Yes Bank Limited announced that the Bank has received an Order from the Office of the Commissioner of GST & Central Excise, Maharashtra on May 02, 2024 confirming tax liability on a service tax issue along with interest and levy of a penalty of INR 64,184,437. This penalty has been imposed in accordance with Section 78 of the Finance Act, 1994. Nature and details of the action(s) taken, initiated or order(s) passed: Order-in-Original under section 73 of the Finance Act, 1994.

Details of the violation(s)/contravention(s) committed or alleged to be committed: Service Tax demand along with levy of interest and penalty. Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: The Tax and interest demand in this matter is below the material threshold limit currently applicable to the Bank. The Bank does not expect any material impact on financial, operation or other activities of the Bank due to the said Order.

The Bank is reviewing the Order and will take suitable legal remedy including, filing an appeal against the Order.