The Bank was the first within the 2. Highest rated Indian Bank for climate disclosures:
Indian banking sector to publish a Sustainability Report For the second year in a row, YES BANK was rated ‘A-’
in line with GRI Standards and to support and enhance Leadership Band by CDP for its 2023 Climate Change
its disclosures in line with the recommendations of the disclosures, retaining its position as the highest rated
Taskforce on Climate-related Financial Disclosures (TCFD). Indian Bank for climate disclosures. CDP annually rates
The Bank has consequently earned a leadership position global organisations across sectors, based on their climate-
in prestigious global ESG ratings. related performance. YES BANK earned the ‘Leadership
Band’ (A/ A-) in 9 out of 12 climate-related disclosure
1. Highest S&P Global ESG Score amongst Indian categories, including, areas such as climate governance,
Banks: In FY 2023-24, the second year in a row, YES BANK emissions reporting (Scope 1, 2, and 3), emission reduction
achieved the highest S&P Global ESG score amongst Indian initiatives, and effective risk management processes.
banks based on the S&P Global Corporate Sustainability The ratings are reported to be accessed by more than
Assessment (CSA) 2023. The Bank’s S&P Global ESG score 18,700 companies and 740+ institutions with assets worth
stood at 74 (out of 100) as of February 16, 2024. The Bank’s USD 130+ trillion
S&P Global CSA Score stood at 73 (out of 100) as of
December 1, 2023, reflecting a marked improvement of 3. Included in major global climate and ESG indices:
5 points over its score of 68 in 2022. The S&P Global CSA is In June 2024, YES BANK was included as a constituent in
considered one of the most comprehensive and granular the FTSE4Good Index Series for the second consecutive
assessments of an organisation’s ESG performance, year. Further, the Bank features in the MSCI ACWI's
taking into account up to 1,000 data points on an ESG Universal Index, MSCI ACWI Low Carbon Leaders
organisation’s performance across topics such as Climate Index, ACWI Climate Change Index, among others
Strategy, Operational Eco-Efficiency, Financial Inclusion, (as on April 2024)

Culture of compliance
The Bank’s Compliance Department is charged with ensuring that the Bank’s business activities and operations comply
with all regulatory requirements. In order to enhance the independence of the function, the Bank’s Chief Compliance
Officer reports directly to the Audit Committee of the Board. The Bank also monitors Compliance Risk as a standalone
risk which is reviewed and monitored by the Bank’s Apex Management Committee.
The key functions of this department align with various RBI guidelines, including the RBI circular dated
September 11, 2020, which includes:
y Identifying effective procedures, corresponding y Providing guidance on compliance-related matters
controls to support the Bank’s business divisions y Conducting compliance reviews
y Disseminating key regulatory updates affecting the y Delivering training to employees on compliance
Bank’s various businesses aspects
y Conducting reviews of new products and processes
from a regulatory compliance perspective
Compliance-related trainings
All new employees are taken through a mandatory refresher training during the year on regulatory
induction programme which covers training on the requirements pertaining to KYC/AML, Credit, Trade/FEMA
Bank’s Code of Conduct, Anti-Bribery and Anti-Corruption and Liability. In addition, in FY 2023-24, the Bank's Chief
Policy (ABAC Policy), the Bank’s Know Your Customer Compliance Officer (CCO) also conducted a Compliance
(KYC) and Anti-Money Laundering (AML) policy, amongst Awareness Workshop for the top management of
other subjects. The Compliance unit also conducts the Bank.
101
Tax management1
The Bank has a dedicated function charged with regulatory The Bank is committed and strives towards proactive,
reporting and taxation that reports into the Chief Financial professional, constructive and transparent dealings
Officer with further oversight from the Board-level Audit with tax authorities. Any concerns related to taxation,
Committee. The Bank ensures professional diligence and received through the Bank’s channels are addressed
care in managing risks associated with tax matters based by the Bank’s Regulatory Reporting & Taxation team.
on appropriate research and well-reasoned conclusions in Necessary disclosures, whether material or not, emanating
consultation with the tax advisors, experts, counsels and from the tax authorities’ orders are made in a timely
auditors on an ongoing basis. To ensure that the Bank is manner in accordance with the rules, and regulations
compliant with all regulatory and applicable norms, the issued by the market regulator.
taxation function is subject to periodic audits including
tax audits, internal audits and statutory audits, amongst The Bank complies with all applicable reporting
others. The Bank’s tax disclosures are audited by the Bank’s requirements as per Indian tax laws. The annual report
statutory auditors and published in its annual report. of the Bank includes disclosures with regard to provision
for taxes in accordance with the applicable accounting
norms of India.
GRI 207-1, GRI 207-2, GRI 207-3, GRI 207-4

1

Supply Chain Governance1
YES BANK’s large and diverse supplier base of over 13,500+ large, medium, and small suppliers are integral to
the vitality of its business and ecosystem. The Bank has set up a Strategic Procurement Unit (SPU) staffed with
executives, skilled in responsible sourcing practices across categories, functions and domains. The Bank’s
SPU has adopted a robust decentralised procurement model which aims to strike the right balance between
cost, agility and governance in its procurement practices.
Supplier base Whistle-blower Initiative' (CWI), which is an independent

In FY 2023-24, the Bank transacted with over 7,700+ online reporting service aimed at facilitating secure
suppliers for provision of goods and services across and confidential communication of any concerns faced
all its offices and branches. The Bank has formed by its vendors to the designated and independent
strategic relationships with eminent Indian and global Whistle-blower Committee constituted by the Bank.
companies, however, significant portion of transactions
and procurements are done through domestic vendors. Skill development and continuous improvement
As the Bank is spread across the country, it also procures During the year, SPU continued to identify cost management
from local vendors for localised consumption of initiatives based on spend analytics to optimise cost
products and services. structures and collaborated with various operational/
functional units, to identify opportunities for value
Governance and risk management engineering and innovative solutions. Given the need for
The Bank has established a clearly defined risk management continual improvement and innovation, skill development
framework for its suppliers based on the risk profile of the has been a key focus area within the procurement team.
vendor and item category. In order to mitigate the risks for In FY 2023-24, the team collectively clocked more than
the Bank, control and governance parameters have been 139 man-days of learning and development engagements
constructed, implemented and reviewed on a periodic on functional and cognitive skill development. This also
basis. Additionally, the Bank has implemented Vendor includes participation in conferences and seminars for
Performance Evaluation Framework wherein periodic knowledge enhancement.
vendor performance reviews are conducted based on
vendor category. The Bank has also put in place processes
to ensure Vendor Redundancy/Business Continuity
Planning (BCP) for critical spend categories. In additional
to assessing vendors’ credibility, capability and cost to
deliver, YES BANK has implemented well-established
vendor guidelines, outlining its vendor selection criteria in
compliance with the law. This has been further enhanced
with the introduction of SAP Ariba e-Sourcing Platform
which has improved fairness and transparency in sourcing
processes. While the e-sourcing platform has already
become an integral part of its sourcing process, the Bank
is continually looking to enhance the institutionalisation of
the implemented system-based workflows.
As part of the Bank’s stated objective and commitment

to implementing best practices in corporate governance,
the Bank has a Whistle-blower portal – the 'Corporate
GRI 2-6
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103
Business Ethics
Cognisant of its responsibility of being a public trust institution, YES BANK aims to carry
out its business activities with the highest sense of integrity and an uncompromising
commitment to moral and ethical values. As they discharge their duties and serve the
Bank’s spectrum of stakeholders, YES BANKers not only uphold ethical principles such
as fairness, transparency and accountability in all their business dealings, but also
help promote ethical behaviour throughout the Bank’s larger value chain.
The Bank’s employees are guided by its rigorous Code of Conduct that defines the Bank’s ethical norms including their
alignment with applicable laws and regulations. The Bank has also instituted comprehensive policies and implementation
mechanisms to prevent instances of bribery, corruption and money laundering both within its business and its value
chain. YES BANK is also a signatory of the United Nations Global Compact (UNGC) and reports its Communication on
Progress (COP) on the 10 principles annually.
MATERIAL TOPIC 2

Business ethics refers to the organisational principles, policies and codes that guide the Bank in carrying
out its business with the highest standards of ethics and integrity. It includes the Bank's employee
code of conduct, and its norms regarding bribery, corruption, money laundering, and other unethical
business practices.

y Bribery, corruption and restrictive/unfair trade y Unethical business practices can have a
practices can impede efficient functioning of negative impact on the Bank's reputation and
economic systems by weakening competition, credibilityNPLŘ
increasing costs, reducing quality of y It can impede its ability to raise capital, affect
products & services, and leading to negative its capacity to attract customers and
customer experience NPLŚ employees NPSC
y Practices like money laundering help proliferate y It can also subject the Bank to the risk of fines,
crime, increase corruption, and play a role penalties and litigation NPSŘ
in shifting economic power towards anti-
social elements NPLŚ
Linkages
C2 C5 R5 R6 SBO2 SBO10

Initiatives to ensure that the Bank follows the highest standards of business ethics:
y The Bank has instituted a Code of Conduct and for its suppliers, based on the 10 principles of
key policies related to anti-bribery and anti- the UNGC and has taken steps to assess and
corruption, anti-money laundering, whistle enhance the ESG awareness and preparedness
blower mechanism amongst others to of its supplier base
foster and promote ethical and responsible
business conduct
y The Bank has put in place appropriate measures KPIs:
with respect to compensation, in order to
address misconduct and non-adherence to the 98.75% Zero Zero
Employees Public legal Incidents/
Bank’s Code of Conduct and all relevant statutory covered under cases regard- violations related
and regulatory stipulations, as applicable mandatory training corruption to corruption
y The Bank’s employees are provided mandatory ings on the Bank’s brought against that led to
Codes of Conduct, the organisation terminations/
trainings on the Code of Conduct, ABAC Policy,
Anti-Bribery & or its employees non-renewal of
KYC and AML Policy as part of induction training Anti-Corruption during the contracts with
and refresher certifications on a regular basis and Anti-Money reporting period suppliers during
y As a signatory to the UN Global Compact, the Laundering Policies the year
Bank has instituted an ESG Code of Conduct
KEY POLICIES1
Code of Conduct: The Bank has adopted an Know Your Customer (KYC) and Anti-Money
Employee Code of Conduct that applies to all Laundering (KYC & AML) Policy: The Board-
executives. Comprehensive employee trainings are approved KYC and AML policy provides a broad
conducted on the Code, followed by a mandatory framework for adherence to national and local
certification test. For more details on the Bank’s regulatory requirements related to Know Your
Code of Conduct, Client/ Anti-Money Laundering/Combating Financing
of Terrorism directives. The Audit Committee of the
https://www.yesbank.in/pdf?name=employee_
Board has oversight of this policy.
code_of_conduct.pdf
Whistle Blower Policy: In compliance with the
Anti-Bribery and Anti-Corruption (ABAC) Policy: provisions of SEBI (Listing Obligations and Disclosure
The Bank has implemented a group-wide Anti-Bribery Requirements, 2015) and other applicable
and Anti-Corruption Policy which defines what laws and in accordance with principles of good
constitutes bribery/corruption (including facilitation corporate governance, the Bank has developed and
payments) and outlines the corruption control and implemented a Vigil Mechanism, in the form of its
reporting mechanisms. The Policy is approved by the Whistle Blower Policy. The Policy is approved by the
Board with oversight by the Audit Committee of the Board with oversight by the Audit Committee of the
Board1. A summary of the policy can be accessed at: Board. The details of the Whistle Blower Policy are
available here:
https://www.yesbank.in/pdf?name=ybl_
abac_policy.pdf https://www.yesbank.in/pdf?name=ybl_
whistleblower_policy_v4.5.pdf
GRI 2-23, GRI 2-24, GRI 205-2, GRI 3-3

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105
BUSINESS ETHICS
KEY POLICIES1
ESG Code of Conduct: The Bank has instituted their Immediate Relatives in securities of the Bank
an ESG Code of Conduct for suppliers, based and for dealing in securities listed or proposed to
on benchmarked ESG parameters, defining its be listed (other than securities of the Bank) by the
commitment to environmental, health and safety Designated Persons specified therein, and their
regulations; local employment and labour laws; Immediate Relatives, and enumerating practices and
human rights including elimination of forced labour, procedures for Fair Disclosure of Unpublished Price
child labour and discrimination; national and Sensitive Information.
international antitrust and trade control regulations;
anti-corruption, anti-bribery & anti-competitive Human Rights Policy: The Bank has instituted a
trade practices; and norms related to data privacy Human Rights Policy that highlights its commitment
and conflict of interest, amongst others. The Bank’s to the United Nations Guiding Principles on Business
ESG Code of Conduct for suppliers, which forms and Human Rights. The Policy emphasises the
part of its business agreements and contracts, can Bank’s focus on developing a culture that values
be accessed here: diversity and inclusion; promotes equal employment
opportunities; provides a safe and healthy workplace
https://www.yesbank.in/pdf?name=yes_banks_
with zero tolerance towards sexual harassment; and
esg_supplier_code_of_conduct_pdf.pdf
prohibits child labour, forced labour and human
trafficking across its value chain. The Bank’s human
Code of Conduct for Prohibition of Insider rights policy is applicable to all employees and
Trading: The Bank has formulated a Code of stakeholders, including its suppliers and clients.
Conduct for Prohibition of Insider Trading, in The policy can be accessed here:
accordance with the SEBI (Prohibition of Insider
https://www.yesbank.in/pdf?name=human_
Trading) Regulations, 2015, as amended from time
rights_policy_yes_bank.pdf
to time, to regulate, monitor and report trading
by the Designated Persons specified therein and
The Bank’s Code of Conduct

The Bank has adopted a Bank-wide Employee Code Bank’s Code. All employees provide an annual declaration
of Conduct which outlines ethical guidelines, within through the Bank’s internal IT system, affirming their
which all YES BANKers are expected to operate in their understanding and adherence to the Code.
dealings with other employees and all other stakeholders.
The Bank’s Code has been formulated in line with The Bank has also developed and implemented a vigil
applicable regulatory requirements and industry best mechanism, through its Whistle Blower Policy, which
practices and covers various aspects of the Bank’s provides for a Corporate Whistle Blower Initiative (CWI
business. The Code of Conduct is applicable to all Portal) through which employees and other stakeholders
executives of YES BANK. can report any violations of the Bank’s Code by its
employees. The Audit Committee of the Board oversees
The Code is reviewed by the Board-Level Committees on the Bank’s vigil mechanism. Employees who violate the
a periodic basis and any changes or amendments to the Code of Conduct may be subject to disciplinary action,
Code are informed to all executives by the Human Capital including possible dismissal.
Management (HCM) unit. Familiarisation with the Bank’s
Code is included in the mandatory induction training for The Bank’s MD & CEO and the Chief Financial Officer
all new employees. In addition, the HCM unit conducts furnish an annual certification on the adherence of the
mandatory certification training for all employees on the Bank’s Code of Conduct.
GRI 2-23
1

Key aspects covered under the Bank’s Code of Conduct
Avoiding conflict of interest Avoiding gifts/benefits Whistle Blower mechanism to

report violations
Avoiding false information Participating in audits Importance of confidentiality and

or investigations non-disclosure of information
Product appropriateness Avoiding insider trading Avoiding negligence in

& suitability discharge of duties
Complying with all laws Practices for fair dealing Norms for anti-money laundering
and regulations with stakeholders
Avoiding harassment Avoiding insubordination and Acts of misconduct that may

including sexual harassment disorderly behaviour invite disciplinary action
Avoiding of bribery or Guidelines on operating Avoiding bias towards any

illegal gratification staff accounts caste, creed, race, religion,
ethnicity and gender
107
BUSINESS ETHICS
Anti-Bribery and Anti-Corruption

YES BANK follows a zero-tolerance approach towards acting on behalf of the Bank. The objective of the Policy
bribery and corruption. The Bank has instituted a is to ensure neither of the parties covered, indulge in any
Board-approved Anti-Bribery and Anti-Corruption acts of bribery and corruption in discharging their official
Policy (ABAC Policy), which reflects the Bank’s and its duties towards the Bank, either in their own name or in the
management’s commitment to maintaining the highest name of the Bank.
ethical standards, while conducting its business in an open,
fair and accountable manner, in line with best practices All employees of the Bank are provided a mandatory
in corporate governance. The ABAC Policy has been training on the Bank’s ABAC policy as part of the induction
developed in alignment with the Bank’s Code of Conduct, training1. 100% of the Bank’s operations have been
various policies, rules, and regulations adopted by the Bank assessed for risks related to corruption. The Bank assesses
in conformance with the legal and statutory framework of risk of fraud, customer complaints, risk of unauthorised
anti-bribery and anti-corruption legislation prevalent in access to systems, amongst a number of risks related
India. The ABAC Policy applies to the Bank, all its employees to corruption.
(fulltime or contractual employees, including trainees and
interns), directors, agents, associates, vendors, consultants, During the reporting period, four confirmed incidents of
advisors, representatives, intermediaries, all stakeholders, corruption were identified by the Bank in which staff-side
or any person associated with the Bank and who may be action was initiated against seven employees1.
Key aspects covered under the Bank’s ABAC Policy
Offering, demanding or accepting Facilitation payments Political contributions

of any form of bribe, kickbacks or
other improper benefits
Reporting of Abuse of Dishonest or fraudulent

conflict of interest entrusted power misappropriation of
official property
Self-dealing, dealings with Reporting of violations Kickbacks

relatives and friends through YES Vigil
Charitable contributions
and sponsorships
Anti-money Laundering
Money-laundering poses a severe risk to the stability of The KYC Policy and AML Policy and procedural requirements
the global economic system. As a responsible financial are subjected to an independent review by the Audit
institution, the Bank ensures that its business activities stay function and also forms a part of periodic reporting to
protected and resistant from any form of money-laundering. the top management of the Bank. The Audit Committee
The Bank has instituted a Board-approved, Know Your of the Board has oversight of the implementation of the
Customer and Anti-Money Laundering (KYC & AML) Bank’s KYC and AML Policy. In a first for the banking sector,
Policy, which provides a broad framework for adherence YES BANK’s Anti-Money Laundering (AML) Unit achieved
to national and local regulatory requirements related to the ISO 9001 certification in FY 2023-24.
knowing your customer, anti-money laundering practices
and directives for combating the financing of terrorism.
GRI 2-23, GRI 205-1, GRI 205-2, GRI 205-3

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Key aspects covered under the Bank’s KYC & AML Policy
Customer Due Diligence Name screening against Due-diligence of Politically

(CDD) negative list Exposed Person(s) (PEPs)
Norms for collection of KYC Conducting necessary name Conducting enhanced due
documents, verification of the screening against the regulator diligence for Politically Exposed
documents from independent prescribed negative lists before Person (PEP) clients and
and reliable sources, wherever opening client accounts so obtaining senior management’s
applicable, and identification and as to ensure that the identity approvals for opening an
verification of beneficial owners of the customer does not account. Such accounts
in case of legal entity clients. match with any person with are subjected to enhanced
Clients are also subjected to known criminal background monitoring on an ongoing basis
periodic updation of due diligence or with banned entities such
requirements at least once in as individual terrorists or
2 years for high-risk customers, terrorist organisations
once in 8 years for medium-risk
customers, and once in 10 years
Transaction Maintaining
for low-risk customers. Non-face-
monitoring records
to-face sourcing of the clients is
made subject to ensuring additional
Comprehensive transaction Maintaining records of client
due diligence, as per the local
monitoring processes to ensure identification data/information
regulatory guidelines
that client transactions are for a period of 5 years from the
consistent with the customers’ closure of client relationship,
business, risk profile and the and transaction records for
source of funds, and regulatory a period of 5 years from the
reporting to the FIU-Ind as date of transaction
prescribed under the regulations
Integrating ESG considerations into supply chain

As India’s first banking signatory to the UN Global Compact, Through its Supplier Code, which forms part of its business
YES BANK continues to abide by the 10 principles of the agreements and contracts, the Bank ensures that its
Compact encompassing human rights, labour, environment, suppliers support its sustainability agenda; comply with
and anti-corruption. The Bank uses these principles as a applicable laws; and adhere to globally recognised ESG
foundation for its sustainable supply chain practices. The standards. There were no incidents/violations related
Bank has instituted a Supplier Code of Conduct, based on to corruption that led to terminations/non-renewal of
benchmark Environmental, Social and Governance (ESG) contracts during the year1.
parameters, defining its commitment to environmental,
health and safety regulations; local employment and labour The Bank continues to take steps towards assessing the
laws; human rights including elimination of forced labour, ESG awareness and preparedness of its suppliers in a
child labour and discrimination; national and international phased manner and educating them about ESG best
antitrust and trade control regulations; anti-corruption, practices through webinars and surveys. The assessments
anti-bribery and anti-competitive trade practices; and will enable the Bank to score vendors on their ESG
norms related to data privacy and conflict of interest, performance and identify areas for improving controls and
amongst others. limiting potential negative impacts of its supply chain. In
FY 2023-24, the Bank’s ESG awareness initiatives covered
over 175+ vendors, representing nearly 60% of the Bank’s
procurement-led spends.
GRI 2-23, GRI 205-3
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109
Data Security & Privacy
Advancements in digital financial technologies over the last decade have not only
helped expand the reach of financial services but also significantly altered the way
in which consumers interact with banking services. With majority of banking services
now being delivered online and through digital channels, securing the integrity of its IT
systems, preventing information and cybersecurity incidents, safeguarding sensitive
financial data, and ensuring heightened customer privacy are key priority areas at
YES BANK.
Taking a holistic approach, the Bank has adopted an ISO 27001:2013 certified information security management system
and a robust governance framework with executive and Board-level oversight over its IT risk management procedures.
The Bank also organises regular training and awareness programmes for employees, consultants, vendors, customers,
and other stakeholders on global cyber security.
MATERIAL TOPIC 3

Ensuring data security and privacy refers to the Bank’s commitment to safeguard privacy and
confidentiality of the customer's personal information against the cybersecurity threats through
secure technologies and enhanced identity protection.

y Data security events/incidents can lead to risk of y Robust systems for data privacy and security
disruption of critical essential servicesNPLŚ help the Bank build a reputation of reliability and
y Poor data security and privacy protection can integrity, and strengthen customer retention PALŘ
lead to loss of customer’s personal information y Leak of sensitive internal data or customer
leading to the risk of identity theft/fraud/ information leads to operational and reputational
illegal activities NPSŚ risk and may result in the disruption of the
y Data security events/incidents can cause Bank’s services NPLŘ
customers and the general public to lose y Failure to follow applicable data privacy laws and
confidence in digital channels/banking system lack of robust data privacy systems may lead to
as a whole NPLŚ fines, lawsuits, and loss in customer base NPSŘ
y Robust systems for data security and customer
privacy encourage the use of digital channels,
enhance financial inclusion and contribute to the
goals of Digital India PALŚ
Linkages
C5 C6 R6 R12 SBO2 SBO6 SBO8 SB10

Initiatives to achieve excellence in information security and data privacy:

y The Bank has a well-defined governance y The Bank regularly conducts trainings, awareness
structure for information security and data campaigns and simulated drills for employees,
protection, with Board-level oversight from the vendors, customers, and other stakeholders
Risk Management Committee and the IT Strategy on global cyber security threats, and issues
Committee and management-level oversight guidance on using digital platforms in a safe
from the Security Council and the Fraud & and secure manner
Suspicious Transaction Monitoring Committee
y The Bank has instituted Board-approved KPIs:
policies for Data Handling, Information Security
and Cyber Security Zero Zero
Number of instances of Impact of the data
y The Bank has implemented an ISO data breaches, identified breaches
27001:2013 certified information security leaks, thefts, or losses of
management system customer data
KEY POLICIES1
Data Security & Privacy

Privacy Policy: The Bank’s Privacy Policy outlines Data Handling Policy*: The Bank has adopted a
the nature of customer information captured, and Board-approved Data Handling Policy.
how it is used, retained, and processed by the Bank. Information Security Policy*: The Bank
The policy can be accessed at: has adopted a Board-approved Information
Security Policy.
https://www.yesbank.in/privacy-policy Cyber Security Policy*: The Bank has adopted a
Board-approved Cyber Security Policy.
*The Bank’s Data Handling Policy, Information Security Policy and Cyber Security Policy are confidential and can be accessed by employees
on the Bank’s intranet
GRI 2-23, GRI 2-24, GRI 3-3
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111
DATA SECURITY & PRIVACY
Information Security - Governance

With the proliferation of digital banking services and mitigation approach for Information Security
and the increasing sophistication of cyber threats, Risk, please refer to the Risk Management section on
the Bank’s preparedness to safeguard its data and page 68 of this Integrated Annual Report.
information systems is a strategic area for review and
monitoring. The Bank has instituted a well-defined The Board-level Risk Management Committee monitors
governance structure for information security and data information and cyber security related risks as part of
protection. It has constituted an Information Security the Bank’s overall risk profile and provides guidance and
Unit led by the Chief Information Security Officer and direction on information security. The Bank has also
adopted a Board-approved Information Security Policy. constituted a Board-level IT Strategy Committee, chaired
A management level committee, Security Council, with by a Director with 30 years of specialised knowledge
cross-functional representation, meets on a quarterly in information technology. The IT Strategy Committee
basis to review security implementation across the approves and oversees the implementation of the
Bank and provide guidance to the information security Bank’s Cyber Security Policy and the Bank’s Cyber Crisis
function. Information Security Risk is monitored and Management Plan. The Bank has also adopted a robust
reviewed as a standalone risk by the Security Council information security management system certified as
on an overall basis, and which is also further reviewed per the requirements of the global information security
by the Fraud & Suspicious Transaction Monitoring standard ISO 27001:2013 and the Payment Card Industry
Committee. The Bank’s Internal Audit Department (IAD), Data Security Standard (PCI DSS). The implementation of
which is ISO 9001:2015 certified (Quality Management the Bank’s Information Security Policies is independently
System), provides an independent and objective audited by an external third-party auditor for its
assurance of the Bank’s Information Security system. adherence to the ISO 27001:2013 Information Security
To read more about the Bank’s risk, management Management System.
Training and awareness building

Defending the Bank’s information systems is a responsibility fall prey to such phishing simulations. Going beyond its
of every YES BANKer and the Bank strategically invests in employees, the Bank also rolls out regular awareness
employee training and awareness programmes to enhance campaigns to build awareness about cyber security
cybersecurity posture and ensure staff adherence to amongst its consultants, vendors, customers, and other
security protocols. The Bank also performs simulated stakeholders, educating them about emerging cyber
phishing drills to check the awareness of its employees security threats, and how to safely and securely use the
and contract staff with targeted trainings for staff who Bank’s digital platforms.
Key trainings conducted in FY 2023-24
Application Programming Payment Card Industry Data Infrastructure

Interface (API) Security training Security Standard training training
Risk Annual Data Flow Cloud Security training

Meet training Diagram training
Secure Coding General Data Protection

Practices Regulation (GDPR) training

Robust information security management Detect, Respond and Recover. The Bank has established
system a 24x7 security operations center (SOC) to monitor
By prioritising data protection and information cyber risks, which keeps vigil on suspicious network
security, the Bank aims to foster customer confidence, traffic and events to detect any anomalies, and helps
maintain regulatory compliance, and mitigate financial respond to potential incidents, in a timely manner. The Bank
and reputational risks associated with data breaches also subscribes to various threat intelligence services that
or cyberattacks. help identify malicious indicator of compromise (IOCs)
and block them as a proactive approach to prevent
The Bank’s ISO 27001:2013 information security potential attacks.
management system is geared to safeguard its systems,
networks, and applications from cyber threats, including Continuous monitoring, incident response plans, and
malware, phishing attacks, and insider threats. To mitigate collaboration with industry stakeholders further bolsters
risks and protect the Bank’s IT assets against potential the Bank’s resilience against evolving threats. The Bank
breaches, the Bank employs various security controls has completed Digital Forensics Readiness Assessment
such as firewalls, intrusion detection systems, multi-factor to ensure that all relevant logs are captured, in case of
authentication, and regular security audits. The Bank also any forensics investigation, and has also completed Cloud
complies with all required regulations, including the RBI’s Security Assessment which would assist in building a
guidelines on cybersecurity and data protection, which framework for Cloud security.
mandate the implementation of robust data security
frameworks and encryption standards. Committing to Privacy
achieve the highest benchmarks of Information Security,
YES BANK recognises the importance of safeguarding
the Bank also conducts third party vulnerability analysis
its customers' personal and financial information.
of its Information Security Management System.
In today's digital age, data privacy is not just a regulatory
In FY 2023-24, the Bank received 24 complaints concerning
breaches of customer privacy from outside parties and 3 requirement but a cornerstone of the Bank’s commitment
complaints from regulatory bodies. All complaints except 2 to trust and security. The Bank’s policies related to data
were resolved as at March 31, 2024 and the same will be security & privacy are based principles of transparency,
resolved within stipulated timelines1. security, control, and compliance. To adhere to
these principles, the Bank follows practices like data
YES BANK has adopted a risk-based approach and follows encryption, regular audits, employee training, third-party
a “defence-in-depth” security architecture to protect its management, amongst others. The Bank is committed to
information systems against cyber-attacks. To manage maintaining the confidentiality, integrity, and security of its
cyber security risk, the Bank has adopted a Cyber Security customers’ personal information, ensuring they can bank
Resilient framework based on four key pillars – Protect, with confidence.
GRI 418-1
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Digital Innovation
YES BANK stands at the forefront of the digital revolution, steadily advancing
innovation and leveraging technological developments to enhance the banking
experience for its customers. The Bank has strategically invested in digital
transformation initiatives, while maintaining the highest standards of regulatory
compliance and information security in all its propositions. Leveraging its robust
technological infrastructure, the Bank has consistently gained higher market share
in new-age digital payment platforms, including NACH, IMPS, NEFT, AePS and UPI.
In FY 2023-24, YES BANK became one of the first Indian banks to integrate Unified
Payments Interface (UPI) with the Reserve Bank of India's (RBI) Central Bank Digital
Currency (CBDC) application.
In order to ensure safety, suitability and quality of its digital products and services, the Bank has instituted a robust
governance structure with oversight from the Board-level Customer Service and IT Strategy committees. Along with its
comprehensive data protection framework, the Bank regularly provides customers with guidance on safe and secure
usage of its digital platforms.
MATERIAL TOPIC 4

Advancing digital innovation refers to the Bank’s ability to consolidate its market leadership in digital
banking and ensure it is future-ready through continued investments in technology and talent.
This transformation encompasses initiatives to elevate customer experience, improve data driven
decision-making and enhance partnerships with stakeholders within the digital ecosystem.

y Digitising paper-based processes not only y Efficient digital banking solutions enhance
reduces the use of paper and waste but also customer satisfaction, loyalty and retention PASC
enhances staff productivity and customer y Continued investments in technology and digital
delight PASE infrastructure would continue to strengthen the
y The use of digital channels enable customers to Bank’s market share in digital payments PALR
access banking services at the convenience of
their home and at a click of a button PASŚ
y Through platforms such as YES Money, the Bank
supports digital services such as DMT/AePS and
MATM, that deepen the reach and access of
financial services amongst unbanked, hard to
reach, and vulnerable communities PASŚ
Linkages
C1 C4 C6 R12 SBO2 SBO6

Initiatives to advance digital innovation: KPIs:

y The Bank has well-defined policies and
frameworks for its digital products & services,
#1 #1
in UPI Payments with in AePS, Powering
with oversight from two Board-level committees 34.5% market share with 29.3% of all AePS
y The Bank has enabled omni-channel customer ~99.8% Success Rate transactions
engagement, seamless payment solutions &
assisted digital model for mass-market products #2 ~90%
through its Digital Product Suite and continues in NEFT with ~98.7% eligible CA accounts
to advance its new-age digital product offerings Success Rate & 8.6% sourced digitally
market share
y Leveraging its leadership in API banking, the Bank
has developed key partnerships within the digital
ecosystem to foster innovation and strengthen
its connected banking propositions
y To be at the forefront of digital innovation,
the Bank actively engages on various Central
Government’s initiatives on Digital Public
Infrastructure to refine its client offerings and
contribute to the growth of the Digital franchise
KEY POLICIES1
Bank as a Payment Aggregator – Merchant Policy on Issuance and Operations of

Onboarding Policy*: The Bank has instituted a Bank Domestic Prepaid Instruments*: The Bank has a
as a Payment Aggregator – Merchant Onboarding Board-approved policy on Issuance and Operations
Policy, in line with RBI guidelines, that delineates of Domestic Prepaid Instruments which outlines the
the processes and controls through which the Bank’s protocols pertaining to prepaid instruments
Bank provides aggregation (collection) services for issued by the Bank either via digital, physical modes
a variety of merchants it enrols under the Bank as and through affiliations with payment networks.
a Payment Aggregator (PA) Framework. The policy The implementation of the policy is overseen by the
is approved by the Board with oversight by the Board-level IT Strategy Committee and Customer
Board-level IT Strategy Committee and Customer Service Committee with executive-level oversight by
Service Committee and executive-level oversight by the Standing Committee on Customer Service.
the Standing Committee on Customer Service.
*The Bank’s, Bank as a Payment Aggregator – Merchant Onboarding Policy and Policy on Issuance and Operations of Domestic Prepaid
Instruments are confidential and can be accessed by employees on its intranet
GRI 2-23, GRI 2-24, GRI 3-3

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115
DIGITAL INNOVATION
Comprehensive suite of Digital Solutions

Driven by rapid advancements in technology, digitalisation is becoming a key differentiator for customer retention and
service delivery in the banking sector. The Bank continues to develop and enhance customer digital journeys across sales,
service and operations through its comprehensive suite of digital products.
Key aspects of YES BANK’s Digital Banking approach
DIGITALISATION OPERATIONS & ANALYTICS FIN-TECH ECOSYSTEM

The Bank has revamped digital In its pursuit to provide fit-for- The Bank has built a robust
journeys across its product purpose solutions to its customers, technological and operational
categories and created an the Bank has developed architecture for plug-and-play
omni-channel experience for machine-learning led scorecards fintech partner integration and
its customers by launching and customer propensity a strong platform architecture
services such as Core Banking models to enable data-driven for seamless payment solutions
on-the-cloud, advanced decision-making. The Bank has to government, corporate,
mobile banking with emerging also adopted Zero-Ops, enabled start-ups and SMEs
super app functionalities and Robotic Process Automation (RPA)
Application Programming and data centre migration to
Interface (API) Banking optimise its operations
SECURITY
To maintain the highest standards of data protection and information security, the Bank has instituted Tier-4
Co-Location-based Data Centres, enabled technologies such as blockchain and state-of-the-art cybersecurity
with multi-factor authentication & encryption along with anti-spam and anti-spoofing solutions

Fostering a digitally proficient ecosystem

Building digital market leadership and becoming a
relationship banker to the new-age economy is one
of the core pillars of YES BANK's vision. The Bank has
enhanced its digital lending capabilities and contributed
to the expansion of digital public infrastructure to refine
its client offerings and contribute to the growth of the
Digital franchise.
Alongside building in-house competencies & capabilities, also integrated India’s Digital Public Infrastructure (DPI)
the Bank has identified partners to complement its Tech-Stack in its offerings to customers, and actively
solutions and scale its reach. YES BANK’s “YES Fintech engages on various Central Government’s initiatives such
Developer”, launched five years ago, has become India’s as Open Network for Digital Commerce (ONDC), Open
largest Banking API Sandbox Platform with more than Credit Enablement Network (OCEN), Account Aggregator
400+ virtual APIs. This platform has enabled the Bank (AA) and Central Bank Digital Currency (CBDC). In
to co-create innovations with FinTech organisations, FY 2023-24, the Bank also onboarded Paytm as Third-Party
start-ups and developers to enhance customer Application Provider (TPAP) to provide payment, collection
experience. Leveraging its digital expertise, the Bank has and settlement services to its customers.
Some of the Bank’s key partnership areas in the digital ecosystem include
FinTech Payment Switches and Platforms BigTech/LendingTech/

Enabling Digital Payment rails for online & offline payments WealthTech and InsureTech
within third-party payment Enabling payment switching and Providing easy KYC processing and
service providers such as processing capabilities for the payment/collection systems by
PhonePe, BharatPe, AmazonPay, digital ecosystem by utilising APIs enabling APIs for end customers
GPay, Zomato, Swiggy and Cred and Tech-Stack
BankingTech OpenBanking/Aggregation PayTech

Leveraging India’s Digital Public Empowering FinTech partners Facilitating the integration of
Infrastructure (DPI) Tech-Stack with compliant banking & APIs within the Tech-Stacks
to support compliant banking payment/collection services for of organisations
services by organisations their customers
Contactless and Wearables

Facilitating contactless payment transactions within the digital ecosystem by integrating APIs with National
Payments Corporation of India (NPCI) and associated ecosystem partners
117
DIGITAL INNOVATION
Digital Payments
The Bank continues to be a market leader in the digital payments space and has been steadily working on increasing
its market share.
Unified Payment Money Send Visa Direct Prepaid and

Interface (UPI) (MSVD) Gift Cards
Transactions witnessed Y-O-Y Transactions witnessed Y-O-Y Transactions witnessed Y-O-Y

growth of 31% in terms of volume growth of 98% in terms of volume growth of 7.51% in terms
and 22% in terms of value. and 137% in terms of value. of volume and 54.71% in
The Bank processed overall 4,317 The Bank processed overall 4.06 terms of value. The Bank
crore transactions with value of crore transactions with value processed overall 2.92 crore
` 6,970,215 crore. of ` 49,670.84 crore, capturing of transactions with value of
a market share of ~30% in the ` 3,247.74 crore, capturing ~2%
ecosystem for FY 2023-24. market share in the ecosystem
for FY 2023-24.
Aadhaar-Enabled Internet Payment MCTC

Payment Scheme (AePS) Gateway (IPG) (Travel Cards)
Transactions witnessed a Y-O-Y Transactions witnessed Y-O-Y Transactions witnessed Y-O-Y

growth of 34.33% in transaction growth of 67.49% in terms of growth of 25% in terms of load
volume and 30.36% in transaction value. The Bank processed overall value. The year exit load value
value by processing a total 1.87 crore transactions with value stood at USD 151.74 million
transaction value of ` 85,118 crore. of ` 21,897.7 crore for FY 2023-24, (approximately ` 1,260 crore)
Overall, the Bank processed 33.9 increasing its market share from for FY 2023-24.
crore transactions through AePS 2.26% to 3.03%.
with a market share of ~29.32%.
MCTC
(Travel Cards)
Transactions witnessed Y-O-Y

growth of 35% in terms of spends
value. The year exit spends value
stood at USD 131.08 million
(approximately ` 1,088 crore)
for FY 2023-24.
Micro ATM
(MATM)
Witnessed a Y-O-Y growth of

25.01% in transaction volume
by processing 4.30 crore
transactions with value of
` 11,305 crore in FY 2023-24

Digital Channels
The Bank continues to be a market leader in the digital payments space and has been steadily working on increasing
its market share.
YES ROBOT
The Bank’s comprehensive, secure, AI-enabled Personal Banking
Assistant for customers, offering its services on the Bank’s
website and WhatsApp. IRIS by YES BANK
The Bank’s mobile banking
In FY 2023-24, YES ROBOT became the only Digital Channel to provide
application, allows users to bank
enrolment to three Government Schemes digitally (Atal Pension Yojana
anytime, anywhere with 200+
(APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan
services available in a simple,
Mantri Jeevan Jyoti Bima Yojana (PMJJBY))
convenient, and secure manner.
Iris is a Direct-to-Consumer
mobile platform for customer
WhatsApp Banking
lifecycle management.
The Bank’s Digital Channel for banking
YES MSME on-the-go for YES BANK Customers. In FY 2023-24, the Bank
The Bank’s Transaction Banking introduced a new functionality,
In FY 2023-24, the Bank introduced
Mobile application for SME/ allowing submission of Positive
industry-first feature of enabling
MSME Customers to help Pay request for cheques on IRIS
utility bill payment and a Nominee
them manage their business application (along with other
Management module on
processes & finances. digital channels including YES
WhatsApp Banking.
ONLINE and YES ROBOT)
YES PAY NEXT

YES PAY YES PAY Hub & Lite
The Bank’s Digital Payments
The Bank’s mobile payments The Bank’s Mobile Platform for
application for all citizens.
application for wallet-linked SME/MSME Customers who
Virtual Card, UPI and Bharat QR wish to digitise their collections’
payment instruments. business on-the-go.
YES ONLINE
The Bank’s internet banking platform offers a user-friendly, interactive
banking experience to its customers across Liabilities, Assets, Cards and
Wealth Management segments in a seamless manner.
In FY 2023-24, the Bank integrated insurance module ‘Buy-Now’ journeys for YES BANK Digital Rupee
16 insurance products and activated Sovereign Gold Bond (SGB) Tranche-IV The Bank’s Central Bank
purchase on YES ONLINE. The Bank also introduced EMI-conversion of Digital Currency (CBDC)
Credit Card transactions and Bharat Bill Payment System (BBPS) for loan mobile application.
EMIs on the platform. Along with adding additional functionalities, the Bank
also enabled custom duty payment & direct tax payment with NEFT/RTGS
mode on YES ONLINE.
119
Customer Relations
Delivering superior customer experience with ownership and empathy continues to be
a central tenet at YES BANK. The Bank recognises the strategic role that customers play
in its value creation model, and has hence adopted a comprehensive, three-pronged
strategy towards strengthening its customer relations. The Bank has invested in state-
of-the-art digital technologies that enable it to bring to market, innovative solutions
that enhance customer delight.
Through an emphasis on product-suitability and customer education, the Bank ensures that customers are treated
with utmost responsibility and fairness, and that the Bank’s products lead to customer satisfaction. As one of its most
critical stakeholder groups, the Bank values the views and feedback of its customers and has set up a dedicated Service
Excellence (SE) unit that captures the Voice of the Customer (VOC) and Customer Scoring through transaction and
engagement feedback. The SE unit also implements the Bank’s comprehensive, 3-Level Grievance Redressal Mechanism
with oversight from the Bank’s executive-level Standing Committee on Customer Service and the Customer Service
Committee of the Board.
MATERIAL TOPIC 5

Good customer relations refers to the Bank's efforts towards building long-term relationships
with its customers through its differentiated offerings & solutions, high quality customer service,
prompt grievance redressal, customer education, responsible selling practices including accurate
product information.
Impacts on Stakeholders
y Increases customer satisfaction and delight PASŚ y Increased promoter scores amongst customers
y Encourages responsible selling practices across improves the Bank’s brand advocacyPASR
ecosystems PPLŚ y A satisfied customer base increases the Bank’s
y Enhances financial literacy, facilitates the uptake opportunities for upselling and cross-sellingPASR
of credit, and increases access to financial y Poor customer relations could lead to
services PALŚ customer attrition and a damage to the Bank’s
reputation NPSC
Impacts on Enterprise Value Creation y Unethical selling/wrong product information
y Customer satisfaction leads to enhanced exposes the Bank to the risk of fines,
customer loyalty and retention PASC penalties, trading restrictions and other
regulatory actions NPLŘ
Linkages
C4 C5 R6 SBO2 SBO7

Initiatives to enhance customer service, experience and delight:

y The Bank has set up a comprehensive across touchpoints through the VOC survey and
governance structure for overseeing its institutionalised Net Promoter Score (NPS) as a
performance on customer service with oversight key metric to drive superior service experience,
by the executive-level Standing Committee on customer loyalty and advocacy, across its
Customer Service and the Customer Service various channels
Committee of the Board y Performance on customer service is also
y The Bank has instituted robust policies on integrated into employee performance
collection of dues and repossession of security, appraisal, which in turn is linked with employee
and customer grievance redressal remuneration. Relevant employees are provided
y Through its Code of Conduct and other policies, regular training on customer service
the Bank promotes responsible selling practices. y The Bank has instituted 3-Level Grievance
All of the Bank’s collection and repo agencies Redressal Mechanism whereby customers can
and their executives must undergo mandatory register their grievance by visiting the Bank’s
trainings on the CoC Branch, calling its call centre or writing to YES
y YES BANK continues to invest in technologies Touch for any query/request/complaint
such as AI in enhancing customer service though
offerings like YES Robot and YES Genie KPIs:
y Valuing the views and feedback of its customers,
the Bank captures the Voice of the Customer 70 11%
Net Promoter Score Reduction in
(VOC) and Customer Scoring through for FY 2023-24 (an customer complaints
transaction and engagement feedback. The improvement from as compared to
Bank has measured customer satisfaction last year’s NPS of 68) previous year
KEY POLICIES1
Policy on Collection of Dues and Repossession Customer Grievance Redressal Policy: YES
of Security: The Bank has adopted a Board- BANK has adopted a Grievance Redressal Policy
approved Debt Collection Policy that highlights its for handling customer complaints and grievances,
commitment to follow fair and lawful practices, and and to ensure responsive, fair, expeditious and
to ensure its customers are treated with respect, customer-centric query/complaint management
courtesy, fairness and transparency, in processes procedures to all external customers. The Customer
related to recovery/repossession of security. Service Committee of the Board has Board-level
The policy can be accessed here: oversight, while the Standing Committee on
https://www.yesbank.in/pdf?name=policy_ Customer Service has management level oversight
dues_and_repossessions.pdf of this policy. The policy can be accessed here:
https://www.yesbank.in/
pdf?name=grievanceredressal_pdf.pdf
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121
CUSTOMER RELATIONS
Enhancing customer experience through YES ROBOT

technology Leveraging the power of AI to augment its customer service,
YES BANK aims to enhance customer journeys across YES BANK has engineered a flagship AI-powered chatbot,
its channels to provide simple, seamless and convenient YES ROBOT, a comprehensive, secure, 24*7 Personal
solutions to its customers. As a technology-driven Banking Assistant for its customers. Currently available
enterprise, the Bank continues to invest and use new-age, on the Bank’s website and on WhatsApp, YES ROBOT has
digital technologies as an enabler of customer delight. helped the Bank enhance its customer service by reducing
Over the years, the Bank has tracked the evolution of the time-of-first response to just a few seconds. The Bank
Artificial Intelligence (AI) from its nascency to its emergence recently introduced additional functionalities on the
as a credible strategic tool for addressing business chatbot for better customer servicing:
problems. The Bank recognises the power of AI in driving
value across its business, in areas of cost optimisation,
revenue generation, and especially in enhancing
customer service.

Voice Enrolling in government Utility Bill Payment on

feature schemes WhatsApp Banking
The Bank recently launched a The Bank has introduced three YES BANK’s WhatsApp Banking
voice based conversational service government schemes, Atal Pension became the first platform in
feature on YES ROBOT wherein Yojana (APY), Pradhan Mantri the banking industry to enable
customers can now interact with Suraksha Bima Yojana (PMSBY), and customers to pay their utility bills
the chatbot via voice instructions Pradhan Mantri Jeevan Jyoti Bima (Electricity, Gas, Mobile Postpaid,
to place their queries and receive Yojana (PMJJBY) on YES ROBOT, etc.), through WhatsApp. As part
responses, providing hands-free making it the Bank’s first digital of the service, customers can
experience to the customers channel through which customers view their due bills and pay them
for their queries and requests. could enrol in these schemes, in a few clicks
The feature has not only helped digitally. Till date, the Bank has
customers easily access the Bank’s enrolled ~1,200 customers under
services but also enabled Branch these schemes through YES ROBOT
staff to address customer queries
more efficiently. The Bank is also
exploring the use of Generative AI Voice Bot for Customer
and multilingual assistance to offer Service
superior service experience to its
customers, in the future The Bank is in the process of introducing its Voice Bot which will assist customers
to interact with its Interactive Voice Response (IVR), by simply speaking in
their natural dialect. Powered by AI and Natural Language Processing (NLP),
the Voice Bot can understand spoken questions and requests and is capable
of structuring a fitting audio response. Voice BOT implementation will further
help the Bank reduce wait times for customers at contact centres and help
resolve queries, through quick and customised solutions
123
CUSTOMER RELATIONS
Responsible selling practices

YES BANK is committed to follow safe, ethical and approval process with a view on suitability and
responsible selling practices that focus on safeguarding appropriateness and also reviews the appropriateness of
the interests of its customers and ensuring that customers products to different customer segments. The Bank has
are well-informed about the Bank’s products, terms and also adopted a Board-approved Debt Collection Policy
conditions, interest rates, service charges and practices that highlights its commitment to follow fair and lawful
for safe usage. The Bank has adopted a Bank-wide practices, and to ensure its customers are treated with
Employee Code of Conduct which outlines ethical respect, courtesy, fairness and transparency, in processes
guidelines within which all YES BANKers are expected related to recovery or repossession of a security.
to operate in their dealings with customers and other Performance on customer service is also integrated into
stakeholders. Product appropriateness and suitability employee performance appraisal, which in turn is linked
are crucial requirements of the Bank’s Code, whereby with employee remuneration. In order to adhere to the
executives are restricted from mis-selling or withholding best practices in advertising, the Bank voluntarily complies
information about the Bank’s products and are with the Advertising Standards Council of India (ASCI) Code
responsible to ensure that product recommendations are for self-regulation of advertising content in India. The Bank
based on the customer’s needs, financial understanding, does not have any non-compliance with regulations and/
and capacity for risk acceptance. Violation of the Bank’s or voluntary codes, concerning product and service
product appropriateness and suitability requirements information and labelling, and marketing communications,
are considered acts of misconduct and may invite including advertising, promotion, and sponsorship
disciplinary actions. The Bank’s Board-level Customer for FY 2023-241.
Service Committee provides oversight over its product
GRI 417-3
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The Bank undertakes a number of initiatives to Other initiatives:

promote safe and responsible usage of its product y The Bank has set up a dedicated “Secure Banking”
and services: section on its website to educate customers on the safe
To ensure supervision of all its collection and repo agencies and secure ways of using digital payments/channels
and the executives associated with them, the Bank y The Bank also sends periodic advisories via email or
mandates compliance with the following requirements: SMS to inform customers on safety practices
y Signed declaration by executives as having read y It also runs periodic campaigns such as the ‘Say YES
and understood the Code of Conduct (COC) while to Safe Online Banking’ integrated campaign designed
generating digital ID card1 to spread awareness about cybersecurity and which
y Undergoing a mandatory 100-hour training and was extensively promoted through online and offline
certification by the Indian Institute of Banking and channels, social media platforms, D2C emailers, YES TV
Finance (IIBF) covering basic principles of banking, in branches as well as on residential display properties
recent trends in retail and e-Banking, communication y Customers are provided with complete information
skills, interpersonal skills, code of ethics laid down by about the Bank’s products including terms and
RBI, amongst others conditions; schedule of charges applicable for various
y Updating the executives on recent circulars issued by products/services; channels through which services
RBI to be followed during customer interactions are rendered including branch lists/online channels;
y Regular reiteration on COC, repossession COC, provision for applying to various products online;
advisory on agency and customer visit, agency penalty, and the Bank’s grievance redressal mechanisms
guidelines on customer interaction during collection available for customers
follow-up and attempt intensity per account y Rural customers are informed about responsible
y Evaluation of agency’s performance through vendor practices in loan usage and repayment and provided
performance report by the collections manager on a 'Missed Call Facility' to register their grievances
a monthly basis at no extra cost
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125
CUSTOMER RELATIONS
Customer experience measurement

Customers are not just a key stakeholder group, but a experience across products and services. NPS is calculated
valuable source of insight and feedback for the Bank’s by subtracting the percentage of customers who are
overall business strategy. The Bank strongly believes Detractors (i.e. customer rating between 0 and 6) from
in listening to its customers and incorporating their the percentage who are Promoters (i.e. customer rating
suggestions into its products, operations and approach. 9 or 10). Continuous focus and commitment to customer
Towards this, the Bank has put in place, a holistic experience has resulted in reduction in Detractors and an
methodology for measuring customer experience across increase in Promoters resulting in improved Net Promoter
touch points. The Bank’s Service Excellence unit captures Scores across channels. The Bank’s Net Promoter Score
the Voice of the Customer (VOC) and Customer Scoring for FY 2023-24 stood at 70 (an improvement over
through transaction and engagement feedback, and by last year’s NPS of 68). The overall Retail Banking NPS
assessing performance across key service drivers. Over the journey is on an increasing trend and scores for
years, the Bank has strengthened its customer experience FY 2023-24 have seen significant improvement of
measurement process by investing in digital platforms, 18 points over the last 3 years. Along with measuring
making it real time and based on contextual conversations NPS, the Bank has established a robust Detractor
with customers. Management process which includes service recovery of
Detractors, close looping customer feedback, winback
Net Promoter Score (NPS) initiatives to retain Customers, and further collaboration
The Bank has also institutionalised Net Promoter Score with the Promoters. NPS trends, Consumer insights
(NPS) as a key metric to drive superior service experience, (VOC), Detractor Analysis are reviewed periodically with
customer loyalty and advocacy, across its various channels. respective stakeholders across channels and various
NPS is a metric for measuring customer experience and improvement initiatives across People, Process and
is a predictor of customer loyalty. It has been adopted Technology are taken to provide superior banking
by several global organisations to improve customer experience to customers.
Detractors Passives Passives
0 1 2 3 4 5 6 7 8 9 10
NET PROMOTER SCORE = % PROMOTERS - % DETRACTORS

Grievance redressal
YES BANK has instituted a comprehensive Grievance On the wholesale side, the Bank has a comprehensive
Redressal Mechanism (GRM) to ensure responsive, fair, service infrastructure for corporate customers especially
expeditious and customer-centric query/complaint for transaction intensive businesses. In addition to
management procedures for all its customers. The GRM relationship and product sales teams, corporate servicing
is in line with the Bank’s Board-approved Grievance is delivered through:
Redressal Policy, the implementation of which is overseen
y One Engagement Model: A dedicated email ID and
by the executive-level, Standing Committee on Customer
virtual contact centre with dedicated phone lines for
Service and the Customer Service Committee of the Board.
receiving, record keeping and resolving customer
service issues, preferably in one engagement itself
The Bank’s 3-Level Grievance Redressal Mechanism
through which customers can register their grievance by y Corporate Service Delivery (CSD) Branches which take
visiting the Bank’s Branch, calling its call centre or writing care of operations and in person contact based services
to YES Touch for any query/request/complaint. To ensure
y Priority Service Relationship Managers (PSRM) who
timely resolution of customer complaints, all complaints are
are experienced banking professionals with product,
logged into the Bank’s Customer Relationship Management
relationship, banking and service experience are
(CRM) system and each CRM issue type is provided a
allocated to high transactions/business volume
system defined Turnaround Time (TAT). As mandated by
customers to act as a single point of contact/
the Reserve Bank of India, YES BANK has implemented a
access/attention
mechanism of Internal Ombudsman wherein all customer
complaints that are denied/partially denied by the Bank y The Bank also has a dedicated email ID and Virtual
are referred to the Internal Ombudsman, prior to Bank’s Contact Centre for receiving, record keeping and
final decision. resolving customer service issues
y All customer service issues are tracked and monitored
for suitable redressal with due oversight in a multi-
level structure, across senior management
127
Employment Practices
YES BANK recognises talent as its primary differentiator for success and a ‘people-
first culture’ as its primary driver of sustainable competitive advantage. The Bank’s
talent strategy revolves around five key pillars of increased technology integration,
focus on quality, candidate experience, people and culture branding framework and
role readiness, which enables the Bank to attract and retain the best talent and drive
sustainable outcomes.
As they embody the Bank’s core values of agility, transparency, integrity, innovation, and responsibility, YES BANKers,
contribute to a workplace environment that prioritises holistic growth, development, and wellbeing. The future of the
workplace at YES BANK is one that is driven by innovation, guided by employee feedback, and anchored in a culture of
inclusivity and diversity.
MATERIAL TOPIC 6

Good employment practices refer to the Bank's policies, processes, practices and initiatives towards
building an open, inclusive, healthy, diverse and growth-oriented workplace with an aim to attract
new employees and retain talent. This includes fair and inclusive hiring practices; non-discrimination
policies, workforce diversity; opportunities for training, development and growth, procedures for
employee wellbeing, occupational health & safety, employee engagement; and ensuring human
resource related compliances; amongst other employment-related practices.

The Bank's good employment practices help y Good employment practices help boost
contribute to: employee morale, satisfaction and loyalty
towards the organisation PALC
y The creation of new employment opportunities
in the economyPALŚ y It strengthens the Bank’s ability to attract new
talent and retain its employees PASC
y The enhancement of individual skills, knowledge,
employability and social mobilityPALŚ y It also helps improve employee participation
and engagement in their jobs leading to better
y Good health and wellbeing of individuals, their
productivity and performance PASC
families and societyPALŚ
y Committed employees help contribute
y Helps reduce marginalisation of vulnerable
positively to the Bank’s performance by being
groups, such as women, minorities, and migrants
vigilant of risks and opportunities, and infusing
through inclusivity and non-discriminationPALŚ
innovation and ownership in their jobs in line
with organisational goals PASŘ
Linkages
C2 R8 R9 SBO10

Initiatives to implement responsible employment practices:

y The Bank has a well-defined Code of Conduct. y The Bank has a dedicated 'Employee Service
The Bank's code and other policies are aimed at Desk' to provide consistent and superior
fostering a culture of equal opportunity, diversity employee experience. The helpdesk allows
and inclusion, gender equality, and to prevent all employees to raise HCM-related queries
types of harassment and discrimination through HRMS mobile abd web portal
y The Bank is an equal opportunity employer y The Bank has embraced innovative HR
and is committed to creating a diverse and technologies and leverages advanced HR
inclusive workplace analytics, to empower data-driven
y The Bank offers its employees tailored training decision-making
programmes covering technical skills, industry
knowledge, and essential soft skills
Targets and KPIs:
y The Bank continues to undertake a number of
initiatives towards nurturing the physical, mental, Target Performance
and emotional well-being of its employees. It
also implemented an Occupational Health and 25% 21.8%
Safety Management System (OHSMS) that meets Share of women’s Share of women’s
participation in the participation in the work-
the requirements of ISO 45001:2018 standard
workforce by FY25 force in FY 2023-24, up
y The Bank has a dedicated ‘Employee Service from the previous year
Desk’ to support and redress employee queries
and grievances. During the year, the Bank
Other KPIs
undertook its third edition of the ‘VOICE of YES’
Employee Engagement Survey
99.7% 8.86
y Domain-specific ESG and climate-related Return to work rate after Average training days per
KPIs have been dovetailed into the goal maternal leave employee
sheets of relevant executive management
including MD & CEO 91% 100%
y The Bank has a robust and transparent Employee participation Of eligible employees
performance review process which includes in the Bank’s the ‘VOICE received a regular
of YES’ Employee performance and career
self-assessment, assessments by reporting
Engagement Survey development review during
authority and reviewer, and a Committee Review the reporting period
y The Bank has set up an online Rewards &
Recognition platform called ‘YES LEAGUE
of Excellence’ where employees across the
organisation can be nominated for rewards and
receive appreciation
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EMPLOYMENT PRACTICES
KEY POLICIES1
• Equal Opportunity Policy: • Occupational Health and Safety (OHS) Policy:

The Bank has instituted an Equal Opportunity YES BANK has instituted a Bank-wide OHS Policy
policy that prevents discrimination on the to emphasise its commitment to providing
grounds of age, colour, disability, marital status, a safe work environment to all its personnel
nationality, race, religion, sex, and sexual (including employees, consultants, contract staff),
orientation, and aims to treat all the employees customers, visitors and other stakeholders in
and job applicants, equally. order to protect their health and ensure safety
and well-being within the Bank’s premises.
The Bank’s Equal Opportunity policy can be
accessed here: The Bank’s OHS policy can be accessed here:
https://www.yesbank.in/pdf?name=eop.pdf https://www.yesbank.in/pdf?name=ybl_
occupational_health_and_safety_policy.pdf
• Policy on Sexual Harassment: • Total Rewards Policy:

In line with “The Sexual Harassment of Women YES BANK has instituted a Total Rewards policy for
at Workplace (Prevention, Prohibition and attracting and retaining top-class talent, creating
Redressal) Act & Rules 2013”, the Bank has and reinforcing a strong meritocracy-based
instituted a policy on ‘Prevention & Prohibition performance culture and reinforcing employee
of Sexual Harassment at Workplace’. The policy behaviours aligned with organisational values
provides for the prevention of sexual harassment
at the workplace, protection of women, and • Employee Volunteering Policy:
quick redressal of their complaints. The Bank has The Bank has instituted an Employee Volunteering
constituted an executive-level Internal Committee Policy to encourage employees to participate
to address complaint(s) on sexual harassment. in the Bank’s corporate social responsibility
initiatives. Through this policy, employees are
The Bank’s POSH policy can be accessed here: enabled to access paid time-off to volunteer
for social causes.
https://www.yesbank.in/pdf?name=policy_
regarding_prevention_prohibition_of_sexual_
harassment_at_workplace.pdf
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Key highlights for FY 2023-24
28,001 6,103 6,827

Total permanent Permanent women Training programmes
employees employees
248,226 27,819
Training days leading to Employees trained
1,985,810 training hours
Note: The aforementioned information includes Bank’s full-time employees alone (India and Representative Office) and excludes fixed
term contractual staff (trainees, advisors, etc.)
Diversity & Inclusion (D&I)

YES BANK is an equal opportunity employer and is Additionally, YES BANK enforces a no tolerance policy
committed to creating a diverse and inclusive workplace towards sexual harassment through the G.R.A.C.E.
where all employees have equal opportunities and programme, in compliance with relevant legislation.
discrimination is not tolerated. The Bank is dedicated to Internal Committees investigate complaints promptly
fostering gender equality by ensuring fair and unbiased and confidentially, ensuring a respectful workplace
recruitment processes, contributing to improving gender for all. The Bank actively communicates its policies
diversity within the workforce. The Bank’s employees and procedures to all employees and provide ongoing
undergo various initiatives, engaging trainings and support and training to uphold its commitment to gender
workshops aimed at promoting diversity and inclusion. respect and equality.
131
Key D&I measures include
Equal Opportunity Diversity & Inclusion Recruitment

Workplace (‘D&I’) Council Strategies
The Bank’s policy on Equal The Bank’s D&I Council not only The Diversity and Inclusion
Opportunity and the Code of drives the Bank’s institutional guidelines of the Bank are
Conduct prevents discrimination objective of an equitable work synergised with the recruitment
on any grounds such as disability, environment but also spearheads and hiring strategies to attract
marital status, race, religion, diverse representation of a diverse talent pool and
gender, sexual orientation, and workforce including the targeted eliminate biases in recruitment.
nationality, among others, and increase in the share of women's Additional referral incentives
aims to treat all employees and job participation in the workforce under the Employee Referral
applicants equally. to 25%, increase in Differently Policy is paid to the referring
Abled Employees, persons from employee for referral of
Defence Services, amongst others. women candidates.
Women participation in the Bank's
Further, the Bank has launched
workforce had increased from
‘YES AGAIN’ programme to
18.8% in FY 2021-22 to 21.8% in
reconnect and invite female alumni
FY 2023-24. In addition to this,
to re-join the YES BANK family.
share of women in STEM-related
positions (as % of total STEM
positions) stood at 20.5% in
FY 2023-24. This progression
reflects a positive trend towards
achieving greater gender diversity
within the organisation, aligning
with the global push for gender
equality and inclusive workplaces.
Persons with
Disabilities
The Bank commemorated the International Day of Persons with Disabilities with a session conducted by a Visually
Impaired Trainer & Change Catalyst to sensitise key leaders and managers on creating an inclusive workplace where
differently abled employees can thrive. The session was well received by the participants.
At the end of FY 2023-24, the Bank had 25 differently abled employees across locations from an earlier count of 8 in
FY 2022-23 and continues to focus on structured recruitment of differently abled persons at select centres.

Fostering Gender Equality

YES BANK is committed to fostering gender equality programme, in compliance with relevant legislation.
by ensuring fair and unbiased recruitment processes, Internal Committees investigate complaints promptly
contributing to improving gender diversity within the and confidentially, ensuring a respectful workplace for
workforce. The Bank’s employees undergo various all. YES BANK actively communicates their policies and
initiatives such as Ascend and Transcend focus aimed procedures to all employees and provide ongoing support
at sensitising employees on gender stereotyping and and training to uphold their commitment to gender
career-limiting beliefs and empowering women leaders to respect and equality. During the year, the Bank has also
enhance their networking skills and career progressions. launched YES INSPIRE programme with the objective to
Additionally, the Bank enforces a no tolerance policy nurture more women leaders who can inspire and guide
towards sexual harassment through the G.R.A.C.E. the next generation of YES BANKers.
People Demographics – Diversity1
Under 30 30-50 Above 50

Management Band Total
Male Female Male Female Male Female
Senior Management 0 0 224 29 96 8 357
Middle Management 7 1 3,369 563 154 18 4,112
Junior Management 5,709 2,846 12,307 2,633 32 5 23,532
Total 5,716 2,847 15,900 3,225 282 31 28,001
Senior Management includes MD & CEO, ED and employees in C-Suite, Leadership, Executive and Senior grades for FY 2023-24
Includes Full Time Employees of the Bank (employees in India and at Abu Dhabi Representative Office)
Data is as per employee count as at March 31, 2024
Excludes 98 trainees, advisors and consultants
Encouraging Gender Respect: Say Yes To G.R.A.C.E

The Bank has no tolerance towards any act on the part of The Bank forewarns its employees from indulging in any
any employee which may fall under the ambit of ‘Sexual unwelcome acts or behaviours, which could be construed
Harassment’ at workplace and is fully committed to uphold as sexual harassment, either direct or implied. Such acts
and maintain the dignity of every woman working in the are treated as a serious misconduct under the Bank’s
Bank. In line with “The Sexual Harassment of Women Code of Conduct and dealt with utmost seriousness with
at Workplace (Prevention, Prohibition and Redressal) regard to imposition of punishment, if found guilty. In an
Act & Rules 2013”, the Bank has a policy on ‘Prevention endeavour to spread awareness on the aforementioned
& Prohibition of Sexual Harassment at Workplace’. policy and ensure compliance by all the employees, the
The Bank also has Internal Committees to investigate and Bank has implemented a plan of action to disseminate the
inquire into sexual harassment complaints, in line with its information and train the employees on the policy under
policy. The policy provides for the prevention of sexual the ambit of ‘Gender Respect and Commitment to Equality’
harassment at workplace, protection of women, and ("GRACE") programme. Additionally, the key points of the
redressal of their complaints. Act and the details of the Internal Committees are shared
with all the employees and are displayed at branches and
offices of the Bank.
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133
Prevention & Prohibition of Sexual Harassment at Workplace
All the reported cases are resolved as per the timelines completed within timelines. The complaints received by
prescribed in the POSH Act. At the close of FY 2022-23, the Bank are handled promptly and effectively with utmost
there were 6 cases pending resolution which were closed sensitivity and confidentiality by the Internal Committees.
within timelines in FY 2023-24. During FY 2023-24, 23 Cases where allegations are established, appropriate
complaints pertaining to sexual harassment were filed, of action is taken in line with the Internal Committee’s
which 19 cases have been closed and 04 cases initiated recommendations.
at the end of FY 2023-24 are in progress and will be
Gender Pay Ratio

The Bank follows an employee compensation philosophy that is gender agnostic and is based on parameters such as role,
experience, proficiency, level of competency, and relevant performance assessment measures. For 84% of the employees,
comprising Junior Management, the ratio of the basic salary and remuneration of “women to men” in the Bank is 0.88.
For the remaining 16% comprising Middle Management and above, the ratio varies from 0.90 to 0.91.
Ratios (Female to Male) of Average Fixed Pay across Management Bands1

Female Male Ratio
Management Band
(A) ` (crore) (B) ` (crore) (A) / (B)
Senior Management 0.84 0.93 0.90
Middle Management 0.27 0.30 0.91
Junior Management 0.07 0.08 0.88
Note: Data presented above excludes MD & CEO, ED and KMPs.
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Recruitment Strategies: Retention of Women Talent:

The Diversity and Inclusion guidelines of the Bank are With a focus on retaining talent, ratings for all women
synergised with the recruitment and hiring strategies on Maternity Leave at the Bank have been protected to
to attract a diverse talent pool and eliminate biases a minimum of ‘Meets Expectations’ in the forthcoming
in recruitment. Additional referral incentives under performance appraisals. Key training initiatives such as
the Employee Referral Policy are paid to the referring Ascend and Transcend focus on sensitising employees
employee for referral of women candidates. Further, the on gender stereotyping and career-limiting beliefs and
Bank has launched ‘YES AGAIN’ programme to reconnect empowering women leaders to enhance their networking
and invite female alumni to re-join the YES BANK family. skills and career progression. This enhances creation of a
conducive atmosphere for women at workplace.
Development of Women Leaders:
YES BANK has launched an impactful initiative in Benefits available to Employees:
October 2023 called YES INSPIRE, which is a woman-to- The Bank enables young mothers to manage their childcare
woman mentorship programme and connects talented responsibilities, allowing them to focus more effectively
women with experienced leaders for developmental on work by providing them with childcare allowance with
discussions. As at March 31, 2024, the programme children up to three years of age for paid services of one
benefited 200 participants in the North and West regions, nanny up to ` 10,000/- a month. Female employees upon
offering a structured approach to their personal and returning from maternity are presented a gift voucher of
professional growth within a supportive environment ` 5,000/- per new-born child.
wherein mentorship aids employee development.
To support female employees with their childcare
Further, a cohort of 20 high performing women from the responsibilities, so as to enable them to focus on their
middle management cadre of the Bank with identified work and achieve their career aspirations without
growth potential have been nominated to attend the compromising on childcare, the Bank provides access to
coveted ‘Jombay’s 1000 Women Leaders Programme, crèche facility through empanelment with professional
from June 2024. This exhaustive development journey agencies managed by qualified experts. Children in
over 6 months is poised to enhance leadership traits in the age group from 6 months up to 3 years or as per
the participants thus enabling their career movement to applicable maternity benefit rules defined by the state
senior management roles. Government, can avail the crèche benefit.
135
Total Hires in FY 2023-241

FY 2023-24
Management Under 30 30-50 Above 50 Hire
Total
Band Male Female Male Female Male Female Rates
Senior Management 0 0 17 4 6 1 28 7.8%
Middle Management 6 1 423 75 6 1 512 12.5%
Junior Management 4,354 1,913 4,100 840 2 0 11,209 47.6%
Total 4,360 1,914 4,540 919 14 2 11,749 42.0%
Hire Rates 76.3% 67.2% 28.6% 28.5% 5.0% 6.5% 42.0%
Notes:
1. Hiring information is based on the employees on-boarded during FY 2023-24.
2. Data points include full-time employees (India and Representative Office) and exclude fixed term contractual employees
(trainees, advisors, etc.)
3. Senior Management includes MD & CEO, ED and employees in C-Suite, Leadership, Executive and Senior grades for FY 2023-24
Learning and Development

YES BANK has always emphasised on a knowledge-driven approach for visualising the future and focussing on
developing capacity and YES BANK places a strong emphasis on fostering a dynamic learning culture that propels both
individual and organisational success. The Bank offers tailored training programmes covering technical skills, industry
knowledge, and essential soft skills. These programmes, delivered through e-learning modules, workshops, and seminars,
ensure that employees are well-equipped to navigate the evolving financial landscape. All the learning initiatives at the
Bank are domiciled under the aegis of YES School of Banking (“YSB”). Institutionalised in 2007, YSB was created with a
vision to build a ‘Centre of Excellence’ for learning solutions in banking and related areas. The Bank spent ~` 2,290 per
FTE on Training & Development in FY 2023-24.
Employees trained and programmes conducted

Particulars FY 2023-24 FY 2022-23 FY 2021-22
Total classroom-training programmes conducted 6,827 6,651 5,817
Unique executives trained in classroom trainings 25,638 24,694 21,688
Unique executives trained (E-Learning) 27,532 26,674 23,237
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Key Learning Interventions1
The Bank offers tailored training programmes covering technical skills, industry knowledge, and essential soft skills.
These programmes, delivered through e-learning modules, workshops, and seminars, ensure our team is well-equipped
to navigate the evolving financial landscape. A total of 1,985,810 training hours were clocked in FY 2023-24. Some of the
key learning interventions during the year included:
Regulatory / Compliance Tabletop Exercise on

YESsentials
Programmes Crisis Management
In line with the Capacity Building YESsentials is a high-impact The pivotal role that banking
guidelines by RBI, employees employee induction programme. sector plays in the economic
in specific roles were enrolled It covers training on Bank’s growth and stability, both at
for mandated certification Code of Conduct, key regulatory national and individual level,
programmes. Additionally, and compliance issues, Bank’s requires continuous and reliable
relevant CXOs, select leaders and Know Your Customer (KYC) and services. A Tabletop Exercise for
members of the Board completed Anti-Money Laundering (AML) Crisis Management for select
the Certification in IT and guidelines, Operational Risk leaders (part of Crisis Management
Cyber Security. Management, Awareness on Team) was conducted to evaluate
Information Security, Prevention Bank’s preparedness for crisis
of Sexual Harassment at situation, should it occur,
Know Your Bank Workplace (POSH), various through crisis simulation tabletop
products and processes and exercises. Participants were
Human Capital Management presented an evolving set of facts
The Bank launched an
policies and procedures. and circumstances that required
organisation-wide Know Your Bank
The employees are required to them to make a series of real-time
(KYB) knowledge series with an
complete recertification for these decisions. The goal was to test
objective to help employees get a
topics on a periodic basis. both their established plans
better understanding of the key
and their ability to respond to
Business Units, their products,
unanticipated events.
processes, policies, USPs. Leadership Development
Over 4,300 employees participated Initiatives
in the multiple sessions facilitated
by senior leaders of the Bank on The learning culture at the Bank
diverse topics. is a dynamic force that nurtures
careers and builds success.
Through leadership programmes,
Building Risk & Compliance mentorship, and continuous
Culture Workshop skill development, we not only
invest in our employees' success
A workshop on Building Risk &
but also ensure the enduring
Compliance Culture was organised
success of the Bank.
for Senior leaders at the Bank with
an objective of apprising them
with relevant regulations, best
practices and standards to further
strengthen the Bank’s risk and
compliance culture.
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Learning Management System

My Learning@YES is the Bank’s online Learning Management System (LMS) which supports digital learning and
provides learners with increased access to learning content (in-house courses and externally integrated content
partners), learning scorecards to measure actualisation against learning paths.
The system offers social learning, advanced reporting & analytics, conducting and management of classroom training,
classroom attendance tracking, and training schedule management. The LMS also has a ‘mobile-first’ approach
enabling ‘on the go’ learning, allowing users to go through modules and appear for tests from the App ensuring better
time utilisation and higher learning engagement for the employees.
Unique employees trained: Gender-Wise Breakup Average hours of training: Gender-wise breakup1:
(Classroom) (Classroom and Digital)
Particulars FY 2023-24 FY 2022-23 FY 2021-22 Avg.
Participant
Participant
Male 19,938 19,622 17,625 Type Training Headcount
Training
Hours
Female 5,700 5,072 4,063 Hours
Total 25,638 24,694 21,688 Male 1,508,974 21,898 68.91
Female 4,76,836 6,103 78.13

Overall 1,985,810 28,001 70.92
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LEADVANTAGE
LEADVANTAGE is the Bank’s strategic talent development strategy that is aimed at addressing the learning needs of leaders
at different management levels. The focus for FY 2023-24 was on strengthening core competencies, sustaining momentum
in navigating change, alignment with the culture and strategic priorities to create conscious, future-ready leaders.
Key interventions under LEADVANTAGE include: Emerging Leaders Programme

Inner Engineering Programme To further strengthen the Bank’s leadership talent pool,
YSB in collaboration with the ISHA Foundation conducted a three-phase learning intervention was launched for
an exclusive ‘Inner Engineering’ programme for select emerging leaders. The programme focussed on important
leaders. This intensive four-day programme was curated aspects of leadership including Leading Self, Leading
to help participants engineer oneself through the ancient Others and Managing Business skills.
science of yoga.
Effectiveness of Training Programmes
Executive Coaching The Bank employs Kirkpatrick's four levels of evaluation
Executive Coaching intervention was initiated for identified model to gauge the effectiveness of the training
leaders of the Bank. As the coaching intervention ended, programmes, ensuring they are not only impactful but
leaders were guided to complete their actionable, also continuously improved and strategically aligned.
focussing on plans to sustain the momentum. This model allows the Bank to comprehensively assess the
training initiatives across various dimensions.
Reaction Learning Behaviour Results

For programmes lasting In areas like product, For leadership The business impact
a day or more, the Bank process, sales, service, programmes, and overall effectiveness
gathers participant and certification behavioural changes are of programmes
feedback through programmes, the evaluated, encouraging like productivity
surveys, providing knowledge enhancement reporting authorities to enhancement,
quantifiable metrics on through post-training integrate key learnings measuring their
their reactions. tests is assessed. into their teams. contribution to business
objectives is assessed.
Unique employees trained: Management Band/Grade-Wise Breakup (Classroom)
Management Band/Grades FY 2023-24 FY 2022-23 FY 2021-22
Senior Management 283 360 283
Middle Management 3,895 3,637 2,457
Junior Management 21,460 20,697 18,948

Total 25,638 24,694 21,688
139
Training Programme (Classroom) : Category-Wise Breakup
Programme Category FY 2023-24 FY 2022-23 FY 2021-22
Behavioural and leadership skills 446 293 390
Employee induction 104 174 120
Mandatory policies and compliance 122 167 118
Process training 358 643 448
Product training 5,797 5,374 4,741

Total 6,827 6,651 5,817
Training Hours (Classroom & Digital)

Particulars FY 2023-24 FY 2022-23 FY 2021-22
Participant training hours (Classroom) 550,716 463,669 283,182
Participant training hours (Digital) 1,435,094 829,107 810,415
Participant training hours (Classroom & Digital) 1,985,810 1,292,776 1,093,597
Participant training hours per employee 70.92 46.98 44.92
Case Study: Skill upgradation training programmes conducted in FY 2023-24
Programme YES RSM Elevate YES SME Gurukul
Target Group Business nominated executives Relationship Managers, Relationship Leader

(for performance enhancement) - Profiles Acquisition, Relationship Leader Portfolio
were Relationship Manager YES Premia and
Personal Banker
Programme To enhance knowledge on Current Account To enhance knowledge on SME Banking

Objective Product and Cross-Sell opportunities with scorecard, its products and processes with
a strategic understanding of respective a strategic understanding thus improvising
performance scorecard and portfolios thus the overall productivity in terms of Sales,
improvising the overall productivity in terms of Service and Compliance Output through this
Sales Output through this intervention intervention
Employees 575 219

Trained
Post Training M+1 AMB (Value): 136% As compared to previous 3 months:
Business Trend % of participants displayed improvement: 67% Gross Disbursement (Value) (in crore) has
Shift in productivity bucketing: 59% improved by overall 54% from ` 920 crore
Number of accounts sourced increased: by 25% (pre-training) to ` 1,413 crore (post-training)
Out of 219 participants attended the Gurukul -
more than 60% achieved a progressive outcome
in PBP, Fee and Fund-based performance
outcomes.
Training Month: June 2023 to August 2023 June 2023 to September 2023

Average hours of training – Management Band/Grades Category-wise breakup1: (Classroom & Digital)
Participant Avg. Participant
Management Band Headcount
Training Hours Training Hours
Senior Management 5,721 357 16.02
Middle Management 153,453 4,112 37.32
Junior Management 1,826,636 23,532 77.62
Overall 1,985,810 28,001 70.92
Notes:
1. Data points include YES BANK Limited full-time employees (India and employees at Representative Office) and exclude fixed term
contractual employees (trainees, advisors, etc.).
2. Senior Management includes employees in C-Suite, Leadership, Executive and Senior grades for and erstwhile employees in Top and
Senior Management Bands
Health and wellness

The Bank has made substantial investments across physical, mental, and emotional well-being initiatives.
These endeavours aim to create a holistic environment that nurtures the overall wellness of our employees.
Some of these initiatives include:
Insurance Benefits Employee Health Check-up Policy Medical Facility

A comprehensive ‘Group As one of the measures to The Bank provides free medical
Mediclaim Policy’ covering pre and encourage employees to stay support services for employees
post-hospitalisation of employees healthy and identify health issues, at these 5 key centres - YES BANK
and their enrolled dependents if any, the Bank has a policy on HOUSE (Santacruz), YES FINTECH
(spouse, children) is sponsored Employee Health Check-up. Centre (Airoli), Noida office, NOC
by the Bank for all the employees. The Bank sponsors the health Gurgaon and NOC Chennai.
The Bank also sponsors the check-up for employees aged 45 These 5 centres are highest in
‘Group Personal Accident Policy’ years and above. Employees below terms of employee strength
and ‘Group Term Life Insurance 45 age group can avail the services working out of one office premises.
Policy’ with Critical Illness rider at deeply discounted rates. The primary objective of these
for the employees Apart from covering the employee, medical centres is to promote a
the policy is extended for up to 6 sense of care and support at the
dependent family members workplace. In addition to medical
support, the Bank also provides
physiotherapy and dietician
consultations to employees
Employee Wellness Fitness Centre

To help employees take better control of their health and wellness, a series To aid employees achieve their
of wellness webinars are organised in collaboration with experienced fitness goals, the Bank has also
health professionals. Through these interactive webinars, the Bank aims to set up a fitness centre and a Yoga
bridge that gap of awareness and urge employees to take proactive steps in Studio at the Corporate Office
improving their overall mental and physical health. The Bank also organised
on-site health camps in partnership with local hospitals at select branches.
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Work-life Balance
The Bank has implemented a 'Working from Anywhere' take on new responsibilities as parents. In line with the
policy to enable employees to work from alternate Maternity Benefit Act, female employees are eligible for
locations, in addition to working from their designated maternity leave of 26 weeks and access to crèche facilities.
workplace. The policy allows flexibility to employees Further, childcare expenses as shared above, is also given
to work from alternate locations. This policy provides to returning mothers from Maternity Leave until the child
certain allowances to remote working employees to meet
turns 3 years of age, to support them in balancing their
expenses towards their internet and workspace set-up.
childcare activities at home so that they are able to focus
Additionally, employees working at the corporate office
on their work. The Bank also provides surrogacy leave
are provided flexible work timings.
to commissioning mother and adoption leave to women
The Bank celebrates the gift of parenthood and undertakes employees. Additionally, the Bank’s male employees are
several initiatives to support its employees as they entitled to 7 days of paternity leave.
The Bank’s analysis of its return-to-work rate after maternal and paternal leaves is presented below1:
FY 2023–24 FY 2022–23
Particulars
Maternal# Paternal# Maternal Paternal#
Employees taking Parental leave 307 1236 251 1139
Employees resuming work 306 1236 248 1139

Employees retained after resuming work in the
285 954 232 900
reporting period (end of FY)
Return to Work Rate** 99.7% 100.0% 98.8% 100%
Employees retained 12 months after resuming work 138 703 116 602
Retention rate (after 12 months)** 55.6% 61.7% 49.8% 59.7%
**The percentage of "return to work rate" has been calculated based on the employees that returned to work in the reporting period
after parental leave ended and "retention rate" has been calculated based on employees that resumed work after parental leave ended
and were still employed 12 months after their return to work. In line with the calculation approach, a revision in the previous year
reporting has been disclosed above for maternal leaves
#
No causal relationship has been determined between paternal leave and voluntary exits
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Occupational Health and Safety1

In FY 2023-24, the Bank initiated the implementation of bomb threats, earthquakes and first aid. YES BANK, as
an Occupational Health and Safety Management System part of its ISO 14001 Environmental Management System
(OHSMS) based on the requirements of ISO 45001, a global implementation, considers fire as a significant aspect and
standard for occupational safety and health management has put in place onsite Emergency Preparedness and
systems. The Bank's OHSMS system is applicable to all YES Response procedures. There are periodic trainings and
BANK facilities (excluding ATMs). In line with ISO 45001, feedback sessions conducted for employees (including
the Bank has identified objectives and targets and works contractual workers) and security personnel to equip them
towards minimising OHS risks. The Bank’s ISO 45001 to deal with fire-related emergencies. Individual locations
certification currently covers two major facilities, corporate are required to mandatorily conduct a fire evacuation
office YES BANK House (Santacruz) and YES Fintech Centre drill once in every six months, with participation of staff
(Airoli). As part of the certification, monthly safety audits and contractual employees. During the year, there were
and annual Hazard Identification & Risk Assessment (HIRA) no incidents that resulted in any reported injuries/lost
exercises are carried out by the Bank to eliminate risks time. The Bank’s Occupational Health and Safety (OHS)
applying hierarchy of controls, covering YES BANK HOUSE Policy is available on its website. The Bank’s OHSMS is not
and YES Fintech Centre. Employees can report work-related based on any legal requirement and has been voluntarily
hazards by reporting them through the Infrastructure and implemented by the Bank in line with best practices in
Facilities Management (IFM) Helpdesk or YES Serve portal. occupational health and safety.
Regular consultation between employees and IFM teams
are also conducted through regional IFM council meets, The Bank provides free medical support services for
where work related hazards can be highlighted. The Bank’s employees at five key locations YES BANK HOUSE
OHSMS has been certified ISO 45001 compliant. (Santacruz), YES FINTECH Centre (Airoli), Noida office,
NOC Gurgaon and NOC Chennai. The primary objective of
In order to ensure overall occupational health, safety these medical centres is to promote a sense of care and
and well-being of its employees and contractual workers, support at the workplace. These centres are dedicated to
the Bank has put in place emergency preparedness and identifying, addressing and managing health concerns in
response mechanisms, with individual locations having a the workplace. Apart from primary medical support, bank
designated ‘Emergency Handling Team’. It has identified also provides physiotherapy and dietician consultations
emergency scenarios including fire, flood, armed robbery, to its employees.
GRI 403-1, GRI 403-2, GRI 403-3, GRI 403-8

1
143
Listening to Employees
Employee Engagement Survey Great Place to Work
The Bank concluded the third edition of the ‘VOICE of YES’ The Bank has also been recognised among the TOP 50 in
Employee Engagement Survey in March 2024. The third ‘India's Best Workplaces in BFSI 2023’ rankings by the Great
edition saw increased participation of 91% of employees Place to Work ® (“GPTW”) Institute. This reflects high-trust,
(up by 12% as compared to last year) who voiced their high-performance culture that the Bank has nurtured.
opinions in the survey. The survey addressed multiple
Employee Service Desk
aspects of engagement, including job satisfaction, purpose,
happiness, and stress. The Bank has a dedicated ‘Employee Service Desk’ to
provide consistent and superior employee experience.
The Helpdesk allows employees to raise HCM-related
queries through HRMS Mobile and Web portal.
Employees Grievance Redressal

With an objective of providing a productive and conducive work environment for all the employees, the
Bank has a defined Employee Grievance Redressal Policy and a redressal mechanism in place. During
FY 2023-24, 132 employee grievances were reported, of which 130 employee grievances were
satisfactorily resolved during the year, while the remaining 02 cases are under review.

Rewards & Recognition Rewards and Recognition for FY 2023-24

YES LEAGUE of Excellence: At YES BANK, Rewards &
Recognition is driven digitally through an online portal Category Count
called the ‘YES LEAGUE of Excellence’. It provides a formal Spot On 4,324
recognition platform to reward excellence at YES BANK,
and in turn, creates a culture of appreciation. All YES Trailblazer 2,768
BANKers have the option to appreciate and wish their Rising Star 1,574
colleagues on account of professional achievements or
personal occasions. Reporting managers can nominate Team of Champions 939
team members for rewards on the basis of performance. In Y-Star 925
FY 2023-24, over 11,000 employees received rewards and
15,000+ appreciation messages/wishes were exchanged Young Leader 536
through the Rewards & Recognition portal.
Long Service Recognition: In an endeavour to nurture

the ‘Culture of Appreciation’, a Commendation Certificate
and personalised memento is presented under the
Bank’s Long Service Recognition programme, to employees
completing 5, 10 ,15 and 20 years of meritorious service
with the Bank.
Employee Performance Management

The annual performance review for the Bank begins The performance review process has been aligned further
with self-assessment, followed by Reporting Authority with the Bank’s priorities. The Management team’s goals
(Manager) and Reviewer (skip-level Manager) include Governance and Compliance Key Performance
Assessment, and concludes with a Committee Review. Indicators (“KPI”) along with their respective functional/
Committees comprising cross-functional leaders and business KPIs. Further, with a view to provide an impetus
Human Capital representatives review the assessment to the Diversity and Inclusion charter of the Bank, starting
of senior executives and sign-off their performance FY 2024-25, women employees embarking on Maternity
descriptors. This stage of the process ensures objectivity, Leave during the Performance year will be given a default
transparency, and collaboration. The performance ‘Meets Expectation’ performance descriptor. As ESG is an
assessment of executives is based on performance important element of our strategy, domain-specific ESG
descriptors and their definitions, employing a two-pronged KPIs such as KPIs related to enhancing gender diversity,
approach which includes weightages to both business/ emission reduction and EMS implementation and
team goals and employees’ personal development goals. ISO 14001:2015 certification have been dovetailed into
The definitions not only focus on executive’s achievements goal sheets of relevant executive management.
vis-à-vis expectations of the Bank, but also emphasise on
the need to uphold core values of the Bank and consistently
adhere to regulatory compliance and governance norms.
The focus is not only on the Results (What), but also on the
process of achieving them (How).
145
Percentage of total employees who received a regular performance and career development
review during the reporting period1
Management Category-wise breakup
FY 2023-24 FY 2022-23
Category Current Financial Year Previous Financial Year
Total No. % Total No. %
Employees
Senior Management 339 339 100% 358 358 100%
Middle Management 3,863 3,863 100% 3,635 3,635 100%
Junior Management 19,260 19,260 100% 16,542 16,542 100%

Total 23,462 23,462 100% 20,535 20,535 100%
Note:
Annual performance review (at the end of the financial year) is done for all eligible employees who have completed a minimum of six
months with the Bank as at March 31, 2024
Senior Management includes employees in C-Suite, Leadership, Executive and Senior grades for FY 2023-24 (excluding MD & CEO and
ED) and employees in erstwhile Top & Senior Management Bands
Percentage of total employees who received a regular performance and career development
review during the reporting period
Gender-wise breakup
FY 2023-24 FY 2022-23
Category Current Financial Year Previous Financial Year
Employees
Male 18,455 18,455 100% 16,475 16,475 100%
Female 5,007 5,007 100% 4,060 4,060 100%

Total 23,462 23,462 100% 20,535 20,535 100%
GRI 404-3
1

Retirement plans offered to employees1 limited to ` 1,250. Employees having basic wages up to
Gratuity (Mandatory): ` 15,000 are mandatorily covered under the scheme.
The Group provides for gratuity, for all employees. Employee who currently draw basic wages of more than
The Gratuity is payable to an employee as per Payment of ` 15,000 however were part of Pension scheme earlier
Gratuity Act. The Group accounts for the liability for future shall continue to remain covered under the scheme.
gratuity benefits using the projected unit cost method Employer’s share towards Employee Pension Scheme
based on independent actuarial valuation. The defined is 8.33% of basic wages not exceeding ` 1,250 (excess
gratuity benefit plans are valued by an independent amount goes to PF fund).
actuary as at the Balance Sheet date using the projected
unit credit method as per the requirement of Accounting Contribution to Provident Fund & Employee Pension
Standard-15, Employee Benefits, to determine the present Scheme are recognised as expense as and when the
value of the defined benefit obligation and the related services are rendered. The Group has no liability for future
service costs. Under this method, the determination is provident fund and employee pension scheme benefits
based on actuarial calculations, which include assumptions other than its monthly contribution.
about demographics, early retirement, salary increases
and interest rates. Actuarial gain or loss is recognised NPS (Voluntary):
in the Profit and Loss account. The current employee The NPS is a defined Voluntary contribution retirement
Gratuity liability as at March 31, 2024 is ` 174.46 crore. plan. The primary objective is enabling systematic savings
and to provide retirees with an option to achieve financial
Employee Provident Fund & Employee Pension stability. Pension contributions are invested in the pension
Scheme (Mandatory / Voluntary): fund schemes. The Bank has no liability for future fund
Bank is registered with RPFC for managing the benefits benefits other than the voluntary contribution made by
under Employee Provident Fund & Employee Pension employees who agree to contribute to the scheme on a
Scheme. All employees of the Group are covered under monthly basis. Under this plan, employee can contribute
the Employees Provident Fund, a defined contribution up to 10% of his/her basic wages as monthly contribution
plan in which both the employee and the Bank contribute towards the fund.
monthly basis. The employee contributes 12% of monthly
basic wages towards the PF and employer contributes The retirement plans mentioned above, pertain to
3.67% of the monthly basic wages to PF Fund. employees in India and do not cover employees working
at the Abu Dhabi Representative office. Employees at the
Employee Pension Scheme is part of Mandatory retirement Abu Dhabi Representative office are entitled to gratuity
plan wherein employer contributes on behalf of employee benefits mandated by UAE labour laws, liability of which as
on a monthly basis and the maximum contribution is at March 31, 2024 stands at ` 33,231,726
GRI 201-3
1
147
Employee engagement
The Bank has made substantial investments spanning physical, mental, and emotional well-being initiatives.
These endeavours aim to create a holistic environment that nurtures the overall wellness of our employees. Some
of these include:
Samwad Sports and Fitness Initiatives Health and Healing Webinars

To strengthen every YES BANKer’s The Bank supports wellness by An online webinar on Health
sense of ownership, motivation ensuring employees participate and Healing was organised in
and trust, a quarterly newsletter in various marathons and fitness September for all employees to
covering employee-focussed events. Employees have participated share an understanding of how
initiatives and an update on the in Tata Mumbai Marathon, TCS healing can be induced in the
Bank’s performance is shared with Fit4life Corporate Challenge most natural way. The webinar
all the employees. Kolkata, Indore Marathon, covered the relationship between
Freshworks Chennai Marathon, food, gut, mind, and health as well
Tata Steel Kolkata Marathon, Adani as the role of modern medicine
Ahmedabad Marathon to name and emotions in self-healing.
a few. The participation fee is Dog therapy sessions can offer
reimbursed by the Bank. a unique and holistic approach
to mental health treatment,
harnessing the healing power
Inter Corporate Events YES TO ALL of human-animal bond to
With a view to promote physical The Bank is actively fostering promote emotional wellbeing
and mental health through sports diversity and inclusion through and improve overall quality of life.
As part of the Bank’s Corporate a range of initiatives, one such Sessions were conducted at the
Sports Initiatives, various Indoor being YES TO ALL LGBTQIA+ Corporate Office where employees
Sports Championships were Perspective’ workshop conducted engaged in therapeutical activities
organised for YES BANKers. on the occasion of ‘Pride Month’ in with the therapy dogs in a safe and
Over 400 Sports enthusiasts June 2023. The workshop aimed at calming environment.
participated in Carrom, Table sensitising the need for inclusion
Tennis, Badminton and Chess and understanding everyone’s role
tournaments and showcased in nurturing inclusive behaviours in
their talent. The Winners, Runner the organisation.
ups, and the Semi-finalists of
the events were felicitated at
YES BANK HOUSE with Trophies
and Certificates.
Independence Day Celebrations

Independence Day was celebrated with great fervor across all locations of the Bank. The Corporate Office was
adorned in the shades of the Tricolour. An exclusive session, Veteran Voices - unveiling the experience through
Q&A was conducted by a retired Army official. Employees were spellbound as the speaker took them through
his journey from guarding the frontiers while serving in the elite Parachute Special Forces (Para SF) Regiment of
the Indian Army to leading a team at a corporate house. Towards the end of the day, employees unleashed their
creativity through an experiential workshop, Acrylic Painting on a Bottle. Their masterpieces were adorned with the
tricolours of our flag.

Note on Bank’s performance management & remuneration process/policy

The Bank’s performance management process and compensation philosophies are structured to
support the achievement of the Bank’s Key Strategic Objectives (KSO). The Bank has a comprehensive
process towards defining measurable Key Performance Indicators (KPIs) for senior executives,
which are set against the financial and non-financial KSOs of the Bank, and the goals framed for the
performance year have a linkage with these KSOs. The targets for these are determined at the Bank,
Business Unit and Individual level. Achievement of targets is assessed during the Annual Performance
Review and the performance assessment outcomes have an impact on the remuneration. For Senior
and Top management employees at the Bank and select Middle management employees, the variable
remuneration includes Performance Bonus and Share Linked Instruments. For the rest of employees at
Bank, the variable remuneration includes, Performance Bonus or Sales Incentives.
University & School Relationship Management Technological Interventions

(USRM) The Bank has embraced innovative HR technologies,
YES BANK runs a structured University & School notably implementing a comprehensive, cloud-based,
Relationship Management programme (USRM) to create no-code Human Resource Management System (HRMS).
a mindshare amongst students from top business This robust HRMS has revolutionised the Bank’s HR
schools of India, through its flagship campus recruitment processes, bringing about significant improvements
YES Professional Entrepreneurship Programme (Y-PEP) in digitisation and automation, thereby enhancing
and its summer internship Programme - 'YES Emerging operational efficiency. Complementing this, the Bank
Professional Entrepreneurship Program' (Y-EPEP), basis leverages advanced HR Analytics through Power BI,
business plans and requirements assessed annually. thereby empowering data-driven decision-making
So far, 1,350 Y-PEPs have been recruited since inception through interactive dashboards and predictive models.
of the programme. For the batch of 2024, 128 Y-PEPs Additionally, the HRMS suite is mobile-enabled, offering
shortlisted to join in May 2024 with a year-long on the job exceptional user interface and experience capabilities,
Y-PEP Talent Engagement Plan whilst for the Y-EPEP batch garnering positive feedback from employees on
of 2024, 80 summer interns have joined the Bank. the system's effectiveness and user-friendliness.
These technological advancements underscore the
Partnering with educational institutions Bank’s commitment to continuous improvement and
YES BANK has partnered with some of the best innovation on employee experience.
academia brands to undertake the following
To engage with ex-YES BANKers and keep them
initiatives:
updated with latest developments in the Bank, an
y ‘YES Professional Banker’ programme: As part of Alumni Portal – YES AGAIN, has been launched
the Hire-Train-Deploy model, the Bank in partnership providing ex-YES BANKers with access to certain HR
with academic institution has launched the ‘YES documents and also offering an opportunity to refer
Professional Banker’ programme, a one year post friends/relatives, who may want to explore career
graduate programme which offers candidates a choice opportunities with the Bank.
to join the Bank’s Retail Business
y YES GURUKUL Programme: YES BANK launched the
exclusive ‘YES GURUKUL’ programme which is a 5-day
residential programme at Manipal campus, Bengaluru
for its new Branch Managers (‘BMs’) and Relationship
Managers (‘RMs’). This programme empowers BMs
and RMs with the skill sets required to achieve
their KRAs/goals
149
KEY DATA POINTS
Human Capital
The Bank’s human capital strength increased by y 100% of the senior management* executives
1.8% over the previous year to 28,001 employees of the Bank were hired locally^ during the year
(As at March 31, 2024) (except one foreign national in India) 1
y The Bank’s average hiring cost per FTE is around y The Bank does not have collective bargaining
` 14,000 (FY 2023-24) agreements. All YES BANK employees are
free to exercise the lawful rights to Freedom
y 15.7% of the Bank’s revenue-generating
of Association1
positions were held by women employees
y The median pay for employees in the Bank is
y All employees of the Bank are paid above
` 7.94 lakh (As at March 31, 2024)
minimum wages of respective locations. The
ratio # of entry-level wage compared to local y The absentee rate in the Bank for FY 2023-24 is
minimum wage is 1.181 1.58% (basis sick leaves availed by employees)
People Demographics – Region1 People Demographics – Nationality

FY 2023-24 FY 2023-24
Management Band/ Nationality Employees
North East West South
Grades
Indian 27,996
Senior Management 47 5 279 25
Nepalese 3
Middle Management 1,057 186 2,264 594
Emirati 1
Junior Management 7,294 1,569 10,218 4,432
American 1
Total 8,398 1,760 12,761 5,051 Total 28,001
Notes:
• Data has been compiled from the Bank's HRIT system (DarwinBox) which covers all of the Bank's employees
• Data is as per Full Time Employee (permanent employees) count as at March 31, 2023
• The Bank does not have part-time employees or non-guaranteed hours employees
• The Bank operates in the banking and finance services sector and does not have workers
• 31 employees working at the Bank’s Abu Dhabi Representative Office are not included
• Region-wise breakup of 98 trainees/advisors: North (28), East (5), West (60), South (5)
• There are no significant fluctuations in the number of employees during the reporting period
*Senior Management includes MD & CEO, ED and employees in C-Suite, Leadership, Executive and Senior grades for FY 2023-241
^The Bank's local operations refer to its operations within India1.
Significant locations of operation refers to the locations of the Bank's major offices1
No significant operational changes were observed in FY 2023-241.
#
The ratio has been calculated by comparing the standard entry-level wage at the Bank (male/female) with the highest 'local minimum
wage' of the State/Union Territory that the Bank operates in.
GRI 2-7, GRI 2-8, GRI 2-30, GRI 202-1, GRI 202-2, GRI 204-1, GRI 401-1, GRI 401-2, GRI 402-1
1

Total Attrition in FY 2023-241

FY 2023-24
Management Under 30 30-50 Above 50 Attrition
Band Male Female Male Female Male Female Rates
Senior Management 0 0 33 1 11 3 13.2%
Middle Management 1 2 637 101 11 1 18.6%
Junior Management 2,879 1,385 4,613 919 2 0 42.0%

Total 2,880 1,387 5,283 1,021 24 4 10,599
Attrition Rates 50.2% 48.9% 33.4% 33.1% 9.8% 16.0% 38.2%
Notes:
• Attrition is based on average headcount as at March 31, 2024, and includes only voluntary exits.
• Senior Management includes MD & CEO, ED and employees in C-Suite, Leadership, Executive and Senior grades for FY 2023-24
Employee Volunteering
YES BANK firmly believes that employee volunteering opportunities offers two-fold benefits – it fosters
positive workplace culture and enhances skills of employees by involving them in tasks that differ from
their regular responsibilities. Backed by employee volunteering policy, YES BANKers are encouraged
to participate in skills-based volunteering. So far, the Bank employees have volunteered to conduct
sessions on financial literacy, build capacity of NGOs through consultative approach, plant trees, identify
potential scholars for a scholarship programme, strengthen prototype idea in a social hackathon and
deliver work-readiness module to trainees. Over 4,000 volunteering hours were contributed in FY 2023-24.
Additionally, YES BANK employees have been contributing towards Payroll Giving Programme for
YES Foundation and have generously participated in crowdfunding campaigns to address emergency
medical needs of people within our sphere of influence.
GRI 401-1, GRI 402-1

1
151
Progress on Profitability
During the fiscal year FY 2023-24, the Bank has significantly progressed along the
path of improving its profitability. The Return on Assets (RoA) for the quarter ended
March 31, 2024 was at 0.5% vis-à-vis 0.2% in quarter ended March 31, 2023. The Bank’s
management has clearly identified financial imperatives which are likely to uplift the
trajectory of its Return on Assets (RoA) profile, which include: resolution of Priority
Sector Lending (PSL) shortfall related drag, improving the Advances Yield through
product mix optimisation, reducing cost of deposits by increasing proportion of CASA
deposits, further enhancing the fee income intensity and improving cost efficiency to
align with the best-in-class in the industry.
Towards this end, the Bank has identified several business levers as enlisted below, which will aid in achieving
these financial imperatives. To further ensure the rigor of execution, the Bank has set up a dedicated Strategy and
Transformation vertical to drive these initiatives in a focussed manner.
MATERIAL TOPIC 7

Progress on profitability refers to the Bank’s commitment towards building a long-term sustainable
franchise which delivers profitable growth on a consistent and predictable basis. This includes building
a robust income engine with sustainably superior Net Interest Margins (NIM) and best-in-class fee
generation, coupled with an optimum cost structure, which aids in generating superlative operating
profits. At the same time, ensuring a strong credit and risk management culture to minimise credit
costs, leading to maximisation of RoA profile.

y Higher profitability can result in maximising y A strong profitable franchise provides adequate
shareholder returnsPPLŚ cushion to capital position and balance sheet
y It can also aid in significantly improving perception from external / internal shocks PPSC
among stakeholders including customers, credit y Generating efficiencies from cost optimisation
rating agencies, vendors and suppliers etc.PPLŚ can create headroom for suitable investments PASR
y Absence of an efficient cost-structure may
result in unwanted cost growth and sub-optimal
profitabilityNPSC
Linkages
C1 R2 R3 R4 R7 R8 R10 SBO1 SBO3 SBO4 SBO5 SBO6

Initiatives to enhance business profitability:

y Guided by the expertise of its Board-level y The Bank continues to augment the penetration
and executive-level committees, the Bank of its product offerings in its growing network of
continues to ensure sustainable growth of its branches, to reduce its cost of acquisition and
business, while adopting best-in-class risk and improve profitability
governance practices y The Bank leverages its technology infrastructure
y The Bank is committed to strengthening its and multi-pronged delivery channels to enhance
strategic investments in the priority sector scale and drive efficiency & profitability across its
lending arena by increasing the proportion of its business verticals
PSL compliant book and gaining access to new
geographies & capabilities
KPIs:
y The Bank continues to optimise its product and
sourcing mix to improve its RoA and reduce its 3rd 1.7% 44%
cost of acquisition, while retaining the overall Straight year GNPA ratio in Proportion of
product risk profile of full year FY 2023-24 (from RoA accretive
profitability 2.2 In FY 2022-23). products in
y Building on its expertise in the SME and with operating Reduced NNPA the Bank’s
Mid Corporate segments, the Bank remains profit at ` 3,386 ratio to 0.6% disbursements
committed to offering outstanding service- crore from 0.8% in (up from 35% in
(up 6.4% Y-O-Y) FY 2022-23 FY 2022-23)
focussed and tech-driven solutions to cater to
the evolving customer needs
KEY ACHIEVEMENTS IN FY 2023-24
y 6th Largest Private Sector Universal Bank offering y Net Advances at ` 227,799 crore with a growth
comprehensive suite of products and services of 12.1% Y-O-Y
y ‘Preferred Retail Franchise’ with strong Customer y Retail Advances at ` 105,000+ crore (~46% of Net
Acquisition run-rate of more than 1.6 million Advances) with a focus on improving profitability
new CASA customers yearly y Net Disbursements at ` 32,709 crore
y Third straight year of Full Year Profitability (from ` 26,261 crore in FY 2022-23)
y Holistically addressed legacy Asset Quality y Total Deposits at ` 266,372 crore, up 22.5% Y-O-Y
issues with best Portfolio Asset Quality y Investments at ` 90,235 crore, up 17.4% Y-O-Y
since reconstruction
y Borrowings at ` 79,941 crore, up 3.2% Y-O-Y
y Sufficiency in Liquidity (LCR at 116.1%) and
y Improved GNPA ratio to 1.7% from 2.2% in
Capital Adequacy (CET 1% at 12.2%)
FY 2022-23 and reduced NNPA ratio to 0.6%
y Net Profit at ` 1,251 crore up 74.4% Y-O-Y from 0.8% in FY 2022-23
y Non-Interest Income up 38.8% Y-O-Y
GRI 3-3
1
153
PROGRESS ON PROFITABILITY
Business Lever 1: Resolution of Priority Sector Lending (PSL) shortfall related drag
On account of the accumulated PSL shortfalls over the last In order to address this, the Bank had formulated a
few years, as the Bank was dealing with the aftermath of comprehensive strategy to address the PSL shortfalls and
reconstruction and did not have adequate affordability to has significantly progressed along the path of execution.
buy PSL certificates, the mandated deposits in lieu of the The intervention areas include focussed Acceleration on
PSL shortfalls have steadily risen to approximately 11% of Organic Sourcing in PSL sub-categories of: SMF (Small &
total Assets (as at March 31, 2024). Given the considerably Marginal Farmers), NCF (Non-Corporate Farmers) and
lower yield (average realised yield of 2.97% in FY 2023-24) WS (Weaker Sections) assets via expanding distribution,
generated on these deposits, the consequent drag on Net manpower, and productivity expansion of BC (Business
Interest Margins (NIM), Operating Profits, Cost to Income Correspondent) partnership models and inorganic
and Return on Assets (RoA) is significant. interventions such as purchase of PSL Certificates (PSLCs) /
Inter Bank Participation Certificate (IBPC) / Pass Through
Certificates (PTCs) / Direct Assignments (DAs)
Substantial rise in organic balances and negligible shortfall in PSL sub-categories in FY 2023-24
Rising on Balance Sheet Amounts (excludes inorganic interventions and deposit)
(All Figures in ` crore)
75,046
77,430
80,183
84,240
93,378
10,175
14,325
10,175
2,551
2,761
3,152
4,042
5,443
5,764
6,370
7,452
2,551
2,761
3,152
4,042
FY23
Q1FY24
Q2FY24
Q3FY24
Q4FY24
Overall PSL SMF NCF Weaker Section
Reduction in overall subcategory Shortfalls (includes inorganic interventions)

(Avg. Shortfall for the period as % of ANBC)
11.0
NIL
NIL
NIL
NIL
NIL
NIL
8.0
6.2
4.5
3.6
0.0
8.6
6.9
5.9
1.4
8.4
6.7
5.1
4.1
FY23
Q1FY24
H1FY24
9MFY24
FY24
Overall SMF NCF Weaker Sections
SMF: Small & Marginal Farmers

NCF: Non-Corporate Farmers
WS: Weaker Sections

Business Lever 2: Retail Assets: Product and Sourcing Mix Calibration

While the Retail Assets portfolio has significantly scaled Moreover, the Bank has ensured that the product risk
up over the last few years (CAGR of 26.7% between profile is broadly retained through mix optimisation within
FY 2019-20 and FY2023-2024), there is significant focus existing product categories.
now on improving the profitability profile through
optimisation of the product mix and the sourcing mix. On the same lines, the Bank has made significant
From the bouquet of over 20 retail products that the Bank strategic interventions to improve the internal sourcing
currently offers, certain set of products have been identified of Assets through Branches and internal channels, owing
which are RoA accretive and there has been a concerted to the significantly lower cost of acquisition of these
effort towards increasing the mix of these products in channels in comparison to DSA (Direct Sales Agents).
the Bank’s disbursements. As a result, the proportion of On account of these efforts, the internal sourcing mix of
RoA accretive products in the Bank’s disbursements has Retail Assets has improved from 35% in FY 2021-22 to
improved from 35% in FY 2022-23 to 44% in FY 2023-24. 41% in FY 2023-24.
Product and sourcing mix calibration oriented towards profitability improvement

Calibration in Disbursement growth with focus on ROA Accretive Products*
Disbursements (All Figures in ` crore)
31,354 23,050
20,142
RoA Accretive Products
12,547 16,679 18,213
Other Retail Products
FY 22 FY 23 FY 24
*ROA Accretive products include Personal Loans, Used Vehicles (including CV/CE). Affordable home
Loans, Unsecured Business Loans, Micro LAP and Education Loans.
Broadly retained product risk profile through Mix Optimisation within existing product categories
Disbursements Mix (%)
47
75 64 64 80
88
53
36 36
25 12 20
FY 23 FY 24 FY 23 FY 24 FY 23 FY 24
Prime Home Loans Used Cars Used CV/CE

Affordable Home Loans New Cars New CV/CE
155
Business Lever 3: Leveraging the expertise in SME and Mid Corporate Segments
YES BANK, since its inception, has been catering to the successful strategy of disproportionately higher growth in
needs of SMEs (Small and Medium Enterprises) and these segments (25% Y-O-Y growth) in comparison to the
has developed a niche expertise in these SME and Mid overall loan growth of the Bank, while further improving
Corporate segments. This strong competitive advantage its profitability through cross-sell and higher wallet share.
is driven through deep segment expertise, relationships Importantly, as a part of these segments, the Bank is well
and 'solutioning' approach in dealing with customers. entrenched into the new-age Ecosystem, through bespoke
As a result of this, the Bank has been able to maintain an digital solutions, incubation and networking platforms,
extended track record of superior profitability in these and has significant market share among 'Unicorns' and
customer segments, while maintaining pristine asset quality 'Soonicorns' in India.
through various business cycles. The Bank is executing a
SME Segment
High quality & well diversified granular book with Sustainable Product Mix
best-in-class Asset Quality
Book Split by Ticket Size (count of customers)
5% 4%
19%
17% ` 0 - 0.5 crore

3%
42% ` 0.5 - 1 crore
` 1 - 2 crore 67%
11%
` 2 - 5 crore
15% ` 5 - 10 crore
` > 10 crore
17%
Working Capital & Term Loan Channel Finance
y ~ 75% of customers have ticket sizes < ` 2 crore Commodity Finance Non Fund Facilities
y Surrogate programme is driving small ticket

exposures and facilitating faster turnaround time y ~ 86% Book Secured; 93%+ PSL compliant
y 30+ days overdue < 2%
Strong momentum in fee income generation

(All Figures in ` crore)
291
351
508
1.6%
1.3% 1.3%
SME Free
As % of Advances
FY 22 FY 23 FY 24

Mid-Corporate Segment
Steady growth in Balances in the Mid Corporate segment (All Figures in ` crore)
y Strong Liability Franchise;

34,393
21,818
14,656
19,910
27,041
13,150
18,428
10,925
9,375
Shares of CA Ratio >30%
y Strong coverage - presence
across 39 key geographics
y Grangular portfolio
with a focus on
Knowledge Banking
31% 29% 25%
CAGR CAGR CAGR y Well entrenched in new-age
Advances Deposits Non-Fund Ecosystem: Be-spoke digital
solutions, incubation/
FY22 FY23 FY24 networking platforms
Strong source of fee income

509
291
401
1.7% 1.7% 1.7%

SME Free
As % of Advances
FY 22 FY 23 FY 24
157
Business Lever 4: Maximising Branch Distribution as Fulcrum of Business

YES BANK, is leveraging its existing and growing network years, despite industry-wide challenges. In addition, with
of branches and BCBOs (Business Correspondent Banking rising penetration of the Retail Asset offerings across the
Outlets) to offer full spectrum of products, including Branch network and the addition in front-line sales staff in
Deposits, Assets and fee products (third party products branches, the Retail Assets sourcing as well as distribution
such Insurance, Mutual Funds etc). The Bank’s Branch of fee-generating products through branch channels has
Banking vertical has significantly outperformed the improved over the years, thereby reducing the overall cost
Banking Industry in terms of generation of deposits, and of acquisition for the Bank and improving the profitability
low-cost CASA deposits in particular. This has aided the profile of the Branches.
Bank in delivering strong liability growth over the last few
Leveraging existing (and growing) branch network to offer full spectrum of products
Branch Banking led Deposits: 22.3% CAGR (FY 2021-22 - FY 2023-24) versus 11.9% CAGR in Industry and 17.4%
CAGR amongst Private Banks1
Outperformance in Liability growth largely led by
Productivity Gains within existing & Acceleration in customer Rise in New Acquisition
expanding franchise acquisition Value (NAV)
(Indexed to 100 for FY 2021-22) CASA AICs Acquisition — CASA EOP NAV- Monthly
Monthly Average Average
'000 Accounts (Indexed to 100 for FY 2021-22)
100.0
110.3
128.1
100.0
112.7
135.9
127.8
110.4
100
80.5
151
118
FY22 FY23 FY24 FY 22 FY 23 FY 24 FY 22 FY 23 FY 24
Deposits per Branch Deposits per Employee
Deposits Outperformance in Branch Banking - even higher in the recent past

Branch Banking-driving Bank's outperformance v/s. Industry
Y-O-Y Growth of CASA and Total Deposits (Q423 - Q424) Incremental CASA Ratio (Q423 - Q424)
25.4% 23.0% 8.5% 6.7% 24.9% 22.5% 20.1% 13.6% 37.2% 31.5% 19.1% 21.2%
CASA Y-O-Y Growth Total Deposits Y-O-Y Growth
YBL Branch Banking YBL Private Banks2 Industry2

1
Based on Total Bank Deposits, CAGR computed between FY 2021-22 - FY 2023-24 for the Industry & Pvt. Banks
2
Data Source: RBI (BSR)-2 –Deposits with SCBs

Business Lever 5: Utilising Digital & Transaction Banking Capabilities & Partnerships
YES BANK's technology platform has invariably been capability driven through a blend of distinctive expertise,
best-in-class, which has aided the Bank in pioneering integrated strategy and multi-pronged delivery channels
cutting-edge products & technologies and holding superior aimed at enhancing scale along with better efficiency
market share in these spaces. YES BANK processes nearly and profitability.
1 in every 3 Digital Payment transactions in India, a
Distinctive Capabilities
Market Leadership - YBL processes ~1 in 3 Digital Payment transaction in India
#1 in UPI Payments #1 in AePS Transactions, powering #2 in NEFT with ~98.7%

[34.5%1 market share with 29.3%1 of all transactions via Success Rate & 8.6%¹
~99.8% Success Rate] ~824 K+partner outlets2 market share
95% New Credit Cards 1,000+ ΑΡΙ Stack 50+ partners integrated for
approvals digitally3 Developed in-house real-time leads mobilisation
'IRIS' - Retail Super App 90%+ Eligible CA A/C 96%+ Individual SA A/C
with ~230 features Sourced Digitally Sourced Digitally
(Individual + Sole Proprietorship)
Future-ready for both BaaS & BaaP Models 4
Business Integrated Strategy Multi-Pronged Delivery
'Deliver the Bank' 'Leapfrogging' from YES BANK 'Digital &

to the Customer being Product-Centric to Transaction Banking Stack'
Curated Offerings Customer-Centric y Customer Journey's,
across platforms DIY I Assisted I Next-Gen Assets and Apps
Al I Cloud Native y Internal Employee Facing Tools
y API Banking
Foundational, Agile and Drive Cost Reduction &
Embedded Banking Productivity Improvement
Ecosystem Partnership
UPI / Payments, IRIS, YES - Through 'Digitisation' of
y Payment Aggregators,
Smart Pay, YES Genie, YES internal processes
Co-branded cards, Third Party
Robot, Yes Connect
Apps, Corporate BCs,
Co-Lending, Marketplaces etc.
Leveraging Public Digital Infrastructure
- CBDC (Efficient Cash Management, Small Payments) OCEN
(Digital Cash Flow Financing), ONDC (Leverage Market Ecosystem), Powered by Strong Core, Data
Account Aggregator (Data Sharing Consent Layer) and Talent
1
Industry Source: RBI Payment System Indicators & NPCI
2
As of March 31, 2024
3
Including Assisted Journeys
4
BaaS: Banking as Service, BaaP: Banking as Product
159
Economic Value Generated, Distributed and Retained1

Particulars FY 2023-24 FY 2022-23## Remarks
` in ‘000 ` in ‘000
Economic Value Generated
Revenues 327,002,371 263,824,873 P&L Account, Annual Report 2023-24
TOTAL 327,002,371 263,824,873 A
Economic Value Distributed
Operating costs# 60,483,800 50,571,643 Schedule 16 – Operating Expenses, P&L

Account, Annual Report 2023-24
Employee wages and benefits 37,742,776 33,627,003 Schedule 16 – Operating Expenses,

P&L Account, Annual Report 2023-24
Payments to providers of capital 194,913,182 147,798,587 Annexure A
Payments to Government** 3,766,056 704,806 Cashflow Statement FY 2023-24
Community Investments$ 103 345 As per our books of accounts
TOTAL 296,905,814 232,702,384 B
Economic Value Retained* 30,096,557 31,122,489 A-B
GRI 201-1
1

ANNEXURE A
Particulars FY 2023-24 FY 2022-23## Remarks

` in ‘000 ` in ‘000
Interest on deposits 135,648,191 101,087,174 Schedule 15 – Interest Expended,

Interest on RBI/Inter-bank borrowings/ 57,977,557 45,905,501 Schedule 15 – Interest Expended,

Tier I & Tier II debt instruments P&L Account, Annual Report 2023-24
Others 1,287,434 805,912 Schedule 15 – Interest Expended,

Dividend paid for last year - - P&L Account, Annual Report 2023-24
Payments to providers of capital 194,913,182 147,798,587
*Calculated as per the GRI 201 Standards

#
Excluding Employees Wages and Benefits, which has been shown separately
##
Previous year figure has been correspondingly reclassified.
**Includes direct taxes paid to the Government. Previous year figure has been correspondingly reinstated.
Community Investments include voluntary donations made.
$
***To the best of its knowledge, either directly or indirectly, the Bank has not made any monetary contribution/ undertaken any spending
towards any political campaigns or political organisations in FY 2023-24
161
Climate Action
The increasing frequency of extreme weather-related events and the socio-economic
impact of unchecked global warming continue to pose significant risk to economies,
businesses, and societies globally. With India being one of the most climate-vulnerable
countries, YES BANK treats climate risk and climate action as key strategic priorities.
The Bank has set up a robust governance structure to oversee its climate strategy, and
has built internal capacities to identify, assess and mitigate climate-related risks.
YES BANK was one of the first Banks in India to support and enhance its sustainability disclosures in line with the Taskforce
on Climate related Financial Disclosures (TCFD), recommendations. In FY 2023-24, the Bank continued to be recognised
for its climate transparency and was rated ‘A-’ Leadership Band by CDP for its 2023 Climate Change disclosures, retaining
its position as the highest rated Indian Bank for climate disclosures.
MATERIAL TOPIC 8
Description and Impacts1

Climate action refers to the steps the Bank takes towards strategically integrating climate considerations
into its business, including addressing climate risks, setting and disclosing emission reduction targets
and decarbonisation its portfolio in line with global decarbonisation scenarios.
Impacts on Stakeholders y Stricter environmental/climatic regulations and

y The Bank's operations as well as projects policy changes may impact operations/strategy
financed by the Bank generate carbon emissions, of the Bank and/or its clients NPLŘ
which if remains unmitigated or unchecked may y Climate risk factors may increase market and
contribute to increasing global warmingNALE operational risks for the Bank. Market risks can
y Financing and investment in green opportunities, arise from significant fluctuations in energy
contributes to avoidance of emissionsPALE and commodity prices due to the transition on
carbon-intensive industries NPLŘ
Impacts on Enterprise Value Creation y The Bank may also have to bear higher insurance
y Increase in the frequency and severity of extreme risk premiums on its own assets vulnerable to
weather and climatic events may adversely climate change NPLC
affect Bank's infrastructure, employees and
client performance and therefore the Bank’s
revenues and costsNPLC
Linkages
C1 C3 C5 R2 R5 R11 SBO10
GRI 201-2
1

Climate Risk Governance and Strategy:

y The Bank has instituted a robust climate y The Bank continues to mobilise finance towards
governance structure, with oversight from two climate-aligned sectors such as renewable
Board-level committees – CSR & ESG Committee energy and Electric Vehicles through targeted
and Risk Management Committee products such as green bonds and YES Kiran
y The Bank has included climate-related KPIs into (rooftop solar loans dedicated to SMEs)
the goal sheets of the MD&CEO and relevant
Targets and KPIs:
executive management, including the CFO
y Climate risk is integrated into multi-disciplinary Target Performance
company-wide risk management processes and
as a material Pillar II risk in its Internal Capital 50% 24%
Adequacy Assessment Process (ICAAP) Reduction in financed Reduction in financed
emission intensity of its emission intensity of
y In line with its commitments and Taskforce for electricity generation electricity generation
Climate-related Financial Disclosures (TCFD) portfolio, striving for portfolio (from base
recommendations, the Bank has instituted robust 75% reduction by FY32 year FY 2021-22)
(from base year FY 2021-22)
systems for managing climate-related risks at the
organisational, project and portfolio levels
Other KPIs:
y In FY 2023-24, the Bank took steps to reduce its
electricity generation sector portfolio emissions A- 619 ktCO2e
in-line with the SBTi well below 2-degree scenario, Rated A- Leadership Band Of annual attributable
striving for 1.5-degree scenario. The Bank aims by CDP for its 2023 Climate emissions avoided
Change disclosures – through the Bank’s
to extend this exercise to other carbon-intensive
highest rated Indian Bank renewable energy
sectors in its portfolio for climate disclosures financing
KEY POLICIES / COMMITMENTS1
Principles for Responsible Banking: YES BANK is framework. The ESP sets out the overarching
the only Indian Bank to be a Founding Member and framework for identifying and managing potential
signatory to the Principles for Responsible Banking and/or existing Environmental & Social (E&S)
and to commit to aligning its business to objectives risks (including climate risks) commensurate with
of the Paris Agreement and UN Sustainable the nature and scale of transactions and their
Development Goals potential impacts.
Environment & Social Policy: The Bank has A summary of the policy can be accessed here:
adopted an Environment and Social Policy (ESP),
https://www.yesbank.in/pdf?name=ybl_esp_
aligned with IFC PS and national regulations, that
summary_pdf.pdf
integrates environmental and social risks (including
climate risks) into its overall credit risk assessment
GRI 2-23, GRI 2-24, GRI 3-3

1
163
CLIMATE ACTION
Climate Strategy
Being cognisant of its environmental impacts and climate-aligned sectors and aligning its portfolio with
responsibility towards climate action, YES BANK is global decarbonisation pathways. In its constant quest,
committed to aligning its business to the Paris Climate to mitigate risks and leverage opportunities arising out
Agreement’s goal of limiting global temperature rise to of a low carbon transition, has put in place a holistic and
well below 2°C and pursuing efforts to limit it to 1.5°C, by long-term roadmap. Guided by this blueprint, the Bank
reducing the carbon emissions intensity of its operations, strives to respond to the global clarion call of climate
measuring and limiting its financed emissions, support action and contribute towards sustainable development.
Key pillars of the strategy focus on
Financing low carbon Building resilience Sustainable operations

transition opportunities from climate risk The Bank will continue to reduce its
The Bank strives to mobilise finances The Bank will develop robust carbon footprint and is committed
towards low carbon transition frameworks for measuring and to adopting industry best practices
opportunities in India, leveraging assessing material climate risk related and standards such as ISO 14001
global green funds and green to its lending operation and apply a Environment Management System for
credit lines through innovative climate lens to business decisions. managing/mitigating its operation’s
finance structures. The Bank will strive to develop its environmental impacts.
capacity and understanding for
For more information, refer to assessing its portfolio under various For more information, refer to the
the Sustainable Finance section scenarios and take actions to build Operational Eco-efficiency section
on Page 194 climate resilience of its portfolio. on Page 184
Policy advocacy, climate literacy, and robust disclosures

The Bank will engage with its stakeholders including clients, peer banks,
regulators and Governments and climate scenario providers for accelerating
low carbon transition. The Bank leveraged its association with global initiatives
such as UNEP FI Principles for Responsible Banking and Science Based
Targets Initiative, for developing forward-looking methodologies on climate
assessment and integration. The Bank is committed to aligning its disclosures
to industry-best practices such as the TCFD recommendations.
For more information, refer to the "Sustainable Finance" section on Page 194

Climate-related Risks Identification1

YES BANK recognises climate risk as a critical risk and financial sector, including Current Regulation, Emerging
since FY 2018-19, the Bank’s management committees regulation, Technological Risk, Legal Risk, Market Risk,
have been considering climate risk in their briefing. Reputational Risk, Acute Physical Risk and Chronic
The Bank’s Internal Capital Adequacy Assessment Physical Risk. The climate-related risks were ranked
Process details its importance within the framework, by the senior management, in the order of relevance
alongside other Pillar II risks. In line with the Financial to the Bank in the foreseeable medium-term.
Stability Board (FSB)’s Taskforce on Climate-related Based on this survey, top ranking climate-related
Disclosures (TCFD) recommendations, the Bank has risks, with maximum potential to generate significant
classified these climate-related risks as Transition Risks change in the Bank’s business operations, revenue
and Physical Risks. Through desk research, the Bank or expenditure, were identified to establish a climate
enlisted material climate-related risks faced by the risk profile.
The top three risks identified for the Bank are:
Enhanced Disclosure Stringent Environmental Increased Severity of

Policies Regulation Extreme Weather Events
Introduction of enhanced With growing awareness on In recent years, severe climatic

disclosure policies by the Environmental & Social (E&S) events such as droughts, cyclones,
government and/or regulatory issues globally, countries have high temperatures and floods,
bodies may result in legal established robust E&S regulations have impacted India’s economy,
proceedings or penalties that specify requirements for especially in sectors such as
for organisations failing to operating licenses, occupational agriculture and allied industries.
comply with the enhanced health and safety standards, Climate change may increase
disclosure requirements. and emission/discharge limits. the frequency and severity
Stricter environmental regulations of climatic events, which can
may affect repayment capability adversely affect employee & client
of clients who fail to meet the performance, and therefore the
enhanced regulations. Bank’s revenues.
GRI 201-2
1
165
CLIMATE ACTION
Climate-related Risk Management1 Organisational level

YES BANK recognises climate risk as a significant risk and 1. The Bank has a formal process in place for the
refers to the Financial Stability Board’s (FSB) Taskforce on identification of climate risks and opportunities.
Climate related Disclosures (TCFD) recommendations for ESG and climate change related risks and opportunities
adoption of best practices around managing and disclosing are evaluated by Risk Management, Infrastructure
climate risk. YES BANK broadly categorises climate risks and Facilities Management (IFM) and Strategic
into physical and transitional risks. Physical risks are a Procurement Units, for the projects and initiatives
consequence of direct physical impacts of climate change under respective domains.
and range from acute risks (such as extreme weather
events) to chronic risks (like gradual rise in sea level and 2. In FY 2018-19, ‘Climate risks’ were added to the Bank’s
temperature). Transition Risks arise from external efforts Internal Capital Adequacy Assessment Process (ICAAP),
to address climate change including, but not limited to, which is an integral part of the management and
regulatory and policy changes, technological advancement decision-making process in the Bank. Climate-related
or shifts in investor sentiment and consumer behaviour. risks are reviewed annually to establish adequacy of
The Bank considers climate risk as a material Pillar II risk in measures taken by the Bank, along with the ongoing
its Internal Capital Adequacy Assessment Process (ICAAP) annual review of the ICAAP.
document and in it details its overall governance and
control framework. 3. The Bank has also constituted an Executive level
Sustainability Council to ensure deeper integration
In line with its sustainability-focussed vision and of sustainability into all aspects of business and
commitments, YES BANK has put in place systems for banking. The Council helps develop formal structures
managing climate-related risks at the organisational, and actionable frameworks to include risks and
project and portfolio levels. opportunities arising out of climate change and
sustainable development.
GRI 201-2
1

4. To manage any potential service disruptions due 2. Further, for identified high risk projects, the Bank
to climate change, YES BANK has a robust Business includes climate risk screening as a part of the
Continuity Plan which is ISO 22301 certified, Environment and Social Due Diligence. Bank has also
an International Business Continuity Standard. put in framework for readily capturing information
In FY 2022-23, YES BANK continues to have the on key physical and transition risk related indicators
highest number of locations certified under ISO from clients in preliminary assessment checklist for
14001:2015 Environment Management System (EMS) all projects/project related loan (sanctioned amount
standard, globally. The recertification is based on the above a threshold)
Bank’s Environmental Management Policy released in
2016, which commits to reducing the Bank’s carbon Portfolio level
emissions through broad-level actions. 1. At a portfolio level, the Bank has identified climate
sensitive sectors and is taking a sectoral approach
5. Recognising the importance of enhanced transparency to measure and mitigate climate risk. It has initiated
and disclosures, the Bank has been proactively measurement of financed emission of its carbon
reporting on its triple bottom line performance intensive portfolio.
through its annual and sustainability reports.
These sustainability disclosures are aligned with 2.
Further, the Bank is leveraging scenario-based
benchmark reporting frameworks, including Integrated assessment to develop roadmaps for building climate
Reporting, GRI Standards, TCFD recommendations and resilience of portfolio. As a starting point, the Bank
Principles for Responsible Banking. has specifically focussed on its energy exposure, as
the sector is at the centre stage for climate action
Project level globally. The Bank has analysed the financed emission
1. At a project level, E&S risk assessment is integrated intensity in the energy sector and developed internal
into its overall credit approval framework. As part of targets to reduce the sectoral emission intensity, in
the Bank’s Environment & Social Management System line with global de-carbonisation pathways.
(ESMS), a Board-approved Environment & Social
Policy (ESP) mandates appropriate assessment of 3. he Bank is in the process of quantifying financed
T
E&S risks for project finance. The Bank has dedicated emission of rest of its portfolio, to identify carbon
E&S experts housed within the Credit Risk Unit who intensive holding and develop emission reduction
are responsible for implementing the provisions of targets (intensity/absolute) in line with the
the ESP. These experts undertake preliminary E&S Paris Agreement, as per availability of data and
assessment of projects basis the severity of risk. methodologies.
Further detailed Environment and Social Impact
Assessment is conducted against IFC Performance (For details on the Bank’s risk management systems,
Standards (A number of cross cutting topics such as policies and processes, including risk strategy, and audit
climate change, gender, human rights, and water are & compliance – please refer to section - Risk Management
addressed across multiple Performance Standards) Governance Framework on Page 68)
by internal/external E&S Risk experts and appropriate
covenants are included in the credit documents which
are monitored throughout the credit cycle.
167
CLIMATE ACTION
Financed emissions and Portfolio decarbonisation targets

In line with global best practices, the Bank has initiated estimate financed emission. The Bank has measured
measurement and disclosure of financed emissions. financed emission of its electricity generation portfolio
Financed emissions are emissions of borrowers, that & cement (manufacturing) portfolio (covering corporate
can be attributed to the Bank in proportion to quantum loans, investment (treasury), project finance) and
of financing provided. The Bank is utilising “PCAF (2022). is striving to scale up the approach to climate
The Global GHG Accounting and Reporting Standard Part intensive sectors.
A: Financed Emissions Second Edition” as a guidance to
Portfolio Attributable
Emission Data quality
Sector Asset Classes Coverage in % emissions
Intensity Score
(Outstanding)* (ktCO2e)
Power Corporate loan 1.02 719.3 0.479 (tCO2e/MWh) 2.04
generation**
Project Finance
investment (treasury)
Cement Corporate loan 0.53 1010.4 0.670 (tCO2e/ Tonne) 2.19
(manufacturing)***
Project Finance
investment (treasury)
*Portfolio coverage is a function of portfolio outstanding (Advances and Investment)/ Total Portfolio outstanding (Advances and
Investment) of the Bank
**Where client emission data are not available publicly, Bank has utilised “Central Electrical Authority (CEA’s) CO2 Baseline Database
for the Indian Power Sector, Version 19” for emission intensity of electricity generation sector. Nil emissions assumed from renewable
energy, considering that renewable energy generation leads to negligible emissions.
***Where client emission data are not available publicly, Bank has utilised “Climatiq data explorer version 13.13, Source: CBAM 2023
Region India” for emission intensity of cement manufacturing sector. Includes 98% (by volume) of clients in Cement (manufacturing)
portfolio (fund based advances and treasury). 2% (by volume) of clients have not been included due to unavailability of usable data points.

For electricity generation portfolio (asset classes as In FY 2023-24, there was a slight increase in emission
mentioned), the Bank has used sectoral decarbonisation intensity of electricity generation fund-based portfolio
approach by SBTi to establish interim targets in line with (corporate loans, project finance, investments) from
well below 2-degree scenario, striving for a 1.5-degree 0.404 tCO2e/MWh to 0.479 tCO2e/MWh. The increase
scenario. Considering base year of FY 2021-22, the in emission intensity is primarily due to the increase in
Bank has developed interim target of reducing financed output of clients in terms of electricity generation and
emission intensity of its electricity generation portfolio, at thus, associated emissions per unit of ` crore exposure
least by 50%, while striving for achieving 75% reduction by and slight increase in exposure towards non-renewable
FY 2031-32. The Bank has developed an internal roadmap energy generation. Emission intensity of FY 2023-24
of mix of non-renewable energy and renewable energy, remains within the trajectory of SBTi well below 2 degrees
that has been incorporated in risk appetite. Further, Bank as well as SBTi 1.5-degree pathway and meeting the
has developed internal additional criteria for financing bank’s interim intensity target for the electricity generation
towards non-renewable energy sector. sector for the year.
In FY 2022-23, the emission intensity of electricity In the Indian context, there are challenges regarding
generation fund-based portfolio (corporate loans, project availability and reliability of emission data. Further, there
finance, investments) declined significantly from 0.628 remains challenges in availability of generic sector specific
tCO2e/MWh in FY 2021-22 to 0.404 tCO2e/MWh due to financed emission intensity (such as financed emission per
decline in fossil fuel-based energy generation portfolio revenue or finance emission per unit of production). As the
from a mix perspective, on account of stringent internal ESG reporting ecosystem in India evolves, disclosure on
lending criteria as well as sale of stressed non-renewable these aspects would further help the Bank to improve
energy portfolio to the ARC. data quality of its financed emissions. The Bank would also
be exploring other approaches for some of the sectors/
asset classes to measure degree of alignment with the
Paris Agreement.
Emission Intensity of electricity generation portfolio
0.700
Emission Intensity(tCO2e/MWh)
0.600
0.500
0.400
0.300
0.200
0.100
0.000
2027 2032
2022 2037 2042 2047
Target Year
SBTI 1.5 IEA NZE SBTi WB2 Actual
169
CLIMATE ACTION
Climate-related scenario analysis

Methodologies and tools to link climate risk to traditional its emission from its own operation in various scenarios,
financial risk parameters, economic impact modelling, such as Business as usual, 1.5 degree scenario, well below
scenario analysis and stress testing are in early stages 2 degree scenario, 2 degree scenarios, and has drawn
and are being progressively explored through global insights to develop an ambitious target of becoming net
collaborations. There are challenges that need to be zero by 2030. Further, the Bank is striving to leverage
addressed in terms of climate related data availabilities methodologies and scenarios provided by the Science
(such as frequency of climate events at good spatial Based Targets Initiative for initiating assessment and
resolution, regional and global impact on sector), taking concrete actions to develop roadmaps for climate
availability of regional climate impact scenarios and intensive/vulnerable sectors for alignment scenarios
holistic climate risk assessment tools and methodologies. limiting global warming to well below 2 degrees/
To that extent, the Bank strives to be ahead of the curve striving for 1.5°C.
through striving to build its capacity and understanding
of financial impact of climate change and methodologies To start with, the Bank has developed a roadmap to
for scenario analysis, working in collaborations with peer reduce financed emissions of its lending sub-portfolio
banks, regulators, data providers etc.1 (electricity generation) emissions aligning with ambitions
outlined in Paris Agreement. The Bank would continue to
In line with its climate commitments, the Bank has build its capacity on this front, through piloting emerging
initiated developing its capacity for scenario analysis and methodologies and collaborating with regulators, peer
is leveraging scenario-based target setting approach banks, think tanks and data providers to accelerate
to develop long-term climate resilient strategies and developments at this front, both in regional and
roadmaps on a best effort basis. The Bank has analysed global context.
GRI 201-2
1

Transition to low-carbon
The banking sector is a pivotal player in steering the country’s transition to a low carbon future through
economies towards a low-carbon future. In the context of its business activities. The Bank, through its financing to
India, recent projections underscore a need for over USD renewable energy, contributes to avoidance of emission
10 trillion in financing to meet its net-zero target, of which in electricity generation, and assists in decarbonising
more than 80% is required for the transition of the Indian India’s electricity generation. The Bank continues to
power sector alone. Recognising that the majority of this support climate-aligned sectors like renewable energy,
financing will need to be mobilised by domestic financial electric vehicles and to develop targeted products
institutions, YES BANK is committed to offer innovative for green financing such as YES Kiran (rooftop solar
and responsible solutions to the industry and support loans for SMEs).
Sector Advances (`) As at March 31, 2024
Renewables Energy ` 2,110 crore
Electrical Vehicles ` 139.29 crore
Rooftop Solar loans to MSMEs ` 18.63 crore
171
Financial Inclusion
Financial inclusion continues to be a crucial enabler on the path to achieving India’s
Sustainable Development Goals (SDGs). Deepening the reach of financial services
amongst unbanked, hard to reach, and vulnerable communities, can spur economic
growth, enhance gender equality, promote health and wellbeing, and prevent excessive
debt burden. Enhancing access to finance continues to be a strategic priority at
YES BANK.
The Bank has implemented a comprehensive Financial Inclusion Plan which is reviewed by its Board of Directors on an
annual basis. Taking a multi-pronged approach, the Bank’s initiatives aim to improve access to basic financial services in
rural, hard to reach areas, widen the reach and uptake of government schemes such as Kisan Credit Card (KCC), promote
financial literacy, and enhance employability and entrepreneurship opportunities amongst vulnerable communities,
through skill-building and livelihood programmes.
MATERIAL TOPIC 9

Advancing financial inclusion refers to the Bank's initiatives and policies aimed at enhancing the
reach and access of financial services and increasing financial literacy amongst the unbanked and
underbanked populations of rural and semi-urban India. Social financing refers to channelised funding
towards priority sectors such as agriculture, SMEs, etc. to bring a sharper focus on inclusive development.
Impacts on Stakeholders y Priority sector lending helps channelise

y Deepening the reach and access of formal financial social finance towards economic sectors that
services and credit amongst unbanked, hard to contribute to national prioritiesPALŚ
reach, and vulnerable communities, can reduce
income inequality and boost economic outputPALŚ Impacts on Enterprise Value Creation
y By enabling them to access finance from formal, y Failure to comply with priority sector lending
regulated sources, vulnerable communities can requirements can put the Bank at risk of
be prevented from falling prey to unregulated regulatory action PPLR
money lenders and over indebtednessPALŚ y Enhancing social finance towards national
y Initiatives aimed at the financial inclusion of priority areas helps the Bank contribute to
women can also help accelerate gender equality India’s SDGs, create positive impact and
and women’s economic empowermentPALŚ build transformative relationships with key
stakeholder groups NPSŘ
Linkages
C1 C4 C5 R5 R6 R8 SBO2 SBO3 SBO4 SBO10

Initiatives to promote financial inclusion:

y The Bank has established dedicated divisions y The Bank continues to make steady headway
such as Inclusive and Social Banking (ISB) towards realising its CSR commitment to
and Microfinance Banking (MFB), which in catalyse employment and entrepreneurship
collaboration with other divisions such as Digital opportunities for over 100,000 youth by 2026,
Banking and Liabilities, drive the Bank’s financial and has reached over 40,000 youth, till date
inclusion agenda
y The Bank’s has established a large network of KPIs:
BC Branches and 219 Business Correspondent
Banking Outlets (BCBO), to provide asset and 6.56 lakh ` 1,678 crore
liability solutions to over 105,000 customers in Active women Disbursed to women
the rural segment Borrowers in rural India microfinance borrowers
in FY 2023-24
y The Bank implements its holistic approach to
financial inclusion by promoting government
schemes such as PMJDY and KCC; offers women 105,974 ` 3,801 crore
borrowers microfinance loans through YES LEAP, PMJDY accounts Term lending to microfinance
caters to the financial needs of farmers through opened in FY 2023-24 institutions for on-lending in
FY 2023-24
crop and farm mechanisation loans; meets the
remittance need of migrants, under-banked
populations through its digital YES Money platform
y The Bank’s Agribusiness Product Management
(APM) unit develops customised lending
propositions for the agriculture value chain
participants, facilitated through seamless
digital platforms
KEY POLICIES/COMMITMENTS1
Board-approved Financial Inclusion Plan: The strategy and approach for enhancing financial
Bank has developed a Board-approved Financial inclusion. The FIP is reviewed by the Board on a
Inclusion Plan (FIP) which outlines the overarching quarterly basis.
GRI 2-23, GRI 2-24, GRI 3-3

1
173
FINANCIAL INCLUSION
Holistic approach to financial inclusion

YES BANK follows a holistic approach to financial inclusion by not only enhancing the access of financial services
amongst hard to reach, and vulnerable communities, but also, by ensuring that it offers a comprehensive bouquet
of financial solutions, customised and targeted at different bottom-of-the-pyramid (BOP) customers, based on their
unique needs and requirements. The Bank has established a large network of Business Correspondence (BC) partners
to deliver its financial services, to the last mile. In FY 2023-24, the Bank’s network of BC Branches and 219 Business
Correspondent Banking Outlets (BCBO), enabled it to provide both asset and liability solutions to over 1.05 lakh
customers in the rural segment
Supporting government Offering Farmer mechanisation

financial schemes microfinance loans
The Bank promotes flagship YES BANK has established In order to cater to the specific
government schemes such as the dedicated business units such needs of farmers across
Pradhan Mantri Jan Dhan Yojana as Inclusive and Social Banking specialised agri clusters, the
(PMJDY) and Kisan Credit Cards (ISB) and Microfinance Banking Bank’s Rural Banking Assets unit
(KCC). Such schemes continue (MFB), which operate its flagship offers variants under its flagship
to play a major role in enabling group-lending programme, ‘YES crop loan product. It also caters
unbanked individuals to formally Livelihood Enhancement Action to the farm mechanisation
enter into the financial system Programme (YES LEAP)’, and needs of progressive farmers
through which the Bank provides by financing the purchase of
financial services to women tractors as a primary asset
microfinance borrowers and class, along with harvesters and
extends term loans to Microfinance agri implements. The unit also
Institutions (MFIs) for on-lending finances small business entities,
self-employed professionals and
entrepreneurs in rural areas for
their business requirements.
Remittances led
approach
The Bank’s flagship programme YES Money meets the remittance

need of migrants, unbanked and under-banked populations in India.
Through Domestic Money Transfer (DMT) on the YES Money platform, the
Bank facilitates the remittance and transfer of money from any location
with ease, while enabling withdrawals at the remotest geographies through
Aadhaar Enabled Payment Scheme (AePS) and Micro ATMs (MATM).

Supporting government financial schemes

Pradhan Mantri Jan Dhan Yojana (PMJDY):
PMJDY continues to play a major role in enabling unbanked individuals to formally enter into the financial system. Under the
scheme, individuals can open a PMJDY account with no requirement to maintain any minimum balance and also access
insurance facilities through the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima
Yojana (PMSBY).
Accounts opened under PMJDY (FY 2023-24)

Accounts opened in Total accounts held by the
Product/service Targeted clients
FY 2023-24 Bank as at March 31, 2024
Saving Account (PMJDY) Women (Urban +Rural) 45,329 60,250
Saving Account (PMJDY) Individual in 53,363 70,485
rural or hard to
reach areas (Male)
Saving Account (PMJDY) Individual 7,282 13,914
in urban (Male)
Total 105,974 144,649
175
FINANCIAL INCLUSION
Kisan Credit Cards:

YES BANK’s Rural Banking Assets unit addresses the financial requirements of Indian farmers for crop production and
ancillary activities through the issuance of Kisan Credit Cards (KCC). The Kisan Credit Card scheme aims to provide
timely and adequate credit support to farmers to meet their short-term credit requirements for cultivation of crops
including financial support towards post-harvest expenses; produce marketing loan; consumption requirements of
farmer household; working capital for maintenance of farm assets and activities allied to agriculture; investment credit
requirement for agriculture and allied activities.
KCC Transactions in FY 2023-24

Outstanding
Product/service Targeted clients No. of Clients No. of Accounts
book (` / crore)
KCC Women/Individuals in rural 9,962 16,260 3,055

or hard to reach areas
Promoting microfinance
YES LEAP – Microfinance Loans for women:
The Bank’s ISB division, through its flagship group-lending programme, ‘YES Livelihood Enhancement Action Programme
(YES LEAP)’, provides financial services to women microfinance borrowers, through Corporates and Microfinance
Institutions (MFIs) acting as BCs. As 100% of borrowers are women, YES LEAP has been able to contribute significantly
towards strengthening women entrepreneurship and empowerment in rural areas of India. With an active women
customer base of 6.56 lakh (as at March 31, 2024), the Bank in FY 2023-24, disbursed ` 1,678 crore to 3.73 lakh women.
Since inception of the YES LEAP programme in 2011, the Bank has cumulatively disbursed over ` 16,318 crore to over 34
lakh families, till date.
Microfinance loans extended under YES LEAP in FY 2023-24

Amount Disbursed No. of women Portfolio Outstanding
(` / crore) borrowers (` / crore)
Microfinance loans Women 1,678 6.56 lakh 1,781
YES LEAP – Microinsurance

The Bank also offers voluntary insurance products like a customised loan cover life insurance product and a hospi-cash
product for the rural and semi urban customers, to help them reduce their out-of-pocket expenses in case of
health-related emergencies.
Micro-insurance coverage extended under YES LEAP in FY 2023-24

Premium Collected No. of insurance
(` / crore) coverages extended
Micro-insurance Women/family 56.28 9.7 lakh

members of borrower

Microfinance Banking (MFB)

On the wholesale side, the Bank, through its MFB division, extends term loans to Microfinance Institutions (MFIs) for
on-lending to BoP customers, cash management services and rated capital market loan products like pool securitisation
and Pass Through Certificates (PTCs).
Credit extended to MFIs for on-lending to Financial Inclusion customers in FY 2023-24

Disbursements in Outstanding Book
FY 2023-24 (`/ crore) (`/ crore)
Loans MFIs 4,060 3,801
Farm Mechanisation Loans

The Bank offer loans to cater to the farm mechanisation needs of progressive farmers by financing the purchase of
tractors as a primary asset class, along with harvesters and agri implements. The unit also finances small business entities,
self-employed professionals and entrepreneurs in rural areas for their business requirements. The Bank currently caters
to the needs of farmers in eleven States of India, with dedicated manpower present in these geographies. As at March 31,
2024, loans were offered to more than 45,000 farmers under the farm mechanisation and KCC services.
Farm Mechanisation Transactions in FY 2023-24

Outstanding book
(` / crore)
Farm Farmers/Individual 15,324 15,324 1,339
Mechanisation in rural or
Loans hard to reach areas
YES Micro Enterprise Finance (MEF)

YES Micro Enterprise Finance is aimed at small business, self-employed professionals, Micro enterprise in the Rural
& Semi Urban geography to cater to working capital and investment credit requirements, across sectors like retail,
wholesale and trade.
MEF Transactions in FY 2023-24

Outstanding book
(` / crore)
Loans Individuals in rural or 420 485 235

hard to reach areas
177
FINANCIAL INCLUSION
Remittance
YES Money:
YES BANK has been a pioneer in driving digital financial inclusion through its flagship programme YES Money, its unique
platform to meet the remittance need of migrants, unbanked and under-banked populations in India. Over the decade-long
journey of YES Money, the Bank has onboarded over ten lakh outlets which has aided its customers with simple banking
transactions such as domestic money transfer and Aadhaar-based cash withdrawals.
YES BANK’s Market Share in digital payments

Product/service Market Share
AePS 29.32%#
MATM 18.27%
DMT 6.97%
# Market share for entire FY 2023-24 basis NPCI data

YES Foundation
Catalysing employment and entrepreneurship intangible benefits, like empowerment and breaking
opportunities for over 100,000 youth by 2026 gender role stereotypes.
YES BANK, through its social development arm, YES
Foundation, actively engages with communities to Recognising the demographic dividend of India, the
understand their unique needs and collaborates on Bank, through YES Foundation, has undertaken skilling
projects that create positive impact. This community-centric programmes, providing market-oriented job skills
approach ensures the Bank’s CSR initiatives are relevant to underprivileged youth and ensuring at least 70%
and sustainable. placement of the trained youth. Enabling livelihood and
skill development has fostered systemic change in the
The Bank’s CSR initiatives have had a positive impact on society, inspiring the youth to participate in social and
the livelihoods of rural as well as urban communities, economic transformation of the country.
while also contributing to environmental sustainability.
With farmers, the initiatives focus on enhancing their YES BANK has made steady headway towards realising
income through sustainable agricultural practices its CSR commitment to catalyse employment and
and access to water. The work with rural women and entrepreneurship opportunities for over 100,000 youth by
artisans around nano enterprise development has 2026, and has reached over 40,000 youth, till date.
not only led to income enhancement but also brought
Employability
In order to harness the demographic dividend of
the country, YES BANK, through YES Foundation,
has undertaken skilling programmes to provide
market-oriented job skills across various sectors to
underprivileged youth and ensure that at least 70% of
the trained youth are placed. In FY 2023-24, 2,200 youth
received skills training across 6 different states. In addition
to this, soft skills like communicative English, basic
computers, mock interviews, resume writing, personality
development and confidence building were also provided
to the trainees. Learning Management Systems and
supplementing classroom learning with self-paced online
learning was also encouraged. Sessions from industry
experts played an important role in providing realistic “This initiative provided comprehensive retail
insights and practical tips to benefit the trainees. training, equipping me with skills in customer
service, client interaction, interview tactics and
Anjali, a 24-year-old beneficiary residing in Delhi, faced personality development. Today, I have a job as
financial constraints due to her family's limited means. a Guest Manager at one of the food outlets in
Determined to achieve independence, she seized an Gurugram, with a salary package of ` 2 lakh
opportunity by enrolling at our retail sector-oriented per annum.”
skilling centre.
- Anjali
179
FINANCIAL INCLUSION
Entrepreneurship
Agricultural development in India is uneven, with several “In my 2-acre plot, I used to cultivate grains
states facing pronounced disparities. Rising cultivation and vegetables. This farming, however, only
costs, inadequate price support, and limited market access fetched me an annual income of around
have compounded farmers' challenges. Besides overuse ` 40,000, posing a challenge to make ends
of chemicals, environmental threats, and neglect of soil meet. Thanks to interventions like mulching,
health have further exacerbated food insecurity and drip irrigation, and training in scientific tomato
livelihood concerns. Limited knowledge of innovative cultivation, I saw a significant increase in our
agricultural practices and challenges in accessing water for agricultural yields. My annual income has now
irrigation throughout the year has prompted a significant risen to over ` 1.3 lakh, and my elder son has
portion of the population to engage in seasonal migration. also returned to the village from the city to help
Women and artisans are also susceptible to cycle of us with cultivating our land”
economic vulnerability and need specific interventions
- Lilaben Arvindbhai, project beneficiary and farmer from
encompassing skill enhancement and market linkages.
Vangara village of Panchmahal district, Gujarat.
Rural entrepreneurship is a key growth driver for any
economy. YES BANK, through YES Foundation, works with
small and marginalised farmers in Rajasthan and Gujarat The Bank is yet to undertake any social impact assessments
to promote sustainable livelihood by combining traditional of its financial inclusion and community development
and scientific methods. The Bank strives to strengthen rural initiatives. 100% of Bank’s operations are covered through
economies by enhancing income generation opportunities its implemented local* community engagement and
through farming extensions, agricultural inputs and development programmes. The Bank’s employability
promotion of handicrafts and handlooms. 6,000 farmers and entrepreneurship programmes include processes
in FY 2023-24 received training on various climate resilient for stakeholder engagement with the community,
farming techniques and gained access to enhanced consultations with local authorities, small and marginal
irrigation support facilities. The work in watershed farmer groups, local panchayat, village development
development has ushered a newfound hope for a lot of committees as well as community volunteers, as part of
farmers and reversed migration of youth in the region. the programme’s implementation design1.
*The Bank's local operations refer to its operations within India.
GRI 413-1, GRI 413-2

1

Promoting financial literacy: arrives at the net disposable income for the household
The Bank undertakes various interventions to engage with which is one of the key determinants for deciding loan
customers and incubate financial discipline among its eligibility and sanction amount
members. Women members are imparted financial literacy
y Limit of total indebtedness: To avoid over
training through a process called Compulsory Group
indebtedness of the customer, a loan is only sanctioned
Training (CGT), by BC Agents and the Bank’s staff, and
for cases where total indebtedness is less than ` 2 lakh
training efficacy is assessed through a verbal interactive
(basis the MFI Credit Bureau report)
test called Group Recognition Test (GRT). The Bank in
collaboration with Accion International has also designed y Loan applications are screened basis combined
customised training modules to promote financial literacy credit report (CCR) of the household: In addition
amongst its customers. In FY 2023-24, over 1,460 Financial to the total indebtedness limits, screening is also
Literacy Camps were conducted across 134 rural Branches. done basis delinquency in microfinance, agri as well
as retail loans
Responsible lending and grievance redressal
y Loan eligibility based on customer
processes
categorisation: Loan eligibility limits are also set
The Bank undertakes several measures to protect its
based on categorisation of New to Credit (NTC), New
microfinance customers from over indebtedness and to
to Bank (NTB) and Existing to Bank customers. The
ensure that they are able to repay the loan without any
limit for NTC and NTB is deliberately set lower taking a
harassment and duress.
conservative approach towards their credit exposure
Steps to mitigate over indebtedness of borrowers: y Promoting responsible usage of loan: At the
y Household Assessment: Prior to loan sanctioning, time of Compulsory Group Training (CGT) and Group
the Bank undertakes a detailed household assessment Recognition Training (GRT), customers are advised to
capturing the amenities and assets available in the utilise the loan that will be sanctioned for productive
household, income, expense and loan obligations of all purposes. The purpose of the loan is also captured in
household members. Through this process, the Bank the Loan Application Form and Sanction Letter
181
FINANCIAL INCLUSION
y Group Credit Product Plus and Hospicash: The y Any deviation from the collection date, non updation
Bank provides customers an opportunity to opt for of loan card, behavioural issues and other service
insurance products such as Group Credit Product Plus issues can be reported by the customer on the toll free
(GCPP) and Hospicash. GCPP relieves the customer grievance redressal number (which is shared at the
and household of the debt burden in the eventuality time of CGT, GRT, is also mentioned on the repayment
of the death of the customer or co-insured. In most schedule and displayed in the BC branch)
instances this is a critical support as the loss of a
key earning member leads to economic hardship for Grievance Redressal:
the family and delinquency could affect access to y In order to provide timely redressal of customer
future credit. Hospicash on the other hand ensures grievances at no extra cost and given that most of the
that the customer/household doesn’t have to dip Bank’s microfinance customers are located in rural,
into their savings/monthly income in case of medical hard to reach areas, the Bank has introduced a “Missed
emergencies, thus minimising any adverse impact on Call Facility” for customers to register their grievances
the customer’s repayment capacity
y Missed calls made by customers are responded
to through a callback in the customer’s vernacular
Responsible customer handling and staff training:
language, wherein the customer may comfortably
y YES BANK has a Board-approved Fair Practices Code explain his/her complaints or grievances. The Missed
specific to Microfinance customers, which outlines its Call number is prominently displayed at BC banking
commitment to not resort to undue harassment or use outlets, BC branches and on the Loan Card given
of force against customers and that the Bank would to the borrowers
be accountable for any inappropriate behaviour by its
employees or employees of its outsourced agency y Additionally, BCBO being a fixed point outlet,
additional options of Grievance Redressal are also
y All ISB employees undergo the mandatory ‘Code
provided to the customers. Customers may register
of Conduct’ training module of the Bank. All BCAs
their complaints through the existing YES TOUCH
(employees of YBL’s BC partners who are involved
grievance channels (for example: calling up the contact
in sourcing and collection on behalf of YBL) are
centre at 1800 1200). The Grievance Redressal posters
required to get a certification from the Indian Institute
in local languages are prominently displayed at the
of Banking & Finance (IIBF) within 9 months of their
BCBO outlets to guide the customers in this regard.
association with YES BANK. In addition to general
For customers who wish to submit any complaint
banking and technical aspects, this IIBF module also
in written form at the outlet, can do so through the
includes a section on behavioural aspects
complaint registers maintained at the BC banking
outlets. All BCBOs are also equipped with a separate
Responsible repayment and collection practices:
Complaint/Suggestion Box
y Customers are provided with a detailed repayment
schedule at the time of loan disbursement, along with
a loan card which is updated at the time of collection
y Collection is undertaken only at a designated place
(centre) for the ease of customers

Supporting agriculture value-chains
The Bank’s Agribusiness Product Management (APM) As a part of agri value chain financing, the Bank has
vertical closely interacts with Food and Agri clients to created a granular portfolio against the pledging of agri
create customised lending propositions for the agriculture commodities, while also ensuring adequate risk mitigation.
value chain participants – including farmers, SMEs and Within APM, a specialised team closely monitors the
corporates. The team is also responsible for ensuring that commodity pledge financing portfolio and mitigates the
the Bank meets the regulatory Priority Sector Lending inherent risks through mark-to-market of commodity
(PSL) norms, in collaboration with the other Business Units prices and in-depth data analysis using various tools and
that generate PSL assets. techniques. This end-to-end process is carried out on
digital platforms to ensure faster customer service and
superior experience.
183
Operational Eco-efficiency
At YES BANK, adhering to the highest standards of environmental management is
just as important as delivering the highest standards of service to our customers.
The Bank’s vast network of branches and offices not only serve large cross-sections
of society, but also ensure that they do so in compliance with all applicable
environmental laws and regulations, and with a continual focus on reducing the
Bank’s ecological footprint.
The Bank’s facilities consume a number of key resources in a row in FY 2023-24. The Bank is also instituting new
in the course of their business such as electricity; mechanisms for responsible waste management and
diesel, refrigerants, paper, amongst others, and generate rolled-out a bank-wide training module to educate its
waste. In order to minimise the use of key natural employees on its environmental goals and best practices
resources, improve resource efficiencies, recycle and in environmental management. The Bank continues to
safely dispose waste, the Bank has adopted a robust migrate key facilities to 100% renewable energy, in line
Environmental Management System (EMS) which was with its target to net zero emissions from the Bank’s
certified ISO 14001:2015 compliant for the 11th year operations by 2030.
MATERIAL TOPIC 10

Improving operational eco-efficiency refers to the Bank's ability to carry out its business by minimising
the utilisation of natural resources, limiting the negative environmental impacts of its operations,
reducing its carbon footprint, driving continual improvements in eco-efficiency and adhering to all
applicable environmental laws and regulations.

y The Bank’s energy consumption from non- y Failure to comply with applicable environmental
renewable energy sources contributes to CO₂ laws/regulations can put the Bank at risk of fines,
emissions which is the cause of global warming lawsuits, and reputation lossNPLŘ
and climate changeNALE y Emerging regulations and stakeholder expectations
y Improper disposal/recycling of the Bank’s e-waste can make the Bank’s operations vulnerable to
can lead to pollution of natural ecosystemsNALE climate-related transition risks NPLŘ
y Unaddressed climate change can make the Bank’s
operations and facilities prone to extreme weather
events and climate-related physical risks NPLŘ
Linkages
C3 C4 C5 R5 R11 SBO7 SBO10

Initiatives to ensure continuous improvement in environmental performance:

y The Bank has adopted an Environmental Targets and KPIs:
Management Policy (EMP) that guides the
Targets Performance
implementation of its bank-wide Environmental
Management System (EMS) and drives continual
improvements in areas such as natural resource Net ~5,254 19.55%
conservation, responsible waste management, Zero tCO2e avoided
by migrating
Reduction
in emission
sustainable supply chain and emissions reduction Scope 1 and
facilities to intensity
Scope 2
y The Bank achieved its 11th consecutive year of ISO renewable (per rupee of
emissions
energy turnover) Y-O-Y
14001:2015 certification for its Environmental by 2030
Management System and successfully expanded
the scope of its EMS from 833 to 1,186 facilities
- the highest number of facilities covered under Other KPIs:
an ISO 14001 certified EMS in the banking
sector, globally
12.31% 1,186 ~18%
y The Bank has pledged to reduce its scope 1 and share of Facilities covered Reduction in
scope 2 emissions to net zero by FY 2029-30 renewables under the Bank’s Energy intensity
and has taken steps to migrate its facilities to in the Bank’s ISO 14001:2015 (per rupee of
electricity mix certified EMS turnover) Y-O-Y
renewable energy. In FY 2023-24, the share of
renewable energy in the Bank’s electricity mix
increased to ~12.31%, resulting in an estimated
5,254.95 tCO2e in avoided emissions
y The Bank has appointed central authorised
vendors for the collection, recycling and
responsible disposal of its e-waste, battery waste
and other hazardous waste from all its facilities
Environmental Management Policy: The Bank Net zero by 2030 target: In order to align with
has adopted an Environmental Management Policy the net zero pathways suggested by the IPCC, the
aimed at conserving the use of natural resources, Bank has pledged to reduce GHG emissions from its
improving key resource efficiencies, and reducing operations to net zero by 2030. The Bank’s net zero
its carbon footprint. The CSR & ESG Committee emissions target covers its absolute Scope 1 and
of the Board has Board-level oversight, while Scope 2 emissions. The Bank has begun sourcing
the Sustainability Council has management-level renewable energy to power key offices such as its
oversight of this policy. corporate office and will migrate the majority of its
A summary of the policy can be accessed here facilities to renewables by 2030.
https://www.yesbank.in/pdf?name=yes_
bank_environmental_management_policy_
summary_pdf.pdf
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1
185
OPERATIONAL ECO-EFFICIENCY
Environmental Management System the Bank replaced 685 R22 air conditions in 167 branches
The Bank has adopted an Environmental Management totalling 956 in tonnage with energy-efficient, inverter
Policy (EMP) which outlines its commitment to continuously units, resulting in energy savings of approximately
benchmark and enhance its environmental performance, 29,48,711 MJ*. The Bank’s focussed energy conservation
reduce impacts, fulfil its environmental obligations and initiatives helped reduce the Bank’s energy intensity
support sustainable growth. Guided by its EMP, the Bank per rupee of turnover by approximately 18% from the
has instituted a robust Environmental Management previous year, even as its overall energy consumption
System (EMS) to manage the significant environmental for FY 2023-24 increased by a marginal 1.57% over the
impacts of its operations. In FY 2023-24, the Bank’s EMS previous year, due to the addition of new facilities.
was certified ISO 14001:2015 compliant for the 11th year
in a row. Additionally, the Bank increased the number of Reducing emissions1
ISO 14001 certified facilities to 1,186 from 833 from the The carbon emissions from its use of energy, represent
previous year. During the year, two of YES BANK’s major one of the Bank’s most significant environmental impacts.
facilities also renewed their Green Building Certifications YES BANK is cognizant of its climate-related impacts and
- YES BANK House received Platinum certification and the strives to align its business to the Paris Agreement’s goal
Bank’s Okhala Office received Gold certification as per the of limiting global temperature rise. Towards this, the Bank
Indian Green Building Council (IGBC) standard. aims to reduce its Scope 1 and Scope 2 emissions with
a target of reaching net zero by 2030. To achieve its net
Energy consumption and transition to zero target, the Bank has begun migrating most of its
renewables1 facilities to renewable energy. In FY 2023-24, the share of
Cognizant of its use of energy to power its facilities renewable energy in the Bank’s electricity mix increased to
and operations, YES BANK has undertaken a focussed 12.31% resulting in approximately 5,254 tCO2e in avoided
approach to monitor and reduce its energy consumption emissions. Currently, three of the Bank’s offices, YES BANK
by enhancing energy efficiency and promoting energy House, YES Fintech Centre, Airoli and Vaman Centre,
saving practices amongst its employees. The Bank has Andheri), along with 43 of the Bank’s 92 Branches in
completed its migration to 100% light-emitting diode (LED) Mumbai have been switched to renewables. In FY 2023-24,
lighting all its facilities, across India. The Bank is also in the the Bank reduced its emission intensity (per rupee of
process of phasing out air conditioning systems that are turnover) by 19.55%, from the previous year.
over 10 years old and that use R22 refrigerants. This year,
KEY HIGHLIGHTS – YES BANK’S ISO 14001:2015 CERTIFIED EMS
World’s first bank to have as many as 1,186 facilities under its ISO 14001:2015 certified
Environmental Management System
y Inclusion of environmental risks into the Bank’s y Streamlining waste management practices by
operational risk assessment tool onboarding pan-India vendors with relevant
y Introduced processes for stringent tracking of consents from PCBs
environmental compliances through quarterly y Simplifying processes to procure Green Power
undertaking from respective Business Unit heads from the grid by taking advance consent from
y Ensuring fulfilment of environmental compliances landlords as a part of lease agreements
by landlords of leased facilities as part of
lease agreements
*Energy savings have been calculated using an estimate of 44% energy saved by Inverter ACs, as per a research paper from the Springer
publication. Running period has been estimated as per purchase date of the AC units. Energy consumption from non-inverter ACs has
been used as a baseline for calculating savings.
1
GRI 302-4, GRI 305-5, GRI 305-6

Energy consumption and GHG emissions from of operating a pan India physical and digital presence.
the Bank's operations1 In FY 2023-24, the Bank’s energy consumption stood
The Bank monitors and tracks its energy consumption and 223,679,590.32 MJ. (For breakup of the Bank’s energy
GHG emissions, and undertakes measures to minimise consumption from renewable and non-renewable
it on an annual basis. Given its nature of business, the sources, refer page 353). The Bank’s energy
Bank’s highest environmental impacts come from its intensity, within its operational boundaries^ stood at
Scope 1, Scope 2 and Scope 3, GHG emissions, as part 0.00068 MJ per rupee of turnover.
GHG Inventory FY 2023-24 FY 2022-23

Scope 11
Diesel Consumption (litres) 252,155.05 259,056.97

Scope 1 emission – Diesel Consumption (tCO2e) 633.43 685.11
Scope 1 emission – Refrigerant Leakage (tCO2e) 2,816.80 2,856.29
Total Scope 1 Emission (tCO2e) 3,450.23 3,541.40
Scope 22
Total Grid Electricity Consumption (MWh) 59,633.38 58,606.85
Total Renewable Electricity Consumption (MWh) 7,339.32 6,203.88
Total Non-Renewable Electricity Consumption (MWh) 52,294.06 52,402.97
Total Scope 2 Emission (tCO2e) 37,442.55 37,468.12
Total Emission Scope (1+2) (tCO2e) 40,892.78 41,009.52
FTE as at March 31 28,001 27,517
Emission Intensity ((S1+S2) tCO2e/FTE) 1.46 1.49
Turnover as on March 31 327,002,371,000.00 263,824,873,000.00
Emission Intensity ((S1+S2) tCO2e/Turnover) 0.000000125 0.000000155
Scope 3 3
Category 1- Purchased goods and services4 1,519.27 1,337.87

Category 2 - Capital goods5 1,270.08 -
Category 3 - Fuel- and energy-related activities 6
15,547.74 -
Category 5 - Waste generated in operations 7
2,666.01 -
Category 6 - Business travel8 2,275.17 2,077.85
Category 7 - Employee commuting9 8,776.16 2,316.14
Category 8 - Upstream leased assets 10
6,682.17 7,208.79
Category 15 - Financed emission 11
1,729,788.93 559,982.76
Total Scope 3 Emission 1,768,525.54 572,923.41
^The Bank's operational boundary for data pertaining to its energy consumption and GHG emissions include its eight major offices in
India (including the Bank’s Registered Office, YES BANK House in Santacruz - East, Mumbai), 51 Regional Offices, 1,234 Branches, its two
international facilities, i.e., a representative office in Abu Dhabi and an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City
(GIFT). Emissions through electricity consumption at off-site ATMs have not been included due to the unavailability of reliable data.
1
GRI 302-1, GRI 302-3, GRI 305-1, GRI 305-2, GRI 305-3, GRI 305-4
187
Emissions of ozone-depleting substances (ODS)1: The Bank’s use of R22 refrigerant resulted in 85.79 CFC equivalent (Kg). The
emission factor is sourced from HRAI, Canada document.
Air emissions1: NOx, SOx and PM emissions through diesel consumption are 967.60 Kg, 595.58 Kg and 493.76 Kg respectively. This
has been estimated using weighted average methodology.
GHG Table Footnotes

1
Scope 1 emissions include refrigerant leakage from Air conditioners taken collected PAN India. Scope 1 emissions also include diesel
consumption for the Bank through Petro Card system. The emission factors have been taken from the Department for Environment,
Food & Rural Affairs - GOV-UK (DEFRA).
2
Scope 2 emissions constitute CO2 emissions from grid electricity (from non-renewable sources) consumed by YES BANK. Grid electricity
consumption has been estimated through facility-wise electricity bills and state-wise tariff charges (Spend based Method). The emission
factor has been taken from Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector, Version 19. Tariff Rates
& Duty/Taxes have been taken from 'Electricity Tariff & Duty & Average rates of electricity supply in India 2023. The Bank Switched to
sourcing renewable energy to power YES BANK House, Airoli office, Vaman Centre and 43 out of 92 the Bank’s Branches in Mumbai, avoiding
5,254.95 tCO2e in FY 2023-24. The Bank's Scope 2 emissions for FY 2023-24, according to the location-based method, stood at 42,697.5 tCO2e
3
Scope 3 emissions include emissions under the following categories (reported as per GHG Protocol Corporate Standard).
4
Category 1: Purchased goods and services: includes only emission from paper (A4) consumption. Environmental impact estimates (for
paper consumption) were made using the Environmental Paper Network Paper Calculator Version 4.0
Category 2: Capital goods: includes only emission for laptops purchased in FY 2023-24. Emission factors have been taken from the
5
websites of respective laptop manufacturers

6
Category 3: Fuel-and energy-related emissions not included in Scope 1 or Scope 2: includes Well-to-Tank emissions for diesel
and Transmission and Distribution losses from electricity consumption. Emission factors have been taken from the websites of the
Department for Environment, Food and Rural Affairs (DEFRA), UK and the International Energy Agency (IEA)
7
Category 5: Waste generated in operations: includes emissions from generated waste (dry waste, wet waste, plastic waste, hazardous,
E-waste, and battery waste). Emission factors have been taken from the DEFRA website
8
Category 6: Business travel: includes emissions from air travel. The emission factor for Business Travel have been taken from the
‘Emission Factors for Greenhouse Gas Inventories’ published by the Environmental Protection Agency (EPA), USA
9
Category 7: Employee commuting: includes emission from employee commute (to and from) their work locations. The emission
factors for employee commute have been taken from India Specific Road Transport Emission Factors & India Specific Rail Transport
Emission Factors for Passenger Travel and Material Transport by the India GHG programme. The emissions through daily employee
commute have been estimated basis responses received through a primary pan-bank survey
10
Category 8: Upstream leased assets: includes emission from outsourced data centres. The energy consumed by the Bank's outsourced
data centres for FY 2023-24, stood at 33,597,515.52 MJ1. The emission factor for electricity consumption through data centres is taken
from the Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector, Version 19
Category 15: Financed Emission: coverage includes financed emissions from cement manufacturing portfolio and electricity
11
generation portfolio (covering corporate loans, investment (bonds and equity) and project finance) in FY 2023-24. In FY 2022-23,
coverage was limited to electricity generation portfolio. In FY 2023-24, attributed financed emission of electricity generation and cement
(manufacturing) portfolio are 719,369.54 and 1,010,419.39 tCO2e respectively. The Bank has utilised “PCAF (2022). The Global GHG
Accounting and Reporting Standard Part A: Financed Emissions Second Edition” to estimate financed emission. Where client emission
data are not available publicly, BANK has utilised “Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector,
Version 19” for emission intensity of electricity generation sector and utilised “Climatiq data explorer version 13.13, Source: CBAM 2023
Region India” for emission intensity of cement manufacturing sector.
Please refer page 160 of the Integrated Report for details.
1
GRI 302-2, GRI 305-6, GRI 305-7

Internal Carbon Pricing

In order to drive low carbon transition of its operations, with the overall carbon price at an organisational level
the Bank undertook an exercise to determine its estimated at ` 1,026 per tCO2e emissions emitted. The Bank
internal carbon price. At an organisation level, the Bank will relook and re-calibrate its carbon price on a periodic
has estimated an implicit price of ` 1,026 per tCO2e basis to consider emerging alternatives and evolving
emissions, i.e. to avoid one unit tCO2e emissions, annual ecosystem. The implicit price enables the Bank to drive low
cost or required expenditure is of around ` 1,026. carbon investment, energy efficiency and change internal
The estimation is based on the internal roadmap to behaviour and in turn meet stakeholder expectation of
achieve its ambition of net zero target covering Scope 1 doing business in an environmentally sustainable way.
and Scope 2 emissions, and annual expenditures required The implicit carbon price enables the Bank for a faster
to achieve the reduction. The implicit carbon price varies transition to energy-efficient equipment and renewable
for different facilities in different geographical locations. energy sourcing, through inclusion of the cost of carbon
Facility level estimates range from implicit price of abatement in its investments and expenditures, reflecting
` 422 per tCO2e emission to ` 2004 per tCO2e emission, the holistic cost-benefit analysis.
189
Waste management1
Given its nature of business, the Bank’s significant sources generated at its major facilities. The Bank has appointed
of waste generation are limited to a few main areas or central authorised vendors for the collection, recycling
operation – dry waste from the Bank’s use of paper for and responsible disposal of its e-waste, battery waste and
its documentation requirements; e-waste from the use of other hazardous waste from all its facilities. The Bank has
electrical appliances such as computers, phones etc.; used partnered Viagreen to recycle the dry waste generated
lead acid batteries from its Uninterruptible Power Supply at key facilities including its corporate office. YES BANK
(UPS) systems; residue oil from its diesel generators; and House is also equipped with a composting unit to recycle
biomedical waste from the medical/health centres at the its wet waste and a zero liquid discharge facility to , to treat
Bank’s facilities. In line with its Environmental Management its sewage, with the treated water used to maintain flora
System, the Bank has instituted robust mechanisms for around the office.
responsible collection, recycling, and disposal of waste
Waste Waste disposed

Waste recycled
Type of Waste Generated to landfill/
Description / recovered
generated Weight incinerated
Weight (MT)
(MT) Weight (MT)
Plastic Waste* Plastic Bottles etc. 2.47 0.52 1.95
E-Waste Desktop, Printers, Laptops etc. 55.35 51.76 3.58
Bio Medical Waste# Expired Medicine, Bandages etc. 0.014 0.003 0.01
Battery Waste Lead Acid Batteries 23.30 22.85 0.45
Hazardous Waste Residue Oil from DG Sets 0.47 0.05 0.41
Dry Waste* Paper, Stationery etc. 182.66 38.24 144.42
Wet Waste* Leftover Food, Vegetable Peels etc. 161.24 20.34 140.89
*In FY 2023-24, the Bank amended its methodology for estimating its waste generated/disposed for the categories of plastic waste
and other non-hazardous waste. For these categories, in addition to reporting actual data from select major offices, the Bank has also
included estimated data for the remainder of its offices and branches, based on facility-wise headcount. For FY 2023-24, information for
plastic waste generated/disposed includes actual data (from YES BANK HOUSE - Santacruz), YES FINTECH - Airoli, Goregaon office, and
NOC Chennai) and estimated data for the remainder of offices and branches, calculated based on facility-wise headcount. Other non-
hazardous waste includes dry waste (cups, paper, cartons, stationery, tissue paper etc.) and wet waste (leftover food, vegetable peels,
fruits etc.). FY 2023-24, information for dry waste and wet waste generated/disposed includes actual data (dry waste from YES BANK
HOUSE - Santacruz, YES FINTECH - Airoli, Goregaon office, and NOC Chennai, and wet waste from YES BANK HOUSE - Santacruz, and
estimated data for the remainder of offices and branches, calculated based on facility-wise headcount.
#
Bio-medical waste includes data from five major offices, YES BANK HOUSE (Santacruz), YES FINTECH (Airoli), NOC Chennai, NOC
Gurugram and Max Tower Noida, which have an in-house medical centre
1
GRI 306-1, GRI 306-2

Water management1 Reducing paper1

Considering the nature of the Bank’s business and The Bank has adopted several measures in its journey
the locations it operates in, there are no significant towards going-paperless. By digitising paper-based
negative impacts related to water consumption and products and processes, establishing strong digital
discharge, on the communities, around the areas of its strategies to meet the digital demands of customers and
operations. The Bank’s primary use of water is towards implementing paperless workflows, the Bank has not
human consumption. YES BANK does not have any facility only benefited the environment but also enhanced staff
in areas of water stress. The Bank has however set up productivity and customer delight.
water meters to track and monitor its water withdrawal at
some of its major facilities. In FY 2023-24, the Bank’s annual
water consumption stood at 254,617,742.63 Kilolitres^.
Sheets of (A4) Energy saved

Initiative
paper saved (MJ)*
Personal Loan File Discontinuation Project 215,895 27,768.94
Barcode or link of MITC booklet instead of Physical Copy in Saving Accounts Kit 22,798,760 2,932,432.10
Barcode or link of MSE booklet instead of Physical Copy in Current Account Kit 954,280 122,741.82
Reduction in Cheque book leaves 803,774 103,383.37

*Energy saving is calculated based on paper saving initiatives implemented by the Bank in FY 2023-24. The Paper Calculator Tool by
Environmental Paper Network has been used to calculate energy savings. Paper consumption in the absence of paper saving initiatives
has been used as a baseline for calculating energy savings.
^In FY 2023-24, the Bank amended its methodology for estimating water consumption. In addition to reporting actual data from select
major offices, the Bank has also included estimated data for the remainder of its offices and branches, using an estimate of 45 litres of
water consumption per head per working day for offices, as per guidelines published by the Central Ground Water Authority (CGWA). For
FY 2023-24, information for water consumption includes actual data from YES BANK HOUSE - Santacruz, YES FINTECH - Airoli and Abu
Dhabi Representative Office, and estimated data for the remainder of offices and branches.
1
GRI 303-1, GRI 303-2, GRI 302-5
191
Sustainable sourcing
The Bank continues to enhance its sustainable sourcing Power Purchase Agreements (PPAs) with renewable energy
practices and proactively identifies opportunities to producers along with subscribing to Green Power Tariff
adopt innovative sustainable products and solutions in programmes. To enhance its energy efficiency, the Bank
its business activities. In order to achieve its net zero by has completely migrated all its facilities from conventional
2030 target, the Bank began sourcing renewable energy fixtures to light-emitting diode (LED) lighting, across India.
to power its facilities. Currently, three of the Bank’s major The Bank is also eliminating the use of printed flexes for
offices (corporate office, YES BANK House, YES Fintech its promotional activities and switching to digital screens
Center, Airoli and its office in Vaman Centre, Andheri), at many of its facilities. Over the years, YES BANK has
along with 43 of the Bank’s 92 Branches in Mumbai have eliminated the use and procurement of single-use plastics
been switched to renewables. The Bank continues to and also switched to procuring 100% recycled paper (A4)
procure renewable energy partly through open access, for internal operational use, across all its facilities.

YES FOUNDATION’s Agroforestry Project:

Fighting climate change while Improving farmer income
Climate change induced erratic rainfall and extreme YES BANK, through YES Foundation, undertook the
weather events like cyclones, floods, drought and pest implementation of an agroforestry project across 11 states
attacks are leading to declining agricultural yields. in India. This initiative will play a critical role in enhancing
Agrarian and tribal communities, already struggling green cover, addressing climate change, while also
land degradation and uncertain prices are expected supporting sustainable livelihoods of farmers. The project
to be the worst impacted by climate change, with their is designed to respond strategically to the challenges
incomes estimated to decline by up to 25%. Some of the induced by climate change by introducing sustainable
areas grapple with a spectrum of socio-economic and solutions and offering comprehensive support to farming
environmental adversities, from erratic rainfall patterns communities. By incorporating native tree plantation and
and water scarcity to land degradation and diminishing adopting innovative agricultural practices, the project
agricultural productivity. aims to mitigate the adverse effects of climate change
and bolster the resilience of farming communities. In
FY 2023-24, 2 lakh trees were planted on farmer land and
were geotagged to monitor growth and survival.
Indal Singh, a farmer from Amas village of Gaya district in when he heard of the Bank’s plantation project and was
Bihar, along with his brothers, had to take on additional allocated 1,700 Mango, Lemon and Amla saplings. He is
labour work to meet the monetary needs of their large confident that he will take good care of the trees and
extended family. Currently, his family’s yearly income is that the fruits that will be harvested will enhance his
only around ` 1-2 lakh from sale of produce from his 7 family income by ` 3-4 lakh.
acres of land. Indal Singh actively sought his enrolment
193
Sustainable Finance
Addressing challenges such as climate change and achieving critical Sustainable
Development Goals (SDGs) requires the mobilisation of large quantum of finances.
According to a report by the World Economic Forum*, an estimated USD 50 trillion
in incremental investments is required by 2050 to transition the global economy to
net-zero emissions and avert a climate catastrophe. India itself requires an estimated
investment of USD 10.1 trillion to reach its net zero by 2070 target#. Developing
countries like India also face a growing annual investment gap of about USD 2 trillion,
required to achieve SDGs.
Being cognizant of the environmental and social impacts of its business, YES BANK has taken proactive and decisive steps
towards integrating ESG and climate considerations into its business. The Bank has instituted an Environment and Social
Risk Management System (ESMS) as part of its responsible lending practices and has been at the forefront in developing
and bringing to market innovative green financial mechanisms to support climate-aligned and sustainability-linked sectors.
MATERIAL TOPIC 11

Sustainable finance refers to the process of integrating environmental, social and governance (ESG)
considerations in investment decisions, leading to increased longer-term investments in sustainable
economic activities and projects. This includes the mobilisation of finance needed for private
investments towards achievement of the Paris Agreement and SDGs.
Impacts on Stakeholders y The Bank’s leadership in sustainable finance can

y Sustainable finance enables the Bank to support improve its reputation amongst sustainability-
SDGs, contribute to India’s net zero ambition, focussed customers, build a competitive
and minimise the negative socio-environmental advantage to unlock opportunities in sunrise
impacts of its businessPPLE sectors, and strengthen its relationship with
y The integration of ESG parameters in lending ESG-aligned stakeholder groups PPLR
decisions encourages the banking sector to y The integration of ESG and climate considerations
work with clients across industries to drive the in lending and investment decisions can help
transition low carbonPPLE mitigate the Bank’s exposure to ESG-related
risks and position it to capitalise on emerging
Impacts on Enterprise Value Creation opportunities PPLR
y Incorporating ESG parameters in its business and
products can improve the Bank’s ESG ratings,
attract ESG focussed investors and capital PPLR
Linkages
C1 C3 C5 R8 R11 SBO9 SBO10
*Financing the Transition to a Net-Zero Future: https://www3.weforum.org/docs/WEF_Financing_the_Transition_to_a_Net_Zero_

Future_2021.pdf
#
Investment sizing India’s 2070 net-zero target: https://www.ceew.in/cef/publications/investment-sizing-india-s-2070-net-zero-target

Initiatives to advance sustainable finance:

y The Bank has adopted an Environment and y The Bank continues to channelise financing
Social Policy (ESP) based on international to climate aligned sectors such as renewable
frameworks such as IFC Performance Standards, renewable energy and electric vehicles and
which serves as a structured approach towards other socially critical sectors such as SMEs and
responsible lending. The Bank has instituted affordable housing
an Environment and Social Risk Management
System (ESRMS) to assess and mitigate E&S risks KPIs:
of its financing activities
y The Bank kickstarted the green bond market in 619 ktCO2e ` 3,819 crore
Of annual attributable In sanctioned debt
India, by issuing India’s maiden green bond in emissions avoided facilities for supporting
February 2015, going on to raise ` 1,645 crore through the renewable energy
(USD 260 million), through a total of three green Bank’s renewable projects of ~637 MW
bonds for channelising finance towards India’s energy financing
renewable energy sector
y In the line with the new extant guidelines issued ` 35,327 crore ` 6,310 crore
by RBI on its Framework for acceptance of Green SME advances as The Bank’s Khushi
at March 31, 2024 (Affordable) Home
Deposits, the Bank has put in place a Board-
loans portfolio as
approved Green Deposit Policy and Financing at March 31, 2024
Framework and is in the process of rolling out its
Green Deposit programme
Environment & Social Policy: The Bank has A summary of the policy can be accessed here:
adopted an Environment and Social Policy (ESP),
https://www.yesbank.in/pdf?name=ybl_esp_
aligned with IFC PS and national regulations, that
summary_pdf.pdf
integrates environmental and social risks (including
climate risks) into its overall credit risk assessment
framework. The ESP sets out the overarching Principles for Responsible Banking: YES BANK is
framework for identifying and managing potential the only Indian Bank to be a Founding Member and
and/or existing Environmental & Social (E&S) signatory to the Principles for Responsible Banking
risks (including climate risks) commensurate with and to commit to aligning its business to objectives
the nature and scale of transactions and their of the Paris Agreement and UN Sustainable
potential impacts. Development Goals.
1
GRI 2-23, GRI 2-24, GRI 3-3
195
SUSTAINABLE FINANCE
Integrating E&S Considerations into lending

YES BANK has adopted a proactive approach to address risk-based approach where high value transactions that
environmental and social impacts that could result from its carry high ESG risks are subject to enhanced evaluation
lending activities. Towards this, the Bank has instituted an and approval through a specialised team of internal/
Environment and Social Risk Management System (ESMS) external E&S risk assessment experts.
to assess and mitigate Environment and Social (E&S) risks
of its financing activities, centred around its Environment The policy provides for a ‘list of prohibited activities’ that
and Social Policy. The Bank’s Environment and Social the Bank does not finance. The list is derived from the IFC‘s
Policy (ESP), implemented in 2006, serves as a structured exclusion list and includes sectors or activities that have
approach towards responsible lending. a highly negative impact from Environment and Social
lens. The policy identifies and classifies the Bank’s lending
The ESP, as an integral part of the Bank’s Environment activity into various segments, and accordingly advises
& Social Management System sets out the overarching the applicable procedures for E&S risk assessment.
framework for identification and management of potential Typically, for project finance/project related corporate
and/or existing E&S risks commensurate with the nature loan transactions as defined in the policy, the E&S risk
and scale of transactions and their potential impacts. team undertakes an initial assessment to determine the
Through this policy, the Bank integrates environmental degree of adverse environmental or social impact arising
and social risks into its overall credit risk assessment from business activities of the borrower and accordingly
framework, which goes beyond financial risk mitigation. categorises transactions based on the level of E&S risks
It has voluntarily adopted the policy, based on international involved. For projects with significant E&S risks, the Bank
frameworks such as IFC Performance Standards. conducts enhanced due diligence/assessment in line
The ESP is a crucial part of the Bank’s credit risk appraisal with IFC PS and national regulations through internal/
process and the Bank further continues to mainstream independent E&S risk analysts and develops corrective
environment and social considerations across its lending action plans with the borrower, performance on which is
by strengthening ESP integration with the overall credit monitored throughout the credit cycle. The Bank strives
risk assessment framework. The policy encompasses to positively influence borrowers by engaging them in
all the lending transactions of the Bank integrating E&S adopting appropriate sustainable practices to meet higher
considerations in its financing activities and establishes a ESG industry expectations.

Overview of projects for which detailed E&S Due Diligence / Assessment was conducted
(FY 2023-24)
In FY 2023-24, detailed E&S due diligence/assessments were conducted for 8 transactions, all of which were project
finance cases. There were no project-related corporate loan transactions.
CASE STUDIES
Solar Energy Project Hybrid (solar and wind) Renewable Energy

The Borrower approached the Bank to seek term Project
loan facilities for setting up a 100 MW solar energy The Borrower and the Bank had been in engagement
project. As per the provisions of the E&S Policy, the to participate in loan facilities for setting up a hybrid
Bank conducted a preliminary desk-based assessment (wind and solar) renewable energy project. As per the
to determine potential adverse environmental and/ provisions of the E&S Policy, the Bank conducted a
or social impacts arising from business activities of preliminary desk-based assessment to determine the
the Project. The preliminary assessment highlighted potential adverse environmental and/or social impacts
arising from business activities of the Project.
need of a detailed E&S due-diligence (E&S DD) in line
with IFC Performance Standards (IFC PS) requirements Environmental & Social Due Diligence (E&S DD) was
and verifying compliance with applicable Indian E&S conducted by an independent E&S Consultant for both
regulatory framework. Accordingly, a detailed E&S the wind and solar components of project.
DD assessment was commissioned by the Bank to
identify and mitigate potential E&S risks associated For the solar component of the project, the E&S DD
with the Project. The E&S DD recommended improving assessment identified environmental monitoring and
legal compliances of the sub-contractors engaged biodiversity conservation as key areas for improvement.
in on-site activities and revising the existing formal Environmental monitoring has been conducted by the
borrower at the site for parameters such as ambient
Grievance Redressal Mechanism (GRM) to reflect site
air quality, ambient noise, drinking water quality etc.
specific scenarios. The Bank is in consultation with the
to assess adverse impacts on the local environment.
Borrower to finalise an Environmental & Social Action
All the relevant parameters were observed to be
Plan (ESAP) addressing key concerns identified in the
within the prescribed levels. Awareness training on
E&S DD assessment.
conservation measures of local species has been
initiated at the site. Carcass monitoring is also being
Sponge Iron Manufacturing Unit conducted at the site on regular intervals. The data
The Bank sanctioned facilities to a Borrower for setting collated during the monitoring is documented and shall
up a sponge iron manufacturing unit. The preliminary be evaluated to assess requirements of appropriate
desk-based assessment indicated the need for a mitigation measures to protect the local species.
detailed Environment & Social Due-Diligence (E&S DD).
The key recommendations of the ESAP enclosed in the
E&S DD assessment report for the wind component
The E&S DD assessment highlighted the need for
of the project included improvement to the on-site
improving the over-all on-site health and safety (H&S)
health and safety practices, labour management and
aspects during the construction phase. The Bank
implementation of the bio-diversity management
engaged with the Borrower to develop and implement plan. The Bank along with other project lenders are
on-site H&S aspects such as work permit system, EHS in discussion with the Borrower on the compliance
training calendar. Improvements were also made to the measures implemented for mitigating above
existing on-site firefighting and first-aid facilities. mentioned aspects.
197
SUSTAINABLE FINANCE
Sustainable finance mechanisms went on to raise ` 1,645 crore (USD 260 million), through
Given the large quantum of finances required to drive a total of three green bonds for channelising finance
the sustainable development agenda, a number of towards India’s renewable energy sector. The renewable
new financial mechanisms such as green bonds and energy projects financed through the green bonds
sustainability bonds have emerged globally that channelise proceeds would annually avoid 1,117 ktCO2e in total, with
finance to sustainable outcomes. Global green bond attributable avoidance of 309 ktCO2e.
issuances increased by 15% to USD 587.6 billion in 2023*.
India also joined a handful of countries to launch its first Green Fixed Deposits
sovereign green bonds, raising ` 16,000 crore (USD 2 The Bank is committed to drive much-needed finances
billion) through two issuances. Backed by such innovative towards green sectors and contribute to achieving India’s
mechanisms, the global sustainable finance market is net zero target. In 2018, the Bank launched India’s first-ever
expected to grow from USD 3.6 trillion in 2021 to USD 23 green deposit product whereby equivalent proceeds
trillion by 2031. raised through green fixed deposits, were earmarked
towards SDG-aligned sectors. In the line with the new
YES BANK’s Green Bonds extant guildelines issued by RBI on its Framework for
YES BANK has always been at the forefront of identifying acceptance of Green Deposits, the Bank has put in place
and capitalising on sustainable finance opportunities. a Board-approved Green Deposit Policy and Financing
The Bank kickstarted the green bond market in India, by Framework and is in the process of rolling out its Green
issuing India’s maiden green bond in February 2015 and Deposit programme.
*Source: Climate Bonds Initiative cbi_sotm23_02h.pdf (climatebonds.net)

Mobilising finance towards climate-aligned The Bank has continued to channelise its efforts in
sectors meeting the country’s sustainability goals by sanctioning
The Banking sector has a crucial role to play in energy debt facilities amounting to ` 39,469 crore, towards
transition, climate adaptation and the shift to a low-carbon ~7.90 GW since 2015. Projects underwritten by the Bank
economy. According to the latest estimates, India would have found a healthy appetite in the financing market
need over USD 10 trillion of financing to achieve its net with a significant portion of projects being successfully
zero by 2070 target, with investments of over USD 8.4 downsold/ refinanced. The Bank continues to have a
trillion needed by the power sector alone. A majority of positive outlook on the renewable and transmission sector
this financing will have to be driven by domestic financial and is now exploring growth in smart metering as well as
institutions to support the technology shifts that would domestic solar module manufacturing/assembly space.
be required if India has to become net zero. The financial
sector led by banks can support this transition by As at March 31, 2024, the Bank’s lending book size for
redirecting finances from climate-negative sectors like renewable energy generation stood at ~` 2,110 crore with
coal, and channelise them to climate-aligned, low-carbon corporate advances representing ~97.26%.
activities. YES BANK is focussed on estimating its financed
emissions from carbon-intensive sectors and developing Avoided emissions
sectoral targets for decarbonisation in line with global Through its financing of renewable energy, YES BANK
best practices. In FY 2021-22, the Bank became the first contributes to avoidance of emissions in electricity
in its sector to measure and report financed emissions generation and assists in decarbonising India’s electricity
of its fund-based electricity generation portfolio and generation sector. The clients/projects in the Bank’s
develop targets to reduce its financed emission intensity, renewable energy book (as at March 31, 2024) would
dovetailing them into a targeted mix for its non-renewable lead to attributable electricity generation of 662 GWh and
energy and renewable energy portfolio. Additionally, attributable avoidance of 619 ktCO2e, annually.
the Bank continues to support climate-aligned sectors
like renewable energy and electric vehicles and develop
targeted products for green financing such as its loans for Overall Clean Energy Portfolio as at March 31, 2024
rooftop solar for MSMEs. (MW)*
Clean and renewable energy lending

219.89
In FY 2023-24, YES BANK sanctioned debt facilities of
` 3,819 crore for supporting renewable energy projects
including solar, wind, hybrid projects of around 637 MW,
and power transmission, InvIT, and smart metering 1,192.07 774.79
projects. YES BANK continues to offer innovative and 197.39 MW
responsible solutions to the power industry and support
the country’s transition to a net zero carbon emission by
2070 through its business activities.
Solar Hybrid/PSP Wind
*Capacity in MW is being representated in proportion on YBL

facility amount as part of total debt
199
SUSTAINABLE FINANCE
CASE STUDIES
Solar Module Manufacturing In order to support India’s objective of becoming the

In the quest for greater supply chain independence and next manufacturing hub of solar modules and panels,
to promote the Make-in-India initiative, solar industry in YES BANK has been evaluating sanction of credit
India is witnessing a shift towards local manufacturing. facilities for setup of solar module facilities. As part of
As India aims to achieve renewable energy capacity of the endeavour, YBL evaluated a proposal wherein the
500 GW, rapidly growing solar industry will play vital Company intended to increase its production facility’s
role. Government of India initiated various schemes capacity and was selected as a successful bidder under
including the Approved List of Models and the Government of India’s PLI scheme for domestic
Manufacturers (ALMM) guidelines and the Production solar PV module manufacturing capacity. Borrower is
Linked Incentive (PLI) Scheme to boost the domestic amongst the country’s largest module manufacturers
module manufacturing ecosystem and to cater to and is having a strong order book. The debt requirement
increasing demands of both domestic and international for the Project was proposed to be funded by a
solar power developers. consortium of lenders.
Green Climate Fund (GCF)
YES BANK is one of only five Accredited Entities for the gender capacities. The Bank was one of the first Indian
Green Climate Fund in India. The Bank was approved as private Banks to be nominated as ‘Direct Access Entities’ for
an accredited entity by GCF in November 2019, post a GCF by the Ministry of Environment, Forests and Climate
rigorous assessment of the Bank’s key administrative and Change. The Bank is expediting its agreement with GCF to
financial capacities (which includes general management, access GCF funding for climate mitigation and adaptation
financial management, control frameworks, transparency projects in India. The Bank is exploring potential project
and accountability), fiduciary capacities (which includes pipelines in climate change sectors like e-mobility, water &
project management, grant awards, on-lending and waste management, green real estate & energy efficiency,
blending), and environment and social safeguards and and climate smart agriculture.
Electric Vehicle (EV) Financing

India's EV financing industry is projected to be worth 3.7 have the potential to grow cent percent with access to
lakh crore in 2030, about 80% of India's current retail the right financing options. YES BANK offers EV loans
vehicle finance industry of 4.5 lakh crore (NITI Aayog). at lower interest rates and contributes to the development
Investment in India's transition to e-mobility has the of the electric vehicle ecosystem by financing auto
potential to create significant economic, social, and ancillaries and charging infrastructure players. In
environmental benefits for the country. Currently, one-third FY 2023-24, the Bank’s book size towards EV financing
of EV vehicles are being sold through financing and stood at ` 139.29 crore.

Advocacy and knowledge-sharing on climate domain. In FY 2023-24, FASAR took up 40 new advisory
and sustainable finance engagements and executed projects across Agri
Identifying opportunities for sustainable finance, Infrastructure, Agri Value Chains, Export Strategy, Food
developing suitable products and mechanisms, Processing, Food Lab Infrastructure, Fisheries, Meat,
mainstreaming the integration of ESG into financial system Poultry, Spices and Dairy amongst others. In FY 2023-24,
and channelising finance towards sustainable outcomes FASAR partnered with various government organisations
requires a collaborative approach. YES BANK regards as well as eminent industry forums to conduct various
national as well as international conferences that
the emergence of sustainable finance as a tremendous
focussed on propagating information and knowledge that
opportunity for financial institutions to play a central role
contribute to sustainable development of India’s food &
in shaping a new-age, sustainable economy. The Bank
agriculture sectors.
continues to work with stakeholders across the spectrum
to develop frameworks and methodologies for addressing
y Associated with the Agricultural and Processed Food
climate impacts and to build and share knowledge on Products Export Development Authority (APEDA) as a
sustainable financing opportunities. knowledge partner for the International Conclave Cum
Buyer-Seller Meet for Boosting Organic Exports from
Sustainable Agriculture Uttarakhand. A knowledge report titled “Boosting
The Bank’s Food and Agri Strategic Advisory and Research Organic Agricultural Exports from the State of
(FASAR) unit houses industry specialists with sectoral Uttarakhand” was released by the Hon’ble Minister of
knowledge and experience in the food and agriculture Agriculture, Government of Uttarakhand
KEY FORUMS AND MEMBERSHIPS
UNEP FI UNEP FI PRINCIPLES FOR Indian Banks’ Association

YES BANK is the first Indian RESPONSIBLE BANKING (IBA)
signatory to the United Nations YES BANK continues to be the YES BANK is a Member of
Environment Programme only Indian founding signatory IBA’s Standing Committee
Finance Initiative. The Bank to the Principles for Responsible on Environmental,
along with 32 global Banks and Banking (PRB), amongst 230 Social and Governance
UNEP FI, founded the UNEPI global Banks and commit to
Principles for Responsible aligning its business to objectives
THE FEDERATION OF INDIAN
Banking (PRB) – the first global of the Paris Agreement and UN
CHAMBERS OF COMMERCE &
framework for enabling the Sustainable Development Goals.
INDUSTRY (FICCI)
banking sector to align its For more information on the Bank’s
business to the objectives progress on its PRB commitments, The Bank is a Member of
of the SDGs and the Paris refer page 204 the Task Force on ESG and
Climate Agreement Green Financing, as part of
the ‘Financial Services Working
ICAI Group’ of the India Chapter of
The Bank has been a Special BRICS Business Council (BBC),
Invitee on ICAI’s Sustainability convened by FICCI
Reporting Standards Board,
since 2022-23
201
SUSTAINABLE FINANCE
y Collaborated with FICCI, as a knowledge partner for E-mobility and urban sustainability
the “Sustainable Agriculture Summit and Awards The Bank’s Corporate & Government Advisory (CGA) works
Programme 2023”, where 24 organisations were across emerging sectors such as urban sustainability,
recognised for their stellar efforts in promoting e-mobility and advanced automotive for creating new
sustainable agriculture development. A YES BANK- banking opportunities and deepening relationships with
FICCI knowledge report titled “Sustainable Agriculture key customer segments. CGA is working closely with several
for Climate Action: Unveiling the Role of Carbon state governments in policy development, implementation,
Markets” was released during the event project structuring and investment promotion regarding
y Collaborated as knowledge partner for the National their clean mobility plans. These include EV policies/
Conference on “India – An Emerging Global Food Hub” investor outreach & strategic support for various states.
organised by CropLife India. A report titled “Towards CGA has also supported several state departments in
a Food Secure Future - The Pivotal Role of Crop developing EV Charging Infrastructure roadmaps and
Protection Solutions in Boosting Sustainable Growth procurement of electric buses. Further, CGA has leveraged
of Indian Agriculture” was released during the event its expertise and strong ecosystem connects to provide
inputs for Central Government schemes such as Ministry
y Associated with the Soybean Processors Association
of Heavy Industries’ Faster Adoption & Manufacturing
of India, as a knowledge partner, for the International
of Electric Vehicles (FAME). CGA has also engaged with
Soya Conclave 2023. A white paper titled “Harnessing
over 30+ smart cities through various advisory, banking
the potential of India’s Soybean Sector for Nutritional
and implementation support for project development.
Security and Sustainable Agriculture Development”
In FY 2023-24, CGA continued to partner with various
was released by the Honorable Minister of State for
governments and industry partners on a number of
Agriculture and Farmers Welfare, Government of India,
sustainability-linked initiatives.
during the event
y Collaborated with the Indian Micro Fertilizers y Collaborated with FICCI in a ‘Roundtable on Electric
Manufacturers Association, as a knowledge partner Mobility’, and release a ‘FICCI-YES BANK Report on
for the 4th National Crop Nutrition Summit organised India@2047: E-mobility’ - identifying policy, industry
in Mumbai. A knowledge report titled “Micronutrients: and company-level roadmaps to unlock the potential
Powering Agricultural Prosperity in India”, was released of the e-mobility sector by 2047
during the inaugural session of the event
y Provided advisory support for six smart cities in
availing grants under City Investments To Innovate,
Integrate and Sustain (CITIIS) 2.0 for setting up solid
waste management projects
y Provided advisory support to UT Administration in
availing E-Buses under the ‘PM-eBus Sewa Scheme’
y Provided advisory on the e-mobility and
advanced automotive components market for
automotive component manufacturers and battery
value chain players

Social financing already taken various initiatives including “Housing for

In addition to climate finance, YES BANK is also committed All”. Most of the organised lenders require standard
to contributing to India’s other developmental goals by documented income proof thus making it difficult for this
channelising finances to support critical sectors such as section of the society to avail a home loan. Understanding
Small and medium-sized enterprises (SMEs). their challenges, YES BANK decided to take a step
forward to help people fulfil their dreams and launched
SME Financing YES KHUSHI Home Loans in May 2016, as a step
India’s SMEs contribute to nearly one-third of the country’s towards social responsibility by serving the underserved/
GDP through their domestic and international commerce neglected segment of the society & meeting their financial
and are a key focus area for the Bank. The Bank reported need. YES KHUSHI home loans is primarily targeted
` 31,294 crore in disbursement to the SME segment in towards the Economically Weaker Section and Low Income
FY 2023-24. The Bank continues to develop targeted green Group segments which may have formal, semi-formal
financing products for SMEs including offering loans to or informal income documents and are looking for
SMEs for the adoption of solar panels (including roof top), financial assistance to buy or construct their first home.
financing equipment manufacturers of effluent treatment The Bank’s target customers majorly include small traders
and sewage treatment plants and supporting the electric & shopkeepers, maids, teachers, tutors, nurses, ward
vehicle ecosystem by financing auto ancillaries and boys, sales executives, cashiers in malls, employees of
charging infrastructure players. As at March 31, 2024, the private security agencies, bus drivers, amongst others,
Bank’s SME financing advances stood at ` 35,327 crore. who may not have formal income documents and instead
receive income/salary in cash. As at March 31, 2024, the
Affordable Housing Bank’s Khushi (Affordable) Home loans portfolio stood at
Affordable housing is a critical sector to enable India’s ~ ` 6,310 crore and nearly 45,927 customers have been
socio-economic development. To address the grave extended loans under the Bank’s affordable housing
shortage in affordable housing, the government has loan programme.
203
Principles for Responsible Banking:
Portfolio Impact Assessment and Targets
The United Nations’ 17 Sustainable Development Goals (SDGs) provide a holistic
blueprint for building a sustainable society of the future. The SDGs provide the banking
sector an opportunity to align its business activities and financing to larger societal
goals and outcomes, and to ensure that financial systems of the future are geared
towards sustainable growth.
In 2019, YES BANK along with 32 global Banks and UNEP core elements of SDGs (as defined in the UNEP FI Impact
FI, founded the UNEPI Principles for Responsible Banking Radar), in the context of India’s need and challenges.
(PRB) – the first global framework for enabling the banking These impact categories include availability and quality
sector to align its business to the objectives of the SDGs of water, food, education, employment, housing, health
and the Paris Climate Agreement. YES BANK continues & sanitation, energy, climate change, resource efficiency,
to be the only Indian Founding signatory amongst 230 waste, information, culture & heritage, mobility, air, soil etc.
global Banks that have joined PRB’s call to action. The PRB
framework calls upon banks to undertake an impact To understand and take into account India’s environmental,
analysis of their portfolios in order to assess how their social, and economic context, in which the Bank operates,
businesses interact with and impact the 17 SDGs, and to Bank has utilised the tool to identify the level of need
minimise negative impacts and maximise positive impacts at national level, with regards to 22 impact categories.
of their businesses. Considering the scope, scale of exposure, context and
relevance in the impact assessment, Bank has identified
In FY 2021-22, the Bank used the amended UNEP FI and prioritised Climate Change and Financial Inclusion
PRB Portfolio Impact Assessment tool v2, (published on as most significant/material areas, to pursue focussed
July 16, 2021), to assess its portfolio. The tool assesses approach driven by specific, measurable, actionable,
the potential impacts of the Bank’s exposure towards relevant and time bound targets, in consultation with
various sectors on 22 key impact categories, derived from top management.

Bank has established holistic strategies and approaches on enhancing positive impacts and reducing negative
impacts pertaining to Climate Change and Financial Inclusion. Bank has identified significant indicators, on
which it has initiated performance measurement and disclosure and also taken targets, where feasible. Bank
has developed action plans to enhance its performance on these indicators.
Significant Alignment Target

Bank’s Targets
Impact with national Implementation
ambition developed
Areas priorities and progress
Paris Portfolio Bank has measured Emission intensity of electricity generation

Agreement, alignment with financed emission of portfolio in FY 2023-24 decreased by
India’s NDCs well below electricity generation ~24% from base year of FY 2021-22
2 degree portfolio and has (For further details please refer ‘Financed
Climate scenario, developed targets (base emission and portfolio targets’ segment in
Change striving for year FY 2021-22) for the report)
1.5 degree reducing the sectoral
scenario emission intensity in line
with the ambition
National Contribute to With a focus on women In FY 2023-24, Bank has been able
Strategy and further the microfinance borrowers, to reach out to 6.56 lakh women
for Financial government Bank has taken following beneficiaries leading to a degrowth of
Inclusion and RBI’s goals targets: ~14% in number of women beneficiary
Financial to expand y To realise 20% Year on from the baseline of FY 2022-23. In
inclusion the access Year (Y-O-Y) increase FY 2023-24, overall disbursement to women
of financial in number of women beneficiary has increased, with Bank’s
services, beneficiaries till lending totalling to ` 1,781 crore (~20%
deeper FY 2025-26 from higher compared to base year FY 2022-23).
into rural 7.6 lakh women
During the year, the loan origination
underserved beneficiary in
system for microfinance has undergone
areas FY 2022-23
transition to adhere to revised regulatory
y To achieve 25% guidelines. The technological transition
Year on Year (Y-O-Y) has led to system constraints impacting
increase in annual the business-as-usual scenario, including
disbursements to client accretion and retention resulting in
Women microfinance lower than expected women beneficiary
borrowers till and corresponding disbursement.
FY 2025-26 on
a baseline of Bank intends to achieve the shortfall in
` 1,495 crore in target and increase its disbursement
FY 2022-23 portfolio and beneficiaries by empanelling
new Business Correspondent (BC)
partners to boost its presence in the
segment for expansion and penetrate
further into untapped geographies of
the domestic market along with the
introduction to new improved loan
origination system.
205
Management Discussion
and Analysis
Executive Summary While the global economy demonstrated broad resilience,

MACROECONOMIC AND INDUSTRY OVERVIEW significant growth divergences were observed across
Despite having witnessed geopolitical tensions and various economies. According to the International
tightening of the monetary policy stance by majority of the Monetary Fund (IMF), global GDP grew ~3.2% in CY 2023.
central banks, the global economy remained resilient in Advanced Economies grew by ~1.6%, compared to ~4.3%
CY 2023/FY 2023-24. Prompt actions undertaken by the growth in Emerging Markets and Developing Economies.
regulatory authorities helped mitigate potential risks to
the financial sector that emanated from the deteriorating Going ahead, last-mile efforts to bring the inflation down to
health of select banks in the United States and Europe. target levels is likely to pose further challenges. IMF doesn’t
expect most major economies to reach their targeted
Elevated interest rates in the world’s major economies growth levels before CY 2025. Amidst this backdrop, IMF
led to inflation falling faster-than-expected from its 2022 expects the global economy to deliver a growth rate of
peak. Oil prices displayed some moderation in the first half ~3.2% in CY 2024, similar to that in CY 2023. Growth rate
of FY 2023-24 which was followed by some upward bias of Advanced Economies is expected at ~1.7%, while on the
owing to geo-political tensions, extension and deepening other hand, emerging market economies are expected to
of production cuts by OPEC (Oil Producing and Exporting grow by ~4.2%.
Countries), US government’s announcement to replenish
its Strategic Petroleum Reserve. Rising trade barriers, On the domestic front, the Indian economy remained
increased sanctions, technology decoupling and migration one of the fastest growing economies of the world and
restrictions were some other highlights of the fiscal. continued to exhibit strong macroeconomic fundamentals.

Key Economic Indicators: Pointing to a robust economy RBI remains committed to further bring inflation down
to 4% levels, and therefore, kept policy rate unchanged
Index of Industrial 5.7%
at 6.5%, and maintained its stance of “withdrawal of
Production (IIP)
accommodation”.
Manufacturing PMI 59.1
Further measures such as Incremental Cash Reserve Ratio
Services PMI 61.2
(I-CRR), Variable Rate Reverse Repo (VRRR) and Variable
Passenger Vehicle and Sales Up 8.4% Repo Rate (VRR) auctions were also undertaken to balance
Two-Wheeler Sales Up 13.3% the system-wide liquidity during the year. Core inflation, on
the other hand, averaged at ~4.4% in FY 2023-24, drifting
GST Collection ` 178.5 lakh crore up from 5.3% in April 2023 to 3.3% by March 2024.
11.5% Y-O-Y
Volume of UPI transactions 131.2 billion transactions, The Indian banking system continued to be resilient as
up 56.6% Y-O-Y evidenced through the findings of RBI’s Financial Stability
Report (Dec’23) with Scheduled Commercial Banks’ (SCBs)
Capital-to-Risk Assets Ratio (CRAR) remaining at 16.8%,
While urban demand remained relatively robust Gross Non-Performing Assets (GNPA) ratio falling to a
throughout the fiscal, the rural sector too displayed signs multi-year low of 3.2%, and Net Non-Performing Assets
of recovery in the year’s latter half. Capex spending by (NNPA) ratio to 0.8% as on September 30, 2023, even while
the central and state governments played a critical role in the Provisioning Coverage Ratio (PCR) steadily increased
driving and sustaining the growth momentum. to 75.3%. RBI’s stress test results revealed that SCBs are
well-capitalised and capable of absorbing macro-economic
Headline CPI inflation remained below 5% in Q1-FY shocks, even with no further capital infusion.
2023-24 before it peaked to the level of 7.4% in July 2024.
However, inflation containment measures undertaken With growth conditions being resilient, RBI continues to
by the government and the Reserve Bank of India (RBI) remain focussed on bringing down inflation to a target of
resulted in bringing down of Headline CPI inflation in the 4% on a durable basis. RBI projects Headline CPI inflation
second half, averaging at ~4.9% for FY 2023-24. to be below 4% in Q2-FY25, before rising again.
Growth drivers for economic growth in India
Rural demand recovery

on anticipation of good
Rabi production
Healthy balance
Buoyant urban
sheet of Banks and
GROWTH consumption
Corporates
DRIVERS
Rising capacity Robust government

utilisation expenditure
207
The central bank remains optimistic on domestic growth, Credit demand in FY 2023-24 (As per Weekly Statistics
and projects India’s FY 2024-25 GDP to grow by 7%, aided Report of RBI)
by rural demand recovery, buoyant urban consumption, Item Actuals Growth
and such other factors. However, external headwinds
Aggregate ` 203.7 lakh crore Up 12.9%
including protracted geopolitical tensions and trade
deposits of (excluding HDFC and Y-O-Y
disruptions could pose risk to domestic growth. As per
SCBs HDFC Bank merger impact)
the official estimates from the government, India’s GDP
is stood at 8.2% in FY 2023-24, compared with 7.0% in Non-food credit ` 159.0 lakh crore Up 16.3%
(NFC) Y-O-Y
the earlier fiscal year of FY 2022-23. During the year, the
credit needs of the economy’s productive sectors were Outstanding ` 164.3 lakh crore Up 20.2%
comfortably met by the banking sector. NFC Y-O-Y
System loans+ 16.5% Y-O-Y, deposits + 13.1% Y-O-Y^ LDR at 76.6%, incremental LDR at 92%^
25% 80% 300%
20% 75% 250%

70% 200%
15%
65% 150%
10%
60% 100%
5% 50%
55%
0% 50% 0%
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Mar-14
Mar-08
Mar-10
Mar-12
Mar-14
Mar-16
Mar-18
Mar-20
Mar-22
Mar-24
Mar-06
Non-Food Credit growth LDR

Deposits growth Incremental LDR (RHS)
Non-Food Credit growth (ex-HDFC)
Deposits growth (ex-HDFC)
[excluding HDFC and HDFC Bank merger impact]

[Source : RBI, Industry Reports, Data is based on RBI Weekly Statistical Supplement as at March 08, 2024]

NFC growth healthy at

Mar'23 Apr'23 May'23 Jun'23 Jul'23 Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24
>16% Y-O-Y
Non-food Credit 15.4 16.1 15.6 16.3 14.8 15.0 15.3 15.2 16.3 15.8 16.2 16.5 16.3
Agri & Allied Activities 15.4 16.7 16.0 19.7 16.8 16.6 16.8 17.5 18.2 19.5 20.1 20.1 20.1
Industry 5.6 7.0 6.0 8.1 5.2 6.1 6.5 5.4 6.1 8.1 7.8 8.6 8.5
Services 19.6 21.6 21.4 26.7 19.4 20.7 21.3 20.1 21.9 19.6 20.7 21.2 20.2
Personal Loans 21.0 19.4 19.2 20.9 18.0 18.3 18.2 18.0 18.6 17.7 18.4 18.1 17.7
[Source : RBI, Industry Reports]
External sector resilience has been a key contributing the same period. Net Foreign Portfolio Investment
factor in improved domestic macroeconomic stability. (FPI) inflows stood at USD 57.6 billion in FY 2023-24.
Strong services exports and remittances have been crucial The pace of FPI investments picked up significantly on
in providing stability to Current Account Deficit (CAD). the debt side following the announcement of India being
Importantly, services exports remained resilient amidst included in JP Morgan’s widely tracked Government Bond
the global slowdown fears with the increasing contribution Index-Emerging Markets.
from non-software exports.
Uncertainties in the global monetary policy dynamics
The trade gap improved slightly in FY 2023-24 vis-à-vis associated with the resilience of the US economy and
FY 2022-23 even as moderation was witnessed in both relative growth paths of the Advanced Economies (AEs) led
exports and imports. Consequent to the above trends, to wide moves in the U.S. Dollar Index (DXY). In July 2023,
the ratio of CAD as a percentage of GDP is expected to DXY touched a low of 99.7, but swiftly turned around to
improve to 0.7% in FY 2023-24, from 2.0% in FY 2022-23. peak at around 107 by early October. Thereafter, it again
Further, capital flows remained robust, with inflows moved down to around 101 by late-December 2023 before
from Foreign Direct Investments (FDI) increasingly being finishing the year at 104.60. However, USD/INR experienced
determined by geopolitical alignments and inward-looking a ranged move, and tended to be on an appreciation mode
strategies of various economies. Thus, inward FDI in the last quarter of FY 2023-24. Consequently, it moved
declined by 3.6% between April 2023 and January 2024, in a narrow range of 81.76-83.40 during the year. By the
compared to the corresponding period in the previous end of April 2024, foreign exchange (FX) reserves were at a
year. However, External Commercial Borrowing (ECB) healthy ~USD 638 billion.
registrations and disbursements improved during
RETAIL BANKING
The Retail business in India’s banking sector witnessed robust growth during the year with system-wide share of retail
loans (personal loans) at 32.4%, which increased 17.7% Y-O-Y (excluding HDFC and HDFC Bank merger impact).
Retail (Y-O-Y growth %) Mar'23 Apr'23 May'23 Jun'23 Jul'23 Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24
Credit Card Outstanding 32.5 29.7 29.9 36.0 31.2 30.0 29.9 28.0 34.2 32.6 31.3 31.0 25.6
Education 17.1 18.0 18.3 19.4 19.9 20.2 20.8 20.6 22.8 21.9 22.9 23.4 23.3
Other Personal Loans 26.7 24.0 23.2 26.1 24.2 23.2 22.7 22.3 21.7 20.5 21.0 19.7 18.7
Housing (incl. Priority 15.2 14.3 14.6 15.0 13.1 13.8 13.8 14.5 15.0 14.4 16.7 16.7 17.4
Sector Housing)
Vehicle Loans 24.8 23.1 22.2 22.9 21.2 20.6 21.2 20.0 20.8 20.5 16.3 17.5 17.3
Laons against gold 19.7 20.4 22.1 26.0 23.1 22.1 20.1 17.3 18.5 18.6 17.4 15.4 14.9
Jewellery
Total 21.0 19.4 19.2 20.9 18.4 18.3 18.2 18.0 18.6 17.7 18.4 18.1 17.7
[Source : RBI, Industry reports]
209
The Bank performed well across deposits and retail months ago. Credit card sourcing through Branch Banking
asset products and continued to provide personalised also registered 22% growth Y-O-Y.
banking solutions.
During FY 2023-24, YES BANK added 85 new branches
The share of YES BANK's Retail Advances remained at the and expanded its geographical footprint to 1,234
same level as in FY 2022-23, at 46% (45% in FY 2022-23), branches and 219 Business Correspondent Banking
while the share of Retail and Branch banking deposits stood Outlets (BCBOs) spread across 700+ locations, with 1,290
at ~ 53% of total deposits. The Bank remained focussed on ATMs and Bunch Note Acceptor/Recycler.
improving the profitability of its Retail business.
Spectrum Banking
Branch Banking Spectrum Banking is the Bank’s new-age channel that
YES BANK offers a comprehensive suite of liability and manages the entire customer life cycle across the entire
asset products to its customers under Branch Banking. suite of retail products through virtual modes of telephony,
The strategic focus of Branch Banking vertical remained on chat and email. During the year, this channel engaged with
affluent and mass affluent customers, as well as on SMEs 25+ lakh customers.
in the metro cities and urban markets.
Spectrum Banking manages:
Overall, growth in Liability Deposits was 22%, which was
primarily driven by a robust growth registered in Retail and
Customer lifecycle Retail products
Branch Banking deposits.
Retail NTB (New-to-Bank) customer acquisition grew by y Acquisition y Liabilities

16% Y-O-Y, while NAV (New-Acquisition-Value) grew by y Onboarding y Retail assets
28% Y-O-Y.
y Relationship y Business banking
Growth in the liability book was achieved in the Management y Credit cards
backdrop of: y Customer Value y Merchant
a) system-wide significant liquidity tightening, Management
y Third-party
b) sharp rise in interest rates, and y Activation products
c) heightened competitive intensity in deposits. y Retention
y Service
Branch Banking Fee income also registered a robust 55%
growth during the year.
In FY 2023-24, the channel of Spectrum Banking registered
Significant step-up in Retail Assets offering penetration a significant growth of 45% in new liability and credit card
within the branch network resulted in internal sourcing customer acquisition. Similar growth was registered in
touching 43% (Q4 FY 2023-24), up from <35% about 18-24 Retail Assets and Credit Card term disbursements.

Digital Banking
Digital Payment System
Yearly Monthly (Cumulative)
FY19 FY20 FY21 FY22 FY23 FY24 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
No. of Banks Live on UPI 142 148 216 314 399 572 399 414 445 458 473 484 492 505 516 522 550 560 572
Value of Transctions (` Bn)
UPI 1,335 2,065 5,049 9,606 14,104 19,784 14,104 14,070 14,891 14,755 15,336 15,765 15,791 17,158 17,397 18,229 18,411 18,279 19,784
Debit 530 476 668 641 533 447 533 546 528 510 533 527 469 521 494 479 455 415 447
Credit 577 507 724 1,071 1,373 345 1,373 1,328 1,407 1,372 1,447 1,486 1,423 1,786 1,606 1,651 1,664 312 345
Volume of Transctions (Mn)
UPI
Debit 408 363 381 328 237 159 237 230 224 210 210 208 184 191 177 177 165 152 159
Credit 162 165 189 224 263 344 263 259 273 263 277 291 274 320 297 321 329 311 344
Card Statistics (Mn)
No. of Debit Cards 924.6 828.6 898.2 917.7 961.3 964.9 961.3 967.0 973.9 975.8 970.7 978.1 966.8 980.2 979.1 960.9 957.6 960.7 964.9
No. of Credit Cards 47.1 57.7 62.0 73.6 85.3 101.8 85.3 86.5 87.7 88.7 89.9 91.3 93.0 94.7 96.0 97.9 99.5 100.6 101.8
[Source : RBI, Industry Reports]
YES BANK continues to invest in new-age digital End-to-end digital customer journeys across DIY /
technologies to offer superior customer experience. assisted modes available for:
y Fixed Deposit
The Bank has digital journeys for seamless customer
y Recurring Deposit
acquisition, servicing and cross-sell in place for retail
customers. Today 96% of all eligible savings accounts y Credit Card
and 90% of eligible individual and sole proprietor y Wealth Management (Mutual Funds, Investment
current accounts are onboarded through the digital Accounts, Sovereign Gold Bonds)
mode. The Bank has implemented comprehensive digital y Insurance
onboarding journey for Individual, Sole Proprietors,
y IPOs
Companies and LLPs for current accounts with an industry
first, data backed product recommender to Auto fetch y Card Upgrades
profile information from GST for KYC validation and right y Quick Loans
product recommendation in real time for new-to-bank y Tax Payments
current account.
y 3-in-1 Trading Account
Further, digital co-origination has been enabled across y Government schemes like Atal Pension Yojna, PM JJBY
Current and Savings account onboarding, such as and PM SBY
co-sourcing of 3-in-1 (demat and trading) account, along
with savings account, co-origination of Savings Account with To augment its offerings, the Bank continues to partner
Current Account for sole proprietors in a single journey. with various FinTechs and corporates. The Bank continues
to be a leading player in new-age digital payments, including
The Bank has enabled self-onboarding (DIY) with video UPI, AePS, NEFT, IMPS and NACH at 34.5%, 29.3%, 8.6%,
KYC with end-to-end STP journey for digital Savings and 8.9% and 13.6% market share, respectively. YES BANK
Individual Current Account opening, as well as digital processes nearly every 3rd digital payment transaction
journey for government schemes like APY and PMJDY. in the country, which hovers between 12-14 billion on
a monthly basis. To grow its digital volumes further and
There are 95 unique service journeys available on build resilience, the Bank has implemented cloud-native
various digital applications of the Bank: UPI, IMPS processors and alternate AePS processors.
y “iris by YES BANK” - Bank’s newest digital app (59 services)
y YES Online (77 services)
y YES Robot (43 services)
y WhatsApp Banking (31 services)
211
A leading player in new-age digital payments ecosystem. Under this Bank as a PA (i.e. BAPA), 50 partners
went live, and transactions valued over ` 19,000 crore
were processed.
13.6% 8.9% 8.6% 29.3% 34.5%
Programmes
YES Private
YES Private is the Bank’s full-stack banking solution client
programme curated especially for Ultra High Net Worth
Individuals (UHNI). The programme is designed to offer a
full suite of banking and enterprise solutions for the clients’
business, wealth management, succession planning
and lifestyle needs through a team of relationship and
product specialists.
NACH IMPS NEFT AePS UPI
YES Private is a ‘by-invite’ only programme for clients who
maintain average Liabilities balances of ` 3 crore or total
Over the decade-long journey of YES Money, the Bank relationship value of ` 5 crore at a family level.
has onboarded over 9 lakh outlets which have been
Curated client engagement at marquee events across
aiding customers with simple banking transactions,
diverse lifestyle interests, numerous benefits embedded
including domestic money transfer and Aadhaar-based
through the World Elite Debit Card are some of the new
cash withdrawals.
initiatives under the programme.
During the year, the Bank launched solutions around new
Payment Aggregator and Payment Gateway Guidelines
(PAPG Guidelines), which limits only the payment 40%
aggregator (PA) licence holder to participate in aggregation Growth in customer
services. It solves the collection and payout problems for base in YES Private
the network partners who do not participate as PA in the

YES First and YES First Business YES Prosperity

YES First and YES First Business are the Bank’s flagship YES Prosperity is the Bank’s mass retail programme,
wealth management and business banking programmes offering services for customers’ individual banking needs.
curated for HNIs for their personal and business This is a feature-packed exclusive segmented savings
banking needs. These specialised programmes are account proposition to improve granular deposits from
imbibed with a comprehensive customer-centric approach segments like salaried, senior citizens, women and
and offer curated product offerings and services, coupled regular customers of the Bank. Furthermore, for its
with a host of lifestyle benefits, to provide a delightful business clients, it offers current account variants such
experience to our customers. The portfolio makes as Edge Business, Prime Business and Exclusive Business.
significant contribution to Retail and Branch Banking This is a first-of-its-kind three-tier product suite with an
Liabilities and Fees. This programme is further enriched auto-upgrade and auto-downgrade facility to ensure the
by the implementation of RM Connect, which is a right product fit for every stage of the business lifecycle.
single phone number connecting customers to their
RMs seamlessly. Variants offered to Current Account customers
y Edge Business
Our Offerings
y Prime Business
1) Banking solutions for personal and business needs
y Exclusive Business
2) Wealth Management
3) Exquisite lifestyle benefits YES Family
YES Family is a feature-packed proposition that offers
wide-ranging services and rewards to meet the financial
3+ lakh needs of the entire family. Packed with unique benefits
No. of customers in
YES First and YES First and exclusive offerings, YES Family has been thoughtfully
Business portfolio curated to make banking more unified for the family.
YES Family enables customers to care for the financial and

overall well-being of every person in the family. The offering
YES Premia is available across YES Private, YES First, YES Premia and
YES Premia offers segmented solutions to the mass YES Prosperity programme.
affluent segment with an emphasis on making banking
seamless and enjoyable for our customers. The programme
has been carefully curated to provide banking solutions NRI Banking
complementing the lifestyles and expectations of varied The NRI Banking programme is a power-packed customised
customer segments. offering that provides multiple avenues for Non-Resident
Indians (NRIs). It helps the NRIs curate and manage
Four Pillars of YES Premia wealth across product categories through in-person and
digital fulfilment models. This comprehensive product is
y Priority servicing
complemented by a multi-channel servicing capability and
y Products and Preferential pricing benefits that extend beyond banking.
y Privileges
y Powerful digital banking platforms and solutions
19%
Growth in NR
Liabilities
23%
Increase in customer
base of YES Premia
213
Comprehensive and superior experiential banking services for NRIs and Persons of Indian Origin (PIOs):
Banking services Liability product Wealth International

Deposits, Portfolio suite enhancement and Financial Services
Investment Scheme Savings, fixed and safety goals Centre (IFSC)
(PIS), remittances and recurring deposit Investment and Banking Unit (IBU)
wealth management offerings denominated insurance solutions Added AED and
products along in INR, and fixed for NRIs and their SGD currencies;
with best-in- deposits in eight families in India now offering savings
class NRI FX rates foreign currencies account and term
deposits at IBU in
five currencies
Debit Cards
YES BANK offers a complete suite of Debit Card variants
across all three networks, Mastercard, Visa and RuPay.
The Bank has card variants across all segments of its
14.8 lakh 48.3 lakh
Debit Cards added Current Debit Card
customers including Mass-affluent, Affluent, Private, and in FY 2023-24 Base
also for segmented offerings such as Women, Salaried
Individuals, and NRIs, among others. These Debit Cards
are designed and customised to meet the specific
needs of its flagship customers in Yes Private, YES First, Easing customers’ usage of Debit Cards:
YES Premia and YES Prosperity. a. Easy access to cards on iris by YES BANK and Internet
Banking, helping them manage card spends and
Unique benefits across categories: control card security specific parameters
y Reward points on spends
b.
Easy access to card settings and Debit Card
y Complimentary lounge access and golf lessons (on services across WhatsApp Banking/BOT and a
select Debit Cards) dedicated email ID for blocking/hot-listing cards in
y Exciting offers on retail categories such as unforeseen situations
entertainment and groceries
c. Allowed to set Debit Card pin of their choice (green
y Insurance cover across purchase protection, pin) across YES Online, iris by YES BANK and ATMs in
accidental insurance and lost card liability order to promote paper-less banking
During the year, the Bank launched two new upgrade cards
targeted at its retail customers with higher embedded
card features, such as airport lounge access and movie
ticket offers.

Credit Cards
YES BANK’s Credit Card department is well established for prioritising customer satisfaction, offering a diverse
product portfolio, a robust distribution approach and exceptional customer service, well supported by strong risk
management systems. The Bank's current credit card portfolio consists of 25 products tailored for consumers,
small and medium-sized enterprise (SME) and commercial segments.
21.2 lakh 2 million 57% 56%

Credit cards added Number of live Y-O-Y Number in Y-O-Y growth in
in FY 2023-24 credit cards outstanding balance credit card spends
During the year, the Bank launched “UPI facility on End-to-end digital journeys in Credit Cards:
RuPay Credit Cards”. This is a novel concept that offers a. The Bank’s entirely digital customer onboarding
a unique and engaging proposition to its customers platform, coupled with a real-time credit card
to conduct UPI transactions on their Credit Cards. approval process and virtual card issuance (for
Since its launch, the Bank has issued more than eligible applicants), ensures that customers
4 lakh UPI-enabled Credit Cards to capitalise on receive their Credit Card details within 10 minutes
this opportunity. of submitting their application. Over 95% of
new credit card approvals in March 2024 were
The Bank also launched the MARQUEE Credit processed digitally.
Card, a premium card with several benchmark
The digital onboarding platform supports
b.
features to further strengthen its positioning in the
multiple formats such as DIY, Assisted, Bio-metric
Ultra HNI segment.
and Video KYC.
c. The Bank also introduced a digital co-origination
10% 95% journey of Credit Card bundled with Savings
Share of Commercial New Credit Account, and is expected to contribute significantly
Credit Cards in total Card approvals to the Credit Card business.
Credit Card spends processed digitally
d. The digital strategy has resulted in almost 30%
of post onboarding cross-sell business being
processed through an end-to-end digital journey.
Retail Banking Assets Retail Banking products offered under a single roof:
The Bank’s customers can select from a wide range of y Home loans
retail loan products its offers. A diversified Retail Banking
y Affordable home loans
assets book across all products witnessed the share of
Retail Advances increasing to 46.1% in FY 2023-24 vis-à-vis y Car loans
45.5% in FY 2022-23. - Used car loans
- Two-wheeler loans
- Commercial vehicle loans
Retail Banking products are offered at: y Construction equipment loans
1,190 branches in 670+ locations y Loans against securities

y Personal loans
y Secured business loans
y Health care finance
y Printing equipment finance
y Working capital finance
215
The Bank continued to focus on delivering profitable society. This division is also responsible for complying with
growth led by business-mix optimisation towards its the requirements of lending to the “Priority Sector”.
higher yielding products. It has entered into preferred
financing agreements with leading manufacturers of The Rural and Inclusive Banking division encompasses
cars and commercial vehicles, and also with construction three Business Units, as stated below:
equipment, thereby enabling access to the wholesale
and retail businesses of manufacturers and dealers a. Rural Banking Assets
across the country. This unit addresses the financial requirements of
Indian farmers for crop production and ancillary
Key developments:
activities through Kisan Credit Card Loans.
y Enhancing digital capabilities: The Bank has been
enhancing its digital capabilities with additional Key Offerings:
products/offerings such as ‘Loan in Seconds’ platform
y Catering to specific needs of farmers across
as well as front-end automation initiatives using YES
Robot, to provide customers with shorter response specialised agri clusters through flagship crop
time and drive higher productivity. loan product under different variants
y Handling farm mechanisation needs of

y Investment in Salesforce: With an eye on future
progressive farmers by financing purchase of
retail-led growth ambitions and with the need for
tractors, harvesters and agri implements
a strong technology backbone, the Bank invested
in Salesforce, the world’s leading CRM platform, to y Financing of small business entities, self-
build a next-generation cloud-based loan origination employed professionals and entrepreneurs in
system that enables concurrent processing, real-time rural areas for specific business requirements
credit decisions and industry-best turnaround time.
y Increasing digital onboarding: During the year, Presence in 11 states Loans offered to
digital loan onboarding powered by Salesforce was of India, with dedicated 63,000+ farmers
made live for Home Loan, Affordable Home Loan, manpower in these cumulatively
Loan against Property and Personal Loans. This geographies
enabled the Bank to enhance new sanctions and
disbursements, which stood increased at ` 40,800
b. Inclusive & Social Banking
crore as at March 31, 2024.
In line with its commitment towards sustainable
‘inclusive growth’ in the rural and semi urban
segment, YES BANK has always focussed on catalytic
96.9% 97.1% innovations and key partnerships to create and
Collection efficiency Collection efficiency in promote viable business models, while also providing
in Q4-FY 2023-24 March 2024 ‘access to finance’ to its bottom-of-the-pyramid
customers. It has a two-pronged strategy involving
Inclusive & Social Banking (ISB) and Microfinance
Today, the Bank has a diversified retail asset book built Institutions Group (MFIG) for the implementation
around analytics-based collection scorecards, which of various financial inclusion initiatives, albeit in a
augments performance of the field force and enhances profitable manner.
collection cost efficiencies. The Bank has also invested
in collections infrastructure such as New Collection Services & Offerings:
System and additional Scorecards to further augment its
y Retail Products: Serving women at the bottom-
collection efficiency.
of-the-pyramid, through distribution channel of
Rural and Inclusive Banking Business Correspondents (BCs)
The Bank’s Rural and Inclusive Banking division caters to y Wholesale Products: Providing Term Loans to
the financial requirements of rural India through its basket Micro-Finance Institutions (MFIs) for on-lending,
of offerings that target the entire agri value chain and also cash management services and other banking
serves the underserved and unserved sections of the and transactional requirements

Made cumulative Reached out to

Active customer base
disbursement of 34+ lakh families
of 6.6 lakh women
` 16,300+ crore (till date)
The Bank also offers optional insurance products Agri value chain financing: Key services
which includes a customised loan cover life insurance y The Bank has created a granular portfolio against
product and a new tailored hospital cash product for the pledging of agri commodities, while ensuring
the rural and semi urban segment. These products adequate risk mitigation
are aimed at helping them reduce out-of-pocket
y A specialised team closely monitors commodity
hospitalisation expenses during unfortunate times.
pledge financing portfolio and mitigates inherent
risks through mark-to-market of commodity
c. Agribusiness Product Management
prices and in-depth data analysis using various
Agribusiness Product Management (APM) is the Bank's tools and techniques
specialised unit, which houses industry and banking
professionals with relevant domain knowledge and y The end-to-end process is carried out on digital
skill sets. The team closely interacts with Food and Agri platforms to ensure faster customer service and
clients to create customised lending propositions for superior experience
the agri value chain participants, including farmers,
SMEs and corporates. It facilitates in building of
banking opportunities in the agri value chain through
` 1,930 crore
Total Portfolio of
suitable financial products, while also mitigating the Commodity Pledge Finance
credit risk. The team is also responsible for ensuring (As at March 31, 2024)
that the Bank meets the regulatory Priority Sector
Lending (PSL) norms, in collaboration with the other
Business Units that generate PSL assets.
217
Merchant Acquiring Services Fintech Partnerships1
YES BANK is one of India's leading providers of Merchant YES BANK engages with multiple fintech partners to enable
Acquiring Services, with a best-in-class product suite, the acquisition of incremental new-to-bank (NTB) customers
and backed by high service standards and a robust across liabilities, assets and credit cards. By collaborating
technological infrastructure. Merchant Acquiring Services with select Fintech Partners, the Bank is building a
cater to more than 1.8 lakh merchant establishments and sustainable and scalable low-cost acquisition model.
currently deploy close to 44,000 payment acceptance Selecting a Fintech Partner is a well-thought out strategy
devices on a quarterly basis. Bank has further enhanced with a segmental-based focus to ensure differentiated
digital onboarding capability or merchant’s onboarding product offerings and value-creating propositions.
platform. Close to 80% of the current deployments are
processed digitally. By leveraging unique propositions with the Fintech
Partner’s superior UI/UX and a robust application
Merchant relationships are managed by: programming interface (API)-based technology stack,
a. Dedicated Relationship Officer: Managing YES BANK is also able to offer and cross-sell the Bank's
relationships in the field relevant product and services.
b. irtual Relationship Officer: Continuously working

V During the year, the Bank partnered with a scaled player
towards developing overall engagement in the payment ecosystem as the PSP Payments Bank,
reflecting the inherent strength in the Bank’s capabilities
Merchant Acquiring Services offer state-of-the-art and technology infrastructure. This partnership is
Android-based point-of-sale (POS) devices, SoftPOS expected to further aid our market share in the digital
solution, same-day and holiday settlements, and an array payment ecosystem, merchant acquisition, current
of other value-added services, including SMS Pay, EMI, account balances and transaction banking flow, thereby
Dynamic Currency Conversions (DCC) and best-in-class resulting in further improvement to the Fee Income.
solutions for Bharat QR (BQR) / UPI payments like BQR
Standee and BQR Soundbox. The Bank continues to invest SME Banking
in new products, enhanced services and advanced digital The Bank’s Small & Micro Enterprises Banking (SME)
processes for Merchant Acquiring Business. business caters to all the financial requirements of
the SME ecosystem. There are dedicated Relationship
Key offerings of YES Biz+ Managers for business origination and relationship
(An App for merchants) deepening across trade, forex, cross-selling of CASA,
financing commercial asset requirements through direct
y Transaction Analysis coverage in over 400+ branches. The team constitutes
y Raise service request Relationship Managers and Product Specialists who are
y Apply for additional TID or Value-Added Services nuanced from the industry.
y Accept transactions on the App
Delivering an unmatched one-stop service and addressing end-to-end of SMEs requirements through:
Differentiated Customised Dedicated

positioning solutions relationship team
Knowledge-banking Extensive
experts network
1
GRI 2-6

The segment provides solutions-oriented financial

planning for their working capital and long-term capital
expansion requirement. A majority of this business
originates from internal channels with parameterised
and discretionary lending, thereby enabling faster credit
decisioning. This allows the Bank to calibrate its reach and
optimise the cost of delivery to the client.
External channels of sourcing are initiated to have an

outreach for incremental market share. Dedicated efforts
are taken in building alliances in Supply Chain Finance.
With the shift towards digital transactions, the Bank

has curated a digital lending platform, especially for
MSMEs, to sanction loans by data triangulation obtained
with the consent of the borrower. This leads to faster
decision-making and optimises effective cost.
E-Sign and E-Stamp facilities implemented

Helps support digital execution of loan
agreements, leading to faster loan fulfilment and
providing a seamless customer experience
Improving productivity and enhancing customer In line with the Bank's strategy to institutionalise its
experience through Digital & Analytics solutions: ‘Knowledge Banking’ approach, the Bank has partnered and
y Analytics-driven prospective client identification inked MoUs with various trade and industry associations,
including the Government-sponsored bodies. This is
y Digital Lending Platform
aimed at conducting banking knowledge events to create
y Seamless customer approval experience awareness about various schemes and banking products
y Self-assist digital tools – SME App, Trade-On-Net, and and provide easy and inclusive financial assistance,
FX Online, among others ensuring that customers have access to best-in-class
y Robust Early Warning Signal (EWS) framework (early schemes and benefits.
identification of incipient sickness and support
frontline in remedial management) The Bank continues to explore targeted products
aimed at green financing, which includes:
y Faster renewal of the loan facility
y Offering loans for the adoption of rooftop solar
Smart Trade/FX online amongst SMEs and financing ecosystem players, such
The Bank has robust expertise in trade and forex as manufacturers of solar components
management, with a stringent focus on customer y Offering financing for waste management, including
engagement to increase penetration on ‘Smart setting up of Effluent Treatment Plants/Sewage
Trade’ application. Treatment Plants
Secure platforms Request will

Customers can
for initiating automatically flow
place a transaction
online trade/FX to the Bank for
request
transactions digital processing
219
WHOLESALE BANKING y Supply Chain Finance
As the Bank accelerates its transformational journey, y Debt Capital Markets, Treasury Services (Foreign
its strategic focus in maintaining sustainable growth Exchange Risk Management)
is aimed at developing and driving liability franchises
y Foreign Currency Loans including ECBs
and strengthening its asset business, along with
strong governance and compliance as well as prudent y Overseas Financing (via IFSC Banking Unit in
risk management. GIFT City), and
To further develop these objectives, the Wholesale
Banking Group continues to play a key and pivotal Large Corporates
role for the Bank, serving the below segments:
YES BANK’s Large Corporates segment provides
y Large Corporates comprehensive financial and risk management solutions
y Mid-Corporates to large corporate clients. With the Bank’s theme of
Ecosystem Banking and its service-centric approach, the
y Indian Financial Institutions
segment focusses on the entire ecosystem of corporates
y International Banking by also catering to their dealers, vendors and customers.
y Government Banking
y Multinational Corporates The Bank is committed to making continuous improvement
through research, benchmarking and client orientation
The Bank’s Wholesale Banking strategy is to build scale with the key objective of strengthening its existing
and positioning through new client acquisition, up-tiering relationships and gaining market share. With the goal of
proposition and cross-selling to cater to the evolving needs offering a one-stop solution to its corporate clients, the
of the customers, with a laser focus on Risks & Returns. Large Corporates business unit also works in partnership
with the Retail Banking team to offer a bouquet of services
Offering comprehensive client-focussed to the employees of Large Corporates.
services across:
Some of these services are:
y Working Capital Finance
y Term Loans y Personal Banking Services (E.g.: Savings Accounts)
y Project Finance y Wealth Management Services
y Transaction Banking Products y Credit Cards
y Trade Finance y Salary Accounts
y Cash Management Services y Retail Assets

Mid-Corporates
The Mid Corporates segment focusses on corporates with a turnover between ` 100 crore and ` 1,500 crore. The segment
lives up to its philosophy of supporting local corporates by being closer to its customers, developing a thorough
understanding of their banking needs and delivering tailored solutions across the entire spectrum of banking services.
Granular asset and

Regional presence
liability book
Key pillars of
Robust risk management Mid-Corporates Strong digital penetration
segment
Structured cash and

Sustainable growth
trade solutions
The Mid Corporate segment is on the path of growth The unit engages with domestic financial institutions like
through its two-pronged approach of acquiring New-to- National Bank for Agriculture and Rural Development
Bank (NTB) clients and deepening its existing relationships. (NABARD), the Small Industries Development Bank of India
(SIDBI), the Export–Import Bank of India (EXIM Bank) and
The Mid Corporate team, which currently runs its the National Housing Bank (NHB) to avail refinance. It also
operations from 39 locations pan-India, will continue to connects with overseas branches of Indian banks to avail
build this portfolio with a stringent focus on Cross-Sell Foreign Currency Borrowings and Trade Credit.
through synergies with Transaction Banking, Digital
Banking, Food and Agribusiness Strategic Advisory and International Banking
Research (FASAR), and Treasury and Retail Banking. The International Banking segment maintains relationships
with an extensive network of International Banks,
The Mid Corporate segment is also deeply entrenched Multilateral Financial Institutions and Exchange Houses.
in India’s new-age entrepreneurship ecosystem through It provides a complete suite of products and solutions.
its bespoke digital solutions, incubation and networking The unit leverages its strong correspondent-banking
platforms provided to E-Commerce, Fintech, and Agritech network to create access for its corporate customers
businesses. The Bank has a dedicated team providing and also for internal stakeholders, providing access
innovative banking solutions to cater to the unique to the international markets for availing financing and
requirements of start-ups. international banking services. The unit leverages the Bank’s
market-leading API banking stack to integrate with Banks
Indian Financial Institutions and Exchange houses to offer real-time instant settlement
The Indian Financial Institutions segment offers services for its cross-border remittance business.
correspondent banking solutions to domestic banks,
digital and transaction banking solutions, including market Products & Solutions:
leading API Banking stack for NBFCs, mutual funds, y Trade Finance
and stockbrokers. It commands a dominant position in
y Treasury Services
co-operative banks space.
y Investment Banking Solutions
The unit has built a sustainable asset book with retail y Remittance Solutions
focussed NBFCs and strategic Priority Sector Lending y Financial Advisory
(PSL) through Micro Finance Institutions. It also facilitates
Co-lending/Direct Assignment (DA) partnerships
to build the retail book further. There are superior
offerings for Professional Clearing Members (PCM) and
Custodial Businesses, along with banking facilities for
stockbrokers and exchanges.
221
Government Banking businesses. The Multinational Corporates unit also
The Government Banking segment aims to provide financial, engages with various strategic influencers to originate
banking, technology-led solutions and strategic advisory current account leads by leveraging its thought-leadership
services to ministries under the Union Government, State and transaction banking capabilities. The team also
Government, Central and State Public Sector Undertakings, leverages the Bank’s strong digital and transaction banking
Boards and other affiliates. The unit delivers innovative, capabilities to generate solution-led current account
structured and comprehensive solutions, and has also liabilities across all the corporate segments.
concluded several landmark transactions with Maharatnas,
Navratnas, Mini-Ratnas and other apex institutions. Key focus areas:
a.
Becoming preferred host-country bank to global
The Bank has deployed innovative and customised digital clients
solutions for various Central & State Development and b. Source solution-led current account from corporates
Procurement Agencies. It has also provided support to
educational, religious and sporting institutions across Product Expertise
India via its unique transaction banking offerings, which Transaction Banking
are aimed at creating operational and financial working
The Transaction Banking is a specialised product group
capital efficiencies. The Bank also partners with the State
providing Trade Finance, Cash Management and Supply
Governments through the Public Financial Management
Chain Financing services to Corporates, Governments
System (PFMS) mode of payment to ensure seamless
and Financial institutions. It also engages with strategic
tracking of last-mile beneficiary disbursement and
business groups to provide customised solutions directly
create operational efficiencies through the Single Nodal
and to their clients through its B2B2C approach.
Account (SNA) model.
YES Transact is Transaction Banking's comprehensive
Multinational Corporates product suite that caters to the working capital and
The Bank has established strong relationships with various liquidity management requirements of businesses across
multinational corporates across key trade corridors and sectors and to a spectrum of MSME and wholesale
positioned itself to extend its network for their India-linked client segments.
The product suite includes:
Cash Management Services Trade and Supply Chain Finance
y Cash Management Services for managing y Trade finance, e.g., Letters of Credit, bank
receivables and payables guarantees, export and import credit,
y Customised and innovative digital solutions, and remittances
including market-leading API banking solutions y Structured trade and supply chain solutions
y Digital solutions for domestic/international including digitisation initiatives
correspondent banking and NBFCs y Fintech engagements, providing its market leading
y Specialised products and solutions for government API Banking stack, or to leverage its connected
entities, including Central and State bodies banking approach and generate acquisition leads
y Fiduciary services, e.g., escrow, nodal and RERA y Foreign exchange services, e.g., cross-border
remittances for exchange houses and authorised
y Capital market-related products, including
dealers and foreign currency notes
settlement and custodian services
y Bullion Sales and Gold Metal Loans
y Curated solutions for Trusts, Associations,
Societies and Clubs (TASC)

The Transaction Banking leverages its product and refineries, metals, warehousing and data centres, amongst
technology expertise to offer innovative digital solutions others. It has demonstrated its distribution capabilities
by designing, developing and co-creating products with across Banks, NBFCs and Financial Institutions. The unit
corporate clients, fintech/technology partners, banks and provides knowledge inputs to key stakeholders to deepen
exchange houses. The Group effectively drives digitisation their understanding of these sectors, market conditions
in the entire financial supply chain of businesses across and industry developments, and help devise sector
sectors, and leverages its flagship API banking, fintech specific strategies. This distinctive approach also helps in
partnerships and product knowledge base through its improving our mindshare and deepen client relationships.
product and sales teams. The unit further extends support to the Bank’s ESG
initiatives by lending to sustainability sectors.
The Group also manages Internet Banking and API
channels for its corporate clients. As the pioneers of API Financial Markets
Banking for a decade, the API Banking solution today The financial markets segment offers a full range
provides 450+ API-related services. Transaction Banking's of products and services to Large Corporates,
supply chain unit works with its strategic corporate clients SMEs, Government, Retail and Institutional Clients.
and Lending Service Providers (LSP), using technology to Whether it is providing comprehensive advisory services,
harness anchor’s supply chain linkages and provide critical macroeconomic research or debt capital market services,
liquidity solutions to their MSME/SME partners. It also its focus continues to be on maintaining client relationships
offers the ‘YES Connect’ platform, an API marketplace that and ensuring their growth. The Bank currently has 110+
brings together banking (products and services offered by professionals serving the needs of clients at various
the Bank) and beyond banking (solutions from third-party branches across the country.
partners) solutions in a simplified manner.
FX Sales: The Bank provides customised solutions for FX
Project Finance & Loan Syndication (foreign exchange) risk management to more than 35,000
The unit facilitates underwriting of project finance clients pan India, including large and mid-sized corporates,
exposures across business segments and has built PSUs, MNCs, banks and private equity funds. The Bank’s
sectoral expertise over the years, across sectors such as well-developed retail franchise for FX business caters to
energy, ports and logistics, transport, real estate, roads, SMEs, HNIs and NRIs, among others. The Bank provides
223
spot and derivative products for efficient hedging of foreign On the distribution front, the DCM desk has developed
currency and interest rate exposures for its institutional, deeply entrenched relationships across various investor
corporate, SME and retail customers. The Bank also offers segments, including mutual funds, insurance companies,
solutions in complex derivative products to its clients. provident and pension funds, FPIs, banks, private wealth
managers and NBFCs. It has successfully executed deals
The segment offers products such as FX advisory for ranging from vanilla transactions to highly structured debt
trade flows, foreign direct investments (FDIs), capital solutions, including a renewable asset pooling structure,
flows, external commercial borrowing (ECBs), American securitisation of infrastructure assets, lease rental
Depositary Receipts (ADRs) and hedging solutions for discounting and NCDs issued by InvITs (Infrastructure
currency and interest rate exposures. Every account Investment Trusts). The Bank's DCM team has consistently
has a dedicated Treasury Sales Manager that provides been ranked in the prestigious league table rankings
key personal services such as timely market insights and and has also received several awards and accolades
sectoral expertise. The Bank provides hedging solutions over the years.
to its clients outside India through IFSC Business Unit in
GIFT City, Gujarat. Balance Sheet Management Group (BSMG): The
Bank’s BSMG team is the custodian of its cash, liquid assets
Primary Dealership: YES BANK is one of the 21 Primary and government securities portfolio. It manages day-to-
Dealers (PDs) designated by the RBI to actively trade, day liquidity within the centralised treasury function with
underwrite and bid for Government Securities, T-Bills governance oversight by the Asset Liability Management
and State Government Bonds in auctions, providing a Committee (ALCO). It also manages the Bank’s investments
complete suite of sovereign debt. The Bank has dedicated in securities and is responsible for meeting statutory
sales personnel for dealing with mutual funds, insurance reserve requirements like Cash Reserve Ratio (CRR),
companies, foreign portfolio investors (FPIs), cooperative Statutory Liquidity Ratio (SLR), Liquidity Coverage Ratio
banks, provident funds and retail customers. (LCR) and Net Stable Funding Ration (NSFR).
Debt Capital Market (DCM): This business is responsible The BSMG team is responsible for management of
for origination of onshore rupee debt mandates including liquidity risk and interest rate risk exposures within the
Non-Convertible Debentures (NCDs), Commercial Papers, Bank’s Balance Sheet. It also provides guidance on funds
PTCs and execution and distribution of these mandates. transfer pricing based on movement of funds within the
The Bank’s clientele in this segment comprises large Bank, which is an essential input for pricing of all the asset
and mid-market corporates, PSUs, central and state and liabilities products offered to its customers.
government entities and NBFCs.

Bullion: YES BANK imports bullion on a consignment basis Advisory segment works across the emerging sectors of
to meet outright purchase and gold loan requirements India’s economy by executing knowledge and advisory
of bullion dealers and jewellery manufacturers (both mandates of social and economic importance.
domestic and export purpose). The Bank has emerged
as a dominant player in the Indian bullion market The Group leverages its in-depth sectoral expertise,
and established itself among the top three bullion research skills and apex-level relationship capital across
importing banks in India. Today, it is one of the leading government and industry ecosystems to assist clients,
banks that successfully meets the demand of small and including Central and State governments, multi-lateral
medium-sized manufacturers. bodies, industry chambers and private sector players,
in their development and growth agenda. Our focussed
IFSC Banking Unit – GIFT City (IBU) sector-oriented approaches such as Smart Cities and
YES BANK was the first Bank in India to commence e-mobility has created new banking opportunities for the
operations at the IFSC in GIFT City, Gujarat, in October 2015. Bank and helped in deepening our relationships with key
IBU provides comprehensive solutions to the Bank’s customer segments.
corporate and retail clients to meet their foreign currency
banking requirements across liability and investments, Stressed Asset Management
cross-border trade offerings, external commercial YES BANK’s Stressed Asset Management (‘SAM’) team leads
borrowings and foreign currency loan syndications.
management (including resolution, early exit, sustaining
operations and recovery) of stressed loans (however
Knowledge Banking
Standard) and non-performing assets (NPAs) originating
Business Economics Banking largely from the Bank’s Corporate segments including
Business Economics Banking is the research and SME. The SAM team provides effective solutions for
knowledge arm providing critical analytical perspectives on resolution of these assets by leveraging its understanding
domestic and global financial markets. The team produces in rehabilitation, restructuring, regulatory, legal, and
cutting-edge reports on macro issues and public policy recovery subjects.
perspectives with an aim towards enabling clients with
requisite knowledge base required for their business, Post transfer of stressed assets’ portfolio to JC Flowers ARC,
backed by adequate research. while the exposure under SAM has shrunk, the relevant
expertise remains housed with the Bank to make sure that
Food and Agri Business Strategic Advisory ongoing resolutions are optimal and effective.
Research (FASAR)
The specialised Food and Agri Business Strategic Advisory SUPPORT FUNCTIONS
and Research (FASAR) unit houses industry specialists with Human Capital Management
sectoral knowledge and experience in the food and agri
Implementing a “people-first” culture truly works towards
business domain. FASAR rolls out strategic initiatives and
the sustainable competitive advantage for any bank. It not
generates innovative banking opportunities from existing
and prospect clients on the back of its knowledge-led only helps attract and retain the best talent, but also drives
banking services. more equitable outcomes. At YES BANK, we enjoy a culture
that promotes meritocracy and career enhancement.
The unit works closely with corporates, SMEs, The Bank has a total of 28,001 employees as at March 31,
multinationals, industry chambers, multilateral bodies 2024 of which a net number of 484 employees were added
and Central and State Governments. All these entities are in FY 2023-24. YES BANK’s 5C engagement model (Culture,
involved in the overall food and agri ecosystem. They focus Communication, Connect, Career and Care) provides a
on executing mandates ranging from strategic and policy consistent and enhanced employee experience.
advisory, project and working capital financing, and
digital solutioning. The FASAR unit also publishes regular The Bank implements developmental learning initiatives
strategic reports and research papers on key trends and tailored for its top and senior management leaders.
developments in the food and agriculture sector. Amongst these are the ‘Executive Coaching Leadership
Programme’ and the ‘Inner Engineering Programme’ aimed
Corporate and Government Advisory at leveraging personal transformation. These intensive
To further the Bank’s commitment towards India’s holistic programmes target the identification and cultivation of key
and inclusive growth, the Corporate and Government leadership competencies.
225
In pursuit of fostering a diverse, equitable, and inclusive Women participation in the Bank’s workforce increased
environment, the Bank has facilitated the ‘YES Inspire from 21.0% in FY 2022-23 to 21.8% in FY 2023-24.
Mentoring Programme’, a mentorship initiative for women The Bank is committed to achieving 25% gender diversity
at a pan-Bank level. The initiative was introduced to nurture by FY 2024-25. The Bank's attrition rate for FY 2023-24
a cadre of women leaders who can inspire and mentor the stood at 38.2%, compared with 42.7% for FY 2022-23.
next generation of YES BANKers, enabling them to make
meaningful impact in their professional journeys. Risk Management
The Bank’s long-term financial security and success is
Aligning with the organisation’s commitment to responsible built on its risk management architecture. The Bank's
banking practices and ensuring employee engagement, risk management is based on three lines of defence:
the Bank conducted the 3rd edition of the ‘Voice of (a) business units, (b) independent control functions, and
YES - Employee Survey’ in FY 2023-24. Additionally, to (c) and internal audit.
sustain a pipeline of top-tier talent, the Bank continues
to invest in recruiting high-caliber individuals from Further, the Bank’s Board has the overall responsibility of
premier educational institutions through its flagship ‘YES risk management, with the risk management architecture
Professional Entrepreneurship Programme’. being overseen by the Risk Management Committee (RMC)
of the Board. Additionally, risk management is undertaken
The Bank's dedication to fostering a positive workplace by four Board-level committees for respective risks,
culture has been recognised with its certification as a wherein risk assessment and management are undertaken
Great Workplace by ‘The Great Place to Work Institute’ within the Bank’s Board-approved risk architecture.
for the second consecutive year in India. YES BANK also
received a recognition by Great Place to Work for being The Bank is exposed to three Pillar 1 risks in the course
among the Top 50 in 'India's Best Workplaces in BFSI 2024' of its business: credit risk, market risk, and operational
for the second year in a row. This recognition by the GPTW risk. With the evolving banking landscape, the Bank is also
Institute not only reaffirms our commitment to excellence exposed to Pillar 2 risks such as liquidity risk, interest rate
in people practices, it also highlights our dedication to risk in banking book, and cyber security risk. These risks are
nurture a High Trust Culture. also critical as they not only have a bearing on the Bank’s

financial strength and operations, but also on its reputation. The IAD has adopted a risk-based approach towards
A detailed description of various risks faced by the Bank, internal auditing, as per regulatory guidelines and
their respective governance framework, management and internationally established best practices. A risk-based
mitigation strategies, and their implication to the Bank is audit plan (RBAP) is prepared annually and is duly approved
presented on Page 68. by the 'ACB'. The IAD audits various businesses, operations,
information security (IS), information technology (IT)
The Bank has Board-approved risk policies that define systems and support units as per the RBAP. The IAD
its risk framework. The RMC and the Board monitors the prepares a report for each audit, recommends mitigation
compliance of various risk parameters and risk exposures plans for the risks identified and ensures compliance with
on a periodic basis. The RMC also ensures that frameworks all the recommendations. The 'ACB' monitors the progress
are established for assessing and managing various risks of the RBAP on a quarterly basis.
faced by the Bank. It ensures that the Bank's framework
is adequate and appropriate for changing business and The Bank also subjects its operations to concurrent
economic conditions, structure and needs of the Bank and auditing by reputed audit firms to complement its
is well within its risk appetite. internal auditing function. Concurrent auditing covers
core activities, including operations (including credit),
Further, the Bank has a structured strategy assessment financial markets, data centres (including IT & IS systems)
and management framework in the Internal Capital and branches in compliance with regulatory guidelines.
Adequacy Assessment Process (ICAAP) to identify, assess All audit reports are circulated to the relevant management
and manage the risks that may have a material adverse teams and the 'ACB'.
impact on its business strategy, financial position and
capital adequacy. It also has in place a Board-approved
Compliance
risk appetite statement for key risks identified under
ICAAP. There are internal policies and processes to ensure Ensuring compliance with regulatory requirements,
that the Bank operates within its risk appetite thresholds. promoting a robust culture of compliance among
YES BANKers and building trust among all the
The Bank has also implemented a Board-approved stress stakeholders is an overarching consideration at
testing framework that forms an integral part of ICAAP and the Bank. The dedicated Compliance Department
risk assessment. Stress testing involves the use of various strives to be at the forefront of regulatory changes
techniques to assess the Bank’s potential vulnerability and continues to work closely with all the Bank’s
to extreme, but plausible, stressed business conditions. businesses and operations to be compliant with
The Bank evaluates the impact of various stress testing existing and new requirements. To further this
scenarios on account of various Pillar I and Pillar II risks. objective, the Chief Compliance Officer at the Bank
reports directly to the ACB.
Internal Audit
The Bank’s Internal Audit Department (IAD), which is The key functions of the Compliance Department
ISO 9001:2015 certified (Quality Management System), align with various RBI guidelines, which includes
provides an independent and objective assurance and identifying effective procedures, corresponding
consulting services to add value and improve its risk and controls to support the Bank’s business divisions and
control environment. The IAD monitors the adequacy, the dissemination of key regulatory updates affecting
effectiveness and adherence to internal controls, processes the Bank’s various businesses. The Compliance
and procedures instituted by the Bank’s management and Department also reviews new products and
extant regulations. processes from a regulatory compliance perspective,
provides guidance on compliance-related matters,
The Internal Audit team reports to the Audit Committee conducts compliance reviews and delivers training
('ACB') of the Board for audit planning, reporting and to employees on different aspects on compliance.
review, and the Head of the IAD reports directly to the ACB In addition, the Bank has also put in place the KYC and
of the Bank’s Board of Directors. The IAD has unlimited and Anti-Money Laundering policy approved by the Board
unrestricted access to all relevant data, systems, personnel and transaction monitoring procedures, as per the
and information to achieve its objectives. It is staffed with regulatory guidelines.
qualified team members with relevant certifications, and
its training programme ensures that all team members are
upskilled at frequent intervals.
227
Company Secretarial (CS) management of potential and/or existing environment and
The Bank’s Company Secretarial Function is ISO 9001:2015 social (E&S) risks commensurate with the nature and scale
certified for its functions and processes based on the key of transactions and their potential impacts. Through this
attributes which includes risk-based approach, ability to policy, the Bank integrates environmental and social risks
consistently meet customer and regulatory requirements, into its overall credit risk assessment framework.
standard operating procedures across the business
process, monitoring and control mechanism and continual The team also acts as the custodian of YES BANK’s
improvement framework. Environmental Management Policy which guides the
implementation of Bank-wide Environmental Management
The Bank is committed to achieving highest standards System (EMS). This EMS is designed to monitor and
of Corporate Governance and the dedicated Company minimise the negative environmental risks and impacts of
Secretarial (CS) Function of the Bank, endeavours to the Bank’s operations by driving continuous improvement
follow the best secretarial practices in order to uphold in areas such as natural sustainable supply chain and
the governance standards of the Bank. The CS Function is emissions reduction.
responsible for the Regulatory Compliances under various
Laws/Acts/Regulations/Guidelines/Standards prescribed In FY 2023-24, the Bank expanded the scope of its EMS to
by SEBI, RBI, MCA and other stakeholders of the Bank. 1,186 facilities which have been certified as per ISO 14001
EMS Standard. This is the highest number of facilities that
Being the Board Governance facilitator, the CS Function have been certified as per ISO 14001, in the Banking &
plays a critical role in organising and implementing the Financial Services and the Insurance sector, globally.
Board’s decisions, its Committees and General Meetings.
It handles the regulatory correspondence and ensures the The SF function plays a key role in implementing the Bank’s
fair, prompt, uniform and transparent dissemination of commitment to align its business strategy to the Paris
information to the stakeholders through stock exchanges. Climate Agreement’s goal of limiting global temperature
The designated Company Secretary is the KMP under the rise. YES BANK continues to be the only Indian banking
Companies Act and reports directly to the MD&CEO, and signatory to UNEP FI’s Principle for Responsible Banking.
the Chairman of the Board. The Bank has pledged to reduce Green House Gas
emissions from its operations to a Net Zero by 2030.
Sustainable Finance To achieve this, the Bank plans to migrate most of its
The Sustainable Finance (SF) function at YES BANK is facilities to renewable sources of energy.
responsible for integrating environmental, social and
governance (ESG) considerations into the Bank’s business. Currently, three of the Bank’s offices, YES BANK House,
It is also responsible for aligning it with the objectives of YES Fintech Center, Airoli and Vaman Centre,
global and national, sustainability-linked frameworks such Andheri, along with 43 of the Bank’s 92 Branches
as the National Guidelines for Responsible Business in Mumbai have been switched to renewables.
Conduct (NGRBC), Sustainable Development Goals In FY 2020-21, YES BANK emerged as the first Indian
(SDGs), the Paris Climate Agreement and the Principles Bank to measure and report financed emissions
for Responsible Banking (PRB), amongst others. of its fund-based electricity generation portfolio.
The team works with Sustainability SPOCs (Single Point of In FY 2022-23, the Sustainability Council approved
Contact) across the Bank to implement its sustainability decarbonisation targets to reduce the financed emissions
strategy and achieve its ESG-related targets, as set out intensity of the Bank’s fund-based electricity generation
by the Sustainability Council (chaired by the MD and portfolio, in line with the Science-Based Targets initiative
CEO). The SF team is also responsible for updating (SBTi) well below 2 degrees, striving for 1.5-degree scenario.
the Board-level Corporate Social Responsibility (CSR) The Bank continues to support climate-aligned sectors
Committee and ESG Committee on the Bank’s overall ESG like renewable energy, through its green bonds, and aims
performance and progress. at developing targeted products for green financing.
E.g.: YES Kiran, the rooftop solar loans dedicated to SMEs.
The SF team acts as the custodian of the Bank’s
Environment and Social Policy (ESP) which serves a The SF function works with teams across the Bank to
structured approach towards responsible lending. enhance ESG and climate-related disclosures. In FY 2023-24,
The ESP is an integral part of the Bank’s Environment for the second year in a row, YES BANK achieved the
and Social Risk Management System (ESMS) which sets highest ESG score amongst Indian banks, in the S&P
out the overarching framework for identification and Global Corporate Sustainability Assessment (CSA) 2023.

The Bank scored 73 (out of 100) in the 2023 (CSA Score as This unique, multi-pronged approach has enabled the Bank
of December 1, 2023), reflecting a marked improvement to forge meaningful associations with its stakeholders,
of 5 points over its score of 68 in 2022. For the second including community groups, non-profit organisations,
consecutive year, the Bank was also rated ‘A-’ Leadership governments, corporate peers and civil society, while
Band by CDP for its 2023 Climate Change disclosures, delivering an exponential impact and concentrating on the
retaining its position as the highest rated Indian Bank for Sustainable Development Goals (SDGs).
climate disclosures.
In FY 2023-24, the Bank continued to implement its
Corporate Social Responsibility (CSR) five-year CSR strategy, which aims to inspire India’s
The Bank implements various programmes to create youth to lead economic and social development by
and enhance shared value through its unique, scalable skilling themselves for market-oriented jobs and by
and sustainable models to achieve its Corporate Social taking to enterprise. This strategy is implemented by YES
Responsibility (CSR). The Bank delivers internal and Foundation, the Bank’s social development arm, which
external positive socio-environmental impacts by following aims to catalyse employment and entrepreneurship
a unique approach that focusses on: opportunities for 100,000 people by 2026, while retaining
its focus on environment sustainability. While the
y Promoting principles of social responsibility and
Foundation continued to support ongoing projects across
inclusive growth through awareness and support;
its 3Es focus, the Bank gave additional CSR funds of ` 10
y Investing in socially and environmentally responsible
crore to YES Foundation for expanding the scale of its
activities to create a positive impact;
projects. Summary of the impact achieved is given below:
y Engaging with stakeholders to further the
sustainability agenda of the Bank and empower them Employability: The Bank aims to capitalise on the
with knowledge; and demographic advantage India has in its younger
y Collaborating with like-minded institutions and forging generations. In FY 2023-24, through YES Foundation, over
partnerships to address the needs of the stakeholders. 4,000 young people were trained for different sectors,
229
with 2,200 being trained from the CSR funds received Business and Digital Technology Solutions (BDTS)
from the Bank in the said financial year. At least 70% of The technology team aligns its capabilities around five key
these trainees received gainful employment. Skills training themes (01) enabling business growth drivers combined
provided to the trainees included work readiness and with innovation (02) driving operational & cost efficiencies
soft skills, which were delivered by employee volunteers (03) enhancing our risk & governance posture (04)
through scheduled and structured sessions. delivering sustainable and secure services (05) nurturing
and developing talent competencies.
Entrepreneurship: To strengthen the local economies,
YES Foundation promotes nano-enterprises with a distinct These objectives have translated into thematic
focus on enhancing income of farmers and empowering activities.
women in the rural areas. In FY 2023-24, rural population y API/Microservices-based architecture: API-
of over 13,000 people enhanced their income through first approach enables scale embedded with a
training and capacity building, market linkages and combination of speed & security. The combination
productivity enhancement initiatives for multiple crops, of API / Microservices / ESB architecture provides
including watershed management and micro irrigation the optimal scale model to accelerate organic and
systems, wherever needed. Of these, 6,000 farmers inorganic acquisition and servicing capabilities whilst
enhanced their income through the CSR funds received in granularising the service components.
the said financial year.
y AI and Machine Learning (ML): Technology agenda
around AI & Robotic Process Automation continue
Environmental Sustainability: Through YES Foundation,
to hover around speeding up processes, improving
the Bank works on enhancing energy efficiency of the
accuracy and efficiency, and reducing costs. Coupled
MSME sector and reduce their overall carbon footprint.
with Artificial Intelligence (AI), Optical Character
As a result of which 100 MSMEs benefited from the
Recognition technology, and Machine Learning (ML),
walk-through energy audits conducted in FY 2023-24.
the Bank continues to explore more challenging
Further, the Bank, through the Foundation, planted 2 lakh
applications for Robotic Process Automation (RPA)
trees across 11 states and geotagged the same to monitor
within the Bank. As a part of its innovation agenda, the
them for growth and survival. The plantations were carried
Bank is in early stages of Proof-of-Concept approach
out on farmer’s lands with a dual objective of enhancing
in the use of Generative AI to address customer
the green cover as well as enabling an additional income
service queries.
for the farmers.
y Platforms: As the industry moves towards a more
Central Data Analytics Group (CDAG) open banking architecture, the Bank is continuously
The Bank continues to invest in the analytics function developing more robust and enhanced platforms
and maintains an ongoing focus in driving value through that contribute to the Bank's customer onboarding
data-driven decisions. During the year, the Bank’s journey and open banking outlook. The Bank is in
captive analytics group was successful in achieving the the process of investing in sustainable platforms
below-mentioned targets: that enable its customer-centric journeys be agile
and provide rich experiences to its onboarding and
y Building a unified underwriting framework using servicing interactions.
statistical nodes across all sourcing channels to enable
y Partner ecosystem: As the Bank grows, it needs
straight-through processing and creating a unique
differentiated partners to create the best ecosystem of
customer experience
support; hence, the organisations is deeply connected
y Exploring new areas where ML models can be deployed to creating value-based partnerships with various
such as EWS, AML and transaction fraud monitoring players that will support diversity and inclusivity to
y Partnering with credit information companies to build manage its depth of technical knowledge. This will
and deploy scorecards for delinquency/portfolio help scale the cloud and adopt low code-no code
management practices, hyper-automation frameworks and new-age
y Delivering analytics as a service wherein offers to both technology support on the doorstep.
customers/prospects on our digital platform can be y Data and analytics: Keeping the data-driven
served real-time and decision-making aspiration in mind, the Bank infuses
y Creating a talent pool of data scientists for scaling up its business strategy with data and analytics, which
analytics adoption across the Bank helps accelerate its digital plans. The Bank is making a

relentless effort to focus on business value by linking onboarding / servicing capabilities across businesses
all data and analytics initiatives to overall enterprise and enrich customer interaction across business lines
business strategy and stakeholder objectives. The and needs.
Bank is also enhancing its data governance capabilities
y SME Transformation: SME business growth is a
in line with the forthcoming regulations.
key focus area. Enabling seamless onboarding for
During FY 2023-24, various new initiatives were completed SME clients is key to customer engagement. The SME
successfully, while existing systems were upgraded to their transformation agenda covers the end-to-end journey
latest versions to support the growing needs of the Bank. of “Onboarding to Servicing”, along with integration
with partners who can enhance the value proposition.
Top Bank-wide projects completed during the year
include: y Central Bank Digital Currency: In FY 2022-23, the
RBI launched the Central Bank Digital Currency referred
y Digital Onboarding & Service Digitalisation:
to as Digital Rupee, denoted as e`. The Bank played
The Digital Onboarding and Service digitisation
a pivotal role in the central bank’s vision to enable a
programme ensures a 24/7 availability of self-servicing
digitally-powered economy and has completed the
channels for customers and non-customers across
project in a short span of time. Substantial users have
the Bank's different lines of businesses. This project
is aimed to reduce time and improves customer been added as part of this initiative.
experience thereby improving the overall satisfaction y Transaction Processing Hub (TPH): TPH is a flexible
of the interaction. It will also simplify onboarding of solution that empowers the Bank to formulate its
new customers and serve the existing customers on payments services. TPH also follows the core banking
the go. and consolidates all payment infrastructures into
y Modernised Super-App: iris by YES BANK, the a central processing hub that supports multiple
next-generation mobile banking platform built on a bank branches, in multiple countries, using multiple
cloud-native stack, leverages synergies available from currencies, and in multiple languages. TPH has enabled
APIs, Microservices and workflows created across our the Bank to drive scale in its payment processing thus
digital ecosystem. iris by YES BANK has been developed enabling the Bank service its customer base to support
as a platform to enable the Bank to expand the the payouts / collections across various segments.
231
YES Securities (India) Limited Capability Building for Future:
(A Wholly-Owned subsidiary of YES BANK) The strategy for the upcoming years is focussed on
YES Securities (India) Limited (‘YSIL’), Wholly-Owned building efficiencies and investing in technology and
Subsidiary of the Bank has reported total revenue of systems to scale in terms of: (i) Acquisition, (ii) Activation,
` 273.8 crore and profit after tax of ` 34.1 crore during and (iii) ARPU.
the FY 2023-24 which represents revenue growth of 24%
Ably supported by an experienced leadership team,
Y-O-Y and profit growth of 85% Y-O-Y.
robust processes and risk management practices, the
YSIL is on course to strengthen its three chosen fields Wealth Broking business is poised to maintain its growth
of growth namely: (a) Client acquisition, (b) distribution trajectory and achieve new milestones.
of wealth solutions, (c) funds management and
Institutional Broking
(d) institutional broking.
Overview:
Business segment-wise update is as follows: YSIL’s Institutional Broking division continues to gain
Investment Advisory and Wealth Broking recognition. The team offers incisive research and
Overview: proficient Sales Trading and dealing capabilities to
leading institutional investors such as asset management
YSIL’s Wealth Broking business continues to strive to offer
companies, insurance companies, PMSs, AIFs, banks and
the best proposition to its customers. It offers wide-range
corporate treasuries. The business is also growing its
products, value plans, research services, digital and
presence with foreign portfolio investors.
personalised support.
YSIL’s research, corporate access and deep-rooted
YSIL has adopted a ‘Digital First’ approach, which is in relationships with institutional investors will help to
line with the Bank’s approach. It has enabled customers expand its institutional equity businesses. YSIL has added
to effortlessly open a Demat and trading account from 16 new institutions as clients and is now empanelled with
their web or mobile devices without any need of physical 110 institutions.
intervention within the applicable regulatory norms.
YSIL’s strong Research team brings a combined ~265
YSIL is working on further enhancements in its digital years of equity research experience with analysts actively
trading platforms which shall provide the customers with covering 200+ companies, among the largest coverages in
a best-in-class user experience driven by cutting-edge the industry. The team is well-recognised for its ability to
technology. YSIL shall launch its new web and mobile spot high conviction midcap ideas, contra-to-market ideas
platforms during FY 2024-25. through its deep corporate relationships. YSIL’s institutional
business is well recognised for hosting numerous events
The active client base of YSIL has moved up to ~75,000. and roadshows, on-groundwork and channel checks, and
governance checks on listed stocks.
Customer Focus:
During FY 2023-24, YSIL has reported 64% growth in Financial Performance:
its client base by opening ~2.07 lakh new accounts. The revenue from Institutional Broking business
Considering customers’ expectations, YSIL offers a increased by 46.1% from ` 15.2 crore during FY 2022-23
customised set of solutions besides other off-the-shelf to ` 22.2 crore in FY 2023-24, driven by increased flow of
products & services. YSIL serves varied customer segments business through new client onboarding.
through its digital as well as dealer-based investing
experience. A strong research and ‘customer-first’ culture Growth Philosophy:
drives product development and engagements, which YSIL continues to make astute investments towards
helps the customers in their wealth creation journey. augmenting the team’s knowledge, leadership position
The range of products caters to various investor segments and technical capabilities.
such as market novices, active traders, HNIs, Family offices
and Corporates. Transfer of Investment Banking and Merchant
Banking business
Revenue Growth: In order to focus on core business activities, during
During FY 2023-24, income for the Wealth Broking business FY 2023-24, YSIL has transferred its Investment Banking
grew from ` 192.9 crore to ` 251.3 crore, which represents & Merchant Banking business to the Bank effective from
a growth of 30.3% Y-O-Y. January 01, 2024.

Overview of Financial Performance

Key Ratios:
Particulars FY 2023-24 FY 2022-23
Return on average equity (%) 3.0% 2.0%*
Return on average assets (%) 0.3% 0.2%
EPS - Basic (FV ` 2) 0.44 0.27
EPS - Diluted (FV ` 2) 0.43 0.27
Net interest margin (%) 2.4% 2.6%
Book value per share (FV ` 2) 14.65 14.17
Cost to income# 74.4% 72.6%
Yield on advances 10.2% 8.9%
Cost of funds 6.4% 5.5%
Capital Adequacy Ratio Basel III
CET 1 12.2% 13.3%
Tier - I 12.2% 13.3%
Tier - II 3.2% 4.7%
Gross non performing advances (NPA) % to Total Advances 1.7% 2.2%
Net NPA % to Total Advances 0.6% 0.8%
CASA ratio to % of total deposits 30.9% 30.8%

* For the purpose of determining ROE, the Bank has considered weighted average shareholder funds during the year. Basis simple
average for FY 2022-23 of shareholder funds, the ROE is 1.9%.
#
Normalised C/I (ex- PSLC & Interest on Income Tax Refund) at 72.2% for FY 2023-24 v/s. 72.6% FY 2022-23.
The Bank has CASA ratio of 30.9%. The Bank’s shareholder returns for FY 2023-24 in terms of basic and diluted EPS were
` 0.44 and ` 0.43 respectively. The book value per share was ` 14.65.
Highlights for FY 2023-24:
y Net Profit for the year is ~` 12,511 million.

y Balance Sheet grew 14.3% Y-O-Y.
y This has been the third year of full year profitability post moratorium on the Bank.
y NNPA ratio significantly improved to 0.6%.
y CET-I ratio is at 12.2% (Proforma CET-I ratio post redemption of share warrants is 13.2%) and CRAR is at 15.4%.
233
Operating Performance:
` in million
Particulars FY 2023-24 FY 2022-23 % change
Interest income 275,859 226,974 21.5%
Interest expense 194,913 147,799 31.9%
Net interest income 80,946 79,176 2.2%
Non interest income 51,143 36,851 38.8%
Operating revenue 132,089 116,026 13.8%
Operating expenses 98,227 84,199 16.7%
Operating profit 33,863 31,828 6.4%
Provisions and contingencies 18,863 22,198 -15.0%
Profit before tax 15,000 9,629 55.8%
Provision for tax 2,489 2,455 1.4%
Net Profit/(Loss) 12,511 7,174 74.4%
Net Profit for FY 2023-24 is ` 12,511 million as compared to profit of ` 7,174 million for FY 2022-23 higher by 74.4%.
The Bank’s operating profit increased by 6.4% Y-O-Y on the back of NII and higher Non-Interest Income.
Net Interest income (NII) of the Bank increased by 2.2% to ` 80,946 million during FY 2023-24 as compared to ` 79,176
million during FY 2022-23. The Net Interest Margin (NIM) was 2.4% in FY 2023-24.
Non-interest income consists of fee, trade income and gain on sale of securities. Non-interest income increased by 38.8%
from ` 36,851 million in FY 2022-23 to ` 51,143 million in FY 2023-24. Higher non-interest income and NII was largely
offset by higher operating expenditure.
Operating expenses increase by 16.7% from ` 84,199 million in FY 2022-23 to ` 98,227 million in FY 2023-24. The employee
cost increased from ` 33,627 million in FY 2022-23 to ` 37,743 in FY 2023-24. Other operating cost increased by 19.6%
from ` 50,572 million in FY 2022-23 to ` 60,484 million in FY 2023-24.
Provisions and contingencies (excluding provision for taxes) decreased by 15% from ` 22,198 million in FY 2022-23 to
` 18,863 million in FY 2023-24.
Net interest income:

The following table sets forth, for the periods indicated, the net interest income and margin:
` in million
Interest income 275,859 226,974 21.5%
Interest expense 194,913 147,799 31.9%
Net interest income 80,946 79,176 2.2%
Net interest margin 2.4% 2.6%
Net Interest income (NII) of the Bank increased by ` 1,770 million to ` 80,946 million during FY 2023-24 as compared to
` 79,176 million during FY 2022-23.

Non-Interest income:
` in million
Commission, exchange and brokerage 30,743 20,913 47.0%
Profit on the sale of investments (net) 2,271 344 559.8%
Profit/(Loss) on the revaluation of investments (net) 1,043 (35) NA
Profit/(Loss) on sale of land, building and other assets (21) 70 NA
Profit on exchange transactions (net) 6,441 7,446 -13.5%
Income earned by way of dividends etc. from subsidiaries,

- -
companies and/or joint ventures abroad/in India
Miscellaneous income 10,666 8,112 31.5%

Total 51,143 36,851 38.8%
Non-interest income consists of commission and fee income, trade income, derivative and foreign exchange income,
gain/loss on sale of securities and other income. Non-interest income of the Bank increased by 38.8% to ` 51,143 million
during FY 2023-24 as compared to ` 36,851 million during FY 2022-23 on the back of strong fee growth through cross
sell and transaction banking.
Operating expenses:
The following table sets forth, for the periods indicated, the principal components of Operating expenses:
` in million
Payments to and provisions for employees (A) 37,743 33,627 12.2%
Other operating expense (B) 60,484 50,572 19.6%
- Depreciation on own property (including non-banking assets) 5,410 4,291 26.1%
- Other administrative expenses 55,073 46,281 19.0%
Operating expenses (A)+(B) 98,227 84,199 16.7%
Cost to income ratio 74.4% 72.6% 2.5%
235
Non-interest expenses primarily include employee Provisions/write back of provision and contingencies
expenses, depreciation on assets and other (including provision for tax):
administrative expenses. Operating expenses increase Provisions and contingencies decreased by 13.4% from
by 16.7% from ` 84,199 million in FY 2022-23 to ` 98,227 ` 24,654 million to ` 21,352 million primarily due to decrease
million in FY 2023-24. in provision/write back of provision on investment.
Employee costs increased by 12.2% from ` 33,627 million in The key components of provisions are provisions for
FY 2022-23 to ` 37,743 million in FY 2023-24. The number of NPAs of ` 24,382 million [FY 2022-23: ` (169.46) million],
employees have increased from 27,517 at March 31, 2023 provision for taxation of ` 2,489 million [FY 2022-23 ` 2,455
to 28,001 at March 31, 2024. Employee costs accounted million], and provision for standard assets ` (1,011) million
for 38.4% of operating expenses of the Bank for [FY 2022-23: ` (1,496) million] and provision/write back of
FY 2023-24 compared to 39.9% for FY 2022-23. provision on investments of ` (5,426) million [FY 2022-23:
` 24,087 million].
Other administrative expenses increased by 19% to
` 55,073 million in FY 2023-24 driven by business volumes, During the year ended March 31, 2024, the Bank
higher IT spends due to escalated annual maintenance has transferred two stressed loans of gross value
charges and support resources and purchase of Priority ` 6,903.20 million to ARCs. The net book value (‘NBV’) of
Sector Lending (PSL) certificates during the year to ensure these exposures in the Bank’s books as on the date of
compliance with PSL targets aggregating to net cost assignment was ` 1,421 million and the final consideration
of ` 3,763 million in FY 2023-24 v/s. NIL in FY 2022-23. received was ` 3,364 million under “100% upfront cash
Number of branches also increased to 1,234 as March 31, basis”. The realised profit amounting ` 1,943 million due
2024 from 1,192 as at March 31, 2023. to cash recovery exceeding the net book value of stressed
loans was credited to Profit and Loss Account during the
year ended March 31, 2024.

Financial Condition:
Assets:
` in million
Assets
Cash and bank balances 189,296 192,744 -1.8%
Cash and balances with Reserve Bank of India 181,392 128,641 41.0%
Balances with banks and money at call and short notice 7,904 64,104 -87.7%
Investments 902,351 768,883 17.4%
SLR investments* 806,206 660,754 22.0%
Non SLR investments 96,145 108,129 -11.1%

Advances 2,277,995 2,032,694$ 12.1%
In India 2,218,391 1,967,008 12.8%
Outside India 59,603 65,687 -9.3%

Fixed assets 28,565 24,448 16.8%
Other assets 656,722 529,092 24.1%
Total 4,054,930 3,547,861 14.3%
*Includes investment in government securities, banks in India are required to maintain a specified percentage, 18.00% as at
March 31, 2024, of their net demand and time liabilities by way of liquid assets like cash, gold or approved unencumbered securities.
$
Includes ` 30,689.28 million of interbank reverse repo classified as advances as per RBI Master Circular No DOR.ACC.REC.
NO.37/21.04.018/2022-23.
Total assets of the Bank increased by 14.3% from Advances

` 3,547,861 million at March 31, 2023 to ` 4,054,930 During FY 2023-24, the Bank recorded addition of
million at March 31, 2024, primarily due to increase in 12.1% in its loan book with advances increasing to
advances and investments. ` 2,277,995 million.
Cash and cash equivalents Net advances of IFSC Banking Unit (IBU) in GIFT City
Cash and cash equivalents include cash in hand and decreased from ` 65,687 million at March 31, 2023 to
balances with RBI and other banks, including money at call ` 59,603 million at March 31, 2024.
and short notice. Cash and balances with Reserve Bank of
India increased from ` 128,641 million at March 31, 2023 Fixed assets and other assets
to ` 181,392 million at March 31, 2024. Net fixed assets is ` 28,565 million as at March 31,
2024. Increase during FY 2023-24 in gross block of fixed
Investments assets was ` 9,736 million (excluding premises) mainly
Total investments increased by 17.4% from ` 768,883 driven by addition of ` 609 million in capital work in
million at March 31, 2023 to ` 902,351 million at progress, computer software ` 1,630 million, leasehold
March 31, 2024. improvement ` 832 million.
SLR investments increased by 22% from ` 651,582 million Other assets increased to ` 656,722 million in FY 2023-24
in FY 2022-23 to ` 806,206 million in FY 2023-24. Non SLR from ` 529,092 million in FY 2022-23.
investments decreased by 11.1% from ` 117,301 million in
FY 2022-23 to ` 96,145 million in FY 2023-24.
237
Financial Condition
Liabilities
` in million
As at As at
Particulars % change
March 31, 2024 March 31, 2023
Liabilities
Capital 57,536 57,510 0.0%

Share Warrants Subscription Money 9,484 9,484 0.0%
Reserves and Surplus 354,434 340,431 4.1%
Deposits 2,663,722 2,175,019 22.5%
Current Deposit Accounts 413,440 336,029 23.0%
Savings Account 409,730 332,999 23.0%
CASA 823,170 669,028 23.0%
Term Deposit 1,840,552 1,505,991 22.2%
Borrowings 799,409 774,520 3.2%
Borrowing in India 677,547 671,550 0.9%
Borrowings outside India 121,861 102,970 18.3%
Other liabilities and provisions 170,345 190,898 -10.8%
Total 4,054,930 3,547,861 14.3%
Equity Issue
During the year ended March 31, 2024, the Bank has issued 13,106,772 equity shares (Previous year: 3,666,651 equity
shares) of face value of ` 2 each pursuant to the exercise of stock options by employees under the approved stock
option schemes.
During the previous year, the Bank had issued 3,696,155,702 equity shares of face value ` 2 each fully paid up for cash
on a preferential basis.
Movement in Share Capital

` in million
As at As at
Particulars
March 31, 2024 March 31, 2023
Opening Share Capital 57,510 50,110
Addition due to exercise of share option 26 7
Addition due to shares issued on preferential basis - 7,392
Closing share capital 57,536 57,510
Deposits
Deposits increased by 22.5% from ` 2,175,019 million as at March 31, 2023 to ` 2,663,722 million at March 31, 2024.
Term deposits increased by 22.2% from ` 1,505,991 million at March 31, 2023 to ` 1,840,552 million at March 31, 2024,
savings account deposits increased by 23% from ` 332,999 million at March 31, 2023 to ` 409,730 million at March 31,
2024 and current account deposits increased by 23% from 336,029 million at March 31, 2023 to ` 413,440 million
at March 31, 2024. The current and savings account deposits increased from ` 669,028 million at March 31, 2023 to

` 823,170 million at March 31, 2024. Total deposits at Implementation of IFRS converged Indian Accounting
March 31, 2024 constituted 76.9% of the funding Standards (Ind AS)
(i.e., deposits and borrowings). The Bank’s CD ratio stood The Indian Accounting Standards (‘Ind AS’), as notified
at 85.5% as at March 31, 2024. under section 133 of the Companies Act 2013 read with
Companies (Indian Accounting Standards) Rules, 2015
Borrowings as amended from time to time, have been formulated
Borrowings increased by 3.2% from ` 774,520 million at keeping the Indian economic and legal environment in
March 31, 2023 to ` 799,401 million at March 31, 2024. view and with a view to converge with IFRS Standards.
The RBI through its notification No. RBI/2018-2019/146
Other liabilities DBR.BP.BC. No.29/21.07.001/ 2018-19 dated March 22,
Other liabilities decreased by 10.8% from ` 190,898.17 2019 on “Deferral of Implementation of Indian Accounting
million at March 31, 2023 to ` 170,345.47 million at Standards (Ind AS)” notified to all the scheduled commercial
March 31, 2024. banks that legislative amendments recommended by the
RBI are under consideration of the Government of India.
Regulatory capital Accordingly, RBI has decided to defer the implementation
In line with the RBI circular on Basel III Capital of Ind AS till further notice.
Regulations, currently for computing capital requirement,
YES BANK has adopted the standardised approach for As per RBI directions, the Bank has taken following
credit risk, standardised duration approach for market steps so far:
risk and Basic indicator approach for operational risk. y The Bank is submitting half yearly Proforma Ind AS
The Bank has also put in place a Board-approved policy financial statements to the RBI
on Internal Capital Adequacy Assessment Process (ICAAP) y Formed Steering Committee for Ind AS implementation
which defines and sets processes to review and improve (‘the IFRS (Ind AS) Management Committee’). The
the techniques used for identification, measurement IFRS (Ind AS) Management Committee (Committee)
and assessment of all material risks and resultant comprises Chief Financial Officer (CFO) (Chairman),
capital requirements. Chief Risk Officer (CRO), Chief Operating Officer
` in million (COO), Chief Information Officer (CIO) as members
and senior management from Financial Management,
Capital As at As at
Risk Management and Treasury Operations as invitees.
Adequacy Ratios March 31, 2024 March 31, 2023
The Committee oversees the progress of Ind AS
Total capital ratio 15.4% 18.0% implementation in the Bank and provides guidance
(CAR) out of the on critical aspects of the implementation such as Ind
above AS technical requirements, systems and processes,
business impact, people and project management.
- CET-1 12.2% 13.3%
The Committee closely reviews progress of the
implementation and related matters
y Proforma CET-1 ratio post redemption of share
warrants into equity 13.2% y The Committee gives updates to the Audit Committee
of the Board and to the Board on preparedness for
Subsidiary Performance migration to Ind AS on a periodic basis
During FY 2023-24 YSIL reported a net profit of ` 341 y The Bank will continue to liaise with RBI and
million. Total revenue from operations of YSIL increased industry bodies on various aspects pertaining to Ind
by 24.3% from ` 2,187 million in FY 2022-23 to ` 2,717 AS implementation
million in FY 2023-24.
As at March 31, 2024, the total capital infused and

outstanding is ` 2,490 million in YSIL.
239
Directors’ Report
To, Importantly, during the year, the Bank has dedicatedly
The Members, focussed on executing its profitability improvement
roadmap by leveraging the core and key business levers
Your Directors are pleased to present the Twentieth
of 1) retail asset mix optimisation, 2) SME and Mid-Market
Annual Report on the business and operations of the Bank
strong value proposition, 3) leveraging Digital and
together with the audited financial statements (standalone
Transaction Banking capabilities and partnerships and,
as well as consolidated) for the financial year ended
lastly 4) fully sweating Branches as the fulcrum of the
March 31, 2024.
business to drive higher cross sell and lower costs going
forward. This is being driven alongside a focused Priority
BUSINESS OVERVIEW
Sector Lending (PSL) strategy.
FY 2023-24 was the fourth year of the new journey of YES
BANK. Whilst, in the first year, the focus was on rebuilding As a part of its transformation, the Bank unveiled its
the Bank, in the second year, we swiftly shifted our focus refreshed brand identity on May 30, 2023, as a part of which
on growing the Bank, in the third year, we achieved critical a vibrant new logo was launched which carries forward
milestones of equity capital raise from two global marquee the visual DNA of the Bank and builds on it. This new
Private Equity investors, transfer of legacy stressed asset identity embodies our deep commitment to empower our
pool to ARC which was by far the single largest transaction customer. While we take care of their banking needs, they
of sale of non-performing assets in the Indian Banking can continue to focus on living a fuller life, spend more
System. Through the fourth year 2023-24, the Bank has time with their loved ones and create new memories.
continued to build on a strong momentum on both our The YES BANK of today truly represents our brand ethos -
asset and liability with focus on granularity and in risk Life Ko Banao Rich.
calibrated manner. The Bank now has a dedicated focus
towards improving the profitability profile of the Bank, The Bank undertook multiple initiatives to grow the Bank’s
thereby enhancing the shareholder returns. The Directors business and launched innovative and tailored propositions
are pleased to inform the shareholders that the Bank’s for its customers. The Bank launched ‘IRIS by YES BANK’-
Total Assets in FY 2023-24 crossed ` 4 lakh crore, with A comprehensive mobile banking solution that offers
deposits crossing ` 2.6 lakh crore and CASA ratio at 30.9%. end-to-end life cycle management and enables customers
At the same time, the Return on Assets (RoA) for FY 2023-24 to bank ‘on the go’. In addition, the Bank was a preferred
expanded to 0.3% from 0.2% in the previous year, and partner of choice for the Government/RBI in multiple new
the annualised RoA for the Quarter ended March 31, breakthrough initiatives such as Unified Logistics Interface
2024 was at 0.5%. Platform (“ULIP”), Digital Banking Units and Digital Rupee
(e`) - the Central Bank Digital Currency (“CBDC”). The Bank
The Bank has further progressed on its transformation went live as both Acquirer and Issuer for ICCW Services
journey and has emerged as a re-energised, recapitalised (Interoperable Cardless Cash Withdrawal) which facilitates
and recalibrated organisation, by leveraging on a unique withdrawal of cash from ATMs through UPI without using
opportunity to learn from past challenges and become their Card. YES BANK also went live with Unified Payments
stronger, while continuing to fulfil its unwavering Interface (UPI) Interoperability on the Reserve Bank of
commitment towards its customers and stakeholders. India (RBI) Central Bank Digital Currency (CBDC) app.
The Bank is on track to achieve its longer-term Strategic The Bank also became the first bank in the country to
Objectives and none of this would have been possible offer ‘ONDC Network Gift Card’. It also integrated with the
without the confidence reposed on the Bank by our leading discount stock brokerage firm to offer secondary
customers, depositors and investors. The confidence ASBA services to its customers. During the year, the Bank
of stakeholders has not only been seen through the also launched YES Pay Next, a cutting-edge UPI payments
improving financial performance of the Bank during app which provides a seamless, secure, and smarter way
the last year, but also through external validation in the to manage transactions.
form of Credit Rating upgrades, continuing momentum
on new client acquisition, several marquee strategic The Bank was certified as Great Place To Work®
partnerships and re-inclusion of the stock in marquee Certified™ and is ranked among the Top 50 in ‘India’s
indices amongst others. Best Workplaces in BFSI 2024’ for the second year in a

row, which is a reflection of Bank’s high-trust and high SME and the Transaction Banking businesses. The Bank
performance culture. has seen new sanctions/disbursements of ~ ` 1,14,000
crore in FY 2023-24 with Retail Assets disbursements of
Key highlights during FY 2023-24 included: ~ ` 42,000 crore. The Bank has significant presence within
the new-age payments space with the highest market share
A dedicated Strategy & Transformation Office
was setup, aimed at accelerating the Profitability of 34.5% in UPI transactions (by volume) in FY 2023-24.
profile of the Bank.
STATE OF THE AFFAIRS OF THE BANK
Senior Management Appointments during the year The Bank’s fundamentals have strengthened and it has
included: Mr. Manish Jain as Country Head - Wholesale emerged as a financially sound, well capitalised, well
Banking, Mr. Pankaj Sharma as Chief Strategy governed institution, with customer centricity and digital at
and Transformation Officer, Mr. Tushar Patankar
the heart of its strategy. The Bank remains focused on its
as Chief Risk Officer, Mr. Rajat Chhalani as Chief
priorities and looks to continue this momentum onwards
Compliance Officer.
and upwards so that it can deliver on its strategic objectives
The Bank received Credit Rating Upgrades from while creating superior value for all its stakeholders.
CRISIL, India Ratings & CARE for its Basel III Tier II
Bonds & Infrastructure Bonds which were upgraded BUSINESS OUTLOOK
to A from A- / BBB+. As we progress into Fiscal 25, the overall business outlook
The Bank also topped amongst Indian Banks with remains healthy. The Banking sector in India has exhibited
highest S&P Global ESG Score in 2023. remarkable resilience in the face of many adversities.
The latest Financial Stability Report (December 23) indicates
YES BANK is the first Bank globally with an ISO that the domestic financial system remains stable, with
14001:2015 certified Environmental Management sound balance sheets of financial institutions, and which
System covering 1,186 facilities. is expected to continue to support the funding needs of
The Bank was also included in BSE Next 50, BSE 100 a growing economy. On a y-o-y basis, one should expect
as well as FTSE4Good indices during the year. some moderation in the credit growth from the banking
system that accounts for a high base of the last year
The Bank is the Principal Sponsor - Indian Olympic and relative expected moderation in GDP growth rate to
Association (IOA) as their Official Banking Partner for around 7% in Fiscal 25.
Team India for Paris Olympics 2024.
The Bank entered into a Strategic Partnership with The Government is expected to continue with its reforms
PayTM: wherein the Bank will provide services as a momentum and keep up the pace of capex investments.
PSP Payment Bank to existing & new consumers of Various surveys have indicated that likely crowding-in
UPI consumer App, UPI collections services to existing of private investments which may further boost credit
& new merchants and offering of settlement services. demand. With the RBI increasing the risk weight of some
of the segments of personal loan, the impact was already
The Bank received several awards in the MSME visible in the last four months of Fiscal 24 and we expect
Banking Excellence Awards 2023, organised by
the pace of growth in this segment to slow down going
CIMSME: Awarded Best Bank for Promoting Govt.
forward; with some offsets likely to continue to come from
Schemes in private sector, runners-up for Best MSME
sustained growth in Housing segment.
Bank in the private sector.
YES BANK was the first Indian Bank to conduct Export As we may see rate cut cycle beginning to unfold at some
Finance Transaction on RXIL’s (Receivables Exchange point in Fiscal 25, it is expected that financial markets may
of India Limited- a TReDS platform with JV between exhibit some volatility. A falling interest rate scenario is
SIDBI and NSE) ITFS (International Trade Finance expected to be detrimental for the net interest margins
Service) platform. (NIMs) for the banking sector as transmission of rate cuts
on the asset side is generally faster than on the liability
The Bank continued its efforts towards building a side. Continued global geopolitical tensions could, on the
stronger retail franchise with contribution of retail other hand, temper the growth outlook and hence lead to
advances compared to total advances, increased to moderation in credit growth. Geopolitical risks also raise
~46% in FY 2023-24 compared to 45% in FY 2022-23. the fear of a rise in commodity prices and could also lead
Digitisation remains the Bank’s key pillar to grow the Retail, to hampering economic growth and hence credit growth.
241
CHANGE IN THE NATURE OF BUSINESS
During the year under review, there has been no change in the nature of business of the Bank.
FINANCIAL PERFORMANCE (STANDALONE)

(` in million)
April 01, 2023 to April 1, 2022 to Change
March 31, 2024 March 31, 2023
Deposits 2,663,721.72 2,175,018.62 488,703.10
Borrowings 799,408.80 774,519.92 24,888.88
Advances 2,277,994.72 2,032,694.44 245,300.28
Total Assets/Liabilities 4,054,929.90 3,547,861.31 507,068.59
Net Interest Income 80,946.20 79,175.72 1,770.48
Non-Interest Income 51,142.99 36,850.57 14,292.42
Operating Profit 33,862.61 31,827.64 2,034.97
Provisions and Contingencies 18,862.83 22,198.46 (3,335.63)
Profit before Tax 14,999.78 9,629.18 5,370.60
Provision for taxes 2,488.99 2,455.10 33.89
Net Profit/(Loss) 12,510.80 7,174.09 5,336.71
Add: Surplus/(Deficit) brought forward from last period (100,519.74) (106,965.66) 6,445.92
Amount available for appropriation (88,008.95) (99,791.58) 11,782.63
Appropriations
Statutory Reserve under Section 17 of the Banking Regulation Act, 1949 3,127.70 1,793.52 1,334.18
Capital Reserve 262.64 31.67 230.97
Investment Reserve 431.92 16.79 415.13
Investment Fluctuation Reserve 472.30 2,358.76 (1,886.47)
Surplus carried to Balance Sheet (92,303.51) (103,992.32) 9,469.99
Key Performance Indicators
Net Interest Margin 2.4% 2.6%
Return on Annual Average Assets 0.3% 0.2%
Return on Equity 3.0% 2.0%*
Cost to Income Ratio# 74.4% 72.6%
*For the purpose of determining ROE, the Bank has considered weighted average shareholder funds during the previous year. Basis
simple average of shareholder funds the ROE of the previous year is 1.9%.
#Normalized C/I (ex- PSLC & Interest on Income Tax Refund) at 72.2% for FY24 v/s. 72.6% for FY 23.
Net Profit for FY 2023-24 is ` 12,510.8 million as compared The employee cost increased from ` 33,627.00 million in
to profit of ` 7,174.09 million for the FY 2022-23 higher by FY 2022-23 to ` 37,742.78 in FY 2023-24. Other operating
74.4%. The Bank’s operating profit increased by 6.4% Y-o-Y cost increased by 19.6% from ` 50,571.64 million in
on the back of NII and higher Non-Interest Income. FY 2022-23 to ` 60,483.8 million in FY 2023-24.
Net Interest income (NII) of the Bank increased by 2.2% Provisions and contingencies (excluding provision for
to ` 80,946.2 million during FY 2023-24 as compared to taxes) decreased by 15% from ` 22,198.46 million in
` 79,175.72 million during FY 2022-23. The Net Interest FY 2022-23 to ` 18,862.83 million in FY 2023-24.
Margin (NIM) was 2.4% in FY 2023-24. Non-interest income
consists of fee, trade income and gain on sale of securities. DIVIDEND
Non-interest income increased by 38.8% from ` 36,850.57 During FY 2023-24, the Bank has not declared any dividend
million in FY 2022-23 to ` 51,142.99 million in FY 2023-24. on equity shares.
Higher non-interest income and NII was largely offset by
higher operating expenditure. TRANSFER TO RESERVES
As per requirement of RBI Regulations, the Bank has
Operating expenses increased by 16.7% from ` 84,198.65 transferred the following amounts to various reserves
million in FY 2022-23 to ` 98,226.58 million in FY 2023-24. during Financial Year ended March 31, 2024:

Deputy Nodal Officer appointed under the provisions of

Amount transferred to ` in million
Statutory Reserve 3,127.70
IEPF Rules are available on the website of the Bank.
Capital Reserve 262.64
Investment Reserve 431.92
CAPITAL RAISING & CAPITAL ADEQUACY RATIO
Investment Fluctuation Reserve 472.30 (“CAR”)
During the year ended March 31, 2024, the Bank has issued
TRANSFER OF EQUITY SHARES, UNPAID/ 13,106,772 equity shares (Previous year: 3,666,651 equity
UNCLAIMED DIVIDEND TO THE INVESTOR shares) of face value of ` 2 each pursuant to the exercise
EDUCATION AND PROTECTION FUND of stock options by employees under the approved stock
In accordance with the provisions of Section 124 and 125 option schemes.
of the Companies Act, 2013 read with Investor Education
and Protection Fund (Accounting, Audit, Transfer and During the previous year ended March 31, 2023, the Bank
Refund) Rules, 2016 (“IEPF Rules”), dividend which remains had issued 3,696,155,702 equity shares of face value
unpaid or unclaimed for a period of seven years from the ` 2 each fully paid up for cash on a preferential basis.
date of transfer to the Unpaid Dividend Account shall be
transferred by the company to the Investor Education and Post allotment of aforesaid equity shares, the issued,
Protection Fund (“IEPF”). subscribed and paid up share capital of the Bank stands
at ` 57,535,764,212 comprising of 28,767,882,106 equity
Further, the provisions of Section 124(6) of the Companies shares of ` 2 each as at March 31, 2024.
Act 2013, read with the IEPF Rules mandates companies
to transfer all shares in respect of which dividend has not The Bank has not issued any equity shares with differential
been paid or claimed for seven consecutive years or more voting rights during the year.
to the designated demat account of the IEPF Authority.
The Members whose dividend/shares are transferred to MOVEMENT IN SHARE CAPITAL & CAPITAL
the IEPF Authority can claim their shares/dividend from ADEQUACY RATIO (“CAR”)
the IEPF Authority by following the procedure prescribed ` in million
in the IEPF Rules.
As at As at
March 31, 2024 March 31, 2023
In accordance with the said IEPF Rules, the Bank had sent
Opening Share Capital and 66,993.47 50,109.91
notices to all the concerned shareholders whose shares
Share Warrant
were due for transfer to the IEPF Authority advising them
Addition due to exercise of 26.21 7.33
to claim their unclaimed dividend and simultaneously,
share option
published newspaper advertisement in this regard. Addition due to shares - 7,392.31
issued on preferential
The details of dividend transferred to IEPF during the basis
year are as under: Addition due to share - 9,483.92
Warrants issued
Financial Dividend Amount Date of
Year declared on transferred transfer to Closing Share Capital 67,019.68 66,993.47
to IEPF (in `) IEPF and Share Warrant
2015-16 June 07, 2016 21,72,100 July 12, 2023
CET-I ratio is at 12.2% (CET-I ratio post redemption of
SHARES TRANSFERRED/CREDITED TO IEPF share warrants is 13.2%) and CRAR is at 15.4%. NNPA ratio
significantly improved at 0.58%.
During the Financial Year 2023-24, the Bank transferred
60,761 Equity Shares to IEPF corresponding to unclaimed
MANAGEMENT DISCUSSION AND ANALYSIS
dividend for the year 2015-16. The IEPF Authority holds
2,84,156 Equity Shares in the Bank as at March 31, 2024. The Management Discussion and Analysis Report for the
year under review as stipulated in SEBI (Listing Obligations
Members whose dividends remains unclaimed are and Disclosure Requirements) Regulations, 2015 (“Listing
requested to submit their claims to KFin Technologies Regulations”) is presented in a separate section forming
Limited without any delay. The details of Nodal Officer and part of the Annual Report.
243
RISK MANAGEMENT FRAMEWORK Compliance: The Compliance unit is responsible for
The Bank’s Enterprise Risk Management framework tracking implementation of all regulatory circulars/
communication, review of new products & processes
encompasses the following:
from regulatory perspective, conducting compliance
Risk Management Governance Framework: The reviews to ensure adherence to regulatory guidelines
and monitoring progress in rectification of significant
Bank has implemented an Enterprise Risk Governance
deficiencies (if any) pointed out by regulators in
framework to ensure non-silo-based management and
inspection reports as well as implementation of
oversight of Risk. The Bank’s Risk Management philosophy
recommendations made therein. This ensures
is guided by a strong governance framework basis the
that the overall Compliance Risk of the Bank is
Three Lines of Defence as detailed below:
managed and mitigated.
First Line of Defence - Business Management: Each

Third Line of Defence – The Bank’s Internal Audit
business segment of the Bank has risk ownership and
Department independently reviews activities of the first
is responsible for assessment and management of risks two lines of defence based on a risk-based audit plan and
and has the overall responsibility of the management methodology approved by the Audit Committee of the
and mitigation of the Risk. The segments are required Board. Internal Audit Department provides independent
to implement appropriate procedures to fulfil their risk assurance to the Audit Committee of the Board, top
governance responsibilities. management and regulators regarding the effectiveness of
the Bank’s governance and controls framework designed
Second Line of Defence – Independent Control functions: for risk mitigation.
The Bank’s independent oversight functions, such as, Risk
Management, Credit Underwriting, Compliance, Legal, The Board of Directors of the Bank has the overall
Risk Intelligence and Control Unit etc. set standards for responsibility for Risk Management. The Board oversees
management and oversight of risks, including compliance the Bank’s Risk & Control environment and also reviews
with applicable laws, regulatory requirements, and policies. and approves the policies designed as part of overseeing
the Risk Management practices. In this regard, the Board:
R
isk Management: Risk Management team
reporting to the Chief Risk officer, establishes policies Ensures that comprehensive policies, systems and
and guidelines for risk assessment and management controls are in place to identify, monitor and manage
and contributes to controls and tools to manage, material risks at a Bank-wide level, with clearly
measure and mitigate risks faced by the Bank. defined risk limits.
Risk Management comprises units such as Enterprise Lays down Risk Appetite Statement which articulates
Risk Management, Market Risk, Operational Risk, the quantum of risk, the Bank is willing and able to
Legal Risk, Information Security, Portfolio Analytics, assume in its exposures and business activities in
Wholesale Credit Risk Policy, Credit Risk Modelling, pursuit of its strategic objectives and desired returns.
Retail, SME & Rural Policy and Portfolio Management,
Establishes policies governing various aspects of risk
Risk Secretarial Unit, Risk Rating Unit, Risk Intelligence
management, such as, Credit Policy, Asset Liability
and Control, Anti-Money Laundering etc. which are
Management Policy, Operational Risk Management
responsible for independent review, monitoring and
Policy, Information Security Policy, Enterprise Risk
reporting of all risk control parameters and taking
Management Policy, Group Risk Management Policy,
appropriate corrective actions wherever necessary. Model Risk & Governance Policy, Risk Based Pricing
These units also ensure compliance to internal Policy, Stress Testing Policy, etc. which lay down
policies and regulatory guidelines. the Risk Appetite Framework within the overall Risk
Appetite Statement.
C
redit Underwriting: The Credit Risk team
reporting to the Chief Credit Risk Officer, ensures The Board has put in place four Board level Committees
an independent assessment of credit proposals. which inter-alia pertain to Risk Management, viz.
The Credit Risk team is a specialized function that Risk Management Committee (“RMC”), Audit Committee
is well staffed with individuals having the necessary of the Board ("ACB"), Fraud, Willful Defaulters and Non
experience as well as skillsets to provide a balanced Co-operative Borrowers Monitoring Committee (FWD &
view of credit proposals to the sanctioning authorities. NCBMC) and Board Credit Committee (“BCC”), to deal with

the risk management practices, policies, procedures and to the Managing Director & Chief Executive Officer, also
to have adequate oversight on the risks faced by the Bank. accountable to Board Credit Committee.
The Board Committees have in turn set up various The Bank also conducts a detailed Internal Capital
Executive level Committees for oversight over specific risks. Adequacy Assessment Policy (‘ICAAP’) review exercise,
approved by the Board, at least on an annual basis to
1. Apex Management Committee
identify its Risk universe, review its Risk appetite in line
2. Enterprise Risk Management Committee with the business strategy and also assess its internal
3. Model Assessment Committee controls and mitigation measures in place for its risks and
4. Management Credit Committee capital requirements.
5. Executive Credit Committee
DEPOSITS
6. Asset & Liability Management Committee
Being a banking company, the disclosures required as per
7. Operational Risk Management Committee
Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules, 2014,
8. Standing Committee on Customer Service read with Sections 73 and 74 of the Companies Act, 2013
9. Fraud & Suspicious Transaction Monitoring are not applicable to your Bank.
Committee
10. Committee for Classification of Wilful Defaulters & AWARDS AND RECOGNITION
Non-Cooperative Borrowers During the year under review, the Bank received several
11. Accountability Review Committee accolades and recognitions from credible industry bodies
and organisation.
12. Whistle Blower Committee
13. Disciplinary Committee Some of the key awards won in FY 2023-24:
14. Internal Committee under POSH 1. Great Place To Work certification by the Great Place
15. Steering Committee for IFRS (IndAS) to Work ® (GPTW) Institute, India
16. Product Process Approval Committee
2. Top Performer in Primary Market Segment
17. IT Steering Committee (Debt - Banks) for F.Y. 2022-23 by Bombay
18. Security Council Stock Exchange (BSE)
19. Stressed Asset Monitoring Committee
3. Best Bank for Promoting Government Schemes in the
20. Sustainability Council Private Sector (Winner) at MSME Banking Excellence
21. Fraud Identification Committee Award and Best MSME Bank in the Private Sector
22. Governing Body for IBU (IFSC Banking Unit) (Runner up) at MSME Banking Excellence Award,
organised by Chamber of Indian Micro Small and
These Committees review various aspects / key risks and Medium Enterprises
ensure that the best-in-class frameworks are in place to
4. Winner for Best Product/Service Innovation category
oversee day-to-day management of underlying business at 18th ASSOCHAM Annual Summit & Awards for
activities, transactions and associated risks while dealing Banking & Financial Sector Lending Companies
with internal and external stakeholders. Further, Risk
events, potential threats, performance of the Bank vis-à- 5. GOLD for Brand Turnaround of the Year, SILVER for
vis Risk Limits and Risk Appetite, Risk Profile dashboard Indian Brand of the Year and GOLD for Best Out-of-
covering key risk indicators, etc. are presented to these Home Marketing Campaign of the Year at BRANDING
& MARKETING Summit-cum-Excellence Awards
Committees, with periodic trends highlighted along with
organised by ASSOCHAM
level and direction of risk.
6. Dynamo Award at Karma Summit 2023 from Goodera
Additionally, in line with best Risk Governance practices, in partnership with Omidyar Network
the Bank has independent credit underwriting and
7. Team of the Year Award for 2023 - 24 at IBLJ Legal
risk management verticals. The underwriting vertical
Team Garners Award
consisting of Credit Units is headed by the Chief Credit Risk
Officer (“CCRO”) and the risk controls and policy vertical 8. Silver SKOCH ESG Award 2024 in Sustainable
consisting of various independent control units is headed Finance category
by the Chief Risk Officer (“CRO”). The CRO reports to the 9. FINNOVITI 2023 AWARD FOR YES PAY HUB at the
Risk Management Committee while the CCRO reports BANKING FRONTEIRS FINNOVITI 2023
245
DIVERGENCE IN ASSET CLASSIFICATION AND SEBI as Category III Alternative Investment Funds. YSIL is
PROVISIONING FOR NPAs also registered with Association of Mutual Funds of India.
Based on the condition mentioned in RBI circular, no
disclosure on divergence in asset classification and Further, effective from January 01, 2024, YSIL has
provisioning for NPAs is required with respect to RBI’s transferred its Investment Banking business and
supervisory process for the year ended March 31, 2023. Merchant Banking business to the Bank so as to focus
on its core business activities which inter-alia includes
SUBSIDIARY, ASSOCIATE AND JOINT VENTURE broking business.
COMPANIES AND CONSOLIDATED FINANCIAL
STATEMENTS The Consolidated Financial Statements of the Bank for
the Financial Year ended March 31, 2024 prepared in
As at March 31, 2024, the Bank had one wholly-owned
accordance with the requirement of Section 129(3) of the
subsidiary, i.e. YES Securities (India) Limited (“YSIL”).
Companies Act, 2013 shall be laid at the ensuing AGM and
it forms part of this Annual Report.
The Bank does not have any material subsidiary, associate
and joint venture company. There were no entities which
Pursuant to the provisions of Section 129(3) of the
became or ceased to be the Bank’s subsidiaries, associates
Companies Act, 2013, a statement containing salient
or joint ventures during the year.
features of Financial Statements of Subsidiary Company of
the Bank is provided in Form AOC-1 which forms part of
During the FY 2023 – 24, the Bank had made capital
the Annual Report.
infusion in YSIL of an amount aggregating to ` 1,000
million through acquisition of 1,79,37,200 equity shares
The Financial Statements of the Subsidiary Company
of ` 10 each at a premium of ` 45.75 per share, of YSIL
of the Bank are made available on the website of
under Rights Issue.
the Bank at weblink https://www.yesbank.in/about-us/
investors-relation/financial-information/annual-reports.
Performance and Financial Position of YSIL is given in
The Financial Statements of the Bank and its Subsidiary
Management Discussion & Analysis which forms part of
Company shall also be available for inspection by members
this Annual Report.
or trustees of the holders of any Debentures/Bonds of the
Bank at its Registered Office.
The brief details about business of the subsidiary
company is as under:
INTERNAL FINANCIAL CONTROL SYSTEMS AND
YES Securities (India) Limited
THEIR ADEQUACY
The Bank has implemented adequate procedures and
YSIL is a Wholly Owned Subsidiary of the Bank that
internal controls which provide reasonable assurance
completed eleventh year of its operation in the FY 2023
regarding reliability of financial reporting and preparation
- 24. YSIL is a full-scale capital market intermediary that
of financial statements. The Bank also ensures that internal
offers retail, HNI, corporate and institutional customers
controls are operating effectively. There is utmost attention
a comprehensive range of products and services
accorded to Internal Financial Controls at both, the highest
encompassing Broking, Research and Institutional Equities
levels at Management as well as the Audit Committee of
sales and trading.
the Board. There is no material weakness in the Bank’s
YSIL is registered with the Securities and Exchange Board framework with respect to Internal Financial Controls
of India (“SEBI”) as a stockbroker holding membership over Financial Reporting and the Bank shall continue to
of the National Stock Exchange of India Limited (“NSE”), review its overall control framework on an ongoing basis
BSE Limited (“BSE”), Multi Commodity Exchange of India to ensure robustness and effectiveness of its controls.
(“MCX”) & National Commodity & Derivatives Exchange
Limited (“NCDEX”).
MATERIAL CHANGES AND COMMITMENT
AFFECTING FINANCIAL POSITION OF THE BANK
YSIL is also registered with SEBI as Investment Adviser, Subsequent to March 31, 2024, the Bank has received the
Research Analyst as well as Depository Participant with remaining amount towards conversion of the outstanding
Central Depository Services Limited (“CDSL”) and National share warrants (being an amount equivalent to 75% of
Securities Depository Limited (“NSDL”). YSIL is Sponsor & the exercise price of the per Share Warrants of ` 14.82)
Investment manager of YSL Alternates Alpha Plus Fund aggregating to ` 14,225.88/- million each from CA Basque
and YES Wealth Maximiser AIF which are registered with Investments on April 18, 2024 and from Verventa Holdings

Limited on May 05, 2024 respectively (for 1,27,98,80,909 under Section 188(1) of the Companies Act, 2013, in form
Share Warrants each on both instances). AOC-2. Suitable disclosure as required by the Accounting
Standards (AS-18) and the RBI Master Direction on
Further, pursuant to allotment of the Equity Shares on Financial Statements- Presentation and Disclosure (last
conversion of the aforesaid Share Warrants in the ratio updated on April 1, 2024) have been made in the notes to
of 1:1, the total issued, and paid-up share capital of the the Financial Statements. Further, the Bank has submitted
Bank increased from ` 57,535.76/- million consisting of with the Stock Exchanges and also published on the Bank’s
28,76,78,82,106 equity shares of face value ` 2/- each website disclosure on Related Party Transactions, drawn
as on March 31, 2024 to ` 62,659.29/- million consisting in accordance with applicable requirements of Regulation
of 31,32,96,43,483 equity shares of face value ` 2/- each 23(9) of Listing Regulations for the half year ended
as on May 5, 2024. Moreover, there was also a resultant September 30, 2023 and March 31, 2024 respectively.
increase in share premium of the Bank from ` 366,612.15
million as on March 31, 2024 to ` 399,428.30 million as The Board of Directors have formulated a Policy on dealing
on May 5, 2024. with Related Party Transactions pursuant to the provisions
of the Companies Act, 2013 and Listing Regulations.
RATINGS OF VARIOUS DEBT INSTRUMENTS The same is displayed on the website of the Bank at
The Credit Rating and change/revision in the Credit Ratings https://www.yesbank.in/pdf?name=policies_pdf6.pdf.
for various debt instruments issued by the Bank from time
to time are provided in the Corporate Governance Report DIRECTORS & KEY MANAGERIAL PERSONNEL
forming part of the Annual Report. As on the date of this Report, the Board of Directors of the
Bank comprises of thirteen (13) Directors with an optimum
LOANS, GUARANTEES OR INVESTMENTS IN combination of Executive and Non-Executive Directors.
SECURITIES
Pursuant to Section 186(11) of the Companies Act, 2013, The appointments on the Board of Directors of the Bank
loans made, guarantees given or securities provided are governed by the provisions of the Companies Act,
or acquisition of securities by a Banking company in 2013, Listing Regulations, the Banking Regulation Act,
the ordinary course of its business are exempted from 1949 and the rules, guidelines and circulars issued by the
disclosure requirements under Section 134(3) (g) of the RBI from time to time.
Companies Act, 2013.
During the Financial Year 2023-24, Mr. Sunil Kaul and
CONTRACTS OR ARRANGEMENTS WITH Ms. Shweta Jalan, Non-Executive Directors and Nominee of
RELATED PARTIES1 CA Basque Investments and Nominee of Verventa Holdings
During the year, the Bank has entered into transactions Limited respectively were recategorized as Non-Executive
with the related parties in the ordinary course of business, Directors retiring by rotation. Further, Mr. Thekepat Keshav
except the following transactions with YES Securities (India) Kumar and Mr. Sandeep Tewari, Nominee Directors of
Limited (wholly-owned subsidiary), for which necessary State Bank of India were categorized as Nominee Director
approvals were taken from the Board of Directors: non-retiring directors.

Transfer of Merchant Banking Business and Mr. Sunil Kaul, Non-Executive Director, Nominee of CA
Investment Banking Business from YES Securities Basque Investments was liable to retire by rotation and
(India) Limited to the Bank being eligible was reappointed by the members of the
Capital Infusion by the Bank Bank at the 19th AGM held on August 18, 2023.
The Bank has not entered into any materially significant RETIREMENT BY ROTATION:
transactions with the related parties including Directors, In terms of Section 152 of the Companies Act, 2013,
Key Managerial Personnel, Subsidiaries or Relatives of Ms. Shweta Jalan, Non-Executive Director, Nominee
the Directors, which could lead to a potential conflict of Verventa Holdings Limited is liable to retire at the
of interest. The details of the transactions with related ensuing Annual General Meeting and being eligible seeks
parties, were placed before the Audit Committee of the re-appointment. A resolution seeking shareholders’
Board of the Bank from time to time. There were no approval for the re-appointment forms part of the
material individual transactions required to be reported Notice of said AGM.
GRI 2-15
1
247
KEY MANAGERIAL PERSONNEL OF THE BANK: PERFORMANCE EVALUATION OF THE BOARD1
As on the date of this Report, following are the Key In line with the provisions of the Companies Act, 2013,
Managerial Personnel of the Bank in terms of the provision Listing Regulations and SEBI Guidance Note on the
of Section 203(1) read with Section 2(51) of the Companies Board Evaluation dated January 05, 2017 and as per
Act, 2013 and Rule 8 of the Companies (Appointment and the performance evaluation framework, the Board has
Remuneration of Managerial Personnel) Rules, 2014: carried out the performance evaluation of the Directors
including Chairman, Managing Director & CEO, Executive
(i) Mr. Prashant Kumar, Managing Director & Chief
Director, Board Level Committees and Board as a whole
Executive Officer;
for the FY 2023-24.
(ii) Mr. Rajan Pental, Executive Director;
During the year, Board Performance Evaluation exercise
(iii) Mr. Niranjan Banodkar, Chief Financial Officer; and was conducted through an Independent External Agency of
(iv) Mr. Shivanand Shettigar, Company Secretary. repute in the subject and for ensuring candid participation
by each Board Member.
During the FY 2023-24, there has been no change in the
Key Managerial Personnel of the Bank. Online questionnaires were circulated for the evaluation
of the Board, its Committees and the individual members
STATEMENT ON DECLARATION BY of the Board (including the Chairman, Managing Director
INDEPENDENT DIRECTORS & CEO and Executive Director), in accordance with the
performance evaluation framework.
The Bank has received necessary declarations from each
Independent Director under Section 149(6) and 149(7) The said questionnaires covered various aspects of
of the Companies Act, 2013 and Regulation 16(1)(b) and evaluation, including the following:
Regulation 25(8) of the Listing Regulations, that they
meet the criteria of independence laid down thereunder. i. I ndividual Directors – Attendance and Participation,
The Board has assessed the veracity of the confirmations Contribution in Strategic Planning, Responsibilities
submitted by the Independent Directors, as required towards Stakeholders, collaborative relationship with
under Regulation 25(9) of the Listing Regulations. other directors, active participation and contribution
during meetings, Compliance & Governance and
During the year, there has been no change in the Updation of Knowledge.
circumstances affecting their status as Independent
MD&CEO and Executive Director – Experience and
ii.
Directors of the Bank and that they are not debarred from
Knowledge, Performance of the Bank, Leadership,
holding the office of director under any SEBI order or any
Attendance and Participation, Contribution in Strategic
other such authority.
Planning and Responsibilities towards Stakeholders.
STATEMENT REGARDING OPINION OF iii. Chairman – Conduct of Meeting, Impartiality,

THE BOARD WITH REGARD TO INTEGRITY, Attendance and Participation, Experience and
EXPERTISE AND EXPERIENCE (INCLUDING Knowledge, Leadership, Contribution in Strategic
THE PROFICIENCY) OF THE INDEPENDENT Planning, Responsibilities towards Stakeholders and
DIRECTORS APPOINTED DURING THE YEAR effective use of resources.
In the opinion of the Board, the Independent Directors are
iv. B
oard – Composition and Diversity, balance of skill
persons of integrity and possess the requisite experience,
sets, Committees of the Board, Discussions at the
expertise and proficiency required under all applicable
Meetings, Teamwork and Cohesiveness of Board
laws and the policies of the Bank.
decisions, Understanding of roles and responsibilities
and Grievance redressal of Stakeholders.
NUMBER OF MEETINGS OF THE BOARD AND IT’S
VARIOUS COMMITTEES v. C
ommittees – Composition and balance of skill
The details of Meetings of Board and Committees held sets, adherence to pre-approved meeting schedule,
during the year, attendance of Directors at the meetings frequency and overall contribution, understanding
and constitution of various Committees of the Board are of regulatory environment and developments,
included separately in the Corporate Governance Report, Interaction with Board, Independence of Committee
which forms part of the Annual Report. from Board and justice to the role of the Committees.
1
GRI 2-18

The evaluation methodology in addition to the detailed accessed at https://www.yesbank.in/pdf?name=board_

online questionnaires covering various parameters kmp_sr_mgmt_remuneration_policy_pdf.pdf .
relevant for the Board and Committees also had a one-on-
one discussion with the Directors. Further, the Bank has a separate Total Rewards Policy
articulated in line with relevant RBI guidelines which
Based on the assessment of the responses received to inter-alia deals with the Compensation & Benefits of the
the questionnaire from the Directors, the Independent Managing Director & CEO and the Whole-time Directors.
Directors at their meeting held on May 17, 2024, reviewed
the performance of Non-Independent Directors, Chairman, EMPLOYEE REMUNERATION1
Managing Director & CEO, Executive Directors and Board (a) The statement containing particulars of employees
as a whole and submitted the summary report of evaluation as required under Section 197(12) of the Companies
to the Board for their consideration. Further, the Board at Act, 2013 read with Rule 5(3) of the Companies
its meeting held on May 17, 2024, based on the summary (Appointment and Remuneration of Managerial
report of the Independent Directors and the responses Personnel) Rules, 2014 forms part of this report.
received to the questionnaire, assessed the performance In terms of Section 136 of the Companies Act, 2013,
of the Directors including Chairman, Managing Director the same would be available for inspection during
& CEO, Executive Directors, Board Level Committees and working hours at the Registered Office of the Bank
Board as a whole and submitted the summary report of till the date of Annual General Meeting. A copy of
evaluation to N&RC for reviewing the implementation of this statement may be obtained by the Members by
performance evaluation as per the approved framework. writing to the Company Secretary of the Bank.
The performance evaluation process for FY 2023 - 24 (b) The ratio of the remuneration of each Director
conducted through the Independent External Agency, was and employees of the Bank as required under the
completed to the satisfaction of the Board. The outcome provisions of Section 197(12) of the Companies
of the evaluation portrayed Board Members confidence in Act, 2013 read with Rule 5(1) of the Companies
the ethical standards of the Bank, cohesiveness amongst (Appointment and Remuneration of Managerial
the Board Members, constructive relationship between Personnel) Rules, 2014 is attached as Annexure
the Board and the Management and the openness of 1 to the Report.
the Management in sharing strategic information and
updates to enable Board Members to discharge their EMPLOYEES STOCK OPTION SCHEME
responsibilities and fiduciary duties. YES Bank has instituted Stock Option Plans to enable its
employees to participate in Bank’s future growth and
The feedback from the performance evaluation was financial success. The Bank provides its employees a
shared with respective Directors, Board and Board Level platform for participating in important decision making and
Committees for further action. The Board of Directors instilling long term commitment towards future growth of
also identified specific actionable with due emphasize the Bank by way of rewarding them through Stock Options.
and focus on sustainable improvement in governance In terms of Total Rewards Policy of the Bank, employees
practices, business strategy and growth, long term are granted options as part of Annual Performance Review
succession planning and talent management. process based on their performance as well as to ensure
their retention, and to hire the best talent for its senior
POLICY ON APPOINTMENT OF DIRECTORS management and key positions. The detailed disclosures
The Board of Directors of the Bank had formulated and as stipulated under Regulation 14 of the Securities and
adopted policy on “Board Diversity and Fit & Proper Criteria Exchange Board of India (Share Based Employee Benefits
and Succession Planning” for appointment of Directors on and Sweat Equity) Regulations, 2021 is hosted on the
the Board of the Bank and succession planning. The details website of the Bank at www.yesbank.in/pdf?name=esos_
of the same have been included in the Report on Corporate disclosure_pursuant_to_regulation_31march2024.pdf
Governance forming part of this Annual Report.
CORPORATE GOVERNANCE
REMUNERATION POLICY1 The Bank is committed to follow best Corporate
The Board of Directors of the Bank had formulated and Governance practices and adheres to the Corporate
adopted Policy for Remuneration of Directors including Governance requirements set by the Regulators under the
the Chairman of the Bank. The details of the same applicable Laws/Regulations. In line with the foregoing, the
are made available on the Bank’s website and can be Bank has adopted a Code of Corporate Governance which
GRI 2-19, GRI 2-20
1
249
acts as a guide to the Bank and the Board on the best auditors of the Bank. M/s. Chokshi & Chokshi LLP
practices in the Corporate Governance. was appointed until the conclusion of 20th AGM
of the Bank which is to be held in the year 2024.
A separate section on Corporate Governance standards The shareholders of the Bank at the 19th Annual
followed by the Bank and the relevant disclosures, General Meeting (‘AGM’) held on August 18, 2023
as stipulated under Listing Regulations, Companies approved the appointment of M/s G.M. Kapadia &
Act, 2013 and rules made thereunder forms part of Co., Chartered Accountants, (ICAI Firm Registration
the Annual Report. No. 104767W) until the conclusion of 22nd AGM
of the Bank which will be held in the financial year
A Certificate from M/s. BNP & Associates, Practicing beginning April 1, 2026, accordingly they have two
Company Secretaries, conforming compliance by the more full year terms to continue as one of the joint
Bank to the conditions of Corporate Governance as statutory auditors of the Bank subject to RBI approval
stipulated under Listing Regulations, is annexed to the for re-appointment from time to time.
Report on Corporate Governance, which forms part of
the Annual Report. The Board of Directors, on the recommendation of the
Audit Committee, has finalized for recommendation
VIGIL MECHANISM / WHISTLE- BLOWER POLICY to RBI for approval, the name of M/s CNK & Associates
In line with the provisions of Listing Regulations, the LLP, Chartered Accountants, (ICAI Firm Registration
Companies Act, 2013 and the principles of good No. 101961W/ W100036) as the first preferred firm
governance, the Bank has devised and implemented a to act as Joint Statutory Auditors of the Bank in
vigil mechanism, in the form of ‘Whistle-Blower Policy’. relation to the Financial Years 2024-25, 2025-26 and
The policy devised is also aligned to the recommendations 2026 – 27, subject to approval of the shareholders
of Protected Disclosure Scheme for Private Sector and at the ensuing Annual General Meeting (AGM).
Foreign Banks, instituted by RBI. Detailed information This firm shall act as the Joint Statutory Auditors
on the Vigil Mechanism of the Bank is provided in the along with M/s G. M. Kapadia & Co., Chartered
Report on the Corporate Governance which forms part of Accountants for the remainder of the latter’s tenure.
the Annual Report. Appropriate resolutions in this regard are also being
proposed at the ensuing AGM.
CORPORATE SOCIAL RESPONSIBILITY
There were no qualifications, reservation or adverse
In compliance with Section 135 of the Companies
remarks made by the Statutory Auditors in the
Act, 2013 read with the Companies (Corporate Social
Auditor’s Report for Financial Year 2023-24.
Responsibility Policy) Rules, 2014, the Bank has constituted
Corporate Social Responsibility and Environmental, Social B. SECRETARIAL AUDITORS:
& Governance (“CSR&ESG”) Committee and statutory Pursuant to Section 204 of the Companies Act,
disclosures with respect to the CSR&ESG Committee 2013, M/s. BNP & Associates, Practicing Company
and Annual Report on CSR Activities forms part of this Secretaries, were appointed as Secretarial Auditors
Report as Annexure 2. of the Bank to conduct the secretarial audit for the
FY 2023-24. The Bank provided all assistance and
The CSR Policy is available on the website of the Bank
facilities to the Secretarial Auditors for conducting
and can be accessed at https://www.yesbank.in/pdf/ybl_
their audit. The Report of Secretarial Auditors for the
corporate_social_responsibility_policy .
FY 2023-24 is annexed to this report as Annexure 3.
AUDITORS & REPORTS OF THE AUDITORS There are no qualifications, reservations or adverse
remarks in the Secretarial Audit Report for FY 2023-24.
A. STATUTORY AUDITORS:
In terms of the Guidelines issued by the Reserve In terms of SEBI Circular no CIR/CFD/CMD1/27/2019
Bank of India (“RBI”) vide Circular No. DoS.CO.ARG/ dated 8 February, 2019, relating to Annual Secretarial
SEC.01/08.91.001/2021-22 dated April 27, 2021, Compliance Report, the Bank had appointed
the shareholders of the Bank at the 17th Annual M/s. BNP & Associates, Practicing Company
General Meeting (‘AGM’) held on August 27, 2021 had Secretaries, for issuing the aforesaid report for
approved the appointment of M/s. Chokshi & Chokshi FY 2023-24. The Bank has submitted the Annual
LLP, Chartered Accountants, (ICAI Firm Registration Secretarial Compliance Report to the Stock Exchanges
No. 101872W/W100045) as one of the joint statutory within the prescribed time limit.

MAINTENANCE OF COST RECORDS December 2016: YES BANK raised ` 330 crore,
Being a Banking Company, the Bank is not required to through an issue of a 7-year Green Infrastructure
maintain cost records as per sub-section (1) of Section 148 Bonds (bearing ISIN INE528G08360) to FMO, the
of the Companies Act, 2013. Dutch Development Bank, on a private placement
basis. The green infrastructure bonds have been
REPORTING OF FRAUDS BY THE AUDITORS redeemed upon maturity in December 2023.
During the FY 2023-24, pursuant to Section 143(12) of the
Companies Act, 2013, neither the Statutory Auditors nor The proceeds of the outstanding green infrastructure
the Secretarial Auditors of the Bank have reported any bonds are used to finance Green Infrastructure Projects
instances of frauds committed in the Bank by its officers as per ‘Eligible Projects’ outlined in the Bank’s internal
or its employees. guidelines that are in adherence to the Green Bond
Principles (GBP).
BUSINESS RESPONSIBILITY & SUSTAINABILITY
REPORT The GBP are voluntary guidelines, developed by the
International Capital Markets Association, for broad
As stipulated in Listing Regulations, the Business
use by the market that recommend transparency and
Responsibility and Sustainability Report describing the
disclosure, and promote integrity in the development of
initiatives undertaken by the Bank from environmental,
the Green Bond market. They have the following four key
social and governance perspective is separately attached
components and the Bank showcases its adoption below:
as part of the Annual Report.
Use of Proceeds: The proceeds raised by the Bank

SIGNIFICANT AND MATERIAL ORDERS PASSED
are used in eligible project categories and include all
BY REGULATORS
projects funded in whole, or in part, in the fields of
During the year under review, no significant and material renewable and clean energy projects including Wind,
orders were passed by the regulators or courts or Solar, Biomass, Hydropower and other such projects
tribunals impacting the going concern status and Bank’s
operation in future. Process for Evaluation and Selection of Eligible
Projects: The Bank’s process starts with interactions
DISCLOSURES UNDER GREEN INFRA BONDS with potential borrowers to understand the overall
Green bonds have emerged as a mainstream financing aspects of the project. The evaluation moves to
mechanism for providing structured finances to vital clean documentation and appraisal of projects as per
energy and are playing a pivotal role in realization of India’s Bank’s policies and confirmation of the eligibility
renewable energy potential. Since the maiden issuance by for Green Bonds
YES BANK, the Green Bonds market has witnessed a steady
growth. Driven by its commitment on mainstreaming Management of Proceeds: Green Bond allocations
green finance, YES BANK has issued three green bonds, to eligible projects are tracked by the Bank through
out of which two green bonds are outstanding as of an MIS based system. The unallocated proceeds, if
March 31, 2024: any, are placed in liquid instruments
February 2015: YES BANK issued India’s first-ever

Reporting: The Bank’s communication to investors
Green Infrastructure Bonds, raising an amount of through an annual update includes:
` 1,000 crore (bearing ISIN: INE528G08279). This
List of projects to which proceeds have been
10 year tenor bond witnessed strong demand from
allocated to, with brief description including
leading investors including Insurance companies,
amounts disbursed, installed capacity
Pension & Provident Funds, Foreign Portfolio
Investors, New Pension Schemes and Mutual Funds Qualitative/Quantitative potential impacts
associated with projects
A
ugust 2015: YES BANK raised ` 315 crore through
Information on investment of unallocated
the issue of Green Infrastructure Bonds (bearing ISIN
proceeds in liquid instruments
INE528G08295) to International Finance Corporation
on a private placement basis. The bonds are for a
tenor of 10 years.
251
Impacts
Through financing solar and wind power plants, these bonds strengthen India’s energy security while reducing fossil fuel
dependency. The financed solar and wind projects help in climate change mitigation with avoidance of emissions of CO2,
SO2, NOx and other air pollutants associated with fossil fuel-based energy generation. Estimated CO2 emission avoidances
are shared along with project details.
List of projects against which outstanding green bond proceeds have been allocated as on March 31, 2024 is
provided below:
Proceeds utilization against Bond Issuance Size of ` 1,000 crore (February 2015)
Sr. Project Location Description Total Fund Based Attributed Estimated*
No Utilization, ` crore (as positive E&S impacts –
on March 31, 2024) Annualized potential
CO2 Emission
Avoidance (tCO2 / yr)
1 Maharashtra 10 MW wind energy project 4.913 1,087
2 Gujarat 8.75 MW wind energy project 2.143 130
3 Andhra Pradesh/ 105 MW wind energy project in Andhra Pradesh and 201.870 51,298
Rajasthan 50.4 MW in Rajasthan
4 Maharashtra 15.5 MW solar energy project 60.753 18,973
5 Gujarat 18.34 MW solar energy project and 17.60 MW wind 153.840 48,681
energy project
6 Rajasthan 4.8 MW solar energy project 28.198 1,541
7 Gujarat 5 MW solar energy project and 4.4 MW wind energy 50.107 15,248
project
8 Gujarat 6.67 MW solar energy project and 6.60 MW wind 71.284 23,416
energy project
9 Rajasthan 300 MW solar energy project 426.892 148,762
*The attributed CO2 emission avoidance for individual projects have been calculated based on the methodology outlined in the document
‘PCAF (2022). The Global GHG Accounting and Reporting Standard Part A: Financed Emissions. Second Edition’ and ‘CO2 Baseline Database
for the Indian Power Sector User Guide Version 19.0 dated December 2022’ (published by the Central Electricity Authority of India) along
with other relevant factors such as project PLF/CUF estimates, installed project capacity, resultant annual unit generation etc.
The temporary unallocated proceeds (` 315 crore of ANNUAL RETURN

` 315 crore bond issued in August 2015) are allocated Pursuant to Section 92(3) and Section 134(3)(a) of the
in Government Securities and will be allocated back to
Companies Act, 2013, the Bank has placed a copy of
eligible projects, when available.
the Annual Return in the prescribed Form MGT-7 as at
March 31, 2024 on its website at https://www.yesbank.
The independent verification statement issued by DNV
Business Assurance India Private Limited is attached in/about-us/investors-relation/financial-information/
herewith as Annexure 4. annual-reports.
CONSERVATION OF ENERGY, TECHNOLOGY COMPLIANCE WITH SECRETARIAL STANDARDS

ABSORPTION AND FOREIGN EXCHANGE The Board of Directors affirm that the Bank has complied
EARNINGS AND OUTGO with the applicable Secretarial Standards issued by
The disclosures required to be made under Section 134(3) the Institute of Company Secretaries of India SS-1 and
(m) of the Companies Act, 2013 read with Rule 8(3) of the SS-2 respectively relating to Meetings of the Board, its
Companies (Accounts) Rules, 2014 on the conservation Committees and the General Meetings.
of energy, technology absorption and Foreign exchange
earnings and outgo are given in Annexure 5.

PREVENTION OF SEXUAL HARASSMENT OF DIRECTORS’ RESPONSIBILITY STATEMENT

WOMEN AT THE WORKPLACE Pursuant to the requirement under Section 134(5) of the
The Bank has no tolerance towards any act on the part of Companies Act, 2013, it is hereby confirmed that:
any employee which may fall under the ambit of ‘Sexual (a) in the preparation of the annual accounts, the
Harassment’ at workplace and is fully committed to uphold applicable accounting standards had been
and maintain the dignity of every woman working in the followed along with proper explanation relating to
Bank. The Policy regarding Prevention & Prohibition of material departures;
Sexual Harassment at Workplace provides for protection
(b) the Directors had selected such accounting policies
against sexual harassment of women at workplace and
and applied them consistently and made judgements
for prevention and redressal of complaints. The Bank
and estimates that are reasonable and prudent so
forewarns its employees from indulging in any unwelcome as to give a true and fair view of the state of affairs of
acts or behaviour, which could be construed as sexual the Bank at the end of the financial year and of the
harassment, either directly or impliedly. Such acts shall be profit of the Bank for that period;
treated as a serious misconduct under the Bank’s Code
(c) the Directors had taken proper and sufficient care
of Conduct and would be dealt with utmost seriousness
for the maintenance of adequate accounting records
with regard to imposition of punishment, if found guilty.
in accordance with the provisions of the Companies
Additionally, in its endeavor to spread awareness on the
Act, 2013 for safeguarding the assets of the Bank
aforementioned policy and ensure compliance by all the and for preventing and detecting fraud and other
employees, the Bank has implemented a plan of action irregularities;
to disseminate the information and train the employees
on the policy under the ambit of ‘Gender Respect and (d) the Directors had prepared the annual accounts on a
going concern basis;
Commitment to Equality’ (“GRACE”) programme.
(e) the Directors, had laid down internal financial
The Bank has complied with provisions relating to the controls to be followed by the Bank and that such
constitution of Internal Committee under the Sexual internal financial controls are adequate and were
Harassment of Women at Workplace (Prevention, operating effectively; and
Prohibition and Redressal) Act, 2013 (POSH). (f) the Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws
Number of cases filed and their disposal under Section 22 and that such systems were adequate and
of the POSH is as follows1: operating effectively.
Particulars No. of ACKNOWLEDGEMENT

Complaints Your Directors take this opportunity to express their deep
Number of Complaints carried forward from last 06 and sincere gratitude to the customers of the Bank for
year (FY2022-2023) their confidence and patronage, as well as to the Reserve
Number of Complaints filed during the Financial 23
Bank of India, Securities and Exchange Board of India,
Year (FY2023-2024)
Government of India, and other Regulatory Authorities for
Number of Complaints disposed of during the 25
their cooperation, support and guidance. Your Directors
Financial Year (FY2023-2024)
would like to express a deep sense of appreciation for the
Number of Complaints pending as on the end 04*
commitment shown by the employees in supporting the
of the Financial Year (FY2023-2024)
Bank. We would also like to thank all our valued partners,
*The investigation and action for these cases will be completed vendors and stakeholders who have played a significant
within the stipulated timelines. role in continuing to support the Bank.
For and on behalf of the Board of Directors

YES BANK Limited
Prashant Kumar Rama Subramaniam Gandhi

Place: Mumbai Managing Director & CEO Chairman
Date: May 17, 2024 (DIN: 07562475) (DIN: 03341633)
GRI 2-16
1
253
Annexure 1
THE DETAILS OF MANAGERIAL REMUNERATION AND EMPLOYEE REMUNERATION UNDER SECTION
197(12) OF THE COMPANIES ACT, 2013
The ratio of the remuneration of each Director to the median employee’s remuneration and other details in terms of
sub-section 12 of Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:
1. The ratio of the remuneration# of each Director to the median remuneration of the employees for the
financial year; and
2. Percentage increase in remuneration# of each Director, Chief Financial Officer, Chief Executive Officer,
Company Secretary or Manager, if any, in the financial year:
Directors/KMPs Designation Ratio to median % Increase in

remuneration remuneration
of employees
Mr. Rama Subramaniam Gandhi1 Non-Executive Part Time Chairperson, 7.1x -
Mr. Atul Malik Independent Director 8.2x -
Ms. Rekha Murthy Independent Director 5.6x -
Mr. Sharad Sharma Independent Director 5.6x -
Mr. Sandeep Tewari Nominee Director of State Bank of India 4.5x -
Mr. Thekepat Keshav Kumar Nominee Director of State Bank of India 6.2x -
Mr. Sadashiv Srinivas Rao Independent Director 6.3x -
Ms. Nandita Gurjar Independent Director 3.6x -
Mr. Sanjay Kumar Khemani Independent Director 4.5x -
Mr. Sunil Kaul2 Non Executive Director - -
(Nominee of CA Basque Investments)
Ms. Shweta Jalan2 Non Executive Director - -
(Nominee of Verventa Holdings Limited)
Mr. Prashant Kumar3 Managing Director & CEO 47.5x 8.7%
Mr. Rajan Pental4 Executive Director 51.8x -
Mr. Niranjan Banodkar Chief Financial Officer NA 12.6%
Mr. Shivanand R. Shettigar Company Secretary NA 9.9%
3. The percentage increase in the median remuneration of employees in the financial year:
The median remuneration of the employees in the financial year was increased by 13.97%. For the calculation of %
increase in Median Remuneration only employees who were in employment for the whole of financial year 2023-24
have been considered. Employees who were not eligible for increment have been excluded.
4. The number of permanent employees on rolls of the Bank:

There were 28,001 employees as at March 31, 2024.
5. Average percentiles increase already made in the salaries of employees other than the managerial
personnel in the last financial year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any exceptional circumstances for
increase in the managerial remuneration:
Average remuneration increase for non-managerial personnel of the Bank during the financial year 2023-24 was
14.80% and average remuneration increase for managerial personnel of the Bank during the financial year 2023-24
was 7.21%. For the calculation of average remuneration increase of non-managerial personnel only employees who
were in employment for the whole of financial year 2023-24 have been considered. Employees who were not eligible
for increment have been excluded.

6. Affirmation that the remuneration is as per the remuneration policy of the Bank:
Yes.
Notes:
I. #Remuneration includes Fixed Pay + Performance Bonus paid during the year + perquisite value as calculated under
the Income Tax Act, 1961. Remuneration does not include value of Stock Options.
II. 1
Remuneration to Mr. Rama Subramaniam Gandhi in the FY 2023-24, consists of following:
i. Fixed remuneration paid during FY 2023-24 for the FY 2022-23, as per limits prescribed under the RBl Circular
dated April 26, 2021 on Corporate Governance in Banks - Appointment of Directors and Constitution of
Committees of the Board and the relevant resolution passed by the Members of the Bank at the Eighteenth
Annual General Meeting.
ii. Sitting fees for attending meetings held during FY 2023-24, of the Board/Committees/Independent Directors.
iii. Fixed remuneration paid for FY 2023-24 in capacity of Non-Executive Part-time Chairman, as approved by the
Board and the RBI, within the limit approved by the members of the Bank.
III. 2Mr. Sunil Kaul and Ms. Shweta Jalan have waived their right to receive sitting fees for attending the Board/Board
Level Committee Meetings of the Bank and remuneration as entitled in terms of extant Acts/Regulations/Board
Remuneration Policy of the Bank, during their tenure as Director of YES BANK Limited.
IV. The remuneration of the Non-executive Director (other than the Non-Executive Part-time Chairman) of the Bank, for
FY 2023-24, comprises:
(i) compensation in the form of fixed remuneration as per limits prescribed under the RBl Circular dated April 26,
2021 on Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the
Board and the relevant resolution passed by the Members at the Eighteenth Annual General Meeting; and
(ii) Sitting fees for attending meetings held during FY 2023-24, of the Board/Committees/Independent Directors.
V. During the FY 2023-24 and FY 2022-23, fixed remuneration for FY 2022-23 and fixed remuneration for FY 2021-22,
was paid to Non-Executive Directors respectively on proportionate basis. Accordingly, Non-Executive Directors who
were on the Board of the Bank for the partial period of FY 2022-23 or FY 2021-22, the percentage increase is not
given since the fixed remuneration received is only for the part of the year(s).
VI. 3
Remuneration in case of Managing Director & CEO is regulated by RBI guidelines and is paid post approval of RBI.
VII. 4Remuneration in case of Executive Director is regulated by RBI guidelines and is paid post approval of RBI. Mr. Rajan
Pental has been appointed as Executive Director of the Bank from February 2, 2023. Accordingly, the percentage
increase is not given since the fixed remuneration for Executive Director role was received only for part of the
year, FY 2022-23.
255
Annexure 2
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1.
A BRIEF OUTLINE OF THE BANK’S CSR POLICY, INCLUDING OVERVIEW OF PROJECTS
UNDERTAKEN:
YES BANK’s CSR POLICY:
YES BANK aims to contribute towards nation building and make a meaningful and measurable impact in people’s
lives. The Bank’s CSR Policy outlines the approach and direction given by the Board of Directors, taking into account
recommendations of the Corporate Social Responsibility and Environmental, Social & Governance Committee and
includes guiding principles for selection, implementation and monitoring of corporate social responsibility activities
as well as formulation of a CSR annual action plan.
APPROACH TOWARDS CSR:

The Bank’s approach to CSR aligns with Section 135 of The Companies Act, 2013 and is in accordance with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from time to time. YES BANK undertakes
CSR initiatives to:
Promote principles of social responsibility and inclusive growth through awareness and support
Strengthen the trust of its stakeholders, including society at large
Establish the Bank as a responsible corporate citizen
YES BANK’s FOCUS AREAS UNDER CSR:

The Bank undertakes CSR activities that focus on 3Es:
Employability
Entrepreneurship
Environment Sustainability
2.
COMPOSITION OF CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL SOCIAL &
GOVERNANCE COMMITTEE (“CSR&ESGC”):
The Composition of the CSR&ESGC as at March 31, 2024 is as under:
Sl. Name of Director Designation/Nature of Number of meetings Number of meetings

No. Directorship of CSR&ESG Committee of CSR&ESG Committee
held during the year attended during the year
1 Ms. Rekha Murthy Chairperson, Independent Director 3 3
2 Mr. Sadashiv Srinivas Rao Member, Independent Director 3 3
3 Ms. Nandita Gurjar Member, Independent Director 3 3
4 Ms. Shweta Jalan Member, Non-Executive Director 3 2
5 Mr. Rajan Pental Member, Executive Director 3 3
During FY 2023-24, three (3) meetings of the Corporate Social Responsibility and Environmental, Social and
Governance Committee were held on May 11, 2023 , July 14, 2023 and February 09, 2024.
3. PROVIDE THE WEB-LINK WHERE COMPOSITION OF CSR&ESG COMMITTEE, CSR POLICY AND CSR
PROJECTS APPROVED BY THE BOARD ARE DISCLOSED ON THE WEBSITE OF THE COMPANY:
a) For composition of the Committee: https://www.yesbank.in/about-us/our-team
b) For Policy: https://www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy

c) For CSR Projects: In terms of Section 135(5) of the Companies Act, 2013 the average net profit was negative and
the Bank was not required to spend on any CSR Project in FY 2023-24. Therefore, the Bank was not required to
approve and display any projects under Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014.
However, a total CSR expenditure of ` 10.5 crore was incurred by the Bank in FY 2023-24, of which ` 10 crore
was towards programmes and ` 50 lakh was towards administrative overheads. The link for the CSR Annual
Action Plan for this excess spending: https://www.yesbank.in/pdf/ybl_csr_annual_action_plan_FY_2023_24
4. PROVIDE THE DETAILS OF IMPACT ASSESSMENT OF CSR PROJECTS CARRIED OUT IN PURSUANCE
OF SUB- RULE (3) OF RULE 8 OF THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY)
RULES, 2014, IF APPLICABLE:
Not applicable
5. (a) Average net profit of the company as per sub-section (5) of section 135 – There was no net profit available as
per sub-section (5) of Sec. 135
(b) Two percent of average net profit of the company as per sub-section (5) of section 135 - NIL
(c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years - NIL
(d) Amount required to be set-off for the financial year, if any – NIL
(e) Total CSR obligation for the financial year [(b)+(c)-(d)] – NIL
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) – ` 10 crore
(b) Amount spent in Administrative Overheads – ` 50 lakh
(c) Amount spent on Impact Assessment, if applicable – Not applicable
(d) Total amount spent for the Financial Year [(a)+(b)+(c)] – ` 10.5 crore
(e) CSR amount spent or unspent for the Financial Year: Not applicable
Total Amount Amount Unspent (in `)

spent for Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial year CSR Account as per Section 135(6) Schedule VII as per second proviso to Section 135(5)
Amount. Date of transfer Name of the Amount Date of transfer
Fund
` 10.5 crore Nil Not Applicable Not Applicable Nil Not Applicable
(f) Excess amount for set-off, if any:
Sl. Particular Amount

No. (in ` crore)
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 ` 0.0
(ii) Total amount spent for the Financial Year ` 10.5
(iii) Excess amount spent for the Financial Year [(ii)-(i)] ` 10.5
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous Financial ` 0.0
Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] ` 10.5
257
7.
DETAILS OF UNSPENT CORPORATE SOCIAL RESPONSIBILITY AMOUNT FOR THE PRECEDING
THREE FINANCIAL YEARS:
1 2 3 4 5 6 7 8
Sl. Preceding Amount Balance Amount Amount transferred Amount Deficiency,
No. Financial transferred to Amount in Spent to a Fund as specified remaining if any
Year(s) Unspent CSR Unspent CSR in the under Schedule VII as to be
Account under Account under Financial per second proviso spent in
sub- section (6) sub-section (6) Year (in `) to sub- section (5) of succeeding
of section 135 of section 135 section 135, if any Financial
(in `) (in `) Amount Date of Years (in `)
(in `) Transfer
1 FY-1
2 FY-2 Not Applicable
3 FY-3
8. WHETHER ANY CAPITAL ASSETS HAVE BEEN CREATED OR ACQUIRED THROUGH CORPORATE
SOCIAL RESPONSIBILITY AMOUNT SPENT IN THE FINANCIAL YEAR:
Yes No
If Yes, enter the number of Capital assets created/ acquired - Not Applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year:
Sl. Short particulars of the Pin code Date of Amount Details of entity/ Authority/ beneficiary of
No. property or asset(s) of the creation of CSR the registered owner
[including complete address property amount
and location of the property] or asset(s) spent
(1) (2) (3) (4) (5) (6)
Not Applicable CSR Name Registered
address
Registration Not Applicable
Number,
if applicable
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit
as per subsection (5) of section 135. – Not Applicable
Prashant Kumar Rekha Murthy

Managing Director & CEO Chairperson of Committee
(DIN: 07562475) (DIN: 07825183)
Date: May 17, 2024

Annexure 3
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED March 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]
To, (i) Complied with the statutory provisions listed

The Members, hereunder; and
YES BANK LIMITED
(ii) Board processes and compliance mechanisms are in
YES BANK HOUSE,
place to the extent, in the manner and subject to the
Off Western Express Highway,
reporting made hereinafter.
Santacruz East,
Mumbai - 400055
1.
COMPLIANCE WITH SPECIFIC STATUTORY
PROVISIONS
We have conducted the Secretarial Audit of the compliance
of applicable statutory provisions and the adherence to We further report that:
good corporate practices by YES Bank Limited having 1.1 We have examined the books, papers, minutes books,
CIN: - L65190MH2003PLC143249 (hereinafter called “the forms and returns filed and other records maintained
Bank”) for the financial year ended on March 31, 2024 (the by the Bank during the year in terms of the applicable
“Audit Period”/ “Period under review”/ “Review Period”). provisions / clauses of:
(i) The Companies Act, 2013 (“the Act”) and the
We conducted the Secretarial Audit in a manner that
Rules made thereunder;
provided us with a reasonable basis for evaluating the
Bank’s corporate conducts/ statutory compliances and for (ii) The Securities Contracts (Regulation) Act, 1956
expressing our opinion thereon. (“SCRA”) and the Rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations
We are issuing this report based on:
and Bye-laws framed thereunder;
(i) Our verification of the Bank’s books, papers, minutes
books, forms and returns filed, records provided (iv) Foreign Exchange Management Act (“FEMA”),
through virtual data room/physically and other 1999 and the Rules and Regulations made
records maintained by the Bank; thereunder to the extent applicable.
(ii) Compliance certificates confirming compliance with (v) The following Regulations and Guidelines
corporate laws as applicable to the Bank given by prescribed under the Securities and Exchange
the Key Managerial Personnel / Senior Managerial Board of India Act, 1992 (“SEBI Act”)
Personnel of the Bank and taken on record by its (a) The Securities and Exchange Board of
Audit Committee / Board of Directors; and India (Substantial Acquisition of Shares and
(iii) Representations made, documents produced and Takeovers) Regulations, 2011;
information provided by the Bank, its officers, agents (b) The Securities and Exchange Board of
and authorized representatives during our conduct India (Prohibition of Insider Trading)
of Secretarial Audit. Regulations, 2015*;
We hereby report that, in our opinion, during the Audit (c) The Securities and Exchange Board of India
Period covering the financial year ended on March 31, (Share Based Employee Benefits and Sweat
2024, the Bank has: Equity) Regulations, 2021;
259
(d) Securities and Exchange Board of India 19th Annual General Meeting (AGM) held
(Listing Obligations and Disclosure on 18th August, 2023 and a Postal Ballot
Requirements) Regulations, 2015; conducted by the Bank which concluded
on 28th March, 2024. The compliance of
(e) Securities and Exchange Board of
India (Depositories and Participants) the provisions of the Rules made under the
Regulations, 2018; Act with regard to participation of Directors
through video conferencing for the Board/
(f) The Securities and Exchange Board of India Committee meeting(s) held during the audit
(Registrars to an Issue and Share Transfer period, were verified based on the minutes
Agents) Regulations, 1993 regarding the of such meetings as provided by the Bank.
Companies Act and dealing with clients;
(g) The Securities and Exchange Board of 1.3 During the audit period, provisions of the following
India (Issue and Listing of Non-Convertible Acts /Regulations were not applicable to the Bank:
Securities) Regulations, 2021; (i) Foreign Exchange Management Act, 1999 and
(h) The Securities and Exchange Board of India the rules and regulations made thereunder to
(Merchant Bankers) Regulations, 1992; the extent of Overseas Direct Investment and
External Commercial Borrowings.
(i) The Securities and Exchange Board of India
(Bankers to an Issue) Regulations, 1994 (ii) The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2009; and
* The Bank has also maintained a Structured Digital
Database (“SDD”) pursuant to the requirements of (iii) The Securities and Exchange Board of India
Regulation 3 (5) and 3 (6) of Securities and Exchange (Buyback of Securities) Regulations, 2018.
Board of India (Prohibition of Insider Trading)
Regulations, 2015. (iv) The Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements)
(vi) Secretarial Standards relating to meetings of Regulations, 2018;
Board of Directors and General Meetings issued
by The Institute of Company Secretaries of 1.4 We have also examined, on test-check basis, the
India (Secretarial Standards) and notified by the relevant documents and records maintained by the
Central Government under Section 118 (10) of Bank and provided to us with respect to the following
the Act which have mandatory application. Statutes which are applicable to the Bank:
(i) The Banking Regulation Act, 1949 (the “BR Act”);

1.2 During the period under review:
(ii) The Yes Bank Limited Reconstruction Scheme,
(i) The Bank has complied with all the applicable
2020 (“the Scheme”) notified vide gazette no.
provisions of all the aforesaid Acts, Rules,
Regulations, Guidelines and Secretarial G.S.R. 174(E) dated March 13, 2020 by the
Standards as mentioned above. Ministry of Finance, Govt.of India;
(ii) Generally complied with the applicable (iii) The IRDAI (Registration of Corporate Agents)
provisions / clauses of: Regulations, 2015.
(a) FEMA to the extent of its applicability (iv) Directions/Circulars issued by the Reserve Bank
to the Bank. of India from time to time on various matters
impacting the operations of the Bank.
(b) The Secretarial Standards on meetings
of Board of Directors (SS-1) and on
2. BOARD PROCESSES OF THE BANK:
General Meetings (SS-2) mentioned under
paragraph 1.1 (vi) above, which were We further report that:
applicable to the meetings of the Board of 2.1. During the Audit Period, there were no changes in
Directors, Committees constituted by the the composition of the Board of Directors and Key
Board held during the audit period, the Managerial Personnel of the Bank.

2.2.
The Board of Directors of the Bank as on (i) Decisions were taken through the majority
March 31, 2024 comprised of: of the Board; and
i. Two Executive Directors - (ii) In respect of certain matters, some of the
members of the Board have expressed
Mr. Prashant Kumar (DIN - 07562475) who
their dissent and the same has been duly
is the Managing Director and CEO;
recorded in the minutes of the respective
Mr. Rajan Pental (DIN - 08432870) who is Meetings of the Board.
the Executive Director.
3. COMPLIANCE MECHANISM
ii. Four Non-Executive Non-Independent Directors - There are reasonably adequate systems and
Mr. Sandeep Tewari (DIN - 09623300); processes prevalent in the Bank, which are
commensurate with its size and operations, to
Ms. Shweta Jalan (DIN - 00291675); monitor and ensure compliance with all applicable
Mr. Sunil Kaul (DIN - 05102910); laws, rules, regulations and guidelines.
Mr. Thekepat Keshav Kumar 4. SPECIFIC EVENT(S) / ACTION(S)

(DIN - 09623382).
During the period under review as also considering
iii. Seven Non-Executive Independent Directors, the period till the date of issuance of this report, the
including two Women Independent Directors - following specific event(s)/action(s), having a major
bearing on the Bank’s affairs have taken place: -
Mr. Atul Malik (DIN- 07872539);
Ms. Nandita Gurjar (DIN - 01318683); 4.1. The Board of Directors at its meeting held on 12th May,
2023 has recommended Alteration in the Articles
Mr. Rama Subramaniam Gandhi of Association (“AOA”) of the Bank in compliance
(DIN - 03341633); with SEBI (Issue and Listing of Non-Convertible
Ms. Rekha Murthy (DIN - 07825183); Securities) Regulations, 2021 (‘NCS Regulations’) as
amended vide its notification dated February 2, 2023.
Mr. Sadashiv Srinivas Rao (DIN - 01245772);
The shareholders have approved the alteration,
Mr. Sanjay Kumar Khemani (DIN - 00072812); by way of special resolution at the AGM held on
18th August, 2023 and the following new clause No.
Mr. Sharad Sharma (DIN - 05160057).
111B after clause no. 111A has been inserted in the
2.2 Adequate notice(s) with Agenda and the detailed notes AOA of the Bank:
to Agenda of at least seven days before the dates of
the meetings were given to all the directors to enable 111B Notwithstanding anything contained in these
them to plan their schedule for the meetings of the Articles, in case of default in payment of interest
Board and the Committees constituted by the Board, or repayment of principal amount due on the
and where the meetings were held at shorter notice, Unsecured Non-Convertible Securities issued by the
due compliance was ensured, as required under the Company, the Board shall be obliged to appoint the
Act and the Secretarial Standard on meetings of the person nominated by the Debenture Trustee(s), as a
Board of Directors.
Director on its Board within one month from date of
receipt of nomination from the Debenture Trustee(s)
2.3 A system exists for directors to seek and obtain or such other date as may be applicable from time to
further information and clarifications on the agenda time, after necessary due diligence of the candidature
items before the meetings and to ensure their of the person so nominated. Any provision regarding
meaningful participation at the meetings. share qualification, shall not apply to such person(s)
nominated by the Debenture Trustee(s).
2.4 We note from the minutes examined during the
course of audit that, at the Board meetings held 4.2. The Board of Directors at its meeting held on
during the year: 23rd June, 2023 has approved the Borrowing/raising
261
of funds in Indian/foreign currency up to an amount Ninety-Eight lakh Eighty Thousand Nine Hundred
of ` 2,500 crore by issue of debt securities including and Nine) fully paid-up equity shares of face value of
but not limited to non-convertible debentures, ` 2/- each to CA Basque Investments (“Equity Shares”)
bonds, Medium Term Note (MTN) etc. in terms of pursuant to exercise of 127,98,80,909 (One Hundred
Sections 42, 71 and other applicable provisions of Twenty-Seven Crore Ninety-Eight lakh Eighty Thousand
the Companies Act, 2013 read with Rules thereunder, Nine Hundred and Nine) share warrants allotted to
SEBI (Issue and Listing of Non-Convertible Securities) CA Basque Investments on December 13, 2022 at
Regulations, 2021, the SEBI Listing Regulations and a price of ` 14.82 per share warrant (“Warrants”).
other applicable laws, if any, which is subject to The Bank is in receipt of the remaining consideration
necessary approvals from shareholders/ regulators, for the Warrants (being an amount equivalent to 75%
as applicable. The shareholders have approved of the exercise price of the Warrants of ` 14.82 per
Borrowing/raising of funds by way of special Warrant), aggregating to ` 1,422,58,76,303/- (Rupees
resolution at the Annual General Meeting (“AGM”) One Thousand Four Hundred Twenty-Two Crore
held on 18th August, 2023. Fifty-Eight lakh Seventy-Six Thousand Three Hundred
and Three only).
4.3. The Bank has, on 28th September, 2023, acquired
further 1,79,37,200 equity shares of ` 10 each at Pursuant to the above allotment of the Equity Shares,
a premium of ` 45.75 per share, of YES Securities the total issued and paid-up share capital of the Bank
(India) Limited, a wholly owned subsidiary of the Bank stands increased to the extent, number of equity
(“YSIL”), for an amount aggregating to ` 99,99,98,900 shares allotted CA Basque Investments.
under a Rights Issue. Percentage of holding
post-acquisition of further shares in YSIL by the Bank 4.7. In the matter of the write-off of AT-1 Bonds by the
continues to be 100%. Reserve Bank of India aggregating to ` 8,415 crore.
Multiple writ petition(s) were filed before the Hon’ble
4.4. The Board of Directors at its meeting held on Bombay High Court challenging the write down of
27th January, 2024 accorded its approval for transfer AT-1 Bonds. The Hon’ble Bombay High Court ("BHC")
of the Investment Banking and Merchant Business vide judgment dated January 20, 2023 has set aside
from Yes Securities (India) Ltd., to Yes Bank Limited the Stock Exchange Intimation and decision of the
for an overall consideration of ` 2.06 crore and this Bank to write down AT-1 Bonds. Aggrieved by the
has been made effective from January 1, 2024. said Judgment of the Hon’ble BHC, the Bank had
filed Special Leave Petition(s) (“SLPs”) before the
4.5. The Bank has received approval on 14th March, Hon’ble Supreme Court of India (“Supreme Court”)
2024 from the National Payments Corporation of challenging the decision of the Hon’ble BHC and the
India (“NPCI”) for enabling transition of following SLPs were listed for admission. After hearing the
payments services managed by Paytm Payments relevant parties, the Hon’ble Supreme Court vide its
Bank Limited (PPBL): Order dated March 03, 2023 has extended the stay
granted by the Hon’ble BHC and the same shall be
i. Paytm UPI App (owned by One97 Communication
subject to the final orders of the Hon’ble Supreme
Ltd - OCL) - UPI consumer application;
Court which are pending as on the date of this Report.
ii. UPI collection for Offline Merchant Acquiring via
OCL and Online Merchants via Paytm Payment Separately, the Securities and Exchange Board of
Service Pvt Ltd (PPSL). India (“SEBI”) had issued a show cause notice dated
October 28, 2020 to the Bank and its Officials in terms
4.6.
The Board of Directors of the Bank on April 21, of Rule 4 of the SEBI (Procedure for Holding Inquiry
2024, has considered and approved the allotment and Imposing Penalties by Adjudicating Officer) Rules,
of 127,98,80,909 (One Hundred Twenty-Seven Crore 1995 read with Section 151 of SEBI Act and to inquire

into and adjudge under Section 15HA of the SEBI 4.8. The Bank has allotted 1,31,06,772 Equity Shares of
Act 1992 for the alleged violation of the provisions face value of ` 2/- (Rupees Two Only) each, to eligible
of Section 12A (b) and 12A (c) of the SEBI Act and employees, in pursuance of the YBL ESOS-2020
Regulation 3(a), 3(c), 3(d), 4(1) and 4 (2) (s) of SEBI Scheme of the Bank during the period under review.
(Prohibition of Fraudulent and Unfair Trade Practices
relating to Securities Market) Regulations, 2003 For BNP & Associates
read with Explanation (1) to Regulation 4 (2) of said Company Secretaries
regulations for the alleged mis-selling of Additional [Firm Regn. No. P2014MH037400]
Tier 1 Bonds (“AT-1 Bonds”) in the secondary market. [PR No.: 637/2019]
SEBI vide its Order dated April 12, 2021 imposed a
penalty of ` 25 Crore against the Bank under Section Kalidas Ramaswami
15 HA of SEBI Act, 1992 for the same. Aggrieved by Partner
the above-mentioned SEBI order, the Bank and other FCS No.: F2440 COP No.: 22856
noticee(s) had preferred separate Appeal(s) before UDIN: F002440F000258696
the Hon’ble Securities Appellate Tribunal, Mumbai
(“SAT”). On May 18, 2021 SAT heard the appeals Date: April 27, 2024
and was pleased to stay the effect and operations Place: Mumbai
of SEBI order dated April 12, 2021. After multiple
adjournments, the Appeal(s) have been listed for The members are requested to read this report along with our
hearing on a future date. letter of even date annexed to this report as Annexure-A.
263
Annexure A to the Secretarial Audit Report for the financial year ended March 31, 2024
To,
The Members,
YES BANK LIMITED
YES BANK HOUSE,
Santacruz East,
Mumbai - 400055
Our Secretarial Audit Report of even date is to be read along with this letter.
1. The Bank’s Management is responsible for maintenance of secretarial records and compliance with the provisions
of corporate and other applicable laws, rules, regulations and standards. Our responsibility is to express an opinion
on the secretarial records produced for our audit.
2. We have followed such audit practices and processes as we considered appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial records.
3. We have considered compliance related actions taken by the Bank based on independent legal /professional opinion
obtained as being in compliance with law.
4. We have verified the secretarial records furnished to us on a test basis to see whether the correct facts are reflected
therein. We have also examined the compliance procedures followed by the Bank. We believe that the processes
and practices we followed, provide a reasonable basis for our opinion.
5. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Bank.
6. We have obtained the management’s representation about the compliance of laws, rules and regulations and
happening of significant events, wherever required.
7. Our Secretarial Audit Report is neither an assurance as to the future viability of the Bank nor of the efficacy or
effectiveness with which the Management has conducted the affairs of the Bank.
For BNP & Associates

Company Secretaries
[Firm Regn. No. P2014MH037400]
[PR No.: 637/2019]
Kalidas Ramaswami
Partner
FCS No.: F2440 COP No.: 22856
UDIN: FOO2440F000258696
Date: April 27, 2024

Place: Mumbai

Annexure 4
265
Page 2 of 7
TABLE OF CONTENTS
Scope and Objectives 3
Responsibilities of the Management of YES Bank and DNV 4
Work Undertaken 4
Opinion 5
Annexure I: Verified Yes Bank Green Bonds Proceeds utilization against
Bond Issuance Size of INR 1,000 Cr (February 2015) 7
Disclaimer
Our assessment relies on the premise that the data and information provided by the client to us as part of our review procedures
have been provided in good faith. Because of the selected nature (sampling) and other inherent limitation of both procedures and
systems of internal control, there remains the unavoidable risk that errors or irregularities, possibly significant, may not have been
detected. Limited depth of evidence gathering including inquiry and analytical procedures and limited sampling at lower levels in the
organization were applied as per scope of work. DNV expressly disclaims any liability or co-responsibility for any decision a person or
an entity may make based on this Statement.
Statement of Competence and Independence

DNV applies its own management standards and compliance policies for quality control, in accordance with ISO IEC 17029:2019 -
Conformity Assessment - General principles and requirements for validation and verification bodies, and accordingly maintains a
comprehensive system of quality control, including documented policies and procedures regarding compliance with ethical
requirements, professional standards and applicable legal and regulatory requirements. We have complied with the DNV Code of
Conduct1 during the assessment and maintain independence where required by relevant ethical requirements. This engagement
work was carried out by an independent team of sustainabiility assurance professionals. DNV was not involved in the preparation of
statements or data included in the Framework except for this Statement. DNV maintains complete impartiality toward stakeholders
interviewed during the assessment process.
1 DNV Code of Conduct is available from DNV website (www.dnv.com)
Certificate no. DNV-2024-ASR-689420 PRJN- 744218

Page 3 of 7
Scope and Objectives
YES Bank Limited YES Bank has three Green Infrastructure Bonds issuance against
its pool of eligible projects and assets.
1. February 2015: Raised an amount of INR 1000 crore (bearing ISIN INE528G08279) through
leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio
Investors, New Pension Schemes and Mutual Funds
2. August 2015: Raised an amount of INR 315 crore (bearing ISIN INE528G08295) through
International Finance Corporation (IFC) on a private placement basis.
3. December 2016: Raised INR 330 crore (bearing ISIN INE528G08360) through an issue of a 7-
year Green Infrastructure Bonds to the Nederlandse Financierings-Maatschappij voor
Ontwikkelingslanden N.V. (FMO), the Dutch Development Bank, on a private placement basis.
DNV Business Assurance India Pvt notes that the December 2016
bond of INR 330 crore have matured and is therefore not included in this scope/report.
YES Bank has used the proceeds of the Green Bonds to finance the nominated projects and assets
included within the following eligible green project categories as detailed in the YES Bank Green Bonds
Internal Guidelines & Processes (Green Bonds Framework, V9.0, dated 12th ):
Green Bond details Eligible green projects for allocations1

GB1: Issued in February Renewable and clean energy projects, in accordance with Green Bonds
2015 (Institutional Principles including generation from sources such as Wind, Solar,
Investors) (INR 1000 Cr)1
Biomass, Hydropower and other such projects.
GB2: Issued in August Renewable Energy projects, in accordance with the Green Bond
2015 (Private placement Principles. RE resources shall include only solar and wind projects.
by IFC) (INR 315 Cr)2
1
The list of projects in which the Green Bonds Proceeds of February 2015 bond have been utilized is provided in
Annexure I
2
The Green Bonds Proceeds of August 2015 bond are unallocated and decaration for intended investments has been
checked by DNV. Based on the evidence verified, DNV can can confirm that as of April 2024 that the August 2015
tranche has not been allocated. As the disclosure is price sensitive and confidential, same has been not reproduced.
DNV has been commissioned by YES Bank to provide the Quarterly Programmatic Verification of the
Green Bonds as an independent and approved verifier. In addition, DNV Business Assurance India Pvt
Ltd is also approved as validation and verification body as per ISO 17029. Our criteria and information
No assurance is provided regarding the financial performance of the Green Bonds, the value of any
investments in the Green Bond, or the long term environmental benefits of the transactions. Our
objective has been to provide a limited verification for use of proceeds of the funds raised through Green
Bonds in February 2015 and August 2015 as below:
Quarterly third-party verification of the use of proceeds allocated to the eligible Green Projects in
line with the Clause 2.1 of Chapter IX-Green Debt Securities of Operational Circular no
SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (updated as on April 13, 2022).
267
Page 4 of 7
Quarterly third-party verification service of the use of proceeds allocated to the eligible Green
requirements for alignment with four components of GBP.
The Statement is based on information and data covering the period from 01 January 2024 to 31 March
2024.
Responsibilities of the Management of YES Bank and DNV
The management of YES Bank has provided the information and data used by DNV during the delivery of
this review. Our statement represents an independent opinion and is intended to inform YES bank
management and other interested stakeholders in the Green Bonds as to whether the Sector Technical
Criteria identified above have been met, based on the information provided to us. In our work we have
relied on the information and the facts presented to us by YES Bank. DNV is not responsible for any
aspect of the nominated assets referred to in this opinion and cannot be held liable if estimates, findings,
opinions, or conclusions are incorrect as a result of the information or data provided by Yes Bank
management and used as a basis for this assessment not being correct or complete.
Basis of DNV Opinion
DNV has conducted the verification against the requirements of the Green Bond Principles, 2021 and
Clause 2.1 of Chapter IX-Green Debt Securities of Operational Circular no
SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 (updated as on April 13, 2022).
As per our Protocol, the criteria against which the Green Bonds have been reviewed are grouped under
the four Principles:
Principle One: Use of Proceeds. The Use of Proceeds criteria are guided by the requirement
that an issuer of a Green Bond must use the funds raised to finance or refinance eligible activities.
The eligible activities should produce clear environmental benefits.
Principle Two: Process for Project Evaluation and Selection. The Project Evaluation and
Selection criteria are guided by the requirements that an issuer of a Green bond should outline the
process it follows when determining eligibility of an investment using the Green bond proceeds
and outline any impact objectives it will consider.
Principle Three: Management of Proceeds. The Management of Proceeds criteria are guided
by the requirements that a Green bond should be tracked within the issuing organisation and that
a declaration of how unallocated funds will be handled should be made.
Principle Four: Reporting. The Reporting criteria are guided by the recommendation that at
least Sustainability Reporting to the investors should be made of the use of bond proceeds and
that quantitative and/or qualitative performance indicators should be used, where feasible.
Work Undertaken
Our work constituted a high level review of the available information, based on the understanding that
this information was provided to us by YES Bank in good faith. We have not performed an audit or other
tests to check the veracity of the information provided to us. We believe with our professional judgement
that the procedures performed for limited assurance are sufficient and appropriate based on the
supportive evidences. The work undertaken to form our verification opinion included:
Programmatic Verification
Assessment of documentary evidence provided by YES Bank in relation to the Green Bonds, and
supplemented by a high-level desktop research, onsite visit for documentation review and

269
271
Annexure 5
CONSERVATION OF ENERGY, TECHNOLOGY I.
EFFORTS TOWARD TECHNOLOGY ABSORPTION
ABSORPTION AND FOREIGN EXCHANGE AND THE BENEFITS DERIVED
EARNINGS AND OUTGO Our Bank’s technology absorption and strategy
is based on the following broad principles that
A. CONSERVATION OF ENERGY
are in-step with the business strategy.
1. The steps taken or impact on conservation of
energy: 1. Delivering Sustainable and Scalable
In FY 2023-24, the Bank completed its migration to Ecosystem:
100% light-emitting diode (LED) fixtures in all its The Banks Infrastructure / Application and
offices. The Bank is in the process of phasing out air service ecosystem are designed and periodically
conditioning (AC) systems that use ozone depleting evaluated to ensure that they meet the Medium /
coolants and replace ACs that are more than 10 Long term goals as well as deliver to scale with
years old with energy efficient (star rated) systems appropriate levels resilience and availability.
that use eco-friendly coolants, thus reducing its
environmental footprint. This includes employing design principles,
optimizing code for efficiencies and incorporating
2. The steps taken by the Bank for utilising services that are composable for reusable.
alternate sources of energy: Key servicing and system of record platforms are
In line with its commitment to align with the net zero designed with sustainability in mind. This involves
pathways suggested by the UN’s Intergovernmental choosing data centre environments with robust/
Panel on Climate Change, the Bank has pledged to energy efficient and are highly resilient.
reduce Green House Gas emissions (Scope 1 and
Scope 2 emissions) from its operations to net zero by Scalability is a critical consideration in technology
2030. To achieve its net zero target, the Bank plans design and implementation, especially in today’s
to migrate most of its facilities to renewable energy. fast-paced and dynamic digital landscape.
The Bank continuously strives to increase
Currently, the Bank’s corporate office YES BANK
the system’s ability by means of vertical &
House and Fintech Centre at Airoli Navi Mumbai, along
horizontal scaling, architecture optimization
with 43 Branches in Mumbai have been switched to
& data processing framework to manage
renewable energy.
increasing workload, user base and data volume
3. The capital investment on energy conservation while maintaining performance, reliability
equipment: and efficiency.

` 2.98 crore was spent during the current financial 2. Efficiency:
year on energy conservation including AC retrofitting
Efficiency in technology at Bank is a constant
and signage replacements at corporate offices and
and evolving process that involves optimizing
branch locations.
operational workflows, building automation to
achieve maximum output with minimal input
B. TECHNOLOGY ABSORPTION
as also periodically reimaging process to drive
The modern-day technology is objectively driven to process effectiveness and efficiencies.
serve the purpose and it revolves around the strong
foundation of efficacy, efficiency, sustainability, The Bank has embarked upon a prioritised
scalability, agility, compliance, strategic & programme to aggressively implement Robotic
transformation Initiatives and Innovation to deliver an Process Automation (RPA) tools infused with
enhanced customer experience. The Bank objectively AI for key operational workflows. In addition,
works upon these building blocks to deliver better enabling Straight Through Processing (STP)
experience to all our stakeholders. with appropriate checks/balances are being

embedded across the operational and service Cloud security management through industry
lifecycles with integration to Enterprise leading tools. Multiple high priority and focused
risk systems. programmes are underway that is aimed to
further enhance our security posture.
Multiple initiatives across Operations/ Credit/
Technology Operations are underway that 4. Strategic and Transformational Initiatives:
involve streamlining workflows, automating Bank has embarked multiple transformational
repetitive tasks, improving performance. initiatives that are aligned to supporting growth /
driving efficiency or managing technology
Efficiency leads to cost savings, increased obsolescence upon.
productivity and better resource utilization and
allowing businesses to respond with agility to Broad categories of these initiatives include:
market changes and customer demands.
a. Building a customer centric unified
The Bank has adopted the build of driving onboarding programme.
efficiencies through latest tools viz. low code no b. Enabling an AI powered data analytics and
code (Rapid application development) platform next generation enterprise warehouse.
to build software with minimal hand-coding,
using visual interfaces and pre-built components. c. Modernization of core system of records
This promotes collaboration, innovation and and orchestration platforms.
faster time-to-market for software projects. d. Driving API led expansion with partners
across business lines with an ability to drive
3. Governance / Compliance / Security:
a Sandbox led agile integration.
Staying compliant and being secure by design is
e. Modernising the capabilities for the SME
one of our key sustainability focus area.
and Corporate Banking through the build
Being compliant with evolving regulatory out of next generation online & mobile
expectation across system processes / data led capabilities.
storage / customer service enablement is
non-negotiable. As we embark upon multiple strategic initiatives,
the focus is also towards enabling an agile
Bank ensures that its platform/technology delivery ecosystem (DevOps) including testing
solutions adhere to industry-specific compliance and enabling these through automation of
requirements, such as Data localization, processes with adequate checkpoints.
Tokenization, PA DSS or PCI DSS.
5. Innovation - Banking for the future:
Additionally, robust security measures are As a forward-thinking, the Bank constantly
implemented to protect sensitive data and looks to embrace technologies, that are
mitigate cybersecurity risks. next generation and evaluate the ability for
mainstreaming through a structured value
As a part its multi layered governance proposition led evaluation.
process, the maturity of the organisation
technology process / security framework / data As part of the Bank's IT Strategy, it has setup
management is managed through the three an Innovation and Development Center of
layered defense approach. Excellence (CoE) to have self-sufficiency, promote
new technology adoption (AI/Gen AI), scale the
Across its security framework, the Bank deploys development, reduce external dependence.
multiple security capability viz. Distributed denial
of service (DDOS), Database activity monitor Proof of Concepts using Generative AI to
(DAM), System information & event management support customer services across channels are
(SIEM), Data loss prevention (DLP), Identity & currently being developed / tested as a part of
access management (IDAM), Patching tool and the Innovation Center.
273
II. IN CASE OF IMPORTED TECHNOLOGY (IMPORTED DURING THE LAST THREE YEARS RECKONED FROM THE
BEGINNING OF THE FINANCIAL YEAR):
*Details of Technology Imported Year of Whether the if not fully absorbed,

Import Technology areas where absorption
been fully has not taken place and
absorbed the reasons thereof
salesforce.com Singapore Pte Ltd 01-Nov-20 Yes NA
Crowd Computing systems Inc dba WorkFusion 01-Jan-20 Yes NA
Swift SCRL 30-Nov-20 Yes NA
MUREX SOUTHEAST ASIA PTE LTD 15-Sep-20 Yes NA
Adobe Systems Software Ireland LTD 14-Aug-20 Yes NA
Informatica LLC 20-Dec-20 Yes NA
Cornerstone OnDemand International Limited 01-Nov-21 Yes NA
Insightsoftware, LLC 22-Dec-21 Yes NA
MaxxTrader Systems Pte Ltd (Flextrade) 01-Nov-20 Yes NA
Datametica Solutions Inc. 31-May-22 Yes NA
Amrut Software Pvt Ltd (Atlassian Corporation Plc) 25-Jan-24 Yes NA
OutSystems Singapore Pte Ltd 20-Dec-23 Yes NA
Bolero International Limited 04-Aug-23 Yes NA
CSC Corporate Domains, Inc. 22-Aug-23 Yes NA
Technology Nexus International AB 08-Aug-23 Yes NA
SGX FX Systems Singapore Pte. Ltd. 08-Feb-24 Yes NA
APNIC Pty Ltd 01-Jan-24 Yes NA
iValue InfoSolutions Pvt. Ltd. 27-Apr-23 Yes NA
CS INFOCOMM PRIVATE LIMITED 17-Feb-24 Yes NA
*The Bank as a part of its Business Strategy and enhancements of its technological capabilities has done multiple import of
advanced technologies. The imported technologies have been fully absorbed and there are continuous developments being done
on these imports.
III. THE EXPENDITURE INCURRED ON RESEARCH AND DEVELOPMENT: Nil
C. FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the
year in terms of actual outflows.
During the year ended March 31, 2024, the Bank earned ` 9,667.36 million and spent ` 15,747.97 million in foreign
currency. This does not include foreign currency cash flows in derivatives and foreign currency exchange transactions.

YES BANK Limited

Date: May 17, 2024 (DIN: 07562475) (DIN: 03341633)

Corporate Governance Report

(The Report on Corporate Governance for the year ended March 31, 2024)
In compliance with Regulation 34(3) and Clause (C) of During the recent past years, certain Corporate
Schedule V of the Securities and Exchange Board of Governance issues were raised by Stakeholders
India (Listing Obligations and Disclosure Requirements) and Regulators.
Regulations, 2015 (“SEBI LODR”), a Report on Corporate
Governance for the Financial Year 2023-24 is Taking a positive note of such observations, the Bank
presented below: has worked effortlessly to strengthen its governance
and disclosure practices and promises to continue
1.
BANK’S PHILOSOPHY ON CODE OF to be on the progressive path to nourish Corporate
GOVERNANCE1 Governance practices to make it more effective from
At YES BANK, we are driven by a deep purpose and regulatory and market perspective.
relentless commitment to our path to Corporate
Environmental, Social & Governance Rating
Governance. Our differentiated approach to
governance is built on sound governance practices Environmental, Social and Governance (ESG)
based on conscience, openness, fairness, performance refers to the non-financial performance
professionalism, and accountability. This approach of an organisation on crucial issues such as
helps in building confidence of its various stakeholders climate change, environmental sustainability, social
and thereby paving the way for its long-term success. responsibility, ethics, institutional frameworks, and
The Bank believes in sustainable corporate growth that transparency, amongst others.
emanates from the top leadership down through
the organisation to the various stakeholders which Globally, there is an emerging awareness that an
is reflected in its sound financial system, enhanced organisation’s overall performance is linked to
market reputation and improved efficiency. non-financial, yet financially material issues, which
pose significant material risks to long term returns.
Transparency and Accountability are the fundamental This has led to the emergence of ESG, a set of
principles to sound Corporate Governance, which non-financial metrics or parameters, which along
ensures that the organisation is managed and with financial metrics, provide a holistic assessment
monitored in a responsible manner for “creating and of an organisation’s impact on three fronts - Profits,
sharing value”. People and Planet.
The Bank regularly upgrades its systems, policies, YES BANK views the emergence of ESG as an
and processes to meet the demands of a dynamic important development for the corporate sector both
and challenging business environment, providing from an ethical and financial perspective. The Bank
reasonable assurance regarding the maintenance continuously strives to integrate ESG principles into
of proper internal controls and the monitoring of its core business strategy, adopt best practices in
operations, thereby enhancing transparency and ESG and align its business to global frameworks on
accountability. YES BANK is committed to adhere to sustainability such as the United Nation’s Sustainable
highest standards of ethics, transparency, disclosures Development Goals (SDGs), the Paris Climate
and governance and to protect the interest of all its Agreement, and the Principles for Responsible Banking
stakeholders. The Board is focused on ensuring (PRB). The Bank has set up a robust governance
continuous improvements in both Corporate structure for integrating ESG considerations into its
Governance and Risk Controls of the Bank. business by constituting a Board level CSR and ESG
Committee to oversee the Bank’s ESG agenda, and
YES BANK’s Corporate Governance Framework an Executive level Sustainability Council chaired by
ensures that timely disclosures are made and the Managing Director & CEO which oversees the
accurate information is shared regarding the financial implementation of the Bank’s sustainability strategy
performance, operations, material events as well as and performance. The Bank further strengthened its
the leadership and governance of the Bank. ESG governance by including ESG in its a Board level
Committee and renaming the same as CSR & ESG
GRI 2-9
1
275
Committee to oversee the Sustainability Council and Governance Structure1
strengthen the Bank’s ESG performance. YES BANK’s Corporate Governance Structure has
been designed keeping in view of the regulatory
YES BANK continues to disclose its ESG performance and business requirements, which provides
in line with international benchmark disclosure a comprehensive framework to (i) enhance
frameworks such as Global Reporting Initiative (GRI) accountability to shareholders and other
Standards, Integrated Reporting (IR) Framework stakeholders, (ii) ensure timely implementations of
and the recommendations of the Taskforce on the plans and accurate disclosures of all material
Climate-related Financial Disclosures (TCFD). matters, (iii) deal fairly with shareholders and
The Bank has consequently earned a leadership other stakeholder interests, and (iv) maintain high
position in prestigious global ESG ratings. standards of business ethics and integrity.
In FY 2023-24, for the second year in a row, 2. BOARD OF DIRECTORS

YES BANK achieved the highest S&P Global ESG
(a) Composition and Category of Directors1:
score amongst Indian banks based on the S&P
Global Corporate Sustainability Assessment As on March 31, 2024, and as on date of this report,
(CSA) 2023. The Bank’s S&P Global ESG score the Board of the Bank comprises of Thirteen (13)
stood at 74 (out of 100) as of February 16, 2024. Directors including One (1) Non-Executive (Part-time)
The Bank’s S&P Global CSA Score stood at 73 Chairman (Independent Director), One (1) Managing
(out of 100) as of December 1, 2023, reflecting Director & Chief Executive Officer, One (1) Executive
a marked improvement of 5 points over its Director, Six (6) other Independent Directors, Two
score of 68 in 2022. The S&P Global CSA is (2) Non-Executive Nominee Director of State Bank
considered one of the most comprehensive and of India, One (1) Non-Executive Nominee Directors,
granular assessments of an organisation’s ESG Nominee of CA Basque Investments and One (1)
performance, taking into account up to 1,000 Non-Executive Director, Nominee of Verventa
data points on an organisation’s performance Holdings Limited.
across topics such as Climate Strategy,
Operational Eco-Efficiency, Financial Inclusion, The Bank has optimum combination of Executive and
Human Capital Development, Human Rights, Non-Executive Directors with Independent Directors
Corporate Governance, Risk Management, constituting more than one-half of its total strength.
amongst others. The Board is chaired by Non-Executive, Part-time
Chairman, Independent Director and also has
For the second year in a row, YES BANK was rated Three (3) Women Directors, Two (2) of them are
‘A-’ Leadership Band by CDP for its 2023 Climate Independent Directors and One (1) is Non-Executive
Change disclosures, retaining its position as the Director, Nominee of Verventa Holdings Limited.
highest rated Indian Bank for climate disclosures. Accordingly, the composition of the Board is in
CDP annually rates global organisations conformity with the Articles of Association of the
across sectors, based on their climate-related Bank, the applicable provisions of the Companies Act,
performance. YES BANK earned the ‘Leadership 2013, ("the Act") the Banking Regulation Act, 1949,
Band’ (A/ A-) in 9 out of 12 climate-related SEBI LODR as amended, from time to time and other
disclosure categories, including, areas such as applicable laws.
climate governance, emissions reporting (scope
1, 2, and 3), emission reduction initiatives, All the Directors of the Bank are persons of eminence
and effective risk management processes. from diverse fields and bring long banking experience,
The ratings are reported to be accessed by more professionalism, qualification, knowledge, skill sets,
than 18,700 companies and 740+ institutions track record, integrity, expertise and diversity of
with assets worth USD 130+ trillion. experience as required in the banking business and
thereby ensuring the best interest of the stakeholders
YES BANK continues to be an index constituent and the Bank. The responsibilities of the Board
in the FTSE4Good Index Series (since June 2023) inter-alia include ensuring adequate capitalisation,
and features in the MSCI ACWI’s ESG Universal formulation and oversight of overall strategy for the
Index, MSCI ACWI Low Carbon Leaders Index, Bank, taking new initiatives, formulating policies,
ACWI Climate Change Index, among others performance review, monitoring of plans, review of
(as on April 2024). policies and procedures.
GRI 2-9
1

The details of the Board of Directors, their category till date of the Report are as follows1:
Sr. No. Name & DIN of the Director Category

1. Mr. Prashant Kumar Managing Director & Chief Executive Officer
(DIN: 07562475)
2. Mr. Rajan Pental Executive Director
(DIN: 08432870)
3. Mr. Rama Subramaniam Gandhi Non-Executive Part-time Chairman, Independent Director
(DIN: 03341633)
4. Mr. Atul Malik Independent Director
(DIN: 07872539)
5. Ms. Rekha Murthy Independent Director
(DIN: 07825183)
6. Mr. Sharad Sharma Independent Director
(DIN: 05160057)
7. Mr. Sandeep Tewari* Non-Executive - Nominee Director of State Bank of India
(DIN: 09623300)
8. Mr. Thekepat Keshav Kumar* Non-Executive - Nominee Director of State Bank of India
(DIN: 09623382)
9. Mr. Sadashiv Srinivas Rao Independent Director
(DIN: 01245772)
10. Ms. Nandita Gurjar Independent Director
(DIN: 01318683)
11. Mr. Sanjay Kumar Khemani Independent Director
(DIN: 00072812)
12. Mr. Sunil Kaul**^ Non-Executive - Non Independent Director; Nominee of CA Basque
(DIN: 05102910) Investments
13. Ms. Shweta Jalan** Non-Executive - Non Independent Director; Nominee of Verventa Holdings
(DIN: 00291675) Limited
*Period of office made as not liable to retire by rotation by the Board of Directors in its meeting held on June 23, 2023
** Period of office made as liable to retire by rotation by the Board of Directors in its meeting held on June 23, 2023
^Retired and reappointed at the 19th Annual General Meeting of the Bank held on August 18, 2023
Note: As per the clarification received from Reserve Bank of India, the Bank is still under YES BANK Limited Reconstruction Scheme 2020
(“Scheme”) till confirmation is received from Reserve Bank of India that the Bank is out of Scheme. However, the Bank has been ensuring
compliance with the provisions of SEBI LODR on Board composition with regard to minimum number of Independent Directors,
Committee composition with respect to Nomination & Remuneration Committee, Audit Committee, Risk Management Committee,
Stakeholders Relationship Committee and Corporate Social Responsibility & Environmental Social and Governance Committee etc.
Profile of Board of Directors: Prior to joining YES BANK, Mr. Kumar was Deputy
Mr. Prashant Kumar Managing Director & CFO of State Bank of India (SBI),
India’s largest Bank. He served SBI in various capacities
Mr. Prashant Kumar was appointed as Managing
and has a rich experience in diverse fields ranging
Director & Chief Executive Officer of YES BANK post
from credit to human resources. He joined the SBI as
Reconstruction of the Bank in March 2020. He has
Probationary Officer in 1983 and during his 34 years of
been re-appointed in October 2022 for a further
service with SBI, he has held various key assignments
period of 3 years. Under his leadership, the Bank
including Dy. Managing Director (HR) & Corporate
embarked on transformation journey to emerge
Development Officer, Dy. Managing Director & Chief
as a re-energised, recapitalised and recalibrated Operating Officer, Chief General Manager, Kolkata
organisation, while continuing to fulfill its unwavering Circle, General Manager, Local Head Office Mumbai,
commitment towards its customers and stakeholders. DGM (Industrial relations) and faculty in SBI’s Apex
This has been one of the rare instances, where an Training Institute - State Bank Academy, Gurugram.
Indian banking institution has been a real turnaround
from the brink of collapse within an extremely short He holds degree in science and a law from
time frame of just one year. Delhi University.
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277
Mr. Rajan Pental has done his MBA from Indian Institute of Business
Mr. Rajan Pental is an Executive Director at YES Management (1988). He has also completed an
BANK and has joined the Bank in November, 2015. Executive Programme for Development of Strategic
He carries a rich experience of 3 decades, in the Skills from IIM Calcutta in 2004-05.
financial services industry. His portfolio in YES BANK
includes Branch Banking - Retail, Affluent Banking, Mr. Rama Subramaniam Gandhi
NRI Banking, YES Private, Spectrum Banking, Retail Mr. Rama Subramaniam Gandhi is currently a financial
Assets, SME Banking, Rural & Agriculture Banking, sector policy expert and adviser. He advises fintech
Retail Trade & Forex, Third Party Distribution, entities, investors and funds on subjects ranging from
Marketing & Corporate Communication, Corporate financial regulations and Indian economy.
Social Responsibility, Retail Collections, Retail Service
Excellence & Customer Experience, Liabilities Product Besides YES BANK, he is an independent director
Management, Credit Cards, Merchant Acquisition, on the boards of several entities like financial
Banking Operations, Business & Technology Solutions. market, market infrastructure, account aggregator,
information utility and fintech. He is a prolific
Chief Operating Officer, Chief Information Officer, speaker and covers, including these areas, wide
Chief Marketing Officer and Country Heads of Retail range of subjects.
Banking suite report to him. He is also designated as
Non-Executive Director of YES Securities. He was a Deputy Governor of the Reserve Bank of
India for three years from 2014 to 2017. He had
Mr. Rajan is skilled at developing strategies to been a seasoned and accomplished central banker
increase organisational effectiveness and efficiency, for 37 years. He had a three year secondment to the
implementing innovative solutions to streamline Securities and Exchange Board of India (SEBI), the
processes, and driving continuous improvement
capital market regulator. He also held the charge
initiatives. He has been a pioneer in Mobility services
of Director of the Institute for Development and
with technology to create differentiating product and
Research in Banking Technology IDRBT, Hyderabad.
services and has been recognised for these initiatives.
He has a proven track record of successfully leading
He has been associated with various committees,
teams to achieve organisational objectives, increasing
working groups and task forces, both domestic and
profitability and maintaining positive relationships
international. He was one of the initial members of the
with stakeholders. As a Co-Chair for Assocham and
Monetary Policy Committee (MPC). He was a member
part of initiatives led by FICCI, he is passionate about
of the Basle Committee on Banking Supervision
engaging with communities and advancing several
(BCBS) and the Committee on Global Financial
industry initiatives.
Systems (CGFS), Basle.
Mr. Rajan brings with him rich experience in Retail
He has been educated in India and abroad. He has
Banking and building new businesses. He has held
a Master's degree in Economics from the Annamalai
positions of increasing responsibilities in HDFC Bank
University, in Tamil Nadu, India. He also has post
from Jun 2001 to Oct 2015 (14 years). In his last
graduate level certificates in Management Information
role at HDFC Bank he was designated as Business
Head - Secured Loans & Rural Sales (Vehicle Loans System from The American University, Washington
- Retail & Wholesale). Mr. Rajan was instrumental in DC, USA and in Capital Market from the City University
initiating, setting up and institutionalizing the Retail of New York, New York, USA. His technical education
Assets Business for the HDFC Bank in the Northern includes a certificate course in System Programming
region. He has worked extensively in creating and from the IBM Education, Sydney, Australia. He also
executing the Sales and Distribution strategy of has a certificate in Gandhian Thoughts from the
these businesses since inception at HDFC Bank. Madurai University, Tamil Nadu, India.
Mr. Rajan has been associated with Tata Finance,
Esanda Finance & Leasing Ltd (ANZ Grindlays Bank Mr. Atul Malik
Ltd), Escorts Limited and Industrial Chemicals Ltd. He Mr. Atul Malik is a veteran banker with more than 30
is a B.Sc. from Magadh University, Patna (1986) and years of widespread experience.

Mr. Malik is currently a Senior Advisor to TPG for Ms. Murthy is an alumna of Harvard Business School
their financial services portfolio. Previously, he was a and Indian Institute of Management, Bangalore and
Senior Advisor to General Atlantic for their financial holds a Bachelor’s degree in Engineering, Electronics
services portfolio. and Telecommunications from Bangalore University.
Prior to joining General Atlantic, he was the CEO of Mr. Sharad Sharma
Maritime Bank, one of the largest private banks in Mr. Sharad Sharma is a career banker with over
Vietnam, from 2012 to 2015 and a Senior Advisor to forty years of banking experience. He was Managing
Asia Capital & Advisors, a boutique private equity firm,
Director of State Bank of Mysore, from August, 2012
from 2011 to 2012.
to April, 2016, where he was seconded from State
Bank of India (SBI). He joined Union Bank of India as
Between 2007 and 2011, he was the Managing
Probationary Officer (PO) in 1975 before joining SBI in
Director/Regional Head Asia - Private and Business
September, 1977.
Clients of Deutsche Bank with operations covering
India, China and Vietnam. During this period, he
He has held various assignments across all fields
was also a member of the DB Asia Pacific Executive
of a banking organisation, including exposure to
Committee and the Global Private and Business Clients
international banking, when he was posted in SBI’s
(PBC) Executive Committee, and was nominated as
100%-owned Canadian banking subsidiary. His major
the Non-Executive Director of DB China Ltd.
interest has been primarily in the corporate and retail
banking (Personal & SME segments).
During his 20-year-long career at Citibank that
commenced in 1988 with Citibank India, Mr. Malik held
He headed the Project Finance SBU of State
a variety of senior roles, the last of which was as
Bank of India from 2005 - 2006, with key focus
the Chief Executive Officer of Citibank Hong Kong
on infrastructure and wholesale lending. He also
(2004 to 2007).
headed SBI’s Global Markets Unit during 2009 to
Mr. Malik holds a Master’s Degree in Business 2010, dealing with the mid and back-office functions
Administration from the Rice University, USA (1987) / correspondent banking of the Bank’s forex
and B Tech Degree from IIT Bombay (1985). operations. He drove policy-level intervention in the
Risk Management area for SBI, where he headed the
Ms. Rekha Murthy Risk Management Department, during 2010 - 2011,
Ms. Rekha Murthy has nearly 30 years of extensive at the corporate level. As Chief General Manager,
global experience in the Technology sector across Chennai he primarily drove the Personal and SME
India, Asia Pacific and the USA. Her professional businesses for SBI’s Tamil Nadu and Puducherry
experience spans a successful career in operations during 2011- 2012. In his role as CGM,
cross-functional operations, P&L oversight, global SBI, Chennai & MD, State Bank of Mysore, made a
sales, new market development, strategic marketing substantial portion of their CSR investments in the
and distribution. She has held senior and country ESG sector, through NGOs and SHGs.
leadership roles at leading global companies such
as IBM, Harvard Business School Publishing, Wyse In his nearly 4 years’ role as MD, State Bank of
Technology, SAP, PeopleSoft, Digital Equipment Mysore, his key learning had been managing the
Corporation and Korn Ferry International. external environment, through interface with the
regulatory, social sector and State & Central Govt
She is currently engaged with start-ups in an advisory agencies. As the functional head of the Bank’s Board,
role and as a mentor. he was directly responsible for maintaining a high
level of corporate governance, policy formulation and
Her areas of interest are building leadership and improved P&L of that Bank.
management skills, global strategy, business and
technology transformation and change management. Mr. Sharma had been active in the banking industry,
She has extensive experience in advising and being in the Managing Committee of the Indian Banks
providing technology solutions to large enterprises Association, besides the Governing Board of Indian
across industries. Institute of Banking & Finance.
279
He has a Bachelor of Arts degree and is also a Certified Ms. Nandita Gurjar
Associate of the Indian Institute of Bankers. He has Ms. Nandita Gurjar is a Technologist turned HR
attended senior / top management level training professional. Ms. Gurjar’s experience in mainstream
programmes at IIMs (Ahmedabad & Lucknow), Duke IT spans software development, general management
University and Booth School, University of Chicago. and consulting. She started her career at Wipro
InfoTech in 1992 as a software programmer and
Mr. Sadashiv Srinivas Rao handled multiple technical responsibilities, in
Mr. Sadashiv S. Rao was the CEO of NIIF Infrastructure various functions like Software Coding and Testing,
Finance Limited (NIIF IFL) - an NBFC lending to Programme documentation and Quality. She joined
operating infrastructure projects till 30th June 2022. Infosys Limited in December 1999 to form the
He has over 38 years of experience in project finance, Learning & Development wing and set-up the
investment banking and advisory services, of which, Leadership institute. In 2007, she took over as the
last 8 years has been at the helm at NIIF IFL as the Global Head HR for Infosys Group, managing over
founding CEO. His role included building the team, 1,50,000 employees for the next seven years. In this
working with regulators to enable smooth growth, role she led the Infosys People strategy and Employer
leveraging on relationship with large industrial groups branding across its global footprint.
and managing the sale of equity of the company to
the sovereign fund of India - NIIF, from the erstwhile Ms. Nandita was the member of World Economic
owners - IDFC, 3 years ago. Forum (WEF) - Global Advisory Council on New Models
of Leadership. She has also been featured as “25 Most
As a responsible financial institution, NIIF IFL had Powerful Professional Women in India” in Business
rolled out an E&S policy that adhered to the IFC Today magazine.
performance standards and wherever necessary, Currently, Ms. Nandita is an Independent Director in
applicable Indian national, state and local E&S both listed and unlisted companies. She is an Advisor
regulatory requirements. to Startups and consults with organisations on HR
strategies and execution.
Prior to NIIF IFL, Mr Rao has worked for 18 years, as
one of the early senior employees of IDFC, where he Mr. Sanjay Kumar Khemani
last held the position of Chief Risk Officer. He has an Mr. Sanjay Kumar Khemani is Practicing Chartered
unique experience of being in leadership roles, in Accountant and Senior Partner of M M Nissim & Co LLP
both the business function as well as the risk function. and possesses more than 33 years of post- qualification
experience in rendering professional services to
He has earlier worked with ICICI Limited in project Banking, Insurance and Other Financial Services
finance, Hindustan Petroleum Corporation Limited sector entities and advising on Corporate & Tax Law.
and Procter & Gamble. He has rich experience of conducting Statutory Audit
of reputed private sector banks, public sector banks,
Mr. Rao served as an Independent Director and
foreign banks, NBFCs, Insurance Companies, Mutual
was the Chairperson of the Audit Committee of
Funds, Schemes of National Pension Fund, Banking
Indraprastha Gas Limited. He was also a Director
Correspondents and Stockbrokers. He also has rich
on the Boards of Sharekhan Limited and Asset experience of conducting internal audit of Stock
Reconstruction Company (India) Limited. In addition, Exchange, Regulators, Primary Dealers, Custodians,
he was a Director on several IDFC group companies Portfolio Managers, Depository Participants etc.
including IDFC Alternatives Limited - the private He has been advising large banks on direct and
equity arm of IDFC and IDFC Securities Limited - the indirect taxation matters and also has experience of
investment bank and broking arm of IDFC. conducting investigative/forensic audits.
He was a member of the committee constituted He was on the Board of Asset Reconstruction
by Government of India, to set up Power Company of India Limited as an independent director
Trading Corporation. for 6 years. Presently he is serving on the Board of LIC
Housing Finance Limited as an Independent Director.
Mr. Rao holds an MBA from the Indian Institute of He is / has been associated with various NGOs for
Management, Bangalore and a B.Tech. degree from Social Service and is a member of Institute of Social
Indian Institute of Technology, Kanpur. Auditors and Institute of Company Secretaries of India.

Mr. Sandeep Tewari He retired as the Deputy Managing Director of SBI in
Mr. Sandeep Tewari is a highly experienced advisor September 2021, seeking to continue contributing to
who excels in strategic governance, evaluation the country’s financial sector in Board/Advisory roles.
of Business Operations and Risk Management.
He is a skilled, enterprising professional with extensive Mr. Sunil Kaul
experience in financial services, accomplished Mr. Sunil Kaul has more than 30 years of experience
in envisioning and realising strategy with sound across private equity, corporate and consumer
executive leadership accomplishments. He has banking. He is presently a Managing Director and
proven ability to evaluate and measure company’s Financial Services sector lead for Carlyle in Asia.
current performance and determine steps to enact He also leads the Southeast Asia region for Carlyle
long-term strategy. and is based in Singapore.
Key accomplishments: In his association with Carlyle, Mr. Kaul is serving as a
Contributed immensely towards improving the director on the board of PNB Housing Finance Limited
Risk Management in the State Bank of India and as a member of various board committees
(SBI) specially Operational Risk, Financial Risk & including the Risk Committee of PNB Housing Finance
Market Risk the Audit Department. Limited. Further, he has served as a Board Member
on SBI Cards and Payment Services Limited and India
Drove the adoption of data analytics for Risk
Infoline Finance Limited; he has also served as a
Management in credit area of the SBI.
director on the board and member of the Risk and
Re-organised the entire business structure for SBI Executive Committee of Ta Chong Bank in Taiwan;
and launched digital banking records resulting in and as a board director and member of the Risk and
compelling advancements in performance. Credit Committee of Diamond Bank, Carlyle’s banking
Expanded business portfolio by 150% while portfolio company in Nigeria.
leading Corporate Account Group of State
Prior to joining Carlyle, Mr. Kaul served as President
Bank of India wherein steered the Power &
of Citibank Japan, covering the bank’s corporate and
Infrastructure Portfolio.
retail banking operations. He concurrently served
Transformed several audit systems by completely as Chairperson of Citi’s credit card and consumer
automating it and created a few data points finance companies in Japan. He was also a member
to generate divergence through Core Banking of Citi’s Global Management Committee and Global
Solutions. Through experience in audit, was able Consumer Planning Group. In his earlier roles, he
to substantially improve the risk management served as Head of Retail Banking for Citi in Asia Pacific.
structure in SBI.

Mr. Kaul earned his post-graduate degree in
Empanelled as Assessor for interviewing candidates management from Indian Institute of Management
for Banking Board’s Bureau for CMD, MD&ED level in Bangalore and a Bachelor’s degree in technology
positions in the SBI. from Indian Institute of Technology in Bombay.
Mr. Thekepat Keshav Kumar
Ms. Shweta Jalan
Mr. Thekepat Keshav Kumar is a retired banking
Ms. Shweta Jalan is Managing Partner and India
professional with more than 37 years of experience
Head for Advent International. Under her leadership,
in the State Bank group, the largest banking
Advent International as on date manages over
group in India.
$4 Billion assets under management in India with
Mr. Kumar has worked in various facets of banking investments across sectors including financial
including retail, commercial credit, project finance, services, technology, healthcare, pharmaceuticals,
risk management, treasury etc. He joined the State industrials and consumer goods. She has over 23
Bank of Travancore in 1984 as a Probationary Officer. years of experience in private equity and buy outs.
Prior to joining Advent, she was a Director at ICICI
Mr. Kumar worked at numerous retail branches Venture where she worked for 9 years. Prior to joining
as Branch Head, Credit Officer etc. He has rich ICICI Venture, she was working for a year at Ernst &
experience including top executive roles. Young in their corporate finance division.
281
She has expertise in the financial services sector at Advent including Suven Pharmaceuticals, Cohance
and under her leadership Advent International Lifesciences, Encora Digital, Eureka Forbes, Tredence
has invested in YES Bank Limited, ASK Investment Analytics, Bharat Serums and Vaccines, Crompton
Managers Limited (ASKIM) (India’s largest portfolio Greaves Consumer Electricals, Quest Technologies,
management services company); and Aditya Birla Manjushree Packaging, DFM Foods, Modenik Lifestyle,
Capital Limited (a diversified asset management amongst others. She also serves as a board member
and lending company) and Kreditbee (A digital on many of these companies.
lending platform).
She holds an MBA in Finance and Marketing from the
Over and above the financial services investments National Institute of Management, Calcutta (NIMC) and
mentioned above, Shweta has led many investments a B.Sc. in Economics from St Xavier’s College, Calcutta.
(b) Board Meetings, Attendance & Committee Membership1:

During the FY 2023-24, Eight (8) meetings of the Board were held on April 22, 2023, May 12, 2023, June 23, 2023,
July 22, 2023, October 21, 2023, November 08, 2023, January 27, 2024 and March 22, 2024. The maximum gap
between any two Board meetings was less than one hundred and twenty (120) days.
The composition of the Board, their status, their attendance at the Board meetings and the last Annual General
Meeting (AGM), number of other Directorships and Committee Membership(s)/Chairpersonship(s) of each Director
as on March 31, 2024 are as under:
Name No. of Board Attendance Number of Directorship Number of Directorship in other Listed
meetings at AGM held in unlisted companies Committee Entity & Category
attended/ on August Of Indian Of other Memberships
held during 18, 2023 Public Companies# (Chairpersonship)
their tenure Limited in other
Companies companies*
Mr. Prashant Kumar 8/8 Present 1 0 0 0
Mr. Rajan Pental 7/8 Present 1 0 0 0
Mr. Rama Subramaniam Gandhi 8/8 Present 4 2 3(0) 0
Mr. Atul Malik 8/8 Present 0 0 0 0
Ms. Rekha Murthy 8/8 Present 0 0 0 0
Mr. Sharad Sharma 8/8 Present 1 1 1(0) 0
Mr. Sandeep Tewari 8/8 Present 0 0 0 0
Mr. Thekepat Keshav Kumar 8/8 Present 0 0 0 0
Mr. Sadashiv Srinivas Rao 8/8 Present 0 2 0 0
Ms. Nandita Gurjar 8/8 Present 0 0 0 Galaxy Surfactants Limited -
Mr. Sanjay Kumar Khemani 8/8 Present 0 1 0 LIC Housing Finance Limited -
Mr. Sunil Kaul 8/8 Present 0 3 1(0) PNB Housing Finance Limited -
Non-Executive Nominee Director
Ms. Shweta Jalan 5/8 Present 3 3 0 Suven Pharmaceuticals Limited -
Non-Executive-Non Independent
Director
#
Includes directorship(s) held in Foreign Companies, Private Limited Companies and Companies under Section 8 of the
Companies Act, 2013
*Includes membership(s) of Audit Committee and Stakeholders Relationship Committee of all Indian Public Limited Companies;
figures in brackets indicate number of Committee Chairpersonship(s) as per Regulation 26 of the SEBI LODR
Notes:
1. None of the Independent Directors of the Bank serve as an Independent Director in more than seven listed companies or as
a Whole-Time Director in any listed company.
2. None of the Directors on the Board is a member of more than ten (10) Committees and Chairperson of more than five (5)
Committees across all public companies in which he/she is a Director. All the Directors have made necessary disclosures
regarding Committee positions occupied by them in other companies.
3. During the FY 2023-24, due to business exigencies, thirteen (13) resolutions were passed through Circulation and the said
resolutions were noted at the subsequent Board meetings.
4. Quorum was present at all the Board meetings.
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(c) Disclosure of relationships between Directors and Independent Directors of the Bank, as regards
inter-se: their roles, rights, responsibilities in the Bank, nature
None of the present Directors are having any inter-se of the Banking Industry, Business Model, Financial
relationship and each one of them is independent of Management, Risk Management System and
each other, except that Nominee Directors of State Technology Architecture of the Bank for the purpose
of contributing significantly towards the growth of
Bank of India represent the same organisation.
the Bank so as to help them contribute significantly
(d) Number of shares and convertible instruments during the deliberations in the Board/ Committee
held by Non-Executive Directors: meetings.
The details of shareholding of Non-Executive The programmes undertaken for familiarising the
Directors as on March 31, 2024 is as under: Non-Executive Directors and Independent Directors
are hosted on the website of the Bank and the web
Sr. Name of the Director No. of
link thereto is https://www.yesbank.in/about-us/
No. Shares
corporate-governance.
1. Mr. Rama Subramaniam Gandhi 1,50,000
2. Mr. Atul Malik 0
(f) A chart or a matrix setting out the skills/
3. Ms. Rekha Murthy 0
expertise/competence of the Board of Directors1:
4. Mr. Sharad Sharma 0
The Board of Directors have identified the following
5. Mr. Sandeep Tewari 0
core skills / expertise / competencies / special
6. Mr. Thekepat Keshav Kumar 0
knowledge or practical experience, as required in
7. Mr. Sadashiv Srinivas Rao 1,000
the context of the Bank’s business and the sector(s)
8. Ms. Nandita Gurjar 52,500
for it to function effectively. The same are in line with
9. Mr. Sanjay Kumar Khemani 0
the relevant provisions of the Banking Regulation Act,
10. Mr. Sunil Kaul 0
1949 and relevant circulars issued by the Reserve
11. Ms. Shweta Jalan 0
Bank of India from time to time.
None of the Non-Executive Directors hold The Board shall have special knowledge or practical
any convertible instrument of the Bank as on experience in (i) accountancy (ii) agriculture and rural
March 31, 2024. economy (iii) banking (iv) co-operation (v) economics
(vi) finance (vii) law (viii) small-scale industry
(e) Familiarisation Programme for Independent (ix) Information Technology (x) Payment & Settlement
Director: Systems (xi) Human Resources (xii) Risk Management
In compliance with the requirement of the SEBI (xiii) Business Management (xiv) any other skill/ special
LODR, the Bank conducts familiarisation programmes knowledge/ practical experience as may be specified
covering matters as specified under Regulation 25(7) by RBI from time to time. The details in this regard
of the SEBI LODR, for all the Non-Executive Directors with respect to each Director is given as under:
Name of the Director Specialised Knowledge / Practical Experience / Skills / Expertise / Competencies
Mr. Prashant Kumar Banking, Finance, Law, Human Resources, Agriculture & Rural Economy and Strategy
Mr. Rajan Pental Agriculture and Rural Economy, Banking, Human Resources, Risk Management and Business Management
Mr. Rama Subramaniam Banking, Economics, Finance, Information Technology, Payment & Settlement System, Risk Management
Gandhi and Financial Markets
Mr. Atul Malik Banking, Finance, Risk Management, Technology and Business Management
Ms. Rekha Murthy Information Technology, Human Resources, Business Management, Small-Scale Industry and Marketing
Mr. Sharad Sharma Risk Management, Banking, Small Scale Industry and Global Markets/ Forex Operations
Mr. Sandeep Tewari Risk Management & Compliance, HR Management & Development, Banking, Business Development,
Profit Centre Management, Cash Management, Internal Audit, Customer Relationship Management,
Cost Optimisation, Reporting & Presentations and Supervising & Counselling
Mr. Thekepat Keshav Risk Management, Human Resources, Agriculture and Rural Economy, Small Scale Industry, Banking,
Kumar Credit, Treasury, Planning and Development and Stressed Asset Management
Mr. Sadashiv Srinivas Finance, Business Management, Risk Management, Project Finance, Investment Banking and Advisory
Rao Services
Ms. Nandita Gurjar Information Technology & Human Resources, General Management and Consulting
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283
Name of the Director Specialised Knowledge / Practical Experience / Skills / Expertise / Competencies
Mr. Sanjay Kumar Accountancy & Finance, Agriculture and Rural Economy, Risk Management, Law, Banking & Finance,
Khemani Information Technology, Business management, Audit and Corporate & Tax Law
Mr. Sunil Kaul Banking and Finance
Ms. Shweta Jalan Economics, Private Equity, Investment Management and Corporate Finance
(g) Confirmation about Independence: Board of Directors shall have special knowledge or
The Bank has received declarations from the practical experience in (i) accountancy, (ii) agriculture
Independent Directors that they meet the criteria of and rural economy, (iii) banking, (iv) co-operation,
Independence laid down under Section 149 of the (v) economics, (vi) finance, (vii) law, (viii) small-scale
Act read with Rule 5 of the Companies (Appointment industry, (ix) Information Technology (x) Payment &
and Qualification of Directors) Rules, 2014, and Settlement Systems (xi) Human Resources (xii) Risk
Regulations 16(1)(b) and 25 of the SEBI LODR. Management (xiii) Business Management (xiv) any
The Independent Directors have also confirmed that other skill/ special knowledge/ practical experience
they have registered themselves with the Independent as may be specified by RBI from time to time.
Directors’ database maintained by the Indian Institute
(j) Criteria for Appointment of Independent
of Corporate Affairs. Further, during the year there
Directors:
has been no change in the circumstances affecting
their status as Independent Directors of the Bank. The Nomination & Remuneration Committee
while considering the proposal for appointment
The Board of Directors, based on the declaration(s) of Independent Directors considers the criteria
received from the Independent Directors, have duly of independence as prescribed under the
assessed the veracity of such disclosures and confirm Act and SEBI LODR.
that the Independent Directors fulfil the conditions of
(k) Meeting of the Independent Directors:
independence specified in the SEBI LODR and the Act
and are independent of the management of the Bank. In terms of provisions of Schedule IV of the Act and
SEBI LODR, the Meeting of the Independent Directors
(h) Terms and Conditions for Appointment of was held on April 22, 2023. The performance of
Independent Directors: Non-Independent Directors including Managing
A formal letter of appointment is addressed Director and Executive Director, the Board as a
to the Independent Director(s) at the time whole and the Chairman of the Bank for FY 2023-24
of their appointment/ re-appointment. was discussed by the Independent Directors in
General terms and conditions of appointment/ their separate meeting held on May 17, 2024.
re-appointment, issued to the Independent In the said Meeting, the Independent Directors also
Directors is available on https://www.yesbank.in/ assessed the quality, quantity, and timeliness of
pdf?name=independentdirectors_pdf2.pdf flow of information between the Management and
the Board, in accordance with Para VII to Schedule
(i) Policy on Appointment of Directors1: IV of the Act. At the said Meeting, the Independent
The Bank has a Board approved ‘Policy on Board Directors completed the performance evaluation
Diversity and Fit & Proper Criteria and Succession of Non-Independent Directors including Managing
Planning’ (‘Fit & Proper Policy’) which comprises Director and Executive Director, the Board as a
of diversity of Board's composition, succession whole and the Chairman of the Bank. The Meetings
planning and the detailed process for appointment of the Independent Directors were held without
of Directors including the required skill sets, the presence of Non-Independent Directors and
experience, qualification, etc. as required under the members of Management.
Act, SEBI LODR, the Banking Regulation Act, 1949
and other regulatory and business requirements. (l) Information Supplied / Available to the Board:
The Nomination & Remuneration Committee is The Directors are presented with important/critical
being guided by the said policy, while recommending information on the operations of the Bank as well
appointment of Directors. As per the Fit & Proper as information which requires deliberations at the
Policy of the Bank, Bank ensures that not less highest level. The Board has complete access to all
than 51% of the total number of members of the the relevant information within the Bank and also
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1

has access to the top management of the Bank and roles. The successors are identified using assessment
any additional information to make informed and centre methodology comprising of scientifically valid
timely decisions. All board and committee meetings tools like psychometric assessment, behavioural
are governed by structured agenda notes which are event interview, case study analysis and 360-degree
backed by comprehensive background papers along feedback. Developmental inputs are provided to
with relevant annexures. build leadership capabilities and strengthen internal
talent pipeline. The succession list is reviewed
As a part of green initiative by the Bank, all relevant periodically to keep it current and contextual for any
agenda papers pertaining to the Board/ Committee exclusions/inclusions as deemed necessary.
meetings are being circulated well in advance to
the Board of Directors through web-based portal to (o) Directors and Officers Insurance (‘D&O’):
facilitate easy access of agenda on iPad which would In line with the requirements of Regulation 25(10) of
provide sufficient time to the Board for reading and the SEBI LODR, the Bank has taken D & O Insurance
understanding the proposals placed at the meeting. for all its Directors and Officers for such quantum
and for such risks as determined appropriate by the
The Board was presented with the information on Board of Directors.
various important matters of capital raising activity,
operations, risk management and business, new 3. COMMITTEES1:
initiatives in business, budgets, financial results, In order to focus on strategic and key financial
update on corporate social responsibility activities, issues, the Bank is required to have certain Board
Environmental Social and Governance, minutes of Level Committees. The Act, SEBI LODR and Banking
Board and Committees of the Board, appointment Regulation Act, 1949 mandates for constitution of
and remuneration of the Senior Management, certain Board Level Committees. The Bank, post
appointment/ cessation of Key Managerial Personnel, reconstruction scheme has ten (10) Board Level
information on subsidiaries, sale of investments, Committees constituted in compliance with the
assets which are material in nature and not in the aforesaid regulatory requirements and as per the
normal course of business, transfer of business from requirement of the business with specified terms
subsidiary, foreign exposure and non-compliance, if of reference of each of the Committees. The Board
any, with regulatory or statutory guidelines of SEBI Level Committees focus on specific areas and take
and RBI Regulations/ circulars, etc., and other matters informed decisions on the specific businesses
which are required to be placed before the Board in assigned to them in the best interest of the Bank.
terms of the Act, SEBI LODR and Theme Based Review The Committees also make specific recommendations
agenda as prescribed by RBI, etc. The Board and other to the Board on various matters whenever required.
Committees also approve various business proposals All observations, recommendations and decisions
and regulatory approvals through circulation. of the Committees are placed before the Board for
information or for approval.
(m) Post Meeting Communication / Follow up
System: These Board Level Committees play a key role in the
The Bank has an effective post meeting follow up governance and focus on specific areas and make
procedure. It has a mechanism to track important informed decisions within the delegated authority.
decisions taken at the Board/Committee meetings Each Committee is guided by its Terms of Reference,
till the closure of such decisions. The Bank has put which provides for the scope, powers and duties
in place a system viz. Action Point Tracker System and responsibilities. The recommendation and/or
to track actionable emanating from Board/Board observations and decisions are placed before the
Level Committee meetings. Action Taken Report on Board for information or approval. The Chairperson
the decisions taken/directions in a meeting is placed of respective Committee updates the Board
at the succeeding meeting(s) of the Board/Board regarding the discussions held and decisions taken at
Level Committees. the Committee Meeting.
Mr. Shivanand R. Shettigar, Company Secretary, acts

(n) Succession Planning:
as the Secretary to all the Board Level Committees.
The Bank has deployed a structured and robust
framework for identifying, building, and developing The ten (10) Board Level Committees are briefly
talent pipeline of successors in key organisational described below:
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285
a) Audit Committee: During the FY 2023-24, Fourteen (14) Meetings of Audit
3.a.1 Composition, meetings and attendance during Committee were held on April 03, 2023, April 21, 2023,
the FY 2023-24 May 03, 2023, May 17, 2023, May 25, 2023, July 18,
The Audit Committee of the Bank presently comprises 2023, July 21, 2023, August 14, 2023, October 16, 2023,
of five (5) members, viz., Mr. Sanjay Kumar Khemani October 20, 2023, November 28, 2023, January 24,
(Chairperson), Mr. Atul Malik, Ms. Rekha Murthy, 2024, January 25, 2024 and February 20, 2024 with
Mr. Sharad Sharma and Mr. Sandeep Tewari. an interval of less than one hundred and twenty (120)
days between two consecutive meetings.
The composition of the Committee along with the participation of the Members at the meetings of the Committee
held during the year is as under:
Name of Member Position Category Date of Appointment to Meetings Attended/

the Committee Eligible to attend
Mr. Sanjay Kumar Khemani Chairperson Independent Director July 15, 2022 14/14
Mr. Atul Malik Member Independent Director July 15, 2022 14/14
Ms. Rekha Murthy Member Independent Director July 15, 2022 14/14
Mr. Sharad Sharma Member Independent Director July 15, 2022 14/14
Mr. Sandeep Tewari Member Non-Executive - Nominee July 29, 2022 14/14
Director of State Bank
of India
Notes:
1. There was no change in the composition of Audit Committee during the FY 2023-24.
2. As per RBI Notification No. RBI/2021-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021 on Corporate Governance
in Banks - Appointment of Directors and Constitution of Committees of the Board, Mr. Rama Subramaniam Gandhi, Chairman
of the Board is not a member of Audit Committee and Mr. Sanjay Kumar Khemani, Chairperson of the Audit Committee is not
a member of Board Credit Committee of the Bank.
3. The Chief Financial Officer and the Chief Compliance Officer are the invitees for all meetings of the Audit Committee.
4. Mr. Shivanand R. Shettigar, Company Secretary acts as Secretary to the Audit Committee.
5. All members of the Audit Committee have ability to read and understand financial statements and Chairperson of the
Committee possesses requisite accounting and financial management expertise.
6. The Chief Internal Auditor attends the Audit Committee Meetings and briefs the Committee on all the points covered in the
Internal Audit Report as well as on the other related issues that come up during the discussions.
7. During the FY 2023-24, the representatives of the Statutory Auditors have attended all the Audit Committee meetings, where
Financial Results were approved.
8. At the last AGM, Mr. Sanjay Kumar Khemani, the Chairperson of the Audit Committee, was present.
9. The quorum was present at all the meetings of the Audit Committee held during the FY 2023-24.
10. In order to get the inputs and opinions of the Statutory Auditors, the Committee also held four (4) one-to-one meetings on
April 21, 2023, July 18, 2023, October 16, 2023 and January 24, 2024 with the Statutory Auditors without the presence of the
management representatives.
11. Pursuant to SEBI Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2019/21 dated November 4, 2019, during the year, the Committee
had a meeting with the Credit Rating Agencies (CRAs).
12. During the FY 2023-24, due to business exigencies, three (3) resolutions were passed through Circulation and the said
resolutions were noted at the subsequent meetings of the Audit Committee.
3.a.2 Terms of Reference:

The terms of reference of the Audit Committee 1) To provide directions and oversee the operation
covers all the areas mentioned under Section 177 of the total audit function in the Bank (internal
of the Companies Act, 2013 and Regulation 18 as well as external) and issue whenever
read with Part C of Schedule II of SEBI LODR, which necessary suitable directions and timely
include the following: completion of audit;

2) To oversee the Banks' financial reporting process d. major accounting entries involving
and disclosure of its financial information to estimates based on the exercise of
ensure that the financial statements are true, judgment by management;
fair, sufficient and credible;
e. significant adjustments made in the financial
3) To create an open avenue for communication statements arising out of audit findings;
between the Board of Directors, Internal Auditors,
f. compliance with listing and other legal
Statutory Auditors and all other Auditors;
requirements relating to financial
4) To recommend the appointment including statements;
terms of appointment and removal of statutory,
g. disclosure of any related party transactions;
internal, concurrent, tax and secretarial Auditors,
fixation of audit fees and also to approve h. modified opinion(s) in the draft audit
payment for other services; report; and
5) To appoint and determine the scope of the i. Company’s earnings press releases, as
Concurrent auditors; well as financial information and earnings
guidance, if any provided to analysts and
6) To review adequacy of internal audit function, its
rating agencies
policies, its structure viz. staffing and seniority of
the official heading the department, coverage 12) To review Annual Tax Audit statement and
and frequency of internal audits; auditors’ report thereon;
7) Review of internal audit reports relating 13) To review Annual Long Form Audit Report
to internal control weaknesses and review as prepared by the Statutory Auditors along
important concurrent audit findings; with Management response and updates on
closure of the same;
8) To evaluate the adequacy and operational
effectiveness of Internal Financial Control (IFC) of 14) To oversee the appointment of legal auditor and
the Bank and Subsidiaries and also to evaluate review the information in respect of legal audits
Risk Management Systems of the Bank; of title deeds and other documents for credit
exposure of ` 5 crore and above;
9) To discuss with statutory auditors, the nature
and scope of audit as well as post-audit 15) To review and approve the related party
discussion to ascertain any area of concern w.r.t. transactions pursuant to the provisions of the
financial statements and the IFC; Companies Act, 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015
10) To engage with internal and external auditors and
(“SEBI Listing Regulations”) (including omnibus
others on comments and observations on IFC;
approval for related party transactions, material
11) To review the results / financial statements related party transactions and any subsequent
(quarterly, half yearly, annual) standalone as well material modification(s) thereto);
as consolidated along with the Auditors’ report
16) To review the financial statements, in particular,
thereon and analyse performance of the Bank,
the investments made by the unlisted subsidiary;
along with the Management and recommend
the same to the Board with primary focus on: 17) To review, with the management, the statement
of uses / application of funds raised through
a. matters required to be included in the
an issue (public issue, rights issue, preferential
Director’s Responsibility Statement to be
issue, etc.) including statement of deviation, if
included in the Board’s report in terms of
any, and making appropriate recommendations
Section 134(3)(c) of the Companies Act,
to the Board to take up steps in this matter;
2013 and rules made thereunder;
18) To approve and recommend to the Board the
b.
accounting policies and practices and
appointment of Chief Financial Officer (“CFO”)
changes, if any, with reasons for the same;
after assessing the qualifications, experience &
c. compliance with accounting standards; background, etc. of the candidate;
287
19) To review the Whistle Blower policy and Vigil 33) To review the minutes of the quarterly, Apex
Mechanism for Directors and Employees and Management Committee and Staff Accountability
functioning of the Whistle Blower Mechanism; Committee meetings;
20) To deal with Whistle Blower complaints in 34) To investigate any activity within its terms of
time bound manner; reference or in relation to the items specified or
referred to it by the Board / Board Committee,
21) To review and monitor Vigilance function,
seek information from any employee, obtain
its policies and implementation of Vigilance
outside legal or other professional advice from
Framework of the Bank;
external sources and secure attendance of
22) To review and monitor compliance function, outsiders with relevant expertise, if it considers
its policies and Implementation of Compliance necessary and shall have full access to
Framework of the Bank; information contained in the records of the Bank;
23) Review of Banks' Compliance in respect to 35) To review utilisation of loans and/ or advances
Reports (Risk Assessment Report, Inspection from/ investment by the holding company in the
Report, Major Area of Non Compliance and subsidiary exceeding ` 100 crore or 10% of the
Risk Mitigation Plan) issued by RBI under Risk asset size of the subsidiary, whichever is lower
Based Supervision; including existing loans/ advances/ investments
24) To review the implementation of RBI existing as on the date of coming into force of
guidelines on KYC / AML and approve the this provision;
changes in KYC Policy; 36) To review and monitor the auditors'
25) To review and approve the changes in Risk and independence and performance, effectiveness
Compliance Culture Policy and oversight on of audit process;
fostering the Compliance culture in the Bank; 37) Reviewing, with the management, performance
26) To review Bank’s Compliance to various of statutory and internal auditors, adequacy of
Inspection Reports issued by various regulators the internal control systems;
(RBI, SEBI, NSDL, CDSL etc.); 38) Valuation of undertakings or assets of the Bank,
27) To review and approve the Conflict of Interest wherever necessary;
Policy with respect to Merchant Banking, Banker 39) To look into the reasons for substantial defaults
to Issue, Depository Participant, Custodian in the payment to the depositors, debenture
of Securities and Designated Depository holders, shareholders (in case of non-payment
Participants in line with the SEBI Circular dated of declared dividends) and creditors;
August 27, 2013;
40) To review, at least once in a financial year,
28) Review of compliance on directives issued by compliance of the provisions of SEBI (Prohibition
ACB / Board / RBI; of Insider Trading) Regulations, 2015 (“PIT”) and to
29) Review report on compliance of corporate verify that the systems for related internal control
governance requirements as per SEBI (Listing are adequate and are operating effectively;
Obligations and Disclosure Requirements)
41) To review on quarterly basis reports provided by
Regulations, 2015 and other guidelines issued
compliance officer on violations and remedial/
by SEBI from time to time;
punitive action for the same;
30) Review report on compliance of regulatory
42) To review the system of storage and retrieval,
requirement of Regulators in Host Countries in
display or printout of books of accounts
respect of overseas branches;
maintained in electronic mode during the
31) To institute special investigation teams with required period under law;
complete access to all records, information and
43) Review of housekeeping - particularly balancing
personnel of the Bank, if necessary;
and reconciliation of long outstanding entries
32) To review all cases of frauds and attempted Suspense / Sundries / Drafts payable / paid /
frauds involving amounts of ` 1 crore and above; Funds in Transit / Clearing / SGL / CSGL accounts;

44) Review of report on Revenue leakage detected 59) Scrutiny of inter-corporate loans and
by Internal / External Auditors and status of investments;
recovery thereof - reasons for undercharges
60) To meet Credit Rating Agencies at least once in
and steps taken to prevent revenue leakage;
a year, to discuss issues including related party
45) Review the findings of any internal investigations transactions, internal financial control and other
by the internal auditors into matters where there material disclosures made by the management,
is suspected fraud or irregularity or a failure of which have a bearing on rating of the listed NCDs;
internal control systems of a material nature and
61) Consider and comment on rationale,
reporting the matter to the Board;
cost-benefits and impact of schemes involving
46) To review and approve the Internal Audit Policy merger, demerger, amalgamation etc., on the
(IAP) and amendments thereto (IS Audit policy Bank and its shareholders;
and scope of Credit Audit and Loan Review
Mechanism embedded in the IAP) for undertaking 62) To discuss with internal auditors of any significant
risk-based internal audit and to review and findings and follow up there on;
approve risk based Internal Audit plan; 63) To review the appointment, removal and terms
47) Review of Internal Audit plan and status of of remuneration of the Chief Internal Auditor;
achievement thereof; 64) To review update on Legal cases filed against
48) Review System Audit as per RBI Internal the Bank;
Control Guidelines; 65) To review Comprehensive report on Credit
49) To approve the concurrent audit policy; Card Operations;
50) KYC / AML Guidelines - Review of compliance 66) To review the compliance of the conditions in
of concurrent audit reports with respect to RBI circular on lending by banks to InvITs;
adherence to KYC / AML guidelines at branches; 67) To review ageing analysis of entries pending
51) Review of exposure to sensitive sectors i.e. reconciliation with outsourced vendors;
capital market & real estate; 68) To perform any other functions, duty as
52) Review of information on violations by stipulated by the Companies Act, Reserve Bank
various functionaries in the exercise of of India, Securities & Exchange Board of India,
discretionary powers; Stock Exchanges, and any other regulatory
authority or under any applicable laws, as
53) Review of information in respect of equity share
prescribed from time to time and also to review
holdings in borrower companies more than 30%
the findings by regulatory agencies.
of their paid up capital;
b) Nomination & Remuneration Committee:
54) Review report on fraudulent transactions
3.b.1 C
omposition, meetings and attendance during
relating to Internet Banking through phishing
the FY 2023-24:
attacks pointing out in particular the deficiencies
in the existing systems and steps taken by the IT The Nomination & Remuneration Committee
department to prevent such cases; of the Bank presently comprises of six
members viz., Ms. Nandita Gurjar (Chairperson),
55) Review of the Bank’s financial management
Mr. Atul Malik, Ms. Rekha Murthy, Mr. Sandeep Tewari,
policies;
Mr. Rama Subramaniam Gandhi and Ms. Shweta Jalan.
56) Review penalties imposed / penal action taken
against Bank under various laws and statutes During the FY 2023-24, three (3) Meetings of
and action taken for corrective measures; Nomination & Remuneration Committee were
held on May 10, 2023, November 07, 2023, and
57) Review the management discussion and analysis
December 18, 2023.
of financial condition and results of operations;
58) Review of Management letters / letters of The composition of the Committee along with the
internal control weaknesses issued by the participation of the Members at the meetings of the
statutory auditors; Committee held during the FY 2023-24 is as under:
289
Name of Member Position Category Date of Meetings
Appointment to the Attended/ Eligible
Committee to attend
Ms. Nandita Gurjar Chairperson Independent Director July 15, 2022 3/3
Ms. Rekha Murthy Member Independent Director July 15, 2022 3/3
Mr. Sandeep Tewari Member Non-Executive - Nominee July 15, 2022 3/3
Director of State Bank of India
Mr. Rama Subramaniam Gandhi Member Independent Director July 29, 2022 3/3
Ms. Shweta Jalan Member Non-Executive Non December 13, 2022 2/3
Notes:
1. There was no change in the composition of Nomination & Remuneration Committee during the FY 2023-24.
2. As per RBI Notification No. RBI/2021-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021 on Corporate
Governance in Banks - Appointment of Directors and Constitution of Committees of the Board, at least one (1) member of
Risk Management Committee should be a member of Nomination & Remuneration Committee. Accordingly, two (2) members
of Risk Management Committee of the Bank are members of the Nomination & Remuneration Committee.
3. Mr. Sunil Kaul, Non-Executive Non Independent Director, Nominee of CA Basque Investments is a permanent invitee to the
meetings of Nomination & Remuneration Committee.
4. The Chairman of the Bank, Mr. Rama Subramaniam Gandhi is a member of Nomination & Remuneration Committee and does
not hold Chairmanship of the Committee.
5. The Chairperson of the Nomination & Remuneration Committee, Ms. Nandita Gurjar was present at the last AGM held on
August 18, 2023.
6. Mr. Shivanand R. Shettigar, Company Secretary acts as Secretary to the Committee.
7. The quorum was met in all meetings of the Nomination and Remuneration committee held during the FY 2023-24.
8. During the FY 2023-24, due to business exigencies, twenty (20) resolutions were passed through circulation and the said
resolutions were noted at the subsequent meetings of the Nomination & Remuneration Committee.
3.b.2 Terms of Reference: 5) To formulate performance evaluation

The terms of reference of the Nomination & framework of Individual Directors (including
Remuneration Committee covers all the areas Chairperson, Managing Director & CEO,
mentioned under Section 178 of the Companies Act, Executive Directors, Independent Directors,
2013 and Regulation 19 read with Part D of Schedule Non-Independent Directors), Board as a whole
II of SEBI LODR, which includes the following: and Board level Committees;
6) To review the implementation of performance
1) To review the current Board composition, its
evaluation and its compliance;
governance framework and determine future
requirements and making recommendations to 7) To evaluate whether to extend or continue
the Board for approval; the term of appointment of the independent
director on the basis of report of performance
2) To examine the qualification, knowledge, skill evaluation of independent directors;
sets and experience of each director vis-a- vis
8) To validate ‘fit and proper’ status of all Directors on
the Banks' requirements and their effectiveness
the Board of the Bank in terms of the Guidelines
to the Board on a yearly basis and accordingly
issued by the RBI or other regulatory authorities;
recommend to the Board for the induction
of new Directors; 9) To develop and recommend to the Board
Corporate Governance Guidelines applicable to
3) To scrutinize nominations for Directors with the Bank for incorporating best practices;
reference to their qualifications and experience
and making recommendations to the Board for 10) To implement policies and processes relating to
appointment/filling of vacancies; Corporate Governance principles;
11) To formulate the criteria for determining
4) To identify persons who are qualified to become
qualifications, positive attributes and
directors and who may be appointed in senior
independence of a director;
management in accordance with the criteria
laid down, recommend to the Board their 12) To evaluate the balance of skills, knowledge
appointment and removal; and experience on the Board and on the basis

of such evaluation, prepare a description of the 19) To function as the Compensation Committee
role and capabilities required of an independent as prescribed under the SEBI (Share Based
director. The person recommended to the Employee Benefits and Sweat Equity)
Board for appointment as an independent Regulations, 2021 and to consider grant of stock
director shall have the capabilities identified in options to employees and allot shares pursuant
such description. For the purpose of identifying to exercise of Stock Options by employees;
suitable candidates, the Committee may:
20) To review the Human Capital Capacity Planning
a. use the services of an external agencies, on annual basis;
if required; 21) To review the Succession Planning;
b. consider candidates from a wide range 22) To review the HCM Policies and provide
of backgrounds, having due regard to suitable guidance for additions/ modification/
diversity; and deletions, if any;
c. consider the time commitments of 23) To approve the appointment of Chief Human
the candidates. Resources Officer;
13) To devise a Policy on Board diversity; 24) To approve the appointment of Chief Financial
14) To recommend to the Board a policy relating Officer and Company Secretary;
to, the remuneration for the directors, key 25) To approve the hiring requisition for any new
managerial personnel and other employees position as MD&CEO Direct Reports;
including performance/achievement bonus,
perquisites, retirals, sitting fee, etc.; 26) To perform any other functions or duties as
stipulated by the Companies Act, Reserve Bank
15) To review the Banks' overall compensation of India, Securities and Exchange Board of
structure and related polices with a view to India, Stock Exchanges and any other regulatory
attract, motivate and retain employees and authority or under any applicable laws as may be
review compensation levels vis-à-vis other Banks prescribed from time to time.
and the industry in general;
3.b.3 Board Level Performance Evaluation Criteria
16) To ensure the following while formulating the
including for Independent Directors:
policy on the below matters:
The details of the performance evaluation criteria for
a. the level and composition of remuneration Directors (including Independent Directors) of the
is reasonable and sufficient to attract, Bank have been mentioned in the Directors’ Report.
retain and motivate directors, key
managerial personnel and senior 3.b.4 Remuneration of Directors:
management of the quality required to run (a) Board Remuneration Policy1:
the company successfully; The Bank has formulated and adopted a
b. relationship of remuneration to Board Remuneration Policy for payment
performance is clear and meets appropriate of remuneration to its Executive Directors,
performance benchmarks; and Non-Executive Part-time Chairperson and
Non-Executive Directors of the Bank, in terms of
c. remuneration to Whole time directors, Section 178 of the Act, the relevant Rules made
key managerial personnel and senior thereunder, Regulation 19 of the SEBI LODR
management involves a balance between and Guidelines / Circulars issued by RBI, in this
fixed and incentive pay reflecting short regard, from time to time.
and long-term performance objectives
appropriate to the working of the The Board Remuneration Policy of the
company and its goals. Bank is available on the website of the
Bank at https://www.yesbank.in/about-us/
17) To recommend to the Board all remuneration, in
corporate-governance
whatever form, payable to senior management;
18) To formulate detailed terms and conditions The remuneration contract of the Executive
of the Employee Stock Option Schemes and Directors i.e. Managing Director & CEO and
to adopt, administer, enforce, modify and Executive Director has malus or clawback
supervise the same; provisions in respect of variable pay.
GRI 2-19
1
291
(b) Directors’ Remuneration:
i) Chairman:
The details of the remuneration paid to the Chairman of the Bank during FY 2023-24 is given below:
(Amount in `)
Name of the Part-time Chairman Salary Perquisites Others Total
Mr. Rama Subramaniam Gandhi 30,00,000 - - --
ii) Executive Directors:

The details of the remuneration paid to the Executive Directors during FY 2023-24 is given below:
(Amount in `)
Name of the Director Mr. Prashant Kumar Mr. Rajan Pental
Managing Director & Executive Director
Chief Executive Officer
Salary - Fixed Pay
(a) Basic salary and allowances 2,14,98,105 3,01,98,058
(b) Value of perquisites1 43,42,245 7,57,086
(c) Company contribution towards PF 7,53,761 13,73,400
Performance linked incentives:
Performance Bonus for FY 232 69,91,515 64,31,477
Performance Bonus for FY 223 22,00,000 23,61,388
Performance Bonus for FY 214 19,66,666 -
Total 3,77,52,292 4,11,21,409
Stock Options5 48,16,490 32,64,709
Notes:
For Mr. Prashant Kumar, Managing Director & CEO
1. Perquisites are evaluated as per the Income Tax Act, 1961 wherever applicable, or otherwise at actual cost to the
Bank. This includes House & Maintenance, Bank's car, Club membership etc.
2. Performance Bonus for FY 23 represents the 50% of bonus (cash based) paid out from the approved bonus of
` 1.39 crore for the performance period FY 23. Remaining payout will be deferred in three equal annual tranches.
3. Performance Bonus for FY 22 represents deferral tranche number 1 of 3 of approved performance bonus (cash
based) of ` 1.32 crore. 50% of the approved bonus was paid out and the remainder was deferred in three equal
annual tranches.
annual tranches.
5. Stock options represent the number of options granted for FY 23. The options were allocated considering the SLI
value at ` 1.90 crore and the Black Scholes Price of ` 3.94 as on October 31, 2023.
For Mr. Rajan Pental, Executive Director

1. Perquisites are evaluated as per the Income Act, 1961 wherever applicable, or otherwise at actual cost to the Bank.
This includes Bank's car, Club membership etc.
2. Performance Bonus for FY 23 represents the 50% of bonus (cash based) paid out from the approved bonus of
` 1.29 crore for the performance period FY 23. Remaining payout will be deferred in three equal annual tranches.
annual tranches.
4. Mr. Rajan Pental was appointed as Executive Director w.e.f. February 02, 2023, hence mention of Performance
Bonus for FY 21 not applicable for him.
5. Stock options represent the number of options granted for FY 23. The options were allocated considering the SLI
value at ` 1.29 crore and the Black Scholes Price of ` 3.94 as on October 31, 2023.

No sitting fees was paid to Mr. Prashant Kumar, Managing Director & Chief Executive Officer (MD&CEO)
and Mr. Rajan Pental, Executive Director (ED) for attending meetings of the Board and/ or its Committees.
Further, Mr. Prashant Kumar, MD & CEO and Mr. Rajan Pental, ED of the Bank do not receive any
remuneration/sitting fees or commission from the subsidiary of the Bank.
Perquisites (evaluated as per Income Tax Rules, 1962 wherever applicable and at actual cost to the Bank
otherwise) such as benefit of the Bank’s furnished and maintained accommodation, free use of Banks'
cars with Driver for official purposes & private purposes, Club Memberships, Furniture/White goods, Gas,
Electricity & Water, Life Insurance/ Personal Accident Insurance and Residence Telephone and other
benefits like Provident Fund, Gratuity, Leave Fare Concession and other fixed allowances are provided in
accordance with the respective regulation and policies of the Bank.
The criteria for evaluation of performance of MD&CEO and ED is based on the evaluation criteria duly
approved by the Board.
As per the terms and conditions defined in the appointment letter, the notice period is 90 days. There is
no clause or condition related to severance fees in the appointment letter.
iii) Non-Executive Directors:

All the Non-Executive Directors (including the Chairperson) receive remuneration by way of sitting fees for
each meeting of the Board and its various Committees except Mr. Sunil Kaul and Ms. Shweta Jalan. Mr. Sunil
Kaul and Ms. Shweta Jalan have waived their right to receive sitting fees for attending Board/Board Level
Committee meetings and remuneration entitled under extant Acts/ Regulations/Bank’s Policy during their
tenure as Director of the Bank. No stock options were granted to any of the Non-Executive Directors.
In terms of RBI Notification No. RBI/202-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021,the
Board at its Meeting held on May 06, 2022, approved payment of fixed remuneration of an amount not
exceeding ` 20,00,000 per annum with effect from April 01, 2021 to each Non-Executive Director of
the Bank (other than part-time Chairperson, Managing Director & Chief Executive Officer and Executive
Director) commensurate with an individual director’s responsibilities and demands on time and which
are considered sufficient to attract qualified competent individuals, subject to the approval of Members.
The said payment of fixed remuneration has also been approved by the shareholders at the 18th AGM held
on July 15, 2022.
The details of the remuneration paid to the Non-Executive Directors during FY 2023-24 are given below: -
(Amount in `)
Name of the Director Fixed Sitting Fees Total
Remuneration
Mr. Atul Malik 20,00,000 45,25,000 65,25,000
Ms. Rekha Murthy 20,00,000 24,25,000 44,25,000
Mr. Sharad Sharma 20,00,000 24,25,000 44,25,000
Ms. Nandita Gurjar$ 14,24,657 14,00,000 28,24,657
Mr. Sanjay Kumar Khemani$ 14,24,657 21,75,000 35,99,657
Mr. Sandeep Tewari$ 14,24,657 21,75,000 35,99,657
Mr. Thekepat Keshav Kumar$ 14,24,657 35,00,000 49,24,657
Mr. Sadashiv Srinivas Rao$ 14,24,657 36,00,000 50,24,657
Mr. Rama Subramaniam Gandhi* 9,31,506 17,00,000 26,31,506
Mr. Sunil Kaul$$ 0 0 0
Ms. Shweta Jalan$$ 0 0 0
$ The Fixed Remuneration for the FY 2022-23 was paid to the Directors during FY 2023-24, on proportionate basis from
the date of their appointment.

$$
Opted not to receive any sitting fees or the remuneration from the Bank.
293
*During the FY 2022-23, Mr. Rama Subramaniam Gandhi was the Additional Director appointed by RBI up to July 20,

2022 and was appointed as Independent Director on the Board w.e.f. July 23, 2022. He was further appointed as the
Part-time Chairman of the Bank w.e.f. September 20, 2022. Accordingly, the amount mentioned as fixed remuneration
is for his tenure on the Board before his appointment as Part-time Chairman.
The remuneration paid to him as Part-time Chairman of the Bank is given at Page No. 292.
Details of remuneration paid to erstwhile Non- Executive Directors during FY 2023-24 are given below:
(Amount in `)
Remuneration$
Mr. Mahesh Krishnamurti (April 01, 2022 to July 15, 2022) 5,80,822 -- 5,80,822
Mr. Atul Bheda (April 01, 2022 to July 15, 2022) 5,80,822 -- 5,80,822
Mr. Vadalur Subramanian Radhakrishnan 5,80,822 -- 5,80,822
(April 01, 2022 to July 15, 2022)
Mr. Ravindra Pandey (April 01, 2022 to June 30, 2022) 4,98,630 -- 4,98,630

$ The Fixed Remuneration for the FY 2022-23 was paid to the Directors during FY 2023-24, on proportionate basis for
their tenure as Director on the Board.
iv) Other Directors (Additional Directors appointed by RBI):

The details of the remuneration paid to the Additional Director appointed by RBI during FY 2023-24
are given below:
(Amount in `)
Remuneration$
Mr. Ananth Narayan Gopalakrishnan 6,08,219 -- 6,08,219
(From April 1, 2022 to July 20, 2022)

$
The Fixed Remuneration for the FY 2022-23 was paid to the Director during FY 2023-24, on proportionate basis for his
tenure as Director on the Board.
Notes:
1. The Non-Executive Directors were paid sitting fees of ` 100,000/- for attending each meeting of the Board of
Directors and ` 50,000/- for attending Board Level Committee meetings. Further, pursuant to the approval of the
Board of Directors at its meeting held on May 12, 2023, the sitting fees were revised to ` 75,000/- for attending Risk
Management Committee, Board Credit Committee, Audit Committee and Nomination & Remuneration Committee
with effect from May 12, 2023.
2. No sitting fees were paid to Mr. Sunil Kaul and Ms. Shweta Jalan as they have waived their right to receive sitting fees
for attending Board/Board level Committee meetings and remuneration entitled under extant Acts/ Regulations/
Bank’s Policy during their tenure as Director of the Bank.
3. The Bank did not pay any amount to Directors by way of salary and perquisites except to the Managing Director &
CEO, Executive Director and Non-Executive Part-time Chairman.
4. The Bank does not grant any Stock Options to any Non-Executive Directors and Independent Directors of the Bank.
5. The remuneration of the Chairman, MD & CEO and ED of the Bank has been approved by the Reserve Bank of India.
6. There were no other pecuniary relationships or transactions of Non-Executive Directors vis-à-vis the Bank during
FY 2023-24 (except normal banking transactions in the ordinary course of business and on arm’s length basis).
c) Stakeholders Relationship Committee:
3.c.1 Composition, meetings and attendance during the FY 2023-24

The Stakeholders Relationship Committee of the Bank presently comprises of five (5) members, viz., Mr. Sadashiv Srinivas
Rao (Chairperson), Mr. Thekepat Keshav Kumar, Ms. Nandita Gurjar, Mr. Sunil Kaul and Mr. Rajan Pental.
During the FY 2023-24, two (2) meetings of Stakeholders Relationship Committee were held on May 11, 2023 and
December 14, 2023.

The composition of the Committee along with the participation of the Members at the meetings of the Committee held
during the FY 2023-24 is as under:
Name of Member Position Category Date of Appointment Meetings Attended/

to the Committee Eligible to attend
Mr. Sadashiv Srinivas Rao Chairperson Independent Director July 29, 2022 2/2
Mr. Thekepat Keshav Kumar Member Non-Executive Nominee Director of July 29, 2022 2/2
State Bank of India
Ms. Nandita Gurjar Member Independent Director July 29, 2022 2/2
Mr. Sunil Kaul Member Non-Executive Non Independent Director December 13, 2022 2/2
Mr. Rajan Pental Member Executive Director February 15, 2023 2/2
Notes:
1. There was no change in the composition of Stakeholders Relationship Committee during FY 2023-24.
2. The Chairperson of the Stakeholders Relationship Committee, Mr. Sadashiv Srinivas Rao is a Non - Executive Director and attended
the last AGM of the Bank.
3. Mr. Shivanand R. Shettigar, Company Secretary acts as a Secretary to the Committee.
4. The quorum was met in all the Meetings of Stakeholders Relationship Committee held during the FY 2023-24.
5. During the FY 2023-24, due to business exigencies, one (1) resolution was passed through Circulation and the said resolution was
noted at the subsequent Committee meeting.
3.c.2 Terms of Reference: consolidation of securities issued by the Bank

he terms of reference of the Stakeholders
T and transfer of unclaimed dividend/shares to
Relationship Committee includes the following: Investor Education and Protection Fund (IEPF);
1) To review mechanisms adopted by the Bank 6) To review the movements in shareholding and
to redress the complaints received from ownership structure of the Bank;
various security holders such as shareholders, 7) To oversee and review the performance and
debenture holders and any other stakeholders service standards adopted by the Bank in
such as non-receipt of dividend, non - receipt of respect of various services being rendered by
interest on debentures, annual report, transfer/ the Registrar and Share Transfer Agent and to
transmission of shares or debentures, issue of recommend measures for overall improvement
new/duplicate share / debenture certificates, in the quality of Investor services;
general meeting etc. including those received
through SEBI Scores platform, NSE and BSE; 8) To review the key highlights/developments
pertaining to various Stakeholders including
2) To process any requests of duplicate share equity shareholders, debenture holders,
certificates in lieu of those share certificates multilateral lenders, rating agencies etc.;
which are reported as lost/misplaced/destroyed/
9) To review the engagements with various
torn/mutilated;
Stakeholders (mentioned above) including
3) To issue the “Letter of Confirmation” to the communication and feedback received from
shareholders against the service requests them. Further, recommend steps for improving
received from them in terms of SEBI circular. engagement with the Stakeholders;
4) To review the various measures and initiatives 10) To review the measures taken for effective
taken by the Bank for reducing the quantum exercise of voting rights by shareholders;
of unclaimed dividends and ensuring timely
11) To review Bank’s perception amongst
receipt of dividend warrants/annual reports/
Stakeholders, which are not covered under
statutory notices like Annual General Meeting /
the scope of Terms of Reference of any other
Extra-Ordinary General Meeting/ Postal Ballot
Committee, including but not limited to
Notice etc. by the shareholders of the Bank;
Shareholders, Debenture holders/Bondholders,
5) To oversee and review all matters Other Security holders, Strategic Investors,
connected with transfer, transmission, name Analysts and Brokers, Rating Agencies,
deletion, transposition, dematerialization, International Lenders, Proxy Advisory Firms,
rematerialization, splitting/subdivision, Depositories etc, and Regulators like Ministry
295
of Corporate Affairs, Reserve Bank of India, Shareholders’ Requests during FY 2023-24 :
Securities and Exchange Board of India, Stock
Particulars No. of
Exchanges, etc.
Requests
Shareholders requests pending as at April 8
12) To perform any other functions as stipulated by
01, 2023
Ministry of Corporate Affairs, Reserve Bank of
Shareholders requests received during 2438
India, Securities and Exchange Board of India,
the year ended on March 31, 2024
Stock Exchanges, and any other regulatory
Shareholders requests resolved during 2433
authority through any applicable Acts/Laws/
the year ended March 31, 2024
Rules/Regulations/Notifications/Circulars etc., as
Shareholders requests pending as at 13*
amended from time to time.
March 31, 2024
13) To review the Communication Policy of the Bank *Shareholders requests pending as at March 31, 2024 were
annually or as and when required. closed by April 6, 2024.
3.c.3 Status of Shareholder’s Complaints/ Requests: The Bank receives investor complaints through
Shareholders’ Complaints during FY 2023-24 : 1 various sources and informs the Stakeholders
Relationship Committee of the Bank on the resolution
Particulars No. of and redressal of the complaints, and also to the
Complaints Board on quarterly basis. The Bank receives investor
Shareholders complaints pending as at 0 complaints from Stock Exchanges viz. BSE & NSE,
April 01, 2023 SEBI Complaints Redress System (SCORES), Registrar
Shareholders complaints received during 29 of Companies, Mumbai, through the Bank’s Registrar
the year ended on March 31, 2024 and Transfer Agents, directly from investors’
Shareholders complaints resolved during 29 correspondence and from the investors personal
the year ended March 31, 2024 visits to the Bank. None of the complaints remained
Shareholders complaints pending as at 0 unsolved to the satisfaction of the shareholders as at
March 31, 2024 March 31, 2024.
The Bank has designated Email ID namely shareholders@yesbank.in for equity investors and
bondholders@yesbank.in for bond holders for reporting complaints/grievances. The said Email IDs are also
displayed on the website of the Bank.
3.c.4 Details of Compliance Officer:

Mr. Shivanand R. Shettigar, Company Secretary, acts as the Compliance Officer of the Bank as per SEBI LODR.
d) Customer Service Committee

3.d.1 C
omposition, meetings and attendance during the year:
The Customer Service Committee of the Bank presently comprises of five members, viz.,
Ms. Nandita Gurjar (Chairperson), Mr. Sharad Sharma, Mr. Thekepat Keshav Kumar, Mr. Sunil Kaul and
Mr. Rajan Pental.
During the FY 2023-24, Two (2) meetings of Customer Service Committee were held on June 07, 2023 and
December 14, 2023.
GRI 2-16
1

held during the FY 2023-24:

Ms. Nandita Gurjar Chairperson Independent Director July 29, 2022 2/2
Mr. Thekepat Keshav Kumar Member Non-Executive Nominee Director July 29, 2022 2/2
of State Bank of India
Mr. Sunil Kaul Member Non-Executive Non Independent December 13, 2022 2/2
Director
Notes:
1. There was no change in the composition of Customer Service Committee during the financial year under review.
3. The quorum was met in all the Meetings of Customer Service Committee held during the FY 2023-24.
4. During the FY 2023-24, due to business exigencies, three (3) resolutions were passed through Circulation and the said
resolutions were noted at the subsequent Committee Meeting.
3.d.2 Terms of Reference:

The terms of reference of the Customer Service 10. Review the update on Internal Ombudsman
Committee includes the following: activities & analysis of cases referred;
1. Review product approval process with a view to 11. Review the broad trends and concentration in
suitability and appropriateness; the growth of customer grievances and their
resolution including mis-selling, particularly
2. Review of customer feedback gathered through
third-party products;
annual customer satisfaction survey of
depositors and other customers and suggest 12. Review the appropriateness of products to
action for improvement; different customer segments;
3. Review of measures taken for enhancing the 13. Review the Reconciliation of transactions at
quality of customer service; ATMs failure - time limit;
4. Review the findings of tri-enniel audit on 14. Review of customer complaints addressed to
customer service; the members of the Board (excluding MD & CEO
and Executive Director);
5. Review of branding, marketing and customer
engagement activities of the bank; 15. Review the status of settlement of claims in
regard to deceased claimants (locker-hirers /
6. Review of activities undertaken to promote
depositors of safe custody article accounts etc);
digital payments;
16. Examine any other issues having a bearing on
7. To oversee the functioning of Standing
the quality of customer services rendered;
Committee of Customer Service;
17. To perform any other functions, duty as
8. Review the update on the activities undertaken
for promotion of digital products;
of India, Securities & Exchange Board of India,
9. Review the update on Customer Liability Cases Stock Exchanges, and any other regulatory
- (Customer Protection - Limiting Liability of authority or under any applicable laws, as
Customers in Unauthorised Electronic Banking prescribed from time to time.
Transactions);
297
e) Risk Management Committee:
3.e.1 Composition, meetings and attendance during the year:
The Risk Management Committee of the Bank presently comprises of six members, viz., Mr. Sharad Sharma
(Chairperson), Mr. Rama Subramaniam Gandhi, Mr. Atul Malik, Mr. Thekepat Keshav Kumar, Mr. Sadashiv Srinivas
Rao and Mr. Sunil Kaul.
During the FY 2023-24, Five (5) meetings of Risk Management Committee were held on April 21, 2023, June 23, 2023,
July 21, 2023, October 20, 2023 and January 25, 2024.

Mr. Sharad Sharma Chairperson Independent Director July 29, 2022 5/5
Mr. Sadashiv Srinivas Rao Member Independent Director July 15, 2022 5/5
Mr. Thekepat Keshav Kumar Member Non-Executive Nominee July 15, 2022 5/5
Mr. Sunil Kaul Member Non-Executive Non December 13, 2022 5/5
Notes:
1. There was no change in the composition of Risk Management Committee during the financial year under review.
3. The quorum was met in all the Meetings of Risk Management Committee held during the FY 2023-24.
4. The Risk Management Committee met the Chief Risk Officer on one-to-one basis, without the presence of MD & CEO on
quarterly basis, on April 21, 2023, July 21, 2023, October 20, 2023 and January 25, 2024.
5. As per RBI Notification No. RBI/2021-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021 on Corporate Governance
in Banks - Appointment of Directors and Constitution of Committees of the Board. The Chairperson of the Risk Management
Committee does not hold chairpersonship in Board or any other Committee of the Bank.
6. During the FY 2023-24, due to business exigencies, one (1) resolution was passed through Circulation and the said resolution
was noted at the subsequent Committee meeting.
3.e.2 Terms of Reference:

The terms of reference of the Risk Management identified. Monitor risk profile of the Bank
Committee includes the following: [including credit risk, market risk, liquidity risk,
IRRBB, operational risk, model risk, reputation
1) Oversee the Bank’s Enterprise Risk Management
risk, information / cyber security related
framework, covering risk identification,
risk, attrition risk, financial risk, sustainability
measurement, monitoring and mitigation;
(particularly ESG related risks) etc.] within the
2) Review, approve and recommend for the Board Board approved overall Risk Appetite of the
risk management policies, systems, processes Bank as outlined in the ICAAP document;
& risk management framework at least once in
4) Review, assess and approve setting up of Bank’s
two years, by considering the changing industry
Risk Appetite and limits. Monitor compliance of
dynamics and evolving complexity. Review and
risk limits and recommend appropriate actions
assess the effectiveness of the policies, processes
in cases of breaches;
and framework including business continuity
plan address deficiencies and recommend 5) Review, assess and approve setting up of stress
improvements to ensure internal control of the testing scenarios as well as review breaches
identified risks; therein; suggest remedial actions if any;
3) Assess that the Risk universe (internal as well 6) Integrate risk management into the Bank’s goals
as external) for the Bank has been adequately and compensation structure;

7) Review and approve the changes in Risk and 16) To keep the board of directors informed about
Compliance Culture Policy and oversight on the nature and content of its discussions,
fostering the Risk culture in the Bank. recommendations and actions to be taken;
8) Evaluate the adequacy of the risk management 17) To conduct Meeting of Chief Risk Officer with
function, the qualifications and background of the Committee in accordance with RBI Circular
senior risk officials and review the adequacy of No.DBR.BP.BC.No.65/21.04.103/2016-17
the staffing of the Risk Management function to dated April 27, 2017
perform its role appropriately;
18) To review at least on an annual basis, the risk
9) Monitoring compliance as well as critically presentation made by the Wholly Owned
analyzing various risk parameters and Subsidiary company (WOS) of the Bank.
providing direction for corrective action
wherever necessary; 19) To review on half-yearly basis, the Financial
Stability Report published by RBI and the Bank’s
10) Review of the Bank’s portfolio and providing position vis-à-vis the Report.
necessary guidance to Management;
20) To review any unforeseen material developments
11) To review the minutes of Executive level that have implications on the Risks being
Committees such as Asset Liability Committee faced by the Bank; assess its implications; and
(ALCO), Operational Risk Management guide on the steps to be taken by the Bank for
Committee (ORMC), Security Council Meeting, mitigation of such Risks.
Enterprise Risk Management Committee (ERMC)
and Model Assessment Committee (MAC) and f) Corporate Social Responsibility & Environmental
any other risk related committees as applicable; Social and Governance Committee:
12) To review the Products and the Processes (new 3.f.1 Composition, meetings and attendance during
and existing) which has been approved by the the year:
Product and Process Approval Committee (PPAC). The Corporate Social Responsibility & Environmental
13) To perform any other function or duty as Social and Governance Committee of the Bank
stipulated by the Companies Act, Reserve Bank presently comprises of five members, viz.,
of India, Securities and Exchange Board of Ms. Rekha Murthy (Chairperson), Mr. Sadashiv Srinivas
India, Stock Exchanges and any other regulatory Rao, Ms. Nandita Gurjar, Ms. Shweta Jalan and
authority or Board of Directors of the Bank or Mr. Rajan Pental.
under any applicable laws as may be prescribed
from time to time. During the FY 2023-24, Three (3) meetings of the
Corporate Social Responsibility & Environmental
14) To review the appointment, removal and terms
Social and Governance Committee were held on
of remuneration of the Chief Risk Officer
May 11, 2023, July 14, 2023 and February 09, 2024.
15) To seek information from any employee, obtain
outside legal or other professional advice and The composition of the Committee, along with the
secure attendance of outsiders with relevant participation of the Members at the meetings of the
expertise, if necessary. Committee held during the year was as under:

Ms. Rekha Murthy Chairperson Independent Director July 29, 2022 3/3
Ms. Nandita Gurjar Member Independent Director July 29, 2022 3/3
Ms. Shweta Jalan Member Non-Executive Non Independent Director December 13, 2022 2/3
299
Notes: f. Monitoring and reporting mechanism for
1. There was no change in the composition of Corporate Social the projects or programmes; whenever
Responsibility & Environmental Social and Governance required in pursuance of Corporate Social
Committee during the financial year under review. Responsibility Policy.
2. The Chairperson of the Corporate Social Responsibility
& Environmental Social and Governance Committee, 5) To ensure that:
Ms. Rekha Murthy is a Non-Executive Director.
a. The administrative overheads do not exceed
3. Mr. Shivanand R. Shettigar, Company Secretary acts as a
Secretary to the Committee.
five percent of total CSR expenditure of the
Company for the financial year;
4. The quorum was met at all the meetings of Corporate Social
Responsibility & Environmental Social and Governance b. The funds disbursed have been utilised
Committee held during the FY 2023-24.
for the purposes and in the manner as
5.
During the FY 2023-24, no resolution was passed approved by it and the Chief Financial Officer
through circulation.
or the person responsible for financial
management shall certify to this effect;
3.f.2 Terms of Reference:
A. CORPORATE SOCIAL RESPONSIBILITY (CSR) 6) To consider and recommend the Annual CSR
On the CSR matters, the Terms of Reference of the Report to the Board for approval;
CSR & ESG Committee shall include the following: 7) To perform any other function or duty as
1) To formulate and recommend to the Board, stipulated by the Companies Act, Reserve Bank
a Corporate Social Responsibility Policy which of India, Securities and Exchange Board of
shall indicate the activities to be undertaken India, Stock Exchanges and any other regulatory
by the Bank as specified in Schedule VII of the authority or under any applicable laws, as may
Companies Act, 2013; be prescribed from time to time;
2) To recommend the amount of expenditure to 8) To formulate and recommend to the Board, the
be incurred on CSR activities as indicated in the BANK’s Donation Policy which shall indicate the
CSR Policy to the Board in accordance with the donations made by the Bank in accordance with
provisions of the Companies Act, 2013 and rules RBI Guidelines issued on December 21, 2005;
made thereunder; 9) To review and recommend to the Board, the
3) To monitor the CSR Policy of the Bank from Third-Party Assurance provider for assurance
time to time; services on non-financial reporting;
4) To formulate and recommend to the Board: 10) To get updates, if any, from CSR
Implementation Partners;
a. An annual action plan and status of fund
utilisation, whenever required; B. ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG)
b. Details of need and impact assessment, The CSR & ESG Committee will provide strategic focus,
if any, for the projects undertaken oversight and guidance on all matters pertaining to
by the Company; the Bank’s Environmental, Social & Governance (ESG)
performance, as detailed below:
c. The list of CSR projects or programmes that
are approved to be undertaken in areas or 1) Oversee and review the decisions of the
subjects specified in Schedule VII of the Act; Bank’s Sustainability Council and make
d. The manner of execution of such projects recommendations to the Board on the Bank’s
or programmes as specified; overall ESG strategy and performance;
e. The modalities of utilisation of funds 2) Provide guidance and recommendations on

and implementation schedules for the the integration of ESG considerations into the
projects or programmes; Bank’s business, in line with macro-level trends
and peer banks commitment on ESG; global ESG
policy developments; regulatory requirements;

3) Review and monitor the Bank’s progress and 10) Review the bank’s performance and rating
alignment with key global sustainability-led on 2 (two) globally benchmarked ESG
frameworks including the Sustainable rating platforms -
Development Goals (SDGs) and Principles
1. S&P Global Corporate Sustainability
for Responsible Banking and make
Assessment (for assessing ESG
recommendations on the Bank’s long term ESG
performance)
objectives and targets;
2. Carbon Disclosure Project (for assessing
4) Oversee and review the Bank’s governance
the Bank’s climate change disclosures)
frameworks and practices to monitor, assess
and mitigate ESG related risks and climate risks;
g) Board Credit Committee:
5) Oversee and guide the Bank’s efforts to 3.g.1 Composition, meetings and attendance during
capitalise on ESG related opportunities and align the year:
its business to low carbon transition; The Board Credit Committee of the Bank
6) Oversee and guide the Bank’s efforts to integrate presently comprises of four members,
ESG considerations into its operations including, viz., Mr. Atul Malik (Chairperson),
alignment of executive performance to ESG Mr. Thekepat Keshav Kumar, Mr. Sadashiv Srinivas
targets, improvement in eco-efficiency, and Rao and Mr. Prashant Kumar.
transition to sustainable supply chains;
During the FY 2023-24, Twenty Eight (28) meetings
7) Review and recommend to the Board policies of Board Credit Committee were held on April 06,
created from time to time for the implementation 2023, May 05, 2023, May 18, 2023, June 01, 2023,
of the ESG strategy; June 15, 2023, June 28, 2023, July 06, 2023, July 19,
2023, August 2, 2023, August 17, 2023, August 31,
8) Oversee and review the alignment of the
2023, September 11, 2023, September 28, 2023,
Bank’s ESG disclosures to global best practices,
October 05, 2023, October 18, 2023, November 03,
including the requirements of eminent ESG
2023, November 16, 2023, November 30, 2023,
rating agencies/ indices;
December 07, 2023, December 18, 2023, December 29,
9) Oversee and guide the Bank’s work at 2023, January 17, 2024 (includes adjourned meeting
mainstreaming ESG across its stakeholder held on January 18, 2024), January 31, 2024,
spectrum through knowledge and advocacy, February 15, 2024, March 01, 2024, March 12, 2024,
including internal capacity building initiatives. March 21, 2024 and March 28, 2024.
Mr. Atul Malik Chairperson Independent Director July 29, 2022 28/28
Mr. Prashant Kumar Member Managing Director & Chief July 29, 2022 25/28
Executive Officer
Mr. Thekepat Keshav Kumar Member Non-Executive - Nominee July 29, 2022 28/28
Notes:
1. There was no change in the composition of Board Credit Committee during the financial year under review.
3. The quorum was met in all the Meetings of Board Credit Committee held during the FY 2023-24.
4. During the FY 2023-24, due to business exigencies, nine (9) resolutions were passed through Circulation and the said
resolutions were noted at the subsequent Committee meetings.
301
3.g.2 Terms of Reference: c. Exception approval of additional 5%
The terms of reference of the Board Credit Committee of the Bank’s eligible capital base
includes the following: (over and above limit of 20% of the
Bank’s eligible capital base) for Single
1) o approve / review credit proposals that
T Counterparty Limit. Such exceptions will be
are beyond the approval authority of the reported to the Board.
Management Credit Committee (MCC)
d. Approval for sale of stressed financial
2) To approve any other aspects of credit proposals. assets, either basis list identified by the Bank
3) To approve Investment proposals beyond at the beginning of year as recommended
limits / thresholds delegated to Asset Liability by Stressed Asset Management Committee
Management Committee (ALCO); (SAMC), or basis periodic review (on a
semi-annual basis) of all NPAs above a
4) To approve resolution plans and any other threshold of ` 25 crore, or for sale of a
matters for stressed assets that are beyond stressed asset outside of these lists.
the approval authority of the Stressed Asset
Management Committee (SAMC), including but 7) To approve/review credit proposals/transactions
not limited to proposals for settlement of debt. entered between the Bank as a holding
company and its wholly owned subsidiary; also
5) To review specific cases that might need special to approve/review credit proposals where the
attention as and when recommended by terms & conditions of such transactions with
MCC/ ALCO/SAMC; group entities are inconsistent with the terms
6) To approve/review aspects and proposals & conditions/benchmarks/credit standards for
that are specifically delegated to the Board similarly rated non-group entities, subject to
Credit Committee by the Board or as also sufficient justification
recommended by RBI from time to time: 8) To approve/ratify any exceptions to the Board
a. Loans and advances to “Directors of other approved Credit and Investment Policy, where
Banks / any firm or company in which such exceptions are within the overall Regulatory
such Directors are interested as a partner, Framework and guidelines. The reporting
director or guarantor or hold substantial framework must ensure that such exceptions
interest/ ‘relatives’ of the Bank’s Chairman/ are subsequently highlighted to the RMC/Board.
Managing Director or of Directors of other 9) To review the minutes of MCC and SAMC;
banks / any firm or company in which any
of such ‘relatives’ is interested as a partner, 10) To approve Terms of reference of Stressed Asset
director or guarantor or hold substantial Management Committee (SAMC), Management
interest“, above the thresholds (i.e. Credit Committee (MCC) and Executive Credit
` 5 crore and ` 0.25 crore) as defined under Committee (ECC)
RBI guidelines. In case where any Bank’s 11) To review the compromise settlements and
Director is an interested person or has any technical write-offs of loan accounts that are
conflict of interest, then he/she may recuse approved by SAMC as outlined in the Credit
themselves from the decision making Policy and are reported to BCC
and remaining directors may accordingly
12) To approve the compromise settlements and
discuss the proposal. In absence of
technical write-offs of loan accounts that are
quorum, the proposal may be referred to
within the approval authority of BCC as outlined
the Board for approval
in the Credit Policy and report such settlements
b. Financing acquisition of shares in an existing and write-offs to Board.
company, which is engaged in implementing
or operating an infrastructure project 13) To review accounts which are identified for
in India adhering to specific conditions exit by SAMC and are reported to Board Credit
pertaining to extent of financing, security of Committee (BCC) on quarterly basis as outlined
shares to be obtained and tenor. in the Credit Policy; and

14) To perform any other function or duty as stipulated by the Companies Act, Reserve Bank of India, Securities and
Exchange Board of India, Stock Exchanges and any other regulatory authority or Board of Directors of the Bank
or under any applicable laws, as may be prescribed from time to time.
h) IT Strategy Committee:
3.h.1 Composition, meetings and attendance during the year:
The IT Strategy Committee of the Bank presently comprises of five members, viz., Ms. Rekha Murthy (Chairperson),
Mr. Rama Subramaniam Gandhi, Mr. Sanjay Kumar Khemani, Mr. Prashant Kumar and Mr. Rajan Pental.
During the FY 2023-24, Five (5) meetings of IT Strategy Committee were held on April 17, 2023, May 11, 2023,
September 06, 2023, November 06, 2023 and February 08, 2024.

Ms. Rekha Murthy Chairperson Independent Director July 29, 2022 5/5
Executive Officer
Mr. Sanjay Kumar Khemani Member Independent Director July 29, 2022 4/5
Notes:
1. There was no change in the composition of IT Strategy Committee during the financial year under review.
3. The quorum was met in all meetings of IT Strategy Committee held during the FY 2023-24.
4. During the FY 2023-24, no resolution was passed through circulation.
3.h.2 Terms of Reference: 7) To approve IT strategy and policy documents;

The terms of reference of the IT Strategy Committee 8) To review that the management has put an
includes the following: effective strategic planning process in place;
1) To perform oversight functions over the IT
9) To ratify the IT strategy in alignment with the
Steering Committee and Information Security
business strategy;
Steering Committee (ISSC) (at a senior
management level); 10) To provide guidance on the IT organisational
structure to complements the business model;
2) To review activities within this scope;
11) To review whether the management has
3) To seek information from any employee;
implemented processes and practices that
4) To obtain outside legal or professional advice; ensure that the IT delivers value to the business;
5) To secure attendance of outsiders with relevant 12) Ensure that the budgetary allocations for the IT
expertise, if it considers necessary; function (including for IT security), cyber security
6)
To work in partnership with other Board are commensurate with the Bank’s IT maturity,
committees and Senior Management to provide digital depth, threat environment and industry
input, review and amend the aligned corporate standards and are utilised in a manner intended
and IT strategies; for meeting the stated objectives;
303
13) To monitor the method that management uses 25) Annual Review of Prepaid Instruments
to determine the IT resources needed to achieve Security Policy;
strategic goals and provide high-level direction
26) To review Uptime Threshold for the ATMs;
for sourcing and use of IT resources;
27) To review Digital Channels & Payment Products
14) To review whether there is a proper balance of IT
investments for sustaining bank’s growth; - Key Achievements & Metrics for Financial Year;
15) Ensure that the Bank has put in place 28) To review, at least on annual basis, the
processes for assessing and managing IT and adequacy and effectiveness of the Business
cybersecurity risks; Continuity Planning and Disaster Recovery
Management of the Bank;
16) To assess Senior Management’s performance in
implementing IT strategies; 29) To review Central Data and analytics advisory/
updates by CDAG team;
17) To issue high-level policy guidance (e.g. related to
risk, funding, or sourcing tasks); 30) To approve constitution of the Information
Security Committee (“ISC”) in line with the
18) To confirm whether IT or business architecture
regulatory requirement;
is to be designed, so as to derive the maximum
business value from IT; 31) To have oversight over the ISC;
19) To oversee the aggregate funding of IT at a 32) To review assessment of IT capacity requirements
bank-level, and ascertaining if the management and measures taken to address the issues;
has resources to ensure the proper
management of IT risks; 33) To annually review the risk management policy
in respect of IT related risks, including the Cyber
20) To review IT performance measurement and Security related risks in consultation with Risk
contribution of IT to businesses (i.e., delivering Management Committee.
the promised value);
21) To approve the Cyber Security Policy and Cyber i) Fraud, Willful Defaulters and Non-Cooperative
Crisis Management Plan; Borrowers Monitoring Committee:
3.i.1 Composition, meetings and attendance during
22) To be aware of the global cyber security
the year:
threat landscape and provide guidance on its
applicability to the Bank; The Fraud, Willful Defaulters and Non-Cooperative
Borrowers Monitoring Committee of the Bank
23) To review the implementation of cyber security presently comprises of five members, viz.,
tools and processes in line with the approved
Mr. Prashant Kumar (Chairperson), Mr. Sharad Sharma,
policies and regulatory directives;
Mr. Sandeep Tewari, Mr. Sanjay Kumar Khemani and
24) To perform any other functions or duties as Ms. Shweta Jalan.
of India, Securities and Exchange Board of During the FY 2023-24, Three (3) meetings of Fraud,
India, Stock Exchanges and any other regulatory Willful Defaulters and Non-Cooperative Borrowers
authority or under any applicable laws as may be Monitoring Committee were held on April 26, 2023,
prescribed from time to time; October 13, 2023 and January 18, 2024.

he composition of the Committee along with the participation of the Members at the meetings of the Committee
T

Mr. Prashant Kumar Chairperson Managing Director & Chief July 29, 2022 3/3
Executive Officer
Mr. Sandeep Tewari Member Non-Executive-Nominee July 29, 2022 3/3
Notes:
1. There was no change in the composition of Fraud, Willful Defaulters and Non-Cooperative Borrowers Monitoring Committee
during the financial year under review.
3. The quorum was met in all the Meetings of Fraud, Willful Defaulters and Non-Cooperative Borrowers Monitoring Committee
held during the FY 2023-24.
4. During the FY 2023-24, due to business exigencies, two (2) resolutions were passed through Circulation and the said resolution
were noted at the subsequent Committee meetings.
3.i.2 Terms of Reference: 2)

To review update on Forensic Audit of ‘Red
The terms of reference of the Fraud, Willful Defaulters Flagged Accounts’ (RFAs), Non-Performing Assets
and Non-Cooperative Borrowers Monitoring (NPAs) and Suspected Fraud (SF) Accounts;
Committee includes following: 3) To review electronic banking frauds/cyber frauds;
1) To monitor and review in detail all frauds, involving 4) To review and confirm the order of the
an amount of ` 1 crore and above so as to: Executive Committee for Classification of
a. Identify the systematic lacunae, if any, that borrowers as “Non-Cooperative Borrowers” or
can facilitate perpetration of the fraud and “Willful Defaulter”;
put in place measures to plug the same; 5)
To review the status of “Non-Cooperative
b. Identify reasons for delay in detection and Borrowers” or “Willful Defaulters” at least on half
reporting of frauds to the top management yearly basis or at such other intervals as may be
of the Bank and the Reserve Bank of India required by RBI;
and other Law Enforcement Agencies; 6) To decide on removal of the names from the
c.
Monitor progress of the investigations list of “Non-Cooperative Borrowers” or “Willful
conducted by the Police/Central Bureau Defaulters” as reported to Central Repository of
of Investigation/ Economic Offences Wing Information of Large Credits (CRILC);
or any other similar Law Enforcement 7)
To review, note and decide on any matter
Agencies in respect of the cases and pertaining to “Non-Cooperative Borrowers” or
recovery position thereof “Willful Defaulters”.
d. Ensure that staff accountability is examined 8) To monitor any delays in closure of proceedings
at all levels in the cases of frauds and action in relation to “Willful Defaulters” beyond 120 days;
against staff, if required, is completed
quickly, with minimum loss of time; 9)
To review/ consider publication of the
photographs of borrowers, including
e. Review the efficacy of the remedial proprietors/ partners/directors/ guarantors
action taken to prevent recurrence of of borrower firms/ companies, who have
frauds, such as strengthening of internal been declared as Willful Defaulters and
control environment; Non-Cooperative Borrowers; and
305
10) To perform any other act, duties as provided j. Capital Raising Committee:
under the Companies Act, or stipulated by the
3.j.1 Composition, meetings and attendance during
Reserve Bank of India, Securities & Exchange
the year:
Board of India, Stock Exchanges, and any
other regulatory authority, as prescribed The Capital Raising Committee of the Bank
from time to time. presently comprises of six members, viz.,
Mr. Rama Subramaniam Gandhi (Chairperson),
11) Noting of the minutes of Executive Committee Mr. Sandeep Tewari, Mr. Sanjay Kumar
for Classification of Willful Defaulter &
Khemani, Mr. Sunil Kaul, Ms. Shweta Jalan and
Non-Cooperative Borrowers.
Mr. Prashant Kumar.
12) To approve ToR of Executive Committee
for Classification of Willful Defaulters & During the FY 2023-24, one (1) meeting of Capital
Non-Cooperative Borrowers. Raising Committee was held on May 9, 2023.

Mr. Rama Subramaniam Gandhi Chairperson Independent Director July 29, 2022 1/1
Executive Officer
Mr. Sandeep Tewari Member Non-Executive-Nominee July 29, 2022 1/1
Mr. Sunil Kaul Member Non-Executive Non December 13, 2022 1/1
Notes:
1. There was no change in the composition of Capital Raising Committee during the financial year under review.
3. The quorum was met in all the Meetings of Capital Raising Committee held during the FY 2023-24.
4. During the FY 2023-24, due to business exigencies, one (1) resolution was passed through Circulation and the said resolution
was noted at the subsequent Committee meeting.
3.j.2 Terms of Reference:

The broad terms of reference of the Capital Raising Committee includes the following:
1) To analyse various options for infusion of capital and funds by issue of various securities including equity shares,
preference shares, debentures, bonds, BASEL III compliant Tier I & Tier II Instruments, other debt securities, etc.;
2) To consider any type of capital re-organisation like consolidation of stock, stock split etc. and recommend to the
Board of Directors thereof;
3) To consider bonus shares issue and related arrangements and recommend to the Board of Directors thereof;
4) To approve issue of securities in one or more tranches to various potential Investors within the overall limit as
approved by the Board / Shareholders and determine price/price range for the securities;
5) To approve early redemption of bond/debenture/ Medium term note and other securities which represent
debt on the Bank;
6) To engage/appoint agencies related to capital and fund raising exercise and early redemption of bond/
debenture/ Medium term note and other securities which represent debt on the Bank as the case may be;

7) To authorise / approve necessary expenditure relating to capital and fund raising exercise and early redemption
of bond/debenture/ Medium term note and other securities which represent debt on the Bank;
8) To authorise the Management to approach the Regulators/ bondholders/ debenture trustee/ Stock Exchange
for obtaining consent in connection with such early redemption (whether through buyback and extinguishment
or direct redemption);
9) To perform all activities with regard to fund raising by various methods/means/options under the authority of
Board and Shareholders; and
10) To do all such acts, deeds as the Board may delegate in connection with the capital and fund raising exercise
and early redemption of bond/debenture/ Medium term note and other securities which represent debt on
the Bank (whether through buyback and extinguishment or direct redemption) and take all steps which are
incidental and ancillary in this connection.
11) Any other critical matters pertaining to share capital / shareholding of the Bank.
4. Details of Senior management:

Particulars of senior management personnel (“SMP”) and changes since the close of the previous financial year:
Name of the SMP Designation Changes during Nature of change and Effective date
the FY 2023-24
(Yes/No)
Niranjan Banodkar Chief Financial Officer No -
Shivanand R. Shettigar Company Secretary No -
Ashish Chandak Chief Compliance Officer Yes Ceased w.e.f. 30th November, 2023
(Completed term as Chief Compliance
Officer of the Bank and resumed new role,
which is not classified as SMP of the Bank)
Rajat Chhalani Chief Compliance Officer Yes Appointed as Chief Compliance Officer
w.e.f. December 01, 2023
Sumit Gupta Chief Risk Officer Yes Ceased as Chief Risk Officer w.e.f.
November 30, 2023
Tushar Patankar Chief Risk Officer Yes Appointed as SMP w.e.f. November
20, 2023 & as Chief Risk Officer w.e.f.
December 01, 2023
Rakesh Arya Chief Credit Risk Officer No -
Sachin Raut Chief Operating Officer Yes Appointed w.e.f. February 06, 2023
Kapil Juneja Chief Internal Auditor No -
Sandeep Mehra Chief Vigilance Officer No -
Anurag Adlakha Chief Human Resources Officer Yes Ceased w.e.f. May 31, 2023
Archana Shiroor Chief Human Resources Officer Yes Appointed w.e.f. June 01, 2023
Ravi Thota Country Head Large Corporates Yes Ceased w.e.f. September 26, 2023
Manish Jain Country Head, Wholesale Banking Yes Appointed w.e.f. September 27, 2023
Amit Sureka Country Head - Financial Markets No -
Pankaj Sharma Chief Strategy and Transformation Officer Yes Appointed w.e.f. September 21, 2023
Dhavan Shah Country Head - SME Banking No -
Akshay Sapru Country Head - Affluent and Private No -
Banking and Liabilities Products
Sanjiv Kumar Roy Country Head - Fee Based Products & No -
Service Experience
Mahesh Ramamoorthy Chief Information Officer No -
Lavesh Sardana Country Head Retail Assets and Debt No -
Management
Dheeraj Sanghi Country Head Branch and Affluent Banking No -
Nipun Kaushal Chief Marketing Officer and Head CSR No -
307
Name of the SMP Designation Changes during Nature of change and Effective date
the FY 2023-24
(Yes/No)
Anil Kumar Singh Country Head Credit Cards and Merchant No -
Acquiring
Gaurav Goel Country Head - Emerging Local No -
Corporates
Ajay Rajan Country Head Multinational and No -
International Business Transaction
Banking and Knowledge Units
Indranil Pan Chief Economist No -
Harsh Gupta Country Head Stressed Asset Yes Ceased w.e.f. September 29, 2023
Management
Arun Agrawal Country Head Institutional and Yes Ceased w.e.f. January 29, 2024
Government Banking
Mr. Karthikeyan J Chief Data and Analytics Officer No -
5. DISCLOSURES:
(a) Related Party Transactions: The Board of Directors have formulated a Policy on
During the year, the Bank has entered into dealing with Related Party Transactions pursuant
transactions with the related parties in the ordinary to the provisions of the Companies Act, 2013
course of business, except the following transactions and SEBI LODR. The same is displayed on the
with YES Securities India Limited (wholly-owned website of the Bank at https://www.yesbank.in/
subsidiary), for which necessary approvals were taken pdf?name=policies_pdf6.pdf.
from the Board of Directors:
(b) Strictures and Penalties by statutory authority

Transfer of Merchant Banking Business and
for last three financial years FY 2021-22, 2022-23
Investment Banking Business from YES Securities
and 2023-241:
(India) Limited to the Bank
(i) SEBI AT-1 Bonds
Capital Infusion by the Bank
SEBI issued a Show Cause Notice dated
October 28, 2020 to the Bank and other
The Bank has not entered into any materially
noticee(s) (ex-employees of the Bank) alleging
significant transactions with the related parties
violation of provisions of SEBI (Prohibition of
including Directors, Key Managerial Personnel,
Subsidiaries or Relatives of the Directors, which could Fraudulent and Unfair Trade Practices relating
lead to a potential conflict of interest. The details of to Securities Market) Regulations, 2003.
the transactions with related parties, were placed Thereafter, SEBI vide its order dated April 12,
before the Audit Committee of the Board of the Bank 2021 imposed a penalty of ` 25 crore on the
from time to time. There were no material individual Bank under Section 15HA of SEBI Act, 1992
transactions required to be reported under Section for the alleged mis-selling of Additional Tier -1
188(1) of the Act, in form AOC-2. Suitable disclosure Bonds in the secondary market. Penalties were
as required by the Accounting Standards (AS-18) and also imposed on other noticee(s).
the RBI Master Direction on Financial Statements-
Presentation and Disclosure (last updated on April 1, Aggrieved by the above-mentioned SEBI
2024) have been made in the notes to the Financial order, the Bank and other noticee(s) preferred
Statements. Further, the Bank has submitted with the separate Appeal(s) before the Hon’ble Securities
Stock Exchanges and also published on the Bank’s Appellate Tribunal, Mumbai (“SAT”). On May 18,
website disclosure on Related Party Transactions, 2021, SAT was pleased to stay the effect and
drawn in accordance with applicable requirements of operation of the SEBI order dated April 12, 2021.
Regulation 23(9) of SEBI LODR for the half year ended After multiple adjournments, the Appeals are
September 30, 2023 and March 31, 2024 respectively. now listed on August 05, 2024 for hearing.
GRI 417-2
1

(ii) Mis-use of client securities violation of the provisions of Section 12A (c) of
On January 22, 2021, the Bank received a Show the SEBI Act and Regulation 3(a), 3(d), 4(1), 4(2)
Cause Notice (“SCN”) from NSE Clearing Limited (k) and 4(2)(r) of SEBI (Prohibition of Fraudulent
(“NCL”) informing that they had conducted a and Unfair Trade Practices relating to Securities
Limited Purpose Inspection of the Bank with Market) Regulations, 2003 committed by the
respect to trading member Action Financial Bank and its officers with regard to disclosure
Services (India) Limited (“AFSIL”) to find out to the exchanges regarding ‘Nil’ Divergence in
whether there has been an event of mis-use of Asset Classification and Provisioning for Position
client securities. Accordingly, it was observed that as at March 31, 2018.
the Bank had sold client securities amounting
to ` 1.95 crore and hence is in violation of SEBI In the matter of disclosure to the exchanges
Circular(s) and Regulation(s). Thereafter, on regarding Nil Divergences in the Bank’s
May 03, 2021, NCL passed an order against Assets classification and provisioning from
the Bank to reinstate the securities wrongfully the RBI norms the Bank along with other
disposed of as detailed in the SCN and imposed notices/officials, without admitting the guilt,
a penalty of ` 1.95 lakh. NCL also directed the filed Settlement Application(s) under SEBI
Bank to comply with the order within 15 days (Settlement Proceedings) Regulations, 2018 with
from the date of receipt of the order. the Settlement Division of SEBI. After further
proceedings, SEBI vide e-mail dated August 23,
Aggrieved by the NCL order dated May 03, 2021 directed the Bank along with other noticees
2021, the Bank preferred an Appeal before the to make payment of the Settlement Amount on
Securities Appellate Tribunal, Mumbai (“SAT”). joint or several liability basis, within 30 days.
SAT vide its order dated May 17, 2021 was The Bank had made payment of the Settlement
pleased to stay the effect and operation of the Amount of ` 16,537,500/- on August 27, 2021.
NCL order dated May 03, 2021. However, the Thereafter, SEBI vide order dated September 14,
Hon’ble SAT vide its order dated December 15, 2021, was pleased to dispose of the adjudication
2023, dismissed the appeal filed by the Bank and proceedings initiated against the Bank and other
upheld the NCL order. Aggrieved by the same, noticees vide SCN dated October 26, 2020.
the Bank has preferred an appeal before the
Hon’ble Supreme Court of India. (c) Vigil Mechanism/ Whistle Blower Policy:
In compliance with the provisions of Companies
In the interim, the Bank vide its letter dated Act, 2013 and SEBI LODR and other applicable laws
December 28, 2023, had given an undertaking to and in accordance with principles of good corporate
NCL that it shall not utilize the collateral/margin governance, the Bank has devised and implemented
money aggregating to ` 7 crore till the matter a Vigil Mechanism, in the form of ‘Whistle Blower
is finally adjudicated by the Hon’ble Supreme Policy’. The policy devised is also aligned to the
Court of India. The appeal filed by the Bank recommendations of Protected Disclosure Scheme
before the Hon’ble Supreme Court of India was for Private Sector Banks and Foreign Banks, instituted
listed on February 26, 2024, wherein the Hon’ble by RBI. This policy enables a Whistle Blower to raise
Supreme Court has tagged the matter along with concerns relating to reportable matters (as elucidated
the appeal filed by Edelweiss Custodial Services in the said policy) such as non-adherence to the Code of
Limited, which is yet to be listed. Conduct, suspected/actual fraud, corruption, misuse
of office, criminal offences, financial irregularities,
(iii) Nil Divergences insider trading violations etc., without fear of reprisals
SEBI had issued a show cause notice dated and to provide for independent investigation.
October 26, 2020 to the Bank and its officials in The framework of the policy endeavours to simplify
terms of Rule 4 of the SEBI (Procedure for Holding and smoothen the process for Whistle Blower and
Inquiry and Imposing Penalties by Adjudicating foster responsible reporting, a Whistle Blower cannot
Officer) Rules, 1995 read with Section 15I of resort to the Whistle Blower Policy to report his/ her
SEBI Act and to inquire into and adjudge under personal grievances. The concerns can be raised
Section 15HA of the SEBI Act 1992 the alleged through ‘Corporate Whistle Blower Initiative’ (CWI)
309
portal, which is an independent online reporting D. Separate posts of Chairperson and the
service aimed at facilitating a secure communication Managing Director or the Chief Executive
between the Whistle Blower and independent Officer: The Bank has appointed separate
Whistleblower Committee constituted by the Bank. persons to the post of the Chairperson
The policy has provisions to safeguard Whistle Blower and the Managing Director and CEO.
against victimisation. As a responsible and vigilant Further, the Chairperson of the Bank is
organisation, the Bank encourages responsible and Non-Executive Director and not related to
fearless reporting of genuine concerns or grievances the Managing Director and CEO of the Bank
and also provides for direct access to the Chairperson as per the definition of the term “relative”
of the Audit Committee, in exceptional cases. defined under the Act.
The functioning of the Vigil Mechanism is reviewed by
the Audit Committee regularly. None of the personnel E. Reporting of Internal Auditor: The Chief
of the Bank have been denied access to the Audit Internal Auditor of the Bank reports directly to
Committee. The details of the Whistle Blower Policy the Audit Committee.
are available on the website of the Bank at https://
www.yesbank.in/pdf?name=whistleblowerpolicy.pdf. (e) Subsidiary Companies:
The Bank did not have any material subsidiary during
(d) Compliance with Mandatory Requirements of the FY 2023-24. The Bank has formulated a policy
the SEBI LODR & Adoption of Non-mandatory for determining ‘material’ subsidiaries pursuant
Requirements of the SEBI LODR: to the provisions of the SEBI LODR and the same
The Board of Directors review the compliance of is displayed on the website of the Bank at https://
all applicable laws every quarter. The Bank has in www.yesbank.in/pdf?name=Policy_for_Determining_
place a compliance framework for adherence to the Material_Subsidiaries.pdf.
mandatory requirements of Corporate Governance
norms as specified in Regulations 17 to 27 and clauses The Bank has one Wholly Owned Subsidiary as at
(b) to (i) and [(t)] of sub-regulation (2) of Regulation 46 March 31, 2024 viz., YES Securities (India) Limited
of the SEBI LODR to the extent applicable to the Bank. (“YSIL/Subsidiary”).
In addition to the mandatory requirements, the The Financial Statements (including the audited
Bank has also adopted the following non-mandatory Annual Financial Statements) of the subsidiary and
requirements as suggested in Part E of Schedule II the investments made by the unlisted subsidiary were
read with Regulation 27(1) of the SEBI LODR: placed at the meetings of the Audit Committee of the
Bank on quarterly basis. Further, the minutes of the
A. The Board: The Bank has a non-executive meetings of the Board of Directors of the subsidiary
Chairperson who is entitled to maintain an were placed at the meetings of the Board of Directors
office at the Bank’s expense and also allowed of the Bank on quarterly basis for their noting.
reimbursement of expenses incurred in Statement of significant transactions/ arrangements
performance of his duties. entered into by the unlisted subsidiary company of
the Bank were also placed at the meetings of the
B. Shareholder Rights: A half-yearly declaration Board of Directors of the Bank on quarterly basis,
of financial performance including summary for their review.
of the significant events in last six-months
though are not being sent to each household (f) Disclosure of commodity price risks and
of shareholders, the same are presented commodity hedging activities:
to Investors/Analysts in their meeting and
Information on the commodity price risk or
issued as a press release to reach out to the
foreign exchange risk and hedging activities in
general public. The copy of the presentation
the Bank:
is also made available on Bank’s website for
shareholders information. The Bank has a Board approved Market Risk policy
which defines risk control framework for undertaking
C. Modified opinion(s) in audit report: The any Commodity price risk and Foreign exchange
financial statements of the Bank for FY 2023-24 risk. Vide Market Risk policy, Board of the Bank has
are with unmodified audit opinion. defined overall Net Overnight Open Position (NOOP)

Limit, Stop Loss Limit, Aggregate Gap limit (AGL), (j) Fees paid to Statutory Auditors:
Value at Risk (VaR) limit to control the Commodity The total fees incurred by the Bank and its subsidiary
Price / Foreign exchange risk within its risk control on a consolidated basis for the year ended March 31,
framework. The Bank has not undertaken any 2024, for services rendered by Statutory auditors
commodity price risk during the period. The Bank has is given below:
undertaken all commodity transactions on back to Amount in (`)
back basis. Further, the Bank has not exceeded any of
its Board approved risk limit framework with respect Company Audit Fee Certification Out of Total
Fee Pocket
to Foreign Exchange Risk during the period.
Expenses
YBL 35,000,000 46,20,000 3,289,083 42,909,083
The Bank uses Derivatives including Forwards &
swaps for hedging its currency risk in its balance Subsidiary 16,00,000 55,000 33,800 1,688,800
sheet, customer offerings and proprietary trading Note:
in compliance with overall risk limit and control
No services have been availed from network firm of
framework. The management of these products and
statutory auditor
businesses is governed by Board approved Market
Risk Policy, Investment Policy, Derivatives Policy, Above numbers does not include taxes which are paid
Hedging Policy and ALM policy of the Bank. on actual basis
Whether the commodity price risks and (k) Disclosures in relation to the Sexual Harassment
commodity hedging activities are disclosed to of Women at Workplace (Prevention, Prohibition
the shareholders / public: and Redressal) Act, 2013:
The Bank has not undertaken any commodity price Particulars No. of
risk during the period. The Bank has undertaken all Complaints
commodity transactions on back to back basis. Number of Complaints carried forward 06
from last year (FY23)
(g) Details of utilisation of funds raised through Number of Complaints filed during the 23
preferential allotment or qualified institutions Financial Year (FY24)
placement as specified under Regulation 32 (7A) Number of Complaints disposed off during 25
of SEBI LODR: the Financial Year (FY24)
Number of Complaints pending as on the 4
During the FY 2023-24, Bank has not raised funds
end of the Financial Year (FY24)*
through Preferential Allotment. In addition, during the
FY 2023-24, no funds were raised through Qualified * The investigation and action for these cases will be

Institutions Placements. completed within the stipulated timelines.
(h) Certificate under Regulation 34(3) of SEBI LODR: (l) Code of Business Conduct and Ethics:
The Bank has obtained a Certificate pursuant to The Board has formulated and adopted Code of
the Regulation 34(3) read with Schedule V of the Business Conduct and Ethics for the Board of Directors
SEBI LODR, from M/s. BNP & Associates, Practicing and Senior Management. The said Code was reviewed
Company Secretaries, Mumbai, confirming that none and approved by the Board at its meeting held on
of the Directors on the Board of the Bank have been March 10, 2023 and is hosted on the website of the
debarred or disqualified from being appointed or Bank at https://www.yesbank.in/pdf?name=Code_
continuing as Directors of the Companies either by of_Business_Conduct_Ethics_for_the_Board_of_
Securities and Exchange Board of India or the Ministry Directors_and_Senior_Management.pdf.
of Corporate Affairs or any other Statutory Authorities.
The said certificate forms part of this report. The declaration signed by the Managing Director &
CEO of the Bank stating that the members of Board
(i) Recommendations of Committee not accepted of Directors and Senior Management Personnel
by Board: have affirmed compliance with the Code of Conduct
There are no recommendations of the Committees of Board of Directors and Senior Management is
that are not accepted by the Board of Directors. annexed and forms part of this Report.
311
(m) Compliance Certificate for the Corporate Pursuant to Regulation 39(4) read with Schedule VI
Governance: of the Listing Regulations, all shares issued
The Bank has obtained certificate affirming the pursuant to any issue which remain unclaimed
compliance of conditions of Corporate Governance shall be transferred by the Company to “Unclaimed
from M/s. BNP & Associates, Practicing Company Suspense Account”.
Secretaries, Mumbai which forms part of this report.
M/s. BNP & Associates has confirmed that the Bank The Bank has sent three reminders to the
has complied with the conditions of Corporate shareholders whose share certificates were returned
Governance as prescribed under SEBI LODR. undelivered. There were 63 shareholders whose
28,688 Shares in the aggregate were liable to be
(n)
Disclosures with respect to Demat Suspense transferred to YBL Unclaimed Securities Suspense
Account/ Unclaimed Suspense Account: Escrow Account. Pursuant to Schedule VI, these
The Bank had issued and posted share certificates 28,688 unclaimed shares were transferred to YBL
upon receipt of the remat requests from the Unclaimed Securities Suspense Escrow Account
shareholders. However, certain share certificates on June 28, 2023.
were returned undelivered and remain unclaimed.
Details in respect of Equity Shares lying in the Suspense Account:
Particulars Number of Number of

Shareholders Equity Shares
Aggregate Number of shareholders and the outstanding shares in the Suspense Account 0 0
lying as on April 1, 2023
Aggregate Number of shareholders and the outstanding shares transferred in the Suspense 63 28,688
Account on June 28, 2023
Number of shareholders who approached the Bank for transfer of shares from Suspense 0 0
Account during the year
Number of shareholders to whom shares were transferred from suspense account during 0 0
the year
Aggregate number of shareholders and the outstanding shares in the suspense account 63 28,688
lying as on March 31, 2024
The voting rights on the shares in the suspense account shall remain frozen till the rightful owners of such shares
claims the shares.
(o) Managing Director & CEO / CFO Certification: best of their knowledge and belief, no transactions
The Managing Director & CEO and the Chief entered into during the year were fraudulent, illegal
Financial Officer have issued certificate pursuant or violative of the code of conduct of the Bank, they
to the provisions of Regulation 17(8) of the SEBI are responsible for establishment and maintenance
LODR, for the FY 2023-24 and the same was placed of the Internal Financial Controls for financial
before the Board of Directors at its meeting held on reporting and they have indicated to the auditors and
April 27, 2024. the Audit Committee about any significant changes
in internal control over financial reporting, significant
The Certificate certifies that the Financial Statements changes in the accounting policies and instances
do not contain any materially untrue statement and of significant frauds, if any, which they were aware.
these statements represent a true and fair view of The said certificate is annexed and forms part of
the Company’s affairs. They also certify that, to the this Annual Report.

(p) Code of Conduct for Prohibition of Insider and to take appropriate actions as per the SEBI PIT
Trading: Regulations and Bank’s Code.
The Bank has formulated the Code of Conduct for
Prohibition of Insider Trading (“Bank’s Code”), in Further, based on the Board approved penalty matrix
accordance with the SEBI (Prohibition of Insider all identified violations are being reported to the
Trading) Regulations, 2015 (the “PIT Regulations”), as Disciplinary Committee for its action(s) which may
amended from time to time, to regulate, monitor and result into monetary implications depending on the
report trading by the Designated Persons specified instance and nature of violation.
therein and their Immediate Relatives in securities
of the Bank and for dealing in securities listed or Also, the Bank reports to the Stock Exchanges,
proposed to be listed (other than securities of the violations by the Designated Persons as concluded
Bank), by the Designated Persons specified therein by Disciplinary Committee of the Bank in the format
and their Immediate Relatives, and enumerating as prescribed by SEBI.
practices and procedures for Fair Disclosure of
Unpublished Price Sensitive Information. The Bank from time to time creates awareness
through webinars, quiz, e-mails, mandatory
Thus, Bank endeavours to preserve the confidentiality declaration amongst the Designated Persons on the
of Unpublished Price Sensitive Information (UPSI) and compliance and obligation requirements under the
to prevent misuse of such information. The Bank is SEBI PIT Regulations read with the Bank’s Code.
committed to transparency and fairness in dealing
with all stakeholders and in ensuring adherence to all (q) Dividend Distribution Policy:
relevant laws and regulations. In terms of the provisions of Regulation 43A of the
SEBI LODR, the Board of Directors of the Bank has
Accordingly, the Bank’s Code ensures that the formulated and approved the Dividend Distribution
UPSI is not communicated except in furtherance Policy with the objective of providing clarity to its
of legitimate purposes, performance of duties or stakeholders on the profit distribution strategies of
discharge of legal obligations. The Bank’s Code also the Bank. The Policy is in line with the parameters
ensures curbing of fraudulent and unfair practices prescribed thereunder for payment / distribution
relating to securities market. of dividend to the shareholders. The said Policy has
been hosted on the Bank’s website under Corporate
The Bank under the Code maintains a Structured Governance Section and can be accessed at the
Digital Database (“SDD”) containing the nature of link https://www.yesbank.in/pdf?name=dividend_
UPSI, names of such persons who have shared policy_pdf.pdf.
the UPSI along with names of such persons or
entities, as the case may be, with whom UPSI is (r) Integrated Reporting:
shared under this Code. Additionally, for the ease
of convenience of the Designated Persons and as SEBI had issued a Circular dated February 6, 2017
a part of Bank’s digitisation initiative, the reporting on ‘Integrated Reporting by Listed Entities’ advising
mechanism/ process which facilitates Designated top 500 listed entities, which are required to
Person in reporting of transactions in Securities of prepare Business Responsibility Report, to adopt
the Bank and seeking of pre-clearance for trading Integrated Reporting (‘IR’) on a voluntary basis from
in securities other than YES BANK securities, was the FY 2017-18 onwards. Since FY 2015-16, the
automated by the Bank, which can be accessed by Bank has taken steps to adopt key elements of the
the Designated Person through intranet. The system International Integrated Reporting Council’s (IIRC),
allows employees to submit online disclosures while International <IR> Framework as part of its Annual
dealing in the Securities of the Bank, i.e. submission of Report. In FY 2022-23, the Bank published its first fully
initial disclosures, obtaining of pre-clearances and Integrated Annual Report in accordance with IIRC’s
submission of periodic declarations and to obtain <IR> framework alongwith with independent external
pre-clearance for trading in any other securities. assurance. YES BANK’s Integrated Annual Report for
Thus, enabling the Compliance Officer in monitoring FY 2023-24 has been prepared in accordance with
of transactions, for certain acts of omissions/ the <IR> Framework and is externally assured by BSI
commissions on the part of the Designated Person Group India Private Limited.
313
(s) Accounting Treatment:
The financial statements have been prepared in accordance with requirements prescribed under the Third Schedule
(Form A and Form B) of the Banking Regulation Act, 1949. The accounting and reporting policies of the Bank used in
the preparation of these financial statements conform to Generally Accepted Accounting Principles in India (Indian
GAAP), the guidelines issued by the Reserve Bank of India (RBI) from time to time, the accounting standards notified
under section 133 of the Companies Act, 2013 read together with Companies (Accounting Standards) Rules, 2021 to
the extent applicable and practices generally prevalent in the banking industry in India. The Bank follows the accrual
method of accounting and the historical cost convention, unless otherwise stated by RBI guidelines.
6. GENERAL BODY MEETINGS

(a) The details of Annual General Meeting(s) for the previous three financial years held and the Special
Resolutions passed therein:
Meeting Type, Day, Date and Special Resolution

time
19th Annual General Meeting* - 1. To authorize capital raising through an issuance of debt instruments
Friday, August 18, 2023 at 2. To approve amendments to the Employees Stock Option Scheme of the Bank, namely
11:00 AM YBL Employee Stock Option Scheme 2020
3. Approval for amendment to Articles of Association (“AOA / Articles”) of the Bank
18th Annual General Meeting* - 1. To authorise capital raising through an issuance of debt instruments
Friday, July 15, 2022 at 10:30 AM 2. To approve amendments to the Employees Stock Option Scheme of the Bank, namely
YBL Employee Stock Option Scheme 2020
3. To Appoint Mr. Atul Malik (DIN - 07872539) as an Independent Director
4. To Appoint Ms. Rekha Murthy (DIN - 07825183) as an Independent Director
5. To Appoint Mr. Sharad Sharma (DIN - 05160057) as an Independent Director
6. To appoint Ms. Nandita Gurjar (DIN - 01318683) as an Independent Director
7. To appoint Mr. Sanjay Kumar Khemani (DIN - 00072812) as an Independent Director
8. To appoint Mr. Sadashiv Srinivas Rao (DIN - 01245772) as an Independent Director
17th Annual General Meeting* - 1. To authorise capital raising through issuance of debt securities
Friday, August 27, 2021 at 11.00 AM
* In compliance with the provisions of the Ministry of Corporate Affairs (‘MCA’) General Circular No. 3/2022 dated May 5, 2022
read with Circular Nos. 14 & 17/2020 dated April 8, 2020 and April 13, 2020 read with General Circular No. 22/2020 dated June
15, 2020, General Circular No. 33/2020 dated September 28, 2020, General Circular No. 39/2020 dated December 31, 2020,
General Circular No. 10/2021 dated June 23, 2021, General Circular No. 20/2021 dated December 08, 2021 and General Circular
No. 10/2022 dated December 28, 2022, and the Securities and Exchange Board of India (‘SEBI’) Circular No. SEBI/HO/CFD/CMD1/
CIR/P/2020/79 dated May 12, 2020 Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022, and Circular No. SEBI/
HO/CFD/PoD-2/P/CIR/2023/4 dated January 05, 2023 the Company conducted the AGM through Video Conferencing /Other Audio
Visual Means (“VC”/“OAVM”).
Further, in accordance with the Secretarial Standard-2 on General Meetings issued by the Institute of Company
Secretaries of India (“ICSI”) read with Clarification/Guidance on applicability of Secretarial Standards - 1 and 2 dated
April 15, 2020 issued by the ICSI, the proceedings of the AGM are deemed to be conducted at the Registered Office
of the Bank being the deemed venue of the AGM.
(b) Passing of Resolution through Postal Ballot:

During the Financial Year 2023-24, the Bank approached the Bondholders through Postal Ballot for passing of the
following Resolution:
Resolution approved by Bondholders:

Date of Postal Ballot Notice: February 27, 2024
Voting Period: February 28, 2024 at 10:00 AM to March 28, 2024 at 05:00 PM
Date of declaration of result: March 29, 2024
Date of Approval: March 28, 2024

The Board of Directors of the Bank had appointed Ms. Manisha Maheshwari, Partner of Bhandari & Associates,
Company Secretaries, and failing her, Mr. S. N. Bhandari, Partner of Bhandari & Associates, Company Secretaries, as
Scrutiniser for conducting the Postal Ballot process in a fair and transparent manner.
Name of the Resolution Type of Resolution

To consider and approve amendment to the Disclosure Document of Unsecured Redeemable Long Special Resolution
Term Bonds in nature of Debentures bearing ISIN INE528G08279
Mode E-voting Number of Number of Value of % of value of

Bondholders Bonds Bonds (in `) Bonds
Voted for the Resolution 15 8,630 8,63,00,00,000 86.3
Voted against the Resolution 0 0 0 0
Not Voted/Abstained 30 1,370 1,37,00,00,000 13.7
from Voting
Total 45 10,000 10,00,00,00,000 100
(c) Procedure for Postal Ballot:

Debentures/Bonds: of Bondholders / List of Beneficial Owners bearing
In compliance with provisions of Sections 108 and ISIN INE528G08279 provided by the Depositories as
110 of the Act, Rules 20 and 22 of the Companies on the cut-off date i.e. February 16, 2024 and whose
(Management and Administration) Rules, 2014 email ID was registered with the Bank or Depository/
read with General Circular No. 14/2020 dated Depository Participants and the communication
April 8, 2020, General Circular No. 17 / 2020 dated of assent / dissent of the bondholders was taken
April 13, 2020 and other relevant circulars, in relation through the remote e-voting system.
to extension of framework “Clarification on passing
of ordinary and special resolutions by companies
The Bank had also published a notice in the
under the Companies Act, 2013 and the rules made newspaper declaring the details of completion of
thereunder on account of the threat posed by dispatch and other requirements as mandated under
Covid - 19”, and General Circular No. 09/2023 dated the aforesaid provisions of the Act and the said Rules.
September 25, 2023, in relation to extension of the
framework provided in the aforementioned circulars The Resolution was passed upon receipt of the
up to September 30, 2024 (“MCA Circulars”), issued by consent/assent of the holders of at least three-fourth
the Ministry of Corporate Affairs, Government of India, of the outstanding amount of the Bonds registered
Secretarial Standard on General Meetings issued by in the names of the Bondholders as on the
the Institute of Company Secretaries of India (“SS-2”) said cut-off date.
and pursuant to such other applicable laws, the Bank
provides e-voting facility to all its Bondholders to The Scrutiniser had submitted his report to the
enable them to cast their votes electronically on the Chairman of the Meeting, i.e. to the Nominee of the
matters included in Postal Ballot Notice, instead of Debenture Trustee i.e. Axis Trustee Services Limited,
dispatching the Postal Ballot Form by post. after verification of the records and thereafter the
e-voting results were declared.
The Bank had engaged the services of National
Securities Depository Limited for the Postal Ballot Subsequently, the said results alongwith the report of
conducted for the purpose of providing remote the Scrutiniser were disclosed to BSE Limited within
e-voting facility to the Bondholders. 2 working days of such declaration and uploaded on
the website of the Bank. The resolution, passed by
The Board of Directors of the Bank had appointed requisite majority, was deemed to have been passed
Scrutiniser for conducting the Postal Ballot process in on the last date specified by the Bank for e-voting.
a fair and transparent manner.
No Special Resolution(s) requiring a Postal Ballot
The Bank had sent Postal Ballot Notice by e-mail to all is being proposed at the ensuing Annual General
Bondholders whose names appeared on the Register Meeting of the Bank.
315
(d) Means of Communication: 6) The Bank has established systems and
The Bank has provided adequate and timely procedures to disseminate relevant information
information to its members inter-alia through the to its stakeholders, including shareholders,
analysts, suppliers, customers, employees and
following means:
the society at large. It also conducts earning calls
1) Quarterly Results are announced through a with analysts and investors.
Press Conference and/or a Press Release sent to
7) Documents like Notices of General Meetings,
leading media publications as well as regulatory
Annual Reports, Electronic Clearing System
notice advertisement. (ECS) advises for Dividends, etc. are sent to
2) The Financial Results, Official News Releases and the shareholders at their e-mail address, as
Presentations are also displayed on the website registered with their Depository Participants /
of the Bank at https://www.yesbank.in/about-us/ Company / Registrar & Transfer Agents (RTA).
This helps prompt delivery of document, reduce
investor-relations/financial-information/
paper consumption, save trees and avoid loss of
financial-results.
documents in transit.
3)
Financial Results are published in Financial
8) SEBI Complaints Redress System (SCORES):
Express and Navshakti Newspaper.
The investor complaints are processed in a
4) The presentations made to Institutional centralised web-based complaints redress
Investors and Financial Analysts on the system. The salient features of this system are
Company’s Financial Results are displayed centralised database of all complaints, online
on the website of the Bank at https:// upload of Action Taken Reports (ATRs) by
concerned companies and online viewing by
www.yesbank.in/about-us/investor-relations/
investors of actions taken on the complaint and
financial-information/financial-results. The Bank
its current status.
also informs the Schedule of meeting with the
Institutional Investors and Financial Analysts 9) Periodically reminders to the shareholders are
to the Stock Exchanges. No unpublished sent for claiming unclaimed dividend.
price sensitive information is discussed in the
presentation made to Institutional Investors and (e) Changes in Equity Share Capital of the Bank:
Financial Analysts. As at March 31, 2024 the paid-up equity share
capital of the Bank comprised of 28,767,882,106
5) The Financial and other information filed by (Two Thousand Eight Hundred and Seventy Six Crore
the Bank from time to time is also available on Seventy Eight lakh Eighty Two Thousand One Hundred
the websites of the Stock Exchanges, i.e., BSE and Six) equity shares of ` 2/- each aggregating to
Limited (BSE) at www.bseindia.com and the ` 57,535,764,212/- (Rupees Five Thousand Seven
National Stock Exchange of India Limited (NSE) Hundred and Fifty Three Crore Fifty Seven Lakh Sixty
at www.nseindia.com. Four Thousand Two Hundred and Twelve only).
The table below gives details of equity evolution of the Bank during the year under review:
Sr. Date of Allotment Type of Issue No. of Equity Face Value Cumulative Equity Share
No. Shares Allotted (in `) Capital (No. of Shares)
1. April 15, 2023 ESOP 2,65,800 2.00 28,755,041,134
2. May 17, 2023 ESOP 2,73,000 2.00 28,755,314,134
3. June 15, 2023 ESOP 3,56,000 2.00 28,755,670,134
4. July 19, 2023 ESOP 2,08,750 2.00 28,755,878,884
5. August 23, 2023 ESOP 9,30,084 2.00 28,756,808,968
6. September 13, 2023 ESOP 12,06,404 2.00 28,758,015,372
7. October 19, 2023 ESOP 5,68,706 2.00 28,758,584,078
8. November 18, 2023 ESOP 9,96,042 2.00 28,759,580,120
9. December 18, 2023 ESOP 19,94,172 2.00 28,761,574,292
10. January 19, 2024 ESOP 17,59,595 2.00 28,763,333,887
11. February 15, 2024 ESOP 27,59,907 2.00 28,766,093,794
12. March 15, 2024 ESOP 17,88,312 2.00 28,767,882,106

(f) Dividend: and other documents as mentioned in Form

During FY 2023-24, the Board of Directors of the Bank IEPF-5 to the Nodal Officer (IEPF) of the Bank
has not recommended any dividend on equity shares. in an envelope marked “Claim for refund from
IEPF Authority”.
(g) Transfer of Equity Shares to Investor Education
and Protection Fund (IEPF) Authority: Certain information about the Bank which will have to
be submitted are as under:
Pursuant to the provisions of Section 124(6) of
the Companies Act, 2013 read with the Investor a) Corporate Identification Number (CIN) of the
Education and Protection Fund Authority (Accounting, Bank: L65190MH2003PLC143249
Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”)
b) Name of the Bank: YES BANK Limited
all equity shares in respect of which dividend has
remained unpaid or unclaimed for consecutive seven c) Address of registered office of the Bank: YES
(7) years, the corresponding equity shares have BANK House, Off Western Express Highway,
been transferred in the name of IEPF Authority as Santacruz (East), Mumbai- 400055
notified by the Ministry of Corporate Affairs (MCA),
d) Email ID of the Bank: shareholders@yesbank.in
Government of India.
In compliance with the aforesaid provisions, your (h) Unclaimed Dividends:
Bank in August, 2023 have transferred 60,761 (Sixty In terms of the provisions of Section 124(5) of
Thousand Seven Hundred and Sixty One) Equity the Companies Act, 2013 read with the Investor
Shares of ` 2/- to the IEPF Authority. Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”),
As per the terms of Section 124(6) of the Companies
the Bank is statutorily required to transfer to the
Act, 2013 and Rule 7 of the IEPF Rules, the
Investor Education and Protection Fund (IEPF),
shareholders whose corresponding equity shares
all dividends remaining unclaimed for a period of
have been transferred to IEPF account can claim
seven (7) years from the date they became due for
those shares from IEPF Authority by making an online
payment. Dividends for and up to the financial year
application in Form IEPF-5 which is available at https://
ended March 31, 2016 have already been transferred
www.iepf.gov.in.
to the IEPF and the dividend for the financial year
Guidelines to file your claim: ended March 31, 2017 will be transferred to the IEPF
after July 5, 2024 within the timelines as specified in
For claiming the shares and dividend from
the IEPF Authority, shareholders can make the IEPF Rules.
an online web based application through
In compliance with the aforesaid provisions, your Bank
MCA portal. Shareholders need to register
in July 2023 have transferred dividends amounting to
themselves on MCA portal by creating Login
` 21,72,100/- (Rupees Twenty One Lakh Seventy Two
ID credentials. After successful login into MCA
portal, shareholders have to click on “MCA Thousand One Hundred Only) for the Financial Year
Services” tab and choose “IEPF-5” option under ended March 31, 2016.
“Investor Services” and follow the due process
The details of unclaimed dividends for the financial
for filing the form.
year ended 2017 onwards and the last date for
Printout of the duly filled Form IEPF-5 with claiming such dividends are given hereinafter:
claimant and joint holders’ (if any) signature and
along with the acknowledgment issued after Dividend for the Date of Last date
uploading the form will have to be submitted year ended Declaration of of claiming
together with an indemnity bond in original, Dividend Dividend
cancelled Cheque leaf of active bank account March 31, 2017 June 06, 2017 July 05, 2024
(details of which are mentioned by the claimant March 31, 2018 June 12, 2018 July 11, 2025
at the time of uploading the web-based form), March 31, 2019 June 12, 2019 July 11, 2026
317

Intimation to the Investors for claiming of (j) Policies of the Bank:
Dividends: As a part of good Corporate Governance, the Bank
During the year under review the Bank has undertaken has from time to time adopted various policies/codes
the following initiatives to reduce the quantum of which are hosted on the website of the Bank at https://
unpaid/unclaimed dividend: www.yesbank.in/about-us/corporate-governance.
Annual voluntary reminders to the concerned
7. GENERAL SHAREHOLDERS INFORMATION:
shareholders to claim dividend; and
The date, time and venue of the 20th Annual General
direct credit of unpaid/unclaimed dividend Meeting of the Bank, is as under:
to those shareholders’ accounts, who have
Date: August 23, 2024
updated their bank account details with the
Bank/Depository Participant Time: 10:30 A.M.
Venue: Through Video Conferencing (VC)/Other
(i) Queries at Annual General Meeting: Audio Visual Means (OAVM).
Shareholders who wish to ask questions/express
their views on the items of the businesses to be (a) Financial Year:
transacted at the meeting are requested to write The Financial Year of the Bank starts on April 1 and
to the Bank’s e-mail-id : AGM@yesbank.in with ends on March 31 of next year.
regard to the accounts at least 48 hours before
the time fixed for the AGM mentioning their name, (b) Cut-off Date:
demat account number/folio number, email ID, The Cut Off Date for determining shareholders
mobile number etc. The queries may be raised who will be entitled to vote electronically on the
precisely and in brief to enable the Bank to answer resolutions mentioned in the Notice convening the
the same suitably depending on the availability of Annual General Meeting by remote e-Voting and also
time at the AGM. vote on AGM date at the appointed time is mentioned
in the AGM Notice.
(c) Dividend Payment Date:

The Board of Directors of the Bank has not recommended any Dividend for the FY 2023-24.
(d) Listing on Stock Exchanges & Stock Code:

The Securities of the Bank are listed on following stock exchanges.
(Equity Shares) (Equity Shares & Debt Securities)

National Stock Exchange of India Limited BSE Limited
Exchange Plaza, Plot no. C - 1, Block G, Phiroze Jeejeebhoy Towers, Dalal Street,
Bandra Kurla Complex, Bandra (E) Mumbai - 400 001.
Mumbai - 400 051. Stock Code: 532648
Stock Code: YESBANK
Notes:
1. Listing Fees for the FY 2023-24 has been paid to the above-mentioned Stock Exchanges.
2. The Securities of the Bank have not been suspended from trading on the said Stock Exchanges or by any Regulatory/
Statutory Authority.

(e) Market Price Data: High, Low during each month in last financial year:
Month NSE BSE

High (`) Low (`) Volume High (`) Low (`) Volume
Apr-23 17.30 15.05 1,810,367,987 17.34 15.06 343,722,998
May-23 16.50 15.50 1,663,944,094 16.50 15.45 333,285,981
Jun-23 17.20 15.90 1,669,373,972 17.18 15.90 292,932,184
Jul-23 18.45 16.25 3,387,290,040 18.44 16.23 600,208,291
Aug-23 17.45 16.70 1,797,222,922 17.43 16.71 335,797,340
Sep-23 19.10 16.70 4,915,741,959 19.12 16.72 850,148,360
Oct-23 17.85 15.70 2,141,210,087 17.85 14.10 489,860,629
Nov-23 21.15 15.90 5,704,054,297 21.15 15.91 1,032,008,743
Dec-23 23.05 19.20 5,578,549,787 23.05 19.20 1,180,786,257
Jan-24 26.25 21.40 8,052,787,670 26.25 21.40 1,458,636,728
Feb-24 32.85 22.60 11,707,561,690 32.81 22.62 2,152,857,166
Mar-24 25.70 20.55 4,940,735,678 25.69 20.53 67,97,80,366
(f) Performance of the Bank’s Equity Shares as compared with Indices:

YBL vis-a-vis SENSEX - F.Y. 2023-24
75000 30
70000 25
20
65000
15
60000
10
55000 5
50000 0
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
S&P BSE Sensex YBL Close Price (BSE)
YBL vis-a-vis NIFTY - F.Y. 2023-24
23000 30
22000 25
21000
20
20000
19000 15
18000 10
17000
5
16000
15000 0
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
NSE Nifty 50 YBL Close Price (NSE)
319
(g) Registrar and Share Transfer Agents:
EQUITY DEBT
KFIN Technologies Limited Link Intime India Private Limited
Selenium Building, Tower B, Plot 31 & 32, C 101, 247 Park, L B S Marg,
Financial District, Nanakramguda, Serilingampally, Vikhroli West, Mumbai 400 083.
Hyderabad, Rangareddi, Tel No: +91 22 4918 6000
Telangana - 500032 Fax: +91 22 4918 6060
Phone No: 040- 6716 2222 Contact Person: Mr. Ganesh Jadhav
Fax No: 040-2300 1153 E-mail: mumbai@linkintime.co.in
Contact Person: Ms. Shobha Anand /
Mr. Sridhar B
E-mail: einward.ris@kfin.com
(h) Share Transfer System: submitting a duly filled and signed Form ISR - 4, the
The Board-level Stakeholders Relationship format of which is available on the Company’s web-
Committee examines and redresses investors’ site under the link at https://www.yesbank.in/pd-
grievances. The status of investors’ grievances and f?name=normsforprocessinginvestorservice_pdf.pdf
share transfers are reported to the Stakeholders’
Relationship Committee. Members holding equity shares of the Bank in
physical form are requested to get their equity
As mandated by SEBI, securities of the Company shares converted into demat/ electronic form to
can be transferred /traded only in dematerialised get inherent benefits of dematerialisation and also
form. Further, SEBI vide its circular dated January 25, considering that physical transfer of equity shares/
2022, mandated that all service requests for issue of issuance of equity shares in physical form have been
duplicate certificate, claim from unclaimed suspense disallowed by SEBI.
account, renewal/ exchange of securities certificate,
endorsement, subdivision/splitting/consolidation Nomination facility for shareholding
of certificate, transmission and transposition which As per the provisions of Section 72 of the Companies
were allowed in physical form should be processed in Act, 2013 facility for making nomination is available
dematerialised form only. for the members in respect of shares held by them.
Members holding shares in physical form may obtain
Shareholders holding shares in physical form are a nomination form (Form SH-13), from the Bank’s RTA
advised to avail the facility of dematerialisation. or download the same from the Company’s website
Shareholders should communicate with KFIN through the weblink at https://www.yesbank.in/pd-
Technologies Limited, the Company’s Registrars & f?name=normsforprocessinginvestorservice_pdf.pdf.
Share Transfer Agent at einward.ris@kfintech.com in
quoting their folio number or Depository Participant Members holding shares in dematerialised form
ID and Client ID number, for any queries relating to should contact their Depository Participants (DP)
their securities. in this regard.
Updation of Permanent Account Number (PAN) Reconciliation of Share Capital Audit:

and Bank Details: In terms of Regulation 76 of the Securities and
Members may please note that SEBI vide its Circular Exchange Board of India (Depositories and
No. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 Participants) Regulations, 2018 and SEBI Circular No.
dated January 25, 2022 has mandated the Listed Com- D&CC/FITTC/CIR-16/2002 dated December 31, 2002,
panies to issue securities in demat form only while as amended vide Circular No. CIR/MRD/DP/30/2010
processing service requests viz. Issue of duplicate dated September 6, 2010 an audit is conducted on
securities certificate, claim from Unclaimed Suspense a quarterly basis by Company Secretary in practice,
Account; Renewal/ Exchange of securities certificate; for the purpose of inter alia, reconciliation of the total
Endorsement; Sub-division/ Splitting of securities cer- admitted equity share capital with the depositories
tificate; Consolidation of securities certificates/folios; and in the physical form with the total issued/
Transmission and Transposition. Accordingly, Share- paid up equity share capital of YES BANK Limited.
holders are requested to make service requests by The certificates issued in this regard were placed

before the Board Meeting and filed with National Stock Exchange of India Limited and BSE Limited, where the equity
shares of the Bank are listed.
(i) Distribution of Shareholding as at March 31, 2024:

Category No. of % Total Shares Amount %
shareholders in ` of Amount
1-5000 6186971 95.35 2851282264 5702564528 9.91
5001- 10000 150748 2.33 1119287830 2238575660 3.89
10001- 20000 82032 1.26 1177432618 2354865236 4.09
20001- 30000 26183 0.40 651032113 1302064226 2.26
30001- 40000 11663 0.18 410017970 820035940 1.43
40001- 50000 8292 0.13 384266171 768532342 1.34
50001- 100000 13618 0.21 982088667 1964177334 3.41
100001 & above 9145 0.14 21192474473 42384948946 73.67
Total 6488652 100.00 28767882106 57535764212 100.00
Shareholding Pattern as at March 31, 20241:
Sr. Category No. of Shares % to total

No. Share capital
I Promoter and Promoter Group 0 0
II Public 28,767,882,106 100.00
II (A) Financial Institutions/Banks 10,570,574,426 36.75
(a) State Bank of India 7,516,666,000 26.13
(b) HDFC Bank Limited 861,972,784 3.00
(c) ICICI Bank Limited 750,059,900 2.61
(d) Axis Bank Limited 315,609,958 1.10
(e) IDFC First Bank Limited 288,627,680 1.00
(f) Kotak Mahindra Bank Limited 380,000,000 1.32
(g) Other Financial Institutions/ Banks 457,638,104 1.59
II (B) Other institutions 7,765,726,238 27.00
(a) Insurance Companies 1,312,765,694 4.56
(i) LIFE INSURANCE CORPORATION OF INDIA along with its sub- accounts 1,248,365,988 4.34
(b) Mutual Fund 53,792,687 0.19
(c) Alternate Investment Fund 28,488 0
(d) Foreign Portfolio Investor 3,268,337,299 11.37
(e) Foreign Direct Investment 3,062,336,666 10.64
(i) CA Basque Investments 1,458,077,851 5.07
(ii) Verventa Holdings Limited 1,604,258,815 5.58
(f) NBFCs registered with RBI 62,374,458 0.22
(g) Sovereign Wealth Fund 3,454,729 0.01
(h) Provident Fund/Pension Funds 2,323,643 0.01
(i) Foreign Companies 312,574 0
II (C) Central Government / State Government 566,200 0.00
Shareholding by Companies or Bodies Corporate where Central / State 566,200 0
Government is a Promoter
II (D) Other Non-Institutions 559,145,672 1.94
(a) Bodies Corporate 557,822,406 1.94
(b) IEPF 284,156 0
(c) Trusts 862,513 0
(d) Clearing Member 176,597 0
GRI 2-1, GRI 2-15

1
321
Sr. Category No. of Shares % to total
No. Share capital
II (E) Individuals 9,871,869,570 34.31
(a) Resident Individuals 9,168,052,021 31.87
(b) Non-resident Indians 426,844,223 1.48
(d) Foreign National 7,569 0
(e) Key Managerial Personnel 909,500 0
(f) Directors & their relatives 287,807 0
(g) HUF 275,768,450 0.96
Total I + II 28,767,882,106 100.00
Financial Institutions/Banks (l) Commodity Price Risk or Foreign Exchange Risk

Other institutions
and Hedging activities:
36% 37%
Other Non-Institutions The information on the Commodity Price Risk or
Foreign Exchange Risk and Hedging activities is
explained elsewhere in this report.
Nil holding of Promoter
27%
and Promoter Group (m) Plant Locations:
Being a Banking Company, the Bank operates its
(j) Dematerialisation of shares and liquidity: business through a network of 1234 Branches;
219 BC Banking Outlets located across India and
The Equity shares of the Bank are to be compulsorily
1290 ATM’s and Bunch Note Acceptor/ Recycler.
traded on the floor of the stock exchanges in
The details of the Branch Addresses are available on
electronic form by all investors.
the website of the Bank.
As at March 31, 2024, out of total paid-up equity share
(n) Address for Correspondence for investors:
capital of the Bank, 99.999% is held in dematerialised
form and 0.001% is held in physical form. Mr. Shivanand R. Shettigar, Company Secretary
YES BANK House, Off Western Express Highway,
Shareholders are requested to convert their physical Santacruz East, Mumbai - 400 055. Tel: +91 (22) 5091
holdings into electronic holdings which will negate 9800, +91 (22) 6507 9800, Fax : +91 (22) 2619 2866
risks associated with physical certificates. Email: shareholders@yesbank.in
(k) Outstanding GDRs/ADRs/Warrants or any (o) Credit Ratings and Change/Revisions in Credit
Convertible instruments, conversion date and Ratings for Debt Instruments:
likely impact on equity: CRISIL Rating was upgraded to “CRISIL
The Bank does not have any Outstanding GDRs/ A” towards Basel III Tier II Bonds and
ADRs as on date. Infrastructure bonds respectively and “CRISIL
A1+” rating towards Certificate of Deposits in
The Bank has issued 2,559,761,818 Share Warrants August 2023 and the same was maintained as
convertible into equity shares of face value ` 2 each at March 31, 2024. The credit rating outlook was
on a preferential basis on December 13, 2022. maintained at “Positive”.
The Board of Directors of the Bank has approved India Ratings upgraded Long term Issuer rating
allotment of 1279880909 equity shares each to CA to “IND A“, Bank’s Infrastructure Bonds to “IND
Basque Investments and Verventa Holdings Limited A”, and Basel III Tier II Bonds to “IND A”, in
on April 21, 2024 and May 05, 2024 respectively August 2023 and the same were maintained as
pursuant to the exercise of 1279880909 convertible at March 31, 2024. The credit rating outlook has
share warrants held by each of them. been maintained at “Stable”.

ICRA re-affirmed the rating for Basel II Lower Tier Moody’s re-affirmed the Bank’s ratings to “Ba3”
II bonds, Basel III Tier II Bonds and Infrastructure in June 2023 and same was maintained as at
bonds at “ICRA A-”, and Basel III Additional Tier March 31, 2024 and the credit rating outlook
I Bonds at “ICRA BB” in August 2023 and same was maintained stable.
were maintained as at March 31, 2024. The credit (p) Debenture Trustee:
rating outlook was maintained at “Positive”.
Axis Trustee Services Limited
CARE upgraded the ratings for Infrastructure Address: The Ruby, 2nd Floor,
Bonds and Basel III Tier II Bonds to “CARE A” in SW, 29 Senapati Bapat Marg,
October 2023 and the same were maintained Dadar (West), Mumbai - 400 028
as at March 31, 2024. Moreover, CARE assigned Contact Person: Mr. Anil Grover,
Ratings of “CARE A1+” to the Certificate of Chief Operating Officer
Deposits in October 2023 and the same was Phone no: +91-22-62300451
maintained as at March 31, 2024. The credit Fax No: +91-22-62300700
rating outlook was maintained at “Positive”. Email: debenturetrustee@axistrustee.in

YES BANK Limited

Date: May 17, 2024 (DIN 07562475) (DIN 03341633)
323
COMPLIANCE WITH THE CODE OF BUSINESS CONDUCT AND ETHICS
I confirm that all the Directors and Members of the Senior Management have affirmed compliance with YES BANK’s
Code of Business Conduct and Ethics for the Board of Directors and Senior Management for the Financial Year ended
March 31, 2024.
For YES BANK Limited
Prashant Kumar
Managing Director & CEO Date: April 27, 2024
(DIN No.: 07562475) Place: Mumbai
CEO / CFO CERTIFICATION
We, Prashant Kumar, Managing Director & CEO and c. We accept responsibility for establishing and
Niranjan Banodkar, Chief Financial Officer, of YES BANK maintaining internal controls for financial reporting
Limited (the “Bank”) hereby certify that: and that we have evaluated the effectiveness of
internal control systems of the Bank pertaining to
a. We have reviewed financial statements and financial reporting and have disclosed to the Auditors
the cash flow statement for the year ended and Audit Committee of the Board, deficiencies in the
March 31, 2024 of the Bank and that to the best of design or operation of such internal controls, if any, of
our knowledge and belief: which we are aware and the steps we have taken or
proposed to take to rectify these deficiencies.
i. t hese statements do not contain any materially
untrue statement or omit any material fact or d. We have indicated, to the Auditors and the
contain any statements that might be misleading; Audit Committee:
i. significant changes in internal control over
ii. t hese statements together present a true
financial reporting during the year;
and fair view of the Bank’s affairs and are in
compliance with existing accounting standards, ii. s ignificant changes in accounting policies during
applicable laws and regulations. the year and that the same have been disclosed
in the notes to the financial statements; and
b. There are, to the best of our knowledge and belief, no
iii. instances of significant fraud of which we have
transactions entered into by the Bank during the year
become aware and the involvement therein, if
which are fraudulent, illegal or violative of the Bank’s
any, of the management or an employee having
Code of Conduct.
significant role in the Bank’s internal control
system over financial reporting.
Yours faithfully
For YES BANK LIMITED For YES BANK LIMITED
Prashant Kumar Niranjan Banodkar

Place: Mumbai Managing Director & CEO Chief Financial Officer
Date: April 27, 2024 (DIN: 07562475)

CERTIFICATE ON COMPLIANCE WITH THE CORPORATE GOVERNANCE

REQUIREMENTS UNDER SEBI (LISTING OBLIGATION AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015
To, and explanations, which, to the best of our knowledge and

The Members, belief are necessary for the purpose of this certification.
YES BANK LIMITED
YES BANK HOUSE, We state that completing compliance requirements
Off Western Express Highway, of Corporate Governance is the responsibility of the
Santacruz East, management of the Bank, and our examination is limited
Mumbai - 400055 to procedures and implementation thereof as adopted
by the Bank for ensuring the compliance. It is neither
We, BNP & Associates, Practicing Company Secretaries an audit nor an expression of opinion on the financial
have examined all relevant records of YES Bank Limited statements of the Bank.
(hereinafter referred to as “the Bank”) as provided
through the virtual data room for the purpose of certifying In our opinion, and to the best of our information and
the compliance ensured by the Bank for disclosure according to the explanations given to us, we certify that
requirements and corporate governance norms as the Bank has complied with the conditions of Corporate
specified for the Listed Companies, as prescribed under Governance as specified for a listed entity in the LODR
Regulations 17 to 27, clauses (b) to (i) of sub-regulation for FY 2023-24.
(2) of Regulation 46 and Para C, D and E of Schedule V
of Chapter IV of the Securities and Exchange Board of We further state that the above certification is neither an
India (Listing Obligations and Disclosure Requirements) assurance as to the future viability of the Bank nor the
Regulations, 2015 (‘LODR’), for the financial year ended efficiency or effectiveness with which the Management has
March 31, 2024. We have obtained all the information conducted the affairs of the Bank during the financial year.

Company Secretaries
[PR No.: 637/2019]
Kalidas Ramaswami
Partner
Date: May 17, 2024 FCS No.: F2440 COP No.: 22856
Place: Mumbai UDIN: F002440F000388001
325
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10) (i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015)
To,
The Members,
YES BANK LIMITED
YES BANK HOUSE,
Santacruz East,
Mumbai - 400055
We, BNP & Associates, Practicing Company Secretaries have examined the relevant registers, records, forms, returns
and disclosures received from the Directors of YES Bank Limited having CIN L65190MH2003PLC143249 and having
its registered office at YES BANK HOUSE, Off Western Express Highway, Santacruz East, Mumbai - 400055 (hereinafter
referred to as “the Bank”), which have been produced before us through the virtual data room by the Bank for the purpose
of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications [including verification of Directors’
Identification Number (“DIN”) status] in terms of the portal of Ministry of Corporate Affairs, Government of India (“MCA”)
www.mca.gov.in as considered necessary and pursuant to explanations furnished to us by the Bank and its officers,
we hereby certify that none of the Directors on the Board of the Bank as stated below, for the financial year ended on
March 31, 2024 have been debarred or disqualified from appointment or continuing as directors of the Bank by the
Securities and Exchange Board of India, Ministry of Corporate Affairs, or by any other statutory regulatory authority.
Sr. DIN Name of the Directors Designation Date of

No Appointment *1
1 03341633 Mr. Rama Subramaniam Gandhi Non-Executive Part-time Chairman, Independent Director 23/07/2022
2 07562475 Mr. Prashant Kumar Managing Director & Chief Executive Officer 26/03/2020
3 08432870 Mr. Rajan Pental Executive Director# 02/02/2023
4 07872539 Mr. Atul Malik Independent Director 30/08/2021
5 07825183 Ms. Rekha Murthy Independent Director 30/08/2021
6 05160057 Mr. Sharad Sharma Independent Director 01/11/2021
7 09623300 Mr. Sandeep Tewari Non-Executive Director 15/07/2022
(Nominee Director of State Bank of India)
8 09623382 Mr. Thekepat Keshav Kumar Non-Executive Director 15/07/2022
(Nominee Director of State Bank of India)
9 01245772 Mr. Sadashiv Srinivas Rao Independent Director 15/07/2022
10 01318683 Ms. Nandita Gurjar Independent Director 15/07/2022
11 00072812 Mr. Sanjay Kumar Khemani Independent Director 15/07/2022
12 05102910 Mr. Sunil Kaul Non-Executive Director (Nominee of CA Basque Investments) 13/12/2022
13 00291675 Ms. Shweta Jalan Non-Executive Director (Nominee of Verventa Holdings Limited) 13/12/2022
*Date of appointment of Directors are as they appear on MCA Portal.
#
As per the MCA records pertaining to the Bank, the designation of Mr. Rajan Pental (DIN: 08432870) - Whole -Time Director of the Bank
is reflected as a Director and not as Whole-Time Director. The Bank has accordingly filed the requisite forms relating to the appointment
of the Whole Time Director with MCA. The Bank is still in the process of getting the designation of the above-named Person changed from
Director to Whole -Time Director on the MCA portal.
GRI 2-9
1

Ensuring the eligibility of every director for appointment / continuity on the Board is the responsibility of the Management
of the Bank. We further state that this certificate is neither an assurance as to the future viability of the Bank nor of the
efficiency or effectiveness with which the Management of the Bank has conducted the affairs of the Bank.

Company Secretaries
[PR No.: 637/2019]
Kalidas Ramaswami
Partner
Date: May 17, 2024 FCS No.: F2440 COP No.: 22856
Place: Mumbai UDIN: F002440F000388089
327
Business Responsibility &
Sustainability Report
SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity
Sr. No. Particulars Answer

1 Corporate Identity Number (CIN) of the Listed Entity L65190 MH 2003 PLC 143249
2 Name of the Listed Entity1 YES Bank Limited
3 Year of incorporation 2003
4 Registered office address1 YES BANK House, Off Western Express Highway, Santacruz East,
Mumbai 400055, Maharashtra, India
5 Corporate address YES BANK House, Off Western Express Highway, Santacruz East,
Mumbai 400055, Maharashtra, India
6 E-mail shareholders@yesbank.in
7 Telephone +91 (22) 5091 9800; 6507 9800
8 Website www.yesbank.in
9 Financial year for which reporting is being done 2023-24
10 Name of the Stock Exchange(s) where shares are listed BSE Limited and
National Stock Exchange of India Limited
11 Paid-up Capital ` 5,753,57,64,212/- (Rupees Five Thousand Seven Hundred
and Fifty Three Crore Fifty Seven Lakh Sixty Four Thousand Two
Hundred and Twelve only)
12 Name and contact details (telephone, email address) of the Niranjan Banodkar
person who may be contacted in case of any queries on the Chief Financial Officer/
BRSR report Telephone number +91-22-65077941
e-mail id: responsible.banking@yesbank.in
13 Reporting boundary - Are the disclosures under this report The disclosures under this report are made on a standalone
made on a standalone basis (i.e. only for the entity) or on basis
a consolidated basis (i.e. for the entity and all the entities
which form a part of its consolidated financial statements,
taken together).
14 Name of assurance provider BSI Group India Private Limited
15 Type of assurance obtained •
Reasonable Assurance for BRSR Core Disclosures (For
independent assurance statement please refer to page 520)
• Limited Assurance for select non-core BRSR Disclosures (For
independent assurance statement please refer to page 527)
II. Products/services
16. Details of business activities (accounting for 90% of the turnover):
Sr. No. Description of Main Activity Description of Business Activity % of Turnover of the entity
1. Financial and insurance Service Banking activities by Central, Commercial and 100%
Saving banks
GRI 2-1
1

17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover)1:
Sr. No. Product/Service NIC Code % of total Turnover of contributed

1. Monetary intermediation of commercial
banks, saving banks, postal savings bank 64191 100%
and discount houses
III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated1:
Location Number of Plants Number of Offices Total

National 1,234 (Branches) + 60* (Offices) 1,294
International 1 Representative Office in Abu Dhabi 1
*Includes the Bank's IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT), which is considered an overseas branch
according to Foreign Exchange Management Act.
19. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) The Bank operates 1,234 Branches; 59 Offices; 1,290 ATMs/ CRMs & BNAs; and
219 BCBOs across 28 States and 6 Union Territories of India
International (No. of Countries) The Bank serves 42 countries through its IFSC Banking Unit (IBU) in Gujarat
International Finance Tec-City (GIFT) and Representative Office in Abu Dhabi
b. What is the contribution of exports as a percentage of the total turnover of the entity?
The total exports undertaken by the Bank during FY 2023-24 as classified under GST law and as reported in GST
returns is ` 135,37,39,617 (` 135.37 crore). The same is classified as exports of service in accordance with the
provisions of GST law.
c. A brief on types of customers

YES BANK is a full-service commercial Bank which offers a complete range of products, services and technology-driven
digital offerings to its Corporate, Retail and SME customers. The Bank’s customers include individuals, farmers,
women microfinance borrowers, micro, small and medium enterprises, large corporates, government entities,
amongst others. For more information on the Bank’s customers, products and services please refer to the Products
& Services Suite section of the Integrated Annual Report on page 32.
IV. Employees
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled)1:
S. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. (C) % (C / A)
Employees
1 Permanent (D) 28,001 21,898 78.20% 6,103 21.80%
2 Other than Permanent (E) *
98 74 75.51% 24 24.49%
3 Total employees (D + E) 28,099 21,972 78.19% 6,127 21.81%
Workers
4 Permanent (F)
5 Other than Permanent (G) Not applicable
6 Total workers (F + G)
* All trainee, advisors and consultants are classified as ‘other than permanent employees’.
GRI 2-1, GRI 2-6, GRI 2-7

1
329
Independent limited assurance for the above disclosure has been carried out by BSI Group India Private Limited, in
accordance with the GRI Standards. (Please refer to the Independent Assurance Statement on Page 532)
b. Differently abled Employees and workers:
S. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. (C) % (C / A)
Differently abled Employees
1 Permanent (D) 25 22 88% 03 12%
2 Other than Permanent (E) - - - - -
3 Total differently abled employees (D + E) 25 22 88% 03 12%
Workers
4 Permanent (F)
5 Other than Permanent (G) Not applicable
6 Total differently abled employees (F + G)
accordance with the BRSR Format and the Guidance Note for BRSR Format issued by SEBI. (Please refer to the Independent
Assurance Statement on Page 527)
21. Participation/Inclusion/Representation of women
Total (A) No. and percentage of Females

No. (B) % (B / A)
Board of Directors 13 3 23.08%
Key Management Personnel 4 0 0%
22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 2023-24 FY 2022-23 FY 2021-22

(Turnover rate in current FY) (Turnover rate in previous FY) (Turnover rate in the year
prior to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees# 37.5% 40.6% 38.2% 42.6% 42.8% 42.7% 40.9% 48.9% 42.4%
Permanent Workers Not applicable
#
Attrition has been computed basis average headcount as at the close of FY and includes only voluntary exits.
V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. Names of holding / subsidiary / associate companies / joint ventures
Sr. Name of the holding / Indicate whether % of shares Does the entity indicated at column A,
No. subsidiary/ associate holding/ Subsidiary/ held by participate in the Business Responsibility
companies / joint ventures (A) Associate/ Joint Venture listed entity initiatives of the listed entity? (Yes/No)
1 Yes Securities (India) Limited Subsidiary 100% No

VI. CSR Details

24.
Sr. No. Question Answer

(i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) No
(ii) Turnover (in `) 327,002,371,000
(iii) Net worth (in `) 421,453,914,000
VII. Transparency and Disclosures Compliances

Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on
25.
Responsible Business Conduct:
Grievance Redressal FY 2023-24 FY 2022-23

Mechanism in Place (Yes/ Current Financial Year Previous Financial Year
Stakeholder
No) (If Yes, then provide Number of Number of Remarks Number of Number of Remarks
group from
web-link for grievance complaints complaints complaints complaints
whom
redress policy) filed during pending filed during pending
complaint is
the year resolution the year resolution
received
at close of at close of
the year the year
Members of the community Nil Nil Nil Nil
can report their grievance, if
any, to the Branch Manager of
their nearest YES BANK Branch
or the Infrastructure and
Facilities Management (IFM)
Communities team at the nearest YES BANK
office.
Community grievances are
registered and resolved
through the Bank’s internal
helpdesk system.
Yes. Nil Nil Nil Nil
Information on the grievance
redressal mechanism for
investors can be accessed on
Investors page 84 as part of the terms
(other than of reference of the Stakeholder
shareholders) Relationship Committee, a
Board Level Committee that
reviews the MIS of investor
complaints along with the
ageing analysis, on a periodical
basis
Yes. 29 Nil 157 Nil
Information on the grievance
redressal mechanism for
investors can be accessed on
page 84 as part of the terms
Shareholders of reference of the Stakeholder
Relationship Committee, a
Board Level Committee that
reviews the MIS of investor
complaints along with the
ageing analysis, on a periodical
basis
331
Grievance Redressal FY 2023-24 FY 2022-23
Mechanism in Place (Yes/ Current Financial Year Previous Financial Year
Stakeholder
No) (If Yes, then provide Number of Number of Remarks Number of Number of Remarks
group from
web-link for grievance complaints complaints complaints complaints
whom
redress policy) filed during pending filed during pending
complaint is
the year resolution the year resolution
received
at close of at close of
the year the year
Yes. The Policy on Employee 132 02 All pending 64 02 All the
Grievance Redressal is part complaints pending
of Bank’s HR Policy and is are complaints
Employees available to all employees on reviewed were
and workers the Bank’s Intranet and reviewed
resolved and
within TAT resolved
within TAT
Yes, the Bank has instituted 56452 1503 NA 62,704 2,097 NA
a comprehensive Grievance
Redressal Mechanism for
customers.
Customers Link to the Bank’s Grievance
Redressal Policy:
pdf?name=grievance
redressal_pdf.pdf
The Bank has instituted a Nil Nil Nil Nil
comprehensive process for
Value Chain supplier grievance redressal
Partners which can be accessed here
- https://www.yesbank.in/
strategic-procurement-unit
26. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to
adapt or mitigate the risk along-with its financial implications, as per the following format:
Sr. Material issue Indicate whether Rationale for In case of risk, Financial implications of
No. identified risk or opportunity identifying the risk / approach to adapt the risk or opportunity
(R/O) opportunity or mitigate (Indicate positive or
negative implications)
1. Governance and Opportunity Refer to the 'Governance and Compliance' section on page 92 of this Integrated
Compliance Annual Report for FY 2023-24
2. Business Ethics Risk Refer to the ‘Business Ethics’ section on page 104 of this Integrated Annual
Report for FY 2023-24
3. Data Security & Risk Refer to the ‘Data Security & Privacy’ section on page 110 of this Integrated
Privacy Annual Report for FY 2023-24
4. Digital Innovation Opportunity Refer to the ‘Digital Innovation’ section on page 114 of this Integrated Annual
5. Customer Relations Opportunity Refer to the ‘Customer Relations’ section on page 120 of this Integrated
Annual Report for FY 2023-24

Sr. Material issue Indicate whether Rationale for In case of risk, Financial implications of
No. identified risk or opportunity identifying the risk / approach to adapt the risk or opportunity
(R/O) opportunity or mitigate (Indicate positive or
negative implications)
6. Employment Practice Opportunity Refer to the ‘Employment Practices’ section on page 128 of this Integrated
7. Progress on Opportunity Refer to the 'Progress on Profitability' section on page 152 of this Integrated
Profitability Annual Report for FY 2023-24
8. Climate Action Risk and Opportunity Refer to the 'Climate Action' section on page 162 of this Integrated Annual
9. Financial Inclusion Opportunity Refer to the ‘Financial Inclusion’ section on page 172 of this Integrated Annual
10. Operational Risk and Opportunity Refer to the ‘Operational Eco-efficiency’ section on page 184 of this Integrated
eco-efficiency Annual Report for FY 2023-24
11. Sustainable Finance Opportunity Refer to the ‘Sustainable Finance’ section on page 194 of this Integrated
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

S. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. a Whether your entity’s policy/policies cover each principle and its core
Y Y Y Y Y Y N Y Y
elements of the NGRBCs. (Yes/No)
1.b Has the policy been approved by the Board? (Yes/No) Y Y Y Y Y Y NA Y Y
1.c Web Link of the Policies, if available Y1 Y2 Y3 Y4 Y5 Y2 NA Y4 Y6
2. Whether the entity has translated the policy into procedures. (Yes/ No) Y Y Y Y Y Y NA Y Y
3. Do the enlisted policies extend to your value chain partners? (Yes/No) Y Y Y Y Y Y NA Y Y
4. Name of the national and international codes/certifications/labels/
standards (e.g. Forest Stewardship Council, Fairtrade, Rainforest 1
Y Y2 Y3 Y4 Y5 Y2 NA Y4 Y6
Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted by
your entity and mapped to each principle.
5. Specific commitments, goals and targets set by the entity with defined
N Y2 N Y4 N Y2 NA Y4 N
timelines, if any.
6. Performance of the entity against the specific commitments, goals and
NA Y2 NA Y4 NA Y2 NA Y4 NA
targets along-with reasons in case the same are not met.
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
achievements (listed entity has flexibility regarding the placement of this disclosure): For statement of director responsible for
Business Responsibility report, refer to the Message from MD & CEO in the Integrated Annual Report on Page 12
8. Details of the highest authority responsible for implementation and The Corporate Social Responsibility & Environmental,
oversight of the Business Responsibility policy (ies). Social and Governance Committee of the Board (CSR
& ESG Committee)
9. Does the entity have a specified Committee of the Board/ Director Yes. The Bank has a CSR & ESG Committee of the Board
responsible for decision making on sustainability related issues? (Yes / that provides oversight on sustainability related issues
No). If yes, provide details. The composition of the Committee is given below:
Ms. Rekha Murthy (Chairperson), Independent Director
(DIN: 07825183)
Ms. Nandita Gurjar (Member), Independent Director
(DIN: 01318683)
Ms. Shweta Jalan (Member), Non-Executive Director;
not liable to retire by rotation, Nominee of Verventa
Holdings Limited (DIN: 00291675)

Mr. Sadashiv Srinivas Rao (Member), Independent
Director (DIN: 01245772)
Mr. Rajan Pental (Member), Executive Director
(DIN: 08432870)
333
10. Details of Review of NGRBCs by the Company:
Subject for review Indicate whether review was Frequency (Annually/
undertaken by Director/ Committee Half yearly/ Quarterly/ Any
of the Board/ Any other Committee other – please specify)
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies
Y1
Y2
Y3
Y4
Y
5
Y2
NA Y4
Y6
A* H A #
H A#
H NA H H
and follow up action
Compliance with statutory
requirements of relevance to the
Y1 Y2 Y3 Y4 Y Y2 NA Y4 Y6 A* H A# H A# H NA H H
principles, and, rectification of any
non-compliances
11. P1 P2 P3 P4 P5 P6 P7 P8 P9
Has the entity carried out
independent assessment/
evaluation of the working of its
N Y2 Y3 N N Y2 NA N Y6
policies by an external agency?
(Yes/No). If yes, provide name of
the agency.
A* – Annually, A# – As required, H – Half Yearly
1. In order to ensure that its employees carry out the Bank’s business in line with the highest ethical standards, the Bank
has instituted a Code of Conduct which can be accessed here. The Bank also has an Anti-Bribery and Anti-Corruption
Policy which can be accessed here. The Bank’s Code of Conduct and Anti-Bribery and Anti-Corruption Policy are
formulated in line with the applicable regulatory requirements by various regulators (such as the Reserve Bank of
India) and industry best practices. The Bank’s performance against its Code of Conduct and its compliance with
statutory requirements are reviewed by Board level Committees as and when necessary. The Audit Committee
of the Board, annually reviews the Bank’s performance against its Anti-Bribery and Anti-Corruption Policy and its
compliance with statutory requirements
2. The Bank’s Environment & Social Policy (ESP) is based on Equator Principles and IFC Performance Standards and
can be accessed here. The Bank’s Environmental Management Policy (EMP) is based on requirements of the ISO
14001:2015 EMS Standard and can be accessed here. The Bank’s performance against the ESP and EMP and its
compliance with statutory requirements are reviewed by the CSR & ESG Committee of the Board on a half-yearly
basis. The EMP specifies the Bank’s target to achieve net zero emissions (Scope 1 and Scope 2) by 2030. To read
about the Bank’s progress towards achieving net zero emissions by 2030, please refer to the Enhancing Operational
Eco-efficiency section of the Integrated Annual Report on page 184. The implementation of the Bank’s EMP is
independently audited annually for its adherence to the ISO 14001:2015 EMS Standard. In FY 2023-24, the Bank was
certified ISO 14001 compliant for the 11th year in a row by BSI Group India Private Ltd.
3. The Bank’s Equal Opportunity Policy is formulated in line with the applicable regulatory requirements and can be
accessed here. The Bank’s performance against its Equal Opportunity Policy and its compliance with statutory
requirements are reviewed by Board level Committees as and when necessary. The Bank’s ESG Code of Conduct
for Suppliers is aligned to the ten principles of the United Global Compact, and can be accessed here. The Bank’s
Occupational Health and Safety (OHS) Policy is in line with the requirements of ISO 45001 standard for Occupational
Health and Safety Management Systems, and can be accessed here. The Bank's OHS practices are independently
audited annually for their adherence to the ISO 45001 standard for OHS management system. In FY 2023-24, the
Bank was certified ISO 45001 compliant for its OHS management system at its corporate office - YES BANK house
and another major office, YES Fintech Center, Airoli, by BSI Group India Private Limited
4. The Bank has put in place a Corporate Social Responsibility Policy in line with the requirements of Section 135
of The Companies Act, 2013 and in accordance with the Companies Rules, 2014. The policy can be accessed
here. The Bank’s performance against its Corporate Social Responsibility Policy and its compliance with statutory
requirements is reviewed by the CSR & ESG Committee of the Board on a half-yearly basis. The Bank has undertaken
a CSR commitment to catalyse employment and entrepreneurship opportunities for over 100,000 youth by the year
2026. To read about the Bank’s progress towards achieving its CSR commitment, please refer to page 179

5. The Bank has instituted a Human Rights Policy which is aligned to the UN Guiding Principles on Business and Human
Rights, and can be accessed here. Performance against the Human Rights Policy and its compliance with statutory
requirements are reviewed by Board level Committee as and when necessary.
6. The Bank’s Grievance Redressal Policy is compliant with ISO 9001: 2015 Quality Management System and ISO 10002
Standard for customer satisfaction. The policy can be accessed here. The Bank has also instituted an Information
Security Policy and Cyber Security Policy which are aligned to the ISO 27001:2013 standard on Information Security
Management System, and the Payment Card Industry Data Security Standard. The Bank’s performance against
its Grievance Redressal Policy compliance with statutory requirements are reviewed by the Customer Service
Committee of the Board (Service Excellence Committee) on a half-yearly basis. The Bank’s performance against its
information security policies and their compliance with statutory requirements are reviewed by the Executive-level
Security Council and the Board on an annual basis. The implementation of the Bank’s Grievance Redressal Policy
been independently audited for its adherence to the ISO 9001: 2015 Quality Management System by Bureau
Veritas (India) Pvt. Ltd; and to the ISO 10002 standard for customer satisfaction by the British Standard Institution.
The implementation of the Bank’s Information Security Policies was independently audited for its adherence to the
ISO 27001:2013 Information Security Management System by QRC Assurance and Solutions Pvt. Ltd.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its business (Yes/No)
The entity is not at a stage where it is in a position to formulate and implement
the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical resources
available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No) Y
Any other reason (please specify)
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

PRINCIPLE 1 - Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial
year:
Segment Total number of Topics / principles covered under the training %age of persons in
training and awareness and its impact respective category
programmes held covered by the
awareness programmes
Board of 1 Introduction to Landscape of Global Anti Money Laundering 100%

Directors (AML) / Combating Finance to Terrorism (CFT), Financial
Action Task Force (FATF) origin and obligation of India,
FATF Regional Bodies aimed towards creating awareness
and adoption of FATF recommendations, role of India as
a proactive member of Asia Pacific Group and Euro Asia
Group, FATF Mutual Evaluation, Outcome and impact on
the Country of the aforesaid evaluation1
Key 18 Building Risk & Compliance Culture Workshop 100%

Managerial Tabletop Exercise on Crisis Management
Personnel Disclosures / Declarations from the Directors of the Bank
Policies under LODR & Companies Act
Secretarial Standard
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Segment Total number of Topics / principles covered under the training %age of persons in
training and awareness and its impact respective category
programmes held covered by the
awareness programmes
Information Security
Human Rights Policy
Insider Trading
Mandatory Re-certification
Employees In FY 2023-24, the average Mandatory Certification including awareness on: 98.75% were employees
other than training days was 8.86 & Code of Conduct covered under mandatory
BoD and training hours was 70.92 per certification &
POSH policy
KMPs participant. recertification trainings

Know Your Customer & Anti Money Laundering
Of the Total training hours
covered 28% training hours Information Security
was that of classroom and
Operational Risk Management & Business Continuity
72% was that of e-learning Plan
interventions.
Anti-Bribery and Anti -Corruption Control
i) Total Number of
Classroom/LDT Training
sessions conducted- 6827 &
ii) Total number of E-learning
modules (Online Class,
Video, Material, Test &
Popup) completed by
the employees - 1360.
(For all types of training
programmes and modules).
Workers Not Applicable
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the
financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as
specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as
disclosed on the entity’s website)1:
Monetary
Sr. Particulars NGRBC Name of the Amount Brief of the Case Has an
No. Principle regulatory/ (In `) appeal
enforcement been
agencies/ preferred?
judicial (Yes/No)
institutions
1 Penalty/ Fine Principle 9 RBI 80,000 As per the RBI circular dated August 10, 2021 on NA
‘Monitoring of Availability of Cash in ATMs’, Banks are
advised to strengthen their systems/ mechanisms to
monitor availability of cash in ATMs and ensure timely
replenishment to avoid cash-outs. Further, the circular
stated that Cash-out at any ATM of more than ten hours
in a month will attract a flat penalty of ` 10,000/- per
ATM. In this regard, during the financial year 2023-24
(till November 2023) RBI had levied a penalty of ` 80,000
(8 instances) for non- replenishment of Bank’s ATMs
located at Kanpur, Delhi, Belapur, Jaipur, Guwahati,
Chennai, and Chandigarh, for more than 10 hours.
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Monetary
Sr. Particulars NGRBC Name of the Amount Brief of the Case Has an
No. Principle regulatory/ (In `) appeal
enforcement been
agencies/ preferred?
judicial (Yes/No)
institutions
2 Penalty/ Fine Principle 1 RBI 10,000 RBI, has levied a penalty of ` 10,000 being non NA
complainant on para 2 of part–II of the Master Direction
on Direct Investment by Residents in JV/WOS abroad
dated Jan 01, 2016 under Section 11(3) of FEMA, 1999
3 Penalty/ Fine Principle 9 RBI 75,000 RBI had levied a penalty of ` 75,000 (7 instances) on NA
account of non-compliance with the RBI guidelines on
issuance of soiled notes to General Public and non-
provision of the facility for the exchange of soiled/
mutilated bank notes by branches
4 Penalty/ Fine Principle 9 RBI 27,550 RBI had levied a total penalty of ` 27,550 NA
(7 instances) on account of the irregularities observed
in the soiled note remittance received from YES
BANK Currency Chest RBI had levied a total penalty of
` 27,550/- on account of the irregularities observed
in the soiled note remittance received from YES Bank
Currency Chest.
5 Settlement NA NA Nil NA NA
6 Compounding NA NA Nil NA NA
fee
Non-Monetary
Sr. Particulars NGRBC Name of the regulatory/ Brief of the Case Has an
No Principle enforcement agencies/ appeal
judicial institutions been
preferred?
(Yes/No)
1 Imprisonment NA Nil NA NA
2 Punishment NA Nil NA NA
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where
monetary or non-monetary action has been appealed.
Case details Name of the regulatory/ enforcement agencies/

judicial institutions
There are no appeals/ revisions preferred against any actions/ penalties levied on the Bank
337
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
provide a web-link to the policy.
YES BANK’s Anti-Bribery and Anti-Corruption Policy (ABAC Policy) has been developed in alignment with the Bank’s
Code of Conduct, various policies, rules, and regulations adopted by the Bank and in conformance with the legal and
statutory framework of anti-bribery and anti-corruption legislation prevalent in India. The Policy reflects the Bank’s
and its management’s commitment to maintain the highest ethical standards while conducting its business in an
open, fair and accountable manner, in line with best practices in corporate governance. The objective of this Policy is
to ensure that neither YES BANK nor any of its employees (fulltime or contractual employees, including trainees and
interns), directors, agents, associates, vendors, consultants, advisors, representatives, or intermediaries, indulge in
any acts of bribery and corruption in discharging of their official duties towards the Bank, either in their own name
or in the name of the Bank. YES BANK’s Anti Bribery and Corruption Policy is available on the Bank’s website at:
https://www.yesbank.in/pdf?name=ybl_abac_policy.pdf
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law
enforcement agency for the charges of bribery/ corruption1:

(Current Financial Year) (Previous Financial Year)
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil
6. Details of complaints with regard to conflict of interest:
FY 2023-24 FY 2022-23
Number Remarks Number Remarks
Number of complaints received in relation to issues of Conflict of
Nil Nil Nil Nil
Interest of the Directors
Number of complaints received in relation to issues of Conflict of
Nil Nil Nil Nil
Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of
interest.
There were no corrective actions taken or underway on issues related to fines/ penalties/ action taken by regulators/
law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest in FY 2023-24.
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the
following format:
FY 2023-24 FY 2022-23
Number of days of accounts payables* 25 25
*For the purpose of the above calculation, accounts payables is calculated on the basis of simple average of unprocessed invoices claims
outstanding at the beginning and end of each financial year. Cost of goods/services procured exclude staff salaries and includes all
payments routed through the organisation's, vendor payment processing systems.
Independent reasonable assurance for the above disclosure has been carried out by BSI Group India Private Limited,
in accordance with the BRSR Core – Framework for assurance and ESG disclosures for value chain. (Please refer to the
Independent Assurance Statement on Page 520)
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9. Open-ness of business
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with
loans and advances & investments, with related parties, in the following format:
Parameter Metrics FY 2023-24 FY 2022-23

Concentration of Purchases a. Purchases from trading houses as %
of total purchases
b. Number of trading houses where
purchases are made from
Purchases from top 10 trading
c.
houses as % of total purchases from
trading houses
Concentration of Sales a. Sales to dealers / distributors as % The Bank is not in the business of purchase/ sale of goods
of total sales or any other commodity with trading houses/ dealers and
hence such transactions are not applicable to a Banking
b. Number of dealers / distributors to
Company
whom sales are made
c. Sales to top 10 dealers / distributors
as % of total sales to dealers /
distributors
Share of RPTs in a. Purchases (Purchases with related 0.08% 0.07%
parties / Total Purchases)
b. Sales (Sales to related parties / Total Nil Nil
Sales)
c. Loans & advances (Loans &
advances given to related parties / 0.37% 0.42%
Total loans & advances)
d. Investments (Investments in related
0.28% 0.19%
parties / Total Investments made)
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial
year:
Total number of awareness Topics / principles covered under the %age of value chain partners covered
programmes held training (by value of business done with
such partners) under the awareness
programmes
Two Awareness building on the Bank’s ESG 175+ vendors accounting for nearly 60%
Supplier Code of Conduct and a Survey of the Bank’s procurement function led
to assess ESG preparedness of strategic spend was covered under the awareness
suppliers programme
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the
Board? (Yes/No) If Yes, provide details of the same.
Yes. The Board has formulated and adopted a Code of Conduct and Ethics that the Board of Directors and Senior
Management must adhere to, which is available on the weblink: https://www.yesbank.in/pdf?name=Code_of_
Business_Conduct_Ethics_for_the_Board_of_Directors_and_Senior_Management.pdf.
339
PRINCIPLE 2 - Businesses should provide goods and services in a manner that is sustainable and safe
A. Essential Indicators
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the
environmental and social impacts of product and processes to total R&D and capex investments made by
the entity, respectively.
Particulars (Current Financial Year) (Previous Financial Year) Details of improvements in

environmental and social impacts
R&D Nil Nil NA
Capex Nil Nil NA
The Bank spent ` 2.98 crore during FY 2023-24 on energy conservation through replacement of old ACs with energy efficient (star
rated) inverter ACs
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes
b. If yes, what percentage of inputs were sourced sustainably?

The Bank proactively identifies opportunities to source sustainable alternatives to the resources it consumes.
The Bank has switched to sourcing renewable energy to power its head office, YES BANK House (YBH), its
Airoli office and 43 of its 92 Branches in Mumbai. The Bank has also eliminated the use of single-use plastics
in its operations and switched to procuring 100% recycled paper (A4) for internal operational use, across all its
facilities. In FY 2023-24, the Bank completed its migration to 100% light-emitting diode (LED) fixtures in all its
offices and has begun switching to star-rated air conditioners and equipment in its offices.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
In line with its Environmental Management System, the Bank has instituted robust mechanisms for responsible
collection, recycling, and disposal of its waste. The Bank has appointed central authorized vendors for the collection,
recycling and responsible disposal of its e-waste, battery waste and other hazardous waste from all its facilities.
The Bank has partnered Viagreen to recycle the dry waste generated at key facilities including its corporate office.
YES BANK House is equipped with a composting unit and a zero liquid discharge facility to minimize the environmental
impacts of its operations.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes,
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted
to Pollution Control Boards? If not, provide steps taken to address the same.
No. Given the nature of YES BANK’s business, EPR is not applicable to the Bank’s activities.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing
industry) or for its services (for service industry)? If yes, provide details in the following format?
No, the Bank has not undertaken any LCA of its products/ services. The Bank has identified significant environmental
aspects and impacts of its business and products, and instituted a Bank-wide Environmental Management system to
minimize the negative impacts of its operations.
NIC Code Name of % of total Boundary for which the Whether conducted Results communicated in
Product / Turnover Life Cycle Perspective/ by independent public domain (Yes/No)
Service contributed Assessment was external agency If yes, provide the web-link.
conducted (Yes/No)
NA NA NA NA NA NA

2. If there are any significant social or environmental concerns and/or risks arising from production or disposal
of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any
other means, briefly describe the same along-with action taken to mitigate the same.'
Name of Product / Service Description of the risk / concern Action Taken

NA NA NA
3.
Percentage of recycled or reused input material to total material (by value) used in production (for
manufacturing industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material

FY 2023-24 FY 2022-23
Paper (A4) for internal operations 100% 100%
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
recycled, and safely disposed, as per the following format:

Re-used Recycled Safely Re-used Recycled Safely
Disposed Disposed
Plastics (including packaging)
E-waste
NA NA
Hazardous waste
Other waste#
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Indicate product category Reclaimed products and their packaging materials as % of total products sold
in respective category
NA NA
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their
value chains
Essential Indicators
1. a. Details of measures for the well-being of employees1:
Category % of employees covered by

Total (A) Health Accident Maternity Paternity Day Care
insurance insurance benefits Benefits facilities
Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)
Permanent employees
Male 21,870 21,870 100% 21,870 100% - - 21,870 100% - -
Female 6,100 6,100 100% 6,100 100% 6,100 100% - - 6,100 100%
Total 27,970 27,970 100% 27,970 100% 6,100 100% 21,870 100% 6,100 100%
Other than permanent employees
Male
Female NA
Total
Figures includes well-being measures for employees at India offices. 31 employees at the Abu Dhabi RO are covered under mandatory
life and medical insurance schemes under UAE labour laws.
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341
b. Details of measures for the well-being of workers:

Category % of employees covered by
Total (A) Health Accident Maternity Paternity Day Care
insurance insurance benefits Benefits facilities
Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)
Permanent employees
Male
Female Not Applicable
Total
Other than permanent employees
Male
Total
c. Spending on measures towards well-being of employees and workers (including permanent and other than
permanent) in the following format –
FY 2023-24 FY 2022-23
Cost incurred on wellbeing measures as a % of total revenue of
0.17% 0.17%
the company
2. Details of retirement benefits, for Current FY and Previous Financial Year.
Benefits FY 2023-24 FY 2022-23

No. of No. of Deducted No. of No. of Deducted
employees workers and employees workers and
covered as covered as deposited covered as covered as deposited
a % of total a % of total with the a % of total a % of total with the
employees workers authority employees workers authority
(Y/N/N.A.) (Y/N/N.A.)
PF 100% - Y 100% - Y
Gratuity 100% - Y 100% - Y
ESI
Not Applicable
Others - please specify
3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements
of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
The Bank is cognizant of its responsibility of ensuring easy accessibility of its facilities for differently abled employees,
customers, and visitors. 36% of the Bank’s Branches are equipped with facilities such as ramps to enable differently
abled employees and customers to use its facilities. Branches where ramps cannot be constructed due to structural
challenges, are provided with adequate signages and notices. Most of the Bank’s major offices are equipped with
elevators, rest rooms etc. in line with its policy to support persons with disabilities.

4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If
so, provide a web-link to the policy.
The Bank continues to be an equal opportunity employer, committed to creating and nurturing a culture of inclusion
and belongingness and has no tolerance towards any form of discrimination. The Bank’s policy on Equal Opportunity
prevents discrimination on any grounds such as disability, marital status, nationality, race, religion, sex, sexual
orientation etc. and aims to treat all employees and job applicants equally. The policy is available on the Bank’s
website: https://www.yesbank.in/pdf?name=eop.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent Employees Permanent workers

Return to work rate Retention rate Return to work rate Retention rate
Male 100% 61.72%
Female 99.67% 55.65% NA
Total 99.94% 60.63%
For more information, please refer to the Work-life Balance section of the Integrated Annual Report on Page no. 142
Independent limited assurance for the above disclosure has been carried out by BSI Group India Private Limited, in accordance with the
GRI Standards. (Please refer to the Independent Assurance Statement on Page 532)
6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief.
Particulars Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Workers
NA
Other than Permanent Workers
Permanent Employees
Yes*
Other than Permanent Employees
*To ensure that all grievances are dealt promptly and fairly, the Bank has a policy on Employee Grievance Redressal policy that defines
the channels for grievance reporting and a detailed redressal mechanism. Employee Grievance Redressal is part of Bank’s HR Policy and
is available to all employees on the Bank’s Intranet.
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY 2023-24 FY 2022-23

Total No. of % (B/A) Total No. of % (D/C)
employees/ employees/ employees/ employees/
workers in workers in workers in workers in
respective respective respective respective
category (A) category, who category (C) category, who
are part of are part of
association(s) association(s)
or Union (B) or Union (D)
Total Permanent Employees
Male
Female
Not Applicable
Total Permanent Workers
Male
Female
343
8. Details of training given to employees and workers:

Total (A) On Health and On Skill Total (D) On Health and On Skill
safety measures upgradation safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 21,898 Nil Nil 21,775 99.44% 21,727 Nil Nil 21,326 98.15%
Female 6,103 Nil Nil 6,044 99.03% 5,790 Nil Nil 5,605 96.80%
Total 28,001 Nil Nil 27,819 99.35% 27,517 Nil Nil 26,931 97.87%
Workers
Male
Female NA
Total
9. Details of performance and career development reviews of employees and worker1:

Employees
Male 18,455 18,455 100% 16,475 16,475 100%
Female 5,007 5,007 100% 4,060 4,060 100%
Total 23,462 23,462 100% 20,535 20,535 100%
Workers
Male
Total
Note: Our annual performance review (at the end of Financial Year) is done for all eligible employees who have completed a minimum
of 6 months with the organisation. This data excludes KMPs.
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity?
(Yes/ No). If yes, the coverage such system?
In FY 2023-24, the Bank implemented an OHS Management System (OHSMS) covering its Corporate Office YES BANK
House and another major office, YES Fintech Center, Airoli. The Bank’s OHS has been certified ISO 45001 compliant.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
basis by the entity?
As part of the Bank’s OHSMS, monthly safety audits and annual Hazard Identification & Risk Assessment (HIRA)
exercises are carried out by the Bank covering its its Corporate Office YES BANK House and another major office, YES
Fintech Center, Airoli.
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c. Whether you have processes for workers to report the work related hazards and to remove themselves from
such risks. (Y/N)
Employees can report work related hazards by reporting them through the Infrastructure and Facilities Management
(IFM) Helpdesk or YES Serve portal. Regular consultation between employees and IFM teams are also conducted
through regional IFM council meets, where work related hazards can be highlighted.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
(Yes/ No)
Yes. Employees at YES BANK have access to a wide range of non-occupational medical and healthcare services:
•
Medical Center: The Bank provides free medical support services for employees at 5 key locations YES BANK
House - Mumbai, Airoli, NOC Chennai, Noida, with NOC Gurgaon being the latest addition. The primary objective
of these medical centers is to promote a sense of care and support at the workplace. Approximately 25% of our
employees have visited the medical centers in the past 1 year for issues pertaining to fever, cough, infections
which are addressed locally by a team of doctors.
These centers are dedicated to identifying, address and manage health concerns in the workplace. Apart from
primary medical support, bank also provides physiotherapy and dietician consultations to its employees.
• I nsurance Benefits: A comprehensive ‘Group Mediclaim Policy’ covering pre and post hospitalization of
employees and their enrolled dependents (spouse, children) is sponsored by the Bank for all employees.
The Bank also sponsors the ‘Group Personal Accident Policy’ and the ‘Group Term Life Insurance Policy’ with
Critical Illness rider for the employees.
• E
mployee Health Check-up Policy: To encourage preventive medical check-ups, the Bank has put in place
an Employee Health Check-up policy for all employees. The Bank wholly sponsors the health check-up for
employees aged 45 years and above. Employees below 45 age group can avail the services at discounted rates
11. Details of safety related incidents, in the following format1:

Given the Bank’s nature of business, it faces limited risks of work-related injuries and fatalities. There were no reports
of work-related injury, fatalities or lost time due to injury.
Safety Incident/Number Category FY 2023-24 FY 2022-23

Lost Time Injury Frequency Rate (LTIFR) Employees Nil Nil
(per one million-person hours worked) Workers Nil Nil
Employees Nil Nil
Total recordable work-related injuries
Workers Nil Nil
Employees Nil Nil
No. of fatalities
Workers Nil Nil
High consequence work-related injury Employees Nil Nil
or ill-health (excluding fatalities) Workers Nil Nil
*Including in the contract workforce
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12. Describe the measures taken by the entity to ensure a safe and healthy work place.
The Bank has a holistic approach to safeguarding the health and well-being of its employees. Medical centers with
qualified doctors are stationed at major offices such as YBH, Chennai, Gurgaon, Airoli, and Max Tower, Noida.
The Bank has also set up robust emergency preparedness plans which includes regular fire drills and detailed fire
evacuation plans. The Bank’s workspaces are ergonomically designed and all infectious disease prevention protocols
are diligently followed. Sick Leaves and remote work options are also available to the workers. The Bank provides
Medical Insurance, Life insurance, Critical illness and ex-gratia covers to help the workers and their families in case
of hospitalisation, prolonged medical treatment, or death.
The Bank conducts webinars from time to time for the physiological and psychological wellbeing of the employees,
the repository for reference is also available as a ready reckoner. To help YES Bankers take better control of their
health and wellness, a series of webinars under the brand ‘Wellness Webinars’ were organised in collaboration with
experienced health professionals, SMEs, and healthcare specialists covering topics on boosting immunity, handling
lifestyle problems, maintaining Heart Health, Mental Health & Wellness, preventive healthcare, etc. Additionally,
various intra & inter-corporate sports events were organised for employees which saw substantial participation levels.
The Bank has also set up a fitness center and a Yoga Studio at its Corporate Office to aid employees achieve their
fitness goals. First Aid training has been imparted to the key personnel of offices in Mumbai. This time First Aid
Training (Dish certification) was provided to Yes Bankers as a first response reaction to any kind of medical emergency
before the arrival of professional help.
13. Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Filed Pending Remarks Filed Pending Remarks
during resolution during resolution
the year at the end the year at the end
of year of year
Working Conditions Nil Nil Nil Nil Nil Nil
Health & Safety Nil Nil Nil Nil Nil Nil
14. Assessments for the year:
Particulars % of your plants and offices that were assessed (by entity or statutory authorities or third parties)
Health and safety practices 16.76%*
Working Conditions 16.76%*
*Calculated as per headcount, covering assessments carried out as part of the Bank’s OHS Management System (OHSMS) ISO 45001
certification audits, at its offices - YES BANK House and YES Fintech Center, Airoli
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working conditions.
In FY 2023-24, the Bank implemented an Occupational Health and Safety (OHS) Management System (OHSMS)
covering its Corporate Office YES BANK House and another major office, YES Fintech Center, Airoli. The Bank’s OHS
has been certified ISO 45001 compliant. In order to improve its OHS practices, the Bank undertook the following
corrective actions during the year. The Bank also conducts fire safety training to cover contract workers and increase
their awareness about potential fire hazards. Additionally, multiple advisories were floated to the Bank’s employees
at regular intervals. A practice of placing relevant signages near areas prone to slip & trip incidents was initiated to
prevent such incidents.

B. Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N).
(A) Employees - Yes
The Bank covers its employees under certain policies wherein the nominees of employees are supported in the event
of death. The nominee is entitled for cash benefits under Group Term Life Insurance, Ex Gratia, Employees Deposit
Linked Insurance, Group Personal Accident (in case of accidental death) and Gratuity as per the applicable Payment of
Gratuity Act. Additionally, immediate ex-gratia of 2 months’ salary is extended to the families of deceased employees.
(B) Workers - Not Applicable

2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and
deposited by the value chain partners.
The Bank has incorporated terms in the contracts and the purchase orders issued to suppliers which mandate
statutory and legal compliances, as applicable. Also, the legal contracts executed with vendors include provisions from
the Bank’s ESG Supplier Code of Conduct which include the ESG parameters as applicable to the vendor. The Bank
also reviews statutory processes and payments of manpower suppliers deployed at YES BANK, by conducting audits
in line with the labour laws and basis a checklist of compliance requirements.
3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-
health / fatalities (as reported in Q11 of Essential Indicators above), who have been are rehabilitated and
placed in suitable employment or whose family members have been placed in suitable employment:
Not Applicable
4. Does the entity provide transition assistance programmes to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment?1 (Yes/ No)
The Bank currently does not provide transition assistance programmes.
5. Details on assessment of value chain partners:
Particulars % of value chain partners (by value of business done with such partners) that were assessed
Health and safety practices The Bank is currently engaging with its suppliers to build awareness and preparedness on ESG
Working Conditions related issues. The Bank plans to conduct human rights assessments of its suppliers, in a phased
manner, in future.
175+ vendors accounting for nearly 60% of the Bank’s procurement function-led spend were covered
under its awareness programme
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from assessments of health and safety practices and working conditions of value chain partners.
The Bank is currently assessing the ESG awareness and preparedness of its suppliers in a phased manner and
helping them understand the importance of these aspects. In future, the Bank intends to assess its suppliers on
their ESG preparedness/ practices which will enable the Bank to identify areas of significant risks/ impacts and design
corrective actions to minimize negative impacts of its supply chain
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
Please refer to the Stakeholder Engagement & Materiality Assessment section of the Integrated Annual Report
on Page 82
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2. List stakeholder groups identified as key for your entity and the frequency of engagement with each
stakeholder group.
Stakeholder Whether identified Channels of communication Frequency of Purpose and scope

Group as Vulnerable & (Email, SMS, Newspaper, engagement of engagement
Marginalized Group Pamphlets, Advertisement, (Annually/ Half yearly/ including key topics
(Yes/No) Community Meetings, Quarterly / others – and concerns
Notice Board, Website), please specify) raised during such
Other engagement
Please refer to the Stakeholder Engagement & Materiality Assessment section of the Integrated Annual Report on Page 82
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental,
and social topics or if consultation is delegated, how is feedback from such consultations provided to the
Board.
on Page 82.
2. Whether stakeholder consultation is used to support the identification and management of environmental,
and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders
on these topics were incorporated into policies and activities of the entity.
on Page 82.
3. Provide with, and actions taken to, address the concerns of vulnerable/ marginalized stakeholder groups.
YES BANK, in line with its corporate social responsibility policy, has worked conscientiously to align its core business
more closely with global sustainability frameworks, chiefly the United Nations’ Sustainable Development Goals, the
Paris Agreement on Climate Change and the Principles for Responsible Banking. Guided by these frameworks and
its CSR and ESG policies, the Bank works to deliver positive socio-environmental impact.
The Bank has developed and implemented CSR programmes to create and enhance shared value through unique,
scalable and sustainable models. With a focus on 3Es – Employability, Entrepreneurship and Environment Sustainability
- the Bank has committed to catalyse employment and entrepreneurship opportunities for 1,00,000 youth by 2026.
The projects undertaken in pursuit of realising this target focus on the vulnerable and the marginalised.
Livelihoods is a key focus area for the Bank and it addresses this key area with a two pronged approach – by
providing underprivileged youth, skills-based training for market oriented jobs in urban areas – Over 9,000 youth
have been skilled in market-oriented jobs across sectors since 2021 with an aim is to skill over 25,000 youth by
2026. Over 70% of the youth trained have received gainful employment. Through initiatives aimed at enhancing the
earning capability of rural populations with a focus on farm productivity, farm extension, handicrafts, among others
– entrepreneurship opportunities have been enabled for over 35,000 farmers, women and artisans from rural India
enhance their income through focused initiatives with an aim is to make a difference to 75,000 by 2026.
The Bank has also planted 2,00,000 trees on farmer’s lands with a dual objective of enhancing green cover while also
providing an additional source of income to farmers.
The Bank’s Inclusive Social Banking division, through its flagship group-lending programme, YES Livelihood
Enhancement Action Programme (YES LEAP), provides financial services to women microfinance borrowers through
Corporates and Microfinance Institutions as Business Correspondents. As 100% of these groups are women, YES
LEAP has been able to contribute significantly towards strengthening women entrepreneurship and empowerment
in rural areas of India. As at March 31, 2024, the Bank had an active women customer base of 6.56 lakh. Since the
inception of the YES LEAP programme in 2011, the Bank has cumulatively disbursed over ` 16,318 crore to over
37 lakh families, till date.

PRINCIPLE 5 Businesses should respect and promote human rights

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the
entity, in the following format:
The Bank is committed to ensure that its business follows the highest standards of humans rights practices. In order
to embed Human Rights consideration into its business, the Bank has Human Rights Policy based on the principles
of the United Nations Guiding Principles on Business and Human Rights. The Bank periodically reiterates the salient
features of the policy to all its employees. To ensure that all employees who join the Bank understand the policy well,
all new joiners are familiarized with the policy guidelines during the induction programme. In December 2023, the
Bank launched a learning intervention to create policy awareness for all employees.

Total (A) No. of % (B/A) Total (C) No. of % (D / C)
employees/ employees/
workers workers
covered (B) covered (D)
Employees
Permanent 28,001 19,239 68.70% - Nil NA
Other than Permanent 98 35 35.71% - Nil NA
Total Employees 28,099 19,274 68.59% - Nil NA
Workers
Permanent
Other than Permanent Not Applicable
Total Workers
2. Details of minimum wages paid to employees and workers, in the following format:
Total (A) Equal to More than Total (D) Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
No. (B) % (B / A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent 28,001 - - 28,001 100% 27,517 - - 27,517 100%
Male 21,898 - - 21,898 100% 21,727 - - 21,727 100%
Female 6,103 - - 6,103 100% 5,790 - - 5,790 100%
Other than
NIL - - - - - - - - -
Permanent
Male - - - - - - - - - -
Female - - - - - - - - - -
Workers
Permanent
Male
Female
Other than Not Applicable
Permanent
Male
Female
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3. Details of remuneration/salary/wages
a. Median remuneration / wages
Particulars Male Female

Number Median remuneration/ Number Median remuneration/
salary/ wages of salary/ wages of
respective category respective category
Board of Directors 10 50,24,657 3 36,24,828.5
Key Managerial Personnel 4 2,92,51,404 - -
Employees other than BoD and KMP 21,894 8,44,790 6,103 6,43,197
Workers Not Applicable
Note:
1. The Bank follows an employee compensation philosophy that is gender agnostic and is based on parameters like role, experience,
proficiency, level of competency, relevant performance assessment measures etc.
2. Remuneration includes Fixed Pay + Variable Pay paid during the year + perquisite value as calculated under the Income Tax Act,
1961. Remuneration does not include value of Stock Options
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2023-24 FY 2022-23
Gross wages paid to females as % of total wages 16.68% 15.54%
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues
caused or contributed to by the business? (Yes/No)
Yes. Any grievances related to violations of human rights can be reported to the Bank appointed Liaison Officer,
details of whom are mentioned in the Human Rights Policy available on the Bank’s website.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The Bank has implemented a web-based ‘Corporate Whistle Blower Initiative’ (CWI) – which is an independent online
reporting service aimed at facilitating secure and confidential communication between the organisation and its
stakeholders. The CWI Portal can be accessed by executives via internet from anywhere, anytime. (www.cwiportal.
com). Any grievances related to violations of human rights can also be reported to the Bank appointed Liaison Officer.

6. Number of Complaints on the following made by employees and workers1:

Filed Pending Remarks Filed Pending Remarks
during resolution during resolution
the year at the end the year at the end
of year of year
Sexual Harassment 23 04 * 20 06 #
Discrimination at workplace - - - - - -
Child Labour - - - - - -
Forced Labour/Involuntary Labour - - - - - -
Wages - - - - - -
Other human rights related issues - - - - - -
*For the pending cases, the investigation has been completed and further action is in progress. The same will be completed within the
statutory timelines
#
The pending complaints were investigated within the stipulated timelines.
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, in the following format:

Total Complaints reported under Sexual Harassment on of Women at 23 20
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Complaints on POSH as a % of female employees / workers 0.38% 0.35%
Complaints on POSH upheld 9 12
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Bank has implemented a web-based ‘Corporate Whistle Blower Initiative’ (CWI) – which is an independent
online reporting service aimed at facilitating secure and confidential communication between the organisation and
its stakeholders.
The Bank has Internal Committees to investigate and inquire into sexual harassment complaints in line with the
Bank’s policy on Prevention of Sexual Harassment at Workplace. The salient features of the policy and the details of
the Internal Committees are shared with all the employees and are displayed at branches and offices of the Bank.
As per the Bank’s Code of Conduct, every employee is required to uphold and maintain the dignity of other executives
working in the Bank. They should maintain a productive work environment that is free from sexual harassment.
Those who violate this Code of Conduct may be subject to disciplinary action, including possible dismissal.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes. The Bank’s ESG Supplier Code of Conduct covers human rights considerations and is a part of the Bank’s
contracts and orders to suppliers.
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10. Assessments for the year:
The Bank is working towards formalizing processes for human rights assessments of its facilities in line with its
Human Rights Policy.
Particulars % of your plants and offices that were assessed (by entity or statutory authorities
or third parties)
Child labour
Forced/involuntary labour
Sexual harassment
Nil
Discrimination at workplace
Wages
Others – please specify
11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 10 above.
Not Applicable
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/
complaints.
There were no business process modifications introduced as result of human rights grievances/ complaints.
2. Details of the scope and coverage of any Human rights due diligence conducted.
There was no human rights due diligence conducted in FY 2023-24. The Bank is in the process of formalizing
processes to undertake human rights due diligence for identifying vulnerable groups, and assessing the adequacy of
mitigation and remediation measures.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the
Rights of Persons with Disabilities Act, 2016?
The Bank is cognizant of its responsibility of ensuring easy accessibility of its facilities for differently abled employees,
customers, and visitors. 36% of the Bank’s Branches are equipped with facilities such as ramps to enable differently
abled employees and customers to use its facilities. Branches where ramps cannot be constructed due to structural
challenges, are provided with adequate signages and notices. Most of the Bank’s major offices are equipped with
elevators, rest rooms etc. in line with the Bank’s policy to support persons with disabilities.
4. Details on assessment of value chain partners:
Particulars % of value chain partners (by value of business done with such partners) that were assessed
Child labour
Forced/involuntary labour The Bank is currently engaging with its suppliers to build awareness and preparedness on ESG
related issues. The Bank plans to conduct human rights assessments of its suppliers, in a phased
Sexual harassment
manner, in future.
Discrimination at workplace
Currently, 175+ vendors accounting for nearly 60% of the Bank’s procurement function-led spend
Wages
were covered under the awareness programme.
Others – please specify
5. Provide details of any corrective actions taken or underway to address significant risks/ concerns arising
from the assessments at Question 4 above.
The Bank is currently assessing the ESG awareness and preparedness of its suppliers in a phased manner and
helping them understand the importance of these aspects. In future, the Bank intends to assess its suppliers on
their ESG preparedness/ practices which will enable the Bank to identify areas of significant risks/impacts and design
corrective actions to minimize potential negative impacts within its supply chain.

PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format1:
Parameter FY 2023-24 FY 2022-23

In Megajoules In Megajoules
From renewable sources

Total electricity consumption (A) 2,64,21,555.60 22,333,957.91
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 2,64,21,555.60 22,333,957.91
From non-renewable sources
Total electricity consumption (D) 18,82,58,621.13 18,86,50,691.22
Total fuel consumption (E) 89,99,413.59 92,45,743.33
Energy consumption through other sources (F) 0 0
Total energy consumed from non- renewable sources (D+E+F) 19,72,58,034.72 19,78,96,434.54
Total energy consumed (A+B+C+D+E+F) 22,36,79,590.32 22,02,30,392.45
Energy intensity per rupee of turnover
0.00068 0.00083
(Total energy consumed/ Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing
Power Parity (PPP)^ (Total energy consumed/ Revenue from 0.016 0.019
operations adjusted for PPP)
Energy intensity in terms of physical output
7,988.27 8,003.43
[MJ/ Full Time Employee (FTE)]
PPP conversion rate used is 22.88 ` / USD as published by the World Bank for India, for the year 2022
^
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
taken, if any.
Not Applicable. YES BANK does not have any sites or facilities identified as designated consumers (DCs).
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3. Provide details of the following disclosures related to water, in the following format1:

Water withdrawal by source (in kiloliters)
Surface water Nil Nil
Groundwater Nil Nil
Third party water* 25,46,17,742.63 26,25,69,200.00
Seawater / desalinated water Nil Nil
Others Nil Nil
Total volume of water withdrawal (in kiloliters) (I + ii + iii + iv + v) 25,46,17,742.63 26,25,69,200.00
Total volume of water consumption (in kiloliters) 25,46,17,742.63 26,25,69,200.00
Water intensity per rupee of turnover
0.00078 0.00099
(Total water consumption/ Revenue from operations)
Water intensity per rupee of turnover adjusted for Purchasing
Power Parity (PPP)^ (Total water consumption / Revenue from 0.018 0.023
Water intensity in terms of physical output
9,093.17 9,542.07
[KL/ Full Time Employee (FTE)]
*In FY 2023-24, the Bank amended its methodology for estimating water consumption. In addition to reporting actual data from select
major offices, the Bank has also included estimated data for the remainder of its offices/ branches, using an estimate of 45 liters of water
consumption per head per working day for offices, as per guidelines published by the Central Ground Water Authority (CGWA). The
amendments have been applied retrospectively to the corresponding data points for FY 2022-23 and the data for water consumption
has been restated. Accordingly, the water consumption for FY 2022-23, has increased by 26,24,98,481.22 KL. For FY 2023-24, information
for water consumption includes actual data (from YES BANK HOUSE (Santacruz), YES FINTECH (Airoli) and Abu Dhabi Representative
Office), and estimated data for the remainder of offices and branches1.
^PPP conversion rate used is 22.88 ` / USD as published by the World Bank for India, for the year 2022
Independent Assurance Statement on Page 520).
4. Provide the following details related to water discharged1:

Given YES BANK’s nature of business, water consumption and discharge is minimal and is not considered a significant
environmental aspect for the Bank. The Bank currently only monitors the amount of water discharged from its
corporate office YES BANK House and has set up a zero liquid discharge facility at this office. At other tenanted
facilities, discharge is managed by the landlords and treated through respective municipal treatment facilities,
across geographies.

Water discharge by destination and level of treatment (in kiloliters)
(i) To Surface water Nil Nil
– No treatment - -
– With treatment – please specify level of treatment - -
(ii) To Groundwater Nil Nil
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(iii) To Seawater Nil Nil
(iv) Sent to third-parties
(v) Others
– With treatment – please specify level of treatment 19,518* 15,162*
Total water discharged (in kilolitres) - -
*The Bank has set up a zero liquid discharge facility at its corporate office to treat its sewage. Treated water is used to maintain flora
around the office. In FY 2023-24, the Bank has reported actual data for water treated (tertiary level treatment) at its Sewage Treatment
Plant located at the Bank’s corporate office, YES BANK House (Santacruz). The corresponding data point for FY 2022-23 has also been
updated and has been restated1.
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
and implementation.
Given YES BANK’s nature of business, water consumption and discharge is minimal and is not considered a significant
environmental aspect for the Bank. The Bank currently only monitors the amount of water discharged from its
corporate office YES BANK House and has set up a zero liquid discharge facility at this office. At other tenanted
facilities, discharge is managed by the landlords and treated through respective municipal treatment facilities,
across geographies.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify FY 2023-24 FY 2022-23

unit (Current Financial Year) (Previous Financial Year)
NOx KG 967.60 826.09
SOx KG 595.58 275.78
Particulate matter (PM) KG 493.76 50.91
HC KG 478.23 -
CO KG 699.81 -
Persistent organic pollutants (POP) - - -
Volatile organic compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
*Weighted Average methodology has been used to calculate the NOx, SOx, PM, HC & CO emissions from diesel consumption by its DG sets.
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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format1:
Parameter Unit FY 2023-24 FY 2022-23

Total Scope 1 emissions (Break-up of the GHG into Metric tonnes
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) of CO2
3,450.23* 3,541.40
equivalent
(tCO2e)
Total Scope 2 emissions (Break-up of the GHG into tCO2e
37,442.55# 37,468.12
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emission intensity tCO2e / `
per rupee of turnover (Total Scope 1 and Scope 2 0.00000013 0.00000015
GHG emissions / Revenue from operations)
Total Scope 1 and Scope 2 emission intensity tCO2e /
per rupee of turnover adjusted for Purchasing Revenue from
Power Parity (PPP)^ operations 0.0000029 0.0000035
(Total Scope 1 and Scope 2 GHG emissions / adjusted for
Revenue from operations adjusted for PPP) PPP
Total Scope 1 and Scope 2 emission intensity tCO2e / FTE
in terms of physical output [tCO2e/ Full Time 1.46 1.49
Employee (FTE)]
*Scope 1 emissions include refrigerant leakage from Air Conditiones used in the Bank’s facilities. Scope 1 emissions also include diesel
consumption by DG sets in the Bank’s facilities. The emission factors have been taken from Department for Environment, Food & Rural
Affairs - GOV-UK (DEFRA)
#Scope 2 emissions constitute CO2 emissions from grid electricity consumed by YES BANK. Grid electricity consumption has been
estimated through facility-wise electricity bills and state-wise tariff charges using a spend based method. The emission factor has been
taken from the Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector, Version 19. Tariff rates and duties/
taxes have been taken from 'CEA’s Electricity Tariff & Duty & Average rates of electricity supply in India 2023’.
^PPP conversion rate used is 22.88 INR / USD as published by the World Bank for India, for the year 2022
8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
In order to align with the net zero pathways suggested by the UN’s Intergovernmental Panel on Climate Change, the
Bank has pledged to reduce GHG emissions (Scope 1 and Scope 2 emissions) from its operations to net zero by 2030.
To achieve its net zero target, the Bank plans to migrate most of its facilities to renewable energy. In FY 2023-24, the
share of renewable energy in the Bank’s electricity mix is around 11% resulting in approximately 4,609.35 tCO2e in
avoided emissions. Currently, three of the Bank’s offices (corporate office, YES BANK House, YES Fintech Center, Airoli
and its office in Vaman Centre, Andheri), along with 43 of the Bank’s 92 Branches in Mumbai have been switched to
renewables. The Bank also aims to reduce its energy consumption by enhancing its energy efficiency. The Bank has
completed its migration to light-emitting diode (LED) fixtures at all its facilities and is in the process of switching to
star-rated air conditioners and equipment in all its offices.
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9. Provide details related to waste management by the entity, in the following format1:

Total Waste generated (in metric tonnes)
Plastic waste (A)* 2.47 1.36
E-waste (B) 55.35 27.06
Bio-medical waste (C) 0.014# 0.011
Construction and demolition waste (D) 0.00 0.00
Battery waste (E) 23.30 49.06
Radioactive waste (F) 0.00 0.00
Other hazardous waste. Please specify, if any. (G)€ 0.47 1.46
Other non-hazardous waste generated (H). Please specify, if any. 343.90 449.40
(Break-up by composition i.e. by materials relevant to the sector)*
- Dry Waste 182.66 280.19
- Wet Waste 161.24 169.21
Total (A+B + C + D + E + F + G + H) 425.51 528.35
Waste intensity per rupee of turnover
0.0000000013 0.0000000020
(Total waste generated / Revenue from operations)
Waste intensity per rupee of turnover adjusted for Purchasing
Power Parity (PPP)^ (Total waste generated/ Revenue from 0.000000030 0.000000045
Waste intensity in terms of physical output 0.015 0.019
[MT/ Full Time Employee (FTE)]
For each category of waste generated, total waste recovered through recycling, re-using or other
recovery operations (in metric tonnes)1
Category of waste
(i) Recycled
- Plastic waste 0.51 0.05
- E-waste 51.76 23.00
- Bio-medical waste 0.003 0.002
- Battery waste 22.85 49.06
- Hazardous waste- residue oil from DG 0.06 -
- Other non-hazardous waste generated 58.20 64.70
- Dry waste 37.86 43.12
- Wet waste 20.34 21.58
(ii) Re-used
- Plastic waste 0.003* -
- Other non-hazardous waste generated 0.38* -
- Dry waste 0.38 -
(iii) Other recovery operations - -
Total 133.78@ 136.81@
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)1
Category of waste
(i) Incineration
- E-waste 0.72 -
- Bio-medical waste 0.006 -
- Battery waste 0.30 -
- Hazardous waste- residue oil from DG 0.40 -
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(ii) Landfilling
- Plastic waste* 1.95 1.31
- E-waste 2.87 4.06
- Bio-medical waste 0.006 0.009
- Battery waste 0.15 0.00
- Hazardous waste- residue oil from DG 0.01 1.46
- Other non-hazardous waste generated* 285.31 384.70
- Dry waste 144.42 237.08
- Wet waste 140.89 147.63
(iii) Other disposal operations - -
Total 291.73@ 391.54@
*In FY 2023-24, the Bank amended its methodology for estimating its waste generated / disposed for the categories of plastic waste
and other non-hazardous waste. For these categories, in addition to reporting actual data from select major offices, the Bank has
also included estimated data for the remainder of its offices and branches, based on facility-wise headcount. The amendments have
been applied retrospectively to the corresponding data points for FY 2022-23 and the data for plastic waste and other non-hazardous
waste, have been restated. Accordingly, the plastic waste and other non-hazardous waste generated for FY 2022-23, have increased by
1.31 Tonnes and 381.45 Tonnes, respectively. For FY 2023-24, information for plastic waste generated / disposed includes actual data
(from YES BANK HOUSE (Santacruz), YES FINTECH (Airoli), Goregaon office, and NOC Chennai) and estimated data for the remainder of
offices and branches, calculated based on facility-wise headcount. Other non-hazardous waste includes dry waste (cups, paper, cartons,
stationary, tissue paper etc.) and wet waste (leftover food, vegetable peels, fruits etc.). FY 2023-24, information for dry waste and wet
waste generated / disposed includes actual data (dry waste from YES BANK HOUSE (Santacruz), YES FINTECH (Airoli), Goregaon office,
and NOC Chennai, and wet waste from YES BANK HOUSE (Santacruz)), and estimated data for the remainder of offices and branches,
calculated based on facility-wise headcount1.
#
Bio-medical waste includes data from five major offices, YES BANK HOUSE (Santacruz), YES FINTECH (Airoli), NOC Chennai, NOC
Gurugram and Max Tower Noida, which have an in-house medical center
€
Other hazardous waste consists of residue oil from Diesel Generators
@
For FY 2023-24, MT of waste recovered / total waste generated is 0.31 (0.26 for FY 2022-23). For FY 2023-24, MT of waste disposed /
total waste generated is 0.69 (0.74 for FY 2022-23)
Independent Assurance Statement on Page 520).
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes
and the practices adopted to manage such wastes.
In line with its Environmental Management System, the Bank has instituted robust mechanisms for responsible
collection, recycling, and disposal of its waste. The Bank has partnered Viagreen to recycle paper used at key facilities
including its corporate office. YES BANK House is equipped with a composting unit and a zero liquid discharge
facility to minimize the environmental impacts of its operations. The Bank has also appointed central vendors to
collect, recycle and responsibly dispose e-waste from all its facilities and to buy back its lead acid batteries used in its
uninterruptible power supply (UPS) systems.
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11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.)
where environmental approvals / clearances are required, please specify details in the following format:
YES BANK does not have any operations or offices in or around ecologically sensitive areas.
Location of operations/ Type of operations Whether the conditions of If no, the reasons thereof and
offices environmental approval / clearance corrective action taken, if any.
are being complied with? (Y/N)
Not Applicable
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
in the current financial year:
Name and EIA Date of Whether conducted by Results Results communicated in

brief details Notification notification independent external communicated in public domain (Yes/No)
of project No. agency (Yes / No) public domain If yes, provide the web-link.
Not Applicable
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following
format:
Yes. YES BANK is in compliance with all applicable environmental law/ regulations/ guidelines in India
Specify the law / Provide details of the Any fines / penalties / action taken Corrective action taken,
regulation / guidelines non-compliance by regulatory agencies such as if any
which was not complied pollution control boards or by courts
with
Not Applicable
1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
Not Applicable. YES BANK does not have any facility in areas of water stress.
(i) Name of the area: Not Applicable
(ii) Nature of operations: Not Applicable
(iii) Water withdrawal, consumption and discharge in the following format: Not Applicable
359
Water withdrawal by source (in kilolitres)
(i) Surface water
(ii) Groundwater
(iii) Third party water
(iv) Seawater / desalinated water
(v) Others
Not Applicable
Total volume of water withdrawal (in kilolitres)
Total volume of water consumption (in kilolitres)
Water intensity per rupee of turnover (Water consumed / turnover)
Water intensity (optional) – the relevant metric may be selected
by the entity
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
– No treatment
– With treatment – please specify level of treatment
(ii) Into Groundwater
– No treatment
(iii) Into Seawater
– No treatment
Not Applicable
(iv) Sent to third-parties
– No treatment
(v) Others
– No treatment
Total water discharged (in kilolitres)
2. Please provide details of total Scope 3 emissions & its intensity, in the following format1:
Parameter Unit FY 2023-24 FY 2022-23

Total Scope 3 emissions Metric tonnes of CO2
(Break-up of the GHG into CO2, CH4, N2O, equivalent (tCO2e) 17,68,525.54* 5,72,923.41
HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of tCO2e / INR
0.0000054 0.0000022
turnover
Total Scope3 emission intensity tCO2e / revenue from
per rupee of turnover adjusted for operations adjusted for 0.00012 0.00005
Purchasing Power Parity (PPP)^ PPP
tCO2e / Full Time
Total Scope 3 emission intensity 63.16 20.82
Employee (FTE)
*Scope 3 emissions include emissions under the following categories (reported as per GHG Protocol Corporate Standard).
Category 1: Purchased goods and services: includes only emission from paper (A4) consumption. Environmental impact estimates
(for paper consumption) were made using the Environmental Paper Network Paper Calculator Version 4.0
GRI 305-3
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Category 2: Capital goods: includes only emission for laptops purchased in FY 2023-24. Emission factors have been taken from the
websites of respective laptop manufacturers
Category 3: Fuel-and energy-related emissions not included in scope 1 or scope 2: includes Well-to-Tank emissions for diesel
and Transmission and Distribution losses from electricity consumption. Emission factors have been taken from the websites of the
Department for Environment, Food and Rural Affairs (DEFRA), UK and the International Energy Agency (IEA)
Category 5: Waste generated in operations: includes emissions from generated waste (dry waste, wet waste, plastic waste, hazardous,
E-waste, and battery waste). Emission factors have been taken from the DEFRA website
Category 6: Business travel: includes emissions from air travel. The emission factor for Business Travel have been taken from the ‘Emission
Factors for Greenhouse Gas Inventories’ published by the Environmental Protection Agency (EPA), USA
Category 7: Employee commuting: includes emission from employee commute (to and from) their work locations. The emission factors
for employee commute have been taken from India Specific Road Transport Emission Factors & India Specific Rail Transport Emission
Factors for Passenger Travel and Material Transport by the India GHG programme. The emissions through daily employee commute have
been estimated basis responses received through a primary pan-bank survey
Category 8: Upstream leased assets: incudes emission from outsourced data centers. The emission factor for electricity consumption
through data centers is taken from the Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector, Version 19
Category 15: Investments: Financed Emission: includes financed emissions from cement manufacturing portfolio and electricity
generation portfolio (covering corporate loans, investment and project finance) (In FY 23, coverage was limited to electricity generation
portfolio). In FY 24, attributed financed emission of electricity generation and cement (manufacturing) portfolio are 719,369.54 tCO2e
and 1,010,419.39 tCO2e respectively. The Bank has utilized “PCAF (2022). The Global GHG Accounting and Reporting Standard Part A:
Financed Emissions Second Edition” to estimate financed emission. Where client emission data are not available publicly, BANK has
utilized “Central Electrical Authority (CEA’s) CO2 Baseline Database for the Indian Power Sector, Version 19” for emission intensity of
electricity generation sector and utilized “Climatiq data explorer version 13.13, Source: CBAM 2023 Region India” for emission intensity
of cement manufacturing sector.
3. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above,
provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with
prevention and remediation activities.
Not Applicable
4. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives, as per the following format:
Initiative undertaken Details of the initiative (Web-link, if any, Outcome of the initiative
may be provided along-with summary)
Use of renewable energy Switched to sourcing renewable energy to power Share of renewable energy in the Bank’s electricity
YES BANK House, Airoli office, Vaman Centre and mix 12.31% resulting in approximately 5,254.95
43 out of 92 the Bank’s Branches in Mumbai tCO2e in avoided emissions in FY 2023-24
Enhanced energy efficiency Replaced 956 tonnage / 685 Units of ACs in 167 In FY 23-24, Replacement to inverter ACs resulted
Branches with energy efficient (star rated) Inverter in approximately 29,48,711 MJ in energy saving and
ACs and migration to LED lighting the Bank has also completed it's migration to 100%
LED lightings in all it's facilities, across India.
Green Building certification Two of YES BANK large offices have been certified YES BANK House is Platinum certified and Delhi's
as Green Buildings Okhala Office is Gold certified as per the Indian
Green Building Council (IGBC) standard
Composting The Bank has set up a vermicompost machine at YES BANK House produces zero waste to landfill as
YBH to treat wet waste compost is used to maintain flora around the office
361
Initiative undertaken Details of the initiative (Web-link, if any, Outcome of the initiative
may be provided along-with summary)
Zero Liquid Discharge The Bank has set up a zero liquid discharge facility YES BANK House produces zero water discharge
at YBH to treat its sewage as treated water is used to maintain flora around
the office
ISO 140001 Expanded the scope of its Environmental This is the highest number of facilities that have
Management System (EMS) to 1,186 facilities which been certified as per ISO 14001, in the Banking
have been certified as per ISO 14001 EMS Standard financial services and Insurance sector, globally
5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web
link.
The Bank acknowledges and recognises the importance of ensuring resiliency in its business operations and
maintaining the trust and confidence of its stakeholders, including customers, regulators, employees, and public
at large. To minimize impact to its activities during disasters/disruptions, the Bank has put in place a Business
Continuity Plan (BCP) for ensuring resiliency in its business operations. The plan is reviewed on an annual basis and
the implementation of this plan is overseen by the Operational Risk Management Committee, chaired by the CRO.
The Banks business continuity plan is ISO 22301 certified.
6. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
mitigation or adaptation measures have been taken by the entity in this regard.
Some large projects financed by the Bank generate carbon emissions, which if unmitigated or unchecked may
contribute to increasing global warming. In FY 2021-22, YES BANK became the first Bank in India to measure and
report financed emissions of its electricity generation portfolio (covering corporate loans, investment, project
finance). The Bank is striving to further scale up the approach to measure and report its financed emissions from
other climate intensive sectors. The Bank has undertaken targets to reduce the financed emissions intensity of its
electricity generation portfolio in line with the sectoral decarbonisation approach by Science Based Targets initiative
(SBTi) and aligned to the well below 2 degree scenario, striving for 1.5 degree scenario. For more details, please refer
to the Climate Action section of the Integrated Annual Report on page 162.
7. Percentage of value chain partners (by value of business done with such partners) that were assessed for
environmental impacts.
The Bank is currently engaging with its suppliers to build awareness and preparedness on ESG related issues.
The Bank plans to conduct environmental assessments of its suppliers, in a phased manner, in future. Currently, 175+
key vendors accounting for nearly 60% of the Bank’s procurement function-led spend were covered under the
awareness programme.

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
that is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations1.
YES BANK is affiliated to a number of trade and industry associations. Eight of its key affiliations are listed below
(alphabetically)
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
1. Associated Chambers of Commerce and Industry of India (ASSOCHAM)
2. Confederation of Indian Industry (CII)
3. Forex Association of India (FAI)
4. Foreign Exchange Dealer's Association of India (FEDAI)
5. Federation of Indian Chambers of Commerce & Industry (FICCI)
6. Fixed Income Money Market and Derivatives Association of India (FIMMDA)
7. Indian Banks' Association (IBA)
8. National Association of Software and Service Companies (NASSCOM)
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by
the entity, based on adverse orders from regulatory authorities2.
There are no such instances to report.
1. Details of public policy positions advocated by the entity:
S. Public Policy Advocated Method resorted to for such Whether information Web link, if available
No. advocacy available in public
domain (Yes/No)
1 Sustainable Agriculture for Knowledge Partnered with FICCI Yes https://www.yesbank.in/beyond-
Climate Action for the Sustainable Agriculture banking/research/food-and-
Summit and Awards programme agriculture
2023
https://ficci.in/public/api/past_event_
details/26946
2 Supporting crop protection Knowledge partnership with Yes https://www.yesbank.in/beyond-
solutions for ensuring Croplife for the National banking/research/food-and-
food security and boosting Conference on India along with agriculture
sustainable growth of Indian the organisation of the Emerging
https://www.theweek.in/wire-
agriculture Global Food Hub
updates/business/2023/09/30/
dcm14-croplife-india.html
https://www.agribusinessglobal.
com/agrochemicals/croplife-india-
report-inr-2-lakh-crores-of-annual-
yield-loss-due-to-pests-in-india/
3 Sustainable Agriculture Knowledge partnership for the Yes https://www.yesbank.in/beyond-
Development International Soya Conclave banking/research/food-and-
agriculture
4 Supporting Electric Mobility Knowledge Partner to FICCI Yes https://ficci.in/api/study_
for a report on “India@2047: details/23795
Electric Mobility”, prepared
basis consultation with industry
stakeholders
GRI 2-28, GRI 206-1
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363
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in
the current financial year.
Not Applicable. YES BANK did not undertake any Social Impact Assessments (SIA)
Name and EIA Date of Whether conducted by Results communicated in Relevant Web link
brief details Notification notification independent external public domain (Yes / No)
of project No. agency (Yes / No)
Not Applicable
2.
Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being
undertaken by your entity, in the following format:
Not Applicable. YES BANK did not undertake any projects that require Rehabilitation and Resettlement
Name of Project State District No. of Project Affected % of PAFs covered Amounts paid to PAFs
for which R&R is Families (PAFs) by R&R in the FY (In INR)
ongoing
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community.

Members of the community can report their grievance, if any, to the Branch Manager of their nearest YES BANK Branch
or the Infrastructure and Facilities Management (IFM) team at the nearest YES BANK office. Community grievances
are registered and resolved through the Bank’s internal helpdesk system.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers1:
FY 2023-24 FY 2022-23
Directly sourced from MSMEs/ small producers* 16% 13%
Directly from within India# 100% 100%
*In FY 23-24, 769 MSME vendor amounting to total spend of ` 862 crore and in FY 22-23, 745 vendors amounting to total spend of
` 700 crore
#
In FY 23-24, all 7,635 vendors amounting to total spend of ` 5,378 crore PAN Bank and in FY 22-23, all 7,600 vendors amounting to total
spend of ` 5,299 crore
5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers
employed on a permanent or non-permanent / on contract basis) in the following locations, as % of total
wage cost
FY 2023-24 FY 2022-23
Rural 1.24% 1.53%
Semi-urban 5.58% 5.27%
Urban 18.01% 17.34%
Metropolitan 75.17% 75.86%
1
GRI 204-1

1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Assessments (Reference: Question 1 of Essential Indicators above):
Details of negative social impact identified Corrective action taken

Not Applicable
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational
districts as identified by government bodies:
State Aspirational District Amount spent (In `)

Rajasthan Karauli and Dholpur 1,29,74,814
Gujarat Dahod 1,25,00,000
Odisha Dhenkanal 4,00,750
Jharkhand Hazaribagh and Ramgarh 16,32,000
Bihar Gaya 10,20,000
Assam Barpeta 11,98,530
*Though there was no CSR applicability on the Bank for FY 23-24, an excess CSR spend of ` 10 crore was incurred towards social
development projects through YES Foundation.
3.(a) Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized /vulnerable groups? (Yes/No)
The Bank does not have a formalized policy for preferential treatment for marginalized/ vulnerable groups. However, it
continues to support vendors in such categories. Almost all of the Bank’s procurement is done through domestic
vendors. As the Bank is spread across the country, it also procures from local vendors for localized consumption of
products and services.
(b) From which marginalized /vulnerable groups do you procure?

Not Applicable
(c) What percentage of total procurement (by value) does it constitute?

Not Applicable
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity
(in the current financial year), based on traditional knowledge:
YES BANK does not own, nor has the Bank acquired any intellectual property based on traditional knowledge.
Intellectual Property based on Owned/ Acquired Benefit shared (Yes / No) Basis of calculating benefit
traditional knowledge (Yes/No) share
Not Applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken

Not Applicable
365
6. Details of beneficiaries of CSR Projects:
CSR Project No. of persons benefitted % of beneficiaries from vulnerable

from CSR Projects and marginalized groups
Employability 2,200 youth 100
Entrepreneurship 6,000 farmers 100
100 MSMEs 0
Environment Sustainability 2,00,000 trees planted on land of
41
222 farmers
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
YES BANK has a Board approved Grievance Redressal Policy which is available on the Bank’s website. Customers can
visit the Bank’s Branch, call the call center or write to YES Touch for any query /request/ complaint. Further, the Bank
has put in place a 3-Level Grievance Redressal Mechanism. To ensure timely resolution of Customer Complaints, all
complaints are logged into the Bank’s Customer Relationship Management (CRM) system and each CRM issue type
has a system defined TAT. As mandated by the Reserve Bank of India, YES BANK has implemented a mechanism of
Internal Ombudsman wherein all customer complaints which are denied/ partially denied by the Bank are referred
to the Internal Ombudsman, prior to Bank’s final decision.
On the wholesale side, the Bank has a comprehensive service infrastructure for corporate customers especially for
transaction intensive businesses. In addition to relationship and product sales teams, corporate servicing is focussed
through the following:
• Corporate Service Delivery (CSD) Branches which take care of operations and in person contact based services
• Priority Service Relationship Managers (PSRM) are allocated to high transactions/ business volume customers
to act as single point of contact/ access/ attention
• The Bank also has a dedicated email ID and Virtual Contact Centre for receiving, record keeping and resolving
customer service issues. All customer service issues are tracked and monitored for suitable redressal with due
oversight in a multi-level structure, across senior management
Turnover of products and/ services as a percentage of turnover from all products/service that carry
2.
information about1:
Particulars As a percentage to total turnover

Environmental and social parameters relevant to the product Not Applicable*
Safe and responsible usage 100%#
Recycling and/or safe disposal Not Applicable@
*Given the Bank’s nature of business as a sector enterprise and a financial institution, the Bank does not offer products which are
required to carry information about environmental parameters. The Bank has however undertaken various initiatives to integrate
environmental parameters into its customer-facing processes and operations –
1. The Bank has adopted an Environment and Social Policy (ESP) which serves as a structured approach towards
responsible lending. The ESP is an integral part of the Bank’s Environment and Social Risk Management System
(ESMS) which sets out the overarching framework for identification and management of potential and/ or existing
environment and social (E&S) risks commensurate with the nature and scale of transactions and their potential
impacts. Through this policy, the Bank integrates environmental and social risks into its overall credit risk
assessment framework.
GRI 417-1
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2. The Bank also undertakes a number of initiatives to promote the adoption digital and paperless banking in order to
minimize the environmental impact of its services, such as:
• Promoting the use of digital/ online statements in order to save paper
• Offering virtual credit cards to save plastic
• Relationship Managers are encouraged to disseminate marketing collaterals to customers in digital formats
such as, short videos, images, GIFs that can be conveniently shared and consumed
• Introduction of in-app statement generation to reduce the requirement of printed statements
• Digitisation of account opening processes to reduce documentation
• Regular review and migration of service requests to online channels, i.e. Internet Banking, Mobile Banking, etc
Replacing physical standees at branches and corporate offices with digital screens
# YES BANK ensures that customers are well informed and educated on the safe and responsible ways to use its products and services
• The Bank has set up a dedicated “Secure Banking” section on its website to educate customers on the safe and
secure ways of using digital payments/ channels
• The Bank also sends periodic advisories via email or SMS to inform customers on safety practices
• Periodic campaigns such as the ‘Say YES to Safe Online Banking’ integrated campaign designed to spread
awareness about cybersecurity and which are extensively promoted through online and offline channels, social
media platforms, D2C emailers, YES TV in branches as well as on residential display properties
• The Bank provides customers with complete information about the Bank’s products including terms and
conditions; schedule of charges applicable for various products/ services; channels through which services are
rendered including branch lists / online channels; provision for applying to various products online; and the
Bank’s grievance redressal mechanism available for customers
• Rural customers are informed about responsible practices in loan usage and repayment
@
Given the Bank’s nature of business as a service sector enterprise and a financial institution, the Bank does not offer products which
carry information about recycling and safe disposal
3. Number of consumer complaints in respect of the following:

Received Pending Remarks Received Pending Remarks
during the resolution at during the resolution at
year end of year year end of year
Data privacy 27 2 - 18 0 -
Advertising 0 0 - 0 0 -
Cyber-security 0 0 - 0 0 -
Delivery of essential services 0 0 - 0 0 -
Restrictive Trade Practices 0 0 - 0 0 -
Unfair Trade Practices 36 0 Sales related 50 0 Sales related
Other General General
56,384 1501 62,636 2,097
Grievances Grievances
Top five grounds of complaints received by the bank from customers basis the broad categorisation shared by RBI include – complaints
relating to Internet/ Mobile/ Electronic Banking; ATM/Debit Cards; Loans and advances; Credit Cards; Account opening/difficulty in
operation of accounts; Others.
367
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall

Voluntary recalls
Not Applicable
Forced recalls
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
available, provide a web-link of the policy.
Yes. The Bank has instituted Information Security and Cyber Security policies which are defined based on the ISO
27001 framework. These policies are reviewed by the executive level Security Council and approved by Board.
The Bank’s Data Privacy policy, is based on the General Data Protection Regulation (GDPR) guidelines, and has been
defined for the businesses dealing with European customers. The policy is reviewed by the Security Council and
approved by Board.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
recalls; penalty / action taken by regulatory authorities on safety of products / services1.
In view of the penalty received from RBI towards cash unavailability in the ATMs (please refer page 336 for details),
the Bank has taken corrective action by closely monitoring the cash availability in its ATMs to ensure timely
replenishments. No similar incident has been reported since August 2023.
There were no corrective actions taken or underway on the issues mentioned above.
7. Provide the following information relating to data breaches:

a. Number of instances of data breaches: Nil*
b. Percentage of data breaches involving personally identifiable information of customers: Nil*
c. Impact, if any, of the data breaches: Nil*
*Includes system related data breaches pertaining to the enterprise
in accordance with the BRSR Core – Framework for assurance and ESG disclosures for value chain. (Please refer to
the Independent Assurance Statement on Page 520)
1. Channels/ platforms where information on products and services of the entity can be accessed (provide web
link, if available).
All information pertaining to the Bank, its products and services can be accessed on its website at:
GRI 417-2
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2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services
YES BANK ensures that customers are well informed and educated on the safe and responsible ways to use its
products and services
• The Bank has set up a dedicated “Secure Banking” section on its website to educate customers on the safe and
secure ways of using digital payments/ channels
• The Bank also sends periodic advisories via email or SMS’ to inform customers on safety practices
• Periodic campaigns such as the ‘Say YES to Safe Online Banking’ integrated campaign designed to spread
awareness about cybersecurity and which was extensively promoted through online and offline channels, social
media platforms, D2C emailers, YES TV in branches as well as on residential display properties
• The Bank provides customer with complete information about the Bank’s products including terms and
conditions; schedule of charges applicable for various products/ services; channels through which services are
rendered including branch lists / online channels; provision for applying to various products online; and the
Bank’s grievance redressal mechanism available for customers
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.

Disruption in services of the Bank (planned and unplanned) does have the potential to cause grave reputational
damage. Keeping this in view, the Bank’s Corporate Communication is entrusted with the responsibility of coordinating
the Bank’s communication strategy, based on the severity of the situation. Appended below, are some steps taken by
the Corporate Communication team to mitigate the risk that could arise as a result of service disruptions
Unplanned/Planned Downtimes: In case of a downtime, the Bank’s Corporate Communication team works with the
Bank’s Business and Digital Technology Solutions Group (BDTS) team to assess the cause of the disruption. The team
then frames a communication that not just acknowledges the issue, but also provides a fair idea of the time required
to restore normalcy. Post relevant approvals, the communication is disseminated to customers in the following ways:
•
Press Release: We may issue a brief press release to the media which talks about the downtime and carry
other relevant details like services that got impacted, services that remain intact, as well as the time it will take
to restore normalcy. Depending on the magnitude of the issue, we may choose to restrict the issuance of the
release to a certain geographical region
•
Social Media: This is a critical strategy wherein we acknowledge the downtime by proactively putting up a social
media notification on all of the Bank’s handles. Typically, the post should also carry details about the issue in
brief and the services that have been impacted as well as the ones that are working seamlessly
•
Online Reputation Management (ORM): A gist of the press release is shared with the ORM team
which then uses it as reference to respond to customer queries/escalations on social media, emails and
telephonic conversations
•
WhatsApp/SMS: Considering customers are significantly more active in accessing information on their phones,
we also make it point to communicate all critical information to customers through WhatsApp and SMS’
The strategies listed above are purely planned and executed basis the degree of impact and may not involve activating
all four channels of communication every time.
369
4. Does the entity display product information on the product over and above what is mandated as per local
laws? (Yes/No/Not Applicable) If yes, provide details in brief.
YES BANK provides customers with complete information about the Bank’s products including terms and conditions;
schedule of charges applicable for various products/ services; channels through which services are rendered
including branch lists/ online channels; provision for applying to various products online; and the Bank’s grievance
redressal mechanism available for customers
Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of
the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
Yes. The Bank has a robust Customer Experience Framework wherein the Bank’s Customer Experience unit captures
the Voice of the Customer (VOC) and Customer Scoring through transaction and engagement feedback, utilising
digital platforms, and assessing performance across key service drivers. The Bank’s measures its Net Promoter score
(NPS), which is a metric for measuring customer experience and is a predictor of customer loyalty, across channels
like Branch Banking, Digital channels, Call Centers, Relationship Managers, amongst others, and customer insights,
therein are shared with teams across the Bank.

Independent Auditors’ Report

To the Members of Basis for Opinion
YES BANK Limited We conducted our audit in accordance with the Standards
on Auditing (‘SAs’) specified under Section 143 (10) of
Report on the Audit of the Standalone Financial
the Act. Our responsibilities under those SAs are further
Statements
described in the ‘Auditor’s Responsibilities for the Audit
Opinion of the Standalone Financial Statements’ section of our
We have audited the standalone financial statements of report. We are independent of the Bank in accordance
YES BANK Limited (‘the Bank’), which comprise the Balance with the Code of Ethics issued by the Institute of Chartered
Sheet as at March 31, 2024, the Profit and Loss Account Accountants of India (‘the ICAI’) together with the ethical
and the Cash Flow Statement for the year then ended, and requirements that are relevant to our audit of the
notes to the standalone financial statements, including standalone financial statements under the provisions of
a summary of the significant accounting policies and the Act, and the Rules thereunder, and we have fulfilled
other explanatory information (hereinafter referred to as our other ethical responsibilities in accordance with these
“Standalone Financial Statements”). requirements and the Code of Ethics. We believe that
the audit evidence we have obtained, is sufficient and
In our opinion and to the best of our information and
appropriate to provide a basis for our opinion on the
according to the explanations given to us, the aforesaid
standalone financial statements.
standalone financial statements give the information
required by the section 29 of the Banking Regulation Act,
Key Audit Matters
1949 as well as the Companies Act, 2013 (the ‘Act’) and
circulars and guidelines issued by the Reserve Bank of Key audit matters are those matters that, in our
India, in the manner so required for banking companies professional judgment, were of most significance in the
and give a true and fair view in conformity with the audit of the standalone financial statements of the current
accounting principles generally accepted in India, including year. These matters were addressed in the context of our
the Accounting Standards prescribed under section 133 audit of the standalone financial statements as a whole,
of the Act, read with Companies (Accounting Standards) and in forming our opinion thereon, and we do not provide
Rules, 2021 as amended to the extent applicable, of the a separate opinion on these matters. We have determined
state of affairs of the Bank as at March 31, 2024, and its the matters described below to be the key audit matters to
profit, and its cash flows for the year ended on that date. be communicated in our report:
Key Audit Matters Auditor’s Response

Asset Classification of Advances and Investments (IRAC) and Provisioning
Refer to schedule 8 and schedule 9, read with relevant Our audit approach included testing the design, operating
Notes relating to provisions and contingencies, disclosures effectiveness of internal controls and substantive audit
with regard to Non Performing Investments (NPI) and procedures in respect of asset classification and provisioning
Asset Quality in respect of movement of Non-Performing pertaining to investments and advances. In particular:
Assets (NPAs) and related provisions respectively.
Evaluated the Bank’s internal control system in
adhering to the relevant RBI guidelines regarding
As required under prudential norms issued by the Reserve
income recognition, asset classification and
Bank of India (RBI) in respect of asset classification and
provisioning pertaining to investments and advances;
provisioning pertaining to investments as well as those
pertaining to advances, and relevant circulars, notifications Tested key IT systems/ applications used and their
and directives issued by the RBI which were collectively design and implementation as well as operational
considered by the Bank till March 31, 2024, classifies effectiveness of relevant controls, in relation to asset
advances into performing and non-performing advances classification viz., standard, sub-standard, doubtful
(NPA) which consists of Standard, Sub-standard, Doubtful and loss with reference to their days-past-due (DPD)
and Loss and makes appropriate provisions. status (including consideration of non-financial
parameters of NPA, including sufficiency of credits
in working capital loans, restructuring guidelines, the
Regulatory Package and Resolution framework) and
371
The Bank, as per its governing framework, made the Test checked advances to examine the validity of the
performing and non-performing advances provisions recorded amounts, loan documentation, examined
based on Management’s assessment of the degree the statement of accounts, indicators of impairment,
of impairment of the advances subject to and guided impairment provision for non-performing assets,
by minimum provisioning levels prescribed under and compliance with income recognition, asset
RBI guidelines. classification and provisioning pertaining to advances
in terms of applicable RBI guidelines;
The Classification, Provisioning and Write off of Advances
Tested, selected restructured accounts on sample
including Investments is a Key Audit Matter as the Bank
basis and their compliance with relevant RBI guidelines;
has significant credit risk exposure to a large number of
borrowers across various sectors, products, industries For the selected non-performing advances, we
and geographies and there is a high degree of complexity, assessed Management’s forecast and inputs of
uncertainty and judgment involved in recoverability recoverable cash flows, borrower’s audited financial
of advances, nature of transactions and estimation of statements, valuation of underlying security and
provisions thereon and identification of accounts to collaterals, estimation of recoverable amounts on
be written off. default and other sources of repayment;
Tested the Bank’s processes for making provision on
advances for compliance with RBI regulations and
internally laid down policies for provisioning;
Undertaken the walkthrough for the automated E-NPA
system and tested the core functionality for selected
samples considering the audit universe.
Validated the parameters used to calculate collective
provisions with reference to IRAC norms, and
Regulatory Package;
Tested provision created for fraud accounts as at
March 31, 2024 as per the RBI circular;
Re-performed, for a sample of retail and corporate
portfolios, as part of our substantive audit procedures
the calculation of provisions, to determine the
accuracy of the same; (Collective for standard portfolio
and case specific for non performing portfolio)
Assessed the adequacy of disclosures against
the RBI Guidelines
IT Systems and Controls over financial reporting
The Bank’s key financial accounting and reporting We have planned, designed and carried out the desired
processes are highly dependent on Core Banking and audit procedures and sample checks, taking into
Treasury Solutions and other supporting software and consideration the IT systems of the Bank. As part of our
hardware controls. The volume of transactions processed IT controls testing, we have tested ITGC as well as ITAC
and recorded is huge and hence the IT controls are for selected critical applications. The focus of testing
required to ensure that applications process data as of ITGCs was based on the various parameters such as
expected and that changes are made in an appropriate Completeness, Validity, Identification/ Authentication,
manner. The Bank’s IT control framework includes Authorization, Integrity and Accountability. On the
automated, semi-automated and manual controls other hand, focus of testing automated controls from
designed to address identified risks. IT controls are applications was whether the controls prevent
stated in Entity Level Controls (ELC), IT General Controls or detect unauthorized transactions and support
(ITGC) and IT Application Controls (ITAC). Such controls financial objectives including completeness,
contribute to risk mitigation of erroneous output data. accuracy, authorization and validity of transactions.


We have identified IT Controls Framework as a Key Audit The procedures adopted by us are, in our opinion,
Matter as the Bank’s business is highly dependent on adequate to provide reasonable assurance on
technology. The IT environment is complex and the design the adequacy of IT controls in place. The areas for
and operating effectiveness of IT controls have a direct improvement as and when noticed are communicated
impact on its financial reporting process. Such controls for suitable actions to the Bank as part of our audit.
provide assurance on the integrity and completeness of The corrective steps / alternate controls deployed by
data processed through various IT applications which are the Bank are tested on sample basis.
used for the preparation of financial reports.
In ITGC testing, on sample basis, we reviewed
control areas such as User Management, Change
Management, Systems Security, Cyber Security,
Interface Testing, deployment of new applications,
Incident Management, Physical & Environmental
Security, Creation and maintenance of edit logs,
Backup and Restoration, Business Continuity and
Disaster Recovery, Service Level Agreement.
For ITAC, we carried out on sample basis, compliance
tests of system functionality in order to assess the
accuracy of system calculations. We also carried out
procedures such as validations and limit checks on
data entered into applications, approvals, process
dependencies, restriction on time period in which
transactions may be recorded and GL mapping for
financial accounting.
Tested the control environment using various
techniques such as inquiry, walkthroughs in live
environment, testing in UAT environment, review of
documentation / record / reports, observation and
re-performance.
Wherever deviations were noted either the same
were explained to our satisfaction or we tested
compensating controls and performed alternate
procedures, where necessary, to draw comfort.
In addition, we have also relied on IS audit
conducted by internal audit department, and
also the testing of Internal Financial Control
conducted by the Operational Risk Management
department of the Bank.
Information other than the standalone financial III Capital Regulation, Leverage Ratio, Liquidity Coverage
statements and Auditor’s Report thereon Ratio and Net Stable Funding Ratio. The Annual Report is
The Bank’s management and Board of Directors are expected to be made available to us after the date of this
auditor's report.
responsible for the Other Information. The other
information comprises the Management Discussion and
Our opinion on the standalone financial statements does
Analysis, Business Responsibility and Sustainability Report,
not cover the other information and we do not express
Directors’ Report forming part of the Annual Report, but any form of assurance conclusion thereon.
does not include the Standalone Financial Statements,
Consolidated Financial Statements and our auditor’s In connection with our audit of the standalone financial
report thereon and the Pillar III Disclosures under Basel statements, our responsibility is to read the Other
373
Information identified above when it becomes available Those Board of Directors are also responsible for
and, in doing so, consider whether the Other Information overseeing the Bank’s financial reporting process.
is materially inconsistent with the standalone financial
statements or our knowledge obtained in the audit or Auditor’s Responsibilities for the Audit of the
otherwise appears to be materially misstated. Standalone Financial Statements
Our objectives are to obtain reasonable assurance about
When we read the other information, if we conclude whether the standalone financial statements as a whole
that there is a material misstatement therein, we are are free from material misstatement, whether due to fraud
required to communicate the matter to those charged or error, and to issue an Auditor’s Report that includes
with governance. our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted
Responsibilities of Management and Those Charged in accordance with SAs will always detect a material
with Governance for the Standalone Financial misstatement when it exists. Misstatements can arise from
Statements fraud or error and are considered material if, individually
The Bank’s management and Board of Directors are or in the aggregate, they could reasonably be expected to
responsible for the matters stated in Section 134(5) of the influence the economic decisions of users taken on the
Act with respect to the preparation and presentation of basis of these standalone financial statements.
these standalone financial statements that give a true and
fair view of the financial position, financial performance As part of an audit in accordance with SAs, we exercise
and cash flows of the Bank in accordance with the professional judgment and maintain professional
accounting principles generally accepted in India, including skepticism throughout the audit. We also:
the Accounting Standards specified under Section 133 of Identify and assess the risks of material misstatement
the Act read with Companies (Accounting Standards) Rules, of the standalone financial statements, whether
2021 as amended to the extent applicable, provisions due to fraud or error, design and perform audit
of Section 29 of the Banking Regulation Act, 1949 and procedures responsive to those risks, and obtain
the circulars and guidelines issued by Reserve Bank of audit evidence that is sufficient and appropriate
India (‘RBI’) from time to time, as applicable to the Bank. to provide a basis for our opinion. The risk of not
This responsibility also includes maintenance of adequate detecting a material misstatement resulting from
accounting records in accordance with the provisions fraud is higher than for one resulting from error,
of the Act and the RBI Guidelines for safeguarding of as fraud may involve collusion, forgery, intentional
the assets of the Bank and for preventing and detecting omissions, misrepresentations, or the override of
frauds and other irregularities; selection and application internal control.
of appropriate accounting policies; making judgments and Obtain an understanding of internal control relevant
estimates that are reasonable and prudent; and design, to the audit in order to design audit procedures that
implementation and maintenance of adequate internal are appropriate in the circumstances. Under section
financial controls that were operating effectively for 143(3)(i) of the Act, we are also responsible for
ensuring the accuracy and completeness of the accounting expressing our opinion on whether the bank has
records, relevant to the preparation and presentation of adequate internal financial controls with reference
the standalone financial statements that give a true and to financial statements in place and the operating
fair view and are free from material misstatement, whether effectiveness of such controls.
due to fraud or error.
Evaluate the appropriateness of accounting policies
In preparing the standalone financial statements, the used and the reasonableness of accounting
Management and Board of Directors are responsible estimates and related disclosures in the standalone
for assessing the Bank’s ability to continue as a going financial statements made by the Management and
Board of Directors.
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting Conclude on the appropriateness of the Management
unless the Board of Directors either intends to liquidate and Board of Director’s use of the going concern
the Bank or to cease operations, or has no realistic basis of accounting and, based on the audit
alternative but to do so. evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast by the management and has been relied upon by
significant doubt on the Bank’s ability to continue us for the purpose of our audit of the Standalone
as a going concern. If we conclude that a material Financial Statements.
uncertainty exists, we are required to draw attention
in our Auditor’s Report to the related disclosures Our opinion is not modified in respect of this matter.
in the standalone financial statements or, if such
disclosures are inadequate, to modify our opinion. Report on other legal and regulatory requirements
Our conclusions are based on the audit evidence 1) The balance sheet and the profit and loss account
obtained up to the date of our Auditor’s Report. have been drawn up in accordance with the
However, future events or conditions may cause the provisions of Section 29 of the Banking Regulation
Bank to cease to continue as a going concern. Act, 1949 and Section 133 of the Act and relevant
Evaluate the overall presentation, structure and rules issued thereunder.
content of the standalone financial statements,
including the disclosures, and whether the standalone 2) As required by sub-section (3) of Section 30 of the
financial statements represent the underlying Banking Regulation Act, 1949, we report that:
transactions and events in a manner that achieves
fair presentation. (a) we have obtained all the information and
explanations which, to the best of our knowledge
We communicate with those charged with governance and belief, were necessary for the purpose of our
regarding, among other matters, the planned scope and audit and have found them to be satisfactory;
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we (b) the transactions of the Bank, which have come
identify during our audit. to our notice, have been within the powers
of the Bank; and
We also provide those charged with governance with
a statement that we have complied with relevant (c) The Bank considers its key operations, with the
ethical requirements regarding independence, and to key applications largely integrated to the Core
communicate with them all relationships and other Banking System, it does not require its branches
matters that may reasonably be thought to bear on our to submit any financial returns. Accordingly, our
independence, and where applicable, related safeguards. audit is carried out centrally based on the records
and data made available to us at Head Office.
From the matters communicated with those charged with During the course of our audit, we have visited
governance, we determine those matters that were of and performed select relevant procedures
most significance in the audit of the standalone financial at 56 branches;
statements of the current year and are therefore the key
audit matters. We describe these matters in our auditor’s (d) The profit and loss account shows a true balance
report unless law or regulation precludes public disclosure of profit for the year then ended
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated 3) s required by Section 143(3) of the Act, we
A
in our report because the adverse consequences of doing report that:
so would reasonably be expected to outweigh the public
interest benefits of such communication. (a) we have sought and obtained all the information
and explanations which to the best of our
Other Matter knowle dge and belief were necessary for the
The Standalone Financial Statements for the year ended purposes of our audit;
March 31, 2023, have been audited by one of the
predecessor auditors M.P. Chitale & Co. and continuing (b) in our opinion, proper books of account as
joint statutory auditors Chokshi & Chokshi LLP, whose required by law have been kept by the Bank
report dated April 22, 2023 had expressed an unmodified so far as it appears from our examination
opinion. The above report has been furnished to us of those books;
375
(c) the standalone balance sheet, the standalone - Refer Note No. 17.5.64 to the standalone
profit and loss account, and the standalone cash financial statements.
flow statement dealt with by this Report are in
agreement with the books of account; (d) (i) The management of the Bank has
represented that, to the best of its
(d) in our opinion, the aforesaid standalone knowledge and belief, other than as
financial statements comply with the Accounting disclosed in the notes to accounts (Refer
Standards specified under Section 133 of the Note No. 17.5.36), no funds have been
Act, read with Companies (Accounting Standard) advanced or loaned or invested (either
Rules, 2021, as amended, to the extent they are from borrowed funds or share premium
not inconsistent with the accounting policies or any other sources or kind of funds)
prescribed by RBI; by the Bank to or in any other person(s)
or entity(ies), including foreign entities
(e) on the basis of the written representations (“Intermediaries”), with the understanding,
received from the directors as on March 31, 2024 whether recorded in writing or otherwise,
taken on record by the Board of Directors, none that the Intermediary shall, whether,
of the directors is disqualified as on March 31, directly or indirectly lend or invest in
2024 from being appointed as a director in other persons or entities identified in any
terms of Section 164 (2) of the Act; and
manner whatsoever by or on behalf of the
Bank (‘Ultimate Beneficiaries’) or provide
(f) with respect to the adequacy of the internal
any guarantee, security or the like on behalf
financial controls with reference to standalone
of the Ultimate Beneficiaries;
financial statements of the Bank and the
operating effectiveness of such controls, refer to
(ii) The management of the Bank has
our separate Report in ‘Annexure A’.
represented that, to the best of its
knowledge and belief, other than as
4) With respect to the other matters to be included
disclosed in the notes to accounts (Refer
in the Auditor’s Report in accordance with Rule
Note No. 17.5.36) no funds have been
11 of the Companies (Audit and Auditors) Rules,
received by the Bank from any person(s)
2014, as amended in our opinion and to the best
or entity(ies), including foreign entities
of our knowledge and belief and according to the
information and explanations given to us: (“Funding Parties”), with the understanding,
whether recorded in writing or otherwise,
(a) the Bank has disclosed the impact of pending the Bank shall, whether, directly or indirectly,
litigations as at March 31, 2024 on its financial lend or invest in other persons or entities
position in its standalone financial statements identified in any manner whatsoever by or
- Refer Note No. 17.5.11 and 17.5.80 to the on behalf of the Funding Party (‘Ultimate
standalone financial statements; Beneficiaries’) or provide any guarantee,
security or the like on behalf of the Ultimate
(b) the Bank has made provision, as required under Beneficiaries; and
the applicable law or accounting standards, for
material foreseeable losses, if any, on long-term (iii) Based on such audit procedures that were
contracts including derivative contracts - Refer considered reasonable and appropriate in
Note No. 17.5.74 read with Note No. 17.5.19 to the circumstances, nothing has come to our
the standalone financial statements; notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
(c) there has been no delay in transferring above contain any material misstatement.
amounts, required to be transferred, to the
Investor Education and Protection Fund by the (e) No dividend has been declared or paid during
Bank during the year ended March 31, 2024 the year by the Bank.

(f) Based on our examination which included test Regulation Act, 1949. Accordingly, the requirements
checks, the Bank has used accounting software prescribed under Section 197 of the Companies
for maintaining its books of account which, along Act, 2013 (the ‘act’) do not apply by virtue of Section
with access management tools, as applicable, 35B(2A) of the Banking Regulation Act, 1949.
have a feature of recording audit trail (edit log)
facility and the same has operated throughout For G.M. Kapadia & Co. For Chokshi & Chokshi LLP
Chartered Accountants Chartered Accountants
the year for all relevant transactions recorded
(Registration No. 104767W) (Regn. No. 101872W / W100045)
in the respective software. Further, during
the course of our audit we did not come
Atul Shah Vineet Saxena
across any instance of audit trail feature
Partner Partner
being tampered with.
(Membership No. 039569) (Membership No. 100770)
UDIN: 24039569BKAUIJ3549 UDIN: 24100770BKCORF3935
5) With respect to the matter to be included in the
Auditors’ Report under section 197(16) of the Act; the Place: Mumbai Place: Mumbai
Bank is a banking company as defined under Banking Date: April 27, 2024 Date: April 27, 2024
377
Annexure A to the Independent Auditor’s Report
of even date on the standalone financial statements of YES BANK Limited
for the year ended March 31, 2024
(Referred to in paragraph 3(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent
Auditor’s Report of even date to the members of YES BANK Limited on the standalone financial statements
for the year ended March 31, 2024)
Report on the Internal Financial Controls with financial statements based on our audit. We conducted
reference to the aforesaid standalone financial our audit in accordance with the Guidance Note and the
statements under Clause (i) of Sub-section 3 of Standards on Auditing (‘the Standards’), issued by the ICAI
Section 143 of the Companies Act, 2013 (“the Act”) and deemed to be, prescribed under section 143(10) of the
Act, to the extent applicable to an audit of internal financial
Opinion controls over financial reporting, both issued by the ICAI.
We have audited the internal financial controls with Those Standards and the Guidance Note require that we
reference to standalone financial statements of YES BANK comply with ethical requirements and plan and perform
Limited (“the Bank”) as of March 31, 2024 in conjunction the audit to obtain reasonable assurance about whether
with our audit of the standalone financial statements of adequate internal financial controls with reference to
the Bank for the year ended on that date. financial statements were established and maintained
and whether such controls operated effectively in all
In our opinion, the Bank has maintained, in all material material respects.
respects, an adequate internal financial controls with
reference to standalone financial statements and such Our audit involves performing procedures to obtain
internal financial controls were operating effectively as audit evidence about the adequacy of the internal
financial controls with reference to financial statements
at March 31, 2024, with reference to financial statements
and their operating effectiveness. Our audit of internal
criteria established by the Bank considering the essential
financial controls with reference to standalone financial
components of internal control stated in the Guidance Note.
statements included obtaining an understanding of
Management’s Responsibility for Internal internal financial controls with reference to standalone
financial statements, assessing the risk that a material
Financial Controls
weakness exists, and testing and evaluating the design
The Bank’s management and Board of Directors are and operating effectiveness of internal control based on
responsible for establishing and maintaining internal the assessed risk. The procedures selected depend on
financial controls with reference to standalone financial the auditor’s judgment, including the assessment of the
statements the criteria established by the Bank considering risks of material misstatement of the standalone financial
the essential components of internal control stated in the statements, whether due to fraud or error.
Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (‘the Guidance Note’) issued by We believe that the audit evidence we have obtained is
the Institute of Chartered Accountants of India (‘the ICAI’). sufficient and appropriate to provide a basis for our audit
These responsibilities include the design, implementation opinion on the Bank’s internal financial controls with
and maintenance of adequate internal financial controls reference to standalone financial statements.
that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence Meaning of Internal Financial Controls with
to the Bank’s policies, the safeguarding of its assets, Reference to Financial Statements
the prevention and detection of frauds and errors, the A Bank's internal financial controls with reference to
accuracy and completeness of the accounting records, and standalone financial statements is a process designed
the timely preparation of reliable financial information, as to provide reasonable assurance regarding the reliability
required under the Companies Act, 2013 (“the Act”). of financial reporting and the preparation of standalone
financial statements for external purposes in accordance
Auditors’ Responsibility with generally accepted accounting principles. A Bank’s
Our responsibility is to express an opinion on the Bank's internal financial control with reference to financial
internal financial controls with reference to standalone statement includes those policies and procedures that

1) pertain to the maintenance of records that, in including the possibility of collusion or improper
reasonable detail, accurately and fairly reflect the management override of controls, material misstatements
transactions and dispositions of the assets of the Bank; due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial
2) provide reasonable assurance that transactions controls with reference to standalone financial statements
are recorded as necessary to permit preparation of to future periods are subject to the risk that the internal
standalone financial statements in accordance with financial control with reference to standalone financial
generally accepted accounting principles, and that statement may become inadequate because of changes
receipts and expenditures of the Bank are being in conditions, or that the degree of compliance with the
made only in accordance with authorisations of policies or procedures may deteriorate.
management and directors of the Bank; and
For G.M. Kapadia & Co. For Chokshi & Chokshi LLP
3) provide reasonable assurance regarding prevention
Chartered Accountants Chartered Accountants
or timely detection of unauthorised acquisition, use,
(Registration No. 104767W) (Regn. No. 101872W / W100045)
or disposition of the Bank's assets that could have a
material effect on the standalone financial statements.
Atul Shah Vineet Saxena
Partner Partner
Inherent Limitations of Internal Financial
Controls with Reference to Financial
UDIN: 24039569BKAUIJ3549 UDIN: 24100770BKCORF3935
Statements
Because of the inherent limitations of internal financial Place: Mumbai Place: Mumbai
controls with reference to standalone financial statements, Date: April 27, 2024 Date: April 27, 2024
379
Standalone Balance Sheet
as on March 31 2024
(` in thousands)
Schedule As on As on
March 31, 2024 March 31, 2023
CAPITAL AND LIABILITIES
Capital 1 57,535,764 57,509,551
Share Warrants Subscription Money Note 17.5.2 9,483,918 9,483,918
Reserves and surplus 2 354,434,232 340,431,129
Deposits 3 2,663,721,717 2,175,018,616
Borrowings 4 799,408,803 774,519,923
Other liabilities and provisions 5 170,345,465 190,898,171
TOTAL 4,054,929,899 3,547,861,308
ASSETS
Cash and balances with Reserve Bank of India 6 181,392,387 128,640,853
Balances with banks and money at call and short notice 7 7,904,007 64,103,522
Investments 8 902,351,322 768,882,974
Advances 9 2,277,994,720 2,032,694,436
Fixed assets 10 28,565,218 24,447,724
Other assets 11 656,722,245 529,091,799
TOTAL 4,054,929,899 3,547,861,308
Contingent liabilities 12 7,969,572,249 6,613,854,796
Bills for collection 153,682,865 174,132,625
Significant Accounting Policies and Notes to Accounts forming part of 17
financial statements
The Schedules referred to above form an integral part of the Standalone Balance Sheet.
The Balance Sheet has been prepared in conformity with Form A of the Third Schedule to the Banking Regulation Act, 1949.
As per our report of even date attached.
For Chokshi & Chokshi LLP For and on behalf of the Board of Directors
Chartered Accountants YES BANK Limited
Firm's Registration No: 101872W/W100045 CIN: L65190MH2003PLC143249
Vineet Saxena Rama Subramaniam Gandhi Sanjay Khemani Prashant Kumar

Partner Chairman Director Managing Director & CEO
Membership No: 100770 (DIN: 03341633) (DIN: 00072812) (DIN: 07562475)
For G.M.Kapadia & Co.

Chartered Accountants
Firm's Registration No: 104767W
Atul Shah Rajan Pental Niranjan Banodkar Shivanand R. Shettigar

Partner Executive Director Chief Financial Officer Company Secretary
Membership No: 039569 (DIN: 08432870)
Mumbai
April 27, 2024

Standalone Profit & Loss Account

for the year ended March 31 2024
(` in thousands)
Schedule For the year ended For the year ended
March 31, 2024 March 31, 2023
I. INCOME
Interest earned 13 275,859,383 226,974,304
Other income 14 51,142,988 36,850,569
TOTAL 327,002,371 263,824,873
II. EXPENDITURE
Interest expended 15 194,913,182 147,798,587
Operating expenses 16 98,226,576 84,198,646
Provisions and contingencies Note 17.5.12 21,351,818 24,653,553
TOTAL 314,491,576 256,650,786
III. PROFIT/(LOSS)
Net profit/(loss) for the year 12,510,795 7,174,087
Profit/(loss) brought forward (100,519,740) (106,965,664)
TOTAL (88,008,945) (99,791,577)
IV. APPROPRIATIONS
Transfer to Statutory Reserve 3,127,699 1,793,522
Transfer to Capital Reserve 262,640 31,666
Transfer to Investment Reserve 431,921 16,787
Transfer to Investment Fluctuation Reserve 472,297 2,358,763
Transfer to Revenue and other Reserves Note 17.5.9 (1,253,752) (3,472,576)
Dividend paid - -
Balance carried over to balance sheet (91,049,750) (100,519,740)
TOTAL (88,008,945) (99,791,577)
Significant Accounting Policies and Notes to Accounts forming 17
part of financial statements
Earnings per share Note 17.5.41
Basic (`) 0.44 0.27
Diluted (`) 0.43 0.27
(Face Value of Equity Share is ` 2/-)
The Schedules referred to above form an integral part of the Standalone Profit and Loss Account
The Profit and Loss Account has been prepared in conformity with Form B of the Third Schedule to the Banking
Regulation Act, 1949.



Mumbai
April 27, 2024
381
Standalone Cash Flow Statement
(` in thousands)
For the year ended For the year ended
March 31, 2024 March 31, 2023
Cash flow from/(used in) Operating Activities
Net profit before taxes 14,999,782 9,629,184
Adjustment for
ESOP Compensation Expense 312,565 216,262
Depreciation for the year 5,410,402 4,290,578
Amortization of premium on investments 4,105,944 3,868,850
Provision / revaluation for investments 351,771 24,122,209
Provision for standard advances (1,011,477) (1,496,202)
Provision/write off of non performing advances 27,642,686 (15,264,116)
Other provisions 942,849 (225,075)
Difference of purchase consideration and value of net assets acquired 9,650 -
charged off to P&L (Refer note 17.5.77)
(Profit)/Loss on sale of land, building and other assets 20,624 (46,659)
(i) 52,784,796 25,095,031
Adjustments for :
Increase / (Decrease) in Deposits 488,703,101 203,101,285
Increase/(Decrease) in Other Liabilities (21,719,313) 42,816,613
(Increase)/Decrease in Investments (23,235,177) (156,270,461)
(Increase)/Decrease in Advances (272,942,970) (206,910,410)
(Increase)/Decrease in Other assets (123,864,389) (163,387,371)
(ii) 46,941,252 (280,650,344)
Payment of direct taxes (iii) (3,766,056) (704,806)
Net cash generated from/(used in) operating activities (A) (i+ii+iii) 95,959,992 (256,260,119)
Cash flow from/(used in) investing activities
Purchase of fixed assets (9,736,256) (7,884,038)
Proceeds from sale of fixed assets 187,736 523,661
Investment in equity shares of the subsidiary company (999,999) -
Difference of purchase consideration and value of net assets acquired (9,650) -
charged off to P&L (Refer note 17.5.77)
Investment in equity shares of Asset Reconstruction Company (731,421) (270,090)
(Increase) / Decrease in Held To Maturity (HTM) securities (112,959,465) (121,377,925)
Net cash generated from / (used in) investing activities (B) (124,249,055) (129,008,392)
Cash flow from/(used in) financing activities
Increase/(decrease) in Borrowings (gross) 27,688,880 70,112,088
Tier I/II Debt repaid during the year (2,800,000) (17,638,000)
Proceeds from issue of Share Capital (net of share issue expense) 171,955 50,881,913
Proceeds from share warrants subscription money - 9,483,918
Net cash generated from / (used in) financing activities (C) 25,060,835 112,839,919

Standalone Cash Flow Statement

(` in thousands)
March 31, 2024 March 31, 2023
Effect of exchange fluctuation on translation reserve (D) (219,751) (1,222,927)
Net increase / (decrease) in cash and cash equivalents (A+B+C+D) (3,447,979) (273,651,519)
Cash and cash equivalents as at April 1, 2023 192,744,375 466,395,894
Cash and cash equivalents as at March 31, 2024 189,296,395 192,744,375
Notes to the Cash flow statement:
Cash and cash equivalents includes the following
Cash and Balances with Reserve Bank of India 181,392,387 128,640,853
Balances with Banks and Money at Call and Short Notice 7,904,008 64,103,522
Cash and cash equivalents as at March 31, 2024 189,296,395 192,744,375



Mumbai
April 27, 2024
383
Schedules
forming a part of Standalone Balance Sheet
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 1 - CAPITAL
Authorised Capital
40,000,000,000 equity shares of ` 2/- each 80,000,000 80,000,000
20,000,000 preference shares of ` 100/- each 2,000,000 2,000,000
Issued, subscribed and paid-up capital (Refer Sch 17.5.1)

(March 31, 2023 : 28,754,775,334 equity shares of ` 2/- each)
TOTAL 57,535,764 57,509,551
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 2 - RESERVES AND SURPLUS
I. Statutory Reserves
Opening balance 53,393,153 51,599,631
Additions during the year 3,127,699 1,793,522
Deductions during the year - -
Closing balance 56,520,852 53,393,153
II. Share Premium
Opening balance 366,438,573 322,949,781
Additions during the year (Refer Sch 17.5.1) 173,577 43,488,792
Closing balance 366,612,150 366,438,573
III. Capital Reserve
Opening balance 17,299,817 17,268,151
Additions during the year (Refer Sch 17.5.4) 262,640 31,666
Closing balance 17,562,457 17,299,817
IV. Investment Reserve
Opening balance 584,916 568,129
Closing balance 1,016,837 584,916
V Foreign Currency Translation Reserve
Opening balance (1,303,463) (80,536)
Additions during the year (219,750) (1,222,927)
Closing balance (1,523,213) (1,303,463)
VI. Cash Flow Hedge Reserve
Opening balance - -
Additions during the year (Refer Sch 17.5.6) - -
Closing balance - -
VII. Investment Fluctuation Reserve
Opening balance 4,245,715 1,886,952
Closing balance 4,718,012 4,245,715

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
VIII. Employee Stock Options Reserve
Deductions during the year 27,836 6,524
Closing balance 576,887 292,158
IX. Balance in Profit and Loss Account (91,049,750) (100,519,740)
TOTAL 354,434,232 340,431,129
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 3 - DEPOSITS
A. I. Demand Deposits
i) From Banks 25,236,766 19,913,112
ii) From others 388,203,128 316,115,700
II. Savings Bank Deposit 409,729,868 332,999,169
III. Term Deposits
i) From banks 81,248,319 93,738,300
ii) From others (incl. certificate of deposits issued) 1,759,303,636 1,412,252,335
TOTAL 2,663,721,717 2,175,018,616
B. I. Deposits of branches in India 2,643,633,224 2,165,931,488
II. Deposits of branches outside India 20,088,493 9,087,128
TOTAL 2,663,721,717 2,175,018,616
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 4 - BORROWINGS
I. Borrowing in India
i) Reserve Bank of India1 16,450,000 67,370,000
ii) Other banks 43,277,950 19,271,250
iii) Other institutions and agencies 1 & 2 478,407,545 442,696,692
iv) Innovative Perpetual Debt Instruments (IPDI) - 2,800,000
v) Tier II Borrowings 139,412,000 139,412,000
TOTAL (A) 677,547,495 671,549,942
II. Borrowings outside India
i) Borrowings outside India 121,861,308 102,969,981
ii) Innovative Perpetual Debt Instruments (IPDI) - -
iii) Tier II Borrowings - -
TOTAL (B) 121,861,308 102,969,981
TOTAL (A+B) 799,408,803 774,519,923
(1) Secured borrowings are ` 22,279,505 thousands (March 31, 2023: ` 111,808,311 thousands).
(2) Including ` 438,078,040 thousands of refinance borrowing (March 31, 2023: ` 360,458,382 thousands) ` 13,150,000 thousands
(March 31 2023: ` 16,450,000 thousands) of Green Infrastructure Bonds raised to fund 'Green Projects' and ` 21,350,000
thousands (March 31, 2023: ` 21,350,000 thousands) of Long Term Infrastructure Bonds raised to finance affordable housing and
infrastructure projects.
385
Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 5 - OTHER LIABILITIES AND PROVISIONS
I. Bills payable 4,986,264 7,511,786
II. Inter-office adjustments (net) - -
III. Interest accrued 27,001,197 24,363,761
IV. Others (including provisions)
- Provision for standard advances 16,733,338 17,744,816
- Country risk provision - 102,035
- Others* 121,624,666 141,175,773
- Income Tax Provision - -
TOTAL 170,345,465 190,898,171
*Others includes Marked to Market adjustments on derivatives ` 53,897,552 thousands (March 31, 2023: ` 69,922,500 thousands)
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA
I. Cash in hand (including foreign currency notes) 9,620,705 8,891,955
II. Balances with Reserve Bank of India
- In current account 151,681,682 119,748,898
- In other account 20,090,000 -
TOTAL 181,392,387 128,640,853
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 7 - BALANCES WITH BANKS AND MONEY AT CALL AND SHORT
NOTICE
I. In India
Balances with banks-
i) In current accounts 2,686,303 3,226,769
ii) In other deposit accounts 1,056,910 864,510
Money at call and short notice
i) With Banks - 820,000
ii) With other institutions - 24,331,430
TOTAL (I) 3,743,213 29,242,709
II. Outside India
i) In current account 617,749 10,199,952
ii) In other deposit account - -
iii) Money at call and short notice 3,543,045 24,660,860
TOTAL (II) 4,160,794 34,860,813
TOTAL (I+II) 7,904,007 64,103,522

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 8 - INVESTMENTS (Net of provisions)
I. Investments in India
i) Government Securities* 806,206,308 651,582,015
ii) Other approved securities - -
iii) Shares 1,283,620 503,120
iv) Debentures and bonds 59,997,095 49,889,311
v) Subsidiaries and/or joint ventures 2,489,999 1,490,000
vi) Others (Commercial Papers, Certificate of Deposits, Security Receipts, Pass 24,561,295 50,922,443
through certificates, Mutual Funds, Venture Capital Funds etc.)
TOTAL (I) 894,538,317 754,386,889
II. Investments outside India
i) Government Securities 7,806,343 12,202,605
ii) Shares 6,662 6,630
iii) Debentures and bonds - 1,330,786
iv) Others (MFs) - 956,064
TOTAL (II) 7,813,005 14,496,085
TOTAL (I+II) 902,351,322 768,882,974
* Includes securities of face value ` 48,303,545 thousands (March 31, 2023: ` 112,842,783 thousands) pledged for clearing facility and
margin requirements.
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 9 - ADVANCES (Net of provisions)
A. i) Bills purchased and discounted (net of Bills rediscounted) 36,531,550 26,954,447
ii) Cash credit, overdrafts and loans repayable on demand (1) 732,950,540 603,540,532
iii) Term loans 1,508,512,630 1,402,199,457
TOTAL 2,277,994,720 2,032,694,436
B. i) Secured by tangible assets (includes advances secured by fixed deposits 1,754,090,502 1,532,745,867
and book debt)
ii) Covered by Bank/Government guarantees 20,260,291 63,408,099
iii) Unsecured (2)(3) 503,643,927 436,540,470
TOTAL 2,277,994,720 2,032,694,436
(1) Includes NIL (March 31, 2023:: ` 30,689,277 thousands) of Interbank Reverse Repo having original tenors more than 14 days are
classified as Advances as per RBI Master circular No DOR.ACC.REC.NO.37/21.04.018/2022-23
(2) Includes at March 31, 2024 advances of ` 49,662,585 thousands (March 31, 2023: ` 48,929,005 thousands) for which security
documentation is either being obtained or being registered.
(3) Includes at March 31, 2024 advances amounting to ` 2,763,700 thousands (March 31, 2023 : ` 1,427,223 thousand) has been
secured by intangible securities such as charge over the rights, licenses, authority, etc.
C. I. Advances in India
i) Priority sectors 963,870,601 759,181,119
ii) Public sector - -
iii) Banks 5,879,698 3,002,559
iv) Others 1,248,641,182 1,204,823,831
TOTAL (I) 2,218,391,481 1,967,007,509
II. Advances outside India
i) Due from Banks 207,781 1,052,637
ii) Due from Others 59,395,458 64,634,290
(a) Bills purchased and discounted - -
(b) Syndicated loans 19,951,099 10,654,379
(c) Others 39,444,359 53,979,911
TOTAL (II) 59,603,239 65,686,927
TOTAL (I+II) 2,277,994,720 2,032,694,436
387
Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 10 - FIXED ASSETS
I. Premises
At cost as on March 31 of preceding year 12,102,530 12,480,561
Additions during the year - -
Deductions during the year - (378,031)
Accumulated depreciation to date (528,248) (356,925)
TOTAL (I) 11,574,282 11,745,605
II. Other Fixed Assets (including furniture and fixtures and software)
Deductions during the year (697,759) (839,884)
Accumulated depreciation to date (27,335,762) (22,586,082)
TOTAL (II) 13,424,613 9,744,435
TOTAL (I+II) 24,998,895 21,490,040
Capital work-in-progress 3,566,323 2,957,684
TOTAL 28,565,218 24,447,724
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 11 - OTHER ASSETS
I. Interest Accrued 27,912,689 22,422,111
II. Advance tax and tax deducted at source (net of provision) 11,933,776 6,851,567
III. Deferred tax asset (Refer Sch 17.5.53) 85,630,915 89,411,542
IV. Stationery and stamps 2,115 1,563
V. Non-Banking assets acquired in satisfaction of claims 353,000 353,000
VI. Others* 530,889,750 410,052,016
TOTAL 656,722,245 529,091,799
*1. Includes deposits placed with NABARD/SIDBI/NHB, etc. of ` 440,872,509 thousands (March 31, 2023: ` 309,095,659 thousands)
on account of shortfall in priority sector targets.
2. Includes Marked to Market adjustments on derivatives of ` 47,752,918 thousands (March 31, 2023: ` 62,901,600 thousands)

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 12 - CONTINGENT LIABILITIES
I. Claims against the bank not acknowledged as debts 3,649,981 792,648
II. Liability for partly paid investments - -
III. Liability on account of outstanding forward exchange contracts 3,835,376,775 2,871,564,016
IV. Liability on account of outstanding derivative contracts
(a) Single currency Interest Rate Swap 2,614,541,640 2,601,271,973
(b) Others 336,619,315 341,007,859
V. Guarantees given on behalf on constituents
(a) In India 589,956,581 444,062,267
(b) Outside India - 219,497
VI. Acceptances, endorsement and other obligations 210,148,657 171,293,059
VII. Other items for which the bank is contingently liable
(a) Purchase of securities pending settlement 958,430 1,752,006
(b) Capital commitment 4,037,417 3,891,446
(c) Amount deposited with RBI under Depositor Education and Awareness 310,144 203,755
Fund (DEAF)
(d) Foreign exchange contracts (Tom & Spot) 363,535,042 175,065,652
(e) Custody 2,509,542 2,730,617
(f) Bills Rediscounting - -
(g) Letter of Undertaking 7,928,725 -
(h) When Issued (‘WI’) securities - -
TOTAL 7,969,572,249 6,613,854,796
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as
on March 31, 2024 includes notional amount of ` 3,697,440,095 thousands and ` 1,517,307,402 thousands (March 31,
2023: ` 2,388,453,904 thousands and ` 1,335,920,303 thousands) guaranteed by CCIL representing 88.06% and 58.03%
(March 31, 2023: 83.18% and 51.36%) of total outstanding forward exchange contracts and single currency interest rate
swaps respectively.
389
Schedules
forming a part of Standalone Profit and Loss account
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 13 - INTEREST EARNED
I. Interest/discount on advances/bills 210,874,867 178,224,008
II. Income on investments (including dividend) 49,582,584 35,645,993
III. Interest on balances with Reserve Bank of India and other inter-bank funds 4,583,982 8,410,286
IV. Others 10,817,950 4,694,017
TOTAL 275,859,383 226,974,304
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 14 - OTHER INCOME
I. Commission, exchange and brokerage 30,742,601 20,913,056
II. Profit/(Loss) on the sale of investments (net) 2,270,961 344,205
III. Profit/(Loss) on the revaluation of investments (net) 1,043,288 (34,831)
IV. Profit/(Loss) on sale of land, building and other assets (20,624) 69,550
V. Profit/(Loss) on exchange transactions (net) 6,441,110 7,446,193
VI. Income earned by way of dividends etc. from subsidiaries, companies and/or - -
joint ventures abroad/in India
VII. Miscellaneous income 10,665,652 8,112,396
TOTAL 51,142,988 36,850,569
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 15 - INTEREST EXPENDED
I. Interest on deposits 135,648,191 101,087,174
II. Interest on Reserve Bank of India/inter-bank borrowings/Tier I and Tier II debt 57,977,557 45,905,501
instruments
III. Others 1,287,434 805,912
TOTAL 194,913,182 147,798,587
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 16 - OPERATING EXPENSES
I. Payments to and provisions for employees 37,742,776 33,627,003
II. Rent, taxes and lighting 5,017,809 4,351,407
III. Printing and stationery 677,971 457,752
IV. Advertisement and publicity 473,056 65,704
V. Depreciation on Bank's property 5,410,402 4,290,578
VI. Directors' fees, allowances and expenses 44,264 47,627
VII. Auditors' fees and expenses 47,278 42,996
VIII. Law charges 142,282 532,529
IX. Postage, telegrams, telephones, etc. 617,504 608,240
X. Repairs and maintenance 578,980 533,237
XI. Insurance 3,447,244 2,814,029
XII. Other expenditure 44,027,010 36,827,544
TOTAL 98,226,576 84,198,646

Standalone Financial Statements

17. Significant accounting policies and notes forming part of the accounts for the year ended
March 31, 2024
17.1 Background1
YES BANK is a publicly held bank engaged in providing a wide range of banking and financial services. YES BANK is a
banking company governed by the Banking Regulation Act, 1949. The Bank was incorporated as a limited company under
the Companies Act, 1956 on November 21, 2003. The Bank received the licence to commence banking operations from
the Reserve Bank of India (‘RBI’) on May 24, 2004. Further, YES BANK was included to the Second Schedule of the Reserve
Bank of India Act, 1934 with effect from August 21, 2004. Also, the Bank has a branch at International Financial Services
Centre (‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies transactions undertaken by IBU as overseas operation.
The financial accounting system of the Bank is centralized and, therefore, accounting returns are not required to be
submitted by branches of the Bank.
17.2 Basis of preparation

The standalone financial statements have been prepared in accordance with requirements prescribed under the Third
Schedule (Form A and Form B) of the Banking Regulation Act, 1949. The accounting and reporting policies of the Bank
used in the preparation of these financial statements conform to Generally Accepted Accounting Principles in India
(Indian GAAP), the guidelines and clarifications issued by the Reserve Bank of India (RBI) from time to time, the accounting
standards notified under section 133 of the Companies Act 2013 read together with the Companies (Accounts) Rules,
2014 and the Companies (Accounting Standards) Rules, 2021 to the extent applicable and practices generally prevalent
in the banking industry in India. The Bank follows the accrual method of accounting and the historical cost convention,
unless otherwise stated by RBI guidelines.
17.3 Use of estimates

The preparation of financial statements requires the management to make estimates and assumptions that are considered
while reporting amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statements
and income and expenses during the reporting period. Management believes that the estimates used in the preparation
of the financial statements are prudent and reasonable. Actual results could differ from these estimates. The impact of
any revision in these estimates is recognised prospectively from the period of change.
Significant accounting policies

17.4.1 Revenue recognition
Revenue is recognised to the extent it is probable that the economic benefits will flow to the Bank and the revenue can
be reliably measured.
Interest income is recognised in the profit and loss account on accrual basis, except in the case of non-performing
assets. Interest on non-performing assets is recognised as per the prudential norms of the RBI. Penal Charges for
covenant breach is recognised upon certainty of its realisation.
Dividend income is recognised when the right to receive payment is established.
Commission on Guarantees and Letters of Credit (‘LC’) issued by the Bank is recognised as income over the period
of the Guarantee and LC respectively.
Income on non-coupon bearing discounted instruments is recognised over the tenure of the instrument on a
straight line basis. In case of coupon bearing discounted instruments, discount income is recognised over the tenor
of the instrument on constant yield basis.
GRI 2-1
1
391
In case of Bonds and Pass Through Certificates (PTC), premium on redemption, if any, is amortised over the tenure
of the instrument on a yield basis.
Revenue from financial advisory services is recognised in line with milestones achieved as per terms of agreement
with clients which is reflective of services rendered.
Facility fees and loan processing fees are recognised when due and realisable.
Other fees and commission are accounted for as and when they became due and realisable.
Gain / loss on sell down of loans is recognised in line with the extant RBI guidelines.
Appropriations of recoveries in standard advances (except for credit cards, which is based on agreement) are made
in below order:
a) Interest
b) Principal
c) Charges, Costs, Commission etc.
Appropriations of recoveries in NPAs (except for credit cards, which is based on agreement) are made in below order:
a) Principal
b) Interest
17.4.2 Investments
Classification and valuation of the Bank’s investments are carried out in accordance with RBI Circular DOR.
MRG.42/21.04.141/2021-22 dated August 25, 2021, as amended.
Accounting and Classification

The Bank follows settlement date accounting for Investments. In compliance with RBI guidelines, all investments, are
categorized as “Held for Trading” (‘HFT’), “Available for Sale” (‘AFS’) or “Held to Maturity” (‘HTM’) at the time of its purchase.
For the purpose of disclosure in the balance sheet, investments are classified as disclosed in Schedule 8 (‘Investments’)
under six groups (a) government securities (b) other approved securities (c) shares (d) debentures and bonds (e)
subsidiaries and/or joint ventures and (f) others.
Purchase and sale transactions in securities are accounted on settlement date.
a) Cost of acquisition
Costs such as brokerage pertaining to investments, paid at the time of acquisition and broken period interest are
charged to the profit and loss account as per the RBI guidelines.
b) Basis of classification
Securities that are held principally for resale within 90 days from the date of purchase are classified under the HFT
category. Investments that the Bank intends to hold till maturity and investment in equity shares of subsidiaries
are classified under the HTM category, or as per RBI guidelines. Securities which are not classified in the above
categories are classified under the AFS category.


c) Shifting among categories

Reclassification of investments from one category to the other, if done, is in accordance with RBI guidelines. Transfer of
scrips from AFS / HFT category to HTM category is made at the lower of book value or market value. In the case of
transfer of securities from HTM to AFS / HFT category, the investments held under HTM at a discount are transferred
to AFS / HFT category at the acquisition price/book value and investments placed in the HTM category at a premium
are transferred to AFS/ HFT at the amortized cost.
On transfer from HTM to AFS/HFT category, securities are immediately revalued and resultant depreciation, if
any, is provided.
Transfer of investments from AFS to HFT or vice versa (in exceptional circumstances), is done at the book value
and with the approval of the Board of Directors/ Asset Liability Committee (ALCO) /Investment Committee.
Depreciation carried, if any, on such investments is also transferred from one category to another.
d) Valuation
Investments categorized under AFS and HFT categories are Marked To Market (MTM) on periodical basis as per
relevant RBI guidelines. Net depreciation, if any, in the category under the classification mentioned in Schedule
8 (‘Investments’) is recognised in the profit and loss account. The net appreciation, if any, in the category under
each classification is ignored, except to the extent of depreciation previously provided. The book value of individual
securities is not changed consequent to periodic valuation of investments.
Investments received in lieu of restructured advances scheme are valued in accordance with RBI guidelines.
Any diminution in value on these investments is provided for and is not used to set off against appreciation in respect
of other performing securities in that category. Depreciation on equity shares acquired and held by the Bank under
restructuring scheme is provided as per RBI guidelines.
Investments classified under the HTM category are carried at their acquisition cost and any premium over
the face value, paid on acquisition, is amortised on a straight line basis over the remaining period to maturity.
Amortization expense of premium on investments in the HTM category is deducted from interest income in
accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated August 25, 2021. Where in the opinion of
management, a diminution, other than temporary in the value of investments classified under HTM has taken place,
suitable provisions are made. Profit/loss on sale of investments in the ‘Held to Maturity’ category is recognised
in the profit and loss account and profit is thereafter appropriated (net of applicable taxes and statutory reserve
requirements) to Capital Reserve.
Equity investments in subsidiaries/joint ventures are classified under ‘Held to Maturity’. The Bank assesses these
investments for any permanent diminution in value and appropriate provisions are made.
Treasury Bills, Commercial Paper and Certificates of deposit being discounted instruments, are valued at carrying cost.
PTCs purchased for priority sector lending requirements are valued in accordance with RBI guidelines.
The market/ fair value applied for the purpose of periodical valuation of quoted investments included in the AFS
and HFT categories is the market price of the scrip as available from the trades/ quotes on the recognised stock
exchanges and for Subsidiary General Ledger (‘SGL’) account transactions, the prices as periodically declared by
Financial Benchmarks India Pvt. Ltd. (FBIL).
The market/ fair value of unquoted government securities included in the AFS and HFT category is determined as per
the prices published by FBIL. Further, in the case of unquoted bonds, debentures, PTCs (other than priority sector)
393
and preference shares, valuation is carried out by applying an appropriate mark-up (reflecting associated credit risk)
over the Yield To Maturity (‘YTM’) rates of government securities. Such mark up and YTM rates applied are as per the
relevant rates published by FIMMDA/FBIL.
The Bank undertakes short sale transactions in Central Government dated securities in accordance with RBI
guidelines. The short position is reflected as the amount received on sale which is categorized under HFT category
and is netted in the Investment schedule. The short position is marked to market and loss, if any, is charged to the
Profit and Loss account while gain, if any, is ignored. Profit / Loss on settlement of the short position is recognised in
the Profit and Loss account.
Investments in unquoted Alternative Investment Funds (AIF)/Venture Capital Funds (VCF) are categorised, at the
discretion of the Bank, under HTM category for an initial period of three years and valued at cost during this period.
Such investments are transferred to the AFS category after the said period of three years. Investments in AFS
category are valued at Net Asset Value (NAV) shown by the AIF/VCF as per the financial statements. The VCF/AIF are
valued based on the audited financial statements once in a year. In case the audited financials are not available for
a period beyond 18 months, the investments are valued at ` 1 per VCF/AIF.
Quoted equity shares are valued at their closing price on a recognised stock exchange. Unquoted equity shares
are valued at the break-up value if the latest balance sheet is available, else, at ` 1 per company, as per relevant
RBI guidelines.
For stressed loans transferred to Asset Reconstruction Company (ARC) where the consideration is lower than the net
book value (NBV) at the time of transfer, the shortfall is debited to the Profit and Loss Account and spread equally
over the financial year. The realised profit, where the cash recovery exceeds the NBV of the stressed loans, the same
is credited to Profit and Loss Account. For stressed loans where the consideration received was higher than the
NBV at the time of transfer but the cash recovery is lower than the NBV, such excess amount is not reversed in the
Profit and Loss Account and the Bank continues to carry forward the same as provision against the Security Receipts
(SRs). In effect, the value of SRs is reflected in a manner that the value of SRs is not higher than the NBV of the loans
transferred to ARC. The provisioning requirements is as per the extant RBI guidelines applied on each reporting
date, taking into account the principle that there should be no provisioning arbitrage between the provisioning on
security receipts vis-à-vis the provisioning requirements on the underlying stressed loans, had it stayed in the books.
SRs/ PTCs which are not redeemed as at the end of resolution period are fully provided in books of accounts.
Investments in quoted Mutual Fund (MF) Units are valued at the latest repurchase price/NAV declared by the MF.
Investments in un-quoted MF Units are valued on the basis of the latest re-purchase price declared by the MF in
respect of each particular Scheme.
Investment in listed instruments of Real Estate Investment Trust (REIT)/Infrastructure Investment Trust (INVIT) is
valued at closing price on a recognised stock exchange with the higher volumes. In case the instruments were not
traded on any stock exchange within 15 days prior to date of valuation, valuation is done based on the latest NAV
(not older than 1 year) submitted by the valuer.
Sovereign foreign currency bonds are valued using Composite Bloomberg Bond Trader (CBBT) price or Bloomberg
Valuation Service (BVAL) price or on Treasury curve in the chronological order based on availability.
Non-Sovereign foreign currency Bonds are valued using either CBBT price, BVAL price, Bloomberg Generic price
(BGN) , Last available CBBT pricing for the instrument or Proxy Bond Pricing from Bloomberg in the chronological
order based on availability.


Masala bonds are valued using either CBBT price, BVAL price or as per FIMMDA guided valuation methodology for
unquoted bonds in the chronological order based on availability.
Special bonds such as oil bonds, fertilizer bonds, UDAY bonds etc. which are directly issued by Government of India
(‘GOI’) is valued based on FBIL valuation.
Equity shares in the Bank’s demat account, acquired through exercise of pledge, is not accounted as investments.
Upon sale of the pledged shares, the proceeds are utilized to offset the borrower’s liability.
Non-performing investments are identified and depreciation / provision are made thereon based on the RBI
guidelines. Based on management assessment of impairment, the Bank additionally creates provision over and
above the RBI guidelines. The depreciation / provision on such non-performing investments are not set off against
the appreciation in respect of other performing securities. Interest on non-performing investments is not recognised
in the Profit and Loss account until received in cash.
e) Profit/Loss on sale of Investments

Cost of investments is computed based on the First-In-First-Out (FIFO) method. Profit/Loss on sale of Investments in
the HTM category is recognised in the profit and loss account and profit thereafter is appropriated (net of applicable
taxes and statutory reserve requirements) to Capital Reserve. Profit/Loss on sale of investments in HFT and AFS
categories is recognised in the Profit and Loss account.
f) Accounting for repos / reverse repos/Targeted Long-Term Repo Operations (TLTRO)

Securities sold under agreements to repurchase (Repos) and securities purchased under agreements to resell
(Reverse Repos) including liquidity adjustment facility (LAF) with RBI are treated as collateralized borrowing and
lending transactions respectively in accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated August 25,
2021. The first leg of the repo transaction is contracted at the prevailing market rates. The difference between
consideration amounts of first and second (reversal of first) leg reflects interest and is recognised as interest income/
expense over the period of transaction.
In compliance with RBI circular RBI/2022-23/55 DOR.ACC.REC.No.37/21.04.018/2022-23 dated May 19, 2022,
reverse repos with banks and other institutions having original tenors more than 14 days classified under
Schedule 9 – Advances
g) Investment fluctuation reserve (IFR)

With a view to building up of adequate reserves to protect against increase in yields, RBI through circular number
RBI/2017-18/147 DBR.No.BP.BC.102/21.04.048/2017-18 dated April 2, 2018, advised all banks to create an IFR with
effect from the FY 2018-19.
Transfer to IFR will be lower of the following (i) net profit on sale of investments during the year or (ii) net profit for
the year less mandatory appropriations; until the amount of IFR is at least 2 percent of the HFT and AFS portfolio, on
a continuing basis.
17.4.3 Advances
Accounting and classification
Advances are classified as performing and non-performing based on the relevant RBI guidelines. Advances are stated
net of specific provisions, interest in suspense, inter-bank participation certificates issued, direct assignment and
bills rediscounted.
395
Assets transferred through direct assignment of cash flows are de-recognised in the Balance Sheet when they are sold
(true sale criteria being fully met with) and consideration is received by the Bank.
Provisioning
Provisions in respect of non-performing advances are made based on management’s assessment of the degree of
impairment of the advances, subject to the minimum provisioning level prescribed in relevant RBI guidelines. The specific
provision levels for retail non-performing advances are also based on the nature of product and delinquency levels.
Specific provisions in respect of non-performing advances are charged to the Profit and Loss account and included under
Provisions and Contingencies. In relation to non-performing derivative contracts, as per the extant RBI guidelines, the
Bank makes provision for the entire amount of overdue and future receivables relating to positive marked to market value
of the said derivative contracts.
The Bank considers an account as restructured, where for economic or legal reasons relating to the borrower’s financial
difficulty, the Bank grants concessions to the borrower, that the Bank would not otherwise consider. The moratorium
granted to the borrowers based on RBI guidelines is not accounted as restructuring of loan. The RBI guidelines on
‘Resolution Framework for COVID-19-related Stress’ provide a prudential framework for resolution plan of certain loans.
The borrowers where resolution plan was implemented under these guidelines are classified as standard restructured.
In respect of loans reported as fraud to RBI the entire amount is provided for over a period not exceeding four quarters
starting from the quarter in which fraud has been detected. In respect of loans where there has been delay in reporting
the fraud to the RBI, the entire amount is provided immediately.
The Bank makes additional provisions as per RBI guidelines for the cases where viable resolution plan has not been
implemented within timelines prescribed by RBI, from the date of default. These additional provisions are written back on
satisfying the conditions for reversal as per RBI guidelines.
As per the RBI guidelines a general provision is made on all standard advances, including provision for borrowers having
unhedged foreign currency exposure and for credit exposures computed as per the current marked to market values
of interest rate and foreign exchange derivative contracts. The general provision also includes provision for stressed
sector exposures and provision for incremental exposure of the banking system to a specified borrower beyond Normally
Permitted Lending Limit (NPLL) in proportion to the Bank’s funded exposure to specified borrower. Further, provision
requirement under various Restructure scheme of RBI also forms part of general provision. Such provisions are included
in Schedule 5 - ‘Other liabilities & provisions - Others’.
In respect of restructured standard and non performing advances/investments, provision is made for the present value of
principal and interest component sacrificed at the time of restructuring the assets, based on the RBI guidelines.
As per requirement of RBI guideline, any interest accrued and due if converted into a loan (i.e. Funded Interest Term Loan)
then such income will be reversed and will be recognised on cash basis.
Accounts are written-off in accordance with the Bank’s policies. Recoveries from bad debts written-off are recognised in
the Profit and Loss account and included under Provisions and Contingencies.
The Bank has in place a Country Risk management policy as part of its Board approved Credit policy, which is based on
extant regulatory guidelines and addresses the identification, measurement, monitoring and reporting of country risk.
Countries are categorized into seven risk categories, viz. Insignificant, Low Risk, Moderately Low Risk, Moderate Risk,
Moderately High Risk, High Risk and Very High Risk. The Bank calculates direct and indirect country risk in line with the
Credit policy requirements. Indirect exposure is reckoned at 50% of the exposure in case of countries where the net


funded exposure exceeds 1% of the Bank’s total assets. Further, if the net funded exposure of the Bank in respect of
each country exceeds 1% of the Bank’s total assets, provisioning is required to be made on exposure to such countries.
Depending on the risk category of the country, provisioning is done on a graded scale ranging from 0.25% to 100%.
17.4.4 Transactions involving foreign exchange

Foreign currency income and expenditure items of domestic operations are translated at the exchange rates prevailing
on the date of the transaction. Income and expenditure items of integral foreign operations are translated at the daily
average closing rates and of non-integral foreign operations (foreign branches) at the monthly average closing rates.
Premia/discounts on foreign exchange swaps that are used to hedge risks arising from foreign currency assets and
liabilities are amortized over the life of the swap.
Monetary foreign currency assets and liabilities are translated at the balance sheet date at rates notified by the Foreign
Exchange Dealers’ Association of India (‘FEDAI’). Foreign exchange contracts are stated at net present value using risk-free
rates (‘RFRs’)/SWAP curves of the respective currencies with the resulting unrealised gain or loss being recognised in the
Profit and Loss Account and correspondingly in other assets (representing positive Mark-to-Market) and in other liabilities
(representing negative Mark-to-Market (‘MTM’)) on a gross basis.
Financial conduct authority (‘FCA’) of the United Kingdom has phased out London interbank offered rate (‘LIBOR’) on
December 2021, replacing it by Alternate Reference Rate (‘ARR’). Libor was used by the Bank as benchmark for funded
as well as Non-funded exposure. Accordingly, Mumbai interbank forward offered rate (‘MIFOR’) (derived with LIBOR and
forward premium in forex markets) has also been replaced by Modified MIFOR.
RBI vide the press release CO.FMRD.DIRD.S39/14.02.001/2021-22 on July 08, 2021 has encouraged the Banks to cease
entering into new financial contracts that has reference LIBOR/MIFOR as a benchmark and instead use widely accepted
ARR. The Bank has started offering new transaction based on ARR curve w.e.f January 1, 2022 except existing underlying
transactions linked to LIBOR/MIFOR as permissible by the regulations.
In accordance with Accounting Standard (“AS”)-11 ‘The Effects of changes in Foreign Exchange Rates’, contingent liabilities in
respect of outstanding foreign exchange forward contracts, derivatives, guarantees, endorsements and other obligations
are stated at the exchange rates notified by FEDAI corresponding to the balance sheet date.
Both monetary and non-monetary foreign currency assets and liabilities of non-integral foreign operations are translated
at closing exchange rates notified by FEDAI at the Balance Sheet date and the resulting profit / loss arising from exchange
differences are accumulated in the Foreign Currency Translation Reserve until the disposal of the net investment in the
non-integral foreign operations.
In accordance with the RBI clarification, the Bank does not recognise in the profit and loss account the proportionate
exchange gains or losses held in the foreign currency translation reserve on repatriation of profits from overseas operations.
Currency future contracts are marked to market daily using settlement price on a trading day, which is the closing price
of the respective future contracts on that day. While the daily settlement prices is computed on the basis of weighted
average price of such contract, the final settlement price is taken as the RBI reference rate on the last trading day of
the future contract or as may be specified by the relevant authority from time to time. All open positions are marked to
market based on the settlement price and the resultant marked to market profit / loss is daily settled.
397
17.4.5 Earnings per share

The Bank reports basic and diluted earnings per equity share in accordance with AS-20, “Earnings per Share”. Basic earnings
per equity share have been computed by dividing net profit after tax for the year by the weighted average number of
equity shares outstanding for the period.
Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive
potential equity shares outstanding during the period except where the results are anti-dilutive.
17.4.6 Accounting for derivative transactions

Derivative transactions comprises foreign exchange contracts, forward rate agreements, swaps and option contracts.
The Bank undertakes derivative transactions for market making/trading and hedging on-balance sheet assets and
liabilities. All market making/trading transactions are marked to market on a monthly basis and the resultant unrealised
gains/losses are recognised in the profit and loss account.
Derivative transactions that are undertaken for hedging are accounted for on accrual basis except for the transaction
designated with an asset or liability that is carried at market value or lower of cost or market value in the financial
statements, which are accounted similar to the underlying asset or liability.
Cross currency interest rate swaps which are used by the Bank to hedge its foreign currency borrowings are designated
as cash flow hedges (effective hedges) and are measured at fair value. The corresponding gain or loss is recognised
as cash flow hedge reserve. Further to match profit/ loss on account of revaluation of foreign currency borrowing, the
corresponding amount is recycled from cash flow hedge reserve to Profit and Loss account.
The Bank follows the option premium accounting framework prescribed by FEDAI SPL- circular dated December 14, 2007.
Premium on option transaction is recognised as income/expense on expiry or early termination of the transaction. Mark to
market (MTM) gain/loss (adjusted for premium received/paid on option contracts) is recorded under ‘Other Income’.
The amounts received/paid on cancellation of option contracts are recognised as realised gains/losses on options.
Charges receivable/payable on cancellation/ termination of foreign exchange forward contracts and swaps are recognised
as income/ expense on the date of cancellation/ termination under ‘Other Income’.
Valuation of Interest Rate Futures (IRF) is carried out on the basis of the daily settlement price of each contract provided
by the exchange.
The requirement for collateral and credit risk mitigation on derivative contracts is assessed based on internal credit policy.
Overdue if any, on account of derivative transactions are accounted in accordance with extant RBI guidelines.
As per the RBI guidelines on ‘Prudential Norms for Off-balance Sheet Exposures of Banks’ a general provision is made on
the current gross MTM gain of the contract for all outstanding interest rate and foreign exchange derivative transactions.
The Bilateral Netting of Qualified Financial Contracts Act, 2020 (the Act), has been notified by the Government of India
and subsequent to this the RBI through circular dated March 30, 2021 allowed netting of the Qualified Financial Contracts
(QFC). In respect of derivative contracts, the Bank has computed the exposure under the Current Exposure Method
for counterparty credit risk capital computation based on the guidelines issued by RBI on “Bilateral Netting of Qualified
Financial Contracts - Amendments to Prudential Guidelines” dated March 30, 2021 and subsequent amendments dated
March 31, 2022 and August 11, 2022 for eligible counterparties.


17.4.7 Fixed assets

Fixed assets are stated at cost less accumulated depreciation, amortization and accumulated impairment losses.
Cost comprises the purchase price including import duties and non –refundable purchase taxes, after deducting trade
discounts and rebates and any cost attributable for bringing the asset to its working condition for its intended use.
Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future benefit /functioning
capability from / of such assets.
Capital work-in-progress includes cost of fixed assets that are not ready for their intended use and also includes advances
paid to acquire fixed assets.
17.4.8 Non-banking assets

Non-banking assets (NBAs) acquired in satisfaction of claims are carried at lower of net book value and net realisable
value, whichever is lower. Further, the Bank creates provision on these assets as per the extant RBI guidelines or specific
RBI directions.
17.4.9 Depreciation
Depreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the
management, as mentioned below:
Class of asset Useful life of Assets as per Useful life of Assets as per
Companies Act, 2013 the Bank’s Accounting Policy
Owned Premises 60 years 60 years
Office equipment 5 years 5 years
Computer hardware1 6 years 3 years
Computer software1 6 years 4 years
Vehicles1 8 years 5 years
Furniture and Fixtures 10 years 10 years
Leasehold improvements to premises - Over the lease period or 9 years
whichever is less.
1
Based on technical evaluation, the management believes that the useful lives as given above best represent the period
over which management expects to use these assets. Hence, the useful lives for these assets are different from the useful
lives as prescribed under Part C of Schedule II of the Companies Act 2013.
Asset costing up to ` 5,000 are fully depreciated in the year of purchase.

For assets purchased/ sold during the year, depreciation is being provided on pro rata basis by the Bank.
Profit on sale of premises by the Bank is appropriated to capital reserve, net of transfer to Statutory Reserve taxes,
in accordance with RBI guidelines.
Subsequent improvements to leasehold assets are depreciated over the remaining period of lease.
Reimbursement, if any, is recognised on receipt and is adjusted to the book value of asset and depreciated over the
balance life of the asset.
Whenever there is a revision in the estimated useful life of the asset, the unamortised depreciable amount is charged
over the revised remaining useful life of the said asset.
The useful life of assets is based on historical experience of the Bank, which is different from the useful life as
prescribed in Schedule II to the Companies Act, 2013.
399
17.4.10 Impairment of assets

The Bank assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
Impairment loss, if any, is provided in the Profit and Loss Account to the extent the carrying amount of assets exceeds
their estimated recoverable amount.
17.4.11 Employee benefits

Employee Stock Option Scheme (‘ESOS’)1
The Employee Stock Option Scheme (‘the Scheme’) provides for the grant of options to acquire equity shares of the
Bank to its employees. The options granted to employees vest in a graded manner and these may be exercised by the
employees within specified periods.
Measurement of the employee share-based payment plans is done in accordance with the Guidance Note on Accounting
for Employee Share-based Payments issued by Institute of Chartered Accountants of India (ICAI) and Securities and
Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. RBI, vide its clarification
dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material
Risk Takers and Control Function Staff, advised banks that the fair value of share-linked instruments on the date of grant
should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021.
Accordingly, the Bank changed its accounting policy from the intrinsic value method to the fair value method for all
share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on
the date of grant using Black-Scholes model is recognised as compensation expense over the vesting period.
Options granted till March 31, 2021, the Bank measures compensation cost relating to employee stock options using the
intrinsic value method. Compensation cost is measured by the excess, if any, of the fair market price of the underlying
stock (i.e. the last closing price on the stock exchange on the day preceding the date of grant of stock options) over the
exercise price. The exercise price of the Bank’s stock option is the last closing price on the stock exchange on the day
preceding the date of grant of stock options.
Compensated absences
The employees of the Bank are entitled to carry forward a part of their unavailed/unutilized leave subject to a maximum
limit. The employees cannot encash unavailed/unutilized leave. The Bank provides for leave encashment / compensated
absences based on an independent actuarial valuation at the Balance Sheet date, which includes assumptions about
demographics, early retirement, salary increases, interest rates and leave utilisation.
Gratuity
The Bank provides for gratuity, for all employees. The Gratuity is payable to an employee as per Payment of Gratuity
Act. The Bank accounts for the liability for future gratuity benefits using the projected unit credit method based on
independent actuarial valuation.
The defined gratuity benefit plans are valued by an independent actuary as at the Balance Sheet date using the projected
unit credit method as per the requirement of AS-15, Employee Benefits, to determine the present value of the defined
benefit obligation and the related service costs. Under this method, the determination is based on actuarial calculations,
which include assumptions about demographics, early retirement, salary increases and interest rates. Actuarial gain or
loss is recognised in the Profit and Loss account.
GRI 401-2
1


Provident fund
All employees of the Bank are covered under the Employees Provident Fund, a defined contribution plan in which both
the employee and the Bank contribute monthly. Contribution to provident fund are recognised as expense as and when
the services are rendered. The Bank has no liability for future provident fund benefits other than its annual contribution.
National Pension System (NPS)

The NPS is a defined contribution retirement plan. The primary objective is enabling systematic savings and to provide
retirees with an option to achieve financial stability. Pension contributions are invested in the pension fund schemes.
The Bank has no liability for future fund benefits other than the voluntary contribution made by employees who agree to
contribute to the scheme.
17.4.12 Leases
Leases where the lessor effectively retains substantially all risks and benefits of ownership are classified as operating
leases. Operating lease payments are recognised as an expense in the profit and loss account on a straight line basis over
the lease term in accordance with AS-19, Leases.
17.4.13 Income taxes

Tax expense comprises of current and deferred tax. Current tax comprises of the amount of tax for the period determined
in accordance with the Income-tax Act, 1961 and the rules framed there under. Deferred taxes reflect the impact of timing
differences between taxable income and accounting income for the current year and reversal of timing differences of
earlier years and carry forward losses. Deferred tax assets and liabilities are recognised for the future tax consequences
of timing differences between the carrying values of assets and liabilities and their respective tax bases, and operating
loss carry forwards. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax
rates at the balance sheet date. The impact of changes in deferred tax assets and liabilities is recognised in the profit
and loss account.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in
future. Deferred tax assets in case of unabsorbed depreciation/ losses are recognised only if there is virtual certainty that
such deferred tax asset can be realised against future taxable profits. Deferred tax assets are recognised and reassessed
at each balance sheet date based upon management’s judgement and appropriately adjusted to reflect the amount that
is reasonably certain to be realised.
17.4.14 Provisions and contingent assets/liabilities

In accordance with AS-29, Provisions, Contingent Liabilities and Contingent Assets, the Bank creates a provision when
there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation.
Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of resources would be required to settle the obligation, the provision is reversed.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Bank or
a present obligation that arises from past events that is not recognised because it is not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
The Bank does not recognise a contingent liability but discloses its existence in the financial statements.
401
Contingent assets are not recognised in the financial statements. However, contingent assets are assessed continually
and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised in
the period in which the change occurs.
17.4.15 Cash and Cash equivalents

Cash and cash equivalents include cash in hand, including foreign currency notes, balances with RBI, balances with other
banks and money at call and short notice.
17.4.16 Corporate social responsibility

Expenditure towards corporate social responsibility, in accordance with Companies Act, 2013, are recognised in the Profit
and Loss account.
17.4.17 Debit and credit cards reward points

The Bank estimates the probable redemption of debit and credit card reward points and cost per point using
actuarial valuation method by employing an independent actuary, which includes assumptions such as mortality,
redemption and spends.
Provisions for liabilities on said reward points are made based on the actuarial valuation report as furnished by the said
independent actuary and included in other liabilities.
17.4.18 Bullion
The Bank imports bullion (gold and silver bars) on a consignment basis for selling to its customers. The imports are
typically based on a request of the client and are settled based on a back to back price fixing with supplier and client.
The Bank earns a fee on such bullion transactions. The fee is classified in other income. The Bank also deals in gold
borrowing and lending and the interest paid/received thereon is classified as interest expense / income respectively.
17.4.19 Share issue expenses

Share issue expenses are adjusted from Share Premium Account in terms of Section 52 of the Companies Act, 2013.
17.4.20 Segment information

The disclosure relating to segment information is in accordance with AS-17, Segment Reporting and as per guidelines
issued by RBI from time to time.
17.4.21 Priority Sector Lending Certificates (PSLCs)

The Bank, in accordance with RBI circular FIDD.CO.Plan.BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in priority
sector portfolio by selling or buying PSLCs. There is no transfer of risks or loan assets in these transactions. The fee paid
and the fee received for purchase or sale of the PSLCs is treated as an ‘Expense’ and the same is amortised on a straight
line basis over the life of the certificate.
17.5 Capital
17.5.1 Equity Issue
option schemes.



(` in million)
Share Capital As at As at
March 31, 2024 March 31, 2023
Opening Share Capital 57,509.55 50,109.90
Addition due to exercise of Stock Option 26.21 7.34
Addition due to shares issued on a preferential basis - 7,392.31
Closing Share Capital 57,535.76 57,509.55
The Bank has accreted ` 173.58 million during the year ended March 31, 2024 (Previous year: ` 43,488.79 million)
towards share premium.
17.5.2 Share Warrants Subscription Money

During the previous year the Bank had allotted a total of 2,559,761,818 share warrants convertible into equity shares of
face value ` 2 each paid up to the extent of 25% of the issue price of ` 14.82 per share warrant on a preferential basis
in an equal ratio to two marquee investors totaling to ` 9,483.92 million. Each Share Warrant is convertible to one fully
paid equity share of the Bank, upon exercise of the option by paying the remaining 75% within 18 months of allotment.
On April 21, 2024, the Bank has allotted 1,279,880,909 equity shares of ` 2/- each pursuant to exercise of share warrants
by one of the allottees upon receipt of balance 75% of the issue price of ` 14.82 per share warrant. Resultantly, the share
capital and share premium will increase by ` 2,559.80 million and ` 16,408.10 million respectively.
17.5.3 Proposed Dividend

During the year ended March 31, 2024 and March 31, 2023 the Bank has not declared any dividend on equity shares.
17.5.4 Capital Reserve

Profit on sale of investments in the Held to Maturity (HTM) category is credited to the Profit and Loss Account and
thereafter appropriated to capital reserve (net of applicable taxes and transfer to statutory reserve requirements).
During the year ended March 31, 2024 ` 262.64 million (Previous year: ` 31.67 million) was transferred to Capital Reserve.
The amount for the previous year also includes profit on sale of immovable property net of taxes and transfer to statutory
reserve of ` 31.49 million.
17.5.5 Investment Reserve

During the year ended March 31, 2024, the Bank has transferred ` 431.92 million (Previous year: ` 16.79 million) (net of
applicable taxes and transfer to statutory reserve requirements) to Investment Reserve Account on account of provisions
for depreciation on investments which has been credited to Profit and Loss Account.
17.5.6 Cash Flow Hedge Reserve

The Bank has not created or utilized any Cash Flow Hedge Reserve during the year ended March 31, 2024
(Previous year: Nil).
403
17.5.7 Investment Fluctuation Reserve (IFR)

During the year ended March 31, 2024, the Bank has transferred ` 472.30 million (net of applicable taxes and transfer to
statutory reserve requirements) to Investment Fluctuation Reserve (Previous year: ` 2,358.76 million).
17.5.8 Employee Stock Option Reserve

During the year ended March 31, 2024, the Bank has recognised ` 312.56 million (Previous year: ` 216.26 million)
to Employee Stock Options Reserve on account of fair valuation of share-linked instruments. During the year ended
March 31, 2024, on exercise of share-linked instruments, an amount of ` 27.84 million (Previous year: ` 6.52 million) is
transferred from Employees Stock Options Reserve to share premium.
17.5.9 Transfer to Revenue and other Reserves

With respect to five accounts classified as fraud the Bank has debited ` 25.83 million from Revenue and other Reserves on
account of unamortised fraud provision in terms of RBI circular DOR.No.STR.REC.55/21.04.048/2021-22 dated October 1,
2021 (Previous year: for two borrower accounts, unamortised fraud provision amounting to ` 1,279.58 million reversed
in the current year).
17.5.10 Capital Adequacy Ratio

Capital Adequacy Ratio as per RBI guidelines as at March 31, 2024 and March 31, 2023 are given below:
(` in million)
Sr. Particulars As at As at
No. March 31, 2024 March 31, 2023
i) Common Equity Tier 1 capital (CET 1) (net of deductions, if any) 347,270.77 324,969.38
ii) Additional Tier 1 capital - -
iii) Tier 1 capital (i + ii) 347,270.77 324,969.38
iv) Tier 2 capital 90,646.47 114,265.27
v) Total capital (Tier 1+Tier 2) 437,917.24 439,234.65
vi) Total Risk Weighted Assets (RWAs) 2,851,610.85 2,450,927.75
vii) CET 1 Ratio (CET 1 as a percentage of RWAs) 12.2% 13.3%
viii) Tier 1 Ratio (Tier 1 capital as a percentage of RWAs) 12.2% 13.3%
ix) Tier 2 Ratio (Tier 2 capital as a percentage of RWAs) 3.2% 4.7%
x) Capital to Risk Weighted Assets Ratio (CRAR) (Total Capital as a percentage of 15.4% 17.9%
RWAs)
xi) Leverage Ratio 7.0% 7.7%
xii) Percentage of the shareholding of Government of India Nil Nil
xiii) Amount of paid-up equity capital raised during the year 26.21 7,399.65
xiv) Amount of non-equity Tier 1 capital raised during the year Nil Nil
xv) Amount of Tier 2 capital raised during the year Nil Nil
17.5.11 Tier I and Tier II Capital

During the financial year ended March 31, 2024 and March 31, 2023, the Bank has not issued any Tier I or Tier II instruments.
During the year ended March 31, 2024, the Bank has not repaid any Tier I or Tier II instruments (Previous Year ` 17,630
million). The Bank had repaid Additional Tier-I capital of ` 2,800.0 million during the year ended March 31, 2024, however
the same was not considered for regulatory capital for the year ended March 31, 2023 basis guidance received from RBI.


Write Down of AT1 Bonds

On March 5, 2020, Central Government in terms of Section 45 of the Banking Regulation Act, 1949 (“BR Act”) imposed
moratorium on the Bank. Reserve Bank of India (‘RBI’) in exercise of its powers conferred under Section 36ACA of the
BR Act superseded the then Board of Directors and appointed an Administrator to manage the affairs of the Bank
w.e.f. March 5, 2020. Subsequently on March 13, 2020, through the ‘YES Bank Limited Reconstruction Scheme, 2020’
(“the Yes Bank Reconstruction Scheme”), the relevant authorities (i.e., Central Government in consultation with RBI)
decided to “reconstitute” the Bank. Further, in terms of the Yes Bank Reconstruction Scheme, the Administrator was to
continue in office until the Board of Directors mentioned in the Yes Bank Reconstruction Scheme assumed office, i.e., on
March 26, 2020.
In light of the above, the Administrator, on behalf of the Bank, consequent to the invocation of Section 45 of the BR Act,
and to protect the interest of the Bank and its depositors, was constrained to write down (` 84,150 million) two tranches
of the Additional Tier 1 Bonds (“AT-1 Bonds”) issued in 2016 and 2017, in compliance with the contractual covenants and
applicable RBI guidelines, on March 14, 2020.
Aggrieved by the said write down of AT-1 Bonds, AT-1 Bondholders filed various writ petition(s), civil suit(s), criminal
and consumer complaint(s) across India challenging the decision of the Bank to write down the AT-1 Bonds since 2020.
The same are pending adjudication, save and except the batch of writ petition(s) filed before the Hon’ble Bombay High
Court and one writ petition before the Hon’ble Madras High Court (as mentioned below).
Judgment dated September 30, 2020 of the Hon’ble Madras High Court (“MHC”):
The RBI Master Circular on Basel III Capital Regulations, in so far as it relates to issuance and write down of AT-1 Bonds,
was challenged before the Division Bench of the Hon’ble MHC in the Writ Petition titled Piyush Bokaria Vs. Reserve Bank
of India and Ors., (being W.P. (Civil) 12586 of 2020). The Hon’ble MHC vide its judgment dated September 30, 2020 upheld
the validity of the RBI Master Circular in relation to the AT-1 Bonds. Additionally, with respect to the aspect of writing down
of AT-1 Bonds, the Hon’ble MHC observed that one of the features of AT-1 Bonds is that they can be written-down before
the equity shares bear losses and considering that the Petitioners purchased the AT -1 Bonds in the secondary market,
they cannot claim to be ignorant of the terms and conditions thereof. The Hon’ble MHC also noted the loss absorbency
feature of the AT-1 Bonds and dismissed the Writ Petition.
Judgment dated January 20, 2023 of the Hon’ble Bombay High Court (“BHC”):
Multiple writ petition(s) were filed before the Hon’ble BHC challenging the write down of AT-1 Bonds and the stock
exchange intimation dated March 14, 2020 made in relation to the write down. The Hon’ble BHC vide its judgment
dated January 20, 2023 set aside the stock exchange intimation and decision of the Bank to write down the AT-1 Bonds
(“Judgment”). At the request of the Bank, the Hon’ble BHC stayed the order for a period of 6 (six) weeks.
Proceedings before the Hon’ble Supreme Court of India (“Supreme Court”):

Aggrieved by the Judgment of the Hon’ble BHC, the Bank, the RBI and the Central Government have filed separate Special
Leave Petition(s) (“SLPs”) before the Hon’ble Supreme Court challenging the Judgement of the Hon’ble BHC. On March 3,
2023, the Hon’ble Supreme Court issued notice and extended the stay granted by the Hon’ble BHC, subject to the final
orders of the Hon’ble Supreme Court. The SLPs are pending hearing.
Given that the write down of the AT-1 Bonds was in accordance with the relevant regulations and as RBI and Central
Government (“relevant authorities” in terms of the RBI Master Circular) have also filed SLPs challenging the Judgement of
Hon’ble BHC, the Bank has estimated that there should not be any material financial impact of the matter under litigation.
405
Upon final verdict of the Hon’ble Supreme Court, financial impact, if any, on the results and/or other financial information
shall be accounted for in future reporting periods. The matter is tentatively scheduled for hearing on May 10, 2024.
Separately, Securities and Exchange Board of India (“SEBI”) issued a Show Cause Notice dated October 28, 2020 to the
Bank and other noticee(s) (ex-employees of the Bank) alleging violation of provisions of SEBI (Prohibition of Fraudulent
and Unfair Trade Practices relating to Securities Market) Regulations, 2003. Thereafter, SEBI vide its order dated April 12,
2021 imposed penalty of ` 250 million on the Bank under Section 15 HA of Securities and Exchange Board of India Act,
1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. SEBI also imposed penalties on other noticee(s).
Aggrieved by the above-mentioned SEBI order, the Bank and other noticee(s) preferred separate Appeal(s) before the
Hon’ble Securities Appellate Tribunal, Mumbai (“SAT”). SAT heard the Appeal(s) and the effect and operation of the SEBI
order dated April 12, 2021 has been stayed. The said Appeal(s) are pending final hearing.
17.5.12 Provisions and Contingencies

The breakup of provisions of the Bank for the year ended March 31, 2024 and March 31, 2023 are given below:
(` in million)
Particulars For the year ended For the year ended
March 31, 2024 March 31, 2023
Provision for taxation@ 2,488.99 2,455.10
Provision for non performing investments# (5,425.77) 24,087.38
Provision for standard advances (1,011.48) (1,496.20)
Provision made/write off for non performing advances# 24,382.31 (169.46)
Other Provisions* 917.77 (223.26)
TOTAL 21,351.82 24,653.55
@ Details in note 17.5.42

* Other Provisions includes provision made against other assets.
# Sale of stressed loans to JC Flowers Asset Reconstruction Private Limited
FY2024
During the year ended March 31, 2024, the Bank has transferred two stressed loans of gross value ` 6,903.20 million to
ARCs. The net book value (‘NBV’) of these exposures in the Bank’s books as on the date of assignment was ` 1,420.84
million and the final consideration received was ` 3,364.00 million under “100% upfront cash basis”. The realized profit
amounting ` 1,943.16 million due to cash recovery exceeding the net book value of stressed loans was credited to Profit
and Loss Account during the year ended March 31, 2024.
FY2023
In the previous year, on July 13, 2022, the Bank had signed a binding term sheet with JCF ARC LLC and JC Flowers Asset
Reconstruction Private Limited (“JC Flowers ARC”) for a strategic partnership in relation to sale of identified stressed loans
of the Bank aggregating to up to ` 480,000 million as on March 31, 2022. The Bank had used the bid of JC Flowers ARC as
a base bid (“Base Bid”) to conduct a transparent bidding process on Swiss Challenge basis under the aegis of the Master
Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021 (‘the Master
Direction’) for inviting challenger bids for sale of identified stressed loan portfolio. Pursuant to the conclusion of the Swiss
Challenge process, the Board of Directors of the Bank, at their meeting held on September 20, 2022, approved JC Flowers
ARC as the winner of the Swiss Challenge process and proceeded towards negotiating definitive agreements.


On December 16, 2022, the Bank concluded the aforesaid assignment after adjusting recoveries between April 1, 2022 to
November 30, 2022. The gross value of exposures transferred to JC Flowers ARC was ` 437,157.89 million which included
exposures worth ` 151,980.93 million earlier written-off by the Bank. The net book value (‘NBV’) of these exposures in the
Bank’s books as on the date of assignment was ` 49,817.57 million and the final consideration received was ` 80,458.68
million under 15:85 cash and security receipts structure.
For stressed loans transferred to ARC for a consideration lower than the NBV at the time of transfer, the shortfall of
` 6,086.09 million to the Bank was debited to the Profit and Loss Account during the year ended March 31, 2023 spread
equally over the quarter ended December 31, 2022 and the quarter ended March 31, 2023. The realised profit amounting
to ` 5,113.81 million where the cash recovery was exceeding the net book value of stressed loans was credited to Profit
and Loss Account in the quarter ended December 31, 2022. For stressed loans where the consideration received was
higher than that net book value at the time of transfer and the cash recovery is lower than the net book value, such
excess amount of ` 31,613.38 million was not reversed in the Profit and Loss Account. The Bank has continued to carry
forward the same as provision against these security receipts. In effect the Bank has reflected such sale in a manner that
the value of security receipts is not higher than the net book value of the loans transferred to JC Flowers ARC. The same
is being assessed for the provisioning requirements as per the extant RBI guidelines on each reporting date also taking
into account the principle that there should be no provisioning arbitrage between the provisioning on Security Receipts
vis-à-vis the provisioning requirements on the underlying exposure, had it stayed in the books.
407
408
17.5.13 Investments
I) Composition of Investment Portfolio
Composition of Investment Portfolio as at March 31, 2024 is given below:
(` in million)
Investments in India Investments outside India Total
Investments
Government Other Shares Debentures Subsidiaries Others Total Government Subsidiaries Others Total
Securities approved and Bonds and/or joint investments securities and/or joint Investments
securities ventures in India (including local ventures outside
authorities) India
Held to Maturity
Gross 647,714.14 - - 15,950.00 2,490.00 296.63 666,450.77 - - - - 666,450.77
Less: Provision for - - - - - - - - - - - -
nonperforming
investments (NPI)*
Net 647,714.14 - - 15,950.00 2,490.00 296.63 666,450.77 - - - - 666,450.77
Available for Sale - -
Gross 114,594.05 - 1,411.83 34,801.69 - 58,216.89 209,024.46 7,806.35 - 861.56 8,667.91 217,692.37
YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Less: Provision for (240.38) - (261.43) (246.64) - (45,260.91) (46,009.36) (0.00) - (845.78) (845.78) (46,855.14)
depreciation and NPI
Net 114,353.67 - 1,150.40 34,555.05 - 12,955.98 163,015.10 7,806.35 - 15.78 7,822.13 170,837.23
Held for Trading -
Gross 44,138.49 - 124.10 9,492.04 - 11,308.69 65,063.32 - - - - 65,063.32
Net 44,138.49 - 124.10 9,492.04 - 11,308.69 65,063.32 - - - - 65,063.32
Total Investments 806,446.68 - 1,535.93 60,243.73 2,490.00 69,822.21 940,538.55 7,806.35 - 861.56 8,667.91 949,206.46
Less: Provision for - - (245.83) - - - (245.83) - - (854.90) (854.90) (1,100.73)
nonperforming
investments
Less: Provision for (240.38) - (15.61) (246.63) - (45,260.91) (45,763.53) - - 9.12 9.12 (45,754.41)
depreciation and NPI#
Net 806,206.30 - 1,274.49 59,997.10 2,490.00 24,561.30 894,529.19 7,806.35 - 15.78 7,822.13 902,351.32
* Amount includes provision due to permanent diminution in value of Investments.
# Provision on investments is considered based on investment classification as required by RBI Master Direction on Investments.
Composition of Investment Portfolio as at March 31, 2023 is given below:

(` in million)
Investments in India Investments outside India Total
Corporate Overview
Investments
Government Other Shares Debentures Subsidiaries Others Total Government Subsidiaries Others Total
Securities approved and Bonds and/or joint investments securities and/or joint Investments
securities ventures in India (including local ventures outside
authorities) India
Held to Maturity
Gross 535,484.49 - - 19,370.01 1,490.00 252.75 556,597.25 - - - - 556,597.25
nonperforming
investments (NPI)*
Our Business In-Depth
Net 535,484.49 - - 19,370.01 1,490.00 252.75 556,597.25 - - - - 556,597.25

Available for Sale -
Gross 83,139.55 - 920.49 19,518.07 - 82,739.70 186,317.81 12,202.61 - 2,649.50 14,852.10 201,169.91
Less: Provision for (598.74) - (455.66) (741.83) - (44,489.81) (46,286.03) - - (356.02) (356.02) (46,642.05)
Net 82,540.81 - 464.83 18,776.24 - 38,249.89 140,031.77 12,202.61 - 2,293.48 14,496.09 154,527.86
Held for Trading -
Gross 33,556.71 - 38.29 11,743.07 - 12,419.80 57,757.87 - - - - 57,757.87
Our Performance

Net 33,556.71 - 38.29 11,743.07 - 12,419.80 57,757.87 - - - - 57,757.87
Total Investments 652,180.75 - 958.78 50,631.14 1,490.00 95,412.25 800,672.92 12,202.61 - 2,649.50 14,852.10 815,525.03
Less: Provision for - - (381.23) - - - (381.23) - - (379.2) (379.2) (760.43)
nonperforming
investments
Less: Provision for (598.74) - (74.42) (741.83) - (44,489.81) (45,904.80) - - 23.18 23.18 (45,881.62)
Statutory Reports
depreciation and NPI#

Net 651,582.01 - 503.12 49,889.31 1,490.00 50,922.44 754,386.89 12,202.61 - 2,293.48 14,496.09 768,882.97
* Amount includes provision due to permanent diminution in value of Investments.
# Provision on investments is considered based on investment classification as required by RBI Master Direction on Investments.
Financial Statements
409
II) Movement of Provisions for Depreciation and Investment Fluctuation Reserve

(` in million)
Particulars As at As at
March 31, 2024 March 31, 2023
i) Movement of provisions held towards depreciation on investments
a) Opening balance 46,642.05 65,959.61
b) Add: Provisions made during the year 475.70 30,589.93
c) Less: Write off / write back of excess provisions during the year 262.61 49,907.49
d) Closing balance 46,855.14 46,642.05
ii) Movement of Investment Fluctuation Reserve
a) Opening balance 4,245.72 1,886.95
b) Add: Amount transferred during the year 472.30 2,358.76
c) Less: Drawdown - -
d) Closing balance 4,718.01 4,245.72
iii) Closing balance in IFR as a percentage of closing balance of net 2.00% 2.00%
investments in AFS and HFT/Current category
III) Sales and transfers of securities to/from Held to Maturity (HTM) category
During the year ended March 31, 2024 and March 31, 2023, the Bank has not sold and transferred securities from
HTM category exceeding 5% of the book value of investment held in HTM category at the beginning of the year.
Hence, in line with RBI guidelines, specific disclosures on book value, market value, and provisions if any, relating to
such sale and transfers are not made.
The 5% threshold referred to above does not include onetime transfer of securities to/from HTM category with the
approval of Board of Directors permitted to be undertaken by banks as per extant RBI guidelines, sale of securities
under pre-announced Open Market Operation (OMO)/switch operations auction to the RBI and sale of securities or
transfer to AFS / HFT consequent to the reduction of ceiling on SLR securities under HTM.
IV) Repo Transactions (in face value terms)

The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2024:
(` in million)
Minimum Maximum Daily average As at
outstanding outstanding outstanding March 31, 2024
during the year during the year during the year
i) Securities sold under repos
a) Government Securities 21,362.25 197,864.76 97,295.73 21,362.25
b) Corporate debt securities - - - -
c) Any other securities - - - -
ii) Security purchased under reverse repo
a) Government Securities 50.00 189,131.16 36,079.95 -


The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2023:
(` in million)
Minimum Maximum Daily average As at
outstanding outstanding outstanding March 31, 2023
during the year during the year during the year
i) Securities sold under repos
ii) Security purchased under reverse repo
The above tables represents the face value of securities sold and purchased under repos, triparty repos (TREPS),
reverse repos with interbank counterparties. It also includes securities sold and purchased under Liquidity Adjusted
Facility (LAF) and Marginal Standing Facility (MSF) with RBI.
17.5.14 Non-SLR Investment Portfolio

i. Issuer composition of Non SLR investments
Issuer composition of Non SLR investments as at March 31, 2024 is given below:
(` in million)
Sr Issuer Amount Extent of Extent of ‘below Extent of Extent of
No private investment ‘unrated’ ‘unlisted’
placement grade’ securities securities# securities*
(1) (2) (3) (4) (5) (6) (7)
i) PSUs 56.54 - - - -
ii) Financial Institutions 39,670.35 39,179.61 - - 14.41
iii) Banks - - - - -
iv) Private Corporates 33,336.71 31,775.03 50.00 58.10 2,341.97
v) Subsidiaries/ Joint ventures 2,490.00 2,490.00 - - 2,490.00
vi) Others 67,206.17 59,368.42 - 993.63 59,368.42
vii) Provision held towards depreciation** (46,614.76) - - - -
Total 96,145.01 132,813.06 50.00 1,051.73 64,214.80
* Of the investments disclosed ` 64,164.80 million are exempted from applicability of RBI prudential limit for Unlisted
Non-SLR securities.
# Excludes investment in equity shares & units, non-Indian government securities by IBU and non-SLR government of India securities
** Includes a provision of ` 1,100.73 million held for non performing investments
Amounts reported under columns (4), (5), (6) and (7) above are not mutually exclusive.
411
Issuer composition of Non SLR investments as at March 31, 2023 is given below:
(` in million)
Sr Issuer Amount Extent of Extent of ‘below Extent of Extent of
No private investment ‘unrated’ ‘unlisted’
placement grade’ securities securities# securities*
(1) (2) (3) (4) (5) (6) (7)
i) PSUs 1,500.00 1,500.00 - - -
ii) Financial Institutions 44,830.54 43,522.93 - - 14.41
iii) Banks - - - - -
iv) Private Corporates 20,817.99 15,403.63 50.00 244.64 1,310.05
v) Subsidiaries/ Joint ventures 1,490.00 1,490.00 - - 1,490.00
vi) Others 94,705.75 82,471.74 - 57,220.83 82,471.74
vii) Provision held towards depreciation** (46,043.31) - - - -
Total 117,300.96 144,388.29 50.00 57,465.47 85,286.20
* Of the investments disclosed ` 84,614.65 million are exempted from applicability of RBI prudential limit for Unlisted
Non-SLR securities.
# Excludes investment in equity shares & units, non-Indian government securities by IBU and non-SLR government of India securities
** Includes a provision of ` 760.43 million held for non performing investments
Amounts reported under columns (4), (5), (6) and (7) above are not mutually exclusive.
ii. Non-Performing Non SLR Investments

(` in million)
Particulars March 31, 2024 March 31, 2023
Opening Balance 1,716.50 52,675.20
Additions during the year - 1,583.49
Reductions during the year 615.77 52,542.19
Closing Balance 1,100.73 1,716.50
Total Provision Held 1,100.73 760.43
17.5.15 Derivatives
Forward Rate Agreement/ Interest Rate Swap
The details of Forward Rate Agreements / Interest Rate Swaps outstanding as at March 31, 2024 and March 31, 2023
are given below:
(` in million)
Sr. Items As at As at
No March 31, 2024 March 31, 2023
i) The notional principal of swap agreements 2,614,541.64 2,601,271.97
ii) Losses which would be incurred if counterparties failed to fulfill their obligations 5,038.16 5,535.51
under the agreements1
iii) Collateral required by the bank upon entering into swaps - -
iv) Concentration of credit risk arising from the swaps [Percentage Exposure to Banks]1 0.06% 5.69%
[Percentage Exposure to PSUs]1 98.12% 93.44%
[Percentage Exposure to Others]1 1.82% 0.87%
v) The fair value of the swap book2 100.15 (210.70)
- INBMK (236.24) (373.25)
- MIBOR 80.02 111.35
- MOD M (266.08) (360.23)
- FCY IRS 522.45 411.43
1
Losses and Credit risk concentration are measured as net receivable under swap contracts
2
Fair values represent mark-to-market including accrued interest.


The nature and terms of the Rupee IRS as on March 31, 2024 are set out below:
(` in million)
Nature Nos. Notional Principal Benchmark Terms
Trading 6 9,000.00 INBMK Fixed Payable V/S Floating Receivable
Trading 2,313 681,006.40 MIBOR Fixed Payable V/S Floating Receivable
Trading 98 68,640.31 MOD M Fixed Payable V/S Floating Receivable
Trading 2,445 699,410.72 MIBOR Fixed Receivable V/S Floating Payable
Trading 160 94,183.66 MOD M Fixed Receivable V/S Floating Payable
The nature and terms of the FCY IRS as on March 31, 2024 are set out below:
(` in million)
Trading 767 470,380.08 USD SOFR Fixed Payable V/S Floating Receivable
Trading 754 423,607.46 USD SOFR Fixed Receivable V/S Floating Payable
Trading 55 126,811.00 USD SOFR Floating Payable V/S Fixed Receivable
Trading 1 208.51 USD FED Floating Payable V/S Fixed Receivable
Trading 3 1,002.86 JPY TONAR Fixed Payable V/S Floating Receivable
Trading 1 82.60 JPY TONAR Fixed Receivable V/S Floating Payable
Trading 18 15,529.06 GBP SONIA Fixed Payable V/S Floating Receivable
Trading 20 14,763.37 GBP SONIA Fixed Receivable V/S Floating Payable
Trading 20 5,457.14 EURIBOR Fixed Payable V/S Floating Receivable
Trading 52 3,771.50 EURIBOR Fixed Receivable V/S Floating Payable
Trading 3 359.51 EUR ESTR Fixed Payable V/S Floating Receivable
Trading 1 314.57 EUR ESTR Fixed Receivable V/S Floating Payable
Trading 1 12.89 AUD BBSW Fixed Receivable V/S Floating Payable
The nature and terms of the Rupee IRS as on March 31, 2023 are set out below:
(` in million)
Trading 6 9,000.00 INBMK Fixed Payable V/S Floating Receivable
Trading 2,011 676,469.75 MIBOR Fixed Payable V/S Floating Receivable
Trading 32 14,595.19 MIFOR Fixed Payable V/S Floating Receivable
Trading 30 14,900.00 MOD MIFOR Fixed Payable V/S Floating Receivable
Trading 2,110 680,848.00 MIBOR Fixed Receivable V/S Floating Payable
Trading 26 11,043.48 MIFOR Fixed Receivable V/S Floating Payable
Trading 82 30,650.00 MOD MIFOR Fixed Receivable V/S Floating Payable
413
The nature and terms of the FCY IRS as on March 31, 2023 are set out below:
(` in million)
Trading 565 347,039.27 USD LIBOR Fixed Payable V/S Floating Receivable
Trading 548 318,455.96 USD LIBOR Fixed Receivable V/S Floating Payable
Trading 77 134,536.94 USD LIBOR Floating Payable V/S Floating Receivable
Trading 150 144,343.48 USD SOFR Fixed Receivable V/S Floating Payable
Trading 148 185,812.93 USD SOFR Fixed Payable V/S Floating Receivable
Trading 16 4,335.04 EURIBOR Fixed Payable V/S Floating Receivable
Trading 43 3,606.02 EURIBOR Fixed Receivable V/S Floating Payable
Trading 1 89.44 EUR ESTR Fixed Payable V/S Floating Receivable
Trading 27 13,319.86 GBP SONIA Fixed Receivable V/S Floating Payable
Trading 24 12,191.05 GBP SONIA Fixed Payable V/S Floating Receivable
Trading 1 35.58 AUD BBSW Fixed Receivable V/S Floating Payable
17.5.16 Net Overnight Open Position (NOOP)

NOOP as at March 31, 2024 is ` 701.47 million (Previous year: ` 2,080.18 million).
17.5.17 Exchange Traded Interest Rate Derivatives

The following table sets forth, for the period indicated, the details of exchange traded interest rate derivatives:
(` in million)
Sr. Particulars For the year ended For the year ended
No March 31, 2024 March 31, 2023
1 Notional Principal amount of exchange traded interest rate derivatives
undertaken during the year:
-6.10% Government Securities 2031 - 708.80
-6.54% Government Securities 2032 - 171.54
-5.85% Government Securities 2030 - -
2 Notional principal amount of exchange traded interest rate derivatives - -
outstanding:
3 Notional Principal amount of exchange traded interest rate derivatives - -
outstanding and not “highly effective”
4 Mark-to-Market value of exchange traded interest rate derivatives outstanding - -
and not “highly effective”
17.5.18 Currency Futures

The Bank had dealt in exchange traded currency forwards (Futures) during the financial year ended March 31, 2024 and
March 31, 2023. There were Nil open contracts on the exchange at March 31, 2024 and March 31, 2023.
17.5.19 Disclosures on risk exposure in derivatives

As per RBI Master circular DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021, the following disclosures are
being made with respect to risk exposure in derivatives of the Bank:


Qualitative disclosures:
a) Purpose: The Bank uses Derivatives including Forwards & swaps for various purposes including hedging its currency
and interest rate risk in its balance sheet, customer offerings and proprietary trading. The management of these
products and businesses is governed by Market Risk Policy, Investment Policy, Derivatives Policy, Derivatives
Appropriateness Policy, Hedging Policy and Asset Liability Management (ALM) policy.
b) Structure: The Board of Directors of the Bank have constituted a Board level sub-committee, the Risk Management
Committee (‘RMC’) and delegated to it all functions and responsibilities relating to the risk management policy of the
Bank and its supervision thereof.
c) As part of prudent business and risk management practice, the Bank has also instituted a comprehensive limit
and control structure encompassing Value-at-Risk (VAR), Sensitivity, Greeks, Stop loss & credit limits for derivative
transactions including suitability and appropriateness framework. The Bank has an internal reporting mechanism
providing regular reports to the RMC as well as to the management of the Bank. Such a structure helps the Bank to
monitor and mitigate market risk across FX and interest rates.
d) The Bank has an independent Middle Office and Market Risk functions, which are responsible for monitoring,
measurement, and analysis of derivative related risks, among others. The Bank has a Credit Risk Management unit
which is responsible for setting up counterparty limits and also a treasury operation unit which is responsible for
managing operational aspects of derivatives including settlement of transactions. The Bank is subject to a concurrent
audit for all treasury transactions, including derivatives transactions, a monthly report of which is periodically
submitted to the Audit & Compliance Committee of the Bank.
e) In addition to the above, the Bank independently evaluates the potential credit exposure on account of all derivative
transactions, wherein risk limits are specified separately for each product, in terms of both credit exposure and
tenor. As mandated by the Credit Policy of the Bank, the Bank has instituted an approval structure for all treasury/
derivative related credit exposures. Wherever necessary, appropriate credit covenants are stipulated as trigger
events to call for collaterals or terminate transaction and contain the risks.
f) The Bilateral Netting of Qualified Financial Contracts has been notified by the RBI through circular dated March 30,
2021. The Bank has computed capital adequacy as well as exposure on account of these contracts as per Current
Exposure method considering each transaction as separate netting set on conservative basis. The Bank shall work
progressively over the period on classification of multiple permissible transactions into a netting set which may result
in reduction in capital requirement and exposure due to these transactions. There is no change in Current Exposure
Method (CEM) computation for Non-Bilateral Counterparties & Quasi Central Counter Party (QCCP) trades.
g) The Bank reports all trading positions to the management on a daily basis. The Bank revalues its trading position on a
daily basis for Management and Information System (‘MIS’) and control purposes and records the same in the books
of accounts on a monthly basis.
h) For derivative contracts in the banking book designated as hedge, the Bank documents at the inception of the
relationship between the hedging instrument and the underlying exposure, the risk management objective for
undertaking the hedge and the ALCO monitors all outstanding hedges on a periodical basis. Further the Bank’s
‘Hedging Policy’ has stipulated conditions to ensure that the Hedges entered into are effective.
415
Quantitative disclosure:
The details of derivative transactions as at March 31, 2024 and March 31, 2023 are given below:
(` in million)
Sr. Particulars Currency derivatives 1
Interest rate derivatives4
No As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
i) Derivatives (Notional Principal Amount)
a) For hedging - - - -
b) For trading 336,619.31 341,007.86 2,614,541.64 2,601,271.97
ii) Marked to market positions2
a) Asset (+) 9,754.01 12,757.37 28,765.50 30,114.81
b) Liability (-) 12,081.69 15,859.23 28,665.35 25,803.02
iii) Credit exposure3 23,756.75 32,999.99 116,053.13 91,120.61
iv) Likely impact of one percentage change in
interest rate (100*PV01)
(Refer Note 1&2 below)
a) on hedging derivatives - - - -
b) on trading derivatives 1,511.54 638.48 1,523.90 343.48
v) Maximum and minimum of 100*PV01
observed during the year (Refer Note 1&2 below)
a) on hedging
Maximum - - 5.02 213.30
Minimum - - - 5.42
b) on trading
Maximum 1,809.76 653.59 1,876.62 1,012.16
Minimum 573.43 193.85 238.61 229.58
1
Currency derivatives includes options purchased and sold, cross currency interest rate swaps and currency futures.
2
Trading portfolio including accrued interest.
3
Mark to Market for credit exposure includes accrued interest.
4
Interest rate derivatives include Interest Rate Swaps, forward rate agreements and exchange traded interest rate derivatives.
Note:
1) Denotes absolute value of loss which the Bank could suffer on account of a change in interest rates by 1% which
however doesn’t capture the off-setting exposures between interest rate and currency derivatives.
2) PV01 exposures reported above may not necessarily indicate the interest rate risk the Bank is exposed to, given that
PV01 exposures in Investments (which may offset the PV01 reflected above) do not form part of the above table.
3) The notional principal amount of foreign exchange contracts classified as trading at March 31, 2024 amounted to
` 3,811,879.38 million (previous year: ` 2,856,151.13 million). For these trading contracts, as on March 31, 2024,
marked to market position was asset of ` 9,484.53 million (Previous year: ` 16,621.96 million) and liability of ` 16,213.26
million (Previous Year: ` 18,478.52 million). The notional principal amount of foreign exchange contracts classified as
hedging at March 31, 2024 amounted to ` 23,497.39 million (previous year: ` 15,412.88 million). Credit exposure on
forward exchange contracts at March 31, 2024 was ` 101,064.49 million (Previous Year: ` 78,753.71 million) of which
exposure on CCIL is ` 82,054.38 million (Previous Year: ` 56,878.04 million).


Asset Quality
17.5.20 Non-Performing Advances
Classification of advances and provisions held for the period ended March 31, 2024
(` in million)
Standard Non-Performing Total
Total Substandard Doubtful Loss Total Non
Standard Performing
Advances Advances
Gross Standard Advances and NPAs
Opening Balance 2,016,113.53 22,267.67 11,487.86 10,190.19 43,945.72 2,060,059.25
Add: Additions during the year 53,340.37
Less: Reductions during the year* 57,460.51
Closing balance 2,264,697.41 19,404.03 11,463.32 8,958.24 39,825.59 2,304,523.00
*Reductions in Gross NPAs due to:
i) Upgradation 19,036.98
ii) Recoveries (excluding recoveries from 10,803.31
upgraded accounts) $
iii) Technical/ Prudential Write-offs # 8,669.56
iv) Write-offs other than those under (iii) 18,950.66
above
Provisions (excluding Floating Provisions)
Opening balance of provisions held 17,744.82 10,081.94 7,092.69 10,190.19 27,364.82 45,109.63
Add: Fresh provisions made during the year 36,159.67
Less: Excess provision reversed/ Write-off loans 36,996.21
Closing balance of provisions held 16,733.34 10,215.91 7,379.97 8,932.40 26,528.28 43,261.62
Net NPAs
Opening Balance 12,185.73 4,395.17 (0.00) 16,580.90
Add: Fresh additions during the year 17,180.70
Less: Reductions during the year 20,464.30
Closing Balance 9,188.12 4,083.35 25.83 ^ 13,297.31 13,297.31
Floating Provisions
Opening Balance -
Add: Additional provisions made during the year -
Less: Amount drawn down during the year -
Closing balance of floating provisions -
Technical write-offs and the recoveries
made thereon#
Opening balance of Technical/ Prudential 15,835.64
written-off accounts
Add: Technical/ Prudential write-offs during the 8,669.56
year
Less: Recoveries made from previously 201.02
technical/ prudential written-off accounts during
the year*
Closing balance 24,304.18
$ Includes loans sold to ARC
# Technical write-offs only includes corporate advances.
^ The amount pertains to unamortised fraud cases
417
Classification of advances and provisions held for the year ended March 31, 2023
(` in million)
Standard Non-Performing Total
Total Substandard Doubtful Loss Total Non
Standard Performing
Advances Advances
Gross Standard Advances and NPAs
Opening Balance 1,728,474.59 28,382.81 187,522.96 63,853.99 279,759.76 2,008,234.36
Add: Additions during the year 47,751.11
Less: Reductions during the year* 283,565.15
Closing balance 2,016,113.53 22,267.67 11,487.86 10,190.19 43,945.72 2,060,059.25
*Reductions in Gross NPAs due to:
i) Upgradation 8,195.28
ii) Recoveries (excluding recoveries from 94,229.71
upgraded accounts)
iii) Technical/ Prudential Write-offs -
iv) Write-offs other than those under (iii) 181,140.17
above
Provisions (excluding Floating Provisions)
Opening balance of provisions held 19,241.02 7,968.69 127,776.70 61,969.06 197,714.45 216,955.47
Add: Fresh provisions made during the year 51,182.39
Less: Excess provision reversed/ Write-off loans 221,532.02
Closing balance of provisions held 17,744.82 10,081.94 7,092.69 10,190.19 27,364.82 45,109.63
Net NPAs
Opening Balance 20,414.12 59,746.27 1,884.93 82,045.32
Add: Fresh additions during the year (3,431.28)
Less: Reductions during the year 62,033.13
Closing Balance 12,185.73 4,395.17 (0.00) 16,580.90 16,580.90
Floating Provisions
Opening Balance -
Add: Additional provisions made during the -
year
Less: Amount drawn down during the year -
Closing balance of floating provisions -
Technical write-offs and the recoveries
made thereon#
Opening balance of Technical/ Prudential 163,024.18
written-off accounts
Add: Technical/ Prudential write-offs during the -
year
Less: Recoveries made from previously 147,188.54
technical/ prudential written-off accounts
during the year*
Closing balance 15,835.64


Ratios (in percentage terms) As at As at

March 31, 2024 March 31, 2023
Gross NPA to Gross Advances$ 1.73% 2.17%
Net NPA to Net Advances$ 0.58% 0.83%
Provision coverage ratio 66.61% 62.27%
$ Excludes Nil amount (March 31, 2023: ` 30,689.28 million) of Interbank Reverse Repo having original tenors more than 14 days
17.5.21 Divergence in Asset Classification and Provisioning for NPAs

In terms of the RBI circular no. DOR.ACC.REC.No.74/21.04.018/2022-23 dated October 11, 2022 banks are required
to disclose the divergences in asset classification and provisioning consequent to RBI’s annual supervisory process in
their notes to accounts to the financial statements, wherever either or both of the following conditions are satisfied: (a)
the additional provisioning for NPAs assessed by RBI exceeds 5 per cent of the reported profit before provisions and
contingencies for the reference period and (b) the additional Gross NPAs identified by RBI exceed 5 per cent of the
reported incremental Gross NPAs for the reference period.
Based on the condition mentioned in RBI circular, no disclosure on divergence in asset classification and provisioning for
NPAs is required with respect to RBI’s supervisory process for FY2023 and FY2022.
17.5.22 Disclosure as per requirement of Prudential Framework for Resolution of Stressed Assets
Details of Resolution Plan (RP) implemented during the year under Prudential Framework for Resolution of Stressed
Assets dated June 07, 2019:
FY2024
Sr. Description of Resolution Plan (RP) No of cases Aggregate Loan

No. Outstanding (` in million)
1 Payment of overdues by the borrower (deemed implementation of RP as per - -
RBI circular)
2 Restructuring / change in ownership outside IBC 1 2,239.94
3 Resolution pursued under IBC - -
4 Assignment of debt / recovery proceedings - -
FY2023
Sr. Description of Resolution Plan (RP) No of cases Aggregate Loan

No. Outstanding (` in million)
1 Payment of overdues by the borrower (deemed implementation of RP as per 1 465.17
RBI circular)
2 Restructuring / change in ownership outside IBC 1 88.64
3 Resolution pursued under IBC - -
4 Assignment of debt / recovery proceedings - -
419
17.5.23 Sector-wise Advances and Gross NPAs

The details of Sector-wise Outstanding total advances and Gross NPAs as at March 31, 2024 and March 31, 2023
are given below:
(` in million)
Sector As at March 31, 2024 As at March 31, 2023
Outstanding Gross % of Gross Outstanding Gross % of Gross
total NPAs NPAs to Total total NPAs NPAs to Total
advances Advances in advances Advances in
that sector that sector
I) Priority Sector
a) Agriculture and Allied activities 228,396.65 1,538.67 0.67% 113,194.14 1,164.82 1.03%
b) Advances to industries sector eligible 295,481.03 3,569.72 1.21% 264,702.83 2,519.69 0.95%
as priority sector lending
Basic Metal and Metal Products 37,322.65 120.12 0.32% 30,379.11 145.23 0.48%
Textile 35,367.54 791.05 2.24% 28,835.11 615.40 2.13%
Gems and Jewellery 30,455.56 263.14 0.86% 26,833.78 127.65 0.48%
c) Services 395,553.02 6,244.18 1.58% 335,870.42 5,339.12 1.59%
d) Personal Loans - - - - - -
e) Others 51,210.57 1,616.34 3.16% 49,193.91 838.92 1.71%
Sub-Total (I) 970,641.27 12,968.91 1.34% 762,961.30 9,862.55 1.29%
II) Non Priority Sector
a) Agriculture and Allied activities 13,011.69 3.87 0.03% 8,718.58 1.80 0.02%
b) Industry 452,814.62 10,363.84 2.29% 475,284.29 16,998.46 3.58%
Infrastructure 76,722.06 8,793.13 11.46% 131,620.37 10,183.46 7.74%
Basic Metal and Metal Products 67,488.85 16.86 0.02% 57,074.28 19.51 0.03%
Gems and Jewellery 50,744.64 8.06 0.02% 34,790.87 51.34 0.15%
c) Services 252,639.47 6,033.03 2.39% 226,478.75 10,531.09 4.65%
NBFC’s 69,187.84 13.76 0.02% 49,711.90 13.93 0.03%
Commercial Real Estate 46,465.63 5,120.06 11.02% 64,447.53 3,061.70 4.75%
Tourism, Hotel and Restaurants 38,281.67 0.61 0.00% 46,225.88 737.73 1.60%
d) Personal Loans 160,147.60 3,006.23 1.88% 146,561.33 1,656.23 1.13%
e) Others$ 455,268.35 7,449.72 1.64% 409,365.73 4,895.59 1.20%
Sub-Total (II) 1,333,881.73 26,856.68 2.01% 1,266,408.68 34,083.17 2.69%
Total (I+II) 2,304,523.00 39,825.59 1.73% 2,029,369.97 43,945.72 2.17%
$ Excludes Nil (Previous year: ` 30,689.28 million) of Interbank Reverse Repo having original tenors more than 14 days are classified
as Advances as per RBI Master circular No DOR.ACC.REC.NO.37/21.04.018/2022-23, considering this the outstanding total advances is
` 2,304,523.00 million (Previous year: ` 2,060,059.25 million).
17.5.24 Unsecured advances

The details of net Unsecured Advances as at March 31, 2024 and March 31, 2023 are given below:
(` in million)
March 31, 2024 March 31, 2023
Total unsecured advances of the bank 503,643.93 436,540.47
Out of the above, amount of advances for which intangible securities such as charge 2,763.70 1,427.22
over the rights, licenses, authority, etc. have been taken
Estimated value of such intangible securities 18,622.80 1,427.22
17.5.25 Resolution Framework for COVID-19-related Stress

Details of resolution plans implemented under the Resolution Framework for Covid-19 related stress as per RBI circular
dated August 6, 2020 (Resolution Framework 1.0) and May 5, 2021 (Resolution Framework 2.0):


For six months ended March 31, 2024

(` in million)
(A) (B) (C) (D) (E)
Type of borrower Exposure to accounts Of (A), Of (A), Of (A), Exposure to accounts
classified as Standard aggregate amount amount classified as Standard
consequent to debt that written paid consequent to
implementation of slipped off during by the implementation of
resolution plan - into NPA the half- borrowers resolution plan -
Position as at the end during year during the Position as at the end
of the previous half- half-year half-year of this half-year
year (A)
Personal Loans 495.50 24.90 21.80 264.50 184.30
Corporate Person’s* 29,262.44 453.87 1,477.06 10,451.91 15,861.32
Of which, MSME’s 1,338.73 92.59 1.20 527.27 772.87
Others 3,236.49 133.11 19.69 626.48 2,472.62
Total 32,994.43 611.88 1,518.54 11,342.89 18,518.16
* Includes Non-Fund Based Exposure amounting to ` 159.50 million as at the end of this half-year.
For six months ended March 31, 2023

(` in million)
(A) (B) (C) (D) (E)
Type of borrower Exposure to accounts Of (A), Of (A), Of (A), Exposure to accounts
classified as Standard aggregate amount amount classified as Standard
consequent to debt that written paid consequent to
implementation of slipped off during by the implementation of
resolution plan - into NPA the half- borrowers resolution plan -
Position as at the end during year during the Position as at the end
of the previous half- half-year half-year of this half-year
year (A)
Personal Loans 821.50 66.40 44.40 140.30 570.40
Corporate Person's* 39,571.38 2,323.60 22.90 7,178.40 29,800.61
Of which, MSME's 3,059.37 1,185.41 22.90 609.08 1,233.32
Others 4,778.08 444.96 135.15 734.39 3,618.32
Total 45,170.96 2,834.96 202.45 8,053.09 33,989.33
* Includes Non-Fund Based Exposure amounting to ` 9,484.67 million as at the end of this half-year.
17.5.26 Restructuring of Advances - Micro Small and Medium Enterprises.

As at year ended March 31, 2024, the Bank has restructured advances amounting to ` 2,263.65 million (Previous year:
` 8,079.81 million) to Micro Small and Medium Enterprises.
March 31, 2024 March 31, 2023
No. of accounts restructured 661 3,657
Amount (` in million) 2,263.65 8,079.81
17.5.27 Non-performing financial assets purchased / sold from/to other banks/ Financial Institutions/ NBFCs
(excluding ARCs)
The Bank has not purchased/sold from/to other banks/Financial Institutions/NBFCs (excluding ARCs) during the year
ended March 31, 2024 and March 31, 2023.
421
17.5.28 Transfer of Loan Exposure

Details of loans transferred / acquired during the year ended March 31, 2024 under the RBI Master Direction on Transfer
of Loan Exposures dated September 24, 2021 are given below:
(i) Details of stressed loans transferred are given below:
To Asset
To permitted
Particulars Reconstruction
transferees
Companies (ARCs)
No of accounts 2 Nil
Aggregate principal outstanding of loans transferred (` in million) 6,903.20 Nil
Weighted average residual tenor of the loans transferred (in years) 3.6 Nil
Net book value of loans transferred (at the time of transfer) (` in million) 1,420.80 Nil
Aggregate consideration (` in million) 3,364.00 Nil
Additional consideration realized in respect of accounts transferred in earlier
- Nil
years (` in million)
(ii) On an aggregate basis, excess provisions to the extent of ` 1,943.20 million reversed to the profit and loss account
during the year ended March 31, 2024 on account of stressed loans transferred to an ARC for a full consideration
value received in cash that is higher than the net book values of the loans at the time of transfer.
(iii) The Bank has not acquired any non-performing assets during the year ended March 31, 2024.
(iv) The Bank has not transferred/acquired any Special Mention Accounts during the year ended March 31, 2024.
(v) Disclosure of distribution of the security receipts (‘SRs’) held by the Bank as on March 31, 2024 across the various
categories of Recovery Ratings assigned to such SRs by the credit rating agencies:
Rating Rating Agency Recovery Rating Value of outstanding SRs (net

of provisions) (` in million)
RR1+ ICRA More than 150% 552.43
RR1+ Infomerics More than 150% 3,318.35
RR1 ICRA More than 100% and upto 150% 1,451.43
RR1 India Ratings More than 100% and upto 150% 2,089.95
RR1 Infomerics More than 100% and upto 150% 3,101.23
RR2 Infomerics More than 75% and upto 100% 2,330.25
Grand Total 12,843.64
(vi) Details of loans not in default acquired, loans transferred/acquired through assignment/novation during the year
ended March 31, 2024 are given below:
Particulars Loans Acquired1 Loans Sold2

Aggregate amount (` in million) 35,881.41 4,971.08
Weighted average residual maturity (in years) 9.61 17.96
Weighted average holding period by originator (in years) 1.06 1.17
Retention of beneficial economic interest by the originator 20.6% 83.6%
Tangible security coverage 87.0% 117.0%


1. Rating wise distribution of rated loans acquired through assignment/novation:
Rating Rating Agency Loans Acquired

(` in million)
AA- India Ratings 1,675.60
A- CARE 2,000.00
BBB CARE 1,500.00
BBB- CARE 4,152.30
Grand Total 9,327.90
2. Loans sold are unrated.

During the year ended 31 March, 2023:
Details of loans transferred / acquired during the year ended March 31, 2023 under the RBI Master Direction
on Transfer of Loan Exposures dated September 24, 2021 (as updated from time to time):
(i) Details of stressed loans transferred are given below:

To Asset
To permitted
Particulars Reconstruction
transferees
Companies (ARCs)$
No of accounts 13,550 Nil
Aggregate principal outstanding of loans transferred1 (` in Million) 446,353 Nil
Weighted average residual tenor of the loans transferred2 (in years) 2.2 Nil
Net book value of loans transferred (at the time of transfer) (` in Million) 54,355 Nil
Aggregate consideration (` in Million) 86,746 Nil
Additional consideration realized in respect of accounts transferred in -
Nil
earlier years (` in Million)
1. Includes written off loans and one standard account having principal outstanding of ` 50 million.
2. Excludes written off loans and non-performing investments.
3. The recovery ratings of the security receipts would be obtained within 6 months as per relevant RBI guidelines.
4. On an aggregate basis excess provisions reversed during the period – Nil
$ On December 16, 2022, the Bank concluded the aforesaid assignment after adjusting recoveries between April 1, 2022 to
For stressed loans transferred to ARC for a consideration lower than the NBV at the time of transfer, the shortfall
of ` 6,086.09 million to the Bank was debited to the Profit and Loss Account during the year ended March 31, 2023
spread equally over the quarter ended December 31, 2022 and the quarter ended March 31, 2023. The realized
profit amounting to ` 5,113.81 million where the cash recovery was exceeding the net book value of stressed loans
was credited to Profit and Loss Account in the quarter ended December 31, 2022. For stressed loans where the
consideration received was higher than that net book value at the time of transfer and the cash recovery is lower
than the net book value, such excess amount of ` 31,613.38 million was not reversed in the Profit and Loss Account.
The Bank has continued to carry forward the same as provision against these security receipts. In effect the Bank
has reflected such sale in a manner that the value of security receipts is not higher than the net book value of the
loans transferred to JC Flowers ARC. The same is being assessed for the provisioning requirements as per the extant
RBI guidelines on each reporting date also taking into account the principle that there should be no provisioning
arbitrage between the provisioning on Security Receipts vis-à-vis the provisioning requirements on the underlying
exposure, had it stayed in the books.
423
(ii) The Bank has not transferred any Special Mention Account (SMA) and loan not in default, except reported in
(i) above.
(iii) Details of loans not in default acquired loans transferred/acquired through assignment/novation and loan
participation are given below:
Particulars Loans acquired Loans sold

Aggregate amount of loans acquired (` in Million) 21,261 4,523
Weighted average residual maturity (in years) 12.7 9.5
Weighted average holding period by originator (in years) 0.90 4.74
Retention of beneficial economic interest by the originator 15.9% 46.7%
Tangible security coverage 100.2% 132.0%
The following table sets forth, rating-wise distribution of the loans sold/acquired under assignment:
Rating Loans acquired Loans sold

CARE A- / A 163 -
CRISIL AA- 227 -
IND A 359 -
CARE BBB - 4,523
Excluding retail and other unrated loans.
(iv) The Bank has not acquired any stressed loan.
17.5.29 Provisions for Standard Assets

Provision on standard advances as at March 31, 2024 was ` 16,733.34 million. Provision on standard advances as at
March 31, 2023 was ` 17,744.82 million.
17.5.30 Business ratios
March 31, 2024 March 31, 2023
i) Interest income as a percentage to working funds1 7.0% 6.8%
ii) Non-interest income as a percentage to working funds1 1.3% 1.2%
iii) Cost of Deposits 6.1% 5.2%
iv) Net Interest Margin 2.4% 2.6%
v) Operating profit as a percentage to working funds1 0.9% 1.0%
vi) Return on assets1 0.3% 0.2%
vii) Business (deposits + net advances) per employee2,3 (` in million) 174.19 156.70
viii) Profit per employee2 (` in million) 0.45 0.28
1
Working funds represents the average of total assets as reported in Return Form X to RBI under Section 27 of the Banking
2
For the purpose of computation of business per employee and profit per employee (deposits plus advances), interbank deposits have
been excluded and average employees have been considered.
3
Excludes NIL (March 31, 2023: ` 30,689.28 million) of Interbank Reverse Repo having original tenors more than 14 days are classified as
Advances as per RBI Master circular No DOR.ACC.REC.NO.37/21.04.018/2022-23


17.5.31 Asset Liability Management

The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2024.
(` in million)
Maturity Buckets Loans & Investment Deposits Borrowings FCY Assets FCY Liabilities
Advances Securities
1 Day 8,094.11 332,031.80 12,247.31 0.00 10,909.72 483.68
2-7 days 20,215.29 45,827.08 161,247.35 6,159.53 4,134.77 4,379.99
8-14 Days 33,235.42 27,801.11 67,090.86 703.07 11,320.36 1,299.42
15-30 Days 68,920.29 49,739.05 143,104.66 2,713.48 10,722.47 3,845.02
1-2 Months 74,469.45 20,144.33 120,982.31 10,301.83 12,356.42 8,821.67
2-3 Months 65,415.01 29,554.49 133,836.53 44,631.99 16,464.01 10,120.82
3-6 Months 122,778.11 41,451.52 237,743.02 86,146.11 9,676.09 70,196.49
6-12 Months 194,958.66 94,997.00 497,068.10 169,677.89 16,035.73 96,912.72
1-3 Years 1,143,005.87 78,039.44 428,432.22 327,000.30 21,426.36 41,635.45
3-5 Years 203,954.28 168,599.24 845,373.10 148,251.88 15,671.24 39,835.14
Over 5 Years 342,948.23 14,166.26 16,596.26 3,822.72 15,028.41 3,999.07
TOTAL 2,277,994.72 902,351.32 2,663,721.72 799,408.80 143,745.58 281,529.47
Auditors have relied upon the information presented by management as above on maturity buckets.
Classification of assets and liabilities under the different maturity buckets is based on the same estimates and assumptions
as used by the Bank for compiling the return submitted to the RBI.
Maturity profile of foreign currency assets and liabilities is excluding Off Balance Sheet item.
The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2023.
(` in million)
Maturity Buckets Loans & Investment Deposits Borrowings FCY Assets FCY Liabilities
Advances Securities
1 Day 3,139.90 220,556.92 10,153.19 - 18,577.59 286.10
2-7 days 37,525.57 24,719.91 83,170.28 53,799.55 14,177.45 10,165.16
8-14 Days 12,233.91 22,540.66 52,748.08 3,016.00 7,201.13 4,987.56
15-30 Days 38,641.31 32,489.51 100,680.26 17,282.66 21,929.03 16,780.30
1-2 Months 42,415.55 20,268.42 120,460.79 4,204.37 26,025.06 3,183.18
2-3 Months 46,524.36 16,874.24 98,917.43 29,619.07 16,515.53 2,878.45
3-6 Months 64,533.90 26,991.38 167,659.63 94,559.82 16,160.71 24,446.91
6-12 Months 93,624.15 111,230.01 366,053.39 153,218.41 10,131.70 54,430.03
1-3 Years 902,704.18 104,746.85 452,338.66 239,164.91 28,205.05 53,830.81
3-5 Years 346,428.53 165,407.53 705,539.52 144,784.25 4,343.15 34,515.20
Over 5 Years 444,923.08 23,057.54 17,297.39 34,870.88 17,417.24 4,781.25
TOTAL 2,032,694.44 768,882.97 2,175,018.62 774,519.92 180,683.64 210,284.95
Auditors have relied upon the information presented by management as above on maturity buckets.
Classification of assets and liabilities under the different maturity buckets is based on the same estimates and assumptions
as used by the Bank for compiling the return submitted to the RBI.
Maturity profile of foreign currency assets and liabilities is excluding Off Balance Sheet item.
425
Exposures
The Bank has lending to sectors, which are sensitive to asset price fluctuations. Such sectors include capital market
and real estate.
17.5.32 Exposure to Real Estate Sector

The exposure, representing the higher of funded and non-funded limits sanctioned or outstanding to real estate sector,
is given in the table below:
(` in million)
No. March 31, 2024 March 31, 2023
i) Direct exposure
a) Residential Mortgages 228,734.45 185,905.18
Of total Residential Mortgages- Individual housing loans eligible for 47,339.04 41,625.97
inclusion in priority sector advances
Fund based 228,680.75 185,636.97
Non fund based 53.70 268.21
b) Commercial Real Estate* 90,548.42 97,895.72
Of total Commercial Real Estate - outstanding as advances 75,050.38 88,713.36
c) Investments in Mortgage Backed Securities (MBS) and other securitized
exposures
i) Residential - 1,278.11
ii) Commercial Real Estate - -
ii) Indirect exposure
Fund based and non fund based exposures on National Housing Board and 28,207.40 34,110.73
Housing Finance Companies
Total Exposure to Real Estate Sector 347,490.26 319,189.74
*Commercial real estate exposure classification is based on RBI circular DBOD.BP.BC.No. 42/08.12.015/2009-10 dated September 9, 2009.
17.5.33 Exposure to Capital Market

The exposure representing the higher of funded and non-funded limits sanctioned or outstanding to capital market
sector is given in the table below:
(` in million)
No. March 31, 2024 March 31, 2023
i) Direct investment in equity shares, convertible bonds, convertible debentures 1,490.91 629.77
and units of equity-oriented mutual funds the corpus of which is not exclusively
invested in corporate debt;
ii) Advances against shares / bonds / debentures or other securities or on clean 7,674.24 9,898.23
basis to individuals for investment in shares (including IPOs / ESOPs), convertible
bonds, convertible debentures, and units of equity-oriented mutual funds;
iii) Advances for any other purposes where shares or convertible bonds or - -
convertible debentures or units of equity oriented mutual funds are taken as
primary security;


(` in million)
No. March 31, 2024 March 31, 2023
iv) Advances for any other purposes to the extent secured by the collateral security of 791.18 2,067.26
shares or convertible bonds or convertible debentures or units of equity oriented
mutual funds i.e. where the primary security other than shares / convertible
bonds / convertible debentures / units of equity oriented mutual funds ‘does not
fully cover the advances;
v) Secured and unsecured advances to stockbrokers and guarantees issued on 24,788.09 17,378.77
behalf of stockbrokers and market makers;*
vi) Loans sanctioned to corporate against the security of shares / bonds / debentures 7,085.13 4,057.14
or other securities or on clean basis for meeting promoter’s contribution to the
equity of new companies in anticipation of raising resources;
vii) Bridge loans to companies against expected equity flows / issues; - -
viii) Underwriting commitments taken up by the banks in respect of primary issue of - -
shares or convertible bonds or convertible debentures or units of equity oriented
mutual funds;
ix) Financing to stockbrokers for margin trading - -
x) All exposures to Venture Capital Funds (both registered and unregistered) 158.52 214.01
Total Exposure to Capital Market 41,988.06 34,245.18
Capital market exposure is reported in line with Para 2.3 of RBI’s Master Circular on Exposure Norms dated July 1, 2015 (DBR.No.Dir.
BC.12/13.03.00/2015-16).
* Exposure of Stock Broker comprises Fund-based & Non-fund based portfolio and the Consolidated Exposure is inclusive of ‘YES
Securities (India) Limited’
* Out of the above ` 6,072.72 million (Previous years: ` 3,665.09 million) is exposure to YES Securities (India) Limited, which is a
subsidiary of the Bank.
17.5.34 Risk Category wise Country Exposure

As per the extant RBI guidelines, the country exposure (direct and indirect) of the Bank is categorized into various risk
categories listed in the following table. As at March 31, 2024, the net funded country exposure (direct) of the Bank as a
percentage of total funded assets is less than 1% i.e. the highest country exposure stood at 0.44% for United States of
America (for previous year March 31, 2023 United States of America was 1.09%). As the net funded country exposure
(direct) to any country is less than 1%, the Bank is not required to provide any provision as per the RBI guidelines.
(` in million)
Risk Category As at March 31, 2024 As at March 31, 2023
Exposure (net) Provision held Exposure (net) Provision held
Insignificant 90,332.7 - 122,727.3 102.0
Low 30,868.2 - 36,273.6 -
Moderately Low 913.1 - 1,126.3 -
Moderate - - - -
Moderately High 5,477.5 - 5,581.4 -
High - - - -
Very High - - - -
TOTAL 127,591.5 - 165,708.6 102.0
427
17.5.35 Details of factoring exposure

The factoring exposure of the Bank outstanding as on March 31, 2024 is ` 6,047.19 million (Previous year:
` 3,669.50 million).
Miscellaneous
17.5.36 Disclosure on borrowing and lending activities
The Bank, as part of its normal banking business, grants loans and advances, makes investments, provides guarantees
to and accept deposits and borrowings from its customers, other entities and persons. These transactions are part
of the Bank’s normal banking business and are undertaken in accordance with the guidelines prescribed by the
Reserve Bank of India.
Other than the transactions described above, no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Bank to or in any other persons or entities, including
foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall lend or invest in other persons or entities identified by or on behalf of the Bank (Ultimate Beneficiaries) or provide
any guarantee, security or like on behalf of the Ultimate Beneficiaries.
The Bank has also not received any fund from any persons or entities, including foreign entities (‘Funding Party’) with
the understanding, whether recorded in writing or otherwise, that the Bank shall whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
17.5.37 Concentration of Deposits

The below table represents the deposits of top 20 depositors (excluding certificate of deposits, which are tradable
instruments) as at March 31, 2024 and March 31, 2023.
(` in million)
March 31, 2024 March 31, 2023
Total deposits of the twenty largest depositors 305,184.87 260,840.86
Percentage of deposits of twenty largest depositors to total deposits of the bank 11.46% 11.99%
17.5.38 Concentration of Advances

(` in million)
March 31, 2024 March 31, 2023
Total advances to the twenty largest borrowers 373,956.05 352,599.49
Percentage of advances to twenty largest borrowers to total advances of the bank 8.00% 9.09%
For this purpose, advance is computed as per definition of Credit Exposure in RBI Master Circular on Exposure Norms
DBR.No.Dir.BC.12/13.03.00/2015-16 dated July 1, 2015.


17.5.39 Concentration of Exposures

(` in million)
March 31, 2024 March 31, 2023
Total exposure to the twenty largest borrowers/customers 382,325.90 357,281.64
Percentage of exposures to the twenty largest borrowers/ customers to the total 7.94% 8.84%
exposure of the bank on borrowers/ customers
Exposure is computed as per definition of Credit and Investment Exposure in RBI Master Circular on Exposure Norms
DBR.No.Dir.BC.12/13.03.00/2015-16 dated July 1, 2015.
17.5.40 Concentration of NPAs

(` in million)
March 31, 2024 March 31, 2023
Total Exposure to the top twenty NPA accounts* 31,018.45 30,348.55
Percentage of exposures to the twenty largest NPA exposure to total Gross NPAs* 55.79% 63.55%
*Represents credit and investment exposure as per RBI Master Circular on Exposure Norms DBR.No.Dir.BC.12/13.03.00/2015-16
dated July 1, 2015.
17.5.41 Earnings Per Share (‘EPS’)

The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20, “Earnings
Per Share”. The dilutive impact is mainly due to stock options granted to employees and share warrants convertible into
equity shares. The computation of earnings per share is given below:
(` in million)
March 31, 2024 March 31, 2023
Net profit / (loss) after tax (`) 12,510.80 7,174.09
Basic earnings per share (`) 0.44 0.27
Diluted earnings per share (`) 0.43 0.27
Nominal value per share (`) 2 2
Reconciliation between weighted shares used in computation of basic and diluted
earnings per share
Basic weighted average no. of equity shares outstanding 28,759,039,213 26,159,996,163
Add: Effect of potential equity shares* 666,289,397 85,558,192
Diluted Weighted average no. of equity shares outstanding 29,425,328,611 26,245,554,354
*The difference between weighted average number of equity shares outstanding between basic and diluted in the above mentioned
disclosure is on account of outstanding ESOPs and share warrants convertible into equity shares.
Basic earnings per equity share has been computed by dividing net profit / (loss) for the year attributable to the equity
shareholders by the weighted average number of equity shares outstanding for the year. Diluted earnings per equity
share has been computed by dividing the net profit / (loss) for the year attributable to the equity shareholders by the
weighted average number of equity shares and dilutive potential equity shares outstanding during the year, except where
the results are anti-dilutive. The dilutive impact is on account of stock options granted to employees by the Bank and
allotment of share warrants convertible into equity shares. There is no impact of dilution on the profits in the current year
and previous year.
429
17.5.42 Income Taxes

Provisions made for Income Tax during the year ended March 31, 2024 and March 31, 2023
(` in million)
March 31, 2024 March 31, 2023
Current Tax - -
Deferred tax 3,780.63 2,430.53
(Write back)/Additional provision of Income Tax pertaining to previous years (1,291.64) 24.56
TOTAL 2,488.99 2,455.10
17.5.43 Disclosure of penalties imposed by RBI

During the year ended March 31, 2024, following are the list of penalties imposed on the Bank by RBI.
SI Date Topic Detail (` in million)

no.
1. 8 instances ATM replenishment As per the RBI circular dated August 10, 2021 on ‘Monitoring of 0.08
Availability of Cash in ATMs’, Banks are advised to strengthen
their systems/ mechanisms to monitor availability of cash in ATMs
and ensure timely replenishment to avoid cash-outs. Further, the
circular stated that Cash-out at any ATM of more than 10 hours in
a month will attract a flat penalty of ` 10,000/- per ATM. During the
Financial Year 2023-24, RBI had levied a total penalty of ` 80,000/-
for non- replenishment of Bank’s ATMs located at Kanpur, Delhi,
Belapur, Jaipur, Guwahati, Chennai, and Chandigarh, for more
than 10 hours.
2. 7 instances Non-compliance with the RBI had levied a penalty of ` 75,000/- on account of non- #
RBI guidelines on issuance compliance with the RBI guidelines on issuance of soiled notes to
of soiled notes to General General Public and non-provision of the facility for the exchange
Public and non-provision of of soiled / mutilated bank notes by the Branches.
the facility for the exchange
of soiled / mutilated bank
notes by the branches
3. 7 instances Irregularities observed in the RBI had levied a total penalty of ` 27,550/- on account of the *
soiled note remittance from irregularities observed in the soiled note remittance received
currency chest from YES Bank Currency Chest.
4. 1 instance Non-compliance with the RBI RBI, has levied a penalty of ` 10,000 being non compliant on 0.01
guidelines on para 2 of part– para 2 of part–II of the Master Direction on Direct Investment by
II of the Master Direction Residents in JV/WOS abroad dated Jan 01, 2016 under Section
on Direct Investment by 11(3) of FEMA, 1999.
Residents in JV/WOS abroad
# Represent ` 75,000
* Represent ` 27,550


During the financial year ended March 31, 2023, following are the list of penalties imposed on the Bank by RBI.
SI Date Topic Detail (` in million)

no.
1. 6 instances ATM replenishment As per the RBI circular dated August 10, 2021 on ‘Monitoring of 0.06
Availability of Cash in ATMs’, Banks are advised to strengthen
their systems/ mechanisms to monitor availability of cash in ATMs
and ensure timely replenishment to avoid cash-outs. Further, the
circular stated that Cash-out at any ATM of more than 10 hours in
a month will attract a flat penalty of ` 10,000/- per ATM. During the
Financial Year April 2022-2023, RBI had levied a total penalty of
` 60,000 for non- replenishment of Bank’s ATMs located at Howrah,
Gorakhpur, Vijaywada, Lucknow, Ludhiana, and Ahmedabad for
more than 10 hours.
2. 5 instances Non-compliance with the RBI had levied a penalty of ` 60,000 on account of non-compliance 0.06
RBI guidelines on issuance with the RBI guidelines on issuance of soiled notes to General
of soiled notes to General Public and non-provision of the facility for the exchange of soiled
Public and non-provision of / mutilated bank notes by the Branches.
the facility for the exchange
of soiled / mutilated bank
notes by the branches
3. 2 instances Irregularities observed in the RBI had levied a total penalty of ` 9,400 (2 instances) on account of **
soiled note remittance from the irregularities observed in the soiled note remittance received
currency chest from YES Bank Delhi Currency Chest.
** Represent ` 9,400.
17.5.44 Fees/ Remuneration received from bancassurance

Bank has earned ` 6,917.51 million from bancassurance business during the year ended March 31, 2024 (previous
year: ` 2,577.88 million). The following table sets forth, for the periods indicated, the break-up of income derived from
bancassurance business:
(` in million)
March 31, 2024 March 31, 2023
Income from selling life insurance policies 4,658.95 1,992.56
Income from selling non-life insurance policies 2,258.56 585.32
TOTAL 6,917.51 2,577.88
17.5.45 Overseas Assets, NPAs and Revenue

The below table shows total assets, NPAs and revenue for the overseas branch (IBU) of the Bank.
(` in million)
March 31, 2024 March 31, 2023
Total assets 149,686.45 171,384.35
Total NPAs 2,972.55 11,611.57
Total revenue 6,224.01 6,211.52
17.5.46 Repatriation of profits

The Bank has not repatriated any profit from overseas branch during the FY 2023-24 and FY 2022-23.
431
17.5.47 Sponsored SPVs

The Bank has not sponsored any SPV during the FY 2023-24 and FY 2022-23 and hence there is no consolidation due to
SPVs in Bank’s books.
17.5.48 Credit default swaps

The Bank has not transacted in credit default swaps during the year ended March 31, 2024 (Previous year: ‘Nil’).
17.5.49 Credit / Debit card reward points

Provision for credit card and debit card reward points for the year ended March 31, 2024 and March 31, 2023
(` in million)
March 31, 2024 March 31, 2023
Opening provision 643.67 529.45
Provision made during the year 444.68 464.65
Utilised/Write-back of provision (435.18) (350.43)
Closing provision 653.17 643.67
The valuation of credit card and debit card reward points is based on actuarial valuation obtained from an
independent actuary.
17.5.50 Corporate Social Responsibility

The details of Corporate Social Responsibility (CSR) activities carried out in line with the CSR Policy of the Bank
are given below:
(` in million)
March 31, 2024 March 31, 2023
(a) Gross amount required to be spent by the Bank Nil Nil
(b) Amount approved by the Board to be spent 100.00 Nil
(c) Amount spent during the year on:
(i) Construction / acquisition of any asset Nil Nil
(ii) On purposes other than (i) above 100.00 Nil
(d) Amount recognised as expense in the Profit and Loss account on CSR related Nil Nil
activities
(e) Where a provision is made with respect to a liability incurred by entering into a Nil Nil
contractual obligation, the movements in the provision
(f) Details of related party transactions in relation to CSR expenditure as per AS 18:
Of the amount spent as per (c) above, contribution made to YES Foundation for 100.00 Nil
CSR activities
(g) (i) Movement in amount remained unspent:
Opening balance Nil Nil
Add: Amount required to be spent during the year Nil Nil
Less: Amount spent during the year Nil Nil
Less: Amount deposited in Specified Fund of Sch. VII within 6 months Nil Nil
Closing balance Nil Nil
(ii) Movement in amount spent in excess of the requirements:
Amount available for set off from preceding year Nil Nil
Less: Amount spent during the year 100.00 Nil
Amount available for set off carried forward to the next year 100.00 Nil


17.5.51 Staff retirement benefits

The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the Bank’s financial
statements as of March 31, 2024 and March 31, 2023 which is as per AS-15 Employee Benefits (Revised):
a) Changes in present value of Obligations:

(` in million)
March 31, 2024 March 31, 2023
Present Value of Obligation at the beginning of the year 1,565.88 1,676.14
Interest Cost 112.98 97.99
Current Service Cost 260.67 308.60
Past Service Cost - -
Benefits Paid (244.22) (225.84)
Actuarial (gain)/loss on Obligation 49.38 (291.01)
Present Value of Obligation at the end of the year 1,744.69 1,565.88
b) Changes in the fair value of plan assets:

(` in million)
March 31, 2024 March 31, 2023
Fair value of plan assets at the beginning of the year 1,439.20 1,314.80
Adjustment to Opening Balance 0.00 0.00
Expected return on plan assets 103.84 76.86
Contributions - 300.33
Benefits paid (244.22) (225.84)
Actuarial gain/(loss) on plan assets 19.17 (26.95)
Fair value of plan assets at the end of the period 1,318.00 1,439.20
The Bank has entire contribution of Gratuity Fund as Investments with Insurance Companies which are invested
primarily in debt instruments as approved by IRDA.
Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of
the Fund during the estimated term of the obligations.
Net gratuity cost for the year ended March 31, 2024 and March 31, 2023 comprises the following components:
(` in million)
March 31, 2024 March 31, 2023
Expected Return on plan assets (103.84) (76.86)
Net Actuarial gain recognised in the year 30.21 (264.06)
Expenses recognised 300.02 65.66
433
Experience History:
(` in million)
Particulars For the year ended
March 31, 2024 March 31, 2023 March 31, 2022 March 31, 2021 March 31, 2020
(Gain)/Loss on obligation due to 6.50 (350.47) (26.74) - (249.13)
change in assumption
Experience (Gain)/Loss on 42.88 59.46 (126.45) (137.06) 47.68
obligation
Actuarial Gain/(Loss) on plan 19.17 (26.95) 34.28 30.21 (26.95)
assets
The assumptions used in accounting for the gratuity plan are set out below:
March 31, 2024 March 31, 2023
Discount Rate 7.10% 7.20%
Expected Return on Plan Assets 7.10% 7.20%
Mortality 100% of IALM 2012-14 100% of IALM 2012-14
Future Salary Increases 9.00% 9.00%
Disability
Attrition 26% - 41% 26% - 41%
Retirement 60 Years 60 Years
Actuarial assumption on salary increase also takes into consideration the inflation, seniority, promotion and other
relevant factors.
Position of plan asset / liability

(` in million)
March 31, 2024 March 31, 2023
Plan asset / (liability) (426.7) (126.68)
s the contribution expected to be paid to the plan during the annual period beginning after the balance sheet date
A
is based on various internal/external factors, a best estimate of the contribution is not determinable.
The above information is as certified by the actuary and relied upon by the auditors.
National Pension Scheme (NPS)

The Bank has contributed ` 83.41 million for the year ended March 31, 2024 (Previous year: ` 53.47 million) to NPS
for employees who had opted for the scheme. The Bank has no liability for future fund benefits other than its annual
contribution for the employees who agree to contribute to the scheme.
Provident Fund (PF)

The Bank has recognised in the profit and loss account ` 1,323.45 million for the year ended March 31, 2024
(March 31, 2023: ` 1,187.74 million) towards contribution to the provident fund.
The Bank has recognised ` 94.02 million in the profit and loss account for the year ended March 31, 2024
(March 31, 2023: ` 47.31 million) towards compensated absences.


17.5.52 Segment Reporting

Pursuant to the guidelines issued by RBI on AS-17 (Segment Reporting) - Enhancement of Disclosures dated April 18,
2007, effective from period ending March 31, 2008, the following business segments have been reported.
Treasury: Includes investments, all financial markets activities undertaken on behalf of the Bank’s customers,
proprietary trading, maintenance of reserve requirements and resource mobilization from other banks and
financial institutions.
Corporate / Wholesale Banking: Includes lending, deposit taking and other services offered to corporate customers.
Retail Banking: Includes lending, deposit taking and other services offered to retail customers. RBI in its Circular

DOR.AUT.REC.12/22.01.001/2022-23 dated April 7, 2022, for the purpose of disclosure under Accounting Standard
17, Segment Reporting, has identified ‘Digital Banking’ as a sub-segment under Retail Banking. The Bank has
presented segment results pertaining to the said DBU of the Bank in sub-segment ‘Digital Banking’ of Retail banking
segment for the year ended March 31, 2024 with Comparative presentation of segmental results of sub-segment
‘Digital Banking’ for the year ended March 31, 2023.
Other Banking Operations: Includes para banking activities like third party product distribution, merchant

banking etc.
Segmental results for the year ended March 31, 2024 are set out below:
(` in million)
Business Segments Treasury Corporate / Retail Banking #
Other Banking Total
Wholesale Operations
Banking
Segment Revenue 75,523.94 101,709.47 141,532.91 9,524.59 328,290.91
Add/(Less): Inter-segment (1,288.54)
Revenue net of inter- segment 327,002.37
Result 13,628.35 13,779.93 (9,725.75) 5,845.43 23,527.95
Unallocated Expenses (8,528.17)
Operating Profit 14,999.78
Income Taxes 2,488.99
Extra-ordinary Profit/(Loss) -
Net Profit 12,510.80
Other Information:
Segment assets 1,601,570.71 1,072,732.32 1,264,924.91 3,099.96 3,942,327.90
Unallocated assets 112,602.00
Total assets 4,054,929.90
Segment liabilities 875,104.87 1,198,220.69 1,553,644.50 838.59 3,627,808.65
Unallocated liabilities 427,121.23
Total liabilities 4,054,929.90
ther banking operations includes income from bancassurance business ` 6,917.51 million during year ended
O
March 31, 2024.
# Segmental results of sub-segment 'Digital Banking' of Retail banking segment above.
(` in million)
Digital Banking For the year ended
(a sub-segment of Retail banking segment) March 31, 2024
Segment Revenue 2.44
Result (4.74)
Segment assets 14.60
Segment liabilities 24.08
435
(` in million)
Business Segments Treasury Corporate / Retail Banking# Other Banking Total
Wholesale Operations
Banking
Segment Revenue 51,238.30 98,217.29 112,760.56 4,703.58 266,919.73
Less: Inter-segment (678.93)
Result (29,492.81) 34,889.77 18,111.35 1,673.35 25,181.65
Net Profit 7,174.09
Other Information:
Segment assets 1,381,993.23 951,529.95 1,103,801.47 830.44 3,438,155.09
Segment liabilities 863,633.21 1,120,013.59 1,150,552.53 559.49 3,134,758.82
Other banking operations includes income from bancassurance business ` 2,577.88 million during year ended
March 31, 2023.
# Segmental results of sub-segment 'Digital Banking' of Retail banking segment above.

(` in million)
Digital Banking For the year ended
(a sub-segment of Retail banking segment) March 31, 2024
Result (1.63)
Segment assets 4.71
Notes for segment reporting:

1. The business of the Bank is concentrated largely in India. Accordingly, geographical segment results have not been
reported in accordance with AS-17 (Segment Reporting).
2. In computing the above information, certain estimates and assumptions have been made by the Management and
have been relied upon by the auditors.
3. Income, expense, assets and liabilities have been either specifically identified with individual segment or allocated to
segments on a systematic basis or classified as unallocated.
4. The unallocated assets Includes tax paid in advance/tax deducted at source and deferred tax asset.
5. The unallocated liabilities include Share Capital and Reserves & Surplus.
6. Inter-segment transactions have been generally based on transfer pricing measures as determined by
the Management.


17.5.53 Deferred Tax Asset

The deferred tax asset of ` 85,630.92 million as at March 31, 2024 and ` 89,411.54 million as at March 31, 2023, is
included under other assets.
The components that give rise to the deferred tax asset included in the balance sheet are as follows:
(` in million)
March 31, 2024 March 31, 2023
Depreciation 218.10 363.15
Provision for gratuity and unutilized leave 406.32 307.15
Provision for Non-Performing Assets 7,094.56 7,576.97
Amortization of premium on HTM securities 19.71 77.17
Business Loss 60,701.36 63,628.05
Unabsorbed Depreciation 1,988.55 2,284.44
Provision for standard advances 4,164.13 4,418.70
Other Provisions 11,038.18 10,755.90
Total 85,630.92 89,411.54
During the year ended March 31, 2024, the Bank has reported net profit of ` 12,510.80 million. The Bank continues to
carry the aforesaid deferred tax asset in its Balance Sheet in terms of Accounting Standard 22 (Accounting for Taxes on
Income). The realizability of the deferred tax assets has been assessed by the management of the Bank. The Bank has
opted to exercise the option permitted under section 115BAA of the Income-tax Act, 1961. Accordingly, the Bank has
recognised Provision for Income Tax basis the rate prescribed in the aforesaid section.
17.5.54 Related Party Disclosures

The Bank has transactions with its related parties comprising of subsidiary, enterprise over which the Bank has control by
way of controlling the composition their governing body, key management personnel, the relatives of key management
personnel and investing company.
As per AS 18 “Related Party Disclosures”, notified under section 133 of the Companies Act 2013, read together with
paragraph 7 of the Companies (Accounts) Rules 2014, the Bank’s related parties for the period ended March 31, 2024
are disclosed below:
Subsidiary
YES Securities (India) Limited
Enterprise over which the Bank has control by way of controlling the composition of their corresponding
governing body
YES Foundation
Individuals having significant influence & Key Management Personnel (‘KMP’) (Whole time Directors) and their
relatives (to the extent transactions made):
Mr. Prashant Kumar, Managing Director & CEO
Relatives - Neelam Agarwal, Leelawati Agarwal
Mr. Rajan Pental, Executive Director

Relatives - Anju Pental, Aryan Pental, Shreya Pental, Jyoti Walia, Sangeeta Rajpal
437
Investing Company
State Bank of India Limited (SBI).
As per Accounting Standard 18 - Related Party Disclosure, SBI is an investing company for YES Bank Limited and
YES Bank Limited is an associate of SBI
The following represents the significant transactions between the Bank and such related parties including relatives of
above mentioned KMP during the year ended March 31, 2024:
(` in million)
Items / Related Party Investing Maximum Subsidiary Maximum Enterprise over Maximum KMP / Maximum Relatives Maximum
Category party Balance Balance which the Bank Balance Whole Balance of KMP Balance
during the during the has control during the time during the / Whole during the
year year by way of year directors / year time year
controlling the Individual directors /
composition having Individual
of their significant having
corresponding influence significant
governing body influence
Borrowings # # - - - - - - - -
Deposits^ # # # # # # 3.33* 20.95@ 0.54* 0.89@
Placement of Deposits - - - - - - - - - -
Advances (Overdraft) # # # # - - 0.00* 0.00 0.07* 0.19@
Investment - - # # - - - - - -
Non-Funded # # # # - - - - - -
Commitments
Interest received # - # - - - - - 0.01 -
Interest paid # - # - # - 0.34 - 0.03 -
Reimbursement of Cost # - # - - - - - - -
incurred
Receiving of services - - - - - - - - - -
Payables - - - - - - - - - -
Receivables - - # # - - - - - -
Sale of Fixed Assets - - - - - - - - - -
Purchase of Fixed Assets - - #** - - - - - - -
Leasing/HP - - - - - - - - - -
arrangements availed
Leasing/HP - - - - - - - - - -
arrangements provided
Remuneration paid - - - - - - 78.87 - - -
Donation / Contributions - - - - # - - - - -
made
# Secrecy provision: As per RBI Circular RBI/DOR/2021-22/83 DOR.ACC.REC No.45/21.04.2018/2021-22 dated August 30,2021 (as
updated from time to time), where there is only one entity in any category of related party, banks need not disclose any details pertaining
to that related party other than the relationship with that related party. Therefore, only the nature of relationship is disclosed, and
summarized counterparty details are provided for website publication. In order to maintain secrecy of transactions pertaining to the
individual parties.
^ In accordance with the proviso to Regulation 2(1) (zc) of SEBI LODR acceptance of fixed deposits from related parties (on uniformly
applicable terms) has been exempted and acceptance of fixed deposits will not be regarded as a related party transaction.
* Represents balance as on March 31, 2024
@Represents the maximum month end balance maintained upto year ended March 31, 2024.
** Pursuant to the approval in the Board Meeting held on January 27, 2024, the Bank entered into a business transfer agreement to
transfer Investment Banking and Merchant Banking Business from its wholly owned subsidiary company YES Securities (India) Limited to
the Bank. Please refer point number 17.5.77 for detailed discussion.
1. Values of the related party transactions during the reporting period and their balances containing amounts below ` 50,000 are
denoted as ‘0.00’.
2. The Bank has outstanding letter of Comforts issued in favour of Yes Securities (India) Limited amounting to ` 2,600.00 million.


(` in million)
Items / Related Investing Maximum Subsidiaries Maximum Whole time Maximum Relatives Maximum Enterprise
Party Category party Balance Balance directors / Balance of whole Balance where
during the during the individual during the time during the relative of
year year having year directors / year whole time
significant individual director
influence having having
significant significant
influence influence
Deposits # # # # 52.49* 52.49@ 5.69* 5.77@ -
Advances (Overdraft) # # # # 0.00 0.00 0.19* 0.25 -
Investment # # # # - - - - -
Interest received # # # # 0.00 - 0.00 - -
Interest paid # # # # 2.17 - 0.06 - -
Reimbursement of # # # # - - - - -
Cost incurred
Receiving of services # # # # - - - - -
Payable # # # # - - - - -
Receivable # # # # - - - - -
Sale of Assets # # # # - - - - -
Funded/Non Funded # # # # - - - - -
Exposure
Remuneration paid # # # # 19.79 ^ - - - -
1 As per Accounting Standard 18 - Related Party Disclosure, State Bank of India Limited (SBI) is an investing company for YES Bank Limited
and YES BANK is associate of SBI
# Secrecy provision: As per RBI Circular RBI/DOR/2021-22/83 DOR.ACC.REC No.45/21.04.2018/2021-22 dated August 30,2021 (as
updated from time to time), where there is only one entity in any category of related party, banks need not disclose any details pertaining
to that related party other than the relationship with that related party. Therefore, only the nature of relationship is disclosed, and
summarized counterparty details are provided for website publication. In order to maintain secrecy of transactions pertaining to the
individual parties.
*Represents balance as on March 31, 2023
@Represents the maximum month end balance maintained during the FY 2022-23.
^ Remuneration includes remuneration of Managing Director & CEO for the period April 1, 2022 to March 31, 2023 and remuneration of
Executive Director for the period February 2, 2023 to March 31, 2023.
Values of the related party transactions during the reporting period and their balances containing amounts below ` 10,000
are denoted as ‘0.00’.
During the year ended March 31, 2023, the Bank has contributed ‘Nil’ to YES Foundation. YES Foundation is public
charitable trust which undertakes social charitable activities.
439
17.5.55 Operating Leases

Lease payments recognised in the profit and loss account for the year ended March 31, 2024 was ` 4,300.20 million
(Previous year: ` 3,693.83 million). During the year ended March 31, 2024, the Bank paid minimum lease payment
` 4,051.11 million (Previous year: ` 3,394.50 million).
The following table sets forth, for the period indicated, the details of future rentals payment on operating leases:
(` in million)
Lease obligations As at As at
March 31, 2024 March 31, 2023
Not later than one year 3,906.18 3,409.51
Later than one year and not later than five years 13,425.45 11,888.69
Later than five years 13,568.32 12,665.99
Total 30,899.95 27,964.19
The Bank does not have any provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
There are no undue restrictions or onerous clauses in the agreements.
17.5.56 ESOS disclosures

Effective September 10, 2020 nomenclature of YBL Employee Stock Option Scheme, 2018 (‘YBL ESOS – 2018’) changed
to YBL Employee Stock Option Scheme, 2020 (YBL ESOS 2020) and all the plans under the said scheme continue to be
valid which is consisting of YBL Joining Employee Stock Option Plan, 2018 (JESOP 2018), YBL Performance Employee
Stock Option Plan, 2018 (PESOP 2018), YBL Performance Employee Stock Option Plan, 2020 (PESOP 2020) and YBL
MD & CEO Stock Option Plan, 2020 (MD & CEO Plan 2020). All new options have been granted under the YBL ESOS 2020
(which inter-alia consist of JESOP 2018, PESOP 2018, PESOP 2020 and MD & CEO Plan 2020). YBL ESOS 2020 and plans
formulated thereunder are in compliance with the SEBI (Share Based Employees Benefits and Sweat Equity) Regulations,
2021 as amended from time to time. Source of shares are primary in nature, since the Bank has been issuing new equity
shares upon exercise of options.
Grants under JESOP V and PESOP II -2010 (‘the old plans’) had been discontinued w.e.f. June 12, 2018 pursuant to
coming into effect of YBL ESOS 2018. However, options already granted and exercisable under the old plans are valid in
accordance with the terms & conditions mentioned therein.
Options under all the above-mentioned plans are granted for a term of 10 years (inclusive of the vesting period as
mentioned below) and are settled with equity shares to the beneficiary upon exercise:
JESOP / PESOP ESOP Scheme Vesting period

JESOP JESOP V and JESOP 2018 50% after 3 years and balance after 5 years from the grant date
PESOP PESOP II – 2010 and PESOP 2018 30%, 30% & 40% each year, from end of 3rd year from the grant date
PESOP 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date
MD & CEO Plan MD & CEO plan 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date


Summary of movement of options granted under the Bank’s stock option plans is set out below:
As of March 31, 2024:
Number of Option Weighted average exercise price

PESOP JESOP PESOP JESOP
Outstanding at the beginning of the year 215,329,609 7,595,897 25.08 134.90
Granted during the year 131,126,099 2,350,000 16.14 19.05
Exercised during the year 13,106,772 - 13.12 -
Forfeited / lapsed during the year 51,717,126 1,695,850 22.53 120.67
Outstanding at the end of the year 281,631,810 8,250,047 21.94 104.83
Exercisable at the end of the year 64,266,236 4,160,047 19.33 140.93

Granted during the year 132,190,469 980,000 13.59 14.60
The options were exercised on a regular basis throughout the period. Weighted average share price of the Bank’s
publicly traded equity shares as per BSE Ltd price volume data during the year ended March 31, 2024 was ` 19.3 per
share (Previous year: ` 15.97 per share)
Range of exercise price wise summary of options outstanding at March 31, 2024:
Range of exercise price Number of options outstanding Weighted average remaining

contractual life (in years)
Less than ` 25 271,427,230 3,800,000 8.09 4.14
` 25 to ` 100 - 577,900 - 0.37
` 100 to ` 250 4,385,330 3,059,647 0.02 0.67
` 250 to ` 400 5,819,250 812,500 0.09 0.32

Less than ` 25 202,153,656 2,037,500 8.30 2.27
` 25 to ` 100 1,449,350 888,500 0.00 0.50
` 100 to ` 250 4,823,330 3,607,397 0.05 1.40
` 250 to ` 400 6,903,273 1,062,500 0.17 0.62
441
The Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked
instruments granted beginning from April 01, 2021. The Bank has adopted the fair value method based on Black- Scholes
Pricing Model, for pricing and accounting of options. The fair value of the stock-based compensation is estimated on the
grant date and is recognised under employee cost over the vesting period. As a result, ‘Employees cost’ for the year ended
March 31, 2024 is ` 312.56 million (Previous year: ` 216.26 million). The weighted average fair value of options granted
during the year ended March 31, 2024 was ` 4.07 per option (Previous year: ` 3.73 per option).
If the Bank had adopted the Fair Value for all the options granted till March 31, 2021, the net profit after tax would have
been lower by ` 220.82 million (Previous year: lower by ` 229.19 million). The basic earnings per share would have been
` 0.43 per share (Previous year: ` 0.27 per share) instead of ` 0.44 per share (Previous year: ` 0.27 per share) and diluted
earnings per share would have been ` 0.42 per share (Previous year: ` 0.26 per share) per share instead of ` 0.43 per
share (Previous year: ` 0.27 per share) due to the impact of the aforesaid mentioned difference between the Intrinsic
Value of the Options and the Fair Value of the Options.
The following inputs and assumptions have been used for computation of the fair value based on method of Black-
Scholes Pricing Model for the options granted during the year:
Inputs For the year ended For the year ended

March 31, 2024 March 31, 2023
Risk free interest rate 7.04%-7.42% 6.53%-7.57%
Expected life 1.5 yrs-7.5 yrs 1.5 yrs-7.5 yrs
Expected volatility 24.61%-47.07% 24.18%-49.38%
Expected dividend yield 1.10% 1.10%
Risk free interest rates over the expected life of the option are based on yield of the government securities in effect at
the time of the grant. The expected life of an option is estimated based on the vesting period plus expected exercise
period after vesting based on exercise behaviour of the employees who receive the option. Expected exercise behaviour
is estimated based on the historical stock option exercise pattern of the Bank. Expected volatility during the estimated
expected life of the option is based on historical volatility determined based on observed market prices of the Bank’s
publicly traded equity shares. Expected dividend yield during the estimated expected life of the option are based on
industry average.
Other Disclosures
17.5.57 Disclosure on Remuneration
(a) Composition of the Nomination and Remuneration Committee (N&RC) of the Bank as on March 31, 2024 is
as follows:
Ms. Nandita Gurjar Independent Director (Chairperson)

Mr. Atul Malik Independent Director
Ms. Rekha Murthy Independent Director
Mr. Rama Subramaniam Gandhi Independent Director (Part-time Chairperson of the Board)
Mr. Sandeep Tewari Nominee Director (of SBI)
Ms. Shweta Jalan Non-Executive Non-Independent Director


The roles and responsibilities of the N&RC are as under-
1) To review the current Board composition, its governance framework and determine future requirements and making
recommendations to the Board for approval;
2) To examine the qualification, knowledge, skill sets and experience of each director vis-a- vis the Bank’s requirements
and their effectiveness to the Board on a yearly basis and accordingly recommend to the Board for the induction
of new Directors;
3) To scrutinize nominations for Directors with reference to their qualifications and experience and making
recommendations to the Board for appointment/filling of vacancies;
4) To identify persons who are qualified to become directors and who may be appointed in senior management in
accordance with the criteria laid down, recommend to the Board their appointment and removal;
5) To formulate performance evaluation framework of Individual Directors (including Chairperson, Managing Director
& CEO, Executive Directors, Independent Directors, Non-Independent Directors), Board as a whole and Board
level Committees;
6) To review the implementation of performance evaluation framework and its compliance;
7) To evaluate whether to extend or continue the term of appointment of the independent director on the basis of
report of performance evaluation of independent directors;
8) To validate ‘fit and proper’ status of all Directors on the Board of the Bank in terms of the Guidelines issued by the
RBI or other regulatory authorities;
9) To develop and recommend to the Board Corporate Governance guidelines applicable to the Bank for incorporating
best practices;
10) To implement policies and processes relating to Corporate Governance principles;
11) To formulate the criteria for determining qualifications, positive attributes and independence of a director;
12) To evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation,
prepare a description of the role and capabilities required of an independent director. The person recommended
to the Board for appointment as an independent director shall have the capabilities identified in such description.
For the purpose of identifying suitable candidates, the Committee may:
(a) use the services of an external agencies, if required;
(b) consider candidates from a wide range of backgrounds, having due regard to diversity; and
(c) consider the time commitments of the candidates.
13) To devise a Policy on Board diversity;
14) To recommend to the Board a policy relating to, the remuneration for the directors, key managerial personnel and
other employees including performance/achievement bonus, perquisites, retirals, sitting fee, etc.;
15) To review the Bank’s overall compensation structure and related polices with a view to attract, motivate and retain
employees and review compensation levels vis-à-vis other banks and the industry in general;
16) To ensure the following while formulating the policy on the below matters:
443
(a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors,
key managerial personnel and senior management of the quality required to run the Company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks;
(c) remuneration to Whole time directors, key managerial personnel and senior management involves a balance
between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the
working of the Company and its goals.
17) To recommend to the Board all remuneration, in whatever form, payable to senior management.
18) To formulate detailed terms and conditions of the Employee Stock Option Schemes and to adopt, administer,
enforce, modify and supervise the same;
19) To function as the Compensation Committee as prescribed under the SEBI (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021 and to consider grant of stock options to employees and allot shares pursuant to
exercise of Stock Options by employees;
20) To review the Human Capital Capacity Planning on annual basis;
21) To review the Succession Planning;
22) To review the HCM Policies and provide suitable guidance for additions/ modification/ deletions, if any;
23) To approve the appointment of Chief Human Resources Officer;
24) To approve the appointment of Chief Financial Officer and Company Secretary;
25) To approve the hiring requisition for any new position as MD & CEO Direct Reports;
26) To perform any other functions or duties as stipulated by the Companies Act, Reserve Bank of India, Securities and
Exchange Board of India, Stock Exchanges and any other regulatory authority or under any applicable laws as may
be prescribed from time to time.
(b) Information relating to the design and structure of remuneration processes and the key features and
objectives of remuneration policy.
The design and structure of remuneration process for MD & CEO/ WTDs/ MRTs is in line with the guidelines stated
in the RBI circular dated 04 November 2019 (Ref. RBI/2019-20/89, DOR.APPT. BC. No. 23/29.67.001/2019-20).
The remuneration for MD & CEO/ WTDs/ MRTs is adjusted for all types of risk, symmetrical with risk outcomes as well
as sensitive to the time horizon of risk. Further, the compensation in all forms is consistent with the risk alignment
taking into account the adherence to statutory requirements and industry practices.
The Compensation components comprise the following:
i. Fixed Pay and perquisites: Fixed Compensation includes components as Basic Salary, Supplementary
Allowance, Superannuation/ retirals and the perquisites including monetary value of reimbursements which have a
monetary ceiling.
ii. Variable Pay: The Variable Pay for MD & CEO/ WTDs/ MRTs comprises Performance Bonus and Share Linked
Instruments. The proportion of Variable pay to the remuneration, the composition of variable pay between
Performance Bonus and Share Linked Instruments, and the deferral arrangements for payment are in line with the
RBI Guidelines.


An overview of the key features and objectives of remuneration policy –

The Bank’s Human Capital philosophy focuses on acquiring top quality Human Capital and empowering them to push
their boundaries beyond their comfort zones, inculcating the right mind-set based on a deep sense of organisational
commitment and ownership. This promotes a deepening of the mind share of stakeholders through superior outcomes
which in turn enhances the market share and drives sustainable growth.
In line with the above, the “Total Rewards Policy” of the Bank has the following objectives:
Attracting and retaining top class talent
Creating and reinforcing a strong meritocracy-based performance culture
Reinforcing employee behaviours aligned with organisational values, which include adherence to the best Governance
practices, prudent risk taking and delivering superior outcomes to stakeholders
(c) Description of the ways in which current and future risks are taken into account in the remuneration
processes. It should include the nature and type of the key measures used to take account of these risks.
Our current remuneration process/ Policy considers the current and future risks in the following steps:
1. Defined Performance measures of each employee in accordance with overall target of their operating units, which is
determined basis the stated risk appetite of the Bank and reflects the applicable Risk profile and tolerance.
2. Defined Key Performance Indicators (KPI) which comprise factors such as Risk Management, Superior & Consistent
customer service, Cost Management, Strengthening Systems, Controls & Processes and Human Capital Development.
Thus, the performance assessment is an outcome of measuring the performance holistically.
3. A significant portion of remuneration for Senior Executives of the Bank is the Variable Pay and it is dependent on the
performance of Bank, Business Unit and the Individual. The Bank’s Variable Pay Programme rewards employees on
both short-term and long-term basis. There is a direct correlation between the quantum of Variable Pay payout and
level of risk exposure and level and role of an employee in the organisation.
4. To assess and incorporate the future risk, deferral arrangements have been incorporated for the payout of Variable
Pay, where a certain proportion of Variable Pay (Cash and Non-Cash) is deferred over a period of time for the
Senior Executives of the Bank. The Bank assesses through the Business Unit Head/ Risk/ Compliance/ Audit/ Finance
function for any adverse outcomes in the case of organisational or business unit or individual level prior to the
payment of the deferred portion.
In the event of a negative contribution or adverse outcomes, deferred compensation is subject to appropriate malus/
claw-back arrangements as decided by the Board Remuneration Committee.
(d) Description of the ways in which the Bank seeks to link performance during a performance measurement
period with levels of remuneration.
The Bank’s performance management process and compensation philosophies are structured to support the
achievement of the Bank’s Key Strategic Objectives (KSO) such as Governance Compliance, Liability Generation, Cost
Management, Customer Service, Strengthening Systems, Controls & Processes and Human Capital Development.
The Bank has a comprehensive process towards defining measurable Key Performance Indicators (KPIs) for MD &
CEO/ WTDs/ MRTs, which are set against the financial and non-financial KSOs of the Bank, and the goals framed for
the performance year have a linkage with these KSOs. The targets for these are determined at the Bank, Business Unit
and Individual level. Achievement of targets is assessed during the Annual Performance Review and the performance
assessment outcomes have an impact on the remuneration.
445
(e) A discussion of the Bank’s policy on deferral and vesting of variable remuneration and a discussion of the
Bank’s policy and criteria for adjusting deferred remuneration before vesting and after vesting.
The variable remuneration (cash and non-cash), above certain threshold, for the Senior Executives of the Bank
is subject to a deferral arrangement as per the RBI guidelines. An assessment of individual/ Business Unit/ Bank
performance as well as identification of cases with negative or adverse outcomes is done prior to payout of the
deferred component. The payment of the same is subject to malus and claw-back clauses defined in the Bank’s Total
Rewards Policy.
(f) Description of the different forms of variable remuneration (i.e., cash and types of share-linked instruments)
that the Bank utilizes and the rationale for using these different forms.
In line with the guidelines in the RBI circular, Variable Remuneration for MD & CEO/ WTDs/ MRTs at YES BANK
comprise Performance Bonus Plan and Share Linked Instruments as prescribed in the guidelines.
For Senior management employees, the variable remuneration includes Performance Bonus and Share
Linked Instruments.
For the rest of employees at Bank, the variable remuneration includes, Performance Bonus or Sales Incentives.
Additionally, remuneration of select employees in Middle management also includes Share Linked Instruments.
(g) There were 3 meetings of the N&RC held during the year ended March 31, 2024 (Previous year: 11 meetings).
The Bank had paid a remuneration of ` 1.00 million to the members of the N&RC for attending the meetings
of the N&RC (Previous year: ` 2.45 million).
he quantitative disclosures covers only Whole Time Directors/ Chief Executive Officer/ Material Risk Takers as per
T
Appendix 3 of RBI circular dated 04 November 2019 (Ref. RBI/2019-20/89, DOR.APPT. BC. No. 23/29.67.001/2019-20).
(` in million except No. of employees)
No of For the year No of For the year
employees ended March employees ended March
31, 2024 31, 2023
h. (i) Number of employees having received a variable 15 - 14 -
remuneration award during the financial year.
(ii) Number and total amount of sign-on awards made - - - -
during the financial year.
(iii) Details of severance pay, in addition to accrued - - - -
benefits, if any.
i. (i) Total amount of outstanding deferred remuneration, 12 276.08 14 252.00
split into cash, shares and share-linked instruments
and other forms
(ii) Total amount of deferred remuneration paid out in the 14 72.19 13 87.00
financial year.
j. Breakdown of amount of remuneration awards for the
financial year to show fixed and variable, deferred and
non-deferred
Total remuneration award 17* 496.69 17 * 489.17
Of which Fixed Component 17 295.98 17 267.66
Of which Variable Component 15 200.71 14 221.51
Deferred 14 147.61 14 166.13
Non-deferred 15 53.10 14 55.38


(` in million except No. of employees)

No of For the year No of For the year
employees ended March employees ended March
31, 2024 31, 2023
k. (i) Total amount of outstanding deferred remuneration 12 276.08 14 252.00
and retained remuneration exposed to ex post explicit
and / or implicit adjustments.
(ii) Total amount of reductions during the financial year - - - -
due to ex- post explicit adjustments.
(iii) Total amount of reductions during the financial year - - - -
due to ex- post implicit adjustments.
l. Number of Material Key Risk Takers identified 12 - 15 -
m. (i) Number of cases where malus has been exercised. - - - -
(ii) Number of cases where clawback has been exercised. - - - -
(iii) Number of cases where both malus and clawback have - - - -
been exercised.
n. The mean pay for the Bank as a whole (excluding sub- Mean Pay - - Mean Pay
staff) and the deviation of the pay of each of its WTDs for the for the
from the mean pay. Bank – 1.30# Bank – 1.24#
Deviation of Deviation of
Pay of WTDs Pay of WTDs
from mean from mean
pay for the pay for the
Bank – MD & Bank – MD &
CEO - 29:1 CEO - 28:1
ED - 32:1 ED^ – 5:1
Note:
1. Compensation for MD & CEO and ED is as approved by the RBI and paid by the Bank to the MD & CEO and ED. Compensation for
other material risk takers is as approved by the Bank.
2. For the Financial Year ended March 31, 2024, 26,121,699 ESOPs were issued to 12 material risk takers, ED and MD & CEO (previous
year: 30,343,942 ESOPs to 13 material risk takers and MD & CEO ).
# This computation is based on Annual Fixed Pay and Bonus Paid.
* Payout to material risk takers who have exited during FY24 has been included
^Executive Director was appointed from February 2, 2023 and his compensation for period February 2, 2023 to March 31, 2023 has
been considered
17.5.58 Movement in Floating Provisions

The Bank has not created or utilized any floating provisions during the year ended March 31, 2024 (Previous year: Nil).
17.5.59 Drawdown from Reserves:

During the year ended March 31, 2024, the Bank has not drawn down any reserve. (Previous year: Nil).
447
17.5.60 Liquidity Coverage Ratio (LCR)
448
The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2023-24.
Quantitative Disclosure:
(` in million)
Particulars Quarter ended Quarter ended Quarter ended Quarter ended
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value
High Quality Liquid Assets
1 Total High Quality Liquid Assets (HQLA) 644,541.68 598,656.78 642,406.02 589,541.70
Cash Outflows
2 Retail deposits and deposits from small 1,059,482.65 102,360.22 1,019,198.06 98,350.60 977,253.27 94,365.75 941,763.70 90,931.73
business customers, of which:
(i) Stable deposits 71,760.97 3,588.05 71,384.07 3,569.20 67,191.61 3,359.58 64,892.84 3,244.64
(ii) Less stable deposits 987,721.68 98,772.17 947,813.99 94,781.40 910,061.66 91,006.17 876,870.86 87,687.09
3 Unsecured wholesale funding, of which: 1,036,594.25 499,092.76 939,783.63 444,882.77 930,307.47 446,383.06 851,800.31 393,742.66
(i) Operational deposits (all counterparties) 115,274.37 28,818.59 110,910.07 27,727.52 91,388.28 22,847.07 90,190.87 22,547.72
(ii) Non-operational deposits (all 921,319.88 470,274.17 828,873.56 417,155.26 838,919.19 423,535.99 761,609.44 371,194.94
counterparties)

(iii) Unsecured debt - - - - - - - -
4 Secured wholesale funding 70,205.53 - 28,242.92 - 22,873.72 - 24,660.20 -
5 Additional requirements, of which 27,515.02 26,509.60 21,691.03 20,492.29 32,952.21 31,438.86 34,743.96 30,982.18
(i) Outflows related to derivative exposures 26,397.89 26,397.89 20,359.10 20,359.10 31,270.71 31,270.71 30,564.20 30,564.20
and other collateral requirements
(ii) Outflows related to loss of funding on debt - - - - - - - -
products
(iii) Credit and liquidity facilities 1,117.12 111.71 1,331.93 133.19 1,681.51 168.15 4,179.76 417.98
6 Other contractual funding obligations 62,295.09 62,295.09 61,211.31 61,211.31 89,115.76 89,115.76 61,486.81 61,486.81
7 Other contingent funding obligations 1,612,443.91 61,948.37 1,518,397.77 58,286.63 1,407,637.12 53,812.71 1,304,349.95 49,752.71
8 Total Cash Outflows 3,868,684.45 752,206.04 3,588,524.72 683,223.61 3,460,139.55 715,116.14 3,218,804.93 626,896.09
Cash Inflows - - - - - - -
9 Secured lending (e.g. reverse repos) 3,558.81 - 9,447.87 - 87,091.25 - 29,576.22 -

10 Inflows from fully performing exposures 250,527.77 145,266.31 232,148.07 134,427.43 207,093.38 121,796.35 192,337.94 113,411.46
11 Other cash inflows 55,861.98 55,861.98 48,693.04 48,693.04 66,645.61 66,645.61 54,477.72 54,477.72
12 Total Cash Inflows 309,948.58 201,128.28 290,288.98 183,120.47 360,830.24 188,441.96 276,391.88 167,889.18
13 TOTAL HQLA 644,541.68 598,656.78 642,406.02 589,541.70
14 Total Net Cash Outflows 551,077.76 500,103.14 526,674.18 459,006.91
15 Liquidity Coverage Ratio (%) 116.96% 119.71% 121.97% 128.44%
The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2022-23.
(` in million)
Particulars Quarter ended Quarter ended Quarter ended Quarter ended
March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022
Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value
Corporate Overview
High Quality Liquid Assets

1 Total High Quality Liquid Assets (HQLA) 557,546.55 549,861.58 564,469.98 544,477.36
Cash Outflows
2 Retail deposits and deposits from small 910,722.32 87,918.82 872,104.17 84,190.80 802,915.46 77,303.00 750,771.64 72,182.43
business customers, of which:
(i) Stable deposits 63,068.24 3,153.41 60,392.24 3,019.61 59,770.88 2,988.54 57,894.76 2,894.74
(ii) Less stable deposits 847,654.08 84,765.41 811,711.93 81,171.19 743,144.58 74,314.46 692,876.88 69,287.69
3 Unsecured wholesale funding, of which: 869,987.60 394,188.13 868,830.66 404,372.93 847,377.67 397,767.57 815,900.61 387,935.19
(i) Operational deposits (all counterparties) 112,092.62 28,023.15 101,851.85 25,462.96 97,469.82 24,367.45 96,977.21 24,244.30
(ii) Non-operational deposits (all 757,894.98 366,164.98 766,978.81 378,909.97 749,907.85 373,400.12 718,923.40 363,690.89
counterparties)
(iii) Unsecured debt - - - - - - - -
4 Secured wholesale funding 18,208.44 - 4,426.04 - 12,520.82 - 48,674.57 -
5 Additional requirements, of which 42,246.11 32,430.57 33,714.19 28,957.38 23,769.64 21,111.77 17,613.57 15,676.92
(i) Outflows related to derivative exposures 31,339.96 31,339.96 28,428.84 28,428.84 20,811.15 20,811.15 15,448.42 15,448.42
and other collateral requirements
(ii) Outflows related to loss of funding on debt - - - - - - - -
Our Performance
products
(iii) Credit and liquidity facilities 10,906.15 1,090.61 5,285.35 528.54 2,958.49 300.62 2,165.15 228.50
6 Other contractual funding obligations 79,223.85 79,223.85 73,460.77 73,460.77 71,498.43 71,498.43 41,527.96 41,527.96
7 Other contingent funding obligations 1,206,104.81 45,649.42 1,181,696.65 44,631.11 1,080,679.73 43,089.95 1,029,672.73 40,926.97
8 Total Cash Outflows 3,126,493.13 639,410.79 3,034,232.48 635,612.99 2,838,761.75 610,770.72 2,704,161.08 558,249.47
Cash Inflows
9 Secured lending (e.g. reverse repos) 30,022.06 - 66,328.85 - 135,115.29 - 208,681.11 -
10 Inflows from fully performing exposures 167,928.22 99,600.33 155,222.90 96,168.45 125,281.80 76,497.43 115,532.76 71,521.42
Statutory Reports
11 Other cash inflows 75,653.93 75,653.93 57,864.86 57,864.86 50,176.98 50,176.98 30,918.94 30,918.94
12 Total Cash Inflows 273,604.21 175,254.26 279,416.61 154,033.31 310,574.07 126,674.41 355,132.81 102,440.36
13 TOTAL HQLA 557,546.55 549,861.58 564,469.98 544,477.36

14 Total Net Cash Outflows 464,156.53 481,579.68 484,096.31 455,809.11
15 Liquidity Coverage Ratio (%) 120.12% 114.18% 116.60% 119.45%
For all the quarters in the current and previous year, the average weighted and unweighted amounts are calculated taking simple average of
449
Qualitative Disclosure:
Liquidity Coverage Ratio (LCR) is one of the key reforms adopted by RBI to develop a more resilient banking sector.
LCR indicates the Bank’s ability to meet proportion of the Bank’s liquidity needs under a 30 day stress period as assessed
based on regulatory guidelines with the High Quality Liquid Assets (HQLA) maintained by the Bank. As per the regulatory
guidelines, Banks are required to maintain minimum LCR at 100% i.e., maintain HQLA of a minimum 100% for Net Cash
Outflows as assessed based on the regulatory guidelines.
The Bank has implemented robust process to compute and report the LCR in line with regulatory guidelines and is
monitored at consolidated level. Further, the Bank also monitors its liquidity requirements in USD.
The Bank segregates its deposits into various customer segments, viz. Retail (which include deposits from individuals),
Small Business Customers (those with deposits up to ` 7.5 crore) and Wholesale Customers to determine the cash
outflows for LCR. Within Wholesale, deposits on account of Operational activity by the customers through clearing, custody,
and cash management services of the Bank are classified as Operational Deposits. Non-Operational Deposits from
wholesale customers are further segregated within Non-Financial Corporates and Others to compute the corresponding
Cash Outflow for LCR. The Bank also includes other contractual funding including a portion of other liabilities which are
expected to run down in a 30-day time frame in the cash outflows. These classifications, based on regulatory guidelines,
are part of the Bank’s LCR framework. Expected derivative cash outflows and inflows from outstanding contracts are
considered for computation of Net Cash Outflow. The Bank considers the other expected inflows in next 30 days as
prescribed in the regulatory guidelines to compute the Net Cash Outflows for LCR.
HQLA maintained by the Bank primarily comprises of cash reserves in excess of required CRR, Government Securities
i.e., Treasury Bills, dated securities issued by the Central & State Government along with eligible Corporate Bonds &
Commercial Papers that qualify as Level 2 HQLA. Further, securities forming part of HQLA maintained by the Bank is well
diversified across various marketable instruments, which shall provide the Bank adequate and timely liquidity to meet the
Net Cash Outflow as & when required.
The Bank endeavors to meet the LCR requirement and adequacy of LCR remains a conscious strategy of the Bank.
The Bank has placed stringent threshold as risk appetite for maintenance of LCR to maintain sufficient liquidity and
compliance to LCR on an ongoing basis.
The Board of Directors of the Bank has empowered the Asset Liability Management Committee i.e. ALCO (Top
Management Executive Committee) to monitor and strategize the Balance Sheet profile of the Bank within overall Board
approved Strategic and Risk framework. In line with the business strategy, ALCO forms an Interest Rate/Liquidity view
for the Bank with the help of the economic analysis. ALCO of the Bank channelizes various business segments of the
Bank to target good quality asset and liability profile to achieve an optimal funding mix which is consistent with prudent
liquidity, diversity of sources and servicing costs and meet the Bank’s profitability as well as Liquidity requirements with
the help of robust MIS and Risk Limit architecture of the Bank. BSMG (Balance Sheet Management Group) of the Bank
estimates daily liquidity requirement of the various business segments and manages the same on consolidated basis as
per ALCO guidance.
The daily average LCR for the quarter ending March 31, 2024 is 116.96% (for the quarter ending March 31, 2023 was
120.12%), which is well above the prudential requirement of 100%.

17.5.61 Net Stable Funding Ratio (NSFR)
Quantitative disclosure
(` in million)
Particulars As at March 31, 2024 As at December 31, 2023

Unweighted value by residual maturity Weighted Unweighted value by residual maturity Weighted
value value
No <6 6 months ≥ 1yr No < 6 months 6 months ≥ 1yr
Corporate Overview
maturity* months to < 1yr maturity* to < 1yr
ASF Item
1 Capital: (2+3) 432,099.28 - - 139,412.00 571,511.28 417,885.60 - - 139,412.00 557,297.60
2 Regulatory capital 432,099.28 - - 75,224.40 507,323.68 417,885.60 - - 86,824.40 504,710.00
3 Other capital instruments - - - 64,187.60 64,187.60 - - - 52,587.60 52,587.60
4 Retail deposits and deposits 477,585.18 675,988.68 14,128.17 21,649.09 1,072,580.91 439,576.34 492,635.34 181,536.57 21,471.38 1,023,844.80
from small business customers:
(5+6)
5 Stable deposits - - - - - - - - - -
6 Less stable deposits * 477,585.18 675,988.68 14,128.17 21,649.09 1,072,580.91 439,576.34 492,635.34 181,536.57 21,471.38 1,023,844.80
7 Wholesale funding: (8+9) 310,046.10 749,866.85 94,693.68 37,601.10 614,904.42 256,742.42 550,441.48 227,819.73 27,657.04 545,158.86
8 Operational deposits 180,932.76 - - - 90,466.38 130,036.36 - - - 65,018.18
9 Other wholesale funding 129,113.34 749,866.85 94,693.68 37,601.10 524,438.04 126,706.06 550,441.48 227,819.73 27,657.04 480,140.68
10 Other liabilities: (11+12) 232,354.25 322,990.94 206,744.82 360,455.02 497,674.29 304,174.31 136,537.94 270,036.79 302,893.96 437,912.35
11 NSFR derivative liabilities 144.39 - - - - -
12 All other liabilities and equity not 232,354.25 322,846.55 206,744.82 360,455.02 497,674.29 304,174.31 136,537.94 270,036.79 302,893.96 437,912.35
included in the above categories
Our Performance
13 Total ASF (1+4+7+10) 2,756,670.90 2,564,213.61

RSF Item
14 Total NSFR high-quality liquid assets 43,261.86 38,232.00
(HQLA)
15 Deposits held at other financial 2,686.30 - - - 1,343.15 4,080.03 - - - 2,040.02
institutions for operational
purposes
16 Performing loans and securities: - 647,711.37 324,309.96 1,356,848.79 1,594,644.82 - 608,926.09 291,128.84 1,309,524.61 1,518,753.75
Statutory Reports
(17+18+19+21+23)
17 Performing loans to financial - - - - - - - - - -
institutions secured by Level 1

HQLA
18 Performing loans to financial - 47,202.81 26,211.07 86,447.50 106,633.46 - 38,287.69 16,252.00 65,301.00 79,170.15
institutions secured by non-Level 1
HQLA and unsecured performing
loans to financial institutions
451
(` in million)
452
value value
19 Performing loans to non- financial - 540,543.48 280,939.88 1,078,405.04 1,307,400.02 - 522,378.44 254,778.24 1,057,295.48 1,267,386.14
corporate clients, loans to retail
and small business customers, and
loans to sovereigns, central banks,
and PSEs, of which:
20 With a risk weight of less than or - 97,191.22 26,453.27 99,929.72 126,776.56 - 82,617.94 25,812.05 99,466.83 118,868.43
equal to 35% under the Basel II
Standardised Approach for credit

risk
21 Performing residential mortgages, - 3,901.55 2,412.19 180,667.72 135,576.92 - 3,698.63 2,263.39 173,105.74 129,250.16
of which:
risk
23 Securities that are not in default - 56,063.53 14,746.82 11,328.53 45,034.43 - 44,561.33 17,835.21 13,822.39 42,947.30
and do not qualify as HQLA,
including exchange- traded equities

24 Other assets: (sum of rows 25 159,422.65 73,313.58 105,605.50 380,001.28 530,598.12 161,153.43 132,633.66 105,592.18 320,204.88 522,990.51
to 29)
25 Physical traded commodities, - - - -
including gold
26 Assets posted as initial margin 27,628.72 - - 23,484.41 26,985.73 - - 22,937.87
for derivative contracts and
contributions to default funds of
CCPs
27 NSFR derivative assets - - - - 2,817.08 - - 2,817.08
28 NSFR derivative liabilities before 2,694.86 - - 2,694.86 2,732.82 - - 2,732.82
deduction of variation margin
posted
29 All other assets not included in the 159,422.65 42,990.00 105,605.50 380,001.28 504,418.85 161,153.43 100,098.03 105,592.18 320,204.88 494,502.74
above categories
30 Off-balance sheet items 974,672.62 452,422.01 189,834.88 306,929.06 77,209.21 673,820.86 466,212.16 148,672.41 251,096.61 59,670.48
31 Total RSF 2,247,057.16 2,141,686.76
32 Net Stable Funding Ratio (%) 122.68 119.73
*for the purpose of NSFR computation, all deposits from Retail and Small Business customer have been considered as “less stable” on a conservative basis.
(` in million)
Particulars As at September 30, 2023 As at June 30, 2023

value value
ASF Item
Corporate Overview
1 Capital: (2+3) 409,348.63 0.00 0.00 147,694.40 557,043.00 415,673.45 0.00 0.00 140,502.00 556,175.40
2 Regulatory capital 409,348.63 0.00 0.00 103,106.80 512,455.40 415,673.45 0.00 0.00 103,106.80 518,780.20
3 Other capital instruments 0.00 0.00 0.00 44,587.60 44,587.60 0.00 0.00 0.00 37,395.20 37,395.20
4 Retail deposits and deposits 409,773.73 481,054.49 172,083.59 20,872.63 977,493.30 389,937.90 470,422.08 157,725.65 19,601.25 935,878.30
(5+6)
5 Stable deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6 Less stable deposits * 409,773.73 481,054.49 172,083.59 20,872.63 977,493.30 389,937.90 470,422.08 157,725.65 19,601.25 935,878.30
8 Operational deposits 118,841.94 0.00 0.00 0.00 59,421.00 112,330.50 0.00 0.00 0.00 56,165.30
10 Other liabilities: (11+12) 326,713.05 0.00 230,289.06 282,363.60 397,508.10 430,990.58 3,429.86 314,614.23 281,726.23 439,033.40
11 NSFR derivative liabilities 0.00 0.00 0.00 3,429.86 0.00 0.00
12 All other liabilities and equity not 326,713.05 0.00 230,289.06 282,363.60 397,508.10 430,990.58 0.00 314,614.23 281,726.23 439,033.40
13 Total ASF (1+4+7+10) 2,451,680.00 2,414,825.00
RSF Item
Our Performance

(HQLA)
15 Deposits held at other financial 4,695.89 0.00 0.00 0.00 2,347.95 4,004.02 0.00 0.00 0.00 2,002.01
purposes
16 Performing loans and securities: 0.00 643,668.47 159,198.61 1,371,565.05 1,488,596.40 0.00 552,422.51 140,649.00 1,390,916.85 1,491,538.20
(17+18+19+21+23)
17 Performing loans to financial 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Statutory Reports
HQLA
18 Performing loans to financial 0.00 103,889.77 4,751.81 44,115.91 61,736.78 0.00 43,265.85 3,048.16 41,368.50 49,382.46

19 Performing loans to non- financial 0.00 482,200.26 145,687.94 1,093,776.48 1,225,625.43 0.00 459,801.67 128,398.18 1,113,135.38 1,219,909.19
and PSEs, of which:
453
(` in million)
454
value value
20 With a risk weight of less than or 0.00 63,440.84 8,509.99 90,143.36 94,568.60 0.00 61,680.15 3,178.34 101,779.04 98,585.62
risk
21 Performing residential mortgages, 0.00 690.23 451.81 221,295.38 158,115.87 0.00 760.62 574.38 214,081.00 174,653.05
of which:
22 With a risk weight of less than or 0.00 4.26 16.58 152,781.16 99,318.17 0.00 6.10 7.96 116,465.55 75,716.66

risk
23 Securities that are not in default 0.00 56,888.21 8,307.05 12,377.28 43,118.32 0.00 48,594.37 8,628.28 22,331.97 47,593.50
24 Other assets: (sum of rows 25 397,882.47 152,827.37 5,065.77 53,239.79 548,376.92 496,030.82 80,453.00 0.00 13,250.00 563,694.13
to 29)
25 Physical traded commodities, 0.00 0.00 0.00 0.00
including gold
26 Assets posted as initial margin 24,342.83 0.00 0.00 20,691.40 22,155.67 0.00 0.00 18,832.32

CCPs
27 NSFR derivative assets 1,461.10 0.00 0.00 1,461.10 0.00 0.00 0.00 0.00
28 NSFR derivative liabilities before 3,350.71 0.00 0.00 3,350.71 3,694.39 0.00 0.00 3,694.39
posted
29 All other assets not included in the 397,882.47 123,672.73 5,065.77 53,239.79 522,873.71 496,030.82 54,602.94 0.00 13,250.00 541,167.42
above categories
31 Total RSF 2,132,165.88 2,168,730.54
32 Net Stable Funding Ratio (%) 114.99 111.35
*for the purpose of NSFR computation, all deposits from Retail and Small Business customer have been considered as “less stable” on a
conservative basis.
(` in million)

value value
ASF Item
Corporate Overview
1 Capital: (2+3) 406,736.64 - - 139,412.00 546,148.60 395,524.35 - - 139,412.00 534,936.40

(5+6)
5 Stable deposits - - - - - - - - - -
10 Other liabilities: (11+12) 387,325.55 512.05 301,850.17 298,411.09 449,336.20 360,627.70 - 265,711.96 290,470.66 423,326.60
11 NSFR derivative liabilities 512.05 - - - - -
12 All other liabilities and equity not 387,325.55 - 301,850.17 298,411.09 449,336.20 360,627.70 - 265,711.96 290,470.66 423,326.60
13 Total ASF (1+4+7+10) 2,388,211.20 2,308,320.70
RSF Item
Our Performance

(HQLA)
15 Deposits held at other financial 3,226.77 - - - 1,613.38 7,897.29 - - - 3,948.64
purposes
16 Performing loans and securities: - 526,069.99 178,665.27 1,407,408.02 1,502,839.10 - 503,951.91 164,617.07 1,348,330.47 1,421,501.99
(17+18+19+21+23)
17 Performing loans to financial - - - - - - 14,100.00 - - -
Statutory Reports
HQLA
18 Performing loans to financial - 81,475.47 3,711.38 70,533.89 84,610.90 - 80,878.22 1,592.15 36,032.64 48,960.60

and PSEs, of which:
455
(` in million)
456
value value
risk
21 Performing residential mortgages, - 497.14 823.72 193,717.97 157,047.54 - 346.53 678.66 147,899.47 119,167.15
of which:
22 With a risk weight of less than or - 7.91 12.92 108,546.56 70,576.10 - 5.41 7.25 85,021.45 55,276.60

risk
23 Securities that are not in default - - - 39,729.82 33,770.35 - - - 43,635.60 37,090.26
24 Other assets: (sum of rows 25 537,971.30 70,621.05 - - 582,663.40 530,974.77 113,169.74 - - 572,924.60
to 29)
including gold

CCPs
27 NSFR derivative assets - - - - 3,234.96 - - 3,234.96
posted
29 All other assets not included in the 537,971.30 51,042.23 - - 565,783.41 530,974.77 100,536.75 - - 560,986.14
above categories
31 Total RSF 2,172,023.36 2,079,357.82
32 Net Stable Funding Ratio (%) 109.95% 111.01%
*for the purpose of NSFR computation, all deposits from Retail and Small Business customer have been considered as "less stable" on a
conservative basis.
(` in million)

value value
ASF Item
Corporate Overview
1 Capital: (2+3) 348,123.47 - - 139,412.00 487,535.50 346,717.72 - - 139,412.00 486,129.70

(5+6)
5 Stable deposits - - - - - - - - - -

10 Other liabilities: (11+12) 425,723.39 3,318.90 266,639.03 257,749.03 391,068.50 378,673.30 66,068.86 189,600.46 284,643.99 411,335.70
11 NSFR derivative liabilities 3,318.90 - - 2,285.85 - -
12 All other liabilities and equity not 425,723.39 - 266,639.03 257,749.03 391,068.50 378,673.30 63,783.01 189,600.46 284,643.99 411,335.70
13 Total ASF (1+4+7+10) 2,149,413.10 2,123,151.50
RSF Item
Our Performance
14 Total NSFR high-quality liquid 26,681.00 26,947.10

assets (HQLA)
15 Deposits held at other financial 7,455.64 - - - 3,727.82 - - - - -
purposes
16 Performing loans and - 451,802.20 187,235.65 1,223,208.39 1,319,917.44 - 434,605.78 155,148.25 1,308,707.79 1,369,041.20
securities: (17+18+19+21+23)
17 Performing loans to financial - - - - - - - - - -
Statutory Reports

HQLA
18 Performing loans to financial - 57,949.32 2,992.95 31,066.13 41,255.11 - 37,889.99 889.35 31,241.49 37,369.67
457
(` in million)
458
value value
and PSEs, of which:

risk
21 Performing residential mortgages, - 3.97 8.37 104,896.60 86,846.16 - 6.19 11.55 78,148.60 57,022.24
of which:
22 With a risk weight of less than or - 3.97 8.37 51,607.94 33,557.50 - 6.19 10.96 60,411.73 39,284.78
risk
23 Securities that are not in default - - - 18,237.82 15,502.15 - - - 146,753.65 124,740.61

24 Other assets: (sum of rows 25 462,738.57 149,076.85 424.95 50,236.33 618,335.56 265,097.93 172,696.88 1,170.52 60,892.84 433,345.11
to 29)
including gold
CCPs
27 NSFR derivative assets - - - - - - - -
posted
29 All other assets not included in the 462,738.57 123,127.11 424.95 50,236.33 595,381.62 265,097.93 152,773.47 1,170.52 60,892.84 415,639.13
above categories
30 Off-balance sheet items 453,399.44 191,520.11 103,974.84 393,367.32 43,335.84 1,102,765.58 - - - 41,555.05
31 Total RSF 2,011,997.66 1,870,888.46
32 Net Stable Funding Ratio (%) 106.83% 113.48%
*for the purpose of NSFR computation, all deposits from Retail and Small Business customer have been considered as "less stable" on a conservative basis.

Qualitative Disclosure:
The Basel Committee on Banking Supervision (BCBS) proposed reforms to strengthen global capital and liquidity
regulations with the objective of promoting a more resilient banking sector in the backdrop of global financial crisis in
2007. Net Stable Funding Ratio (NSFR) was one of the important reform proposed in order to ensure resilience of the
Banks over a longer term and stable liabilities to fund their business activities. NSFR was subsequently prescribed by the
RBI to enhance resilience of the Indian Banking system.
NSFR ensures that the Bank has sufficient stable funding available to fulfill the funding requirements by restricting
the reliance on unstable short-term funding to finance potentially illiquid long-term assets. NSFR reduces long-term
refinancing risk over longer-term time horizon (over 1 year) of the Bank by measuring the extent of stable sources of
funds with the Bank to fund its long term assets.
Net Stable Funding Ratio (NSFR) is defined as amount of Available Stable Funding (ASF) to fulfil the amount of Required
Stable Funding (RSF).
Available Stable Funding (ASF) is defined as the portion of capital and liabilities expected to be reliable over 1 year
period. The amount of available stable funding is a function of the source and type of liability along with residual
maturities of the various liabilities.
Required Stable Funding (RSF) is defined as the funding required for assets and off-balance sheet exposures over
1 year period. The amount of required stable funding is a function of the underlying liquidity characteristics and
residual maturities of the various assets.
NSFR was implemented w.e.f. October 01, 2021 by the RBI with stipulation of minimum NSFR maintenance at 100%.
The Bank has implemented robust process to compute and report the NSFR in line with regulatory guidelines and is
monitored at consolidated level. The Bank endeavors to meet the NSFR requirement and adequacy of NSFR remains
a conscious strategy of the Bank. The Bank has placed stringent threshold as risk appetite for maintenance of NSFR to
maintain sufficient liquidity and compliance to NSFR on an ongoing basis.
The Board of Directors of the Bank have empowered Asset Liability Management Committee i.e. ALCO (Top Management
Executive Committee) to monitor and strategize the Balance Sheet profile of the Bank within overall Board approved
Strategic and Risk framework. In line with the business strategy, ALCO forms an Interest Rate/Liquidity view for the Bank
with the help of the economic analysis. ALCO of the Bank channelizes various business segments of the Bank to target
good quality asset and liability profile to achieve an optimal funding mix which is consistent with prudent liquidity, diversity
of sources and servicing costs and meet the Bank’s profitability as well as Liquidity requirements with the help of robust
MIS and Risk Limit architecture of the Bank. BSMG (Balance Sheet Management Group) of the Bank estimates daily liquidity
requirement of the various business segments and manages the same on consolidated basis as per ALCO guidance.
NSFR as at March 31, 2024 is 122.68% (as at March 31, 2023 was 109.95%), which is well above the minimum regulatory
requirement of 100%.
459
17.5.62 Intra-Group Exposures to Subsidiaries

The Bank has one subsidiary “YES Securities (India) Limited”.
Below mentioned are details of Intra-Group Exposure as of March 31, 2024 and March 31, 2023.
(` in million)
Particulars As of As of
March 31, 2024 March 31, 2023
Total amount of intra-group exposures 2,450 2,450
Total amount of top-20 intra-group exposures 2,450 2,450
Percentage of intra-group exposures to total exposure of the Bank on borrowers / 0.05% 0.06%
customers (%)
During the year ended March 31, 2024 and March 31, 2023, the intra-group exposures were within the limits
specified by RBI.
17.5.63 Transfers to Depositor Education and Awareness Fund (DEAF)

(` in million)
March 31, 2024 March 31, 2023
Opening balance of the amount transferred to DEAF 203.76 119.10
Add: Amounts transferred to DEAF during the year 118.33 87.60
Less: Amounts reimbursed by DEAF towards claims 11.95 2.94
Closing balance of amounts transferred to DEAF* 310.14 203.76
*Amount transferred to DEA Fund, as disclosed above, are also included under ‘Schedule 12 - Contingent Liabilities -
Other items for which the Bank is contingently liable’.
17.5.64 Investor Education and Protection Fund

The Unclaimed dividend amount due to be transferred to the Investor Education and Protection Fund (IEPF) during the
year ended March 31, 2024 and year ended March 31, 2023 has been transferred without any delay.
17.5.65 Marketing and distribution

The Bank has received a fee of ` 1,807.78 million in respect of the marketing and distribution function (excluding
bancassurance business) during the year ended March 31, 2024 (Previous year: ` 1,489.13 million).
17.5.66 Implementation of IFRS converged Indian Accounting Standards (Ind AS)

The Indian Accounting Standards (‘Ind AS’), as notified under section 133 of the Companies Act 2013 read with Companies
(Indian Accounting Standards) Rules, 2015 as amended from time to time, have been formulated keeping the Indian
economic and legal environment in view and with a view to converge with IFRS Standards. The RBI through its notification
No. RBI/2018-2019/146 DBR.BP.BC. No.29/21.07.001/ 2018-19 dated March 22, 2019 on “Deferral of Implementation
of Indian Accounting Standards (Ind AS)” notified to all the scheduled commercial banks that legislative amendments
recommended by the RBI are under consideration of the Government of India. Accordingly, RBI has decided to defer the
implementation of Ind AS till further notice.


As per RBI directions, the Bank has taken following steps so far:
The Bank is submitting half yearly Proforma Ind AS financial statements to the RBI
Formed Steering Committee for Ind AS implementation (‘the IFRS (Ind AS) Management Committee’). The IFRS (Ind AS)
Management Committee (Committee) comprises Chief Financial Officer (CFO) (Chairman), Chief Risk Officer (CRO),
Chief Operating Officer (COO), Chief Information Officer (CIO) as members and senior management from Financial
Management, Risk Management and Treasury Operations as invitees. The Committee oversees the progress of Ind
AS implementation in the Bank and provides guidance on critical aspects of the implementation such as Ind AS
technical requirements, systems and processes, business impact, people and project management. The Committee
closely reviews progress of the implementation and related matters.
The Committee gives updates to the Audit Committee of the Board and to the Board on preparedness for migration
to Ind AS on a periodic basis.
The Bank will continue to liaise with RBI and industry bodies on various aspects pertaining to Ind AS implementation.
17.5.67 Payment of DICGC Insurance Premium

(` in million)
Particulars March 31, 2024 March 31, 2023
1) Payment of DICGC Insurance Premium 3,097.78 2,636.23
2) Arrears in payment of DICGC premium - -
During the year ended March 31, 2024 ` 2,861.51 million (previous year ` 2,234.09 million) charged to P&L on accrual basis.
17.5.68 Unhedged Foreign Currency Exposure of Bank’s Customer

The Bank has in place a policy on managing credit risk arising out of unhedged foreign currency exposures of its
borrowers. The objective of this policy is to maximize the hedging on foreign currency exposures of borrowers by
reviewing their foreign currency product portfolio and encouraging them to hedge the unhedged portion. In line with the
policy, assessment of unhedged foreign currency exposure is a part of assessment of borrowers and is undertaken while
proposing limits or at the review stage. Additionally, at the time of sanctioning limits for all clients, the Bank stipulates a
limit on the unhedged foreign currency exposure of the client (as a % of total foreign currency exposure sanctioned by the
Bank) after considering factors such as internal rating of the borrower, size, possibility of natural hedging, sophistication
of borrower and maturity of borrower’s financial systems, relative size of unhedged foreign currency exposure with
respect to total borrowings of the client, etc. Further, the Bank reviews the unhedged foreign currency exposure across
its portfolio on a periodic basis. The Bank also maintains incremental provision and capital towards the unhedged foreign
currency exposures of its borrowers in line with the extant RBI guidelines.
The Bank has maintained provision of ` 856.64 million (Previous year of ` 912.37 million) and additional capital of ` 3,022.42
million (Previous year of ` 2,876.74 million) on account of Unhedged Foreign Currency Exposure of its borrowers as at
March 31, 2024.
461
17.5.69 Provisioning pertaining to Fraud Accounts

The details on the number and amount of frauds as well as the provisioning thereon are given below:
Particulars As of As of
March 31, 2024 March 31, 2023
Number of frauds reported $ 127 116
Amount involved in fraud (` million) 4,704.42 3,041.91
Amount involved in fraud net of recoveries / write-offs as at the end of the year 4,428.93 2,692.14
(` million)
Amount of provision made for such frauds (` million) 4,403.10 1,412.56
Amount of Unamortised provision debited from ‘other reserves’ as at the end of the 25.83 1,279.58
year (` million) *
$ does not include digital payments related frauds

*With respect to five borrower accounts classified as fraud during the year ended March 31, 2024, the Bank has debited ` 25.83 million
from Revenue and other Reserves on account of unamortised fraud provision in terms of RBI circular DOR.No.STR.REC.55/21.04.048/
2021-22 dated October 1, 2021 (Previous year: ` 1,279.58 million).
17.5.70 Disclosure of complaints

A. Summary information on complaints received by the Bank from customers and from the Offices of Ombudsman
(‘OOOs’)
Sr. Particulars FY 2023-24 FY 2022-23

No.
Complaints received by the Bank from its customers
1 Number of complaints pending at beginning of the year 2,097 1,451
2 Number of complaints received during the year 56,452 62,704
3 Number of complaints disposed during the year 57,046 62,058
3.1 Of which, number of complaints rejected by the Bank 7,806 6,159
4 Number of complaints pending at the end of the year 1,503 2,097
Maintainable complaints received by the Bank from OOOs
5 Number of maintainable complaints received by the Bank from OOOs 2,804 1,930*
5.1 Of 5, number of complaints resolved in favour of the Bank by BOs 1,235 863
5.2 Of 5, number of complaints resolved through conciliation/mediation/ 1,569 1,066
advisories issued by BOs
5.3 Of 5, number of complaints resolved after passing of Awards by BOs 0 1
against the Bank
6 Number of Awards unimplemented within the stipulated time (other than - -
those appealed)
Note: Maintainable complaints refer to complaints on the grounds specifically mentioned in Integrated Ombudsman Scheme 2021 and
covered within the ambit of the Scheme.
* Basis clarification/logic shared by CEPD officials to consider “Complaints disposed against the Bank” as “Maintainable Complaints”
received by the Bank.
Auditors have relied upon the information presented by management as above.


B. Top five grounds of complaints received by the Bank from customers1
Grounds of complaints, Number of Number of % increase/ Number of Of 5,

(i.e. complaints relating to) complaints complaints decrease in complaints number of
pending received the number pending at complaints
at the during the of complaints the end of pending
beginning year received over the year beyond 30
of the year the previous days
year
1 2 3 4 5 6
FY 2024
Internet/Mobile/Electronic Banking 1,141 20,494 (14%) 811 101
ATM/Debit Cards 534 14,790 (23%) 218 12
Loans and advances 112 5,604 (5%) 165 0
Credit Cards 125 3,990 (17%) 56 5
Account opening/difficulty in operation of accounts 7 1,137 169% 17 0
Others 178 10,437 20% 236 0
Total 2,097 56,452 (10%) 1,503 118
FY 2023
Internet/Mobile/Electronic Banking 766 23,796 60% 1,141 90
ATM/Debit Cards 496 19,088 12% 534 44
Loans and advances 85 5,901 0.40% 112 0
Credit Cards 9 4,828 198% 125 0
Account opening/difficulty in operation of accounts 4 422 1% 7 0
Others 91 8,669 18% 178 0
Total 1,451 62,704 33% 2,097 134
The above is based on the information available with the Bank which has been relied upon by the auditors.
17.5.71 Dues to Micro, Small and Medium Enterprises

Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October 2, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium enterprises. There have been ` 1,527.55
million (Previous year ` 803.62 million) worth bills which were paid with delays to micro and small enterprises. There have
been ` 16.63 million worth bills remaining unpaid with delays as at March 31, 2024 (Previous year: ` 2.84 million).
Interest accrued and remaining unpaid amounting to ` 1.26 million on bills remaining unpaid with delays. However, there
have been no reported cases of demand of interest on these payments.
GRI 2-16
1
463
17.5.72 Securitization Transactions (separate table if there is any securitized transactions)

The Bank has not done any securitization transactions during the year ended March 31, 2024 and March 31, 2023.
Hence requirement of master direction of Securitisation of Standard Assets dated September 24, 2021 is not applicable.
17.5.73 Software Capitalized under Fixed Assets

The Bank has capitalized software under Fixed Asset amounting to ` 3,800.16 million and ` 2,170.35 million during the
financial year ended March 31, 2024 and March 31, 2023 respectively.
(` in million)
March 31, 2024 March 31, 2023
At cost at March 31 of preceding year 11,466.76 9,296.41
Additions during the year 3,800.16 2,170.35
Depreciation to date (10,133.33) (8,280.62)
Net block 5,133.60 3,186.14
17.5.74 Provision for Long Term contracts

The Bank has a process whereby periodically all long term contracts (including derivative contracts) are assessed for
material foreseeable losses. At the year end, the Bank has reviewed and recorded adequate provision as required under
any law / accounting standards for material foreseeable losses on such long term contracts (including derivative contracts)
in the books of account and disclosed the same under the relevant notes in the financial statements.
17.5.75 PSLCs sold and purchased during the year ended March 31, 2024 and March 31, 2023
(` in million)
Particulars 2023-24 2022-23
Purchased Sold Purchased Sold
PSLC – Agriculture - 52,110.00 - -
PSLC - SF/MF 396,632.50 - - -
PSLC - Micro Enterprises - - - -
PSLC – General - 232,000.00 - -
17.5.76 Other income/expenditure

Miscellaneous income includes issuance business income of ` 4,403.23 million exceeding 1% of total income (Previous
year: ` 3,026.78 million).
Other expenditure includes issuance business of ` 3,600.79 million, IT related expenditure of ` 7,011.13 million, Loan
sourcing fees and Collection charges of ` 11,673.39 million, Professional Fees and Commission of ` 6,318.59 million and
PSLC of ` 3,452.12 million exceeding 1% of total income.
(During the previous year other expenditure included IT related expenditure of ` 5,972.31 million, Loan sourcing fees
and Collection charges of ` 11,268.56 million, Professional Fees and Commission of ` 5,723.46 million exceeding 1%
of total income).


17.5.77 Business transfer

Pursuant to the approval in the Board Meeting held on January 27, 2024, the Bank entered into a business transfer
agreement to transfer Investment Banking and Merchant Banking Business from its wholly owned subsidiary company
YES Securities (India) Limited to the Bank (‘the transaction’). As per the terms of the business transfer agreement, the
transaction has been consummated with transfer of assets and liabilities pertaining to the said businesses during
the quarter ended March 31, 2024 with effective date of transfer as January 1, 2024. The Bank paid ` 20.60 million as
purchase consideration in cash to acquire net identifiable assets of ` 10.95 million. The resultant difference of ` 9.65
million between the purchase consideration and the value of net identifiable assets acquired has been charged off to
profit and loss account.
17.5.78 Portfolio-level information on the use of funds raised from green deposits
The Bank has not sourced any green deposits during the year ended March 31, 2024.
17.5.79 Remuneration paid to Non-Executive Directors

The details of the remuneration paid to Non-Executive Directors are given below:
(` in million)
March 31, 2024 March 31, 2023
Fixed Remuneration* 19.90 17.50
Sitting fees 23.93 27.65
Grand Total 43.83 45.15
* Includes remuneration paid to part-time chairman.
17.5.80 Description of Contingent Liabilities
Sr. Contingent Brief

No. Liabilities
1. Claims against The Bank is a party to various legal and tax proceedings in the normal course of business. The Bank does
the Bank not not expect the outcome of these proceedings to have a material adverse effect on the Bank’s financial
acknowledged as conditions, results of operations or cash flows.
debts
2. Liability on The Bank enters into foreign exchange contracts, currency options, forward rate agreements, currency
account of swaps and interest rate swaps with interbank participants and customers. Forward exchange contracts are
forward exchange commitments to buy or sell foreign currency at a future date at the contracted rate. Currency swaps are
and derivative commitments to exchange cash flows by way of interest/principal in one currency against another, based on
contracts. predetermined rates. Interest rate swaps are commitments to exchange fixed and floating interest rate cash
flows. The notional amounts of financial instruments of such foreign exchange contracts and derivatives
provide a basis for comparison with instruments recognised on the balance sheet but do not necessarily
indicate the amounts of future cash flows involved or the current fair value of the instruments and, therefore,
do not indicate the Bank’s exposure to credit or price risks. The derivative instruments become favorable
(assets) or unfavorable (liabilities) as a result of fluctuations in market rates or prices relative to their terms.
The aggregate contractual or notional amount of derivative financial instruments on hand, the extent to
which instruments are favorable or unfavorable and, thus the aggregate fair values of derivative financial
assets and liabilities can fluctuate significantly.
465
Sr. Contingent Brief

No. Liabilities
3. Guarantees given As a part of its commercial banking activities the Bank issues documentary credit and guarantees on behalf
on behalf of of its customers. Documentary credits such as letters of credit enhance the credit standing of the customers
constituents, of the Bank. Guarantees generally represent irrevocable assurances that the Bank will make payments in the
acceptances, event of the customer failing to fulfill its financial or performance obligations.
endorsements
and other
obligations
4. Other items for Purchase of securities pending settlement, capital commitments, amount deposited with RBI under
which the Bank is Depositor Education Awareness Fund (DEAF), bill re-discounting, Foreign Exchange Contracts (Tom & Spot),
contingently liable Custodian operations, Undrawn partial credit enhancement facilities, When Issued (‘WI’) securities. This
includes the amount that the Bank is obligated to pay under capital contracts, letter of undertaking and
indemnity letters.
Refer Schedule 12 for amounts relating to contingent liability
Prior period comparatives

Previous year’s figures have been regrouped where necessary to conform to current year classification.



Mumbai
April 27, 2024

Independent Auditors’ Report

To the Members of state of affairs of the Bank as at March 31, 2024, and its
YES BANK Limited consolidated profit, and its consolidated cash flows for the
year ended on that date.
Report on the Audit of the Consolidated
Financial Statements Basis for Opinion
Opinion We conducted our audit in accordance with the Standards
We have audited the accompanying consolidated financial on Auditing (‘SAs’) specified under Section 143 (10) of
statements of YES BANK Limited (hereinafter referred to the Act. Our responsibilities under those SAs are further
as the ‘Bank’ or ‘Holding Company’) and its subsidiary (the described in the ‘Auditor’s Responsibilities for the Audit
Holding Company and its subsidiary together referred of the Consolidated Financial Statements’ section of our
to as ‘the Group’), which comprise the Consolidated report. We are independent of the Group in accordance
Balance Sheet as at March 31, 2024, the Consolidated
with the Code of Ethics issued by the Institute of Chartered
Profit and Loss Account and the Consolidated Cash Flow
Accountants of India (‘the ICAI’) together with the ethical
Statement for the year then ended, and notes to the
requirements that are relevant to our audit of the
consolidated financial statements, including a summary of
the significant accounting policies and other explanatory consolidated financial statements under the provisions of
information (hereinafter referred to as the ‘Consolidated the Act, and the Rules thereunder, and we have fulfilled
Financial Statements’). our other ethical responsibilities in accordance with these
requirements and the Code of Ethics. We believe that
In our opinion and to the best of our information and the audit evidence we have obtained, is sufficient and
according to the explanations given to us, and based appropriate to provide a basis for our opinion on the
on the consideration of report of the other auditor on consolidated financial statements.
separate financial statements and on the other financial
information of the subsidiary, the aforesaid consolidated Key Audit Matters
financial statements give the information required by the
Key audit matters are those matters that, in our professional
section 29 of the Banking Regulation Act, 1949 as well
judgment, were of most significance in the audit of the
as the Companies Act, 2013 (the ‘Act’) and circulars and
consolidated financial statements of the current year.
guidelines issued by the Reserve Bank of India, in the
manner so required for banking companies and give a true These matters were addressed in the context of our audit
and fair view in conformity with the accounting principles of the consolidated financial statements as a whole, and
generally accepted in India, including the Accounting in forming our opinion thereon, and we do not provide a
Standards prescribed under section 133 of the Act, read separate opinion on these matters. We have determined
with Companies (Accounting Standards) Rules, 2021 as the matters described below to be the key audit matters to
amended to the extent applicable, of the consolidated be communicated in our report:

Asset Classification of Advances and Investments (IRAC) and Provisioning
Refer to schedule 8 and schedule 9, read with relevant Our audit approach included testing the design, operating
Notes relating to provisions and contingencies, disclosures effectiveness of internal controls and substantive audit
with regard to Non Performing Investments (NPI) and procedures in respect of asset classification and provisioning
Asset Quality in respect of movement of Non-Performing pertaining to investments and advances. In particular:
Assets (NPAs) and related provisions respectively.
Evaluated the Bank’s internal control system in
adhering to the relevant RBI guidelines regarding
income recognition, asset classification and
467
As required under prudential norms issued by the Reserve Tested key IT systems/ applications used and their
Bank of India (RBI) in respect of asset classification and design and implementation as well as operational
provisioning pertaining to investments as well as those effectiveness of relevant controls, in relation to asset
pertaining to advances, and relevant circulars, notifications classification viz., standard, sub-standard, doubtful
and directives issued by the RBI which were collectively and loss with reference to their days-past-due (DPD)
considered by the Bank till March 31, 2024, classifies status (including consideration of non-financial
advances into performing and non-performing advances parameters of NPA, including sufficiency of credits
(NPA) which consists of Standard, Sub-standard, Doubtful in working capital loans, restructuring guidelines, the
and Loss and makes appropriate provisions. Regulatory Package and Resolution framework) and
The Bank, as per its governing framework, made the
Test checked advances to examine the validity of the
performing and non-performing advances provisions
recorded amounts, loan documentation, examined
based on Management’s assessment of the degree
the statement of accounts, indicators of impairment,
of impairment of the advances subject to and guided
impairment provision for non-performing assets,
by minimum provisioning levels prescribed under
and compliance with income recognition, asset
RBI guidelines.
classification and provisioning pertaining to advances
in terms of applicable RBI guidelines;
The Classification, Provisioning and Write off of Advances
including Investments is a Key Audit Matter as the Bank Tested, selected restructured accounts on sample
has significant credit risk exposure to a large number of basis and their compliance with relevant RBI guidelines;
borrowers across various sectors, products, industries
For the selected non-performing advances, we
and geographies and there is a high degree of complexity,
assessed Management’s forecast and inputs of
uncertainty and judgment involved in recoverability
recoverable cash flows, borrower’s audited financial
of advances, nature of transactions and estimation of
statements, valuation of underlying security and
provisions thereon and identification of accounts to
collaterals, estimation of recoverable amounts on
be written off.
default and other sources of repayment;
Tested the Bank’s processes for making provision on
advances for compliance with RBI regulations and
internally laid down policies for provisioning;
Undertaken the walkthrough for the automated E-NPA
system and tested the core functionality for selected
samples considering the audit universe.
Validated the parameters used to calculate collective
provisions with reference to IRAC norms, and
Regulatory Package;
Tested provision created for fraud accounts as at
March 31, 2024 as per the RBI circular;
Re-performed, for a sample of retail and corporate
portfolios, as part of our substantive audit procedures
the calculation of provisions, to determine the
accuracy of the same; (Collective for standard portfolio
and case specific for non performing portfolio)
Assessed the adequacy of disclosures against the
RBI Guidelines


IT Systems and Controls over financial reporting
The Bank’s key financial accounting and reporting
We have planned, designed and carried out the
processes are highly dependent on Core Banking and desired audit procedures and sample checks, taking
Treasury Solutions and other supporting software and into consideration the IT systems of the Bank.
hardware controls. The volume of transactions processed As part of our IT controls testing, we have tested
and recorded is huge and hence the IT controls are ITGC as well as ITAC for selected critical applications.
required to ensure that applications process data as The focus of testing of ITGCs was based on the
expected and that changes are made in an appropriate various parameters such as Completeness, Validity,
manner. The Bank’s IT control framework includes Identification/ Authentication, Authorization, Integrity
automated, semi-automated and manual controls and Accountability. On the other hand, focus of
designed to address identified risks. IT controls are testing automated controls from applications was
stated in Entity Level Controls (ELC), IT General Controls whether the controls prevent or detect unauthorized
(ITGC) and IT Application Controls (ITAC). Such controls transactions and support financial objectives
contribute to risk mitigation of erroneous output data. including completeness, accuracy, authorization and
validity of transactions. The procedures adopted by us
We have identified IT Controls Framework as a Key Audit are, in our opinion, adequate to provide reasonable
Matter as the Bank’s business is highly dependent on assurance on the adequacy of IT controls in place.
technology. The IT environment is complex and the design The areas for improvement as and when noticed are
and operating effectiveness of IT controls have a direct communicated for suitable actions to the Bank as part
of our audit. The corrective steps / alternate controls
impact on its financial reporting process. Such controls
deployed by the Bank are tested on sample basis.
provide assurance on the integrity and completeness of
data processed through various IT applications which are
In ITGC testing, on sample basis, we reviewed
used for the preparation of financial reports. control areas such as User Management, Change
Management, Systems Security, Cyber Security,
Interface Testing, deployment of new applications,
Incident Management, Physical & Environmental
Security, Creation and maintenance of edit logs,
Backup and Restoration, Business Continuity
and Disaster Recovery, Service Level Agreement.
For ITAC, we carried out on sample basis,
compliance tests of system functionality in order
to assess the accuracy of system calculations.
We also carried out procedures such as validations
and limit checks on data entered into applications,
approvals, process dependencies, restriction
on time period in which transactions may be
recorded and GL mapping for financial accounting.

Tested the control environment using various
techniques such as inquiry, walkthroughs in
live environment, testing in UAT environment,
review of documentation / record /
reports, observation and re-performance.
Wherever deviations were noted either the same
were explained to our satisfaction or we tested
compensating controls and performed alternate
procedures, where necessary, to draw comfort.
In addition, we have also relied on IS audit conducted
by internal audit department, and also the testing
of Internal Financial Control conducted by the
Operational Risk Management department of the Bank.
469
Information other than the consolidated financial Group and for preventing and detecting frauds and other
statements and Auditor’s Report thereon irregularities; selection and application of appropriate
The Bank’s management and Board of Directors are accounting policies; making judgments and estimates that
responsible for the Other Information. The other are reasonable and prudent; and design, implementation
information comprises the Management Discussion and and maintenance of adequate internal financial controls
Analysis, Business Responsibility and Sustainability Report, that were operating effectively for ensuring the accuracy
Directors’ Report forming part of the Annual Report, but and completeness of the accounting records, relevant
does not include the Standalone Financial Statements, to the preparation and presentation of the consolidated
Consolidated Financial Statements and our auditor’s financial statements that give a true and fair view and
report thereon and the Pillar III Disclosures under Basel are free from material misstatement, whether due to
III Capital Regulation, Leverage Ratio, Liquidity Coverage fraud or error, which have been used for the purpose of
Ratio and Net Stable Funding Ratio. The Annual Report is preparation of the consolidated financial statements by
expected to be made available to us after the date of this the Directors of the Holding Company, as aforesaid.
auditor's report.
In preparing the consolidated financial statements, the
Our opinion on the consolidated financial statements does Management and Board of Directors included in the
not cover the other information and we do not express Group are responsible for assessing the Group’s ability
any form of assurance conclusion thereon. to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going
In connection with our audit of the consolidated financial concern basis of accounting unless the Board of Directors
statements, our responsibility is to read the Other either intends to liquidate the Group or to cease
Information identified above when it becomes available operations, or has no realistic alternative but to do so.
and, in doing so, consider whether the Other Information
is materially inconsistent with the consolidated financial The respective Board of Directors of the Company included
statements or our knowledge obtained in the audit or in the Group are responsible for overseeing the financial
otherwise appears to be materially misstated. reporting process of the Group.
When we read the other information, if we conclude Auditor’s Responsibilities for the Audit of the
that there is a material misstatement therein, we are Consolidated Financial Statements
required to communicate the matter to those charged Our objectives are to obtain reasonable assurance about
with governance. whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud
Responsibilities of Management and Those Charged or error, and to issue an Auditor’s Report that includes
with Governance for the Consolidated Financial our opinion. Reasonable assurance is a high level of
Statements
assurance, but is not a guarantee that an audit conducted
The Bank’s management and Board of Directors are in accordance with SAs will always detect a material
responsible for the matters stated in Section 134(5) of misstatement when it exists. Misstatements can arise from
the Act with respect to the preparation and presentation fraud or error and are considered material if, individually
of these consolidated financial statements that give a or in the aggregate, they could reasonably be expected to
true and fair view of the consolidated financial position, influence the economic decisions of users taken on the
consolidated financial performance and consolidated basis of these consolidated financial statements.
cash flows of the Group in accordance with the accounting
principles generally accepted in India, including the As part of an audit in accordance with SAs, we exercise
Accounting Standards specified under Section 133 of the professional judgment and maintain professional
Act read with Companies (Accounting Standard) Rules 2021, skepticism throughout the audit. We also:
as amended to the extent applicable, provisions of Section
29 of the Banking Regulation Act, 1949 and the circulars Identify and assess the risks of material misstatement
and guidelines issued by Reserve Bank of India (‘RBI’) from of the consolidated financial statements, whether
time to time, as applicable to the Bank. The respective due to fraud or error, design and perform audit
Board of Directors of the Company included in the Group procedures responsive to those risks, and obtain
are responsible for maintenance of adequate accounting audit evidence that is sufficient and appropriate
records in accordance with the provisions of the Act and to provide a basis for our opinion. The risk of not
the RBI Guidelines, for safeguarding of the assets of the detecting a material misstatement resulting from

fraud is higher than for one resulting from error, and performance of the audits carried out by them.
as fraud may involve collusion, forgery, intentional We remain solely responsible for our audit opinion.
omissions, misrepresentations, or the override of Our responsibilities in this regard are further
internal control. described in para (a) of the section titled ‘Other
Matters’ in this audit report.
Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that We believe that the audit evidence obtained by us
are appropriate in the circumstances. Under section along with the consideration of audit reports of the
143(3)(i) of the Act, we are also responsible for other auditors referred to in sub-paragraph (a) of
expressing our opinion on whether the Bank has the Other Matters paragraph below, is sufficient and
adequate internal financial controls with reference appropriate to provide a basis for our audit opinion
to financial statements in place and the operating on the Consolidated Financial Statements
effectiveness of such controls.
We communicate with those charged with governance
Evaluate the appropriateness of accounting policies
of the Bank and such other entities included in the
used and the reasonableness of accounting
consolidated financial statements of which we are the
estimates and related disclosures in the consolidated
independent auditors regarding, among other matters,
financial statements made by the Management and
the planned scope and timing of the audit and significant
Board of Directors.
audit findings, including any significant deficiencies in
Conclude on the appropriateness of the Management internal control that we identify during our audit.
and Board of Director’s use of the going concern
basis of accounting and, based on the audit We also provide those charged with governance with
evidence obtained, whether a material uncertainty a statement that we have complied with relevant
exists related to events or conditions that may cast ethical requirements regarding independence, and to
significant doubt on the Group’s ability to continue communicate with them all relationships and other
as a going concern. If we conclude that a material matters that may reasonably be thought to bear on our
uncertainty exists, we are required to draw attention independence, and where applicable, related safeguards.
in our Auditor’s Report to the related disclosures
in the consolidated financial statements or, if such From the matters communicated with those charged with
disclosures are inadequate, to modify our opinion. governance, we determine those matters that were of
Our conclusions are based on the audit evidence most significance in the audit of the consolidated financial
obtained up to the date of our Auditor’s Report. statements of the current year and are therefore the key
However, future events or conditions may cause the audit matters. We describe these matters in our auditor’s
Group to cease to continue as a going concern. report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,

Evaluate the overall presentation, structure and
we determine that a matter should not be communicated
content of the consolidated financial statements,
in our report because the adverse consequences of doing
including the disclosures, and whether the
so would reasonably be expected to outweigh the public
consolidated financial statements represent the
interest benefits of such communication.
underlying transactions and events in a manner that
achieves fair presentation. Other Matters
Obtain sufficient appropriate audit evidence a) The Financial Statements of YES Securities (India)
regarding the financial information of the entities or Limited, included in the Consolidated Financial
business activities within the Group to express an Statements, reflects Group’s share of total assets
opinion on the Consolidated Financial Statements. of ` 12680.80 million as at March 31, 2024, Group’s
We are responsible for the direction, supervision and share of total revenue of ` 2738.20 million and
performance of the audit of the financial statements Group’s share of total net profit after tax of ` 341.20
of such entities included in the Consolidated Financial million and net cash inflow of ` 45.90 million for the
Statements of which we are the independent year ended March 31, 2024 as considered in the
auditors. For the other entities included in the Consolidated Financial Statements. This financial
Consolidated Financial Statements, which have statements have been audited by its independent
been audited by other auditors, such other auditors auditor. The independent auditor’s report on financial
remain responsible for the direction, supervision statements of this entity has been furnished to us and
471
our opinion on the Statement, in so far as it relates in agreement with the relevant books of account
to the amounts and disclosures included in respect maintained for the purpose of preparation of
of this entity, is based solely on the report of such the consolidated financial statements;
auditor and the procedures performed by us are as
stated in paragraph above. (d)
in our opinion, the aforesaid consolidated
financial statements comply with the Accounting
b) The Consolidated Financial Statements for the Standards specified under Section 133 of the
year ended March 31, 2023 have been audited by Act, read with Companies (Accounting Standard)
one of the predecessor auditors M.P. Chitale & Co. Rules, 2021, as amended, to the extent they are
and continuing joint statutory auditor Chokshi & not inconsistent with the accounting policies
Chokshi LLP, whose report dated April 22, 2023, had prescribed by RBI;
expressed an unmodified opinion. The above report
has been furnished to us by the management and (e)
on the basis of the written representations
which has been relied upon by us for the purpose of received from the directors of the Bank as on
our audit of the Consolidated Financial Statements. March 31, 2024, taken on record by the Board
of Directors of the Bank and the report of the
Our opinion on the consolidated financial statements is statutory auditor of its subsidiary company,
not modified in respect of above matters. none of the directors of the Group is disqualified
as on March 31, 2024, from being appointed as a
Report on other legal and regulatory requirements director in terms of Section 164 (2) of the Act; and
1) The consolidated balance sheet and the consolidated
profit and loss account have been drawn up in (f) with respect to the adequacy of the internal
accordance with the provisions of Section 29 of the financial controls with reference to consolidated
Banking Regulation Act, 1949 and Section 133 of the financial statements of the Group and the
Act and relevant rules issued thereunder. operating effectiveness of such controls, refer to
our separate report in ‘Annexure A’.
2) As required by Section 143(3) of the Act, based on
our audit and on the consideration of report of the 3)
With respect to the other matters to be included
other auditor on separate financial statements and in the Auditors’ Report in accordance with Rule
the other financial information of such subsidiary 11 of the Companies (Audit and Auditors) Rules,
as were audited by other auditor, as noted in the 2014, as amended in our opinion and to the best
‘Other Matters’ paragraph, we report, to the extent of our knowledge and belief and according to the
applicable, that: information and explanations given to us and based
on the consideration of the report of the other auditor
(a) we have sought and obtained all the information on separate financial statements of the subsidiary as
and explanations which to the best of our noted in the ‘Other Matters’ paragraph:
knowledge and belief were necessary for
the purposes of our audit of the aforesaid (a) the consolidated financial statements disclose
consolidated financial statements; the impact of pending litigations as at March 31,
2024 on the consolidated financial position of
(b)
in our opinion, proper books of account as the Group - Refer Note No. 17.6.19 and 17.6.22
required by law relating to preparation of the to the consolidated financial statements;
aforesaid Consolidated Financial Statements
have been kept by the Bank so far as it appears (b) provision has been made in the consolidated
from our examination of those books and the financial statements, as required under the
report of the other auditor; applicable law or accounting standards, for
material foreseeable losses, if any, on long-term
(c) the consolidated balance sheet, the consolidated contracts including derivative contracts -
profit and loss account, and the consolidated Refer Note No. 17.6.15 to the consolidated
cash flow statement dealt with by this Report are financial statements;

(c)
there has been no delay in transferring representations under sub-clause (i) and (ii)
amounts, required to be transferred, to the above contain any material misstatement.
Investor Education and Protection Fund by the
Holding Company and its subsidiary company (e) No dividend has been declared or paid during
incorporated in India during the year ended the year by the Bank and its subsidiary.
March 31, 2024 - Refer Note No. 17.6.20 to the
consolidated financial statements. (f) Based on our examination which included test
checks and that performed by the auditor of the
(d) (i)
The management of the Bank and its subsidiary whose financial statements have been
respective subsidiary have represented audited under the Act, the Holding Company
that, to the best of their knowledge and (the Bank), its subsidiary company incorporated
belief, other than as disclosed in the notes in India have used accounting software for
to accounts, (Refer Note No. 17.6.21) no maintaining their respective books of account
funds have been advanced or loaned or for the year ended March 31, 2024 which has a
invested (either from borrowed funds or feature of recording audit trail (edit log) facility
share premium or any other sources or and the same has operated throughout the
kind of funds) by the Bank or its subsidiary year for all relevant transactions recorded in
company to or in any other person(s) the software. Further, during the course of
or entity(ies), including foreign entities audit, we and other auditor, whose report has
(“Intermediaries”), with the understanding, been furnished to us by the Management of the
whether recorded in writing or otherwise, Holding Company (the Bank), have not come
that the Intermediary shall, whether, across any instance of the audit trail feature
directly or indirectly lend or invest in being tampered with.
other persons or entities identified in
any manner whatsoever by or on behalf 4)
With respect to the matter to be included in the
of the Bank or its subsidiary companies Auditors’ Report under section 197(16) of the Act,
(‘Ultimate Beneficiaries’) or provide any in our opinion and according to the information
guarantee, security or the like on behalf of and explanations given to us, requirements with
the Ultimate Beneficiaries; respect to the matter to be included in the Auditor’s
Report under section 197(16) are not applicable to
(ii)
The management of the Bank and its banking companies.
respective subsidiary have represented
that, to the best of their knowledge and Based on the reports of the statutory auditor of
belief, other than as disclosed in the notes the subsidiary company which was not audited by
to accounts (Refer Note No. 17.6.21) no us, the remuneration paid during the current year
funds have been received by the Bank or by the subsidiary company to its directors is in
its subsidiary company from any person(s) accordance with the provisions of Section 197 of the
or entity(ies), including foreign entities Act. The remuneration paid to any director by the
(“Funding Parties”), with the understanding, subsidiary company is not in excess of the limit laid
whether recorded in writing or otherwise, down under Section 197 of the Act.
the Bank or its subsidiary company shall,
whether, directly or indirectly, lend or invest For G.M. Kapadia & Co. For Chokshi & Chokshi LLP
in other persons or entities identified in any Chartered Accountants Chartered Accountants
manner whatsoever by or on behalf of the (Registration No. 104767W) (Regn. No. 101872W / W100045)
Funding Party (‘Ultimate Beneficiaries’) or
provide any guarantee, security or the like Atul Shah Vineet Saxena
on behalf of the Ultimate Beneficiaries,; and Partner Partner
(iii) Based on such audit procedures that were UDIN: 24039569BKAUIK5384 UDIN: 24100770BKCORG7004
considered reasonable and appropriate in
the circumstances, nothing has come to our Place: Mumbai Place: Mumbai
notice that has caused us to believe that the Date: April 27, 2024 Date: April 27, 2024
473
Annexure A to the Independent Auditor’s Report
of even date on the consolidated financial statements of YES BANK Limited
(Referred to in paragraph 3(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent
Auditor’s Report of even date to the members of YES BANK Limited on the consolidated financial statements
for the year ended March 31, 2024)
Report on the Internal Financial Controls with assets, the prevention and detection of frauds and errors,
reference to the aforesaid consolidated financial the accuracy and completeness of the accounting records,
statements under Clause (i) of Sub-section 3 of and the timely preparation of reliable financial information,
Section 143 of the Companies Act, 2013 (“the Act”) as required under the Companies Act, 2013 (“the Act”).
Opinion Auditors’ Responsibility

We have audited the internal financial controls with Our responsibility is to express an opinion on the internal
reference to consolidated financial statements of YES BANK financial controls with reference to consolidated financial
Limited (“the Bank”) and its subsidiary company, which are statements of the Bank and its subsidiary company, which
companies incorporated in India as of March 31, 2024, in are companies incorporated in India, based on our audit.
conjunction with our audit of the consolidated financial We conducted our audit in accordance with the Guidance
statements of the Bank for the year ended on that date. Note and the Standards on Auditing (‘the Standards’),
issued by the ICAI and deemed to be, prescribed under
In our opinion, the Holding Company (the Bank) and section 143(10) of the Act, to the extent applicable to an
its subsidiary company, which is incorporated in India, audit of internal financial controls, both issued by the
have, in all material respects, an adequate internal ICAI with reference to consolidated financial statements.
financial controls with reference to consolidated financial Those Standards and the Guidance Note require that we
statements and such internal financial controls were comply with ethical requirements and plan and perform
operating effectively as at March 31, 2024, with reference the audit to obtain reasonable assurance about whether
to consolidated financial statements criteria established adequate internal financial controls with reference to
by the Bank and its subsidiary company considering consolidated financial statements were established and
the essential components of internal control stated in maintained and whether such controls operated effectively
the Guidance Note. in all material respects.
Our audit involves performing procedures to obtain

Management’s Responsibility for Internal
audit evidence about the adequacy of the internal
Financial Controls
financial controls with reference to consolidated financial
The respective company’s management and Board statements and their operating effectiveness. Our audit of
of Directors are responsible for establishing and internal financial controls with reference to consolidated
maintaining internal financial controls with reference to financial statements included obtaining an understanding
consolidated financial statements criteria established of internal financial controls with reference to consolidated
by the Bank and respective companies considering the financial statements, assessing the risk that a material
essential components of internal control stated in the weakness exists, and testing and evaluating the design
Guidance Note on Audit of Internal Financial Controls and operating effectiveness of internal control based on
Over Financial Reporting (‘the Guidance Note’) issued by the assessed risk. The procedures selected depend on the
the Institute of Chartered Accountants of India (‘the ICAI’). auditor’s judgment, including the assessment of the risks
These responsibilities include the design, implementation of material misstatement of the consolidated financial
and maintenance of adequate internal financial controls statements, whether due to fraud or error.
that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to We believe that the audit evidence we have obtained and
the respective Company’s policies, the safeguarding of its the audit evidence obtained by the other auditor of the

subsidiary company, in terms of his report referred to Inherent Limitations of Internal Financial
in the Other Matters paragraph below, is sufficient and Controls with Reference to Consolidated
appropriate to provide a basis for our audit opinion on the Financial Statements
internal financial controls with reference to consolidated Because of the inherent limitations of internal financial
financial statements of the Bank and its subsidiary controls with reference to consolidated financial
companies, which are companies incorporated in India. statements, including the possibility of collusion or
improper management override of controls, material
Meaning of Internal Financial Controls with misstatements due to error or fraud may occur and not be
Reference to Financial Statements detected. Also, projections of any evaluation of the internal
A Bank's internal financial controls with reference to financial controls with reference to consolidated financial
consolidated financial statements is a process designed statements to future periods are subject to the risk that the
to provide reasonable assurance regarding the reliability internal financial control with reference to consolidated
of financial reporting and the preparation of consolidated financial statement may become inadequate because of
financial statements for external purposes in accordance changes in conditions, or that the degree of compliance
with generally accepted accounting principles. A Bank’s with the policies or procedures may deteriorate.
internal financial control with reference to consolidated
financial statement includes those policies and Other Matter
procedures that Our aforesaid reports under Section 143(3)(i) of the
Act on the adequacy and operating effectiveness of the
1)
pertain to the maintenance of records that, in internal financial controls with reference to consolidated
reasonable detail, accurately and fairly reflect the financial statements in so far as it relates to one subsidiary
transactions and dispositions of the assets of company, is based on the corresponding report of the
the Bank; auditor of this company.
provide reasonable assurance that transactions

2) Our opinion is not modified in respect of this matter.
are recorded as necessary to permit preparation
of consolidated financial statements in accordance For G.M. Kapadia & Co. For Chokshi & Chokshi LLP
with generally accepted accounting principles, and Chartered Accountants Chartered Accountants
that receipts and expenditures of the Bank are being (Registration No. 104767W) (Regn. No. 101872W / W100045)
made only in accordance with authorisations of
management and directors of the Bank; and Atul Shah Vineet Saxena
Partner Partner
3) provide reasonable assurance regarding prevention (Membership No. 039569) (Membership No. 100770)
or timely detection of unauthorised acquisition, UDIN: 24039569BKAUIK5384 UDIN: 24100770BKCORG7004
use, or disposition of the Bank’s assets that
could have a material effect on the consolidated Place: Mumbai Place: Mumbai
financial statements. Date: April 27, 2024 Date: April 27, 2024
475
Consolidated Balance Sheet
as on March 31 2024
(` in thousands)
Schedule As on As on
March 31, 2024 March 31, 2023
CAPITAL AND LIABILITIES
Capital 1 57,535,764 57,509,551
Share Warrants Subscription Money Note 17.6.2 9,483,918 9,483,918
Reserves and surplus 2 354,532,174 340,188,289
Minority Interest 2A - -
Deposits 3 2,662,295,315 2,173,821,930
Borrowings 4 805,076,097 777,539,839
Other liabilities and provisions 5 174,692,191 193,497,814
TOTAL 4,063,615,459 3,552,041,341
ASSETS
Cash and balances with Reserve Bank of India 6 181,392,387 128,640,853
Balances with banks and money at call and short notice 7 11,792,105 64,919,235
Investments 8 899,969,523 767,492,974
Advances 9 2,277,990,414 2,032,365,452
Fixed assets 10 28,657,370 24,514,813
Other assets 11 663,813,660 534,108,014
Goodwill on Consolidation - -
TOTAL 4,063,615,459 3,552,041,341
Contingent liabilities 12 7,969,577,549 6,613,854,796
Bills for collection 153,682,865 174,132,625
Significant Accounting Policies and Notes to Accounts forming part of 17
financial statements
The Schedules referred to above form an integral part of the Consolidated Balance Sheet
The Balance Sheet has been prepared in conformity with Form A of the Third Schedule to the Banking Regulation Act, 1949



Mumbai
April 27, 2024

Consolidated Profit and Loss Account

(` in thousands)
Schedule For the year ended For the year ended
March 31, 2024 March 31, 2023
I. INCOME
Interest earned 13 276,058,622 227,021,619
Other income 14 53,550,270 38,830,076
TOTAL 329,608,892 265,851,695
II. EXPENDITURE
Interest expended 15 195,272,521 147,997,602
Operating expenses 16 100,093,975 85,839,254
Provisions and contingencies Note 17.6.5 21,390,381 24,656,653
TOTAL 316,756,877 258,493,509
III. PROFIT/(LOSS)
Share of earnings/loss in Associates - -
Consolidated Net profit/(loss) for the year before deducting 12,852,015 7,358,186
Minorities' Interest
Less: Minorities' Interest - -
Consolidated profit/(loss) for the year attributable to the Group 12,852,015 7,358,186
Add: Brought forward consolidated profit/(loss) attributable to (100,937,560) (107,567,593)
the group
TOTAL (88,085,545) (100,209,407)
IV. APPROPRIATIONS
Transfer to Statutory Reserve 3,127,699 1,793,522
Transfer to Capital Reserve 262,640 31,666
Transfer to Investment Reserve 431,921 16,787
Transfer to Investment Fluctuation Reserve 472,297 2,358,763
Transfer to Revenue and other Reserves (1,253,752) (3,472,576)
Dividend paid for previous year - -
Tax on Dividend paid for previous year - -
Proposed Dividend - -
Tax (including surcharge and education cess) on Dividend - -
Balance carried over to balance sheet (91,126,350) (100,937,560)
TOTAL (88,085,545) (100,209,397)
Significant Accounting Policies and Notes to Accounts forming 17
part of financial statements
Earnings per share Note 17.6.11
Basic (`) 0.45 0.28
Diluted (`) 0.44 0.28
(Face Value of Equity Share is ` 2/-)
The Schedules referred to above form an integral part of the Consolidated Profit and Loss Account.
The Profit and Loss Account has been prepared in conformity with Form B of the Third Schedule to the Banking



Mumbai
April 27, 2024
477
Consolidated Cash Flow Statement
(` in thousands)
March 31, 2024 March 31, 2023
Cash flow from/(used in) Operating Activities
Net profit before taxes 15,376,881 9,813,283
Adjustment for
ESOP Compensation Expense 312,125 218,407
Depreciation for the year 5,455,502 4,334,178
Amortization of premium on investments 4,105,944 3,868,850
Provision for / revaluation of investments 351,771 24,122,209
Provision for standard advances (1,011,477) (1,496,202)
Provision/write off of non performing advances 27,642,686 (15,264,116)
Other provisions 942,849 (225,075)
(Profit)/Loss on sale of land, building and other assets 20,624 (46,664)
(i) 53,196,905 25,324,870
Adjustments for :
Increase / (Decrease) in Deposits 488,473,385 203,196,167
Increase/(Decrease) in Other Liabilities (20,008,109) 41,476,494
(Increase)/Decrease in Investments (22,243,378) (156,296,161)
(Increase)/Decrease in Advances (273,267,648) (207,511,235)
(Increase)/Decrease in Other assets (125,933,989) (163,679,407)
(ii) 47,020,261 (282,814,142)
Payment of direct taxes (iii) (3,771,656) (673,306)
Net cash generated from / (used in) operating activities (A) (i+ii+iii) 96,445,510 (258,162,578)
Cash flow from/(used in) investing activities
Purchase of fixed assets (9,806,555) (7,915,921)
Proceeds from sale of fixed assets 187,871 523,660
Investment in equity shares of Asset Reconstruction Company (731,421) (270,090)
(Increase) / Decrease in Held To Maturity (HTM) securities (113,959,464) (121,377,925)
Net cash generated / (used in) from investing activities (B) (124,309,569) (129,040,276)
Cash flow from/(used in) financing activities
Increase in Borrowings (gross) 30,336,258 71,776,013
Tier I/II Debt repaid during the year (2,800,000) (17,638,000)
Proceeds from issuance of Equity Shares (net of share issue expense) 171,955 50,881,913
Proceeds from share warrants subscription money - 9,483,918
Net cash generated from / (used in) financing activities (C) 27,708,213 114,503,844
Effect of exchange fluctuation on translation reserve (D) (219,751) (1,222,927)
Net increase/(decrease) in cash and cash equivalents (A+B+C+D) (375,597) (273,921,937)
Cash and cash equivalents as at April 1 193,560,088 467,482,025
Cash and cash equivalents as at March 31 193,184,491 193,560,088

Consolidated Cash Flow Statement

(` in thousands)
March 31, 2024 March 31, 2023
Notes to the Cash flow statement:
Cash and cash equivalents includes the following
Cash and Balances with Reserve Bank of India 181,392,387 128,640,853
Balances with Banks and Money at Call and Short Notice 11,792,104 64,919,235
Cash and cash equivalents as at March 31 193,184,491 193,560,088



Mumbai
April 27, 2024
479
Schedules
forming a part of Consolidated Balance Sheet
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 1 - CAPITAL
Authorised Capital
20,000,000 preference shares of ` 100/- each 2,000,000 2,000,000
Issued, subscribed and paid-up capital (Refer Sch 17.6.1)

TOTAL 57,535,764 57,509,551
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 2 - RESERVES AND SURPLUS
I. Statutory Reserves
Opening balance 53,393,153 51,599,631
Closing balance 56,520,852 53,393,153
II. Share Premium
Opening balance 366,438,573 322,949,781
Closing balance 366,612,150 366,438,573
III. Capital Reserve
Opening balance 17,299,817 17,268,151
Additions during the year 262,640 31,666
Closing balance 17,562,457 17,299,817
IV. Capital Reserve on Consolidation
V. Investment Reserve
Additions during the year 431,921 16,787
Closing balance 1,016,837 584,916
VI. Foreign Currency Translation Reserve
Opening balance (1,303,463) (80,536)
Additions during the year (219,750) (1,222,927)
Closing balance (1,523,213) (1,303,463)
VII. Cash Flow Hedge Reserve
Opening balance - -
Closing balance - -

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
VIII. Investment Fluctuation Reserve
Opening balance 4,245,715 1,886,952
Additions during the year 472,297 2,358,763
Closing balance 4,718,012 4,245,715
IX. Employee Stock Options Reserve
Deductions during the year 28,275 6,524
X. Balance in Profit and Loss Account (91,126,358) (100,937,570)
TOTAL 354,532,174 340,188,289
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 2A - MINORITY INTEREST
Minority interest at the date on which the parent-subsidiary relationship came into - -
existence
Subsequent increase/ decrease - -
Minority interest on the date of balance sheet - -
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 3 - DEPOSITS
A. I. Demand Deposits
i) From Banks 25,236,766 19,913,112
ii) From others 388,039,226 316,024,714
II. Savings Bank Deposit 409,729,868 332,999,169
III. Term Deposits
i) From banks 81,248,319 93,738,300
ii) From others (incl. CD's issued) 1,758,041,136 1,411,146,635
TOTAL 2,662,295,315 2,173,821,930
B. I. Deposits of branches in India 2,642,206,822 2,164,734,802
II. Deposits of branches outside India 20,088,493 9,087,128
TOTAL 2,662,295,315 2,173,821,930
481
Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 4 - BORROWINGS
I. Borrowing in India
i) Reserve Bank of India1 16,450,000 67,370,000
ii) Other banks 45,577,944 20,171,266
iii) Other institutions and agencies1 & 2 481,774,845 444,816,592
iv) Innovative Perpetual Debt Instruments (IPDI) - 2,800,000
v) Tier II Borrowings 139,412,000 139,412,000
TOTAL (A) 683,214,789 674,569,858
II. Borrowings outside India
i) Borrowings outside India 121,861,308 102,969,981
ii) Innovative Perpetual Debt Instruments (IPDI) - -
iii) Tier II Borrowings - -
TOTAL (B) 121,861,308 102,969,981
TOTAL (A+B) 805,076,097 777,539,839
(1) Secured borrowings are ` 22,279,505 thousands (March 31, 2023: ` 111,808,311 thousands).
(2) Including ` 438,078,040 thousands of refinance borrowing (March 31, 2023: ` 360,458,382 thousands) ` 13,150,000 thousands
(March 31 2023: ` 16,450,000 thousands) of Green Infrastructure Bonds raised to fund 'Green Projects' and ` 21,350,000
thousands (March 31, 2023: ` 21,350,000 thousands) of Long Term Infrastructure Bonds raised to finance affordable housing and
infrastructure projects.
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 5 - OTHER LIABILITIES AND PROVISIONS
I. Bills payable 4,986,264 7,511,786
II. Inter-office adjustments (net) - -
III. Interest accrued 26,944,469 24,306,636
IV. Others (including provisions)
- Provision for standard advances 16,733,338 17,744,816
- Country risk exposures - 102,035
- Others* 126,028,120 143,832,540
- Income Tax Provision - -
TOTAL 174,692,191 193,497,814
*Others includes Marked to Market adjustments on derivatives ` 53,897,552 thousands (March 31, 2023: ` 69,922,500 thousands)
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA
I. Cash in hand (including foreign currency notes) 9,620,705 8,891,955
II. Balances with Reserve Bank of India
- In current account 151,681,682 119,748,898
- In other account 20,090,000 -
TOTAL 181,392,387 128,640,853

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 7 - BALANCES WITH BANKS, MONEY AT CALL AND SHORT NOTICE
I. In India
Balances with banks-
i) In current accounts 2,661,601 3,229,083
ii) In other deposit accounts 4,969,710 1,677,910
Money at call and short notice
i) With Banks - 820,000
ii) With other institutions - 24,331,430
TOTAL (I) 7,631,311 30,058,423
II. Outside India
i) In current account 617,749 10,199,952
ii) In other deposit account - -
iii) Money at call and short notice 3,543,045 24,660,860
TOTAL (II) 4,160,794 34,860,812
TOTAL (I+II) 11,792,105 64,919,235
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 8 - INVESTMENTS (Net of provisions)
A. Investments in India
i) Government Securities* 806,206,308 651,582,015
ii) Other approved securities - -
iii) Shares 1,283,620 503,120
iv) Debentures and bonds 59,997,095 49,889,311
v) Associates - -
vi) Others (Commercial Papers, Certificate of Deposits, Security Receipts, Pass 24,669,495 51,022,443
through certificates, Mutual Funds, Venture Capital Funds etc.)
TOTAL (I) 892,156,518 752,996,889
B. Investments outside India
i) Government Securities 7,806,343 12,202,605
ii) Shares 6,662 6,630
iii) Debentures and bonds - 1,330,786
iv) Others (MFs) - 956,064
TOTAL (II) 7,813,005 14,496,085
TOTAL (I+II) 899,969,523 767,492,974
C. Investments in India
i) Gross value of investments 939,011,651 799,282,924
ii) Aggregate of provisions for depreciation 46,855,132 46,286,034
iii) Net investment TOTAL (I) 892,156,518 752,996,889
D. Investments outside India
i) Gross value of investments 7,813,005 14,852,103
ii) Aggregate of provisions for depreciation - 356,018
iii) Net investment TOTAL (II) 7,813,005 14,496,085
899,969,523 767,492,974
* Includes securities of face value ` 48,303,545 thousands (March 31, 2023: ` 112,842,783 thousands) pledged for clearing facility and
margin requirements.
483
Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 9 - ADVANCES (Net of provisions)
A. i) Bills purchased and discounted 36,531,550 26,954,447
ii) Cash credit, overdrafts and loans repayable on demand(1) 732,946,234 603,211,548
iii) Term loans 1,508,512,630 1,402,199,457
TOTAL 2,277,990,414 2,032,365,452
B. i) Secured by tangible assets (1) (includes advances secured by fixed deposits 1,754,086,196 1,532,416,883
and book debt)
ii) Covered by Bank/Government guarantees 20,260,291 63,408,099
iii) Unsecured (2)(3) 503,643,927 436,540,470
TOTAL 2,277,990,414 2,032,365,452
(1) Includes NIL (March 31, 2023:: ` 30,689,277 thousands) of Interbank Reverse Repo having original tenors more than 14 days are
(2) Includes at March 31, 2024 advances of ` 49,662,585 thousands (March 31, 2023: ` 48,929,005 thousands) for which security
documentation is either being obtained or being registered.
(3) Includes at March 31, 2024 advances amounting to ` 2,763,700 thousands (March 31, 2023 : ` 1,427,223 thousand) has been
secured by intangible securities such as charge over the rights, licenses, authority, etc.
C. I. Advances in India
i) Priority sectors 963,870,601 759,181,119
ii) Public sector - -
iii) Banks (1) 5,879,698 3,002,559
iv) Others 1,248,636,876 1,204,494,847
TOTAL (I) 2,218,387,175 1,966,678,525
II. Advances outside India
i) Due from Banks 207,781 1,052,637
ii) Due from Others 59,395,458 64,634,290
(a) Bills purchased and discounted - -
(b) Syndicated loans 19,951,099 10,654,379
(c) Others 39,444,359 53,979,911
TOTAL (II) 59,603,239 65,686,927
TOTAL (I+II) 2,277,990,414 2,032,365,452

Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 10 - FIXED ASSETS
I. Premises
Deductions during the year - (378,031)
Accumulated depreciation to date (528,248) (356,925)
IA. Premises under construction - -
TOTAL (I) 11,574,282 11,745,605
II. Other Fixed Assets (including furniture and fixtures and software)
Deductions during the year (698,731) (839,884)
Accumulated depreciation to date (27,635,473) (22,841,530)
IIA. Leased Assets
At cost as on March 31 of preceding year - -
Accumulated depreciation to date - -
TOTAL (II) 13,516,765 9,811,523
TOTAL (I+II) 25,091,047 21,557,128
III. Capital work-in-progress(net of provision) 3,566,323 2,957,684
TOTAL 28,657,370 24,514,813
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 11 - OTHER ASSETS
I. Interest Accrued 28,057,561 22,453,286
II. Advance tax and tax deducted at source (net of provision) 12,003,576 6,926,967
III. Deferred tax asset (Refer Sch 17.6.13) 85,630,915 89,411,542
IV. Stationery and stamps 2,115 1,563
V. Non-Banking assets acquired in satisfaction of claims 353,000 353,000
VI. Others* 537,766,493 414,961,656
TOTAL 663,813,660 534,108,014
*1. Includes deposits placed with NABARD/SIDBI/NHB, etc. of ` 440,872,509 thousands (March 31, 2023: ` 309,095,659 thousands) on
account of shortfall in priority sector targets.
2. Includes Marked to Market adjustments on derivatives of ` 47,752,918 thousands (March 31, 2023: ` 62,901,600 thousands)
485
Schedules
(` in thousands)
As on As on
March 31, 2024 March 31, 2023
SCHEDULE 12 - CONTINGENT LIABILITIES
I. Claims against the Bank not acknowledged as debts 3,655,281 792,648
II. Liability for partly paid investments - -
III. Liability on account of outstanding forward exchange contracts 3,835,376,775 2,871,564,016
IV. Liability on account of outstanding derivative contracts - -
(a) Single currency Interest Rate Swap 2,614,541,640 2,601,271,973
(b) Others 336,619,315 341,007,859
V. Guarantees given on behalf on constituents - -
(a) In India 589,956,581 444,062,267
(b) Outside India - 219,497
VI. Acceptances, endorsement and other obligations 210,148,657 171,293,059
VII. Other items for which the Bank is contingently liable - -
(a) Purchase of securities pending settlement 958,430 1,752,006
(b) Capital commitment 4,037,417 3,891,446
(c) Amount deposited with RBI under Depositor Education and Awareness 310,144 203,755
Fund (DEAF)
(d) Foreign exchange contracts (Tom & Spot) 363,535,042 175,065,652
(e) Custody 2,509,542 2,730,617
(f) Bills Rediscounting - -
(g) Letter of Undertaking 7,928,725 -
(h) When Issued (‘WI’) securities - -
TOTAL 7,969,577,549 6,613,854,796
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as
on March 31, 2024 includes notional amount of ` 3,697,440,095 thousands and ` 1,517,307,402 thousands (March 31,
2023: ` 2,388,453,904 thousands and ` 1,335,920,303 thousands) guaranteed by CCIL representing 88.06% and 58.03%
(March 31, 2023: 83.18% and 51.36%) of total outstanding forward exchange contracts and single currency interest rate
swaps respectively.

Schedules
forming a part of Consolidated Profit and Loss Account
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 13 - INTEREST EARNED
I. Interest/discount on advances/bills 210,832,081 178,189,679
II. Income on investments (including dividend) 49,582,584 35,645,993
III. Interest on balances with Reserve Bank of India and other inter-bank funds 4,583,982 8,410,286
IV. Others 11,059,975 4,775,661
TOTAL 276,058,622 227,021,619
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 14 - OTHER INCOME
I. Commission, exchange and brokerage 30,742,601 20,913,056
II. Profit/(Loss) on the sale of investments (net) 2,270,961 344,205
III. Profit/(Loss) on the revaluation of investments (net) 1,043,288 (34,831)
IV. Profit/(Loss) on sale of land, building and other assets (20,624) 69,550
V. Profit/(Loss) on exchange transactions (net) 6,441,110 7,446,193
VI. Income earned by way of dividends - -
VII. a. Lease finance income - -
b. Lease management fee - -
c. Overdue charges - -
d. Interest on lease rent receivables - -
VIiI. Miscellaneous income 13,072,934 10,091,903
TOTAL 53,550,270 38,830,076
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 15 - INTEREST EXPENDED
I. Interest on deposits 135,623,916 101,027,218
II. Interest on Reserve Bank of India/inter-bank borrowings/ Tier I and Tier II debt 57,977,557 45,905,501
instruments
III. Others 1,671,048 1,064,883
TOTAL 195,272,521 147,997,602
(` in thousands)
March 31, 2024 March 31, 2023
SCHEDULE 16 - OPERATING EXPENSES
I. Payments to and provisions for employees 38,873,176 34,750,703
II. Rent, taxes and lighting 5,102,339 4,425,607
III. Printing and stationery 679,750 459,052
IV. Advertisement and publicity 580,612 128,704
V. a. Depreciation on Group's property other than Leased Assets 5,455,502 4,334,178
b. Depreciation on Leased Assets - -
VI. Directors' fees, allowances and expenses 46,589 49,327
VII. Auditors' fees and expenses 49,467 44,896
VIII. Law charges 142,282 532,529
IX. Postage, telegrams, telephones, etc. 653,134 641,040
X. Repairs and maintenance 595,617 543,237
XI. Insurance 3,450,594 2,814,329
XII. Amortisation of Goodwill - -
XIII. Other expenditure 44,464,913 37,115,652
TOTAL 100,093,975 85,839,254
487
Consolidated Financial Statements
17. S
ignificant accounting policies and notes forming part of the consolidated financial statements
17.1 Background
YES BANK (‘the Bank’) is a publicly held bank, together with its subsidiary (collectively, ‘the Group’), are engaged in providing
a wide range of banking and financial services. YES BANK is a banking company governed by the Banking Regulation Act,
1949. The Bank was incorporated as a limited company under the Companies Act, 1956 on November 21, 2003. The Bank
received the licence to commence banking operations from the Reserve Bank of India (‘RBI’) on May 24, 2004. Further,
YES BANK was included to the Second Schedule of the Reserve Bank of India Act, 1934 with effect from August 21, 2004.
Also the Bank has a branch at International Financial Services Centre (‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies
transactions undertaken by IBU as overseas operation.
YES Securities (India) Limited (‘YSIL’) was incorporated on March 14, 2013, as a wholly owned subsidiary of the Bank. YSIL is
registered with the Securities and Exchange Board of India (‘SEBI’) as a securities broker since July 8, 2013, Category I
Merchant Banker w.e.f. September 3, 2015, Research Analyst w.e.f. November 30, 2015 and Investment Adviser w.e.f.
March 20, 2017. YSIL is member of the National Stock Exchange (‘NSE’) since May 2, 2013, the Bombay Stock Exchange
(‘BSE’) since June 11, 2013, Multi Commodity Exchange (‘MCX’) since February 5, 2019 and National Commodity & Derivatives
Exchange Limited (‘NCDEX’) since February 6, 2020. YSIL offers, inter alia, trading / investment in equity, merchant banking
and other financial products along with various value added services.
17.2 Principles of Consolidation

The Bank consolidates its subsidiary in accordance with Accounting Standard (‘AS’) 21, Consolidated Financial Statements
notified under section 133 of the Companies Act 2013, read together with Companies (Accounting Standards) Rules, 2021
issued by the Ministry of Corporate Affairs to the extent applicable on a line-by-line basis by adding together the like items
of assets, liabilities, income and expenditure.
17.3 Basis of preparation

The consolidated financial statements have been prepared in accordance with requirements prescribed under the Third
Schedule (Form A and Form B) of the Banking Regulation Act, 1949. The accounting and reporting policies of the Group
used in the preparation of the consolidated financial statements conform to Generally Accepted Accounting Principles
in India (Indian GAAP), the guidelines and clarifications issued by the Reserve Bank of India (RBI) from time to time,
the accounting standards notified under section 133 of the Companies Act 2013 read together with the Companies
(Accounts) Rules, 2014 and the Companies (Accounting Standards) Rules, 2021 to the extent applicable and practices
generally prevalent in the banking industry in India. The Group follows the accrual method of accounting and the historical
cost convention, unless otherwise stated by RBI guidelines. In case the accounting policies followed by subsidiary are
different from those followed by the Bank, the same is being disclosed in the respective accounting policy.
17.4 Use of estimates

The preparation of consolidated financial statements requires the management of the Group to make estimates and
assumptions that are considered while reporting amounts of assets and liabilities (including contingent liabilities) as of the
date of the consolidated financial statements and income and expenses during the reporting period. Management believes
that the estimates used in the preparation of the consolidated financial statements are prudent and reasonable.
Actual results could differ from these estimates. The impact of any revision in these estimates is recognised prospectively
from the period of change.
17.5 Significant accounting policies

17.5.1 Revenue recognition
Revenue is recognised to the extent it is probable that the economic benefits will flow to the Group and the revenue can
be reliably measured.


Interest income is recognised in the profit and loss account on accrual basis, except in the case of non-performing
assets. Interest on non-performing assets is recognised as per the prudential norms of the RBI. Penal Charges for
covenant breach is recognised upon certainty of its realisation.
Dividend income is recognised when the right to receive payment is established.
Commission on Guarantees and Letters of Credit (‘LC’) issued by the Bank is recognised as income over the period
of the Guarantee and LC respectively.
Income on non-coupon bearing discounted instruments is recognised over the tenure of the instrument on a straight
line basis. In case of coupon bearing discounted instruments, discount income is recognised over the tenor of the
instrument on constant yield basis.
In case of Bonds and Pass Through Certificates (PTC), premium on redemption, if any, is amortised over the tenure
of the instrument on a yield basis.
Revenue from financial advisory services is recognised in line with milestones achieved as per terms of agreement
with clients which is reflective of services rendered.
Facility fees and loan processing fees are recognised when due and realisable.
Other fees and commission are accounted for as and when they became due and realisable.
Gain / loss on sell down of loans is recognised in line with the extant RBI guidelines.
Appropriations of recoveries in standard advances (except for credit cards, which is based on agreement) are made
in below order:
a) Interest
b) Principal
Appropriations of recoveries in NPAs (except for credit cards, which is based on agreement) are made in below order:
a) Principal
b) Interest
Brokerage income is recognised as per contracted rate on execution of transaction on behalf of the customers on
the trade date.
Fee income from Investment banking / Merchant banking services are recognised based on completion of milestone
as per the engagement letter. Further Fee income in relation to public issues/ other securities is recognised based
on mobilization and intimation received from clients / intermediaries.
Fee for subscription based services are recognised as earned on a pro rata basis over the term of the plan.
17.5.2 Investments
Classification and valuation of the Bank’s investments are carried out in accordance with RBI Circular DOR.
MRG.42/21.04.141/2021-22 dated 1 August 25, 2021, as amended.
Accounting and Classification

The Bank follows settlement date accounting for Investments. In compliance with RBI guidelines, all investments, are
categorized as “Held for Trading” (‘HFT’), “Available for Sale” (‘AFS’) or “Held to Maturity” (‘HTM’) at the time of its purchase.
489
For the purpose of disclosure in the balance sheet, investments are classified as disclosed in Schedule 8 (‘Investments’)
under six groups (a) government securities (b) other approved securities (c) shares (d) debentures and bonds (e)
subsidiaries and/or joint ventures and (f) others.
YSIL classifies investments into long term investments and current investments. Investments which are intended to be
held for more than one year are classified as long-term investments and investments which are intended to be held
for less than one year are classified as current investments. Long-term Investments are stated at cost after deducting
provision made, if any, for other than temporary diminution in the value. Current Investments are stated at lower of cost
and market/ fair value.
Purchase and sale transactions in securities are accounted on settlement date.
a) Cost of acquisition
Costs such as brokerage pertaining to investments, paid at the time of acquisition and broken period interest are
charged to the profit and loss account as per the RBI guidelines.
b) Basis of classification
Securities that are held principally for resale within 90 days from the date of purchase are classified under the HFT
category. Investments that the Bank intends to hold till maturity are classified under the HTM category, or as per RBI
guidelines. Securities which are not classified in the above categories are classified under the AFS category.
c) Shifting among categories

Reclassification of investments from one category to the other, if done, is in accordance with RBI guidelines. Transfer of
scrips from AFS / HFT category to HTM category is made at the lower of book value or market value. In the case of
transfer of securities from HTM to AFS / HFT category, the investments held under HTM at a discount are transferred
to AFS / HFT category at the acquisition price/book value and investments placed in the HTM category at a premium
are transferred to AFS/ HFT at the amortized cost.
On transfer from HTM to AFS/HFT category, securities are immediately revalued and resultant depreciation, if
any, is provided.
Transfer of investments from AFS to HFT or vice versa (in exceptional circumstances), is done at the book value
and with the approval of the Board of Directors/ Asset Liability Committee (ALCO) /Investment Committee).
Depreciation carried, if any, on such investments is also transferred from one category to another.
d) Valuation
Investments categorized under AFS and HFT categories are Marked to Market (MTM) on periodical basis as per
relevant RBI guidelines. Net depreciation, if any, in the category under the classification mentioned in Schedule
8 (‘Investments’) is recognised in the profit and loss account. The net appreciation, if any, in the category under
each classification is ignored, except to the extent of depreciation previously provided. The book value of individual
securities is not changed consequent to periodic valuation of investments.
Investments received in lieu of restructured advances scheme are valued in accordance with RBI guidelines.
Any diminution in value on these investments is provided for and is not used to set off against appreciation in respect
of other performing securities in that category. Depreciation on equity shares acquired and held by the Bank under
restructuring scheme is provided as per RBI guidelines.
Investments classified under the HTM category are carried at their acquisition cost and any premium over
the face value, paid on acquisition, is amortised on a straight line basis over the remaining period to maturity.


Amortization expense of premium on investments in the HTM category is deducted from interest income in
accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated August 25, 2021. Where in the opinion of
management, a diminution, other than temporary in the value of investments classified under HTM has taken place,
suitable provisions are made. Profit/loss on sale of investments in the ‘Held to Maturity’ category is recognised
in the profit and loss account and profit is thereafter appropriated (net of applicable taxes and statutory reserve
requirements) to Capital Reserve.
Treasury Bills, Commercial Paper and Certificates of deposit being discounted instruments, are valued at carrying cost.
PTCs purchased for priority sector lending requirements are valued in accordance with RBI guidelines.
The market/ fair value applied for the purpose of periodical valuation of quoted investments included in the AFS
and HFT categories is the market price of the scrip as available from the trades/ quotes on the recognised stock
exchanges and for Subsidiary General Ledger (‘SGL’) account transactions, the prices as periodically declared by
Financial Benchmarks India Pvt. Ltd. (FBIL).
The market/ fair value of unquoted government securities included in the AFS and HFT category is determined as per
the prices published by FBIL. Further, in the case of unquoted bonds, debentures, PTCs (other than priority sector)
and preference shares, valuation is carried out by applying an appropriate mark-up (reflecting associated credit risk)
over the Yield to Maturity (‘YTM’) rates of government securities. Such mark up and YTM rates applied are as per the
relevant rates published by FIMMDA/FBIL.
The Bank undertakes short sale transactions in Central Government dated securities in accordance with RBI
guidelines. The short position is reflected as the amount received on sale which is categorized under HFT category
and is netted in the Investment schedule. The short position is marked to market and loss, if any, is charged to the
Profit and Loss account while gain, if any, is ignored. Profit / Loss on settlement of the short position is recognised in
the Profit and Loss account.
Investments in unquoted Alternative Investment Funds (AIF)/ Venture Capital Funds (VCF) are categorised, at the
discretion of the Bank, under HTM category for an initial period of three years and valued at cost during this period.
Such investments are transferred to the AFS category after the said period of three years. Investments in AFS
category are valued at Net Asset Value (NAV) shown by the AIF/VCF as per the financial statements. The VCF/AIF are
valued based on the audited financial statements once in a year. In case the audited financials are not available for
a period beyond 18 months, the investments are valued at ` 1 per VCF/AIF.
Quoted equity shares are valued at their closing price on a recognised stock exchange. Unquoted equity shares
are valued at the break-up value if the latest balance sheet is available, else, at ` 1 per company, as per relevant
RBI guidelines.
For stressed loans transferred to Asset Reconstruction Company (ARC) where the consideration is lower than the net
book value (NBV) at the time of transfer, the shortfall is debited to the Profit and Loss Account and spread equally
over the financial year. The realised profit, where the cash recovery exceeds the NBV of the stressed loans, the same
is credited to Profit and Loss Account. For stressed loans where the consideration received was higher than the
NBV at the time of transfer but the cash recovery is lower than the NBV, such excess amount is not reversed in the
Profit and Loss Account and the Bank continues to carry forward the same as provision against the Security Receipts
(SRs). In effect, the value of SRs is reflected in a manner that the value of SRs is not higher than the NBV of the loans
transferred to ARC. The provisioning requirements is as per the extant RBI guidelines applied on each reporting
date, taking into account the principle that there should be no provisioning arbitrage between the provisioning on
security receipts vis-à-vis the provisioning requirements on the underlying stressed loans, had it stayed in the books.
SRs/ PTCs which are not redeemed as at the end of resolution period are fully provided in books of accounts.
491
Investments in quoted Mutual Fund (MF) Units are valued at the latest repurchase price/NAV declared by the MF.
Investments in un-quoted MF Units are valued on the basis of the latest re-purchase price declared by the MF in
respect of each particular Scheme.
Investment in listed instruments of Real Estate Investment Trust (REIT)/Infrastructure Investment Trust (INVIT) is
valued at closing price on a recognised stock exchange with the higher volumes. In case the instruments were not
traded on any stock exchange within 15 days prior to date of valuation, valuation is done based on the latest NAV
(not older than 1 year) submitted by the valuer.
Sovereign foreign currency bonds are valued using Composite Bloomberg Bond Trader (CBBT) price or Bloomberg
Valuation Service (BVAL) price or on Treasury curve in the chronological order based on availability.
Non-Sovereign foreign currency Bonds are valued using either Composite Bloomberg Bond Trader (CBBT) price,
Bloomberg Valuation Service (BVAL) price, Bloomberg Generic price (BGN), Last available CBBT pricing for the
instrument or Proxy Bond Pricing from Bloomberg in the chronological order based on availability.
Masala bonds are valued using either Composite Bloomberg Bond Trader (CBBT) price, Bloomberg Valuation Service
(BVAL) price or as per FIMMDA guided valuation methodology for unquoted bonds in the chronological order based
on availability.
Special bonds such as oil bonds, fertilizer bonds, UDAY bonds etc. which are directly issued by Government of India
(‘GOI’) is valued based on FBIL valuation.
Equity shares in the Bank’s demat account, acquired through exercise of pledge, is not accounted as investments.
Upon sale of the pledged shares, the proceeds are utilized to offset the borrower’s liability.
Non-performing investments are identified and depreciation / provision are made thereon based on the RBI
guidelines. Based on management assessment of impairment, the Bank additionally creates provision over and
above the RBI guidelines. The depreciation / provision on such non-performing investments are not set off against
the appreciation in respect of other performing securities. Interest on non-performing investments is not recognised
in the Profit and Loss account until received in cash.
e) Profit/Loss on sale of Investments

Cost of investments is computed based on the First-In-First-Out (FIFO) method.Profit/Loss on sale of Investments in
the HTM category is recognised in the profit and loss account and profit thereafter is appropriated (net of applicable
taxes and statutory reserve requirements) to Capital Reserve. Profit/Loss on sale of investments in HFT and AFS
categories is recognised in the Profit and Loss account.
f) Accounting for repos / reverse repos/Targeted Long-Term Repo Operations (TLTRO)

Securities sold under agreements to repurchase (Repos) and securities purchased under agreements to resell
(Reverse Repos) including liquidity adjustment facility (LAF) with RBI are treated as collateralized borrowing and
lending transactions respectively in accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated August 25,
2021. The first leg of the repo transaction is contracted at the prevailing market rates. The difference between
consideration amounts of first and second (reversal of first) leg reflects interest and is recognised as interest income/
expense over the period of transaction.


g) Investment fluctuation reserve (IFR)

With a view to building up of adequate reserves to protect against increase in yields, RBI through circular number
RBI/2017-18/147 DBR.No.BP.BC.102/21.04.048/2017-18 dated April 2, 2018, advised all banks to create an IFR with
effect from the FY 2018-19.
Transfer to IFR will be lower of the following (i) net profit on sale of investments during the year or (ii) net profit for
the year less mandatory appropriations; until the amount of IFR is at least 2 percent of the HFT and AFS portfolio, on
a continuing basis.
17.5.3 Advances
Accounting and classification
Advances are classified as performing and non-performing based on the relevant RBI guidelines. Advances are stated
net of specific provisions, interest in suspense, inter-bank participation certificates issued, direct assignment and
bills rediscounted.
Assets transferred through direct assignment of cash flows are de-recognised in the Balance Sheet when they are sold
(true sale criteria being fully met with) and consideration is received by the Bank.
Provisioning
Provisions in respect of non-performing advances are made based on management’s assessment of the degree of
impairment of the advances, subject to the minimum provisioning level prescribed in relevant RBI guidelines. The specific
provision levels for retail non-performing advances are also based on the nature of product and delinquency levels.
Specific provisions in respect of non-performing advances are charged to the Profit and Loss account and included under
Provisions and Contingencies. In relation to non-performing derivative contracts, as per the extant RBI guidelines, the
Bank makes provision for the entire amount of overdue and future receivables relating to positive marked to market value
of the said derivative contracts.
The Bank considers an account as restructured, where for economic or legal reasons relating to the borrower’s financial
difficulty, the Bank grants concessions to the borrower, that the Bank would not otherwise consider. The moratorium
granted to the borrowers based on RBI guidelines is not accounted as restructuring of loan. The RBI guidelines on
‘Resolution Framework for COVID-19-related Stress’ provide a prudential framework for resolution plan of certain loans.
The borrowers where resolution plan was implemented under these guidelines are classified as standard restructured.
In respect of loans reported as fraud to RBI the entire amount is provided for over a period not exceeding four quarters
starting from the quarter in which fraud has been detected. In respect of loans where there has been delay in reporting
the fraud to the RBI, the entire amount is provided immediately.
The Bank makes additional provisions as per RBI guidelines for the cases where viable resolution plan has not been
implemented within timelines prescribed by RBI, from the date of default. These additional provisions are written back on
satisfying the conditions for reversal as per RBI guidelines.
As per the RBI guidelines a general provision is made on all standard advances, including provision for borrowers having
unhedged foreign currency exposure and for credit exposures computed as per the current marked to market values
of interest rate and foreign exchange derivative contracts. The general provision also includes provision for stressed
sector exposures and provision for incremental exposure of the banking system to a specified borrower beyond Normally
Permitted Lending Limit (NPLL) in proportion to Bank’s funded exposure to specified borrower. Further, provision
requirement under various Restructure scheme of RBI also forms part of general provision. Such provisions are included
in Schedule 5 - ‘Other liabilities & provisions - Others’.
493
In respect of restructured standard and non performing advances/investments, provision is made for the present value of
principal and interest component sacrificed at the time of restructuring the assets, based on the RBI guidelines.
As per requirement of RBI guideline, any interest accrued and due if converted into a loan (i.e. Funded Interest Term Loan)
then such income will be reversed and will be recognised on cash basis.
Accounts are written-off in accordance with the Bank’s policies. Recoveries from bad debts written-off are recognised in
the Profit and Loss account and included under Provisions and Contingencies
The Bank has in place a Country Risk management policy as part of its Board approved Credit policy, which is based on
extant regulatory guidelines and addresses the identification, measurement, monitoring and reporting of country risk.
Countries are categorized into seven risk categories, viz. Insignificant, Low Risk, Moderately Low Risk, Moderate Risk,
Moderately High Risk, High Risk and Very High Risk. The Bank calculates direct and indirect country risk in line with the
Credit policy requirements. Indirect exposure is reckoned at 50% of the exposure in case of countries where the net
funded exposure exceeds 1% of the Bank’s total assets. Further, if the net funded exposure of the Bank in respect of
each country exceeds 1% of the Bank’s total assets, provisioning is required to be made on exposure to such countries.
Depending on the risk category of the country, provisioning is done on a graded scale ranging from 0.25% to 100%.
17.5.4 Transactions involving foreign exchange

Foreign currency income and expenditure items of domestic operations are translated at the exchange rates prevailing
on the date of the transaction. Income and expenditure items of integral foreign operations are translated at the daily
average closing rates and of non-integral foreign operations (foreign branches) at the monthly average closing rates.
Premia/discounts on foreign exchange swaps, that are used to hedge risks arising from foreign currency assets and
liabilities, are amortized over the life of the swap.
Monetary foreign currency assets and liabilities are translated at the balance sheet date at rates notified by the Foreign
Exchange Dealers’ Association of India (‘FEDAI’). Foreign exchange contracts are stated at net present value using risk-free
rates (‘RFRs’)/SWAP curves of the respective currencies with the resulting unrealised gain or loss being recognised in the
Profit and Loss Account and correspondingly in other assets (representing positive Mark-to-Market) and in other liabilities
(representing negative Mark-to-Market (‘MTM’)) on a gross basis.
Financial conduct authority (‘FCA’) of the United Kingdom has phased out London interbank offered rate (‘LIBOR’) on
December 2021, replacing it by Alternate Reference Rate (‘ARR’). Libor was used by the Bank as benchmark for funded
as well as Non-funded exposure. Accordingly, Mumbai interbank forward offered rate (‘MIFOR’) (derived with LIBOR and
forward premium in forex markets) has also been replaced by Modified MIFOR.
RBI vide the press release CO.FMRD.DIRD.S39/14.02.001/2021-22 on July 08, 2021 has encouraged the Banks to cease
entering into new financial contracts that has reference LIBOR/MIFOR as a benchmark and instead use widely accepted
ARR. Bank has started offering new transaction based on ARR curve w.e.f January 1, 2022 except existing underlying
transactions linked to LIBOR/MIFOR as permissible by the regulations.
In accordance with Accounting Standard (‘AS’) 11 ‘The Effects of changes in Foreign Exchange Rates’, contingent liabilities in
respect of outstanding foreign exchange forward contracts, derivatives, guarantees, endorsements and other obligations
are stated at the exchange rates notified by FEDAI corresponding to the balance sheet date.
Both monetary and non-monetary foreign currency assets and liabilities of non-integral foreign operations are translated
at closing exchange rates notified by FEDAI at the Balance Sheet date and the resulting profit / loss arising from exchange


differences are accumulated in the Foreign Currency Translation Reserve until the disposal of the net investment in the
non-integral foreign operations.
In accordance with the RBI clarification, the Bank does not recognise in the profit and loss account the proportionate
exchange gains or losses held in the foreign currency translation reserve on repatriation of profits from overseas operations.
Currency future contracts are marked to market daily using settlement price on a trading day, which is the closing price
of the respective future contracts on that day. While the daily settlement prices is computed on the basis of weighted
average price of such contract, the final settlement price is taken as the RBI reference rate on the last trading day of
the future contract or as may be specified by the relevant authority from time to time. All open positions are marked to
market based on the settlement price and the resultant marked to market profit / loss is daily settled.
17.5.5 Earnings per share

The Group reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20, “Earnings
per Share”. Basic earnings per equity share have been computed by dividing net profit after tax for the year by the
weighted average number of equity shares outstanding for the period.
Diluted earnings per equity share have been computed using the weighted average number of equity shares and dilutive
potential equity shares outstanding during the period except where the results are anti -dilutive.
17.5.6 Accounting for derivative transactions

Derivative transactions comprises foreign exchange contracts, forward rate agreements, swaps and option contracts.
The Bank undertakes derivative transactions for market making/trading and hedging on-balance sheet assets and
liabilities. All market making/trading transactions are marked to market on a monthly basis and the resultant unrealised
gains/losses are recognised in the profit and loss account.
Derivative transactions that are undertaken for hedging are accounted for on accrual basis except for the transaction
designated with an asset or liability that is carried at market value or lower of cost or market value in the financial
statements, which are accounted similar to the underlying asset or liability.
Cross currency interest rate swaps which are used by the Bank to hedge its foreign currency borrowings are designated
as cash flow hedges (effective hedges) and are measured at fair value. The corresponding gain or loss is recognised
as cash flow hedge reserve. Further to match profit/ loss on account of revaluation of foreign currency borrowing, the
corresponding amount is recycled from cash flow hedge reserve to Profit and Loss account.
The Bank follows the option premium accounting framework prescribed by FEDAI SPL- circular dated December 14, 2007.
Premium on option transaction is recognised as income/expense on expiry or early termination of the transaction. Mark to
market (MTM) gain/loss (adjusted for premium received/paid on option contracts) is recorded under ‘Other Income’.
The amounts received/paid on cancellation of option contracts are recognised as realised gains/losses on options.
Charges receivable/payable on cancellation/ termination of foreign exchange forward contracts and swaps are recognised
as income/ expense on the date of cancellation/ termination under ‘Other Income’.
Valuation of Interest Rate Futures (IRF) is carried out on the basis of the daily settlement price of each contract provided
by the exchange.
The requirement for collateral and credit risk mitigation on derivative contracts is assessed based on internal credit policy.
Overdue if any, on account of derivative transactions are accounted in accordance with extant RBI guidelines.
495
As per the RBI guidelines on ‘Prudential Norms for Off-balance Sheet Exposures of Banks’ a general provision is made on
the current gross MTM gain of the contract for all outstanding interest rate and foreign exchange derivative transactions.
The Bilateral Netting of Qualified Financial Contracts Act, 2020 (the Act), has been notified by the Government of India
and subsequent to this the RBI through circular dated March 30, 2021 allowed netting of the Qualified Financial Contracts
(QFC). In respect of derivative contracts, the Bank has computed the exposure under the Current Exposure Method
for counterparty credit risk capital computation based on the guidelines issued by RBI on “Bilateral Netting of Qualified
Financial Contracts - Amendments to Prudential Guidelines” dated March 30, 2021 and subsequent amendments dated
March 31, 2022 and August 11, 2022 for eligible counterparties.
17.5.7 Fixed assets

Fixed assets are stated at cost less accumulated depreciation, amortization and accumulated impairment losses.
Cost comprises the purchase price including import duties and non –refundable purchase taxes, after deducting trade
discounts and rebates and any cost attributable for bringing the asset to its working condition for its intended use.
Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future benefit /functioning
capability from / of such assets.
Capital work-in-progress includes cost of fixed assets that are not ready for their intended use and also includes advances
paid to acquire fixed assets.
17.5.8 Non-banking assets

Non-banking assets (NBAs) acquired in satisfaction of claims are carried at lower of net book value and net realisable
value, whichever is lower. Further, the Bank creates provision on these assets as per the extant RBI guidelines or specific
RBI directions.
17.5.9 Depreciation
Depreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the
management, as mentioned below-
Class of asset Useful life of Assets as per Useful life of Assets as per
Companies Act, 2013 the Group's Accounting Policy
Owned Premises 60 years 60 years
Office equipment 5 years 5 years
Computer hardware1 6 years 3 years
Computer software1 6 years 4 years
Vehicles1 8 years 5 years
Furniture and Fixtures 10 years 10 years
Leasehold improvements to premises - Over the lease period or 9 years
whichever is less.
1
Based on technical evaluation, the management believes that the useful lives as given above best represent the period over which
management expects to use these assets. Hence, the useful lives for these assets are different from the useful lives as prescribed under
Part C of Schedule II of the Companies Act 2013.
Asset costing up to ` 5,000 are fully depreciated in the year of purchase.

For assets purchased/ sold during the year, depreciation is being provided on pro rata basis by the Group.
Profit on sale of premises by the Bank is appropriated to capital reserve, net of transfer to Statutory Reserve taxes,
in accordance with RBI guidelines.


Subsequent improvements to leasehold assets are depreciated over the remaining period of lease
Reimbursement, if any, is recognised on receipt and is adjusted to the book value of asset and depreciated over the
balance life of the asset
Whenever there is a revision in the estimated useful life of the asset, the unamortised depreciable amount is charged
over the revised remaining useful life of the said asset
The useful life of assets is based on historical experience of the Group, which is different from the useful life as
prescribed in Schedule II to the Companies Act, 2013.
17.5.10 Impairment of assets

The Group assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
Impairment loss, if any, is provided in the Profit and Loss Account to the extent the carrying amount of assets exceeds
their estimated recoverable amount.
17.5.11 Employee benefits

Employee Stock Option Scheme (‘ESOS’)
The Employee Stock Option Scheme (‘the Scheme’) provides for the grant of options to acquire equity shares of the
Group to its employees. The options granted to employees vest in a graded manner and these may be exercised by the
employees within specified periods.
Measurement of the employee share-based payment plans is done in accordance with the Guidance Note on Accounting
for Employee Share-based Payments issued by Institute of Chartered Accountants of India (ICAI) and SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021. RBI, vide its clarification dated August 30, 2021 on Guidelines
on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff,
advised banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for
all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank changed its accounting
policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31,
2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model is
recognised as compensation expense over the vesting period.
Options granted till March 31, 2021, the Bank measures compensation cost relating to employee stock options using the
intrinsic value method. Compensation cost is measured by the excess, if any, of the fair market price of the underlying
stock (i.e. the last closing price on the stock exchange on the day preceding the date of grant of stock options) over the
exercise price. The exercise price of the Bank’s stock option is the last closing price on the stock exchange on the day
preceding the date of grant of stock options.
YSIL measures compensation cost relating to employee stock options using the intrinsic value method. Compensation cost
in case of YSIL is measured by the excess, if any, of the fair value of underlying YSIL shares as on issue date over the
exercise price. The fair value of the stock-based compensation in case of YSIL is estimated on the date of grant using
discounted cashflow method and expensed over the vesting period
The employees of the Group are entitled to carry forward a part of their unavailed/unutilized leave subject to a maximum
limit. The employees cannot encash unavailed/unutilized leave. The Group provides for leave encashment / compensated
absences based on an independent actuarial valuation at the Balance Sheet date, which includes assumptions about
demographics, early retirement, salary increases, interest rates and leave utilisation.
497
Gratuity
The Group provides for gratuity, for all employees. The Gratuity is payable to an employee as per Payment of Gratuity
Act. The Group accounts for the liability for future gratuity benefits using the projected unit credit method based on
independent actuarial valuation.
The defined gratuity benefit plans are valued by an independent actuary as at the Balance Sheet date using the projected
unit credit method as per the requirement of Accounting Standard-15, Employee Benefits, to determine the present
value of the defined benefit obligation and the related service costs. Under this method, the determination is based on
actuarial calculations, which include assumptions about demographics, early retirement, salary increases and interest
rates. Actuarial gain or loss is recognised in the Profit and Loss account.
Provident fund
All employees of the Group are covered under the Employees Provident Fund, a defined contribution plan in which both
the employee and the Bank contribute monthly. Contribution to provident fund are recognised as expense as and when
the services are rendered. The Group has no liability for future provident fund benefits other than its annual contribution.
National Pension System (NPS)

The NPS is a defined contribution retirement plan. The primary objective is enabling systematic savings and to provide
retirees with an option to achieve financial stability. Pension contributions are invested in the pension fund schemes.
The Bank has no liability for future fund benefits other than the voluntary contribution made by employees who agree to
contribute to the scheme.
17.5.12 Leases
Leases where the lessor effectively retains substantially all risks and benefits of ownership are classified as operating
leases. Operating lease payments are recognised as an expense in the profit and loss account on a straight line basis over
the lease term in accordance with Accounting Standard -19, Leases.
17.5.13 Income taxes

Tax expense comprises current and deferred tax. Current tax comprises of the amount of tax for the period determined
in accordance with the Income-tax Act, 1961 and the rules framed there under. Deferred taxes reflect the impact of timing
differences between taxable income and accounting income for the current year and reversal of timing differences of
earlier years and carry forward losses. Deferred tax assets and liabilities are recognised for the future tax consequences
of timing differences between the carrying values of assets and liabilities and their respective tax bases, and operating
loss carry forwards. Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax
rates at the balance sheet date. The impact of changes in deferred tax assets and liabilities is recognised in the profit
and loss account.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be realised in
future. Deferred tax assets in case of unabsorbed depreciation/ losses are recognised only if there is virtual certainty that
such deferred tax asset can be realised against future taxable profits. Deferred tax assets are recognised and reassessed
at each balance sheet date based upon management’s judgement and appropriately adjusted to reflect the amount that
is reasonably certain to be realised.
17.5.14 Provisions and contingent assets/liabilities

In accordance with AS-29, Provisions, Contingent Liabilities and Contingent Assets, the Group creates a provision when
there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable
estimate can be made of the amount of the obligation.


Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of resources would be required to settle the obligation, the provision is reversed.
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Bank or
a present obligation that arises from past events that is not recognised because it is not probable that an outflow of
resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
The Group does not recognise a contingent liability but discloses its existence in the consolidated financial statements.
Contingent assets are not recognised in the consolidated financial statements. However, contingent assets are assessed
continually and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are
recognised in the period in which the change occurs.
17.5.15 Cash and Cash equivalents

Cash and cash equivalents include cash in hand, including foreign currency notes, balances with RBI, balances with other
banks and money at call and short notice.
17.5.16 Corporate social responsibility

Expenditure towards corporate social responsibility, in accordance with Companies Act, 2013, are recognised in the Profit
and Loss account.
17.5.17 Debit and credit cards reward points

The Bank estimates the probable redemption of debit and credit card reward points and cost per point using
actuarial valuation method by employing an independent actuary, which includes assumptions such as mortality,
redemption and spends.
Provisions for liabilities on said reward points are made based on the actuarial valuation report as furnished by the said
independent actuary and included in other liabilities.
17.5.18 Bullion
The Bank imports bullion (gold and silver bars) on a consignment basis for selling to its customers. The imports are
typically based on a request of the client and are settled based on a back to back price fixing with supplier and client.
The Bank earns a fee on such bullion transactions. The fee is classified in other income. The Bank also deals in gold
borrowing and lending and the interest paid/received thereon is classified as interest expense / income respectively.
17.5.19 Share issue expenses

Share issue expenses are adjusted from Share Premium Account in terms of Section 52 of the Companies Act, 2013.
17.5.20 Segment information

The disclosure relating to segment information is in accordance with Accounting Standard-17, Segment Reporting and as
per guidelines issued by RBI from time to time.
17.5.21 Priority Sector Lending Certificates (PSLCs)

The Bank, in accordance with RBI circular FIDD.CO.Plan.BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in priority
sector portfolio by selling or buying PSLCs. There is no transfer of risks or loan assets in these transactions. The fee paid
and the fee received for purchase or sale of the PSLCs is treated as an ‘Expense’ and the same is amortised on a straight
line basis over the life of the certificate.
499
17.6 Capital
17.6.1 Equity Issue
option schemes.

(` in million)
Share Capital As at As at
March 31, 2024 March 31, 2024
Opening Share Capital 57,509.55 50,109.90
Addition due to exercise of Stock Option 26.21 7.34
Addition due to shares issued on a preferential basis - 7,392.31
Closing Share Capital 57,535.76 57,509.55
The Group has accreted ` 173.58 million during the year ended March 31, 2024 (Previous year: ` 43,488.79 million)
towards share premium.
17.6.2 Share Warrants Subscription Money

During the previous year the Bank had allotted a total of 2,559,761,818 share warrants convertible into equity shares of
face value ` 2 each paid up to the extent of 25% of the issue price of ` 14.82 per share warrant on a preferential basis
in an equal ratio to two marquee investors totaling to ` 9,483.92 million. Each Share Warrant is convertible to one fully
paid equity share of the Bank, upon exercise of the option by paying the remaining 75% within 18 months of allotment.
On April 21, 2024, the Bank has allotted 1,279,880,909 equity shares of ` 2/- each pursuant to exercise of share warrants
by one of the allottees upon receipt of balance 75% of the issue price of ` 14.82 per share warrant. Resultantly, the share
capital and share premium has increased by ` 2,559.80 million and ` 16,408.10 million respectively.
17.6.3 Proposed Dividend:

During the year ended March 31, 2024 and March 31, 2023 the Bank has not declared any dividend on equity shares.
17.6.4 Employee Stock Option Reserve

During the year ended March 31, 2024, the Bank has recognised ` 312.56 million (Previous year: ` 218.41 million)
to Employee Stock Options Reserve on account of fair valuation of share-linked instruments. During the year ended
March 31, 2024, on exercise of share-linked instruments, an amount of ` 28.28 million (Previous year: ` 6.52 million) is
transferred from Employees Stock Options Reserve to share premium.


17.6.5 Provisions and contingencies

The breakup of provisions of the Group for the year ended March 31, 2024 and March 31, 2023 are given below:
(` in million)
March 31, 2024 March 31, 2023
Provision for taxation@ 2,524.87 2,455.10
Provision for non performing investments# (5,425.77) 24,087.38
Provision for standard advances# (1,011.48) (1,496.20)
Provision made/write off for non performing advances# 24,382.31 (169.46)
Other Provisions* 920.45 (220.16)
TOTAL 21,390.38 24,656.66
@ Details in note 17.6.6
* Other Provisions includes provision made against other assets.
# Sale of stressed loans to JC Flowers Asset Reconstruction Private Limited
FY2024
During the year ended March 31, 2024, the Bank has transferred two stressed loans of gross value ` 6,903.20 million to
ARCs. The net book value (‘NBV’) of these exposures in the Bank’s books as on the date of assignment was ` 1,420.84
million and the final consideration received was ` 3,364.00 million under “100% upfront cash basis”. The realised profit
amounting ` 1,943.16 million due to cash recovery exceeding the net book value of stressed loans was credited to Profit
and Loss Account during the year ended March 31, 2024.
FY2023
In the previous year, on July 13, 2022, the Bank had signed a binding term sheet with JCF ARC LLC and JC Flowers Asset
Reconstruction Private Limited (“JC Flowers ARC”) for a strategic partnership in relation to sale of identified stressed loans
of the Bank aggregating to up to ` 480,000 million as on March 31, 2022. The Bank had used the bid of JC Flowers ARC as
a base bid (“Base Bid”) to conduct a transparent bidding process on Swiss Challenge basis under the aegis of the Master
Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021 (‘the Master
Direction’) for inviting challenger bids for sale of identified stressed loan portfolio. Pursuant to the conclusion of the Swiss
Challenge process, the Board of Directors of the Bank, at their meeting held on September 20, 2022, approved JC Flowers
ARC as the winner of the Swiss Challenge process and proceeded towards negotiating definitive agreements.
On December 16, 2022, the Bank concluded the aforesaid assignment after adjusting recoveries between April 1, 2022 to
For stressed loans transferred to ARC for a consideration lower than the NBV at the time of transfer, the shortfall of
` 6,086.09 million to the Bank was debited to the Profit and Loss Account during the year ended March 31, 2023 spread
equally over the quarter ended December 31, 2022 and the quarter ended March 31, 2023. The realised profit amounting
to ` 5,113.81 million where the cash recovery was exceeding the net book value of stressed loans was credited to Profit
and Loss Account in the quarter ended December 31, 2022. For stressed loans where the consideration received was
higher than that net book value at the time of transfer and the cash recovery is lower than the net book value, such
excess amount of ` 31,613.38 million was not reversed in the Profit and Loss Account. The Bank has continued to carry
forward the same as provision against these security receipts. In effect the Bank has reflected such sale in a manner that
the value of security receipts is not higher than the net book value of the loans transferred to JC Flowers ARC. The same
501
is being assessed for the provisioning requirements as per the extant RBI guidelines on each reporting date also taking
into account the principle that there should be no provisioning arbitrage between the provisioning on Security Receipts
vis-à-vis the provisioning requirements on the underlying exposure, had it stayed in the books.
17.6.6 Income Taxes

Provisions made for Income Tax during the year
(` in million)
March 31, 2024 March 31, 2023
Current Tax - -
Deferred tax 3,780.63 2,430.53
(Write back)/Additional provision of Income Tax pertaining to previous years (1,255.76) 24.56
TOTAL 2,524.87 2,455.10
17.6.7 Staff retirement benefits

The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the consolidated
financial statements as of March 31, 2024 and March 31, 2023 which is as per AS-15 Employee Benefits (Revised):
a) Changes in present value of Obligations:

(` in million)
March 31, 2024 March 31, 2023
Present Value of Obligation at the beginning of the year 1,597.32 1,705.23
Benefits Paid (255.22) (232.44)
Actuarial (gain)/loss on Obligation 54.48 (289.81)
b) Changes in the fair value of plan assets:

(` in million)
March 31, 2024 March 31, 2023
Fair value of plan assets at the beginning of the year 1,439.85 1,315.37
Adjustment to Opening Balance - 0.00
Expected return on plan assets 103.84 76.86
Contributions (11.00) 307.01
Benefits paid (233.22) (232.44)
Actuarial gain/(loss) on plan assets 19.22 (26.95)
The Group has entire contribution of Gratuity Fund as Investments with Insurance Companies which are invested primarily
in debt instruments as approved by IRDA.
Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments of the
Fund during the estimated term of the obligations.


Net gratuity cost for the year ended March 31, 2024 and March 31, 2023 comprises the following components:
(` in million)
March 31, 2024 March 31, 2023
Expected Return on plan assets (103.84) (76.86)
Net Actuarial gain recognised in the year 35.21 (262.86)
Expenses recognised 313.12 74.69
Experience History:
(` in million)
Particulars For the year ended
March March March March March
31, 2024 31, 2023 31, 2022 31, 2021 31, 2020
(Gain)/Loss on obligation due to change in assumption 6.50 (352.89) (26.74) - (252.08)
Experience (Gain)/Loss on obligation 47.98 63.08 (126.45) (137.29) 47.97
Actuarial Gain/(Loss) on plan assets 19.22 (26.93) 34.08 30.23 (27.02)
The assumptions used in accounting for the gratuity plan are set out below:

March 31, 2024 March 31, 2023
Discount Rate 7.1%-7.2% 7.20%
Expected Return on Plan Assets 7.00%-7.10% 7.00%-7.20%
Mortality 100% of IALM 2012-14 100% of IALM 2012-14
Future Salary Increases 9%-10% 6.00%-9.00%
Disability - -
Attrition 26%-41% 26% - 50%
Retirement 60 Years 60 Years
Actuarial assumption on salary increase also takes into consideration the inflation, seniority, promotion and other
relevant factors.
Position of plan asset / liability

(` in million)
March 31, 2024 March 31, 2023
Plan asset / (liability) (459.59) (157.43)
As the contribution expected to be paid to the plan during the annual period beginning after the balance sheet date is
based on various internal/external factors, a best estimate of the contribution is not determinable.
The above information is as certified by the actuary and relied upon by the auditors.
503
National Pension Scheme

The Group has contributed ` 85.45 million for the year ended March 31, 2024 (Previous year: ` 54.98 million) to NPS
for employees who had opted for the scheme. The Bank has no liability for future fund benefits other than its annual
contribution for the employees who agree to contribute to the scheme.
Provident Fund (PF)

The Group has recognised in the profit and loss account ` 1,358.91 million for the year ended March 31, 2024 (Previous
year: ` 1,223.21 million) towards contribution to the provident fund.
The Group has recognised ` 94.91 million in the profit and loss account for the year ended March 31, 2024 (Previous year:
` 47.16 million) towards compensated absences.
17.6.8 Segment Results

Pursuant to the guidelines issued by RBI on AS-17 (Segment Reporting) - Enhancement of Disclosures dated April 18,
2007, effective from period ending March 31, 2008, the following business segments have been reported.
Treasury: Includes investments, all financial markets activities undertaken on behalf of the Bank’s customers,

proprietary trading, maintenance of reserve requirements and resource mobilization from other banks and
financial institutions.
Corporate / Wholesale Banking: Includes lending, deposit taking and other services offered to corporate customers.
Retail Banking: Includes lending, deposit taking and other services offered to retail customers. RBI in its Circular

DOR.AUT.REC.12/22.01.001/2022-23 dated April 7, 2022, for the purpose of disclosure under Accounting Standard
17, Segment Reporting, has identified ‘Digital Banking’ as a sub-segment under Retail Banking. The Bank has
presented segment results pertaining to the said DBU of the Bank in sub-segment ‘Digital Banking’ of Retail banking
segment for the year ended March 31, 2024 with Comparative presentation of segmental results of sub-segment
‘Digital Banking’ for the year ended March 31, 2023.
Other Banking Operations: Includes para banking activities like third party product distribution, merchant

banking etc.
(` in million)
Business Segments Treasury Corporate / Retail Other Banking Total
Wholesale Banking Banking# Operations
Segment Revenue 75,523.94 101,642.41 141,532.91 12,197.15 330,896.42
Add/(Less): Inter-segment (1,287.52)
Exceptional item -
Result 13,628.35 13,844.55 (9,725.75) 6,170.77 23,907.91
Net Profit 12,852.02


(` in million)
Other Information:
Segment assets 1,605,567.01 1,072,653.54 1,264,924.91 10,268.40 3,953,413.86
Segment liabilities 880,772.16 1,196,719.82 1,553,644.50 5,189.89 3,636,326.36
Other banking operations includes income from bancassurance business ` 6,917.51 million during year ended March 31, 2024.
# Segmental results of sub-segment ‘Digital Banking’ of Retail banking segment above.
(` in million)
Digital banking (a sub segment of retail banking segment) For the year ended
March 31, 2024
Result (4.74)
Segment assets 14.60
(` in million)
Segment Revenue 51,238.30 98,182.96 112,760.56 6,761.96 268,943.78
Add/ (Less): Inter-segment (676.16)
Exceptional Item -
Result (29,492.81) 34,725.41 18,111.35 2,021.91 25,365.86
Net Profit 7,358.19
Other Information:
Segment assets 1,382,093.23 949,980.60 1,103,801.47 7,788.46 3,443,663.76
Segment liabilities 863,633.21 1,121,724.84 1,150,552.53 3,242.08 3,139,152.65
Other banking operations includes income from bancassurance business ` 2,577.88 million during year ended March 31, 2023.
# Segmental results of sub-segment ‘Digital Banking’ of Retail banking segment above.
505
(` in million)
Digital banking (a sub segment of retail banking segment) For the year ended
March 31, 2023
Result (1.63)
Segment assets 4.71
Notes for segment reporting:

1. The business of the Group is concentrated largely in India. Accordingly, geographical segment results have not been
reported in accordance with AS-17 (Segment Reporting).
2. In computing the above information, certain estimates and assumptions have been made by the Management and
have been relied upon by the auditors.
3. Income, expense, assets and liabilities have been either specifically identified with individual segment or allocated to
segments on a systematic basis or classified as unallocated.
4. The unallocated assets includes tax paid in advance/tax deducted at source and deferred tax asset.
5. The unallocated liabilities include Share Capital and Reserves & Surplus.
6. Inter-segment transactions have been generally based on transfer pricing measures as determined by
the Management.
17.6.9 Related Party Disclosures

The Group has transactions with its related parties comprising of key management personnel and the relatives of
key management personnel, enterprise over which the group has control by way of controlling the composition their
governing body and investing company.
As per AS 18 “Related Party Disclosures”, notified under section 133 of the Companies Act 2013, read together with
paragraph 7 of the Companies (Accounts) Rules 2014, the group’s related parties for the period ended March 31, 2024
are disclosed below:
Enterprise over which the Group has control by way of controlling the composition of their corresponding
governing body
YES Foundation
Individuals having significant influence & Key Management Personnel (‘KMP’) (Whole time Directors) and their
relatives (to the extent transactions made):
Mr. Prashant Kumar, Managing Director & CEO
Relatives - Neelam Agarwal, Leelawati Agarwal
Mr. Rajan Pental, Executive Director
Relatives - Anju Pental, Aryan Pental, Shreya Pental, Jyoti Walia, Sangeeta Rajpal
Investing Company
State Bank of India Limited (SBI).
As per Accounting Standard 18 - Related Party Disclosure, SBI is an investing company for YES Bank Limited and YES Bank
Limited is an associate of SBI.


The following represents the significant transactions between the group and such related parties for the period ended
March 31, 2024:
(` in million)
Items / Related Party Investing Maximum Enterprise over Maximum KMP / Maximum Relatives Maximum
Category party Balance which the group Balance Whole time Balance of KMP / Balance
during has control by during the directors / during the Whole time during the
the year way of controlling year Individual year directors / year
the composition having Individual
of their significant having
corresponding influence significant
governing body influence
Borrowings # # - - - - - -
Deposits^ # # # # 3.33* 20.95@ 0.54* 0.89@
Placement of Deposits - - - - - - - -
Advances (Overdraft) # # - - 0.00* 0.00 0.07* 0.19@
Investment - - - - - - - -
Non-Funded Commitments # # - - - - - -
Interest received # - - - - - 0.01 -
Interest paid # - # - 0.34 - 0.03 -
Reimbursement of Cost # - - - - - - -
incurred
Receiving of services - - - - - - - -
Payables - - - - - - - -
Receivables - - - - - - - -
Sale of Fixed Assets - - - - - - - -
Purchase of Fixed Assets - - - - - - - -
Leasing/HP arrangements - - - - - - - -
availed
Leasing/HP arrangements - - - - - - - -
provided
Remuneration paid - - - - 78.87 - - -
Donation / Contributions - - # - - - - -
made
#
Secrecy provision: As per RBI Circular RBI/DOR/2021-22/83 DOR.ACC.REC No.45/21.04.2018/2021-22 dated August 30, 2021 (as updated
from time to time), where there is only one entity in any category of related party, banks need not disclose any details pertaining to that
related party other than the relationship with that related party. Therefore, only the nature of relationship is disclosed, and summarized
counterparty details are provided for website publication. In order to maintain secrecy of transactions pertaining to the individual parties.
^ In accordance with the proviso to Regulation 2(1) (zc) of SEBI LODR acceptance of fixed deposits from related parties (on uniformly
applicable terms) has been exempted and acceptance of fixed deposits will not be regarded as a related party transaction.
@
Represents the maximum month end balance maintained upto year ended March 31, 2024.
507
(` in million)
Items / Related Investing Maximum Whole time Maximum Relatives of Maximum Enterprise
Party Category Party Balance directors / Balance whole time Balance where relative
during individual during directors / during of whole time
the year having the year individual having the year director having
significant significant significant
influence influence influence
Deposits # # 52.49* 52.49@ 5.69* 5.77@ -
Advances (Overdraft) # # 0.00 0.00 0.19* 0.25 -
Investment # # - - - - -
Interest received # # 0.00 - 0.00 - -
Interest paid # # 2.17 - 0.06 - -
Reimbursement of # # - - - - -
Cost incurred
Receiving of services # # - - - - -
Payable # # - - - - -
Receivable # # - - - - -
Sale of assets # # - - - - -
Funded/Non Funded # # - - - - -
Exposure
Remuneration paid # # 19.79 ^ - - - -
1
As per Accounting Standard 18 - Related Party Disclosure, State Bank of India Limited (SBI) is an investing company for YES BANK Limited
and YES BANK is associate of SBI
#Secrecy provision: As per RBI Circular RBI/DOR/2021-22/83 DOR.ACC.REC No.45/21.04.2018/2021-22 dated August 30, 2021, where
there is only one entity in any category of related party, banks need not disclose any details pertaining to that related party other than
the relationship with that related party. Therefore, only the nature of relationship is disclosed, and summarized counterparty details are
provided for website publication. In order to maintain secrecy of transactions pertaining to the individual parties.
@Represents the maximum month end balance maintained during the FY 2022-23.
^Remuneration includes remuneration of Managing Director & CEO for the period April 1, 2022 to March 31, 2023 and remuneration of
Executive Director for the period February 2, 2023 to March 31, 2023.
During the year ended March 31, 2023, the Bank has Nil contribution to YES Foundation. YES Foundation is a public
charitable trust which undertakes social charitable activities
17.6.10 Operating Leases

Lease payments recognised in the profit and loss account for the year ended March 31, 2024 was ` 4,346.66 million
(Previous year: ` 3,726.92 million). During the year ended March 31, 2024, the Group had paid minimum lease payment
` 4,097.57 million (Previous year: ` 3,427.58 million).


The following table sets forth, for the period indicated, the details of future rentals payment on operating leases:
(` in million)
Lease obligations As at As at
March 31, 2024 March 31, 2023
Not later than one year 3,962.37 3,421.81
Later than one year and not later than five years 13,551.84 11,897.91
Later than five years 13,568.32 12,665.99
TOTAL 31,082.53 27,985.71
The Group does not have any provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
There are no undue restrictions or onerous clauses in the agreements.
17.6.11 Earnings Per Share (‘EPS’)

The Group reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20, “Earnings
Per Share”. The dilutive impact is mainly due to stock options granted to employees by the Bank and share warrants
convertible into equity shares. The computation of earnings per share is given below:
(` in million)
March 31, 2024 March 31, 2023
Net profit / (loss) after tax (`) 12,852.02 7,358.19
Basic earnings per share (`) 0.45 0.28
Diluted earnings per share (`) 0.44 0.28
Nominal value per share (`) 2 2
Reconciliation between weighted shares used in computation of basic and diluted -
earnings per share
Basic weighted average no. of equity shares outstanding 28,759,039,213 26,159,996,163
Add: Effect of potential equity shares* 666,289,397 85,558,191
Diluted Weighted average no. of equity shares outstanding 29,425,328,611 26,245,554,354
The difference between weighted average number of equity shares outstanding between basic and diluted in the above
mentioned disclosure is on account of outstanding ESOPs and share warrants convertible into equity shares.
Basic earnings per equity share has been computed by dividing net profit for the year attributable to the equity shareholders
by the weighted average number of equity shares outstanding for the year. Diluted earnings per equity share has been
computed by dividing the net profit for the year attributable to the equity shareholders by the weighted average number
of equity shares and dilutive potential equity shares options outstanding during the year, except where the results are
anti-dilutive. The dilutive impact is on account of stock options granted to employees by the Bank and allotment of share
warrants convertible into equity shares. There is no impact of dilution on the profits in the current year and previous year.
17.6.12 ESOP disclosures

YES BANK Limited
Effective September 10, 2020 nomenclature of YBL Employee Stock Option Scheme, 2018 (‘YBL ESOS – 2018’) change
to YBL Employee Stock Option Scheme, 2020 (YBL ESOS 2020) and all the plans under the said scheme continue to be
valid which is consisting of YBL Joining Employee Stock Option Plan, 2018 (JESOP 2018), YBL Performance Employee
Stock Option Plan, 2018 (PESOP 2018), YBL Performance Employee Stock Option Plan, 2020 (PESOP 2020) and
509
YBL MD & CEO Stock Option Plan, 2020 (MD & CEO Plan 2020). All new options have been granted under the YBL ESOS
2020 (which inter-alia consist of JESOP 2018, PESOP 2018, PESOP 2020 and MD & CEO Plan 2020. YBL ESOS 2020
and plans formulated thereunder are in compliance with the SEBI (Share Based Employees Benefits and Sweat Equity)
Regulations, 2021 as amended from time to time. Source of shares are primary in nature, since the Bank has been issuing
new equity shares upon exercise of options.
Grants under JESOP V and PESOP II -2010 (‘the old plans’) had been discontinued w.e.f. June 12, 2018 pursuant to
coming into effect of YBL ESOS 2018. However, options already granted and exercisable under the old plans are valid in
accordance with the terms & conditions mentioned therein.
Options under all the above-mentioned plans are granted for a term of 10 years (inclusive of the vesting period as
mentioned below) and are settled with equity shares to the beneficiary upon exercise:
JESOP / PESOP ESOP Scheme Vesting period

JESOP JESOP V and JESOP 2018 50% after 3 years and balance after 5 years from the grant date
PESOP PESOP II – 2010 and PESOP 2018 30%, 30% & 40% each year, from end of 3rd year from the grant date
PESOP 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date
MD & CEO Plan MD & CEO plan 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date
Summary of movement of options granted under the Bank’s stock option plans is set out below:

Granted during the year 131,126,099 2,350,000 16.14 19.05

Granted during the year 132,190,469 980,000 13.59 14.60
The options were exercised on a regular basis throughout the period. Weighted average share price the Bank’s publicly
traded equity shares as per BSE Ltd price volume data during the year ended March 31, 2024 was ` 19.3 per share
(Previous year: ` 15.97 per share).



Less than ` 25 271,427,230 3,800,000 8.09 4.14
` 25 to ` 100 - 577,900 - 0.37
` 100 to ` 250 4,385,330 3,059,647 0.02 0.67
` 250 to ` 400 5,819,250 812,500 0.09 0.32

Less than ` 25 202,153,656 2,037,500 8.30 2.27
` 25 to ` 100 1,449,350 888,500 0.00 0.50
` 100 to ` 250 4,823,330 3,607,397 0.05 1.40
` 250 to ` 400 6,903,273 1,062,500 0.17 0.62
The Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked
instruments granted beginning from April 01, 2021. The Bank has adopted the fair value method based on Black- Scholes
Pricing Model, for pricing and accounting of options. The fair value of the stock-based compensation is estimated on the
grant date and is recognised under employee cost over the vesting period. As a result, ‘Employees cost’ for the year ended
March 31, 2024 is ` 312.56 million (Previous year: ` 216.26 million). The weighted average fair value of options granted
during the year ended March 31, 2024 was ` 4.07 per option (Previous year: ` 3.73 per option).
If the Bank had adopted the Fair Value for all the options granted till March 31, 2021, the net profit after tax would have
been lower by ` 220.82 million (Previous year: lower by ` 229.19 million). The basic earnings per share would have been
` 0.43 per share (Previous year: ` 0.27 per share) instead of ` 0.44 per share (Previous year: ` 0.27 per share) and diluted
earnings per share would have been ` 0.42 per share (Previous year: ` 0.26 per share) per share instead of ` 0.43 per
share (Previous year: ` 0.27 per share) due to the impact of the aforesaid mentioned difference between the Intrinsic
Value of the Options and the Fair Value of the Options.
The following inputs and assumptions have been used for computation of the fair value based on method of Black-
Scholes Pricing Model for the options granted during the year:
Input For the year ended For the year ended

March 31, 2024 March 31, 2023
Risk free interest rate 7.04%-7.42% 6.53%-7.57%
Expected life 1.5 yrs-7.5 yrs 1.5 yrs-7.5 yrs
Expected volatility 24.61%-47.07% 24.18%-49.38%
Expected dividend yield 1.10% 1.10%
Risk free interest rates over the expected life of the option are based on yield of the government securities in effect at
the time of the grant. The expected life of an option is estimated based on the vesting period plus expected exercise
period after vesting based on exercise behaviour of the employees who receive the option. Expected exercise behaviour
is estimated based on the historical stock option exercise pattern of the Bank. Expected volatility during the estimated
expected life of the option is based on historical volatility determined based on observed market prices of the Bank’s
publicly traded equity shares. Expected dividend yield during the estimated expected life of the option are based on
industry average.
511
YES Securities India Ltd. (‘YSIL’)

The employees of YSIL are granted stock options of the YES Securities India Ltd. as below:
- Employee Stock Option Scheme 2018
- Performance Employee Stock Option Scheme 2020
The schemes include provisions for grant of options to eligible employees of the YSIL. All the aforesaid schemes have
been approved by the Board Remuneration Committee and the Board of Directors.
Options under all the aforesaid plans are granted for a term of 42 months (inclusive of the vesting period) and are settled
with equity shares being allotted to the beneficiary upon exercise.
A summary of the status of the YSIL stock option plans granted to employees as on 31 March 2024 is set out below:
Particulars As at March 31 2024 As at March 31, 2023

Options outstanding at the beginning of the year – Lot 1 1,760,000 - 2,165,000 -
Granted during the year - - - -
Exercised during the year - - - -
Forfeited / lapsed during the year 325,000 - 405,000 -
Options outstanding at the end of the year 1,435,000 - 1,760,000 -
Weighted average exercise price 12.43 - 12.43 -
Options outstanding at the beginning of the year – Lot 2 2,637,500 225,000 - -
Granted during the year - - 2,825,000 255,000
Exercised during the year - - - -
Forfeited / lapsed during the year 409,375 125,000 187,500 30,000
Options outstanding at the end of the year 2,228,125 100,000 2,637,500 225,000
Weighted average exercise price 38.55 38.55 38.55 38.55
YSIL has issued ESOP’s at fair value as on issue date as per the discounted cashflow method. There is a net reversal
of ` 0.44 million for the year ended March 31, 2024 (Previous year: expense of ` 2.14 million) on account of employee
stock-based compensation under ‘Employees cost’ for the YSIL.
17.6.13 Deferred Taxation

The deferred tax asset of ` 85,630.92 million as at March 31, 2024 and ` 89,411.54 million as at March 31, 2023, is
included under other assets and the corresponding credits have been taken to the profit and loss account.


The components that give rise to the deferred tax asset included in the balance sheet are as follows:
(` in million)
Particular As at As at
March 31, 2024 March 31, 2023
Depreciation 218.10 363.15
Provision for gratuity and unutilized leave 406.32 307.15
Provision for Non-Performing Assets 7,094.56 7,576.97
Amortization of premium on HTM securities 19.71 77.17
Business Loss 60,701.36 63,628.05
Unabsorbed Depreciation 1,988.55 2,284.44
Provision for standard advances 4,164.13 4,418.70
Other Provisions 11,038.18 10,755.90
Total 85,630.92 89,411.54
The Group has a total deferred tax asset of ` 85,630.92 as at March 31, 2024 (Previous year: ` 89,411.54 million).
During the year ended March 31, 2024, the Group has reported net consolidated profit of ` 12,852.02 million (Previous
year: ` 7,358.19 million). The Bank continues to carry the aforesaid deferred tax asset in its Balance Sheet in terms of
Accounting Standard 22 (Accounting for Taxes on Income). The realizability of the deferred tax assets has been assessed
by the management of the Bank. The Bank has opted to exercise the option permitted under section 115BAA of the
Income-tax Act, 1961. Accordingly, the Bank has recognised Provision for Income Tax basis the rate prescribed in the
aforesaid section.
17.6.14 Dues to Micro, Small and Medium Enterprises

Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October 2, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium enterprises. There have been ` 1,527.55
million (Previous year ` 803.62 million) worth bills which were paid with delays to micro and small enterprises. There have
been ` 28.63 million worth bills remaining unpaid with delays as at March 31, 2024 (Previous year: ` 5.54 million).
Interest accrued and remaining unpaid amounting to ` 1.26 million on bills remaining unpaid with delays. There have
been no demand of interest on these payments.
17.6.15 Provision for Long Term contracts

The Group has a process whereby periodically all long term contracts (including derivative contracts) are assessed for
material foreseeable losses. At the year end, the Group has reviewed and recorded adequate provision as required
under any law / accounting standards for material foreseeable losses on such long term contracts (including derivative
contracts) in the books of account and disclosed the same under the relevant notes in the financial statements.
513
17.6.16 Credit / Debit card reward points

Provision for credit card and debit card reward points for the year ended March 31, 2024 and March 31, 2023.
(` in million)
March 31, 2024 March 31, 2023
Opening provision 643.67 529.45
Provision made during the year 444.68 464.65
Utilised/Write-back of provision (435.18) (350.43)
Closing provision 653.17 643.67
The valuation of credit card and debit card reward points is based on actuarial valuation obtained from an
independent actuary.
17.6.17 Corporate Social Responsibility (CSR)

The details of Corporate Social Responsibility (CSR) activities carried out in line with the CSR Policy of the Bank
are given below:
(` in million)
March 31, 2024 March 31, 2023
(a) Gross amount required to be spent by the Bank Nil Nil
(b) Amount approved by the Board to be spent 100.00 Nil
(c) Amount spent during the year on:
(i) Construction / acquisition of any asset Nil Nil
(ii) On purposes other than (i) above 100.00 Nil
(d) Amount recognised as expense in the Profit and Loss account on CSR related Nil Nil
activities
(e) Where a provision is made with respect to a liability incurred by entering into a Nil Nil
contractual obligation, the movements in the provision
(f) Details of related party transactions in relation to CSR expenditure as per AS 18:
Of the amount spent as per (c) above, contribution made to YES Foundation for 100.00 Nil
CSR activities
(g) (i) Movement in amount remained unspent:
Opening balance Nil Nil
Less: Amount spent during the year Nil Nil
Less: Amount deposited in Specified Fund of Sch. VII within 6 months Nil Nil
Closing balance Nil Nil
(ii) Movement in amount spent in excess of the requirements:
Amount available for set off from preceding year Nil Nil
Less: Amount spent during the year 100.00 Nil
Amount available for set off carried forward to the next year 100.00 Nil
YES Securities India Ltd. (‘YSIL’)

Amount required to be spent on CSR during the year was ` 0.50 million (Previous year: ‘Nil’). Amount spent towards
CSR during the year and recognised as expense in the Profit and Loss account on CSR related activities is ` 1.00 million
(Previous year: ` 1.00 million).


17.6.18 Net Overnight Open Position (NOOP) of the Group

The Group’s Net Overnight Open Position (NOOP) for the year ended March 31, 2024 is ` 701.47 million (Previous year:
` 2,080.18 million).
17.6.19 Tier I and Tier II Capital

During the financial year ended March 31, 2024 and March 31, 2023, the Bank has not issued any Tier I or Tier II instruments.
During the year ended March 31, 2024, the Bank has not repaid any Tier I or Tier II instruments (Previous Year ` 17,630
million). The Bank has repaid Additional Tier-I capital of ` 2,800.0 million during the year ended March 31, 2024, however
the same was not considered for regulatory capital for the year ended March 31, 2023 basis guidance received from RBI.
Write Down of AT1 Bonds

On March 5, 2020, Central Government in terms of Section 45 of the Banking Regulation Act, 1949 (“BR Act”) imposed
moratorium on the Bank. Reserve Bank of India (‘RBI’) in exercise of its powers conferred under Section 36ACA of the
BR Act superseded the then Board of Directors and appointed an Administrator to manage the affairs of the Bank
w.e.f. March 5, 2020. Subsequently on March 13, 2020, through the ‘YES BANK Limited Reconstruction Scheme, 2020’
(“the YES BANK Reconstruction Scheme”), the relevant authorities (i.e., Central Government in consultation with RBI)
decided to “reconstitute” the Bank. Further, in terms of the Yes BANK Reconstruction Scheme, the Administrator was to
continue in office until the Board of Directors mentioned in the YES BANK Reconstruction Scheme assumed office, i.e., on
March 26, 2020.
In light of the above, the Administrator, on behalf of the Bank, consequent to the invocation of Section 45 of the BR Act,
and to protect the interest of the Bank and its depositors, was constrained to write down (` 84,150 million) two tranches
of the Additional Tier 1 Bonds (“AT-1 Bonds”) issued in 2016 and 2017, in compliance with the contractual covenants and
applicable RBI guidelines, on March 14, 2020.
Aggrieved by the said write down of AT-1 Bonds, AT-1 Bondholders filed various writ petition(s), civil suit(s), criminal
and consumer complaint(s) across India challenging the decision of the Bank to write down the AT-1 Bonds since 2020.
The same are pending adjudication, save and except the batch of writ petition(s) filed before the Hon’ble Bombay High
Court and one writ petition before the Hon’ble Madras High Court (as mentioned below).
Judgment dated September 30, 2020 of the Hon’ble Madras High Court (“MHC”):
The RBI Master Circular on Basel III Capital Regulations, in so far as it relates to issuance and write down of AT-1 Bonds,
was challenged before the Division Bench of the Hon’ble MHC in the Writ Petition titled Piyush Bokaria Vs. Reserve Bank
of India and Ors., (being W.P. (Civil) 12586 of 2020). The Hon’ble MHC vide its judgment dated September 30, 2020 upheld
the validity of the RBI Master Circular in relation to the AT-1 Bonds. Additionally, with respect to the aspect of writing down
of AT-1 Bonds, the Hon’ble MHC observed that one of the features of AT-1 Bonds is that they can be written-down before
the equity shares bear losses and considering that the Petitioners purchased the AT -1 Bonds in the secondary market,
they cannot claim to be ignorant of the terms and conditions thereof. The Hon’ble MHC also noted the loss absorbency
feature of the AT-1 Bonds and dismissed the Writ Petition.
Judgment dated January 20, 2023 of the Hon’ble Bombay High Court (“BHC”):
Multiple writ petition(s) were filed before the Hon’ble BHC challenging the write down of AT-1 Bonds and the stock
exchange intimation dated March 14, 2020 made in relation to the write down. The Hon’ble BHC vide its judgment
dated January 20, 2023 set aside the stock exchange intimation and decision of the Bank to write down the AT-1 Bonds
(“Judgment”). At the request of the Bank, the Hon’ble BHC stayed the order for a period of 6 (six) weeks.
515
Proceedings before the Hon’ble Supreme Court of India (“Supreme Court”):

Aggrieved by the Judgment of the Hon’ble BHC, the Bank, the RBI and the Central Government have filed separate Special
Leave Petition(s) (“SLPs”) before the Hon’ble Supreme Court challenging the Judgement of the Hon’ble BHC. On March 3,
2023, the Hon’ble Supreme Court issued notice and extended the stay granted by the Hon’ble BHC, subject to the final
orders of the Hon’ble Supreme Court. The SLPs are pending hearing.
Given that the write down of the AT-1 Bonds was in accordance with the relevant regulations and as RBI and Central
Government (“relevant authorities” in terms of the RBI Master Circular) have also filed SLPs challenging the Judgement of
Hon’ble BHC, the Bank has estimated that there should not be any material financial impact of the matter under litigation.
Upon final verdict of the Hon’ble Supreme Court, financial impact, if any, on the results and/or other financial information
shall be accounted for in future reporting periods. The matter is tentatively scheduled for hearing on May 10, 2024.
Separately, Securities and Exchange Board of India (“SEBI”) issued a Show Cause Notice dated October 28, 2020 to the
Bank and other noticee(s) (ex-employees of the Bank) alleging violation of provisions of SEBI (Prohibition of Fraudulent
and Unfair Trade Practices relating to Securities Market) Regulations, 2003. Thereafter, SEBI vide its order dated April 12,
2021 imposed penalty of ` 250 million on the Bank under Section 15 HA of Securities and Exchange Board of India Act,
1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. SEBI also imposed penalties on other noticee(s).
Aggrieved by the above-mentioned SEBI order, the Bank and other noticee(s) preferred separate Appeal(s) before the
Hon’ble Securities Appellate Tribunal, Mumbai (“SAT”). SAT heard the Appeal(s) and the effect and operation of the SEBI
order dated April 12, 2021 has been stayed. The said Appeal(s) are pending final hearing.
17.6.20 Investor Education and Protection Fund

The unclaimed dividend amount due to be transferred to the Investor Education and Protection Fund (IEPF) during the
year ended March 31, 2024 and the year ended March 31, 2023 has been transferred without any delay.
17.6.21 Disclosure on borrowing and lending activities

The Bank, as part of its normal banking business, grants loans and advances, makes investments, provides guarantees
to and accept deposits and borrowings from its customers, other entities and persons. These transactions are part
of the Bank’s normal banking business and are undertaken in accordance with the guidelines prescribed by the
Reserve Bank of India.
Other than the transactions described above, no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Bank to or in any other persons or entities, including
foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall lend or invest in other persons or entities identified by or on behalf of the Bank (Ultimate Beneficiaries) or provide
any guarantee, security or like on behalf of the Ultimate Beneficiaries.
The Bank has also not received any fund from any persons or entities, including foreign entities (‘Funding Party’) with
the understanding, whether recorded in writing or otherwise, that the Bank shall whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.


17.6.22 Description of contingent liabilities
Sr. Contingent Liabilities Brief

No.
1. Claims against the Group The Group is a party to various legal and tax proceedings in the normal course of business. The
not acknowledged as debts Group does not expect the outcome of these proceedings to have a material adverse effect on the
Group’s financial conditions, results of operations or cash flows.
2. Liability on account of The Group enters into foreign exchange contracts, currency options, forward rate agreements,
forward exchange and currency swaps and interest rate swaps with interbank participants and customers. Forward
derivative contracts. exchange contracts are commitments to buy or sell foreign currency at a future date at the
contracted rate. Currency swaps are commitments to exchange cash flows by way of interest/
principal in one currency against another, based on predetermined rates. Interest rate swaps
are commitments to exchange fixed and floating interest rate cash flows. The notional amounts
of financial instruments of such foreign exchange contracts and derivatives provide a basis for
comparison with instruments recognised on the balance sheet but do not necessarily indicate the
amounts of future cash flows involved or the current fair value of the instruments and, therefore,
do not indicate the Group’s exposure to credit or price risks. The derivative instruments become
favorable (assets) or unfavorable (liabilities) as a result of fluctuations in market rates or prices
relative to their terms. The aggregate contractual or notional amount of derivative financial
instruments on hand, the extent to which instruments are favorable or unfavorable and, thus the
aggregate fair values of derivative financial assets and liabilities can fluctuate significantly.
3. Guarantees given on As a part of its commercial banking activities the Bank issues documentary credit and guarantees on
behalf of constituents, behalf of its customers. Documentary credits such as letters of credit enhance the credit standing
acceptances, endorsements of the customers of the Bank. Guarantees generally represent irrevocable assurances that the
and other obligations Bank will make payments in the event of the customer failing to fulfill its financial or performance
obligations.
4. Other items for which the Purchase of securities pending settlement, capital commitments, amount deposited with RBI under
Group is contingently liable Depositor Education Awareness Fund (DEAF), bill re-discounting, Foreign Exchange Contracts (Tom
& Spot), Custodian operations, undrawn partial credit enhancement facilities, When Issued (WI)
securities
Refer Schedule 12 for amounts relating to contingent liability
17.6.23 Divergence in Asset Classification and Provisioning for NPAs

In terms of the RBI circular no. DOR.ACC.REC.No.74/21.04.018/2022-23 dated October 11, 2022 banks are required
to disclose the divergences in asset classification and provisioning consequent to RBI’s annual supervisory process in
their notes to accounts to the financial statements, wherever either or both of the following conditions are satisfied: (a)
the additional provisioning for NPAs assessed by RBI exceeds 5 per cent of the reported profit before provisions and
contingencies for the reference period and (b) the additional Gross NPAs identified by RBI exceed 5 per cent of the
reported incremental Gross NPAs for the reference period.
Based on the condition mentioned in RBI circular, no disclosure on divergence in asset classification and provisioning for
NPAs is required with respect to RBI’s supervisory process for FY2023 and FY2022.
17.6.24 Other income/expenditure

Miscellaneous income includes issuance business income of ` 4,403.23 million exceeding 1% of total income (Previous
year: ` 3,026.78 million).
Other expenditure includes issuance business expenses of ` 3,600.79 million, IT related expenses of ` 7,259.89 million,
Loan sourcing fees and Collection charges of ` 11,673.39 million, Professional Fees and Commission of ` 6,392.7 million,
and PSLC of ` 3,452.12 million exceeding 1% of total income.
517
(During the previous year other expenditure includes IT related expenses of ` 5,972.31 million, Loan sourcing fees
and Collection charges of ` 11,268.56 million, Professional Fees and Commission of ` 5,723.46 million exceeding 1%
of total income).
17.6.25 Additional disclosure

Additional statutory information disclosed in the separate financial statements of the Bank and subsidiary having no
material bearing on the true and fair view of the consolidated financial statements and the information pertaining to the
items which are not material have not been disclosed in the consolidated financial statement.
Prior period comparatives

Previous year’s figures have been regrouped where necessary to conform to current year classification.



Mumbai
April 27, 2024

FORM AOC -1
Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014
Statement containing salient features of the financial statement of subsidiaries/associate

companies/joint ventures
Part “A”: Subsidiaries
(` in thousands)
Sl.
No.
1 Name of the subsidiary YES Securities (India) Limited
2 Reporting period for the subsidiary concerned, if different from the holding company’s NA
reporting period
3 Reporting currency and Exchange rate as on the last date of the relevant Financial year in NA
the case of foreign subsidiaries
4 Share capital 979,400
5 Reserves & surplus 1,608,600
6 Total assets 12,680,800
7 Total Liabilities 10,092,800
8 Investments 108,200
9 Turnover 2,717,400
10 Profit / (Loss) before taxation 377,100
11 Provision for taxation 35,879
12 Profit / (Loss) after taxation 341,221
13 Proposed Dividend -
14 % of shareholding 100%
1. Names of subsidiaries which are yet to commence operations- Nil

2. Names of subsidiaries which have been liquidated or sold during the year- Nil
Part “B”: Associates and Joint Ventures

Statement pursuant to section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Statement pursuant to section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Not Applicable
Please find below Basel III Disclosure as on March 31, 2024.

DISCLOSURES UNDER BASEL III CAPITAL REGULATIONS – PILLAR III In accordance with RBI circular RBI/2023-24/31
DOR.CAP.REC.15/21.06.201/2023 -24 on ‘Basel III Capital Regulations’ read together with RBI circular DBR.No.BP.
BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standards
– Amendments’ requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage
ratio on a consolidated basis under regulatory disclosure section. The Pillar III disclosures have not been subjected to
review or audit by the statutory auditors. The Bank has made these disclosures which are available on its website at the
following link.
https://www.yesbank.in/footer/regulatory-policies/regulatory-disclosures-section
519
Assurance Statement1
INDEPENDENT ASSURANCE OPINION STATEMENT
To the Directors of Yes Bank Limited (YBL).
Holds Statement No.: BSIV 806794-1
Introduction
The British Standards Institution (BSI) has been engaged by Yes Bank Limited (YBL) to provide an
independent reasonable assurance of the sustainability information (described in the “Scope”) included in
the Business Responsibility and Sustainability Report (BRSR) for the period April 1, 2023 to March 31, 2024
(FY 2023-24).
Scope
The scope of engagement agreed upon with YBL includes the following:
The independent reasonable assurance covers sustainability information pertaining to BRSR Core, Key
Performance Indicators (KPIs) in accordance with Annexure I of the Securities and Exchange Board of India
(SEBI) vide Circular number SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated July 12, 2023. This
sustainability information is included in the Bank’s BRSR for the period April 1, 2023 to March 31, 2024 (FY
2023-24). BSI has performed a reasonable assurance engagement on whether the Bank’s disclosures in the
BRSR Core are fairly presented, in all material respects in accordance with the reporting criteria (refer table
below).
Sustainability Period Reporting criteria
information subject to subject to
reasonable assurance assurance
BRSR Core April 1, • Regulation 34(2)(f) of SEBI’s Listing Obligations and
2023 to Disclosure Requirements (SEBI LODR)
(Refer Annexure I of SEBI
March 31, • BRSR Core - Framework for assurance and ESG
vide Circular number
2024 disclosures for value chain (SEBI/HO/CFD/CFD-SEC-
SEBI/HO/CFD/CFD-SEC-
2/P/CIR/2023/122, dated July 12, 2023)
2/P/CIR/2023/122, dated
• Guidance Note for Business Responsibility & Sustainability
July 12, 2023)
Reporting Format issued by SEBI (Annexure II -
SEBI/HO/CFD/CMD-2/P/CIR/2021/562)
The independent reasonable assurance covers the following BRSR Core KPIs which are included in the Bank’s
BRSR report for FY 2023-24:
(‘P’ represents the 9 Principles of the National Guidelines for Responsible Business Conduct (NGRBC) / ‘E’
represents Essential Indicators, within each Principle in the BRSR Format)
BSI Group India Private Limited T: +91 11 4762 9000

The Mira Corporate Suites info.in@bsigroup.com
Plot 1-2, Ishwar Nagar bsigroup.com/en-IN
Mathura Road, New Delhi-110065
India
The British Standards Institution

Incorporated by Royal Charter
Registered in India: CIN U74899DL1999PTC101381
1
GRI 2-5

• Green-house gas (GHG) footprint – P6:E7

• Water footprint – P6:E3 and P6:E4
• Energy footprint – P6:E1
• Embracing circularity – P6:E9
• Enhancing employee wellbeing and safety – P3:E1(c) and P3:E11
• Enabling gender diversity in business - P5:E3(b) and P5:E7
• Enabling inclusive development - P8:E4 and P8:E5
• Fairness in engaging with customers and suppliers - P9:E7 and P1:E8
• Open-ness of business - P1:E9
[The details of subject matters and their boundaries within the scope is described in Appendix A and Appendix
B in this independent assurance opinion statement].
Opinion Statement
We have conducted a reasonable assurance engagement covering the sustainability information pertaining
to BRSR Core KPIs for the period April 1, 2023 to March 31, 2024 (FY 2023-24), covering disclosures on
Green-house gas (GHG) footprint, water footprint, energy footprint, embracing circularity, enhancing
employee wellbeing and safety, enabling gender diversity in business, enabling inclusive development,
fairness in engaging with customers and suppliers, open-ness of business.
In our opinion, the accompanying sustainability information is fairly presented, in all material respects, in
accordance with the reporting criteria stated above.
Methodology
Our assurance engagement was carried out in accordance with ISAE3000 (Revised) assurance standard
following the principles of integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
Our work was designed to gather evidence on which to base our conclusion. We undertook the following
activities:
• A top-level review of issues raised by external parties that could be relevant to YBL policies to confirm
the appropriateness of statements made in the report
• Discussion with managers and staff on YBL approach to stakeholder engagement. However, we had no
direct contact with external stakeholders
• Interviews with staff involved in sustainability management, BRSR report preparation, provision of data
& information, implementation of controls, etc were carried out
• Document review of relevant systems, policies, controls and procedures where available
• Review of key organizational developments and review of the findings of internal audits
• Review of supporting evidence for claims made in the reports

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521
• Visit of the 8 major offices of YBL to confirm the data collection processes, record management practices,
and check evidence for BRSR Core KPIs physically
• A sample-based assessment of the reliability and quality of information covered as part of the BRSR Core
KPIs with samples considered based on criticality of data points
Responsibility
YBL is responsible for the preparation and fair presentation of the sustainability information described in the
“Scope” above in accordance with the agreed criteria. BSI is responsible for providing an independent
assurance opinion statement to stakeholders of YBL, giving our professional opinion based on the scope and
methodology described.
Independence, Quality Control and Competence

BSI is independent to YBL and has no financial interest in the operation of YBL other than for the assurance
of the sustainability statements contained in the Business Responsibility and Sustainability Report.
This independent assurance opinion statement has been prepared for the stakeholders of YBL only for the
purposes of verifying its statements relating to BRSR Core (Annexure I) as notified by SEBI vide Circular
number SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated July 12, 2023), more particularly described in the
Scope above.
This independent assurance opinion statement is prepared based on review by BSI, of information presented
to it by YBL. In making this independent assurance opinion statement, BSI has assumed that all information
provided to it by YBL is true, accurate and complete. BSI accepts no liability to any third party who places
reliance on this statement.
BSI applies its own management standards and compliance policies for quality control, in accordance with
ISO/IEC 17021-1:2015 and accordingly maintains a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
BSI is a leading global standards and assessment body founded in 1901. The BSI assurance team that
conducted the assurance has extensive experience in conducting assurance & verification over
environmental, social & governance (ESG), and GRI Standards 2021, AA1000AS, ISO10002, ISO 14001, ISO
45001, ISO 14064, ISO 14068, ISO 50001, and ISO 9001, etc. The assurance is carried out in line with the
BSI Fair Trading Code of Practice.
Issue Date: 12-07-2024

For and on behalf of BSI:
BSI Representative
Theuns Kotze, Managing Director– IMETA Assurance

India


Appendix A: BRSR Attributes
BRSR KPI Type of

Assurance
Attribute: Green-house gas (GHG) footprint
Reasonable
Total Scope 1 GHG emissions
Reasonable
Total Scope 2 GHG emissions
Reasonable
GHG emission intensity (Scope 1 +2) (Total tCO2e / Revenue from operations)
P6:E7
Reasonable
GHG emission intensity (Scope 1 +2) (Total tCO2e / Total Revenue from operations
adjusted for PPP)
Reasonable
GHG emission intensity (Scope 1 +2) (Total tCO2e / Full-Time Employee)
Attribute: Water footprint
Reasonable
Total volume of water withdrawal
Reasonable
Total volume of water consumption
P6:E3
Reasonable
Water consumption intensity (KL / Revenue from operations)
Reasonable
Water consumption intensity (KL / Total Revenue from operations adjusted for PPP)
Reasonable
Water consumption intensity (KL / Full-Time Employee)
Reasonable
P6:E4 Water discharge by destination & levels of Treatment
Attribute: Energy footprint
Reasonable
Total energy consumed (from renewable and non-renewable sources)
Reasonable
% of Energy consumed from renewable sources
P6:E1
Reasonable
Energy intensity (Megajoules / Revenue from operations)
Reasonable
Energy intensity (Megajoules / Total Revenue from operations adjusted for PPP)
Reasonable
Energy intensity (Megajoules / Full-Time Employee)
Attribute: Embracing circularity - details related to waste management by the entity

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523
BRSR KPI Type of
Assurance
Reasonable
Plastic waste, E-waste, Biomedical waste, Construction & Demolition waste, Battery
waste, Radioactive waste, Other hazardous waste, Other non-hazardous waste
Reasonable
Total waste generated
Reasonable
Waste intensity (MT / Revenue from operations)
Reasonable
P6:E9 Waste intensity (MT / Total Revenue from operations adjusted for PPP)
Reasonable
Waste intensity (MT / Full-Time Employee)
Reasonable
For each category of waste, waste recovered through recycling, reusing or recovery –
Absolute & Intensity
Reasonable
For each category of waste, waste disposed by nature of disposal – Absolute & Intensity
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in
their value chains
Attribute: Enhancing Employee Wellbeing and Safety
Reasonable
P3:E1 (c) Spending on measures towards well-being of employees and workers (cost incurred on
wellbeing measures as a % of total revenue of the company)
P3:E11 Details of safety related incidents for employees and workers including contract- Reasonable
workforce
Attribute: Enabling Gender Diversity in Business
Reasonable
P5:E3 (b) Gross wages paid to females as % of wages paid by the entity
Reasonable
Total Complaints reported under Sexual Harassment on of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 (POSH)
P5:E7
Complaints on POSH as a % of female employees / workers
Complaints on POSH upheld

Attribute: Enabling Inclusive Development
Reasonable
P8:E4 Percentage of input material (inputs to total inputs by value) sourced from Suppliers:
Directly sourced from MSMEs/ small producers & Directly from within India
Reasonable
P8:E5 Job creation in smaller towns – Wages paid to persons employed in smaller towns
(permanent or non-permanent/ on contract) as % of total wage cost

India


BRSR KPI Type of

Assurance
PRINCIPLE 9 - Businesses should engage with and provide value to their consumers in a responsible
manner
Attribute: Fairness in Engaging with Customers and Suppliers
P9:E7 Instances involving loss / breach of data of customers as a percentage of total data Reasonable
breaches or cyber security events
PRINCIPLE 1 - Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable
Attribute: Fairness in Engaging with Customers and Suppliers
P1:E8 Number of days of accounts payable Reasonable
Attribute: Open-ness of business (audited data provided by Financial Auditor)
Concentration of purchases Reasonable
Concentration of sales Reasonable
Share of RPTs (as respective percentage) in – Reasonable
P1:E9 • Purchases
• Sales
• Loans & advances
• Investments

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525
Appendix B:
List of locations which form the boundaries of the sustainability information pertaining to “Green-house gas
(GHG) footprint, water footprint, energy footprint, embracing circularity, enhancing employee wellbeing and
safety, enabling gender diversity in business, enabling inclusive development, fairness in engaging with
customers and suppliers, open-ness of business”.
S.NO Location Type

• 8 Major Offices in India (including the Bank’s Registered Office, YES BANK House in
1 National Mumbai) and 51 Regional Offices
• 1,234 Branches and 1,290 ATMs across 28 States and 6 Union Territories of India
• IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT)
2 International
• Representative office in Abu Dhabi

India


Introduction
independent limited assurance of select sustainability information (described in the “Scope”), included in the
Business Responsibility and Sustainability Report (BRSR) for the period April 1, 2023 to March 31, 2024 (FY
2023-24).
Scope
The independent limited assurance covers select (non-core) sustainability information pertaining to the BRSR
for the period April 1, 2023 to March 31, 2024 (FY 2023-24) in accordance with Annexure II of the Securities
and Exchange Board of India (SEBI) vide Circular number SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated
July 12, 2023. BSI has performed a limited assurance engagement on whether the select (non-core)
sustainability information in the BRSR, are fairly presented, in all material respects in accordance with the
reporting criteria (refer table below).
Sustainability Period subject to Reporting criteria
information subject to assurance
limited assurance
Select non-core April 1, 2023 to • Regulation 34(2)(f) of the Securities and Exchange Board
sustainability disclosures as March 31, 2024 of India (SEBI) Listing Obligations and Disclosure
per BRSR Format Requirements (SEBI LODR)
• BRSR Core - Framework for assurance and ESG
(Refer Annexure II of SEBI
disclosures for value chain (SEBI/HO/CFD/CFD-SEC-
vide Circular number
2/P/CIR/2023/122, dated July 12, 2023)
SEBI/HO/CFD/CFD-SEC-
• Guidance Note for Business Responsibility &
2/P/CIR/2023/122, dated
Sustainability Reporting Format issued by SEBI
July 12, 2023)
(Annexure II - SEBI/HO/CFD/CMD-2/P/CIR/2021/562)
Select non-core BRSR disclosures covered:

The independent limited assurance covers the following select (non-core) sustainability information which
are included in the Bank’s BRSR report for FY 2023-24:
(‘P’ represents the 9 Principles of the National Guidelines for Responsible Business Conduct (NGRBC) / ‘E’ represents
Essential Indicators and ‘L’ represents Leadership Indicators, within each Principle in the BRSR Format)
• Section A: General Disclosures

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527
o Employees - Q20, Q21, and Q22
o Transparency and Disclosures Compliances – Q25
• Section C: Principle wise Performance Disclosure
o P3:E1(a), P3:E2, P3:E5, P3:E8, P3:E9 and P3:E14
o P5:E1, P5:E2, P5:E3(a) and P5:E6
o P6:E6 and P6:L2
o P8:L2 and P8:L6
o P9:E3
[The details of subject matters and their boundaries within the scope is described in Appendix A and Appendix B in this
independent assurance opinion statement].
Opinion Statement
We have conducted a limited assurance engagement covering the sustainability information described in the
“Scope”, which are included in the BRSR for the period April 1, 2023 to March 31, 2024 (FY 2023-24).
Based on the processes and procedures conducted as per limited assurance, there is no evidence that the
accompanying sustainability information is not materially correct and is not fairly represented in accordance
with the reporting criteria stated above.
Methodology
following the principles of “Integrity, Objectivity, Professional competence and due care, Confidentiality and
Professional behaviour”.
activities:
• Interviews with staff involved in sustainability management, BRSR report preparation, provision of data
& information, implementation of controls, etc were carried out
• Review of key organizational developments And Review of the findings of internal audits
• Review of supporting evidence for claims made in the report
and check evidence of BRSR related information, physically
• A sample-based assessment of the reliability and quality of information of the company’s performance
provided in the BRSR report
Responsibility

India



of the sustainability statements contained in the Business Responsibility and Sustainability Report.
This independent assurance opinion statement has been prepared for the stakeholders of YBL for the
purposes of verifying its statements relating to BRSR (Annexure II) as notified by SEBI vide Circular number
SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122, dated July 12, 2023), and more particularly described in the
Scope above.
This independent assurance opinion statement is prepared based on a review by BSI, of information
presented to it by YBL. In making this independent assurance opinion statement, BSI has assumed that all
information provided to it by YBL is true, accurate and complete. BSI accepts no liability to any third party
who places reliance on this statement.
conducted the assurance has extensive experience in conducting assurance & verification on environmental,
social & governance (ESG) topics, and GRI 2021, AA1000AS, ISO 10002, ISO 14001, ISO 45001, ISO 14064,
ISO 14068, ISO 50001, SA8000, ISO 9001, etc. The assurance is carried out in line with the BSI Fair Trading
Code of Practice.

BSI Representative

India

529
Appendix A: subject matters within the scope – BRSR Annexure II
BRSR Type of
Assurance
Section A: General disclosures

IV – Employees Limited
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled) (Assured in accordance with GRI Standards)
b. Differently abled Employees and workers
21. Participation/Inclusion/Representation of women (Assured in accordance with GRI Standards)
22. Turnover rate for permanent employees and workers (Assured in accordance with GRI Standards)
VII – Transparency & Disclosure Compliances Limited

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
Conduct (Assured in accordance with GRI Standards)
Section C: Principle wise Performance Disclosure
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their Limited
value chains
P3:E1 - a. Details of measures for the well-being of employees (Assured in accordance with GRI Standards) Limited
P3:E2 - Details of retirement benefits (Assured in accordance with GRI Standards) Limited
P3:E5 - Return to work and Retention rates of permanent employees and workers that took parental leave (Assured in accordance Limited
with GRI Standards)
P3:E8 - Details of training given to employees and workers (Assured in accordance with GRI Standards) Limited
P3:E9 - Details of performance and career development reviews of employees and worker (Assured in accordance with GRI Limited
Standards)
P3:E14 - Assessments for the year Limited

P5:E1 - Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, Limited
P5:E2 - Details of minimum wages paid to employees and workers Limited
P5:E3 - Details of remuneration/salary/wages Limited
a. Median remuneration / wages
P5:E6 - Number of Complaints on the following made by employees and workers (Assured in accordance with GRI Standards) Limited
P6:E6 - Please provide details of air emissions (other than GHG emissions) by the entity (Assured in accordance with GRI Limited
Standards)
P6:L2 - Please provide details of total Scope 3 emissions & its intensity (Assured in accordance with GRI Standards) Limited

P8:L2 - Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as Limited
identified by government bodies
P8:L6 - Details of beneficiaries of CSR Projects Limited
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
P8:E3 - Number of consumer complaints in respect of the following: Data privacy, Advertising, Cyber-security, Delivery of Limited
essential services, Restrictive Trade Practices, Unfair Trade Practices (Assured in accordance with GRI Standards)

India


Appendix B: List of locations which form the boundary of select (non-core) sustainability information
pertaining to the BRSR
S.NO Location Description

2 International

India

531
Introduction
independent limited assurance of select non-financial disclosures (described in the “Scope”), included in the
Bank’s Integrated Annual Report for the period April 1, 2023 to March 31, 2024 (FY 2023-24).
Scope
BSI has performed an independent limited assurance engagement on whether the select non-financial
disclosures in the Bank’s Integrated Annual Report for the period April 1, 2023 to March 31, 2024 (FY 2023-
24), are fairly presented, in all material respects, in accordance with the reporting criteria (refer table below):
Sustainability information Period subject Reporting criteria

subject to limited assurance to assurance
Select non-financial disclosures in the April 1, 2023 to • GRI Standards 2021
Integrated Annual Report March 31, 2024
• Integrated Reporting <IR> Framework
2021
Opinion Statement
We have conducted a limited assurance engagement covering the sustainability information described in the
“Scope” above for the period April 1, 2023 to March 31, 2024 (FY 2023-24).
In our opinion, the accompanying sustainability information is fairly presented, in all material respects, in
accordance with the reporting criteria stated above.
information pertaining to the Bank’s economic, environmental, and people related performance, presented

India


in the Integrated Annual Report for the period FY 2023-2024 are not materially correct or are not fairly
represented.
Methodology
following the principles of Integrity, Objectivity, Professional competence and due care, Confidentiality and
Professional behaviour.
activities:
• Interviews with staff involved in sustainability management, Integrated Annual Report preparation,
provision of data & information, implementation of controls, etc were carried out
• Review of key organizational developments
• Review of the findings of internal audits
• Review of supporting evidence for claims made in the reports
and check evidences for non-financial disclosures
in accordance with the requirements of GRI Standards and <IR> Framework
Conclusions
GRI Standards
YBL provided us with their self-declaration of compliance “In accordance with” the GRI Standards 2021.
Based on our Assessment review, we confirm that the social responsibility and sustainable development
disclosures in all 3 categories (Economy, Environment, People) are reported “In accordance with” the GRI
Standards 2021.
It is the responsibility of YBL corporate to notify GRI post publishing the report.
In our professional opinion the self-declaration covers YBL’s social responsibility and sustainability issues. On
the basis of the assessment undertaken, nothing has come to our attention to suggest that the report does
not properly describe the following disclosed information –

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533
A. General disclosures (GRI 2: 2-1 up to 2-30)
B. Materiality related disclosures (GRI 3-1 to GRI 3-3)
C. The following material topic disclosures as identified & stipulated in the GRI Standards -
• GRI 201: Economic Performance 2016 – 201-1, 201-2, 201-3
• GRI 202: Market Presence 2016 – 202-1, 202-2
• GRI 204: Procurement Practices 2016 – 204-1
• GRI 205: Anti-corruption 2016 – 205-1, 205-2, 205-3
• GRI 206: Anti-competitive Behaviour 2016 – 206-1
• GRI 302: Energy 2016 – 302-1, 302-2, 302-3, 302-4, 302-5
• GRI 305: Emissions 2016 – 305-1, 305-2, 305-3, 305-4, 305-5, 305-6, 305-7
• GRI 401: Employment 2016 – 401-1, 401-2, 401-3
• GRI 402: Employment 2016 – 402-1
• GRI 404: Training and Education 2016 – 404-1, 404-2, 404-3
• GRI 405: Diversity and Equal Opportunity – 405-1, 405-2
• GRI 406: Non-discrimination 2016 – 406-1
• GRI 413: Local Communities 2016 – 413-1, 413-2
• GRI 417: Product Labeling 2016 – 417-1, 417-2, 417-3
• GRI 418: Customer Privacy 2016 – 418-1
D. The following non-material topic disclosures from the GRI Standards -

• GRI 207: Tax 2016 – 207-1, 207-2, 207-3, 207-4
• GRI 303: Water and Effluents 2018 – 303-1, 303-2, 303-3, 303-4, 303-5
• GRI 306: Waste 2020 – 306-1, 306-2, 306-3, 306-4, 306-5
• GRI 403: Occupational Health and Safety 2018 – 403-1, 403-2, 403-3, 403-8, 403-9, 403-10
Integrated Reporting <IR> framework
YBL provided us with their self-declaration of compliance in accordance with the Integrated Reporting <IR>
framework, 2021.
Based on our Assessment review, we confirm that the information contained within the report adheres to the
7 Guiding Principles of (A) Strategic focus and future orientation (B) Connectivity of information (C)
Stakeholder relationships (D) Materiality (E) Conciseness (F) Reliability and completeness (G) Consistency
and comparability.
We confirm that the Integrated Report answers the questions posed within the 8 Content Elements of the
<IR> framework viz. (A) Organizational overview and external environment (B) Governance (C) Business

India


model (D) Risks and opportunities (E) Strategy and resource allocation (F) Performance (G) Outlook (H) Basis
of preparation and presentation.
The report chapters have included content to the best possible ability about the -
(i) processes through which the Value is created, preserved or eroded
(ii) 6 Capitals – financial, manufactured, intellectual, human, social & relationship, natural
(iii) their complexity interdependencies & trade-offs,
(iv) timeframes for short, medium and long-term
(v) aggregation and disaggregation of data and information
The YBL integrated annual report is found to be in accordance with the <IR> framework 2021.
In our professional opinion the self-declaration covers YBL’s social responsibility and sustainability issues.
Based on the assessment undertaken, nothing has come to our attention to suggest that the Report does
not properly describe the disclosed information mandated under clauses 1.12, 1.17, 1.18, 1.20, 3.3, 3.6,
3.10, 3.17, 3.36, 3.39, 3.54, 4.4, 4.8, 4.10, 4.24, 4.28, 4.31, 4.35 and 4.41 (as duly compiled & described
within the Appendix-summary of requirements of the <IR> framework).
Responsibility
of the sustainability statements contained in the Integrated Annual Report.
This independent assurance opinion statement has been prepared for the stakeholders of YBL for the
purposes of verifying its statements relating to the Scope mentioned above.
to it by YBL. In making this independent assurance opinion statement, BSI has assumed that all information
provided to it by YBL is true, accurate and complete. BSI accepts no liability to any third party who places
reliance on this statement.

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535
environmental, social & governance (ESG), and GRI Standards 2021, AA1000AS, ISO10002, ISO 14001, ISO
45001, ISO 14064, ISO 14068, ISO 50001, and ISO 9001, etc. The assurance is carried out in line with the
BSI Fair Trading Code of Practice.

BSI Representative

India


Appendix A: List of locations which form the boundary of select non-financial disclosures in the Bank’s
Integrated Annual Report
S.NO Location Description

2 International

India

537
Introduction
The British Standards Institution (BSI) has conducted a limited assurance engagement on the
sustainability related information (detailed in the “Scope”) mentioned in the Principles of Responsible Banking
(PRB) Self Assessment Report of Yes Bank Limited (YBL), for the period April 1, 2023 to March 31, 2024
(FY 2023-24)
Scope
The assurance covers the disclosures about sustainability related information on “2.3 Target Implementation
and Monitoring” under “Principle2 – Impacts & Targets Setting” as disclosed in the Principles of Responsible
Banking (PRB) Self Assessment Report of the BANK, for the period April 1, 2023 to March 31, 2024 (FY 2023-
24).
BSI has performed a limited assurance engagement on whether the Bank’s disclosures about its performance
on its targets in the PRB report are fairly presented, in all material respects in accordance with the reporting
criteria (refer table below).
Sustainability information subject Period subject Reporting criteria
to limited assurance to assurance
Sustainability related information on April 1, 2023 to • Reporting and Self Assessment
“2.3- Target Implementation and March 31, 2024 Template, Version 2, September 2022,
Monitoring” under “Principle 2 – issued by UNEP FI
Impacts & Targets Setting” as • Guidance Documents for Banks on
disclosed in the Principles of Reporting, February 2021, issued by
Responsible Banking (PRB) Self UNEP FI
Assessment Report • PRB Guidance Document, November
2021, issued by UNEP FI
The independent limited assurance covers performance disclosed in section “2.3- Target Implementation and
Monitoring” against targets set by the BANK in FY 2022-23 against Principle 2 of the PRB, disclosed in section
“2.2 Target Setting” of the Bank’s PRB self assessment report for FY 2023-24

India


A) Climate Change:
Target: To reduce 50% emissions intensity of electricity generation portfolio by FY 2032 from baseline
of FY 2022. KPI: Track emission intensity tCO2/MWh annually
B) Financial Inclusion:
Target 1: 20% Year on Year (YoY) increase in number of women beneficiaries till FY 2026 on a baseline
of 7.6 lakh women beneficiary in FY 2023. KPI: Track Women beneficiaries annually
Target 2: To achieve 25% Year on Year (YoY) increase in annual disbursements to Women microfinance
borrowers till FY 2026 on a baseline of 1495 cr in FY 2023. KPI: Track annual loan disbursement amount
The selected information is reported in accordance with the guidelines of Principles of Responsible Banking
(PRB).
Opinion Statement
We have conducted a limited assurance engagement on the sustainability information described in the
“Scope” above.
accompanying information is not materially correct and is not fairly represented in accordance with the
reporting criteria stated above.
Methodology
Our assurance engagement was carried out in accordance with the ISAE3000 (Revised) assurance standard
following the principles of Integrity, Objectivity, Professional competence and due care, Confidentiality and
Professional behaviour.
Our work has been carried out in accordance with the requirements laid out in ‘Guidance for assurance
providers for providing limited assurance for reporting Principles of Responsible Banking’ Version 2, November
2022, issued by UNEP FI
activities:
• A top-level review of issues raised by external parties that could be relevant to Yes Bank Limited (YBL)
policies to provide a check on the appropriateness of statements made in the report.
• Interviews with staffs involved in sustainability management, PRB report preparation, provision of data
& information, implementation of controls, etc were carried out.
• Document review of relevant systems, policies, controls and procedures where available.
• Review of key organizational developments.
• Review of supporting evidence for claims made in the reports.

India

539
• Visit of the main office of Yes Bank Limited (YBL) to confirm the data collection processes, record
management practices, and check physically.
provided in the report.
Conclusions
Sustainability related information on “2.3 Target Implementation and Monitoring” under “Principle2 –
Impacts & Targets Setting” as disclosed in the Principles of Responsible Banking (PRB) Self Assessment
Report of the BANK, for the period April 1, 2023 to March 31, 2024 (FY 2023-24) presented for verification
had no technical/compilation errors, which were sought to be identified during the sampling process in
stage1 and reverified in the final stage2 submission.
Based on the processes and procedures conducted with limited assurance, there is no evidence that the
following Impacts data associated with the Targets set against baseline year, are not materially correct
and are not a fair representation of their performance.
Climate Change: Progress on targets: On track

1) In FY24, Emission intensity of electricity generation portfolio was 0.479 tCO2/MWh which is well within
the trajectory to achieve target (~24% lower compared to the base year FY22)
Financial Inclusion: Progress on targets: Lagging

1) In FY24, Bank has reached 6.56 Lakh women beneficiaries (~14% lower compared to base year FY23)
2) In FY 24, overall disbursement to women beneficiary has increased, with Bank’s lending totalling INR
1781 Cr (~20% higher compared to base year FY23).
Responsibility
Yes Bank Limited (YBL) is responsible for the preparation and fair presentation of the sustainability
information described in the “Scope” above in accordance with the agreed criteria. BSI is responsible for
providing an independent assurance opinion statement to stakeholders of Yes Bank Limited (YBL), giving our
professional opinion based on the scope and methodology described.

BSI is independent to Yes Bank Limited (YBL) and has no financial interest in the operation of Yes Bank
Limited (YBL) other than for the assurance of the sustainability statements contained in the PRB report.
This independent assurance opinion statement has been prepared for the stakeholders of Yes Bank Limited
(YBL) for the purposes of verifying its statements relating to Principle 2 - Impacts & Targets Setting (as
mentioned within the Principles of Responsible Banking), more particularly described in the Scope above.
to it by Yes Bank Limited (YBL). In making this independent assurance opinion statement, BSI has assumed
that all information provided to it by Yes Bank Limited (YBL) is true, accurate and complete. BSI accepts no
liability to any third party who places reliance on this statement.

India


environmental, social & governance (ESG), and GRI Universal Standard 2021, AA1000AS, ISO 10002, ISO
14001, ISO 45001, ISO 14064, ISO 14068, ISO 50001, ISO 9001, etc. The assurance is carried out in line
with the BSI Fair Trading Code of Practice.

BSI Representative

India

541
GRI Content Index
Boundary Setting of Material Topics
S. No Material Topic GRI Indicator
1 Governance and 417-1 Requirements for product and service information and labeling
Compliance 417-2 Incidents of non-compliance concerning product and service information and labeling
417-3 Incidents of non-compliance concerning marketing communications
2 Business Ethics 205-1 Operations assessed for risks related to corruption
205-2 Communication and training about anti-corruption policies and procedures
205-3 Confirmed incidents of corruption and actions taken
206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practices
417-1 Requirements for product and service information and labeling
417-2 Incidents of non-compliance concerning product and service information and labeling
417-3 Incidents of non-compliance concerning marketing communications
3 Data Security & Privacy 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data
4 Digital Innovation 201-1 Direct economic value generated and distributed
5 Customer Relations 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data
6 Employment Practice 201-3 Defined benefit plan obligations and other retirement plans
202-1 Ratios of standard entry level wage by gender compared to local minimum wage
202-2 Proportion of senior management hired from the local community
401-1 New employee hires and employee turnover
401-2 Benefits provided to full-time employees that are not provided to temporary or parttime employees
401-3 Parental leave
402-1 Minimum notice periods regarding operational changes
404-1 Average hours of training per year per employee
404-2 Programmes for upgrading employee skills and transition assistance programmes
404-3 Percentage of employees receiving regular performance and career development reviews
405-1 Diversity of governance bodies and employees
405-2 Ratio of basic salary and remuneration of women to men
406-1 Incidents of discrimination and corrective actions taken
7 Progress on Profitability 201-1 Direct economic value generated and distributed
8 Climate Action 201-2 Financial implications and other risks and opportunities due to climate change
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2) GHG emissions
305-3 Other indirect (Scope 3) GHG emissions
305-4 GHG emissions intensity
305-5 Reduction of GHG emissions
305-6 Emissions of ozone-depleting substances (ODS)
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions
9 Financial Inclusion 413-1 Operations with local community engagement, impact assessments, and development programmes
413-2 Operations with significant actual and potential negative impacts on local communities
10 Operational 302-1 Energy consumption within the organisation
eco-efficiency 302-2 Energy consumption outside of the organisation
302-3 Energy intensity
302-4 Reduction of energy consumption
302-5 Reductions in energy requirements of products and services
305-1 Direct (Scope 1) GHG emissions
305-2 Energy indirect (Scope 2) GHG emissions
305-3 Other indirect (Scope 3) GHG emissions
305-4 GHG emissions intensity
305-5 Reduction of GHG emissions
305-6 Emissions of ozone-depleting substances (ODS)
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions
11 Sustainable Finance 201-2 Financial implications and other risks and opportunities due to climate change

Statement of use YES BANK Limited has reported in accordance with the GRI Standards for the period FY 2023-24
GRI 1 used GRI 1: Foundation 2021
Applicable GRI Not Applicable
Sector Standards(s)
GRI Disclosure Materiality Disclosure References Reason for Omission/

Standard Level (Pg No.) Explanation
General Disclosures 2021
GRI 2: General 2-1 Organisational Details Material 4, 321, 328, 329, 391
Disclosures 2021
2-2 Entities included in the organisation’s Material 4
sustainability reporting
2-3 Reporting period, frequency and Material 4, 5
contact point
2-4 Restatements of information Material 5, 354, 355, 358
2-5 External assurance Material 5, 520
2-6 Activities, value chain and other Material 32, 47, 50, 103, 218,
business relationships 329
2-7 Employees Material 133, 150, 329
2-8 Workers who are not employees Material 150
2-9 Governance structure and composition Material 95, 99, 275, 276, 277,
282, 283, 285, 326
2-10 Nomination and selection of the Material 96, 97, 277, 284
highest governance body
2-11 Chair of the highest governance body Material 277
2-12 Role of the highest governance body Material 97

in overseeing the management of impacts
2-13 Delegation of responsibility for Material 99
managing impacts
2-14 Role of the highest governance body Material 82
in sustainability reporting
2-15 Conflicts of interest Material 94, 247, 321
2-16 Communication of critical concerns Material 82, 253, 296, 463
2-17 Collective knowledge of the highest Material 335

governance body
2-18 Evaluation of the performance of the Material 99, 248
highest governance body
2-19 Remuneration policies Material 98, 249, 291
2-20 Process to determine remuneration Material 98, 249
2-21 Annual total compensation ratio Material 98
2-22 Statement on sustainable Material 8, 12

development strategy
2-23 Policy commitments Material 94, 105, 106, 108, 109,
111, 115, 121, 125, 130,
163, 173, 185, 195
Fulfills disclosure requirements Partially fulfills disclosure requirements Not Applicable
543
GRI CONTENT INDEX
Sector Standards(s)

2-24 Embedding policy commitments Material 94, 105, 111, 115, 121,
130, 163, 173, 185, 195
2-25 Processes to remediate negative Material 83, 84, 85, 86, 87
impacts
2-26 Mechanisms for seeking advice and Material 83, 84, 85, 86, 87
raising concerns
2-27 Compliance with laws and regulations Material 336
2-28 Membership associations Material 363
2-29 Approach to stakeholder engagement Material 82
2-30 Collective bargaining agreements Material 150 The Bank does not have
collective bargaining
agreements. All YES
BANK employees are
free to exercise the
lawful rights to Freedom
of Association
Material Topics 2021
GRI 3: Material Topics 3-1 Process to determine material topics Material 88
2021
3-2 List of material topics Material 89
3-3 Management of material topics Material 93, 105, 111, 115, 121,
129, 153, 163, 173,
185, 195
Topic Standards
GRI 201: Economic 201-1 Direct economic value generated and Material 160
Performance 2016 distributed
201-2 Financial implications and other risks Material 162, 165, 166, 170
and opportunities due to climate change
201-3 Defined benefit plan obligations and Material 147
other retirement plans
GRI 202: Market 202-1 Ratios of standard entry level wage Material 150
Presence 2016 by gender compared to local
minimum wage
202-2 Proportion of senior management Material 150
hired from the local community
GRI 204: 204-1 Proportion of spending on local Material 150, 364
Procurement suppliers
Practices 2016
GRI 205: Anti- 205-1 Operations assessed for risks related Material 108
corruption 2016 to corruption
205-2 Communication and training about Material 105, 108
anti-corruption policies and procedures
205-3 Confirmed incidents of corruption Material 108, 109, 338
and actions taken

Sector Standards(s)

GRI 206: Anti- 206-1 Legal actions for anti-competitive Material 363
competitive behaviour, anti-trust, and monopoly
Behaviour 2016 practices
GRI 207: Tax 2019 207-1 Approach to tax Not Material 102
207-2 Tax governance, control, and risk Not Material 102

management
207-3 Stakeholder engagement and Not Material 102
management of concerns related to tax
207-4 Country-by-country reporting Not Material 102
GRI 302: Energy 2016 302-1 Energy consumption within the Material 187, 353
organisation
302-2 Energy consumption outside of the Material 188
organisation
302-3 Energy intensity Material 187, 353
302-4 Reduction of energy consumption Material 186
302-5 Reductions in energy requirements Material 191

of products and services
GRI 303: Water and 303-1 Interactions with water as a shared Not Material 191
Effluents 2018 resource
303-2 Management of water discharge- Not Material 191
related impacts
303-3 Water withdrawal Not Material 354
303-4 Water discharge Not Material 354
303-5 Water consumption Not Material 354
GRI 305: Emissions 305-1 Direct (Scope 1) GHG emissions Material 187, 356
2016
305-2 Energy indirect (Scope 2) GHG Material 187, 356
emissions
305-3 Other indirect (Scope 3) GHG Material 187, 360
emissions
305-4 GHG emissions intensity Material 187, 356
305-5 Reduction of GHG emissions Material 186
305-6 Emissions of ozone-depleting Material 188

substances (ODS)
305-7 Nitrogen oxides (NOx), sulfur oxides Material 188
(SOx), and other significant air emissions
545
GRI CONTENT INDEX
Sector Standards(s)

GRI 306: Waste 2020 306-1 Waste generation and significant Not Material 190
waste-related impacts
306-2 Management of significant waste- Not Material 190
related impacts
306-3 Waste generated Not Material 357
306-4 Waste diverted from disposal Not Material 357
306-5 Waste directed to disposal Not Material 357
GRI 401: Employment 401-1 New employee hires and employee Material 136, 150, 151
2016 turnover
401-2 Benefits provided to full-time Material 150, 341, 400
employees that are not provided to
temporary or part-time employees
401-3 Parental leave Material 142
GRI 402: Labor/ 402-1 Minimum notice periods regarding Material 150, 151
Management operational changes
Relations 2016
GRI 403: 403-1 Occupational health and safety Not Material 143
Occupational Health management system
and Safety 2018 403-2 Hazard identification, risk Not Material 143
assessment, and incident investigation
403-3 Occupational health services Not Material 143
403-4 Worker participation, consultation, Not Material The Bank operates in

and communication on occupational health the banking and finance
and safety services sector and
403-5 Worker training on occupational Not Material does not have workers
health and safety
403-6 Promotion of worker health Not Material
403-7 Prevention and mitigation of Not Material

occupational health and safety impacts
directly linked by business relationships
403-8 Workers covered by an occupational Not Material 143
health and safety management system
403-9 Work-related injuries Not Material 345
403-10 Work-related ill health Not Material 345

Sector Standards(s)

GRI 404: Training and 404-1 Average hours of training per year Material 138, 141
Education 2016 per employee
404-2 Programmes for upgrading Material 137, 347
employee skills and transition assistance
programmes
404-3 Percentage of employees receiving Material 146, 344
regular performance and career
development reviews
GRI 405: Diversity 405-1 Diversity of governance bodies and Material 95, 133
and Equal employees
Opportunity 2016 405-2 Ratio of basic salary and Material 134
remuneration of women to men
GRI 406: Non- 406-1 Incidents of discrimination and Material 351
discrimination 2016 corrective actions taken
GRI 413: Local 413-1 Operations with local community Material 180 The Bank is yet to
Communities 2016 engagement, impact assessments, and undertake any social
development programmes impact assessments of
its financial inclusion
and community
development initiatives.
413-2 Operations with significant actual Material 180 Being a part of service
and potential negative impacts on local sector, the bank does
communities not pose any significant
actual/potential
negative impact on local
communities
GRI 417: Marketing 417-1 Requirements for product and Material 366 Given the Bank’s nature
and Labeling 2016 service information and labeling of business as a service
sector enterprise and
a financial institution,
the Bank does not
offer products which
are required to
carry information
about environmental
parameters
417-2 Incidents of non-compliance Material 308, 368
concerning product and service
information and labeling
417-3 Incidents of non-compliance Material 124
concerning marketing communications
GRI 418: Customer 418-1 Substantiated complaints concerning Material 113
Privacy 2016 breaches of customer privacy and losses of
customer data
547
Task Force on Climate-related Financial
Disclosures (TCFD) Index
Pillars Disclosure Report Section (Page No.)
Governance Board’s oversight of climate-related risks and opportunities 77-79, 99
Management’s role in assessing and managing climate-related

risks and opportunities
Strategy Climate-related risks and opportunities identified over the 77-79, 165, 171, 194-203
short, medium and long term
Impact of climate-related risks and opportunities on the Bank’s 77-79, 165, 171, 194-202
businesses, strategy and financial planning
Resilience of the Bank’s strategy, considering different climate- 168-170

related scenarios, including a 2°C or lower scenario
Risk The Bank’s processes for identifying and assessing climate 88-89, 162, 165
Management related risks
The Bank’s processes for managing climate-related risks 166-171, 194-202
How processes for identifying, assessing and managing 77-79

climate-related risks are integrated into the Bank’s overall risk
management
Metrics and Metrics used by the Bank to assess climate-related risks and 163, 168-169, 185-186, 195,
Targets opportunities in line with its strategy and risk management 199, 200
process
Scope 1, Scope 2 and, Scope 3 greenhouse gas emissions, and 187-188

related risks
The Bank’s targets to manage climate-related risks and 163, 185

opportunities and its performance

Principles of Responsible Banking:

Self Assessment Report
Principle 1: Alignment
We will align our business strategy to be consistent with and contribute

to individuals’ needs and society’s goals, as expressed in the Sustainable
Development Goals, the Paris Climate Agreement and relevant national and
regional frameworks.
Business model
Describe (high-level) your bank’s business model, including the main customer segments served, types of products
and services provided, the main sectors and types of activities across the main geographies in which your bank
operates or provides products and services. Please also quantify the information by disclosing e.g. the distribution
of your bank’s portfolio (%) in terms of geographies, segments (i.e. by balance sheet and/or off-balance sheet) or
by disclosing the number of customers and clients served.
YES BANK is a high quality, customer-centric, service-driven bank catering to the References:
Future Businesses of India. The Bank has grown into a ‘full service commercial Website:
bank’ offering a comprehensive suite of products and services to its corporate,
About us, https://
MSME and retail customers. Customer-centric and service driven since
www.yesbank.in/about-us/
its inception in 2004, the Bank is taking confident strides into the future by
blending its wide physical reach with digital capabilities to provide differentiated Website:
offerings, in line with India’s evolving banking needs. Reinforcing its commitment
Investor presentation, Page 2
to the highest standards of compliance and governance, YES BANK is paving
the path to sustainable value creation with a recapitalised balance sheet and https://www.yesbank.in/
a recalibrated strategy. With marquee financial institutions as partners and pdf?name=yesbank_q4_fy24_
customer-centricity at heart, YES BANK is strengthening its core to deliver investor_presentation.pdf
an enhanced banking experience with a ‘digital first’ approach, in line with its
strategy of building a ‘Digital Bank'.
YES BANK is the 6th Largest Private Sector, Universal Bank offering comprehensive
suite of product and services via its pan India network of 1,234 branches, 219
BCBO and 1290 ATMs (including CRMs and BNAs) in over 300 districts of India
At the end of FY 2024, the composition of the portfolio was 62% Retail & SME,
15% Medium Enterprises, and 23% Corporate
549
PRINCIPLES OF RESPONSIBLE BANKING
Strategy alignment
Does your corporate strategy identify and reflect ¨ UN Guiding Principles on Business and Human Rights
sustainability as strategic priority/ies for your bank? ¨ International Labour Organisation
þ Yes fundamental conventions
¨ No ý UN Global Compact
¨ UN Declaration on the Rights of Indigenous Peoples
Please describe how your bank has aligned and/or is ý Any applicable regulatory reporting requirements on
planning to align its strategy to be consistent with the environmental risk assessments, e.g. on climate risk
Sustainable Development Goals (SDGs), the Paris Climate - please specify which ones: “Business Responsibility
Agreement, and relevant national and regional frameworks. and Sustainability Report”
ý Any applicable regulatory reporting requirements
Does your bank also reference any of the following
on social risk assessments, e.g. on modern slavery -
frameworks or sustainability regulatory reporting
please specify which ones: “Business Responsibility
requirements in its strategic priorities or policies to
and Sustainability Report”
implement these?
¨ None of the above
YES BANK aims to embed integrated thinking into its business in order to References:
ensure that all aspects of its value creation process coalesce around its goal Integrated Report 2023-24: Our
of achieving sustainable performance, ecological sustainability and social Value Creation Model: Page 90-91
development go hand in hand, the Bank continuously endeavours to harmonize
its actions and assess its performance across the three areas with an objective Integrated Report 2023-24:
to minimize negative impacts and maximize positive The Bank works and Natural: Page 90
interacts with several forms of capital to create value in the course capitals, Integrated Report 2023-24: Social &
the Bank strives to create value in a responsible and transparent manner, in Relationship: Page 90
line with the goals set forth by frameworks such as the National Guidelines
for Responsible Business Conduct (NGRBC), the UN Sustainable Development Integrated Report 2023-24: ESG
Goals (SDGs), the Paris Climate Agreement, and the Principles of Repsonsible Strategy: Page 67
Banking (PRB). SEBI has mandated the filing of Business Responsibility and Integrated Report 2023-24: Financial
Sustainability Report (BRSR) for the top 1000 listed companies (by market inclusion: Page 172-183
capitalisation) replacing the existing BRR with effect from the financial year
2022-2023 As the Bank is among the top 1000 listed companies, The Bank Integrated Report 2023-24:
is publishing Business Responsibility and Sustainability Report (BRSR) for Yes Foundation: Page 179
FY 2023-24 to further strengthen its ESG reporting. Business Responsibility &
Sustainability Report: Page 328
Website:
Sustainable financing:
https://www.yesbank.in/about-us/
sustainability-at-yes-bank/
sustainable-finance

Principle 2: Impact and Target Setting
We will continuously increase our positive impacts while reducing the negative
impacts on, and managing the risks to, people and environment resulting from
our activities, products and services. To this end, we will set and publish targets
where we can have the most significant impacts.
2.1 Impact Analysis (Key Step 1)

Show that your bank has performed an impact analysis of its portfolio/s to identify its most significant impact
areas and determine priority areas for target-setting. The impact analysis shall be updated regularly1 and fulfil the
following requirements/elements (a-d)2:
a) Scope: What is the scope of your bank’s impact analysis? Please describe which parts of the bank’s core
business areas, products/services across the main geographies that the bank operates in (as described
under 1.1) have been considered in the impact analysis. Please also describe which areas have not yet been
included, and why.
In FY2021-22, In line with PRB requirement YES BANK used UNEP FI PRB References:
Portfolio Impact Assessment tool v2, (published on July 16, 2021) to assess Integrated Report 2022-23:
its entire lending (Corporate, Retail and MSME) portfolio & all Retail product Stakeholder Engagement &
suite(as of December 31, 2021) and identified the sub-portfolio’s positive and Materiality Assessment: Page 70
negative impact areas.
Integrated Report 2022-23:
The scope for the impact assessment, segment wise is provided below:
Impact analysis of portfolio against
y Scope for Corporate Banking (constituting 42.6% of total advances): 91% of Sustainable Development Goals
corporate banking advances were included (due to limitation in the tool to (SDGs): Page 149
30 ISIC sectors)
y Scope for MSME- (constituting 23.7% of advances): 99% of MSME advances
(due to limitation in the tool to 30 ISIC sectors)
y Scope for Consumer Banking: All consumer banking product suite included
liabilitites (CASA, FD, other services) and assets (Home loans, Vehicle Loans
etc). (Retail assets constituted 33.7% of total advances)
b) Portfolio composition: Has your bank considered the composition of its portfolio (in %) in the analysis?
Please provide proportional composition of your portfolio globally and per geographical scope
i) by sectors & industries3 for business, corporate and investment banking portfolios (i.e. sector exposure
or industry breakdown in %), and/or
ii) by products & services and by types of customers for consumer and retail banking portfolios. If your
bank has taken another approach to determine the bank’s scale of exposure, please elaborate, to show how
you have considered where the bank’s core business/major activities lie in terms of industries or sectors.
1
That means that where the initial impact analysis has been carried out in a previous period, the information should be updated
accordingly, the scope expanded as well as the quality of the impact analysis improved over time.
2
Further guidance can be found in the Interactive Guidance on impact analysis and target setting.
‘Key sectors’ relative to different impact areas, i.e. those sectors whose positive and negative impacts are particularly strong, are
3
particularly relevant here.
551
For the impact assessment, the bank has considered composition of its portfolio. References:
The Bank had to take an extensive exercise of mapping the International BASEL III Disclosure: Page 13-15
Standard Industrial Classification (ISIC) and Basic Statistical Return (BSR) codes,
https://www.yesbank.
and then, preparing the portfolio for the assessment using the tool.
in/pdf?name=ybl_basel_
pillar_disclosures_as_at_
The Bank discloses composition of its portfolio sector & industry wise in its
june_30_2023.pdf
BASEL disclosures (regulatory disclosure) and Investor Presentations.
Investor Presentation: Page 12
pdf?name=yes_bank_investors_
ppt_q3fy21_22.pdf
c) Context: What are the main challenges and priorities related to sustainable development in the main
countries/regions in which your bank and/or your clients operate?4 Please describe how these have been
considered, including what stakeholders you have engaged to help inform this element of the impact analysis.
This step aims to put your bank’s portfolio impacts into the context of society’s needs.
To understand and take into account India’s environmental, social, and economic context, in which the bank operates, bank
has utilized the tool to identify the level of need at national level, with regards to 22 impact categories. Climate Change,
Inclusive Healthy economies, Biodiversity, Air, Water and Economic Convergence were assessed to be amongst most
significant impact areas where India’s country needs are high.
Based on these first 3 elements of an impact analysis, what positive and negative impact areas has your
bank identified? Which (at least two) significant impact areas did you prioritise to pursue your target setting strategy
(see 2.2)5? Please disclose.
Considering the scope, scale of exposure, context and relevance, the most References:
significant impact area are the following: Integrated Report 2022-23:
y Climate Change (Negative) Portfolio Impact Assessment and
y Inclusive and Healthy Economy (Positive and Negative) Targets: Page 149
y Biodiversity (Negative)
y Economic Convergence (Positive)
The Bank has identified and prioritised Climate Change and Financial
Inclusion as significant areas, to pursue focussed approach driven by specific,
measurable, actionable, relevant and time bound targets, in consultation with
top management.
Global priorities might alternatively be considered for banks with highly diversified and international portfolios.
4
5
To prioritise the areas of most significant impact, a qualitative overlay to the quantitative analysis as described in a), b) and c) will be
important, e.g. through stakeholder engagement and further geographic contextualisation.

d) For these (min. two prioritised impact areas): Performance measurement: Has your bank identified
which sectors & industries as well as types of customers financed or invested in are causing the strongest
actual positive or negative impacts? Please describe how you assessed the performance of these, using
appropriate indicators related to significant impact areas that apply to your bank’s context.
In determining priority areas for target-setting among its areas of most significant impact, you should consider
the bank’s current performance levels, i.e. qualitative and/or quantitative indicators and/or proxies of the
social, economic and environmental impacts resulting from the bank’s activities and provision of products
and services. If you have identified climate and/or financial health&inclusion as your most significant impact
areas, please also refer to the applicable indicators in the Annex.
If your bank has taken another approach to assess the intensity of impact resulting from the bank’s activities
and provision of products and services, please describe this.
The outcome of this step will then also provide the baseline (incl. indicators) you can use for setting targets in two areas of
most significant impact.
Climate Change: While, climate change cuts across the portfolio as a significant References:
impact area, Bank has identified climate sensitive sectors and is taking a sectoral
approach to measure financed emission of its carbon intensive sectors. As a
Integrating E&S Considerations into
starting point, the Bank has specifically focussed on its energy exposure, as
Lending: Page 113
the sector is at the center stage for the climate action globally. The Bank has
analyzed the financed emission intensity in energy sector and developed Integrated Report 2022-23:
internal targets to reduce the sectoral emission intensity, in line with global Portfolio Impact Assessment and
de-carbonisation pathways. Targets: Page 149
Integrated Report 2022-23: Financed
Bank has also taken cognizance of the positive impact opportunities arising out
Emissions: Page 119
of low carbon transition and is focussing on its portfolio in Renewable energy
and Electric Vehicle. Integrated Report 2022-23:
Financial inclusion and Social
YES BANK has adopted a proactive approach to address environmental and Financing: Page 130
social impacts that could result from its lending activities. Towards this, the Bank
has instituted an Environment and Social Risk Management System (ESMS) to
assess and mitigate environment and social (E&S) risks of its financing activities,
centered around its Environment and Social Policy.
Financial Inclusion: Bank has a significant Retail portfolio because of which

financial inclusion is emerging as a significant impact area. YES BANK has
been employing three pronged approach to address the challenge of financial
inclusion in Indian Context:
y Credit led approach- YES BANK is working towards increasing credit access
to women to reduce the gender inequality and to contribute significantly
towards strengthening women entrepreneurship and empowerment
y Remittances led approach- YES BANK is one of the pioneer banks which
started domestic money transfer under its flagship programme YES Money.
YES Money has developed a unique platform to meet the remittance
553
need of migrants, unbanked and under-banked population in India. This

product design brings technology to the end user through the Business
Correspondent Agents and simultaneously ensures a technology oblivious
experience for the end user. This cash to Bank A/c remittance service is
offered across more than fifty thousand outlets pan India
y Liability led approach- Bank is focusing on extending its reach and access
into rural unbanked areas by deepening its distribution channels through
Business Correspondent (BC) branches and BC managed Banking outlets
(BCBO). Through its BCBO network Bank is providing liability products
(Basic Savings Bank Deposit Account (BSBDA) and Pradhan Mantri Jan Dhan
Yojana Account (PMJDY)) to the rural unbanked population
While enhancing access of financial products as part of financial inclusion, it is

important to avoid or mitigate potential overindebtness of the underserved or
unbanked communities. For this, Bank has instituted frameworks and measures
to ensure that such borrowers are provided loans in a responsible manner
and given the tools and information they need to succeed in repaying, while
avoiding negative impact on their wellbeing.
Self-assessment summary:
Which of the following components of impact analysis has your bank completed, in order to identify the
areas in which your bank has its most significant (potential) positive and negative impacts?6
Scope: ý Yes ¨ In progress ¨ No
Portfolio composition: ý Yes ¨ In progress ¨ No
Context: ý Yes ¨ In progress ¨ No
Performance measurement: ý Yes ¨ In progress ¨ No
Which most significant impact areas have you identified for your bank, as a result of the impact analysis?
Climate change mitigation, financial health & inclusion,
How recent is the data used for and disclosed in the impact analysis?
¨ Up to 6 months prior to publication ¨ Up to 12 months prior to publication
ý Up to 18 months prior to publication ¨ Longer than 18 months prior to publication
Open text field to describe potential challenges, aspects not covered by the above etc.: (optional)
6
You can respond “Yes” to a question if you have completed one of the described steps, e.g. the initial impact analysis has been carried
out, a pilot has been conducted.

2.2 Target Setting (Key Step 2)

Show that your bank has set and published a minimum of two targets which address at least two different areas
of most significant impact that you identified in your impact analysis.
The targets7 have to be Specific, Measurable (qualitative or quantitative), Achievable, Relevant and Time-bound
(SMART). Please disclose the following elements of target setting (a-d), for each target separately:
a) Alignment: which international, regional or national policy frameworks to align your bank’s portfolio
with8 have you identified as relevant? Show that the selected indicators and targets are linked to and drive
alignment with and greater contribution to appropriate Sustainable Development Goals, the goals of the Paris
Agreement, and other relevant international, national or regional frameworks.
You can build upon the context items under 2.1.
Climate Change: YES Bank was the first Bank in India to use the Science References:
Based Targets initiative (SBTi) methodology to measure and report its financed
emissions and commit to aligning its electricity generation sector exposure to
Portfolio Impact Assessment and
global decarbonisation pathways in line with Paris Agreement.
Targets: Page 149
Financial Inclusion: The National Strategy for Financial Inclusion 2019-2024
identifies Women with credit Product as one of the focus areas. In alignment
with the same, BANK is focussing on Women microfinance borrowers.
b) Baseline: Have you determined a baseline for selected indicators and assessed the current level of
alignment? Please disclose the indicators used as well as the year of the baseline.
You can build upon the performance measurement undertaken in 2.1 to determine the baseline for your target.
In case you have identified other and/or additional indicators as relevant to determine the baseline and assess the
level of alignment towards impact driven targets, please disclose these
7
Operational targets (relating to for example water consumption in office buildings, gender equality on the bank’s management board or
business-trip related greenhouse gas emissions) are not in scope of the PRB.
8
Your bank should consider the main challenges and priorities in terms of sustainable development in your main country/ies of operation
for the purpose of setting targets. These can be found in National Development Plans and strategies, international goals such as the SDGs
or the Paris Climate Agreement, and regional frameworks. Aligning means there should be a clear link between the bank’s targets and
these frameworks and priorities, therefore showing how the target supports and drives contributions to the national and global goals.
555
Climate Change (A 4.1- Reduction of GHG Emissions): References:

For electricity generation portfolio, the Bank has used sectoral decarbonisation Integrated Report 2022-23: Financed
approach by SBTi to establish interim targets in line with well below 2 degree Emissions: Page 119
scenario, striving for 1.5 degree scenario taking FY 22 as base year.
Financial Inclusion (C 2.3 - New Customers Per Month): YES LEAP has been able
to contribute significantly towards strengthening women entrepreneurship and
empowerment in rural areas of India. Bank has taken a baseline of FY 23 to
set its target.
c) SMART targets (incl. key performance indicators (KPIs)9): Please disclose the targets for your first and
your second area of most significant impact, if already in place (as well as further impact areas, if in place).
Which KPIs are you using to monitor progress towards reaching the target? Please disclose.
Climate Change: References:
Target: To reduce 50% emissions intensity of electricity generation portfolio by Integrated Report 2022-23: Financed
FY 2032 from baseline of FY 2022 Emissions: Page 119
KPI: Track emission intensity tCO2e/MWh annually Integrated Report 2022- 23:
Financial Inclusion: Financing: Page 130
Target 1: 20% Year on Year (YoY) increase in number of women beneficiaries till Integrated Report 2022- 23: Portfolio
FY 2026 on a baseline of 7.6 lakh women beneficiary in FY 2023 Impact Assesment: Page 150
KPI: Track Women beneficiaries annually
Target 2: To achieve 25% Year on Year (YoY) increase in annual disbursements
to Women microfinance borrowers till FY 2026 on a baseline of 1,495 crore
in FY 2023
KPI: Track annual loan disbursement amount
Key Performance Indicators are chosen indicators by the bank for the purpose of monitoring progress towards targets.
9

d) Action plan: which actions including milestones have you defined to meet the set targets? Please describe.
Please also show that your bank has analysed and acknowledged significant (potential) indirect impacts of the
set targets within the impact area or on other impact areas and that it has set out relevant actions to avoid,
mitigate, or compensate potential negative impacts.
Climate Change: Bank is in the process of measuring financed emission of References:

other climate intensive sectors, basis availability of the data portfolio alignment
Integrated Report 2022-23: Financed
targets will be taken.
Emissions: Page 119
The Bank has developed internal roadmap of mix of non renewable
energy and renewable energy, that has been incorporated in risk appetite.
Further, Bank has developed internal additional criteria for financing towards
Financing: Page 130
non-renewable energy sector.
Integrated Report 2022- 23: Portfolio
Financial Inclusion: Action plan includes expansion of existing BCs, empaneling Impact Assesment: Page 150
new BC partners and increase in ticket size of existing customer base
Bank is addressing impacts of the burden of overindebtedness, by putting in
mitigation measures such as household income assessment and credit score
before sanctioning and disbursement of loan. Bank also conducts training
sessions prior to sanction and disbursement of loan.
Which of the following components of target setting in line with the PRB requirements has your bank
completed or is currently in a process of assessing for your…
(If you are setting targets in more

… first area of most … second area of most
impact areas) …your third (and
significant impact: … significant impact: …
subsequent) area(s) of impact: …
(Climate Change) (Financial Inclusion)
(please name it)
Alignment ý Yes ý Yes ¨ Yes
¨ In progress ¨ In progress ¨ In progress
¨ No ¨ No ¨ No
Baseline ý Yes ý Yes ¨ Yes
¨ No ¨ No ¨ No
SMART targets ý Yes ý Yes ¨ Yes
¨ No ¨ No ¨ No
Action plan ¨ Yes ¨ Yes ¨ Yes
ý In progress ý In progress ¨ In progress
¨ No ¨ No ¨ No
557
2.3 Target implementation and monitoring (Key Step 2)

For each target separately:
Show that your bank has implemented the actions it had previously defined to meet the set target.
Report on your bank’s progress since the last report towards achieving each of the set targets and the impact your
progress resulted in, using the indicators and KPIs to monitor progress you have defined under 2.2.
Or, in case of changes to implementation plans (relevant for 2nd and subsequent reports only):
describe the potential changes (changes to priority impact areas, changes to indicators, acceleration/review
of targets, introduction of new milestones or revisions of action plans) and explain why those changes have
become necessary.

Progress on Targets: On Track Integrated Report 2023-24: Financed
y In FY24, Emission intensity of electricity generation portfolio was 0.479 Emissions: Page 168
tCO2e/MWh which is well within the trajectory to achieve target (~24% lower
compared to the base year FY22)
Financial Inclusion: References:

Progress on Targets: Lagging Integrated Report 2023-24: Financial
y In FY24, Bank has reached 6.56 lakh women beneficiaries which is ~14% Inclusion Page 172-173
lower than FY23
y In FY 24, overall disbursement to women beneficiary has increased,
with Bank’s lending totalling to ` 1,781 crore (~20% higher compared to
base year FY23).
The Bank has revamped its loan origination system (LOS) for microfinance to
comply with the revised regulatory guidelines, This technological transition
has resulted in system constraints which has impacted the business, with
lower than expected accretion and retention of women beneficiaries and
subsequent disbursement

Principle 3: Clients and Customers
We will work responsibly with our clients and our customers to encourage
sustainable practices and enable economic activities that create shared
prosperity for current and future generations.
3.1 Client engagement

Does your bank have a policy or engagement process with clients and customers10 in place to encourage
sustainable practices?
ý Yes ¨ In progress ¨ No
Does your bank have a policy for sectors in which you have identified the highest (potential) negative impacts?
Describe how your bank has worked with and/or is planning to work with its clients and customers to encourage
sustainable practices and enable sustainable economic activities11). It should include information on relevant
policies, actions planned/implemented to support clients’ transition, selected indicators on client engagement
and, where possible, the impacts achieved.
This should be based on and in line with the impact analysis, target-setting and action plans put in place by
the bank (see P2).
The Bank is committed to ensure sustainable and responsible relationship with References:
its clients and customers, as highlighted by its “CODE OF BANK’S COMMITMENT
Website: Code of Bank’s
TO CUSTOMERS” and “CHARTER OF CUSTOMER’S RIGHTS”. The Bank strives
Commitment to Customers
to provide superior and seamless customer service experience to enhance its
service proposition. https://www.yesbank.in/pdf/
ybl_cc_bci_bi_pdf
The Bank works with and supports its customers in adoption of sustainable
practices through its innovative products, initiatives and knowledge Banking Website: Charter Of Customer Rights
Approach. https://www.yesbank.in/pdf/
charter_of_custom_rights
Website: YES BANK’s Environment

& Social Risk Management System
pdf?name=yb_esrms.pdf
A client engagement process is a process of supporting clients towards transitioning their business models in line with sustainability
10
goals by strategically accompanying them through a variety of customer relationship channels.

Sustainable economic activities promote the transition to a low-carbon, more resource-efficient and sustainable economy.
11
559
y Innovative Products/instruments: Green Bonds Integrated Report 2023-24:

y Environment and Social Policy: The Bank conducts due diligence (in Environment and Social
line with equator principles and IFC Performance Standards) and develops Policy: Page 163
time-bound corrective action plans with corporate clients who are rated as Integrated Report 2023-24:
carrying significant ESG risk. This way the Bank tries to positively influence Customer Centricity and Digital
borrowers by engaging them in adopting appropriate sustainable practices Solutions: Page 15
to meet higher ESG industry expectations
y Awareness Initiatives: Financial literacy
Disclosures under green infra
y Knowledge Banking Approach: bonds: Page 251
y Sustainable Finance Unit with strategic focus on ESG,
Integrated Report 2023-24: Financial
y Specialised Corporate & Government Advisory (CGA) inclusion: Page 172-183
y Food & Agribusiness Strategic Advisory & Research (FASAR)
Integrated Report 2023-24: Advocacy
y Business Economic Banking (BEB) and knowledge sharing on climate
and sustainable finance: Page 201
Regulatory bodies, Industry &
Peers: Page 83, 86
3.2 Business opportunities

Describe what strategic business opportunities in relation to the increase of positive and the reduction
of negative impacts your bank has identified and/or how you have worked on these in the reporting period.
Provide information on existing products and services , information on sustainable products developed
in terms of value (USD or local currency) and/or as a % of your portfolio, and which SDGs or impact areas
you are striving to make a positive impact on (e.g. green mortgages – climate, social bonds – financial inclusion, etc.).

Green Finance: YES BANK has identified low carbon transition opportunities.
In Wholesale Banking segment BANK is focussing on Renewable Energy
Financial inclusion: Page 172-183
financing. In Retail Banking segment it had identified the opportunities in
Electric Vehicle sector. Integrated Report
Green Credit Lines: YES BANK was the first to issue a green bond in India 2023-24: Transition to low
in February 2015 and went on to raise ` 1,645 crore (USD 260 million), carbon: Page:171
through a total of three green bonds for channelising finance towards India’s
renewable energy sector.
Financial Inclusion: YES LEAP has been able to contribute significantly
towards strengthening women entrepreneurship and empowerment in rural
areas of India.

Principle 4: Stakeholders
We will proactively and responsibly consult, engage and partner with relevant
stakeholders to achieve society’s goals.
4.1 Client engagement

Does your bank have a process to identify and regularly consult, engage, collaborate and partner with stakeholders
(or stakeholder groups12) you have identified as relevant in relation to the impact analysis and target setting process?
Please describe which stakeholders (or groups/types of stakeholders) you have identified, consulted, engaged,
collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s
impacts. This should include a high-level overview of how your bank has identified relevant stakeholders,
what issues were addressed/results achieved and how they fed into the action planning process.
YES BANK interacts with a varied set of stakeholders who play an indispensable References:
role in the Bank’s journey of value creation. YES BANK has identified the 9
groups as key stakeholders (Such as Investors, Employees, Regulatory Bodies,
Stakeholder Engagement &
Competitors, Customers, Communities etc). The Bank continually engages
Materiality Assessment: Page 82
and consults its key stakeholders through a combination of structured,
and need-based engagement mechanisms to address their grievances and Integrated Report 2023-24: Advocacy
incorporate their feedback into its overall business strategy. and knowledge sharing on climate
and sustainable finance: Page 201
YES BANK also looks into market trends, ESG frameworks and standards (TCFD,
CDP etc), ESG ratings and is part of ESG steering committee of Indian Banks
Integrating ESG considerations into
Association to drive sustainability agenda into banking sector of the country.
supply chain: Page 109
The Bank continues to engage with its stakeholders through an amalgamation of Integrated Report 2023-24:
several pre-determined, structured, and need based engagement mechanisms. Regulatory bodies, Industry &
Peers: Page 83, 86
Stakeholders
A few notable engagement initiatives includes: Knowledge Reports
Policy Advocacy to co create an enabling ecosystem Bank also supports its
stakeholders through Knowledge Banking Approach:
y Sustainable Finance Unit with strategic focus on ESG
y Specialised Corporate & Government Advisory (CGA)
y Food & Agribusiness Strategic AdvisoryResearch(FASAR)
y Business Economic Banking (BEB)
12
Such as regulators, investors, governments, suppliers, customers and clients, academia, civil society institutions, communities,
representatives of indigenous population and non-profit organisations
561
Principle 5: Governance & Culture
We will implement our commitment to these Principles through effective

governance and a culture of responsible banking.
5.1 Governance Structure for Implementation of the Principles

Does your bank have a governance system in place that incorporates the PRB?
Please describe the relevant governance structures, policies and procedures your bank has in place/is planning to
put in place to manage significant positive and negative (potential) impacts and support the effective implementation
of the Principles. This includes information about
• which committee has responsibility over the sustainability strategy as well as targets approval and monitoring
(including information about the highest level of governance the PRB is subjected to),
• details about the chair of the committee and the process and frequency for the board having oversight of
PRB implementation (including remedial action in the event of targets or milestones not being achieved or
unexpected negative impacts being detected), as well as
• remuneration practices linked to sustainability targets.
The Bank is reviewing its ESG,Climate and Sustainable Development References:

strategy at the Board level with following governance structure:
Board Level Committee: In FY 2021-22, the Bank strengthened its ESG Sustainable Finance: Page 175
governance by constituting a Board level, Corporate Social Responsibility and
Environmental Social & Governance Committee to oversee the Sustainability Integrated Report 2022-23:
Council (Management level committee) and guide the Bank’s overall ESG agenda Governance framework: Page 63
(which includes UNEP FI's Responsible Banking principles).
Management Level Committee: The Bank has constituted an Executive
level Sustainability Council chaired by the MD & CEO which oversees the
implementation of the Bank’s sustainability agenda, sets long, medium &
short-term sustainability targets and evaluates the Bank’s ESG performance
(which includes UNEP FI's Responsible Banking principles Impact assessment
and target setting approach and approval). The CFO, which is the highest
management-level executive (Head of the Sustainable Finance & Reporting
team at the bank) is also entrusted as the custodian of implementation of the
Bank’s Climate Strategy and reports directly into the MD & CEO. The CFO is
responsible for implementation of UNEP FI's Responsible Banking principles
and managing day-to-day issues regarding ESG.
Remuneration linked to KPI: The performance review process has been
aligned further with the Bank’s priorities. As Environment, Social and Governance
(“ESG”) is an important element of our strategy, domain-specific ESG KPIs have
been identified and integrated in to the Top Management’s goals and is being
cascaded further to the direct reportees of top management.

5.2 Promoting a culture of responsible banking:

Describe the initiatives and measures of your bank to foster a culture of responsible banking among its employees
(e.g., capacity building, e-learning, sustainability trainings for client-facing roles, inclusion in remuneration structures
and performance management and leadership communication, amongst others).
YES BANK has embedded Responsible Banking as one of its six brand pillar References:
and has focussed on fostering a culture of responsible banking through various
Website: Sustainability
policies and initiatives. Through Environment and Social Policy, the Bank creates
a responsible lending culture. Through Environment Management Policy, the https://www.yesbank.in/about-
bank strengthen linkage between employee activities and environmental us/sustainability-at-yes-bank
impact and drive employees to take the lead in minimising waste and optimising
resource consumption. Integrated Report 2023-24:
Sustainable Finance:
The Bank further focus on building capacity through various e-learning and
Pages 194-199
classroom training modules on various sustainability topics. The Bank also
rolled-out a bank-wide training module to educate its employees on the Bank’s
environmental goals and best practices in environmental management.
5.3 Policies and due diligence processes

Does your bank have policies in place that address environmental and social risks within your portfolio?13
Please describe.
Please describe what due diligence processes your bank has installed to identify and manage environmental and
social risks associated with your portfolio. This can include aspects such as identification of significant/salient risks,
environmental and social risks mitigation and definition of action plans, monitoring and reporting on risks and
any existing grievance mechanism, as well as the governance structures you have in place to oversee these risks.
The ESP, as an integral part of the Bank’s Environment & Social Management References:
System sets out the overarching framework for identification and management
Integrating E&S Considerations
of potential and/or existing E&S risks commensurate with the nature and
into Lending: Integrated Report
scale of transactions and their potential impacts. Through this policy, the Bank
2023-24: Page 196
integrates environmental and social risks into its overall credit risk assessment
framework, which goes beyond financial risk mitigation.
Does the CEO or other C-suite officers have regular oversight over the implementation of the Principles through the
bank’s governance system?
ý Yes ¨ No
Does the governance system entail structures to oversee PRB implementation (e.g. incl. impact analysis and target setting,
actions to achieve these targets and processes of remedial action in the event targets/milestones are not achieved or
unexpected neg. impacts are detected)?
ý Yes ¨ No
Does your bank have measures in place to promote a culture of sustainability among employees (as described in 5.2)?
Applicable examples of types of policies are: exclusion policies for certain sectors/activities; zero-deforestation policies; zero-tolerance
13
policies; gender-related policies; social due diligence policies; stakeholder engagement policies; whistle-blower policies etc., or any
applicable national guidelines related to social risks.
563
Principle 6: Transparency & Accountability
We will periodically review our individual and collective implementation of

these Principles and be transparent about and accountable for our positive and
negative impacts and our contribution to society’s goals.
6.1 Assurance
Has this publicly disclosed information on your PRB commitments been assured by an independent assurer?
ý Yes ¨ Partially ¨ No
If applicable, please include the link or description of the assurance statement.
y KPMG Assurance and Consulting Services LLP has provided Limited References:
Assurance to the Bank’s PRB Report and Self assessment FY 2022-23
Assurance Statement,
on Impact Analysis (2.1), Target setting mechanism in place (2.2), Target
Pages 16-19, UN Principles for
Implementation and Monitoring (2.3) and Governance Structure for
Responsible Banking Reporting
implementation of PRB (5.1)
and Self-Assessment YES
y There are no material changes in 2.1, 2.2, and 5.1. BANK 2023 REPORTING
y BSI Group India Pvt Ltd has provided limited assurance on “ Target
Implementation & Monitoring (2.3)” for FY24 https://www.yesbank.in/
pdf?name=yesbank_unep_
fi_prb_self_assessment_
report_fy2022_23.pdf
Assurance Statement
FY 24, Page 538-541
6.2 Reporting on other frameworks

Does your bank disclose sustainability information in any of the listed below standards and frameworks?
ý GRI ¨ SASB ý CDP
¨ IFRS Sustainability Disclosure Standards (to be published)
ý TCFD ¨ Other: ….
YES BANK publishes its integrated report in alignment with Integrated Reporting, References:
BRSR, GRI and TCFD framework.Bank also publishes its CDP disclosure. Integrated Annual Report
2023-24: Page 4

6.3 Outlook
What are the next steps your bank will undertake in next 12 month-reporting period (particularly on impact
analysis14, target setting15 and governance structure for implementing the PRB)? Please describe briefly.
BANK will work on calculating financed emissions of its portfolio,
Links and references
BANK will work on calculating financed emissions of its portfolio.
Links and references
6.4 Challenges
Here is a short section to find out about challenges your bank is possibly facing regarding the implementation of
the Principles for Responsible Banking. Your feedback will be helpful to contextualise the collective progress of
PRB signatory banks.
What challenges have you prioritised to address when implementing the Principles for Responsible Banking?
Please choose what you consider the top three challenges your bank has prioritised to address in the last 12
months (optional question).
If desired, you can elaborate on challenges and how you are tackling these:
¨ Embedding PRB oversight into governance
ý Customer engagement
ý Gaining or maintaining momentum in the bank
ý Stakeholder engagement
¨ Getting started: where to start and what to focus on in the beginning
ý Data availability
¨ Conducting an impact analysis
ý Access to resources
¨ Assessing negative environmental and social impacts
¨ Reporting
ý Choosing the right performance measurement methodology/ies
¨ Assurance
ý Setting targets
¨ Prioritising actions internally
¨ Other: …
¨ Data quality
If desired, you can elaborate on challenges and how you are tackling these:
14
For example outlining plans for increasing the scope by including areas that have not yet been covered, or planned steps in terms of
portfolio composition, context and performance measurement
15
For example outlining plans for baseline measurement, developing targets for (more) impact areas, setting interim targets, developing
action plans etc.
565
Your Life. Consider it the single most important account you have.
The one account that matters the most, for it holds all the wealth
of your happiness. This is the only account that you should concern
yourself with. As for the rest? Leave that to our banking solutions.
SAVINGS FIXED RETAIL AND
ACCOUNTS DEPOSITS BUSINESS LOANS
CURRENT CREDIT AND WEALTH

ACCOUNTS DEBIT CARDS MANAGEMENT
YES BANK Limited
Regd. & Corporate Office
YES BANK House
Santacruz East,
Mumbai - 400055, India
W: www.yesbank.in
T: +91 (22) 5091 9800; +91 (22) 6507 9800
F: +91 (22) 2619 2866
CIN: L65190MH2003PLC143249

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YBL/CS/2024-25/71

July 23, 2024

National Stock Exchange of India Limited BSE Limited

` 1,251 crore ` 13,209 crore

` 227,799 crore ~ ` 114,000 crore

` 266,372 crore 30.9%

The Bank works and interacts with several forms of capital to

SOCIAL AND INTELLECTUAL

For more details pg 90

p 08 p 18 Scan the above

02 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Together, we believe that with

Scope and Boundary1

The operational boundary for this report covers the following:

1 The Bank’s eight major offices in India (including

3 Its two international facilities, i.e., a representative

Reporting Standards and Principles

GRI 2-1, GRI 2-2, GRI 2-3

04 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

The Bank’s non-financial disclosures are aligned to Responsibility Statement

M Material Topics (M)

GRI 2-3, GRI 2-4, GRI 2-5

At YES BANK, we are driven by a deep purpose and relentless

Our Intrinsic Strengths

` 405,493 ` 227,799 ` 266,372

Share in Total Advances

62% 15% 23%

06 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Assessing our market impact

Building a formidable and dedicated talent pool

Reaching out to a wide customer base

1,234 219 300+ 1,290

Doing business responsibly

74*/ 100 A- (Leadership Band) 6.56 lakh

08 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

10 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

intensity (electricity generation straight-through-processes, it would

12 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

As at March 31, 2024, the Bank’s Full-year FY 2023-24 Net Interest

14 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

collective effort behind every Olympic bank in India to issue an 'ONDC

offering credit arrangements for a sense of belonging and community

16 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

18 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

supportive parents, and steadfast Supporting the growth of MSMEs

20 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Solid Foundation for Sustainable Micro LAP, and Education Loans,

enable united payments interface Additionally, YES Grandeur, our

22 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Driving Social Impact through our recognition as a Great Place to

Environmental Sustainability: We Warm regards,

Enhancing Human Capital and

Mr. Sadashiv Srinivas Rao

24 YES BANK LIMITED | INTEGRATED ANNUAL REPORT 2023-24

Mr. Sandeep Tewari Mr. Sunil Kaul Ms. Shweta Jalan

Mr. Sandeep Tewari Mr. Sharad Sharma

Mr. Atul Malik

NOMINATION & Ms. Nandita Gurjar Ms. Rekha Murthy

Mr. Sandeep Tewari Ms. Shweta Jalan