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Yes Bank Ltd

BSE Code : 532648 | NSE Symbol : YESBANK | ISIN:INE528G01035| SECTOR : Banks |

NSE BSE
 
SMC down arrow

13.35

-0.20 (-1.48%) Volume 280564

07-May-2021 EOD

Prev. Close

13.55

Open Price

13.65

Bid Price (QTY)

13.35(64249)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 13.65 - 13.30

52 wk High/Low 32.00 - 11.10

Key Stats

MARKET CAP (RS CR) 33448.3
P/E 0
BOOK VALUE (RS) 13.2494336
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 1.00759024144247
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%) 40.84
4

News & Announcements

05-May-2021

Yes Bank Ltd - Yes Bank Limited - Analysts/Institutional Investor Meet/Con. Call Updates

04-May-2021

Yes Bank Ltd - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

03-May-2021

Yes Bank reports consolidated net loss of Rs 3790.92 crore in the March 2021 quarter

03-May-2021

Yes Bank Ltd - Yes Bank Limited - Outcome of Board Meeting

20-Apr-2021

Yes Bank to declare Quarterly Result

08-Feb-2021

Brickwork Ratings withdraws ratings to Yes Bank's Tier I Subordinated Perpetual Bonds

18-Jan-2021

Board of Yes Bank to consider fund raising

11-Jan-2021

Yes Bank to conduct board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
AU Small Finance Bank Ltd 540611 AUBANK
Axis Bank Ltd 532215 AXISBANK
Bandhan Bank Ltd 541153 BANDHANBNK
Bank of Madura Ltd (Merged) 531966 BANKMADURA
Bank of Punjab Ltd(merged) 500070 BANKPUNJAB
Bank of Rajasthan Ltd(merged) 500019 BANKRAJAS
Centurion Bank of Punjab Ltd(merged) 532273 CENTBOP
City Union Bank Ltd 532210 CUB
CSB Bank Ltd 542867 CSBBANK
DCB Bank Ltd 532772 DCBBANK
Dhanlaxmi Bank Ltd 532180 DHANBANK
Equitas Small Finance Bank Ltd 543243 EQUITASBNK
Federal Bank Ltd 500469 FEDERALBNK
Global Trust Bank Ltd (Merged) 500161 GLOBLTRUST
HDFC Bank Ltd 500180 HDFCBANK
ICICI Bank Ltd 532174 ICICIBANK
IDBI Bank Ltd(merged) 532235 IDBIBANK
IDBI Bank Ltd 500116 IDBI
IDFC First Bank Ltd 539437 IDFCFIRSTB
IndusInd Bank Ltd 532187 INDUSINDBK
ING Vysya Bank Ltd(Merged) 531807 INGVYSYABK
Jammu and Kashmir Bank Ltd 532209 J&KBANK
Karnataka Bank Ltd 532652 KTKBANK
Karur Vysya Bank Ltd 590003 KARURVYSYA
Kotak Mahindra Bank Ltd 500247 KOTAKBANK
Lakshmi Vilas Bank Ltd(Merged) 534690 LAKSHVILAS
Nedungadi Bank Ltd (Merged) 511264 NEDUNGBANK
RBL Bank Ltd 540065 RBLBANK
South Indian Bank Ltd 532218 SOUTHBANK
Standard Chartered PLC 580001 STAN
Suryoday Small Finance Bank Ltd 543279 SURYODAY
Times Bank Ltd (merged) 532252 TIMESBANK
Ujjivan Small Finance Bank Ltd 542904 UJJIVANSFB
United Western Bank Ltd(merged) 500430 UNIWESTBNK

Share Holding

Category No. of shares Percentage
Total Foreign 3742880791 14.94
Total Institutions 11703356083 46.71
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1774968703 7.08
Total Promoters 0 0.00
Total Public & others 7833700404 31.27
Total 25054905981 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Yes Bank Ltd

Yes Bank Ltd is engaged in providing a range of banking and financial services. The Bank operates in four segments: Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury segment includes investments, all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other Banks and financial institutions. The Corporate/Wholesale Banking segment includes lending, deposit taking and other services offered to corporate customers. The Retail Banking segment includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations segment includes para banking activities, such as third-party product distribution and merchant banking. Yes Bank's branch network stood at 1,050 branches and its ATM network stood at 1,724 as on 31 December 2017, which includes 573 Bunch Note Acceptors/Cash Recyclers. The branch and ATM network is spread in 29 states and 7 Union Territories. Yes Bank Ltd was incorporated on November 21, 2003. The bank was founded by Rana Kapoor. The Bank obtained certificate of commencement of business on January 21, 2004. In the year 2005, they forayed into retail banking with launch of International Gold and Silver debit card in partnership with MasterCard International. In June 2005, they came out with the public issue and their shares were listed on the stock exchanges. In December 2005, the Bank bagged Corporate Dossier award from Economic Times. In the year 2006, the Bank received Financial Express Awards for India's Best Banks. In April 2007, they made a tie-up with the Agriculture Insurance Company of India (AIC). The Bank was ranked as the No 1 Emerging Markets Sustainable Bank of the Year-Asia at the FT/IFC Washington Sustainable Banking Awards, 2008 in London. The Bank was ranked as the No 1 Bank in the Business Today-KPMG Best Banks Annual Survey, 2008. During the year 2008-09, the Bank opened 50 new branches and 18 new off-site ATMs. During the year 2009-10, the Bank opened 33 new branches. They opened 64 Branches during the year 2010-11. As of March 31, 2011, they operated 214 branches across 164 cities in India, and approximately 250 automated teller machines (ATMs). At the beginning of Financial Year 2010-11, the Bank embarked on an ambitious journey into the next phase of growth and launched YES BANK - VERSION 2.0, Building the Best Quality Bank of the World in India. Version 2.0 is clearly the most stimulating phase in the life cycle of YES BANK with a vision of establishing 750 branches, 3000 ATMs, 12,000 employees, Rs 125,000 Cr. Deposit base, Rs 100,000 Cr. Loan book and a Rs 150,000 Cr. Balance Sheet size by 2015. On 18 September 2013, Yes Bank announced that it has successfully closed equivalent to USD 255 million by way of Dual Currency, Multi-tenor Syndicated Foreign Currency Loan Facility. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks representing 8 countries across US, Europe, Middle East, Asia and Australia. The said facility shall be utilized for general corporate purposes and trade finance for our valued clients. On 31 March 2014, Yes Bank announced that it has recently raised additional USD 34 million from DEG, through a long term senior loan agreement for a tenor of 6 years. This loan arrangement follows Yes Bank raising dual tranche USD 150 million from IFC, Washington, a member of the World Bank Group, for tenor of 2 and 7 years, in December 2013. Yes Bank was the first institution globally to receive funding through IFC's Managed Co-Lending Portfolio Program and the first Indian bank to raise loan under IFC's A/B loan facility. On 30 May 2004, Yes Bank announced that it has successfully closed a qualified institutional placement to raise USD 500 million (Rs 2942 crore) at issue price of Rs 550 per share. On 18 July 2014, Yes Bank and TRANSFAST, a leading international money transfer company, announced the launch of online money transfer services with instant deposits to customer accounts with any bank in India through innovative technology offered by Yes Bank and running on the National Payments Corporation of India (NPCI) core platform. This service facilitates real-time deposits of funds to all banks currently connected to the NPCI platform for inward remittances and is available 24 hours a day/7 days a week/365 days a year, setting a new standard money transfer services. On 15 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency ICRA for its various long term debt programmes. The rating upgrades factor in Yes Bank's continued robust operating performance with its ability to maintain strong asset quality indicators through cycles and improving CASA base with increasing granularity in the liability franchise. The ratings also factor in the highly successful recent equity mobilisation of USD 500 million by the bank that further strengthens its capitalisation profile. On 30 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency Credit Analysis & Research (CARE) for its lower Tier II, upper Tier II and perpetual bonds. The ratings upgrade comes due to Yes Bank's consistent profitability performance, capital-raising ability and steady asset quality across economic cycles. On 20 October 2014, Yes Bank announced that it has successfully raised equivalent of USD 422 million by way of Dual Currency Multi-tenor Syndicated Loan Facility. The facility has a maturity of 1, 2 and 3 years. The loan has been widely distributed, with commitments being received from 21 banks, representing 14 countries across the US, Europe, Africa, Middle East, Japan, Taiwan & Australia, with larger commitment coming in the 2 & 3 year tranches. The said facility shall be utilized for general corporate purposes. On 23 December 2014, Yes Bank announced that it has successfully raised USD 200 million unsecured loan facility from the Asian Development Bank. The loan will be used by Yes Bank to lend the Indian rupee equivalent amount to finance working capital and investment loans targeted towards small farm households and rural women in Self Help Groups (SHGs). On 25 February 2015, Yes Bank announced that it has successfully issued India's first ever Green Infrastructure Bonds raising an amount of Rs 1000 crore. The issue launched on 16 February 2015 for Rs 500 crore plus green shoe option witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds, resulting in a total subscription of Rs 1000 crore and was closed on 24 February 2015. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance Green Infrastructure Projects in Renewable Energy including Solar Power, Wind Power, Biomass, and Small Hydel Projects. The Board of Directors of Yes Bank at its meeting held on 22 April 2015 approved the proposal to seek final approval of shareholders for increase in the limit for the FII/FPI of upto 74% of the paid up share capital of the bank from the existing limit of 49% of the paid up share capital. In another decision, the Board empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to US$ 1 billion in one or more tranches on such terms and conditions as it may deem fit. The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), or by any other appropriate mode as decided by the Capital Raising Committee. The Board also approved sponsored Level I Depository Receipt (DR) issuance programme of upto 10 million DRs, with conversion of 2 equity shares to 1 DR, pursuant to the Depository Receipts Scheme, 2014 (the Scheme) for facilitating issue of depository receipts (the DR) outside India against underlying existing equity shares through a Foreign Depository through sponsored/unsponsored route. On 14 July 2015, Yes Bank announced that it has received approval from the Reserve Bank of India to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). Establishing the IBU will propel Yes Bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency (FCY) funding. It will also allow Yes Bank to raise FCY funding through MTNs and other routes as appropriate. On 5 August 2015, Yes Bank announced that it has raised Rs 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation, Washington. This is the first investment by IFC in an Emerging Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance green infrastructure projects like solar power and wind power in the renewable energy space. Speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2015 in Chennai, Rana Kapoor, MD & CEO of Yes Bank announced on 9 September 2015 the planned launch of Yes Bank's single largest National Centralised Operations Management and Services Delivery facility in Ambattur - Chennai. This Chennai facility which is envisaged as the future of Banking Services, Operations & technology of the world, in India, will be spread across 4 lac square ft space. As the anchor tenant, the tower will be named Yes Bank Tower Centre of Management Excellence and will be expanded to 9 lac sq ft in the second phase by March 2018. The Phase 1 of the facility is expected to become operational by Q1 FY 2017. On 27 October 2015, Yes Bank announced that it has operationalised its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec City (GIFT), thus becoming the first bank to have begun its operations by setting up an IBU in GIFT city. On 31 December 2015, Yes Bank announced that the bank has successfully raised Rs 1500 crore of Basel III compliant Tier II bonds. The bonds will be listed on the BSE Limited. On 30 November 2015, Yes Bank announced that it has signed an agreement with the Overseas Private Investment Corporation (OPIC), the US government's Development Finance Institution, for debt financing of $245 million to increase lending to micro, small and medium enterprises (MSMEs) in India. US-based lender Wells Fargo Bank, N.A. will act as sponsor and co-lender to the project, providing a loan of $20 million, bringing the total facility amount to $265 million. Specifically, half of the financing will be used to support either Micro-SMEs or SMEs in underserved rural and urban markets. On 19 January 2016, Yes Bank formalised the Memorandum of Understanding signed with The London Stock Exchange during Prime Minister Narendra Modi's UK visit in November 2015, to develop bond and equity issuance, with particular focus on the relatively untapped sector of Green Infrastructure Finance. As part of the agreement with London Stock Exchange Group, Yes Bank confirmed that it plans to list a Green Bond of up to $500 million on London Stock Exchange by December 2016. On 3 March 2016, Yes Bank announced that it has acquired 5 lakh equity shares of Institutional Investor Advisory Services (IiAS) from BSE Limited which is equivalent to 5.006% of the paid-up capital of IiAS. IiAS is a proxy advisory firm, dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions. On 27 July 2016, Yes Bank announced that it has received an inprinciple approval from the Securities & Exchange Board of India (SEBI) to sponsor a mutual fund and to setup an Asset Management Company (AMC) and a Trustee Company. The AMC and the Trust Company will be set up as wholly owned subsidiaries of the bank. Yes Bank said that the AMC will further strengthen Yes Bank's expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable fund management franchise. Earlier, in October 2015, Yes Bank received approval from the Reserve Bank of India to sponsor a Mutual Fund and to setup Asset Management Company (AMC) and a Trustee Company. On 8 September 2016, Yes Bank announced its decision to defer qualified institutions placement (QIP) of its equity shares due to heightened volatility in stock price during early course of trading hours on that day. On 27 September 2016, Yes Bank announced that it will raise Rs 330 crore (approximately USD 50 million equivalent) through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. FMO will be investing in Yes Bank's bonds through FMO's own sustainable bonds. The amount raised will be used by Yes Bank to finance green infrastructure, including solar and wind projects in the renewable energy space. This issuance would be externally assured by a reputed third party. An external annual review and monitoring would be undertaken on the use of proceeds in line with the Green Bond Principles 2016. On 4 October 2016, Yes Bank announced that it has successfully raised Rs 2135 crore (including green shoe of Rs 1135 crore) by issuing Senior Long-term Infrastructure Bonds on private placement basis. The proceeds from the Infrastructure Bonds will be used to finance long term projects in infrastructure and its allied sub-sectors, in accordance with the guidelines issued by the Reserve Bank of India. On 2 November 2016, Yes Bank announced that it has generated $ 650 million worth of business outstanding (Customer Assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). Yes Bank was the first bank to start operations in GIFT City in October 2015. On 29 March 2017, Yes Bank announced closure of qualified institutions placement (QIP) of its equity shares. The bank successfully raised Rs 4906.65 crore from issue of 3.27 crore shares at the issue price of Rs 1,500 per share. The Capital Raising Committee of the Board of Yes Bank on 16 October 2017 approved the issue of Perpetual Subordinated Unsecured Non Convertible BASEL III compliant Additional Tier I Bonds in the nature of Debentures of Rs 10 lakh each aggregating to Rs 3000 crore, with a Green shoe option to retain oversubscription to the extent of an additional Rs 3000 crore. The Board of Directors of Yes Bank at its meeting held on 26 July 2017 approved sub-division of equity shares from 1 equity share of Rs 10 each into 5 equity shares of Rs 2 each. On 21 November 2017, Yes Bank announced that it has raised USD 400 million through two syndicated loan transactions in Taiwan and Japan, comprising USD 250 million from Taiwanese banks and JPY 16.5 billion (USD 150 million) from Japan. On 23 November 2017, Yes Bank announced that it has been included in the MSCI All Country World Index (ACWI) - ESG Leaders Index and MSCI ACWI SRI Index. This makes the bank the first and only Indian bank to be part of the three global ESG benchmark indices - MSCI ESG/SRI, DJSI and FTSE4Good in 2017. On 29 November 2017, Yes Bank announced that the Capital Raising Committee of the Board of the bank at its meeting held on 29 November 2017 has considered and approved the bank's proposal to set up the Medium Term Note (MTN) Programme for an amount of USD 1 billion to eligible investors, from time to time, in one or more tranches and/or series, under the MTN programme of the Bank within limits permitted by regulatory authorities. On 12 December 2017, Yes Bank subscribed to and was allotted 9.4 lakh equity shares constituting 5.62% of the post-issue paid-up capital of OPOSL under the anchor investor portion in the initial public offer of OPOSL on the Emerge platform of National Stock Exchange of India. OPOSL is primarily a domestic BPO mainly engaged in outsourcing services which includes inbound and outbound call, bank office/transaction processing, data management services and business analytics catering to clients across industries including telecommunications, BFSI, travel, manufacturing, E-commerce etc. On 18 December 2017, Yes Bank made its entry in the 30-share S&P BSE Sensex. On 19 December 2017, Yes Bank announced that expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank (EIB) and Yes Bank. Yes Bank will manage the co-financing programme for construction of new solar power plants and wind farms across the country. This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market. On 17 January 2018, Yes Bank announced that it has signed solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution Limited (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023. On 7 February 2018, Yes Bank announced that it has successfully completed issuance of its maiden USD 600 million bond issue in the international debt markets. The bonds received an overwhelming response from international investors and saw a final order book, at a spread of 130 basis points, being oversubscribed by more than 1.83 times from over 90 accounts. The proceeds will be used to fund the bank's IFSC Banking Unit (IBU) in Gift City and expand IBU's rapidly growing business opportunities. Earlier, the Capital Raising Committee of the Board of the bank on 2 February 2018 approved the issuance and allotment of fixed rate notes for an aggregate principal amount of USD 600 nillion under the Medium Term Note programme of the bank. On 14 February 2018, Yes Bank announced the listing of the bank's debut USD 600 million bond issue under its maiden USD 1 billion MTN programme on Global Securities Market (GSM), India's first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City (GIFT City) IFSC. On 16 February 2016, Yes Bank clarified to the stock exchanges that the bank has nil exposure to the entities that were associated with the fraud in the gems and jewellery sector. The Capital Raising Committee of the Board of Yes Bank on 21 February 2018 approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III compliant Tier 2 Bonds, in the nature of debentures, of Rs 10 lakh each aggregating to Rs 3000 crore. On 13 March 2018, Yes Bank announced that has acquired 8.97 crore equity shares, constituting 17.31% of the paid-up share capital of Fortis Healthcare Limited, pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank. On 15 March 2018, Yes Bank announced that it has sold 1.12 crore shares, constituting 2.17% of the paid up share capital of Fortis Healthcare Limited, in various tranches last being on 15 March 2018. On 16 March 2018, Yes Bank announced that Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., achieved financial closure for its 250 MW solar power project to be located in Rewa District of Madhya Pradesh with Yes Bank for financial assistance in the form of project debt to the extent of Rs 750 crore and from other financial institutions up to Rs 200 crore. The Capital Raising Committee of the Board of Yes Bank on 21 March 2018 approved a proposed drawdown of the second tranche under the US$ 1 billion Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities.

Yes Bank Ltd Chairman Speech

DEAR SHAREHOLDERS,

The global economic indicators remain largely favorable and while growth is moderating, this offers a great opportunity for economies to boost human capital, increase opportunities for investments, and promote trade integration.

FY 2019-20 will be the year when India’s strong domestic fundamentals will insulate it from a global environment fraught with uncertainty and volatility.

The overall economic outlook is positive. India is in a state of consolidation with strong transitional undercurrents at various cross sections of the economy. It has peaked in the BFSI sector and the health of the sector & the economy are expected to only better post the progressive changes taking place.

The year 2018 was a year of heavy lifting for the Banking sector with the sector undergoing major transformational changes.

In order to support the growth in the economy, the banking sector is set to keep pace with it with renewed vigour. Regulatory measures such as the creation of critical institutional architecture in the form of Central Repository of Information on Large Credits (CRILC), Insolvency and Bankruptcy Code (IBC) and the National Company Law Tribunal (NCLT), has started to deliver on asset quality resolution, with unprecedented speed in judgments seen in FY 2018-19. With strong economic fundamentals, changes in the regulatory climate and transformational technologies more accessible and, powerful than ever before, there is possibly no better time than now for revival of the sector.

In YES BANK’S 15 years of institutional excellence, the Bank has strategically evolved into a digitally savvy Bank and incorporated technology in its everyday operations. The Bank has successfully adopted the mantra of collaboration and co-creation with Fintech startups for its technology led innovations.

With investments in robust digital ecosystems such as Payments, API, AEPS & Blockchain technologies through long-term partnerships, YES BANK is poised to be the cutting edge Digital Bank in India.

The Bank continued to receive accolades from prestigious national and international bodies for its exemplary performance on multiple parameters encompassing Business outcomes, Sustainability, Innovation, Technology and Human Capital among others.

During the year under review, the Board of Directors continued to extensively engage with the top and Senior Management leaders of the Bank during various Board/ committee meetings. Such engagements have provided the Board with an opportunity to understand the strength and depth of the Bank’s leadership and guide them further to ensure long-term sustenance of business strategy.

During the year, there have been some changes at the Board level of the Bank.

The Board of Directors represents seasoned leaders with proven credentials, and represents critical Committees on the Board in accordance with their areas of expertise. The current Board of the Bank comprises of 12 Directors, including 7 Independent Directors, strengthening the Bank’s governance commitment.

Mr. Rana Kapoor demitted the office of Managing Director and CEO of the Bank w.e.f. February 1,2019. I appreciate the contribution of Mr. Rana Kapoor for his leadership with active support, guidance, direction and supervision of the Board of Directors, due to which the Bank has grown to become the Fourth largest Private sector Bank with Total Assets exceeding '3.80 lakh crore. The Bank, over the last 15 years of performance, has a demonstrated track record of consistent delivery of business & financial outcomes across all critical parameters such as capital adequacy, profitability, steady growth etc.

During the period from February 01,2019 to February 28, 2019, Mr. Ajai Kumar held charge as interim Managing Director & CEO of the Bank. I appreciate the contribution made by him during his tenure.

Mr. Ravneet Gill took charge as Managing Director and CEO of the Bank from March 1, 2019. With an inspiring past and strong present, I am sure the Bank will continue its stellar performance towards the next phase of growth in ‘Building the Finest Quality Large Bank of the World in India’ under the new leadership.

BRAHM DUTT

Chairman

   

Yes Bank Ltd Company History

Yes Bank Ltd is engaged in providing a range of banking and financial services. The Bank operates in four segments: Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury segment includes investments, all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other Banks and financial institutions. The Corporate/Wholesale Banking segment includes lending, deposit taking and other services offered to corporate customers. The Retail Banking segment includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations segment includes para banking activities, such as third-party product distribution and merchant banking. Yes Bank's branch network stood at 1,050 branches and its ATM network stood at 1,724 as on 31 December 2017, which includes 573 Bunch Note Acceptors/Cash Recyclers. The branch and ATM network is spread in 29 states and 7 Union Territories. Yes Bank Ltd was incorporated on November 21, 2003. The bank was founded by Rana Kapoor. The Bank obtained certificate of commencement of business on January 21, 2004. In the year 2005, they forayed into retail banking with launch of International Gold and Silver debit card in partnership with MasterCard International. In June 2005, they came out with the public issue and their shares were listed on the stock exchanges. In December 2005, the Bank bagged Corporate Dossier award from Economic Times. In the year 2006, the Bank received Financial Express Awards for India's Best Banks. In April 2007, they made a tie-up with the Agriculture Insurance Company of India (AIC). The Bank was ranked as the No 1 Emerging Markets Sustainable Bank of the Year-Asia at the FT/IFC Washington Sustainable Banking Awards, 2008 in London. The Bank was ranked as the No 1 Bank in the Business Today-KPMG Best Banks Annual Survey, 2008. During the year 2008-09, the Bank opened 50 new branches and 18 new off-site ATMs. During the year 2009-10, the Bank opened 33 new branches. They opened 64 Branches during the year 2010-11. As of March 31, 2011, they operated 214 branches across 164 cities in India, and approximately 250 automated teller machines (ATMs). At the beginning of Financial Year 2010-11, the Bank embarked on an ambitious journey into the next phase of growth and launched YES BANK - VERSION 2.0, Building the Best Quality Bank of the World in India. Version 2.0 is clearly the most stimulating phase in the life cycle of YES BANK with a vision of establishing 750 branches, 3000 ATMs, 12,000 employees, Rs 125,000 Cr. Deposit base, Rs 100,000 Cr. Loan book and a Rs 150,000 Cr. Balance Sheet size by 2015. On 18 September 2013, Yes Bank announced that it has successfully closed equivalent to USD 255 million by way of Dual Currency, Multi-tenor Syndicated Foreign Currency Loan Facility. The facility has a maturity of 1 and 2 years with majority commitments coming in the 2 year tenure bucket. The loan has been widely distributed with commitments from 11 banks representing 8 countries across US, Europe, Middle East, Asia and Australia. The said facility shall be utilized for general corporate purposes and trade finance for our valued clients. On 31 March 2014, Yes Bank announced that it has recently raised additional USD 34 million from DEG, through a long term senior loan agreement for a tenor of 6 years. This loan arrangement follows Yes Bank raising dual tranche USD 150 million from IFC, Washington, a member of the World Bank Group, for tenor of 2 and 7 years, in December 2013. Yes Bank was the first institution globally to receive funding through IFC's Managed Co-Lending Portfolio Program and the first Indian bank to raise loan under IFC's A/B loan facility. On 30 May 2004, Yes Bank announced that it has successfully closed a qualified institutional placement to raise USD 500 million (Rs 2942 crore) at issue price of Rs 550 per share. On 18 July 2014, Yes Bank and TRANSFAST, a leading international money transfer company, announced the launch of online money transfer services with instant deposits to customer accounts with any bank in India through innovative technology offered by Yes Bank and running on the National Payments Corporation of India (NPCI) core platform. This service facilitates real-time deposits of funds to all banks currently connected to the NPCI platform for inward remittances and is available 24 hours a day/7 days a week/365 days a year, setting a new standard money transfer services. On 15 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency ICRA for its various long term debt programmes. The rating upgrades factor in Yes Bank's continued robust operating performance with its ability to maintain strong asset quality indicators through cycles and improving CASA base with increasing granularity in the liability franchise. The ratings also factor in the highly successful recent equity mobilisation of USD 500 million by the bank that further strengthens its capitalisation profile. On 30 September 2014, Yes Bank announced that it has received ratings upgrade from credit rating agency Credit Analysis & Research (CARE) for its lower Tier II, upper Tier II and perpetual bonds. The ratings upgrade comes due to Yes Bank's consistent profitability performance, capital-raising ability and steady asset quality across economic cycles. On 20 October 2014, Yes Bank announced that it has successfully raised equivalent of USD 422 million by way of Dual Currency Multi-tenor Syndicated Loan Facility. The facility has a maturity of 1, 2 and 3 years. The loan has been widely distributed, with commitments being received from 21 banks, representing 14 countries across the US, Europe, Africa, Middle East, Japan, Taiwan & Australia, with larger commitment coming in the 2 & 3 year tranches. The said facility shall be utilized for general corporate purposes. On 23 December 2014, Yes Bank announced that it has successfully raised USD 200 million unsecured loan facility from the Asian Development Bank. The loan will be used by Yes Bank to lend the Indian rupee equivalent amount to finance working capital and investment loans targeted towards small farm households and rural women in Self Help Groups (SHGs). On 25 February 2015, Yes Bank announced that it has successfully issued India's first ever Green Infrastructure Bonds raising an amount of Rs 1000 crore. The issue launched on 16 February 2015 for Rs 500 crore plus green shoe option witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds, resulting in a total subscription of Rs 1000 crore and was closed on 24 February 2015. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance Green Infrastructure Projects in Renewable Energy including Solar Power, Wind Power, Biomass, and Small Hydel Projects. The Board of Directors of Yes Bank at its meeting held on 22 April 2015 approved the proposal to seek final approval of shareholders for increase in the limit for the FII/FPI of upto 74% of the paid up share capital of the bank from the existing limit of 49% of the paid up share capital. In another decision, the Board empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to US$ 1 billion in one or more tranches on such terms and conditions as it may deem fit. The issuance may be by way of Qualified Institutions Placement (QIP) or any other international offering like Global Depository Receipts (GDRs)/American Depository Receipts (ADRs), or by any other appropriate mode as decided by the Capital Raising Committee. The Board also approved sponsored Level I Depository Receipt (DR) issuance programme of upto 10 million DRs, with conversion of 2 equity shares to 1 DR, pursuant to the Depository Receipts Scheme, 2014 (the Scheme) for facilitating issue of depository receipts (the DR) outside India against underlying existing equity shares through a Foreign Depository through sponsored/unsponsored route. On 14 July 2015, Yes Bank announced that it has received approval from the Reserve Bank of India to set up IFSC Banking Units (IBUs) in Gujarat International Finance Tec City (GIFT). Establishing the IBU will propel Yes Bank's growth plans further by providing it access to international financial markets, as well as provide a comprehensive product suite to its corporate clients requiring foreign currency (FCY) funding. It will also allow Yes Bank to raise FCY funding through MTNs and other routes as appropriate. On 5 August 2015, Yes Bank announced that it has raised Rs 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation, Washington. This is the first investment by IFC in an Emerging Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. The amount raised will be used by Yes Bank to finance green infrastructure projects like solar power and wind power in the renewable energy space. Speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2015 in Chennai, Rana Kapoor, MD & CEO of Yes Bank announced on 9 September 2015 the planned launch of Yes Bank's single largest National Centralised Operations Management and Services Delivery facility in Ambattur - Chennai. This Chennai facility which is envisaged as the future of Banking Services, Operations & technology of the world, in India, will be spread across 4 lac square ft space. As the anchor tenant, the tower will be named Yes Bank Tower Centre of Management Excellence and will be expanded to 9 lac sq ft in the second phase by March 2018. The Phase 1 of the facility is expected to become operational by Q1 FY 2017. On 27 October 2015, Yes Bank announced that it has operationalised its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec City (GIFT), thus becoming the first bank to have begun its operations by setting up an IBU in GIFT city. On 31 December 2015, Yes Bank announced that the bank has successfully raised Rs 1500 crore of Basel III compliant Tier II bonds. The bonds will be listed on the BSE Limited. On 30 November 2015, Yes Bank announced that it has signed an agreement with the Overseas Private Investment Corporation (OPIC), the US government's Development Finance Institution, for debt financing of $245 million to increase lending to micro, small and medium enterprises (MSMEs) in India. US-based lender Wells Fargo Bank, N.A. will act as sponsor and co-lender to the project, providing a loan of $20 million, bringing the total facility amount to $265 million. Specifically, half of the financing will be used to support either Micro-SMEs or SMEs in underserved rural and urban markets. On 19 January 2016, Yes Bank formalised the Memorandum of Understanding signed with The London Stock Exchange during Prime Minister Narendra Modi's UK visit in November 2015, to develop bond and equity issuance, with particular focus on the relatively untapped sector of Green Infrastructure Finance. As part of the agreement with London Stock Exchange Group, Yes Bank confirmed that it plans to list a Green Bond of up to $500 million on London Stock Exchange by December 2016. On 3 March 2016, Yes Bank announced that it has acquired 5 lakh equity shares of Institutional Investor Advisory Services (IiAS) from BSE Limited which is equivalent to 5.006% of the paid-up capital of IiAS. IiAS is a proxy advisory firm, dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions. On 27 July 2016, Yes Bank announced that it has received an inprinciple approval from the Securities & Exchange Board of India (SEBI) to sponsor a mutual fund and to setup an Asset Management Company (AMC) and a Trustee Company. The AMC and the Trust Company will be set up as wholly owned subsidiaries of the bank. Yes Bank said that the AMC will further strengthen Yes Bank's expertise in wealth management solutions, debt capital markets and gain from its significant and growing customer base & distribution network, and overall execution expertise, to build a large and profitable fund management franchise. Earlier, in October 2015, Yes Bank received approval from the Reserve Bank of India to sponsor a Mutual Fund and to setup Asset Management Company (AMC) and a Trustee Company. On 8 September 2016, Yes Bank announced its decision to defer qualified institutions placement (QIP) of its equity shares due to heightened volatility in stock price during early course of trading hours on that day. On 27 September 2016, Yes Bank announced that it will raise Rs 330 crore (approximately USD 50 million equivalent) through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. FMO will be investing in Yes Bank's bonds through FMO's own sustainable bonds. The amount raised will be used by Yes Bank to finance green infrastructure, including solar and wind projects in the renewable energy space. This issuance would be externally assured by a reputed third party. An external annual review and monitoring would be undertaken on the use of proceeds in line with the Green Bond Principles 2016. On 4 October 2016, Yes Bank announced that it has successfully raised Rs 2135 crore (including green shoe of Rs 1135 crore) by issuing Senior Long-term Infrastructure Bonds on private placement basis. The proceeds from the Infrastructure Bonds will be used to finance long term projects in infrastructure and its allied sub-sectors, in accordance with the guidelines issued by the Reserve Bank of India. On 2 November 2016, Yes Bank announced that it has generated $ 650 million worth of business outstanding (Customer Assets) at its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT). Yes Bank was the first bank to start operations in GIFT City in October 2015. On 29 March 2017, Yes Bank announced closure of qualified institutions placement (QIP) of its equity shares. The bank successfully raised Rs 4906.65 crore from issue of 3.27 crore shares at the issue price of Rs 1,500 per share. The Capital Raising Committee of the Board of Yes Bank on 16 October 2017 approved the issue of Perpetual Subordinated Unsecured Non Convertible BASEL III compliant Additional Tier I Bonds in the nature of Debentures of Rs 10 lakh each aggregating to Rs 3000 crore, with a Green shoe option to retain oversubscription to the extent of an additional Rs 3000 crore. The Board of Directors of Yes Bank at its meeting held on 26 July 2017 approved sub-division of equity shares from 1 equity share of Rs 10 each into 5 equity shares of Rs 2 each. On 21 November 2017, Yes Bank announced that it has raised USD 400 million through two syndicated loan transactions in Taiwan and Japan, comprising USD 250 million from Taiwanese banks and JPY 16.5 billion (USD 150 million) from Japan. On 23 November 2017, Yes Bank announced that it has been included in the MSCI All Country World Index (ACWI) - ESG Leaders Index and MSCI ACWI SRI Index. This makes the bank the first and only Indian bank to be part of the three global ESG benchmark indices - MSCI ESG/SRI, DJSI and FTSE4Good in 2017. On 29 November 2017, Yes Bank announced that the Capital Raising Committee of the Board of the bank at its meeting held on 29 November 2017 has considered and approved the bank's proposal to set up the Medium Term Note (MTN) Programme for an amount of USD 1 billion to eligible investors, from time to time, in one or more tranches and/or series, under the MTN programme of the Bank within limits permitted by regulatory authorities. On 12 December 2017, Yes Bank subscribed to and was allotted 9.4 lakh equity shares constituting 5.62% of the post-issue paid-up capital of OPOSL under the anchor investor portion in the initial public offer of OPOSL on the Emerge platform of National Stock Exchange of India. OPOSL is primarily a domestic BPO mainly engaged in outsourcing services which includes inbound and outbound call, bank office/transaction processing, data management services and business analytics catering to clients across industries including telecommunications, BFSI, travel, manufacturing, E-commerce etc. On 18 December 2017, Yes Bank made its entry in the 30-share S&P BSE Sensex. On 19 December 2017, Yes Bank announced that expansion of renewable energy power generation across India will be supported by a new USD 400 million joint initiative backed by the European Investment Bank (EIB) and Yes Bank. Yes Bank will manage the co-financing programme for construction of new solar power plants and wind farms across the country. This new initiative is the first EIB cooperation with Yes Bank and represents the first support for renewable energy in Asia with a commercial bank. This is also the longest tenor borrowing facility for Yes Bank in the international loan market. On 17 January 2018, Yes Bank announced that it has signed solar energy co-financing Letters of Intent (LoI) with Tata Power Delhi Distribution Limited (up to 10 MW capacity), Hero Future Energy (up to 1.5 GW capacity), Greenko Group (up to 10 GW capacity), Amplus Solar (up to 1 GW capacity) and Jakson Group (up to 1 GW capacity) for their solar projects in India to be completed by 2023. On 7 February 2018, Yes Bank announced that it has successfully completed issuance of its maiden USD 600 million bond issue in the international debt markets. The bonds received an overwhelming response from international investors and saw a final order book, at a spread of 130 basis points, being oversubscribed by more than 1.83 times from over 90 accounts. The proceeds will be used to fund the bank's IFSC Banking Unit (IBU) in Gift City and expand IBU's rapidly growing business opportunities. Earlier, the Capital Raising Committee of the Board of the bank on 2 February 2018 approved the issuance and allotment of fixed rate notes for an aggregate principal amount of USD 600 nillion under the Medium Term Note programme of the bank. On 14 February 2018, Yes Bank announced the listing of the bank's debut USD 600 million bond issue under its maiden USD 1 billion MTN programme on Global Securities Market (GSM), India's first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City (GIFT City) IFSC. On 16 February 2016, Yes Bank clarified to the stock exchanges that the bank has nil exposure to the entities that were associated with the fraud in the gems and jewellery sector. The Capital Raising Committee of the Board of Yes Bank on 21 February 2018 approved the issue of rated, listed, non-convertible, redeemable, unsecured, BASEL III compliant Tier 2 Bonds, in the nature of debentures, of Rs 10 lakh each aggregating to Rs 3000 crore. On 13 March 2018, Yes Bank announced that has acquired 8.97 crore equity shares, constituting 17.31% of the paid-up share capital of Fortis Healthcare Limited, pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank. On 15 March 2018, Yes Bank announced that it has sold 1.12 crore shares, constituting 2.17% of the paid up share capital of Fortis Healthcare Limited, in various tranches last being on 15 March 2018. On 16 March 2018, Yes Bank announced that Mahindra Renewables Pvt. Ltd., a wholly owned subsidiary of Mahindra Susten Pvt. Ltd., achieved financial closure for its 250 MW solar power project to be located in Rewa District of Madhya Pradesh with Yes Bank for financial assistance in the form of project debt to the extent of Rs 750 crore and from other financial institutions up to Rs 200 crore. The Capital Raising Committee of the Board of Yes Bank on 21 March 2018 approved a proposed drawdown of the second tranche under the US$ 1 billion Medium Term Note Programme of the bank, within the limits permitted by regulatory authorities.

Yes Bank Ltd Directors Reports

To The Members,

The Directors are pleased to present the Sixteenth Annual Report on the business and operations of the Bank together with the audited financial statements (consolidated as well as standalone) for the year ended March 31, 2020.

BUSINESS OVERVIEW

Towards the end of the year, YES BANK underwent a significant transition with the supersession of the erstwhile Board, pursuant to Section 36ACA of the Banking Regulation Act, 1949 (the BR Act) and constitution of the new Board under the YES Bank Limited Reconstruction Scheme, 2020 ("YBL Reconstruction Scheme"). Mr. Sunil Mehta was inducted on the Board as the Non-Executive Chairman and Mr. Prashant Kumar as the new Managing Director and Chief Executive Officer (MD & CEO).

The year began on a positive note with Mr. Ravneet Gill taking charge as MD & CEO with effect from March 1, 2019. The erstwhile Board of Directors introduced a more balanced mix in the credit authority delegated to the Management and Board Credit Committees alongside exercising greater prudence towards income recognition. Several measures to strengthen governance, risk management, control and compliance frameworks, including top management inductions were adopted.

The Bank successfully raised Rs.1,930 crore via a Qualified Institutions Placement (QIP) issue in August, 2019, up for 10% dilution, as approved by shareholders.

In many ways, this can be described as a year of headwinds, wherein the Bank reported a net loss of Rs.16,418.02 crore with Gross NPAs at 16.80%, impacted by higher recognition of NPAs from concentrated exposures to stressed corporate groups.

Since October, 2019, the Bank witnessed a deposit outflow, owing to a delay in raising capital, impacting the liabilities franchise. This got further accelerated after the Reserve Bank of India (RBI) imposed moratorium was lifted, with deposits of Rs.1,05,363.94 crore at year end. However, the Bank continued its efforts towards building a stronger retail franchise. Contribution of retail advances compared to TOTAL advances, increased to 25% in FY 2019-20 compared to 17% in FY 2018-19. Digitisation remains among the Bank Rs. s key focus areas to grow the Retail and MSME segments and the Transaction

Banking business. The Bank has significant presence within the new-age payments space with the highest market share of 31% in UPI P2M transactions in FY 2019-20.

YES BANK LIMITED RECONSTRUCTION SCHEME, 2020

The Reserve Bank of India (RBI) vide its press release, 2019-2020/2022 dated March 5, 2020 applied to the Central Government under Section 45(1) of the BR Act for imposing a Moratorium on the Bank and accordingly the Central Government had placed the Bank under Moratorium as per the notification numbered, S.O. 993(E) dated March 5, 2020 issued by the Ministry of Finance, (Department of Financial Services), (BANKING DIVISION) under Section 45(2) of the BR Act.

Simultaneously, through another press release numbered 2019-2020/2025 dated March 5, 2020 and in exercise of the powers conferred under Section 36ACA of the BR Act, the RBI, in consultation with Central Government, superseded the Bank Rs. s Board and in interim Shri Prashant Kumar, ex-DMD and CFO of the State Bank of India was appointed as the Administrator under Section 36ACA (2) of the BR Act. He was vested with powers, functions and duties of the Board and assumed office on March 6, 2020.

RBI, on March 6, 2020, in exercise of the powers conferred on it by Section 45(4) of the BR Act, prepared a draft scheme for reconstruction. In terms of Section 45(6)(b) of the BR Act, the draft scheme was placed on RBI website for suggestions and objections, if any, from members, depositors or creditors of the Bank by March 9, 2020.

Subsequently, the Ministry of Finance, Government of India, notified the YES Bank Limited Reconstruction Scheme, 2020 (YBL Reconstruction Scheme) vide a notification numbered G.S.R. 174(E) dated March 13, 2020 which came into force on March 13, 2020.

As a part of this scheme, the Bank received an equity infusion of Rs.10,000 crore from eight Indian financial institutions namely, State Bank of India, Housing Development Finance Corporation Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, Axis Bank Limited, IDFC First Bank Limited, Federal Bank Limited and Bandhan Bank Limited. After infusion of capital under the Scheme, State Bank of India ( Rs. SBI Rs. ) was holding 48,21% in the share capital of the Bank and holding of SBI will not reduce below 26% before completion of three years from the date of allotment.

Further, in accordance with the terms of the Scheme, there shall be a lock-in period of three years from the commencement of the Scheme to the extent of seventy-five per cent in respect of-

(a) Shares held by existing shareholders on the date of commencement of the scheme i.e. March 13, 2020

(b) Shares allotted to the investors (as defined) under the scheme

Provided that the said lock-in period does not apply to shareholders holding less than one hundred shares

STATE OF THE AFFAIRS OF THE BANK

The Bank is actively pursuing robust recalibration to create increased value for customers. The year 2019-20 was the most significant in the Bank Rs. s lifecycle. The Bank is working to build a stronger Bank with the novel insights and expertise that the new leadership brings to the table.

Operationally, the Bank is happy to share that (1) the Provision Coverage Ratio (PCR) of the Bank increased to 73.8% from 43.1% in FY 2018-19, the highest among peer banks (2) higher PCR enhances the ability to offload these assets from the balance sheet to further release the capital (3) operating profits and sell downs will enable organic capital acceleration.

Some key strategic objectives that the Bank will focus on are:

Near term

1. Strengthen governance and underwriting framework

2. Rebuild liabilities and liquidity buffers

3. Optimise operating costs

4. Resolving stressed asset concerns

Medium term

1. Stable liability mix and lower cost of funds: CASA Ratio>40%

2. Granular advances: Retail/MSME>60%

3. Corporate flows and cross sell through Transaction Banking

4. ROA>1% (1-3 years) and ROA>1.5% (3-5 years)

BUSINESS OUTLOOK

For the new financial year, shareholders may expect the following:

• Credit opportunity in India with secular tailwinds

• Market consolidating with banks that have stronger parentage

• Technology as a key enabler in enhancing customer experience

• Structural shift in household savings from physical to financial assets

• Private sector banks gaining market share

• COVID-19 impact with expected revival in the second half.

FINANCIAL PERFORMANCE (STA NDALONE)

(Rs. in million)
Particulars April 1, 2019 to March 31, 2020 April 1, 2018 to March 31, 2019 Change
Deposits 1,053,639.43 2,276,101.82 -1,222,462.38
Borrowings 1,137,905.03 1,084,241.09 53,663.94
Advances 1,714,432.94 2,414,996.02 -700,563.08
TOTAL Assets/Liabilities 2,578,269.23 3,808,261.65 -1,229,992.43
Net Interest Income 68,052.31 98,090.31 -30,038.00
Non Interest Income 34,414.94 45,901.53 -11,486.59
Operating profit 35,175.14 81,349.07 -46,173.93
Provisions and Contingencies 327,584.34 57,775.60 269,808.74
Profit before Tax (292,409.20) 23,573.47 -315,982.67
Provision for taxes (65,259.44) 6,370.68 -71,630.13
Net Profit/(Loss) from Ordinary Activities after tax (227,149.76) 17,202.79 -244,352.54
Extraordinary income (net of tax)- AT 1 write down 62,969.45 - 62,969.45
NET PROFIT (164,180.31) 17,202.79 -181,383.10
Add: Surplus/(Deficit) brought forward from last period 107,595.60 103,753.02 3,842.58
Amount available for appropriation Appropriations (56,584.71) 120,955.80 -177,540.52
Statutory Reserve under section 17 of the Banking Regulation Act, 1949 - 4,300.70 -4,300.70
Capital Reserve 6,655.51 1,010.10 5,645.41
Investment Reserve 147.23 6.71 140.52
Investment Fluctuation Reserve - 539.07 -539.07
Dividend and Dividend Tax paid 5,586.43 7,503.64 -1,917.21
Surplus carried to Balance Sheet (68,973.88) 107,595.60 -176,569.48
Key Performance Indicators (excluding AT 1 write down)
Net Interest Margin 2.2% 3.2%
Return on Annual Average Assets -7.11% 0.50%
Return on Equity -113.13% 6.53%
Cost to Income Ratio 65.67% 43.50%

The Bank posted Net Loss of Rs.164,180.31 million as a compared to gain of Rs.17,202.79 million for the FY 2018-19. Net Interest income (NII) of the Bank decreased by 30.6% to Rs.68,052.31 million during FY 2019-20 as compared to Rs. 98,090.31 million during FY 2018-19. The Net Interest Margin (NIM) was 2.2% in FY 2019-20. Please refer to the section on Financial and Operating Performance in the Management Discussion and Analysis for a detailed analysis of financial data.

DIVIDEND

The Bank has made loss during the year and as a consequence to that the Bank has not declared any dividend. Further, the Reserve Bank of India, vide its circular dated April 17, 2020, has informed all banks not to make any further dividend payouts from profit pertaining to financial year ended March 31, 2020, until further instructions with the view to conserve capital in the environment of heightened uncertainly caused by COVID-19.

As required under Regulation 43A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") the dividend policy of your Bank is available on the Bank Rs. s website at the link: https://www.yesbank.in/about-us/corporate-governance.

TRANSFER TO RESERVES

As per requirement of RBI regulations, the Bank has transferred the following amount to various reserves during Financial Year ended March 31, 2020:

Amount transferred to Rs. in million
Statutory Reserve (the Bank incurred a loss of Rs.164,180.31 million) -
Capital Reserve 6,655.51
Investment Reserve 147.23

TRANSFER OF EQUITY SHARES UNPAID/ UNCLAIMED DIVIDEND TO THE INVESTOR EDUCATION AND PROTECTION FUND

In accordance with the applicable provisions of the Companies Act, 2013 read with Rules made thereunder, the Bank has transferred to the credit of the Investor Education and Protection Fund ( IEPF) set up by the Government of India, 17,538 number of equity shares and dividend amount of Rs.14,31,976 which had remained unclaimed/ unpaid for a period of seven (7) consecutive years.

CAPITAL RAISING & CAPITAL ADEQUACY RATIO (CAR)

During the financial year ended March 31, 2020, the Bank has successfully completed capital raising of Rs.19,304.65 million by way of Qualified Institutions Placement (QIP) by issuing 2,31,055,018 equity shares of Rs.2 each at an issue price of Rs.83.55 per equity share including premium of Rs.81.55 per equity share.

During the year under review, the Bank has also issued 43,84,174 equity shares of Rs.2 each, pursuant to the exercise of stock options aggregating to Rs.8.77 million.

Further in terms of the YBL Reconstruction Scheme and Order of Administrator dated March 14, 2020, the Bank issued and allotted 10,000 million Equity Shares of Rs.2 each at a premium of Rs.8 per share aggregating to Rs.100,000 million to Banks/financial institutions as mentioned hereinbefore under the YBL Reconstruction Scheme.

Post allotment of aforesaid equity shares, the issued, subscribed and paid up share capital of the Bank stands at Rs.25,100.94 million comprising of 12,550,472,231 equity shares of Rs.2 each fully paid as on March 31, 2020.

The Bank has not issued any equity shares with differential voting rights during the year.

In terms of the YBL Reconstruction Scheme and the Order of Administrator of YBL, the Perpetual Subordinated Basel III Compliant Additional Tier I Bonds issued by the Bank for an amount of Rs.3,000 crores and Rs.5,415 crores on December 23, 2016 and October 18, 2017, respectively, were fully written down and extinguished w.e.f. March 14, 2020. The bondholders and Axis Trustee Services Ltd., have filed a Writ Petition against the said action before the Honble Bombay High Court and Madras High Court. The matter is currently sub judice.

Capital Adequacy Ratio of your Bank stood at 8.5% as at March 31,2020; of which Tier I Capital Ratio was 6.5% and Tier II Capital Ratio was 2.0%. As Tier I ratio of the Bank was below the regulatory minimum requirements and hence as per RBI guidelines, Tier II ratio of 6.37% is restricted to 2%.

CHANGE IN THE AUTHORIZED SHARE CAPITAL OF THE BANK

During the year under review, the Authorised Share Capital of the Bank was increased (i) from Rs.800 crore to Rs.1100 crore by addition of 150 crore equity shares of Rs.2 each as per the resolution passed by the shareholders at the extra ordinary general meeting held on February 07, 2020 and (ii) from Rs.1100 crore to Rs.6200 crore by addition of 2,550 crore equity shares of Rs.2 each pursuant to the YBL Reconstruction Scheme w.e.f. March 13, 2020.

amendment to charter documents

During the year under review, the Memorandum of Association was altered for increase in Authorized Share Capital as above and the Articles of Association was amended under the YBL Reconstruction Scheme by deletion of Article Nos. 110 (b), Article 127 (b), Article 127A (a) and Article 127A (b) which were confirming special rights to the promoters of the Bank.

reclassification of promoter/promoter group

The YBL Reconstruction Scheme inter-alia provided for fresh capital infusion, appointment of new Board of Directors of the Bank and deletion/omission of certain articles from the Articles of Association of the Bank ("AoA") which had the effect of negating / nullifying the special rights conferred on the Promoters/Promoter Group under the AoA.

Post implementation of the Scheme, (i) the combined shareholding of the Rana Kapoor Group and Madhu Kapur Group (the erstwhile promoters of the Bank) came down to 1.42% of the TOTAL paid up equity share capital of the Bank; (ii) they no longer continued to exercise control over the affairs of the Bank directly and/or indirectly, (iii) they do not have any special rights with respect to the Bank through formal and/ or informal arrangements, including through any shareholder agreements; (iv) they were not represented on the Board of Directors of the Bank (including through any nominee director); and (v) they do not act as key managerial personnel in the Bank. Considering the said fact, an application was made to the Stock Exchanges for Reclassification of the Promoter and Promoter Group of the Bank. Simultaneously the Bank also made an application under Regulation 102 of the Listing Regulations to Securities & Exchange Board of India (SEBI) for exemption of applicability of certain provisions of Regulation 31A of the Listing Regulations.

The Madhu Kapur Group had submitted express consent to the Bank to reclassify their shareholding in the Bank as Non-Promoter Shareholders (i.e. Public Shareholders) whereas, Rana Kapoor Group holds meagre 900 shares in the Bank.

Based on the application and representation made by the Bank, SEBI vide its letter dated June 09, 2020 granted the exemptions as sought by the Bank from the applicability of sub-regulation (3) and (4) of Regulation 31A and clause (a) & (b) of sub-regulation (8) of Regulation 31A of Listing Regulations for reclassification of the Promoter and Promoter Group as the re-classification was a procedural formality and a consequence of the YBL Reconstruction Scheme and gave certain directions to the Bank in this regard. Following the SEBI letter, the stock exchanges have conveyed their approval for reclassification of the following Promoter Shareholders to Non-Promoter Shareholders. (i.e. Public Shareholders) in their communications dated June 12, 2020:

1. Rana Kapoor

2. Madhu Kapur

3. Morgan Credits Private Limited

4. Yes Capital (India) Private Limited

5. Mags Finvest Pvt Ltd

Consequent to the above, as on date, the Bank do not have any identified Promoter(s).

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report for the year under review as stipulated in Listing Regulations is presented in a separate section forming part of the Annual Report.

RISK MANAGEMENT FRAMEWORK

The Banks Enterprise Risk Management framework encompasses the following:

• Risk Governance Framework: The Bank has implemented an Enterprise Risk Governance framework to ensure non-silo based management and oversight of Risk. The Banks Risk Management philosophy is guided by the Three Lines of Defence:

- First Line of Defence - Business Management: Each business segment of the Bank has risk ownership and is responsible for assessment and management of risks and has the overall responsibility of the management and mitigation of the Risk. The segments are required to implement appropriate procedures to fulfil their risk governance responsibilities.

- Second Line of Defence - Independent functions: The Banks independent oversight functions, such as, Risk Management, Credit Underwriting,

Compliance, Legal, Fraud Containment Unit, etc. set standards for management and oversight of risks, including compliance with applicable laws, regulatory requirements and policies.

• Risk Management: Risk Management establishes policies and guidelines for risk assessment and management and contributes to controls and tools to manage, measure and mitigate risks faced by the Bank.

• Credit Underwriting: The Credit team ensures an independent assessment of credit proposals and is responsible for monitoring the credit quality of the Banks portfolio and undertaking portfolio reviews.

• Compliance: The Compliance unit manages adherence to regulatory guidelines.

• Legal: Legal Risk Management Department ("LRM") of the Bank undertakes various activities including advising business and operational management teams within the Bank on various legal issues faced by them in their day to day business activities/ various contracts entered by them with counter parties/customers etc. LRM acts as an independent control function while providing legal guidance, ensuring legal compliance, assisting the Board and Committees of the Board regarding analysis of laws and regulations, regulatory matters, disclosure matters, and potential risks and exposures on key litigation and transactional matters. LRM is also responsible for setting-up broad internal guidelines, practices and procedures to meet the requirements of all legal/statutory authorities and ensure continuing enforceability of the various contracts/agreements entered by the Bank with its various constituents & counter parties. LRM is also responsible for monitoring and following up on legal claims made by and against the Bank and in this regard, closely interact with external law firms.

• Finance: The Finance vertical provides key data and consultation to facilitate sound decisions in support of the objectives of the Bank and the business verticals. Finance serves as an independent control function advising business management and establishing policies or processes to manage risk.

• Financial Markets: The Banks Financial Markets unit plays a very critical role by providing Risk Management solutions relating to foreign currency and interest rate exposures of its corporate clients. Financial Markets also conducts proprietary trading across fixed income and global foreign exchange markets. Additionally, it is responsible for Balance Sheet Management which includes Optimum Liquidity Management to minimize cost & maximize yield, Maintenance of Regulatory Reserves requirements and day-to-day fund management of the Bank. Subordinated and hybrid debt capital for the Bank is also raised by the Financial Markets Group.

• FCU & AML: The Fraud Containment Unit (FCU) is responsible for prevention and detection of internal and external frauds in the areas of Liabilities, Product and Support functions. The unit conducts transaction monitoring, forensic scrutiny, employee awareness trainings and vulnerability assessments to help achieve the said objective. The Anti Money Laundering Unit (AML) is responsible for identifying and reporting of suspicious transactions as prescribed under PMLA Act/Regulators, across all Business segments of the Bank. The AML unit is equipped with qualified, trained and experienced staff, which monitors various transactions undertaken by customers with a view to combat financial crimes and prevents misuse of the accounts for money laundering.

- Third Line of Defence - The Banks Internal Audit function independently reviews activities of the first two lines of defence based on a risk-based audit plan and methodology approved by the Audit Committee of the Board. Internal Audit provides independent assurance to the Board, Audit Committee, senior management and regulators regarding the effectiveness of the Banks governance and controls framework designed for risk mitigation.

The Board of Directors of the Bank has overall responsibility for Risk Management. The Board oversees the Banks Risk and related control environment, reviews and approves the policies designed as part of overseeing the Risk Management practices. The Board ensures that comprehensive policies, systems and controls are in place to identify, monitor and manage material risks at a Bank-wide level, with clearly defined risk limits. The Board has laid down a Risk Appetite framework which articulates the quantum of risk the Bank is willing and able to assume in its exposures and business activities in pursuit of its strategic objectives and desired returns. The Board has also established policies governing risk management, such as, Credit Policy, Asset & Liability Management Policy, Operational Risk Management Policy, Information Security Policy, Enterprise Risk Management Policy, Reputation Risk Management Policy, Group Risk Management Policy, Model Risk & Governance Policy, etc.

The Board has put in place four Board level Committees which inter-alia pertain to Risk Management, viz. Risk Management Committee (RMC), Audit Committee of the Board (ACB), Fraud, Wilful Defaulters and Non-Cooperative Borrowers Monitoring Committee (FWD & NCBMC) and Board Credit Committee (BCC) to deal with risk management practices, policies, procedures and to have adequate oversight on the risks faced by the Bank.

The Board Committees have set up various Executive level committees for oversight over specific risks.

1. Apex Management Committee

2. Enterprise Risk, Reputation Risk, Model Assessment Committee

3. Management Credit Committee

4. Executive Credit Committee

5. Retail and Business Banking Credit Committee

6. Asset & Liability Management Committee

7. Operational Risk Management Committee

8. Standing Committee on Customer Service

9. Fraud Control & Suspicious Transaction Monitoring Committee

10. Committee for Classification of Wilful Defaulters

11. Accountability Review Committee

12. Whistle Blower, Disciplinary and Internal Committee

13. Steering Committee for IFRS (Ind AS)

14. Product Process Approval Committee

15. IT Steering Committee

16. Security Council

17. Stressed Asset Monitoring Committee

18. Sustainability Council

These Committees review various aspects / key risks and ensure that the best-in-class frameworks are in place to oversee day-to-day management of underlying business activities, transactions and associated risks while dealing with internal and external stakeholders. Further, Risk events, potential threats, performance of the Bank vis-avis Risk Limits and Risk Appetite, Risk Profile dashboard covering key risk indicators, etc. are presented to these Committees, with Q-o-Q/Y-o-Y trends highlighted, with level and direction of risk. The Bank also conducts a detailed Internal Capital Adequacy Assessment Policy (ICAAPR) review exercise to identify its Risk universe, internal controls and mitigation measures in place for the risks and capital requirements for identified risks. The ICAAP findings are presented to the RMC and the Board.

Additionally, in line with best Risk Governance practices, the Bank has further strengthened the functioning of credit underwriting and risk management units by creating separate verticals - an underwriting vertical consisting of Credit Units headed by the Chief Credit Officer (CCO) and a risk controls and policy vertical consisting of various independent control units headed by the Chief Risk Officer (CRO). The CRO reports to the Risk Management Committee while the CCO reports to the MD&CEO.

DEPOSITS

Being a banking company, the disclosures required as per Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules, 2014, read with Sections 73 and 74 of the Companies Act, 2013 are not applicable to your Bank.

DIVERGENCE IN ASSET CLASSIFICATION AND PROVISIONING FOR NPAs

In terms of the RBI circular no. DBR.BP.BC.No.32/21.04.018/2018-19 dated April 1,2019, banks are required to disclose the divergences in asset classification and provisioning consequent to RBIs 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 10 per cent of the reported profit before provisions and contingencies for the reference period and

(b) the additional Gross NPAs identified by RBI exceed 15 per cent of the published incremental Gross NPAs for the reference period. As part of the Risk Based Supervision (RBS) exercise for FY 2018-19 concluded in November 2019, the RBI has pointed out certain retrospective divergence in the Banks asset classification and provisioning as on March 31, 2019. In conformity with the above mentioned RBI circular, the below table outlines divergences in asset classification and provisioning.

Sr. Particulars No. Rs. in million
1 Gross NPAs as on March 31,2019 as reported by the Bank 78,825.59
2 Gross NPAs as on March 31,2019 as assessed by RBI 111,595.59
3 Divergence in Gross NPAs (2-1) 32,770.00
4 Net NPAs as on March 31,2019 as reported by the Bank 44,848.49
5 Net NPAs as on March 31,2019 as assessed by RBI 67,838.49
6 Divergence in Net NPAs (5-4) 22,990.00
7 Provision for NPAs as on March 31,2019 as reported by the Bank 33,977.10
8 Provision for NPAs as on March 31,2019 as assessed by RBI 43,757.10
9 Divergence in provisioning (8-7) 9,780.00
10 Reported Net Profit after Tax (PAT) for the year ended March 31,2019 17,202.79
11 Adjusted (notional) Net Profit after Tax (PAT) for the year ended March 31,2019 after taking into account the divergence in provisioning 10,840.31

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on March 31, 2020, the Bank had three wholly-owned subsidiaries, YES Securities (India) Limited (YSIL), YES Asset Management (India) Limited (YAMIL) and YES Trustee Limited (YTL.).

The Bank does not have any material subsidiary, associate and joint venture company.

Performance and Financial Position of YSIL, YAMIL and YTL is given in Management Discussion & Analysis which forms part of this Annual Report.

The brief details about business of the subsidiaries are as under:

YES Securities (India) Limited (YSIL)

YSIL offers to retail, HNI and corporate customers, a comprehensive range of products and services, encompassing Wealth Broking, Investment Advisory, Investment Banking (including a dedicated Sustainable Investment Banking practice), Merchant Banking, Research and Institutional Equities services. YSIL is a SEBI registered Stock Broker holding membership of National Stock Exchange (NSE), Bombay Stock Exchange (BSE), Multi Commodity Exchange (MCX) & National Commodity & Derivatives Exchange

(NCDEX). YSIL is also a SEBI-registered Category I Merchant Banker, Investment Adviser and Research Analyst.

YES Asset Management (India) Limited (YAMIL) and YES Trustee Limited (YTL)

YAMIL and YTL were incorporated as wholly owned subsidiaries on April 21, 2017 and May 3, 2017, respectively to carry on mutual fund business.

YAMIL was granted an approval by Securities and Exchange Board of India ("SEBI") on July 3, 2018 to act as an Asset Management Company / Investment Manager to YES Mutual Fund.

YAMIL had launched its First Mutual Fund Scheme YES Liquid Fund in January 2019 & further followed by the launch of YES Ultra Short Term Fund and YES Overnight Fund in FY 2020. The average AUM of YAMIL for FY 2019-20 was Rs.748.15 crores.

YTL is acting as a Trustee Company to YES Mutual Fund (YMF). It will provide trusteeship services to all the funds launched by YMF.

The Consolidated Financial Statements of the Bank and its Subsidiaries prepared in accordance with the requirement of Section 129(3) of the Companies Act, 2013 shall be laid before the ensuing AGM and it forms part of this Annual Report.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of Financial Statements of subsidiaries in Form AOC-1 forms part of the Annual Report. The Financial Statements of the subsidiaries of the Bank are available on the website of the Bank (www.yesbank.in). Financials of the Bank and its subsidiaries shall also be available for inspection by members or trustees of the holders of any debentures of the Bank at its Registered office.

INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY

The Bank has implemented adequate procedures and internal controls which provide reasonable assurance regarding reliability of financial reporting and preparation of financial statements. The Bank also ensures that internal controls are operating effectively.

MATERIAL CHANGES AND CoMMITMENT AFFECTING FINANCIAL position of THE BANK

Except as disclosed below there are no material changes and commitments, affecting the financial position of the Bank which has occurred between the end of the financial year of the Bank i.e. March 31, 2020 and the date of the DirectorsRs. Report i.e. June 25, 2020.

uncertainty estimations owing to the global healthcare

CRISIS

During the year, the Bank decided to enhance its Provision Coverage Ratio on its NPA loans over and above the RBI loan level provisioning requirements. This accounted for additional provisions of Rs.154,220 million for the period ended December 31, 2019.

Subsequently, RBI issued guidelines on COVID-19 regulatory package, under which, the Bank granted a moratorium of three months on payment of installments and/or interest, as applicable, due between March 1,2020 and May 31,2020. For such accounts where the moratorium is granted [except advances at IFSC Banking Unit (IBU)], the asset classification remains constant during the period (number of days past-due shall exclude the moratorium for asset classification under income recognition and provisioning norms) and as the asset classification as on March 31, 2020 was retained, based on the overdue status as on February 29, 2020. The RBI further extended the regulatory relief package by three months through a circular dated May 23, 2020. In accordance with regulatory package guidelines, the Bank is offering a three-months moratorium extension on instalment payments, including principal and interest, due between June 1, 2020 to August 31, 2020.

In line with RBI requirements, the Bank holds necessary provisions as at March 31, 2020 against the assets where the asset classification benefit has been extended on account of standstill requirements.

Disclosure under COVID19 Regulatory Package can be referred in the Financial Statement - Notes to Accounts disclosure 18.6.24.

Further, the Bank is closely monitoring the potential impact of COVID on its borrowers and is engaging with them for suitable resolutions and relaxations in line with RBI guidelines.

RATINGS OF VARIOUS DEBT INSTRUMENTS

The Credit Rating and change/revision in the Credit Ratings for various debt instruments issued by the Bank from time to time are provided in the Corporate Governance Report forming part of the Annual Report.

LOANS, GUARANTEES OR INVESTMENTS IN SECURITIES

Pursuant to Section 186(11) of the Companies Act, 2013, loans made, guarantees given or securities provided or acquisition of securities by a Banking company in the ordinary course of its business are exempted from disclosure requirements under Section 134(3) (g) of the Companies Act, 2013.

CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

There were no materially significant transactions with related parties including promoters, directors, key managerial personnel, subsidiaries or relatives of the Directors during the financial year which could lead to a potential conflict with the interest between the Bank and these parties. The details of the transactions with related parties, if any, were placed before the Audit Committee from time to time. There were no material individual transactions with related parties, which were not in the ordinary course of business of the Bank, nor were there any transactions with related parties, which were not on arms length basis. Accordingly, the disclosure in Form AOC-2 is not applicable to the Bank for the year under review. Suitable disclosure as required by the Accounting Standards (AS-18) has been made in the notes to the Financial Statements.

Prior omnibus approval for normal banking transactions is also obtained from the Audit Committee for the related party transactions which are repetitive in nature as well as for the normal banking transactions which cannot be foreseen and accordingly the required disclosures are made to the Committee for their approval.

The policy on materiality of Related Party Transactions and also on dealing with Related Party Transactions as approved by the Audit Committee and the Board of Directors is uploaded on the website of the Bank and can be accessed at https://www. yesbank.in/about-us/corporate-governance.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the year, Mr. Ravinder Kumar Khanna and Ms. Shagun Kapur Gogia were appointed as Additional Directors representing promoters of the Bank w.e.f. April 26, 2019 and subsequently they were appointed as Directors by shareholders at the 15th AGM of the Bank held on June 12, 2019.

Further, at the 15th AGM of the Bank held on June 12, 2019, the shareholders, inter-alia, approved the following:

1. Appointment of Mr. Uttam Prakash Agarwal, Mr. Thai Salas Vijayan, Mr. Maheswar Sahu and Mr. Anil Jaggia as Independent Directors.

2. Re-appointment of Mr. Brahm Dutt for the second term as an Independent Director and Non-executive Part-time Chairman of the Bank.

3. Appointment of Mr. Ravneet Singh Gill as Managing Director & CEO and Key Managerial Personnel of the Bank.

In exercise of powers under Section 36AB of the BR Act, 1949, RBI had appointed Mr. R. Gandhi, Ex- Deputy Governor, RBI as an Additional Director on the Board of the Bank for a period of 2 years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier.

Mr. Ajai Kumar, Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.), and Mr. Uttam Prakash Agarwal tendered their resignations from the directorship of the Bank w.e.f. June 9, 2019, June 10, 2019 and January 10, 2020, respectively.

Supersession of the Board

As already mentioned earlier, RBI in exercise of the powers conferred under 36ACA of the BR Act, in consultation with Central Government, superseded the entire Board of Directors of the Bank consisting of Mr. Brahm Dutt, Mr. Thai Salas Vijayan, Mr. Anil Jaggia, Mr. Maheswar Sahu, Dr. Pratima Sheorey, Mr. Ravinder Kumar Khanna, Ms. Shagun Kapur Gogia, Mr. Subhash Chander Kalia and Mr. Ravneet Singh Gill for a period of 30 days and Shri Prashant Kumar, was appointed as the administrator of the Bank. Accordingly, above-named Directors were ceased to be Directors of the Bank w.e.f. close of business hours on March 05, 2020.

Reconstitution of the Board as per YBL Reconstruction Scheme

Pursuant to the YBL Reconstruction Scheme, nomination made by State Bank of India and Order passed by RBI under BR Act, the new Board of Directors was reconstituted with effect from March 26, 2020 comprising of the following persons:

Directors named under the YBL Reconstruction Scheme:

(i) Mr. Prashant Kumar as Chief Executive Officer and Managing Director;

(ii) Mr. Sunil Mehta, as Non-Executive Chairman;

(iii) Mr. Mahesh Krishnamurti as Non-Executive Director;

(iv) Mr. Atul Bheda as Non-Executive Director;

State Bank of India nominated Directors:

(v) Mr. Partha Pratim Sengupta;

(vi) Mr. Swaminathan Janakiraman

The RBI appointed Additional Directors:

(vii) Mr. R. Gandhi as Additional Director; and

(viii) Mr. Ananth Narayan Gopalakrishnan as Additional Director.

As per the YBL Reconstruction Scheme, the new Board, other than the Additional Directors appointed by RBI, shall hold office for a period of 1 year starting from March 26, 2020 till March 25, 2021 or until an alternate Board is constituted by the Bank, whichever is later.

Additional Directors appointed by RBI shall hold office for a period of two years with effect from March 26, 2020 or until further order from RBI, whichever is earlier.

Key Managerial Personnel

During the year, Mr. Anurag Adlakha was appointed as Chief Financial Officer (Rs.CFORs.) and Key Managerial Personnel w.e.f. August 10, 2019 and Mr. Raj Ahuja ceased to be the CFO and Key Managerial Personnel w.e.f. August 10, 2019 on his assuming the other role in the Bank.

Mr. Ravneet Singh Gill ceased to be MD & CEO and Key Managerial Personnel of the Bank w.e.f. close of business hours on March 5, 2020 pursuant to the RBIRs.s press release No. 2019-2020/2025 dated March 5, 2020. Mr. Prashant Kumar was appointed as MD & CEO w.e.f. March 26, 2020, as per the YBL Reconstruction Scheme. He acted as Administrator of the Bank appointed by RBI for the period from March 06, 2020 to March 25, 2020.

Mr. Shivanand R. Shettigar continued to act as Group Company Secretary and the Key Managerial Personnel of the Bank.

statement on declaration by independent directors

The Bank had received necessary declarations from each of the erstwhile Independent Directors under Section 149(6) and 149(7) of the Companies Act, 2013 and Regulation 16(1)(b) and Regulation 25(8) of the SEBI Listing Regulations, that they meet the criteria of independence laid down thereunder.

However, pursuant to the YBL Reconstruction Scheme through which the new Board was appointed, none of the Directors are designated as Independent Directors. Hence, the Bank is not required to obtain declarations under Section 149(6) and 149(7) of the Companies Act, 2013 and Regulation 16(1)(b) and Regulation 25(8) of the SEBI Listing Regulations.

statement regarding opinion of the board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year

Not Applicable as none of the Directors are designated as Independent Directors.

familiarization programs for independent directors

The programs undertaken for familiarizing the Independent Directors and other NonExecutive Directors are disclosed in detail in the Corporate Governance Report, which forms part of the Annual Report.

number of meetings of the board and ITS various committees

The details of Board meetings held during the year, attendance of Directors at the meetings and constitution of various Committees of the Board are included separately in the Corporate Governance Report, which forms part of the Annual Report.

PERFORMANCE EVALUATION OF THE BOARD

The Bank has laid down criteria for performance evaluation of the Directors including Chairman, MD & CEO, Board Level Committees and Board as a whole as well as the evaluation process for the same, in line with the provisions of the Companies Act, 2013, Listing Regulations and SEBI Guidance Note on the Board Evaluation dated January 5, 2017.

Considering the fact that the erstwhile Board was superseded by RBI from the close of business hours on March 05, 2020 and the new Board was constituted on March 26, 2020, the performance evaluation of the members of the Board, the Board Level Committees and Board as a whole was not carried out for FY 2019-20. Additional information on the Board Evaluation Process forms part of the Report on Corporate Governance.

POLICY ON APPOINTMENT OF DIRECTORS

The Board of Directors of the Bank had formulated and adopted policy on "Board Diversity and Fit & Proper Criteria and Succession Planning" for appointment of Directors on the Board of the Bank and succession planning. The details of the same have been included in the Report on Corporate Governance, forming part of this Annual Report.

REMUNERATION POLICY

The Board of Directors of the Bank had formulated and adopted policies for Remuneration of Employees of the Bank, Remuneration of Directors including the Chairman of the Bank. The details of the same are made available on the Banks website and can be accessed at https://www.yesbank.in/about-us/corporate-governance.

EMPLOYEE REMUNERATION

(a) The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this report. In terms of Section 136 of the Companies Act, 2013, the same is open for inspection during working hours at the Registered Office of the Bank. A copy of this statement may be obtained by the Members by writing to the Company Secretary of the Bank.

(b) The ratio of the remuneration of each Director and employees of the Bank as required under the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure 1 to the Report.

EMPLOYEES STOCK OPTION SCHEME

The Bank has instituted Stock Option Plans to enable its employees to participate in the Banks future growth and financial success. In terms of compensation and benefit policy of the Bank, employees are granted options as part of Annual Performance Review process based on their performance as well as to ensure their retention, and to hire the best talent for its senior management and key positions. The details of Employee Stock Option Schemes and related statutory disclosures are provided in Annexure 2 to this report.

CORPORATE GOVERNANCE

The Bank is committed to follow best Corporate Governance practices and adheres to the Corporate Governance requirements set by the Regulators under the applicable laws/regulations. In line with the foregoing, the Bank has adopted a Code of Corporate Governance which acts as a guide to the Bank and the Board on the best practices in the Corporate Governance.

A separate section on Corporate Governance standards followed by the Bank and the relevant disclosures, as stipulated under Listing Regulations, Companies Act, 2013 and rules made thereunder forms part of the Annual Report.

A Certificate from M/s. Mehta & Mehta, Practicing Company Secretaries, conforming compliance by the Bank to the conditions of Corporate Governance as stipulated under Listing Regulations, is annexed to the Report on Corporate Governance, which forms part of the Annual Report.

VIGIL MECHANISM

In line with the provisions of Listing Regulations, the Companies Act, 2013 and the principles of good governance, the Bank has devised and implemented a vigil mechanism, in the form of Whistle-Blower Policy. The policy devised is also aligned to the recommendations of Protected Disclosure Scheme for Private Sector and Foreign Banks, instituted by RBI. Detailed information on the Vigil Mechanism of the Bank is provided in the Report on the Corporate Governance which forms part of the Annual Report.

CORPORATE SOCIAL RESPONSIBILITY

In compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Bank has constituted Corporate Social Responsibility (CSR) Committee and statutory disclosures with respect to the CSR Committee and Annual Report on CSR Activities forms part of this Report as Annexure 3. The CSR Policy is available on the website of the Bank and can be accessed at https://www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy.

auditors & reports of the auditors

A. statutory Auditors

In terms of RBI Circular Nos DBS.Nos.ARS.BC.8/ 08.91.001/2000-2001 dated January 30, 2001 and DBS.ARS.BC.04/08.91.001/2017-2018 dated July 27, 2017, Statutory Auditors for Private Banks cannot be appointed for more than four years. Accordingly, M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) shall retire at the ensuing Annual General Meeting.

The Directors recommend appointment of M/s M P Chitale & Co., Chartered Accountants (ICAI Firm Registration Number 101851W) as the Statutory Auditors of the Bank for a period of four years from the conclusion of 16th AGM till the conclusion of 20th AGM, at the ensuing AGM and their appointment will be subject to approval by RBI on an annual basis under above-mentioned RBI circulars.

Qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report

The Report given by the Statutory Auditors on the Financial Statements of the Bank for the financial year ended on March 31, 2020 forms part of this Annual Report. The auditors of the Bank have qualified their report to the extent and as mentioned in the AuditorsRs. Report. The qualification in auditorsRs. report and DirectorRs.s response to such qualification are as under:

1. Details of Audit Qualification:

The Bank has breached CET 1 ratio and the tier 1 capital ratio as at March 31, 2020. CET 1 ratio stood at 6.3%.and Tier 1 ratio stood at 6.5 % as compared to the minimum requirements of 7.375% and 8.875% respectively.

Response:

The Banks Capital Adequacy Ratio as at March 31, 2020 was lower than the minimum regulatory requirement primarily due to lower than envisaged capital raise in FY 201920 and higher NPA provision. The Bank had decided, on a prudent basis, to enhance its Provision Coverage Ratio on its NPA loans over and above the RBI loan level provisioning requirements. With the proposed capital infusion in FY 2020-21, internal accretion of capital, expected recoveries of NPA and with selective disbursement of loans to preserve RWA, the Bank expects CET ratio to be comfortably above the minimum regulatory requirement.

2. Details of Audit Qualification:

The Bank became aware in September, 2018 through communication from stock exchanges of an anonymous whistle-blower complaint alleging irregularities in the Banks operations, potential conflicts of interests in relation to the former MD and CEO and allegations of incorrect NPA classification. The Bank conducted an internal enquiry of these allegations, which resulted in a report that was reviewed by the Board of Directors in November, 2018. Based on further inputs and deliberations in December, 2018, the Audit Committee of the Bank engaged an external firm to independently examine the matter. During the year ended March 31, 2020, the Bank identified certain further matters which arose from other independent investigations initiated by the lead banker of a lenders consortium on the companies allegedly favoured by the former MD and CEO. In March 2020, the Enforcement Directorate has launched an investigation into some aspects of dealings and transactions by the former MD and CEO basis draft forensic reports from external agencies which further pointed out to conflict of interest between the former MD and CEO and certain companies and arrested him. In view of the fact that these enquiries and investigations are still ongoing, we are unable to comment on the consequential impact of the above matter on these standalone financial statements.

Response:

The Bank conducted an internal enquiry of these allegations, which was carried out by management and supervised by the Board of Directors. The enquiry resulted in a report that was reviewed by the Board in November, 2018. Based on further inputs and deliberations in December, 2018, the Audit Committee of the Bank engaged an external firm to independently examine the matter. In April, 2019, the Bank had received the phase 1 report from the external firm and based on further review/ deliberations had directed a phase 2 investigation from the said firm. Further, during the quarter ended December 31, 2019, the Bank received forensic reports on certain borrower groups commissioned by other consortium bankers, which gave more information regarding the above mentioned allegations. The Bank at the direction of its Nomination and Remuneration Committee (NRC) obtained an independent legal opinion with respect to these matters. In February, 2020, the Bank has received the final phase 2 report from the said external firm. Meanwhile, in March, 2020, the Enforcement Directorate has launched an investigation into some aspects of transactions of the founder and former MD & CEO and alleged links with certain borrower groups. The ED is investigating allegations of money laundering, fraud and nexus between the founder and former MD & CEO and certain loan transactions. The Bank is in the process of evaluating all of the above reports and concluding if any of the findings have a material impact on financial statements/ processes and require further investigation. The Bank has taken this report to the newly constituted Audit Committee and Board and will progress further action basis the guidance and recommendations.

During the year ended March 31, 2020, the Bank had received various whistleblower complaints against the Banks management, former MD & CEO and certain members of the Board of Directors prior to being superseded by RBI. The NRC, basis investigations conducted by the management has, post its review, concluded that they have no material impact on financial statements.

In January, 2020, the then Chairman of the Audit Committee of the Bank highlighted certain concerns around corporate governance and other operational matters at the Bank. The then Board decided to get this investigated by an independent external firm. A preliminary report has been received by the Board. While most of the allegations are unsubstantiated, the Board has requested the external firm for detailed recommendations highlighting areas where corporate governance can be further strengthened. Also, no offence of fraud was reported by the Auditors of the Bank.

B. Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act, 2013, the Bank had appointed M/s. Mehta & Mehta, Practicing Company Secretaries, Mumbai as its Secretarial Auditors to conduct the secretarial audit of the Bank for the FY 2019-20. The Bank provided all assistance and facilities to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the FY 2019-20 is annexed to this report as Annexure 4.

Observations, reservations or adverse remarks in the Secretarial Audit Report

The Observations of Secretarial Auditor and the response of directors on the same are as follows:

observation No. A: Delay in sending intimation about investor meets to the Exchanges.

Response: All Investors/Analysts meets in respect of which delay in sending intimation has been reported were held on Friday late evening and the intimation for the same were submitted to the exchanges on the next working day i.e. Monday.

observation No. B : The Reserve Bank of India vide its Order dated April 22, 2019 imposed a penalty of Rs.11,25,000 on the Bank under Section 30(1) of the Payment and Settlement Systems Act, 2007 for the violations of provisions of RBI circular on Domestic Money Transfer - Relaxations and Master Direction on Issuance and

Operations of Prepaid Payment Instruments (PPIs) in the arrangement to issue a cobranded open loop prepaid card (YBL-Zipcash card) in partnership with Zipcash Card Services Pvt. Ltd. and the same was paid to RBI on May 7, 2019.

Response: This program was undertaken as a pilot project for digitizing the receivables of OLA Cab drivers by issuing prepaid cards which could be used for meeting day-today operating expenses. As part of this program, 1,885 cards were activated, out of which 1,605 cards were used to undertake a TOTAL of 14,260 transactions (85% usage at Fuel Stations and Toll Plazas). This program was launched in September, 2017, was put on hold in March,2018 and was finally terminated in September, 2018.

Observation No. C: The Bank and Compliance Officer has paid a settlement amount of Rs.51.6 Lakh and Rs.14.45 Lakh respectively, to SEBI for incomplete disclosure of information under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 with respect to the report on Income Recognition, Asset Classification and Provisioning (IRACP) as issued by the Reserve Bank of India for FY 2018.

Response: The Bank and the Compliance Officer had paid a sum of Rs.51.6 Lakh and Rs.14.45 Lakh respectively to settle the adjudication proceedings without admitting or denying the guilt.

Observation No. D: Delay in submission of Quarterly Financial Results for the quarter ended December 31, 2019.

Response: As per the advance intimation given by the Bank to the Stock Exchanges on February 12, 2020, the Bank and its management was deeply engaged with the capital raising exercise which includes extensive work with its investment bankers, legal and accounting advisors, the investors and the independent vendor/legal due diligence commissioned for investors. Given the fact that said capital raising process had the BankRs.s fullest attention, it was decided to publish its unaudited financial results for the quarter and nine ended on March 14, 2020. Accordingly, the unaudited financial results for the quarter and nine months ended on December 31, 2019 were then published on March 14, 2020 and a fine of Rs.5000 per day aggregating to Rs.1,35,000/- + 18% GST i.e. 24,300/- [TOTAL Rs.1,59,300/- (Rupees One Lakh Fifty Nine Thousand Three Hundred Only)] was paid to each of the Stock Exchanges, BSE Limited & National Stock Exchange of India Limited.

MAINTENANCE OF COST RECORDS

Being a Banking Company, the Bank is not required to maintain cost records as per sub-section (1) of Section 148 of the Companies Act, 2013.

BUSINESS RESPONSIBILITY REPORT

As stipulated in Listing Regulations, the Business Responsibility Report describing the initiatives undertaken by the Bank from environmental, social and governance perspective is separately attached as part of the Annual Report.

significant AND material ORDERS PASSED BY REGULATORS

During the year under review, apart from the moratorium issued by Reserve Bank of India and the YBL Reconstruction Scheme, made effective by the Central Government, no other significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and BankRs.s operation in future.

awards AND RECOGNITIONS

• YES BANK has been awarded Rs.Bank of the Year in IndiaRs. at The Banker Awards 2019. The Banker magazine is part of The Financial Times Group, UK and this award is widely regarded as one of the most prestigious awards of the Banking Industry.

• YES BANK has been adjudged Winner, Cyber Security in The BankerRs.s Tech Projects Awards 2019 for successfully introducing and implementing robust security procedures in corporate internet banking.

• YES BANK has been recognized with the Best Bond Adviser (India) and Best Green Bond (India) awards at the Asset Triple A Country Awards 2019. The Bank has won based on the number, size and type of deals, industry spread, impact on capital market, quality of execution, and secondary market performance.

• YES BANK ranked Third among Rs.Top Sell-Side FirmsRs. in Secondary Market INR Corporate Bonds, Third among the Rs.Top Arrangers - InvestorsRs. ChoiceRs. for Primary Issuances INR Corporate Bonds, Third among Rs.Top Investment HousesRs. and Fourth among the Rs.Top Arrangers - InvestorsRs. ChoiceRs. for Primary Issuances INR Government bonds in the Annual Local Currency Bond Investor Survey conducted by The Asset Magazine, Hong Kong.

• YES BANK recognised with the Best Trade Finance Bank in India Awards (5th year in a row) at The Asian Banker Transaction Awards 2019.

• YES BANK won Qimpro Award for Best Improvement Project in Services and Best Quality Fable in Services Category in 2019

• YES BANK recognised as the Best Corporate Trade Finance Deal in India and Best Financial Supply Chain Management in India at The Asian Banker Bankers Choice Awards 2019

• YES BANK recognised with Best Deal South Asia (India) - Transport Deal of the Year, Utility Dealof the Year and Renewable Energy Deal of the Year - Solar (Highly Commended) at The AssetTriple A Asia Infrastructure Awards 2019

• YES BANK has been Ranked No. 1 for exemplary performance in Digital Payments across public, private, foreign, and payment banks in India by Ministry of Electronics & Information Technology(MeitY)

• YES BANK has been selected by Global Finance magazine as The Innovators in Trade Finance and the 25 Best Financial Innovation Labs (YES FINTECH)

• YES BANK recognised with the Best Bank in India for SMEs at Asiamoney Country Awards Hong Kong, 2019

• YES BANK recognised with India Domestic Cash Management, ProjectFinance & Trade Finance Bank of the Year, 2019 at the ABF Wholesale Banking Awards 2019

• YES BANK recognised with SME Bank of the Year - India at ABF Retail Banking Awards 2019

• YES BANK won the CSR Journal Excellence Award for the Best Project in the Health and Sanitation

• YES BANK won the Platinum Award at the Apex India Excellence Award 2019 for its Say YES to Safe and Clean Drinking Water project

• YES BANK won Silver and Bronze at the 8th ACEF Asian Leaders Awards for Excellence in CSR

• CDP has upgraded YES BANKs rating from C (Awareness Band) to A- (Leadership Band). YES BANKs rating surpasses the averages for the Financial Services and the Asia Region, which stand at C YES BANK is also rated A- (Leadership Band) in the 2019 Supplier Engagement Rating by CDP.

• YES BANK was Approved as "Accredited Entity" by the Green Climate Fund (GCF) - one amongst only 11 private banks, globally

• YES BANK was included as a constituent of the FTSE4Good Emerging Index by FTSE Russell. YES BANK is the only Indian Bank to be included in the index for three consecutive years (2017, 2018 and 2019)

DISCLOSURES UNDER GREEN INFRA BONDS

Green Bonds have emerged as a mainstream financing mechanism for providing finance to clean energy and are playing a pivotal role in realization of Indias renewable energy potential. Since the maiden issuance by YES BANK, the Green Bonds market has witnessed a steady growth and is currently pegged at over USD 10 billion. Driven by the commitment of mobilizing USD 5 billion towards climate action by 2020, as taken during Paris Accord, YES BANK has issued three green bonds:

• February, 2015: YES BANK issued India first-ever Green Infrastructure Bonds, raising an amount of Rs.1000 crore. This 10 year tenor bond witnessed strong demand from leading investors including Insurance companies, Pension & Provident Funds, Foreign Portfolio Investors, New Pension Schemes and Mutual Funds.

• August, 2015: YES BANK raised Rs.315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation on a private placement basis which is the first investment by IFC in an Emerging Markets Green Bond issue in the world. The bonds are for a tenor of 10 years. IFC paid for the placement using the proceeds from the first Green Masala Bond program that aimed at raising capital in the offshore rupee market.

• December, 2016: YES BANK raised Rs.330 crore, through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. This was FMOs 1st investment in a Green Bond issued by a bank in India. FMO had paid for the placement using the proceeds from their sustainability bonds issued in 2015.

The amount raised was used to finance Green Infrastructure Projects as per Eligible Projects outlined in the Banks internal guidelines that are in adherence to the Green Bond Principles (GBP). For FY 2019-20, KPMG, India has provided limited assurance on conformity of the use of proceeds, process for evaluation and selection of projects, management of proceeds and reporting of these green bonds to GBP 2018.

The GBP are voluntary guidelines, developed by the International Capital Markets Association, for broad use by the market that recommend transparency and disclosure, and promote integrity in the development of the Green Bond market. They have the following four key components and the bank showcases its adoption below:

• Use of Proceeds: The proceeds raised by the Bank are used in eligible project categories and include all projects funded in whole, or in part, in the fields of renewable and clean energy projects including Wind, Solar, Biomass, Hydropower and other such projects.

• Process for Evaluation and Selection of Eligible Projects: The Banks process starts with interactions with potential borrowers to understand the overall aspects of the project and a preliminary confirmation against the eligibility criteria. The evaluation moves to risk assessment for confirmation of the eligibility, post which further documentation is sought as per the Banks policies and GBP.

• Management of Proceeds: Green Bond allocations to eligible projects are tracked by the Bank through an MIS based asset tagging system. The unallocated proceeds, if any, are placed in liquid instruments.

• Reporting: The Banks communication to investors through an annual update includes:

- List of projects to which proceeds have been allocated to, with brief description including amounts disbursed and installed capacity;

- Summary of Environment and Social (E&S) impacts associated with projects, if any; and

- Information on investment of unallocated proceeds in liquid instruments. Impacts

Through financing solar and wind power plants, these bonds strengthen Indias energy security while reducing fossil fuel dependency. These bonds have been crucial in financing 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 reductions are shared along with project details.

List of projects against which green bonds proceeds have been allocated as on 31st March 2020 is provided below:

Proceeds Utilization* Against Bond Issuance Size of Rs.1,000 Cr (February 2015)

Sr. Project No Location Description TOTAL Fund Based Utilization, Estimated** positive E&S impacts - CO2 Emission Reduction Known significant negative E&S
Rs. Cr (tCO2e / yr) Impacts
1 Maharashtra 31.5 MW wind energy project 107.35 46,248.10 None
2 Madhya Pradesh 12 MW wind energy project 723.55 19,693.39 None
3 Telangana 42 MW solar energy project 3.51 71,589.87 None
4 Karnataka 40 MW solar energy project 165.59 79,379.62 None

Proceeds utilization* Against Bond Issuance size of Rs.330 Cr (December 2016)

Sr. Project No Location Description TOTAL Fund Based Utilization, Rs. Cr Estimated** positive E&S impacts - CO2 Emission Reduction (tCO2 / yr) Known significant negative E&S Impacts
1 Gujarat 30 MW wind energy project 38.17 53,111.88 None
2 Telangana 50 MW solar energy project 79.28 90,990.12 None
3 Rajasthan 300 MW solar energy project 74.45 4,57,256.23 None
4 Rajasthan 200 MW solar energy project 138.10 3,08,954.69 None

* The temporary unallocated proceeds (Rs.315 Cr bond issued in August 2015) have been invested in Government Securities and will be allocated back to eligible projects, when available.

** The TOTAL CO2 emission reduction for individual projects have been calculated based on the methodology outlined in the document Rs.CO2 Baseline Database for the Indian Power Sector User Guide Version 15.0 dated December 2019Rs. (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 assurance statement issued by KPMG India is attached as Annexure 5 to this report.

STATUTORY DISCLOSURES

The disclosures required to be made under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 on the conservation of energy, technology absorption and Foreign exchange earnings and outgo are given as Annexure 6.

ANNUAL RETURN

Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Bank as on March 31, 2020 is uploaded on the website of the Bank and can be accessed at https://www.yesbank.in/about-us/investors- relation/financial-information/annual-reports.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Board of Directors affirm that the Bank has complied with the applicable Secretarial Standards issued by the Institute of Companies Secretaries of India (SS1 and SS2) respectively relating to Meetings of the Board, its Committees and the General Meetings.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

The Bank has Zero tolerance towards any act on the part of any executive which may fall under the ambit of Sexual Harassment at workplace, and is fully committed to uphold and maintain the dignity of every women executive working in the Bank. The Policy regarding Prevention & Prohibition of Sexual Harassment at Workplace provides for protection against sexual harassment of women at workplace and for prevention and redressal of complaints. Also, in its endeavour to spread awareness on the aforementioned policy and ensure compliance by all the executives, the Bank has implemented a plan of action to disseminate the information and train the executives on the policy under the ambit of Gender Respect and Commitment to Equality (GRACE) program.

The Bank has complied with provisions relating to the constitution of Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH).

Number of cases filed and their disposal under Section 22 of the POSH are as follows:

Particulars Numbers
Number of complaints carried forward from last year 2
Number of complaints filed during the financial year 8
Number of complaints disposed of during the financial year 8
Number of complaints pending as on the end of the financial year 2

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, it is hereby confirmed that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the loss of the Bank for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Bank and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors, had laid down internal financial controls to be followed by the Bank and that such internal financial controls are adequate and were operating effectively; and

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

ACKNOWLEDGMENT

The Directors take this opportunity to express their deep and sincere gratitude to the customers of the Bank for their confidence and patronage, as well as to the

Reserve Bank of India, Securities and Exchange Board of India, Government of India, State Bank of India as well as other investor banks who have invested under the YBL Reconstruction Scheme and other Regulatory Authorities for their cooperation, support and guidance. The Directors would like to express a deep sense of appreciation for the commitment shown by the employees in supporting the Bank. The Directors would also like to thank all our valued partners, vendors and stakeholders who have played a significant role in continuing to support the Bank.

   

Yes Bank Ltd Company Background

Sunil MehtaPrashant Kumar
Incorporation Year2003
Registered OfficeYES BANK Tower IFC-2 15th Flr,Senapati Bapat Marg Elphinston
Mumbai,Maharashtra-400013
Telephone91-22-33669000,Managing Director
Fax91-22-24214500
Company SecretaryShivanand R Shettigar
AuditorB S R & Co LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Yes Bank Ltd Company Management

Director NameDirector DesignationYear
R Gandhi Non Executive Director 2020
Ananth Narayan Gopalakrishnan Additional Director 2020
Sunil Mehta Non Executive Chairman 2020
Mahesh Krishnamurti Non Executive Director 2020
Atul Bheda Non Executive Director 2020
Prashant Kumar Managing Director & CEO 2020
V S Radhakrishnan Nominee (SBI) 2020
Shivanand R Shettigar Company Secretary 2020
Ravindra Pandey Nominee (RBI) 2020

Yes Bank Ltd Listing Information

Listing Information
NIFTYJR
CNX500
CNX100
CNX200
NFTPVTBANK
NFTYMC150

Yes Bank Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest/disc on advance/billsRs.00021261.1879
Income on Investments Rs.0004260.9208
Other Interest Rs.000334.1275
Interest on balance with RBI Rs.000210.3677

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