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Yes Bank Ltd

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

NSE BSE
 
SMC down arrow

12.85

-0.15 (-1.15%) Volume 280564

24-Sep-2021 EOD

Prev. Close

13.00

Open Price

13.00

Bid Price (QTY)

12.85(519226)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 13.30 - 12.80

52 wk High/Low 20.75 - 10.50

Key Stats

MARKET CAP (RS CR) 32220.61
P/E 0
BOOK VALUE (RS) 13.3219104
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 0.965327014960257
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%) 51.56
4

News & Announcements

22-Sep-2021

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

22-Sep-2021

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

20-Sep-2021

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

17-Sep-2021

Yes Bank Ltd leads losers in 'A' group

27-Aug-2021

Yes Bank receives affirmation in long term issuer rating

14-Jul-2021

Yes Bank to hold AGM

13-Jul-2021

Yes Bank to announce Quarterly Result

10-Jun-2021

Yes Bank shifts registered office

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 2930352282 11.70
Total Institutions 11801275949 47.10
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1805804979 7.21
Total Promoters 0 0.00
Total Public & others 8517472771 34.00
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,

Well into the second year as Chairman of the Board of a redefined YES BANK, I thank you for your invaluable support to the Bank’s journey of transformation. Over the past year, the Bank has accomplished one of the most significant balancing acts in Indian banking history – successfully forging the transformation from a very precarious situation in March 2020, into an organization truly motivated and ready to deliver value to all its stakeholders. This extraordinary journey of completely reinventing the Bank, was done in parallel to the continuance of unusual circumstances and unknown risks induced by COVID-19, which has left no portion of our shared existence unaffected.

The transformation journey

The Bank in its transformational journey has made significant changes bringing in clear responsibility and accountability at multiple levels across the organization. Having committed to responsible banking and social engagement last year, your Bank has, as promised dealt with all legacy governance, compliance and risk issues with dexterity and alacrity.

In addition, the Bank has focused on building and reinforcing the foundation for high quality sustainable growth. It has successfully delivered a very robust liabilities momentum with 55% growth in deposits over previous year. This reflects very encouraging customer confidence across all segments.

Over the last year, the Bank focused on creating a more granular franchise with balanced earnings mix between wholesale and retail, monetized new businesses through digital innovation – while conforming to the highest standards of risk management, compliance and governance. I am delighted to share that in FY21, the Bank recorded 9.06 billion UPI transactions, a 102% growth over previous year, thereby positioning the Bank as a clear market leader in the banking industry.

I especially feel proud of each and every YES BANKer, who stepped up, putting in their best through these very difficult times, to help the Bank cross various key milestones of success. At this critical hour, with the Black Swan event of COVID-19 extending into 2021, I express my unreserved regard and gratitude, for the immeasurable contribution of essential service providers and many other nameless heroes who are working tirelessly for the collective well-being of the nation.

With unflagging commitment, YES BANK has also paved its way through this daunting situation, steadily and surely. After a historic Reconstruction Scheme executed in March 2020 by the Reserve Bank of India

(RBI) and a consortium of investing banks, YES BANK undertook a systemic overhaul, putting in place a significantly more robust corporate governance model with extensive changes across organization, processes and business strategy. Building on the three pillars of transparency, commitment and accountability, the Bank has laid a strong foundation for inclusive and sustainable growth.

Operating performance

I am happy to report that over the past year we have witnessed a strong resurgence in our operating performance. The operating profit for FY21 increased by 42% over previous year. We have strengthened the Bank’s position on our specific strategic priorities capital, cost, liquidity, stressed assets and governance. YES BANK saw its credit profile improve further this year with rating upgrades from multiple institutions. The upgrade from Moody’s and other domestic rating agencies, following our successful FPO of INR 15,000 crore reflected the Bank’s improving business fundamentals in 2020 itself.

On the asset quality front, our legacy stressed book has shrunk, and the Bank is well provided for with a provision coverage ratio (PCR) of 79%. The management, prudently accelerated the provisioning on incremental slippages in FY21, to prevent carrying forward provisioning requirements into FY22. On the back of this, the Bank posted an overall loss for FY2021, even as it maintained a profit run with sequential gains through the first three quarters of FY21. Importantly, capital ratios of the Bank remain healthy, which will enable the Bank to tap into growth opportunities in FY22 in line with its stated objectives. The Bank’s CRAR and CET1 ratios stand at 17.5% and 11.2% respectively as against 8.5% and 6.3% last year.

Economy and business: The road ahead

The Indian economy contracted by 7.3% in FY21 and was expected to clock a double-digit growth in FY22 before the second COVID-19 wave necessitated localized lockdowns once again. While this will push back the recovery to an extent, the economy is expected to return to a more normal and robust growth path with continued policy support from monetary authorities and the government. It would be equally prudent to prepare for possible weaker consumer sentiment in FY22. The economy will face some pressure to support adversely impacted unorganized, rural, MSME and contact intensive service sectors, amongst others. Given the consequent impact on jobs, rising input costs and supply side constraints, the Reserve Bank of India is expected to keep a watchful eye and monitor inflation trends on the back of domestic supply constraints and higher global oil prices. For now, the RBI is expected to lean towards boosting growth and hence persist with easy monetary policy.

Discretionary consumption could be affected as consumers, wary of a possible third wave, would prefer to build up on precautionary savings. A possible saving grace for the economy for FY22, will be a large budgeted capital expenditure of the Central Government, expected to unleash a multiplier effect on the economy. This will ultimately crowd in private investments and help revive the job market.

Even as challenges remain, the circumstances are likely to have created fresh opportunities for the banking sector. COVID-19 has no doubt enhanced the digital footprint in all areas of life – human interaction, e-commerce, education and also remote working. Businesses are encountering a shakeout. I am confident they will adapt to a changed landscape and seize new opportunities that emerge out of this fast evolving technological and risk transformation, changes in social structure and consumer behavior, unpredictable market dynamics and volatile economic cycles. Given this backdrop, YES BANK continues to strengthen its strategic foresight and be future ready.

Poised for growth

At YES BANK, we continue to closely monitor the current macro-economic scenario and I believe that our coordinated efforts, together with stakeholders’ support, will enable us to deliver our commitment to customers and communities. We fully recognize new and challenging risks as they move from ‘Known Unknowns’ to ‘Unknown Unknowns’. The risk culture in the Bank will adapt accordingly.

The effort in the past year has been to build granular retail business and MSME advance book with customer-centric product launches. A strong foundation has been laid for the Retail franchise over the last few years, and the Bank is future ready for growth, enabled by product and service differentiation, and a focus on quality customers, cross-sell, the right people skill sets, technology and compliance. New customer acquisition was strong in H2FY21 with the Bank opening 4,77,000 CASA accounts and lifetime best retail asset disbursals at INR 15,000 crore and this should continue into FY22.

Even the SME business showed strong traction with H2FY21 disbursals in excess of INR 8,000 crore.

Business and digital transformation

Granularized growth of our retail franchise continues to be a core part of our growth strategy, driven by our pan-India branch network and leveraging our digital capabilities. The Bank is focused on calibrated cash flow-based growth in high quality retail and select MSME sectors, developing viable ecosystems in these growth sectors. In the corporate segment, our aim would be to expand in select asset light sectors with differentiated offerings.

As we progress further on our transformational journey, the Bank is well placed to deal with turbulent events and technological disruptions to traditional banking business models by fintech players. Over the last twelve months, we have digitized our key asset and deposit journeys to build segmented and personalized ‘digital first propositions’. With customers at the center of our actions, a major pillar of our retail strategy is to strengthen our customer service with greater empathy, care as well as imbibing technology led innovations to enhance our digital self-serve models. Our ‘Loan in Seconds’ platform, front-end automation initiatives viz. YES Robot, CRM platform YES Genie, have resulted in lower turnaround time along with higher productivity. We had 75%+ accounts digitally opened in Q4FY21. To provide our customers with a personalized banking experience, catering to their needs, we are looking at transforming our data and analytics thereby deepening our analytics expertise. The Bank has recruited ~300 profiles with technology, product, digital or analytics background to strengthen our digital leadership.

In the wholesale banking space, the focus would be on granular, cash flow backed business to leverage digital or transaction backed relationships with fintech and e-commerce partners. A crucial area of our growth strategy is to fortify our digital distribution capabilities in the transaction banking space through curated fintech partnerships. Transaction banking will develop digital distribution via partnership with fintech companies to reach out to new customers. Key pillars of the wholesale banking strategy would be around sector-specific lending opportunities with a focus on new customer onboarding, deepening product penetration and cross-sell, liability growth and focus on agency banking, digital investments and knowledge sector driven relationship management, while maintaining the highest standards of governance and risk management. YES BANK is also targeting selective presence in the infrastructure lending space such as roads, ports, renewables and transmission, cement and metals that are likely to get a boost from enhanced government expenditure. Rural India will continue to be key in propelling the country’s economic growth. The transformed YES BANK fully recognizes its role and business opportunities in serving Bharat. The Bank will place significant thrust on identifying emerging rural markets to increase value growth and drive profitability. It will fully serve its rural customers by deepening its branch presence in rural regions and strategically partnering with technology providers for co-origination and cross sell of retail and SME assets, insurance, securities and wealth offerings.

The Bank has already covered some distance towards its goal of a long-term frugal, sustainable cost culture, with projects focused on price reductions through bottom-up assessment and zero-based budgeting of various spends.

Environmental, Social and Governance (ESG) Goals

The Bank recognizes that sustainable growth is inextricably linked with environmental sustainability and social development, and therefore, continues to strategically integrate ESG considerations into its core business strategy. By strengthening its frameworks for addressing environmental and social risks & impacts of its lending activity, operations and supply chain, the Bank continues to align more closely with global Sustainable Development Goals. The Bank is also committed to aligning its business to the Paris Climate Agreement’s goal of limiting global temperature rise to 1.5 degrees Celsius, starting with definitive actions towards measuring its financed emissions and aligning its electricity sector exposure, to the global 1.5-degree decarbonization pathway. The Bank also achieved a 5% reduction in the carbon emission intensity of its operations in FY21 as compared to the previous year. As it continues to work with stakeholders across the spectrum to share knowledge and accelerate action towards sustainable finance, biodiversity conservation, and climate resilience, the Bank will continue to make comprehensive, voluntary disclosures on how it embeds sustainability into its operations and governance structures.

Having embraced a dynamic business model adaptable to external realities, I am hopeful that our endeavors to strengthen the Bank’s technological architecture to better cater to our customers will enable value creation for all YES BANK stakeholders. Retaining our focus on fulfilling our fiduciary responsibilities to shareholders, employees and the regulator, the Bank is committed to improving the quality of governance and ensuring effective risk management practices which benefit all stakeholders. These efforts are being undertaken towards building a more transparent, more agile and more customer-friendly YES BANK.

I believe that with the past behind us, the way ahead lies in leveraging the unique learnings of last year to stay resilient and responsive, and continuing to persevere in fulfilling the aspirations and expectations of our customers.

Our gratitude

Once again, I take this opportunity to thank our valued customers, regulators, investors and our other stakeholders, with special mention of SBI and other investors who invested as part of the Reconstruction Scheme for standing with YES BANK and continuing to repose faith in the organization’s vision and leadership.

I am thankful to my Board colleagues for their wise guidance and valuable inputs in establishing highest standards of governance, as we navigated through this period of transformation. The Bank would not have reached here without the unwavering commitment and loyalty displayed to this institution by over 21,000

YES BANKers. The Bank is indebted to their families who also bore the brunt of the prevailing situation since last year. I remain grateful for your unwavering support and continued confidence inYES BANK. I wish good health and prosperity for everyone. Thank You!

Best Regards,

Sunil Mehta

Chairman

YES BANK

   

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,

Your Directors are pleased to present the Seventeenth Annual Report on the business and operations of the Bank together with the audited financial statements (standalone as well as consolidated) for the financial year ended March 31, 2021.

BUSINESS OVERVIEW

FY 2020-21 was the first year of the new journey of YES Bank under the new management post the Yes Bank Limited Reconstruction Scheme, 2020 (‘Scheme") which was implemented in March 2020. The new Board and management were entrusted with the responsibility of rebuilding the institution which had seen a sharp drop in deposits, customer trust and also had to face the consequences of the pandemic. The Bank had embarked on a transformation journey to emerge as a re-energized, recapitalized and recalibrated organization, by leveraging on a unique opportunity to learn from past challenges and become stronger, while continuing to fulfill its unwavering commitment towards its customers and stakeholders. The steps the Bank took included constant dialogue and deliberations with the regulators to timely resolve outstanding issues (for e.g. Special Liquidity Facilities from the Reserve Bank of India (RBI) as per requirement, de-classification of erstwhile Promoters with due regulatory approvals etc.), revamp of the Governance and Controls structure, identification and deep-diving into the quality of the loan book to recognize and provision for stress transparently and pro-actively, empowering and reinforcing trust and faith amongst the 21,000+ strong workforce to work as one team again to rebuild the Bank in the face of the full blown impact of a Global Pandemic. These initiatives and efforts were critical to win investor community; and the resounding success of the FPO (one of the largest public capital raises sound, in the history of Indian Capital markets) is a strong endorsement of stakeholder belief in the Bank’s management, business plan and strategy. The confidence of stakeholders has not only been seen through the improving financial performance of the Bank during the last year, but also through external validation in the form of Credit Rating upgrades, successful client win-backs and acquisition strategy, re-inclusion of the stock in marquee indices and increase in FII shareholding amongst others. The Bank also undertook multiple initiatives to stabilize the Bank’s operations in the wake of COVID-19, while at the same slowly and selectively launching tailored propositions for its customers.

Deepened customer relationship and wallet share for existing Bank customers, while focusing on attractive tailored propositions for new customers such as the newly launched Yes Premia program and Loan in Seconds Online and Corporate

Improved existing customer offering Net banking platforms by making them more user friendly

Enhanced digital customer sales and servicing model and enable remote interactions for key processes such as the launch of video KYC for account opening, WhatsApp Banking, remote payment service for merchants

Kickstarted and/or implemented many key initiatives in customer personalization using Chatbots, data analytics, innovation in Cloud platforms, intelligent automation through robotics etc.

The Bank also launched a massive brand building campaign "Zimmedari se Tayyari" which has traction and has been listed amongst the Top 10 ads on YouTube by ET gainedsignificant Brand Equity.

The Bank continued its effortstowards building a stronger retail franchise with contribution of retail advances compared to total advances, increased to ~30 % in FY 2020-21 compared to 24% in FY 2019-20. Digitisation remains the Bank’s key pillar to grow the Retail, MSME and the Transaction Banking business. The Corporate advances have also started to pick up with focus on working capital financing to high rated corporates. The Bank believes that the legacy corporate stress has been adequately provided for in FY 2020-21. The Bank has significant presence within the new-age payments space with the highest market share of ~40.6% in UPI transactions (by volume) in FY 2020-21.

STATE OF THE AFFAIRS OF THE BANK

FY 2020-21 was a crucial milestone for the Bank in its onward journey, as the Bank battles the social and economic impact of COVID-19 on its operating model and simultaneously re-invents itself into the confidence of the Bank’s stakeholders and organization stronger, redefined . The Bank’s fundamentals continue to be strong and the Bank well capitalized, well governed institution, with has emerged from the crisisasa financially customer centricity and digital at the heart of its strategy. The Bank remains focused on its priorities and looks to continue this momentum onwards and upwards so that it is able to deliver on its strategic objectives while creating superior value for all its stakeholders.

Key near term strategic objectives that the Bank has achieved and will further strengthen:

1. Rebuild capital, liabilities and liquidity buffers

2. Cost optimisation

3. Stronger governance and underwriting frameworks

4. Focused stressed assets resolution

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% by FY23 and ROA>1.5% by FY25

BUSINESS OUTLOOK

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

Infrastructure and growth push by the Government to provide the right impetus for a sustainable credit opportunity in the economy

Market share improvement for banks with strong parentage

Enhanced usage of digital as a key enabler in customer experience

Structural shift in household savings from physical to financial assets

FINANCIAL PERFORMANCE (STANDALONE)

(Rs. in million)

Particulars April 1, 2020 to March 31, 2021 April 1, 2019 to March 31, 2020 Change
Deposits 1,629,466.42 1,053,639.43 575,826.99
Borrowings 639,490.85 1,137,905.03 (498,414.18)
Advances 1,668,929.94 1,714,432.94 (45,503.00)
Total Assets/Liabilities 2,735,427.65 2,578,269.23 157,158.43
Net Interest Income 74,286.02 68,052.31 6,233.70
Non Interest Income 33,407.21 34,414.94 (1,007.73)
Operating 49,773.07 35,175.14 14,597.93
Provisions and Contingencies 97,123.81 327,584.34 (230,460.53)
Profit before Tax (47,350.74) (292,409.20) 245,058.46
Provision for taxes (12,728.47) (65,259.44) 52,530.97
Net Profit/(Loss) from Ordinary Activities after tax (34,622.27) (227,149.76) 192,527.49
Extraordinary income (net of tax)- Tier 1 write down - 62,969.45 (62,969.45)
NET PROFIT (34,622.27) (164,180.31) 129,558.04

(Rs. in million)

Particulars April 1, 2020 to March 31, 2021 April 1, 2019 to March 31, 2020 Change
Add: Surplus/(Deficit) brought forward from last period (68,973.88) 107,595.60 (176,569.48)
Amount available for appropriation (103,596.15) (56,584.71) (47,011.43)
Appropriations
Statutory Reserve under section 17 of the Banking Regulation Act, 1949 - - -
Capital Reserve 4,969.76 6,655.51 (1,685.75)
Investment Reserve 153.70 147.23 6.47
Investment Fluctuation Reserve - - -
Dividend and Dividend Tax paid - 5,586.43 (5,586.43)
Surplus carried to Balance Sheet (108,719.60) (68,973.88) (39,745.73)
Key Performance Indicators (excluding Tier 1 write down
Net Interest Margin 2.8% 2.2%
Return on Annual Average Assets -1.30% -7.11%
Return on Equity -11.42% -113.13%
Cost to Income Ratio 53.78% 65.67%

Your Bank posted Net Loss of Rs.34,622.27 million in FY 2020-21 as compared to a loss of Rs.164,180.31 million for FY 2019-20 mainly due to higher provisioning. Net Interest income (NII) of the Bank increased by 9.2% to Rs.74,286.02 million during FY 2020-21 as compared to Rs.68,052.31 million during FY 2019-20. The Net Interest Margin (NIM) was 2.8% in FY 2020-21. Your Bank posted a healthy operating profit growth of 41.5% toRs.49,773.07 million. Appropriations from the Net Profit have been effected as per the table given above. 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 Reserve Bank of India (‘RBI’) through circular dated April 22, 2021 allowed banks to pay dividend on equity shares from the profits for the financial year ended March 31, 2021, subject to the quantum of dividend being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in the paragraph 4 of the RBI circular dated May 4, 2005. However, during FY 2021, the Bank has reported a loss and as consequence to that the Bank has not declared any dividend.

The RBI, vide notification dated December 4, 2020, stated that in view of the ongoing stress and heightened uncertainty on account of COVID-19, the banks should continue to conserve capital to support the economy and absorb losses. The notification also stated that in order to further strengthen the banks’ balance sheets, while at the same time support lending to the real economy, banks shall not make any dividend payment on equity shares from the profits pertaining to the financial year ended March 31, 2020.

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

TRANSFER TO RESERVES

As per requirement of RBI regulations, the Bank has transferred the following amounts to various reserves during Financial Year ended March 31, 2021:

Amount transferred to Rs. million
Statutory Reserve (The Bank incurred a net loss of Rs.34,622.27 million in FY 2020-21) -
Capital Reserve 4,969.76
Investment Reserve 153.70

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, during the FY 2020-21, the Bank has transferred to the credit of the Investor Education and Protection Fund (‘IEPF’) administered by the Central Government, 29,797 number of equity shares and unpaid dividend amount of Rs.1,366,140.00, which had remained unclaimed/ unpaid for a period of seven (7) consecutive years.

CAPITAL RAISING & CAPITAL ADEQUACY RATIO (CAR)

During FY 2020-21 the Bank has successfully completed capital raising of Rs.150,000.00 million by way of Further Public Offering (‘FPO’) by issue and allotment of 12,504,433,750 equity shares of face value of Rs.2 each at a price of Rs.12 per Equity Share for cash (discount of Rs.1 per Equity Share was offered for employee reservation portion).

The Issue was made through book building process in accordance with regulation 129(1) of the SEBI ICDR Regulations.

The Bank has not issued any equity shares with differentialvoti ng rights during the year. During the year under review, the Bank has not issued any shares pursuant to the exercise of stock options.

Movement in Share Capital

(Rs. in million)

Share Capital As at March 31, 2021 As at March 31, 2020
Opening Share Capital 25,100.94 4,630.07
Addition due to exercise of Stock Option - 8.76
Addition due to shares issued for QIP/FPO 25,008.87 462.11
Addition due to shares issued under Reconstruction scheme - 20,000.00
Closing Share Capital 50,109.81 25,100.94

With the above capital raise, Capital Adequacy Ratio of your Bank significantly improved to 17.5% as at March 31, 2021 as compared to 8.5% as at March 31, 2020. CET-1 ratio comfortable stood at 11.2%, Tier I Capital Ratio at 11.3% and Tier II Capital Ratio was 6.2% as at March 31, 2021.

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 Bank’s 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 Bank’s 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 Bank’s 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. Risk Management comprises units such as Enterprise Risk, Credit Risk Policy Unit, Market Risk, Operational Risk, Legal Risk, Information Security, Portfolio Analytics Unit, Retail, SME & Rural Policy Unit and Portfolio Management Unit which are responsible for independent review, monitoring and reporting of all risk control parameters and taking appropriate corrective actions where necessary. These units also ensure compliance to internal policies and regulatory guidelines.

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

Compliance: The Compliance unit is responsible for tracking implementation of all regulatory circulars/communication, review of new products & processes from regulatory perspective, conducting compliance reviews to ensure adherence to regulatory guidelines and monitoring significant deficiencies (if any)progress pointed rectification out of by regulators in inspection reports as well as implementation of recommendations made therein. This ensures that the overall Compliance Risk of the Bank is managed and mitigated.

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 and other regulatory reports such as Cash Transaction Report, Cross Border Wire Transfer Report, Not for Profit Organisation Transaction report etc 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 Bank’s 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, the Audit Committee, senior management and regulators regarding the effectiveness of the Bank’s 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 Bank’s 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 Risk Appetite Statement 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, Group Risk Management Policy, Model Risk & Governance Policy, Risk Based Pricing Policy, Stress Testing Policy, etc. which establish the Risk Appetite Framework within the overall Risk Appetite Statement.

The Board has put in place four Board level Committees which inter-alia pertain to Risk Management, viz. Risk Management Committee (RMC), Audit Committee (AC), Fraud, Willful Defaulters and Non Co-operative 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 and Model Assessment Committee

3. Management Credit Committee

4. Executive Credit Committee

5. Asset & Liability Management Committee

6. Operational Risk Management Committee

7. Standing Committee on Customer Service

8. Fraud & Suspicious Transaction Monitoring Committee

9. Committee for Classification oper of Willful Defaulters & Non Co- ative Borrowers

10. Accountability Review Committee

11. Whistle Blower, Disciplinary and Internal Committee

12. Steering Committee for IFRS (Ind AS)

13. Product Process Approval Committee

14. IT Steering Committee

15. Security Council

16. Stressed Asset Monitoring Committee

17. Sustainability Council

18. Fraud Investigation Committee

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-a-vis Risk Limits and Risk Appetite, Risk Profile dashboard covering key risk indicators, etc. are presented to these Committees, with periodic trends highlighted along with level and direction of risk. The Bank also conducts a detailed Internal Capital Adequacy Assessment Policy (‘ICAAP’) review exercise to identify its Risk universe, review its Risk appetite in line with its business strategy as well as assess its internal controls and mitigation measures in place for the risks and capital requirements. The ICAAP document is approved by the RMC and the Board.

Additionally, in line with best Risk Governance practices, the Bank has segregated credit underwriting and risk management verticals. The underwriting vertical consisting of Credit Units is headed by the Chief Credit Officer (CCO) and the risk controls and policy vertical consisting of various independent control units is headed by the Chief Risk Officer 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 RBI’s annual supervisory process in their notes to accounts to the financial statements, wherever either or both of the following conditions are satisfied:

(a) the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and period and

(b) the additional Gross NPAs identified by RBI exceed 15 per cent of the published incremental Gross NPAs for the reference period. Based on the above, no disclosure on divergence in asset classification and provisioning for NPAs is required with respect to RBI’s annual supervisory process for FY 2019-20.

Disclosure on Complaints

The Bank became aware in September 2018 through communications from stock exchanges of anonymous whistleblower complaints alleging irregularities in the Bank’s operations, potential conflict of interest of the founder / former MD & CEO and allegations of incorrect NPA classification. 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. In February 2020, the Bank has received the final phase 2 report from the said external firm. The Bank has taken this report to the Audit Committee. As advised by the Audit Committee, the Bank has reviewed and carried out (CRO). The CRO reports to the Risk Management remediation actions across areas of process, design, policy and control related issues highlighted in the report including conducting forensic audits for few of the identified borrower accounts. The forensic audits for remaining accounts are in the process. Basis guidance from the ACB during the year, further action has been taken and a comprehensive note was put up to the Board on January 15, 2021 for closure of the report. The Board expressed satisfaction with the review carried out and approved the closure of the review of the anonymous complaints received by the Bank in September / December 2018. Exposure to such borrower accounts are recognized as NPA and commensurately provided. Further, the Bank received forensic audit reports on certain borrower groups commissioned by other consortium bankers, which gave more information regarding the above mentioned allegations and has filed complaints with the law enforcement agencies. Also, Law Enforcement Agencies (LEAs) - the Enforcement Directorate (ED), the Central Bureau of Investigations (CBI) and the Serious Fraud Investigation Office (SFIO) have launched investigations into some aspects of transactions of the founder / former MD & CEO, and alleged links with certain borrower groups. LEAs are investigating allegations of money laundering, fraud and nexus between the founder / former MD & CEO and certain loan transactions. The investigation continues to be carried out by the various law enforcement agencies. There are no claims made by any whistleblower or other parties against the Bank in this matter. The Bank does not foresee any substantial financial impact on the Bank arising out of these investigations.

SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on March 31, 2021, 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)

YES Securities (India) Limited (YSIL) offers 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) & YES Trustee Limited (YTL)

YES Asset Management (India) Limited (YAMIL) and YES Trustee Limited (YTL) were incorporated as wholly owned subsidiaries on April 21, 2017 and May 3, 2017, respectively to carry on mutual fund business. decrease in global and On August 21, 2020, YBL entered into a definitive agreement to sell its 100% stake in YAMIL and YTL to GPL Finance and Investments Ltd ("Purchaser"). White Oak Investment Management Pvt Ltd. owns 99% of the Purchaser. The ultimate beneficial owner of the Purchaser is Mr. Prashant Khemka who owns 99.99% of the White Oak Investment Management Pvt Ltd. The transaction is expected to be completed in FY 2021-22.

YAMIL currently has 3 schemes and the average AUM for FY 2020-21 was Rs.95.04 crores. 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 Bank and its subsidiaries shall also be available for inspection by members or trustees of the holders of any debentures/bonds of the Bank atits Registered office.

INTERNAL FINANCIAL CONTROL 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, 2021 and the date of the Directors’ Report i.e. June 10, 2021.

UNCERTAINTY ESTIMATIONS OWING TO THE GLOBAL HEALTHCARE CRISIS

The SARS-CoV-2 virus responsible for COVID-19 started spreading across the globe and India in March 2020, which has contributed to a significant economic marketsand activities significant . Due to outbreak of the COVID-19 pandemic, the country had witnessed lockdowns across India, imposed by the Indian government from March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to significant number of COVID-19 implemented in areas with cases. The current second wave of Covid-19 pandemic, where the number of new cases has increased significantly in India, has resulted in re-imposition of localised/regional lockdown measures in various parts of the country. RBI issued guidelines on COVID-19 Regulatory Packages under which, the Bank granted a moratorium of three months (further extended by three months) on the payment of all instalments and / or interest, as applicable, falling due between March 1, 2020 and August 31, 2020. For all such accounts where the moratorium was granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and Provisioning norms) has been retained based on the overdue status as at February 29, 2020.

The Supreme Court, in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), through its interim order dated September 3, 2020 had directed that accounts which were not declared as NPA till August 31, 2020 shall not be declared as NPA till further orders. Accordingly, the Bank did not classify any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020. The Bank had made contingency provision of Rs.2,683 crore till December 31, 2020. The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon’ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. Further in accordance with the instructions in paragraph 5 of the RBI circular dated April 07, 2021 issued in this connection, the Bank has classified such borrower accounts as per the extant IRAC norms with effectfrom September 1, 2020 and utilised the above contingency provisions towards provision on these accounts.

Refer Financial Statement 18.5.1 and Notes to Accounts disclosure 18.6.24 for offeringsunder COVID package in line with the extant regulatory guidelines and Disclosure under COVID19 Regulatory Package. 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 financialyear 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 at arm’s 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/pdf/policies_pdf6.

DIRECTORS & KEY MANAGERIAL PERSONNEL

During the FY 2020-21, Mr. Partha Pratim Sengupta and Mr. Swaminathan Janakiraman, Non-Executive Directors, nominated by State Bank of India resigned from the directorship of the Bank w.e.f. July 24, 2020 and October 28, 2020 respectively. In place of resigned directors, Mr. Vadalur Subramanian Radhakrishnan and Mr. Ravindra Pandey were appointed as SBI Nominee Directors on the Board of the Bank w.e.f. July 31, 2020 and November 3, 2020 respectively. Their nomination on the Board will be valid till such period as per the Scheme or January 31, 2023 and June 30, 2022, respectively. As you are aware, pursuant to the Yes Bank Reconstruction Scheme, 2020 ("Scheme") nomination made by State Bank of India and Order passed by RBI under Banking Regulation Act, 1949 (BR Act) the new Board of Directors was constituted with effect from March 26, 2020. As per the Scheme, the members of the Board, other than the additional directors (appointed by RBI u/s 36AB of BR Act), shall continue in office for a period of one year, or until an alternate Board is constituted by reconstructed bank in accordance with the procedure laid down in its memorandum and articles of association, whichever is later. Accordingly, necessary process has already been initiated by the Bank for identifying directors with appropriate skill sets and expertise on the Board of the Bank for constitution of the alternate Board. The appointment of directors will be subject to required approvals, including approval of the members.

Key Managerial Personnel

During the year, Mr. Niranjan Banodkar was appointed as Chief Financial Officer (‘CFO’) and Key Managerial Personnel w.e.f. January 1, 2021 in place of Mr. Anurag Adlakha CFO and Key Managerial Personnel who has assumed the role of Chief Human Resources Officer (‘CHRO’) of the Bank. Mr. Prashant Kumar continues to be the MD & CEO of the Bank as per the Scheme notified Ministry of Finance, Government of India under Notification No. G.S.R. 174(E) dated March 13, 2020. Mr. Shivanand Shettigar continued to act as Company Secretary and the Key Managerial Personnel.

STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to the 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 Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’). However, given the present composition of the Board, wherein presently there are three Non-Executive Directors viz. Mr. Sunil Mehta, Mr. Mahesh Krishnamurti and Mr. Atul Bheda, appointed pursuant to the Scheme, not holding any substantial interest in the share capital nor having any pecuniary relationship with the Bank and meets the criteria of independence, accordingly necessary declarations were obtained from them, confirming that they meetthe criteria of independence.

STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE (INCLUDING THE PROFICIENCY) OF THE INDEPENDENT DIRECTORS APPOINTED DURING THE YEAR

None of the Directors appointed under the Scheme are designated as Independent Directors, therefore the statement regarding opinion of the board with regard to integrity, expertise and experience (including the proficiency) of the independent directors is not applicable.

FAMILIARIZATION PROGRAMS FOR INDEPENDENT DIRECTORS

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

NUMBER OF MEETINGS OF THE BOARD AND IT’S VARIOUSby the COMMITTEE

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, Managing Director & 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. The present Board of Directors of the Bank was constituted in accordance with the Scheme, wherein two Board Members are the Additional Directors appointed by the RBI pursuant to Section 36AB of Banking Regulation Act, 1949. As per the RBI letter No. DoR.PSBD.No.325/16.05.004/ 2020-21 dated August 24, 2020, Additional Directors appointed by RBI are not subject to performance evaluation. Given the present composition of the Board under the Scheme, the Bank was not required to mandatorily comply with the stipulated procedure of Performance Evaluation for FY 2020-21. However, as a matter of good governance, the Board decided for carrying out the Performance Evaluation of the Directors, excluding the Additional Directors appointed by RBI, for the Financial Year 2020-21, in an appropriate manner.

Accordingly, the process for carrying out the performance evaluation of the members of the Board, the Board Level Committees and the Board as a whole was initiated by the Bank post completion of FY 2020-21 and the Board of Directors had deliberations and also had informal interactions in this regard. The performance evaluation process would be completed in due course.

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 Bank’s website and can be accessed at https://www.yesbank.in/ pdf/board_kmp_sr_mgmt_remuneration_policy_pdf. from M/s. Bhandari & Associates, Practicing

EMPLOYEE REMUNERATION

(a) The statement containing particulars of employees as required under Section 197(12) 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 would be available for inspection during working hours at the Registered Office of the Bank till the date of Annual General Meeting. A copy of this 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 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

Your Bank has instituted Stock Option Plans to enable its employees to participate in your Bank’s 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 Employee Stock Option Scheme was amended as approved by the members of the Bank at the previous annual general meeting held on September 10, 2020 and the Stock Exchanges i.e National Stock Exchange and BSE Limited have granted necessary approval for such amendment on November 24, 2020 and January 06, 2021 respectively. 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.

Company Secretaries, conforming compliance ACertificate 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. of the

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 statement 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 Section 139 of the Companies Act, 2013, M/s M P Chitale & Co., Chartered Accountants (ICAI Firm Registration Number 101851W), were appointed as statutory auditors of the Bank for a period of four years from the conclusion of 16th AGM till the conclusion of 20th AGM of the Bank, subject to the annual approval of the Reserve Bank of India (RBI). Further, in terms of the RBI Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs) dated April 27, 2021, in order to protect the independence of the auditors/audit firms, to appoint the SCAs/SAs for a continuous period of three years, subject to the firms satisfying the eligibility norms each year. Further, the audit firms which have already completed tenure of 1 year with any entity may be permitted to complete the balance tenure only, i.e. 2 years and for Entities with asset size of Rs.15,000 crore and above as at the end of previous year, the statutory audit should be conducted under joint audit of a minimum of two audit firms [Partnership firms/Limited Liability Partnerships (LLPs)].

Thus in terms of the aforesaid RBI Guidelines, M/s M P Chitale & Co., Chartered Accountants Firm Registration Number 101851W) will be eligible to hold office only up to the 19 th AGM subject to fulfillment of eligibility norms on an annual basis.

Accordingly, the Board of Directors has recommended to RBI the 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 two years from the conclusion of 17th AGM till the conclusion of 19th AGM, at the ensuing AGM and their appointment will be subject to approval by RBI on an annual basis under above-mentioned RBI circulars.

Further the Board of Directors has recommended to RBI names of seven Audit firms in the order of preference, wherein M/s. Chokshi & Chokshi LLP, Chartered Accountants, (ICAI Firm Registration No. 101872W /W100045), as the first preference for appointment as Joint Statutory Auditors of the Bank, for a period of three years from the conclusion of 17th AGM till the conclusion of the 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 year ended on March 31, 2021 forms part of this Annual Report. The auditors of the Company have given an unmodified opinion as mentioned in the Auditors’ Report.

The audit report for the Financial Year ended March 2020 was qualified related to Going Concern. The opinion was predicted on significant decline in Bank’s deposit base, credit downgrades resulting in partial prepayment of foreign currency debt linked to external credit rating, breaches in liquidity ratios and RBI mandated Capital ratios.

During the current year, the Bank raised capital of Rs.150,000 million through FPO in July 2020.

As a consequence, Bank’s capital ratio stands at 17.5% as on March 31, 2021 as against a minimum requirement of 10.875%. Further, Bank has increased its deposit position by 54.7% to Rs.1,629,466 million while also improving the LCR well in excess of the minimum regulatory thresholds. entitieswill have Given the capital raise, reinforced capital buffers, strong growth in deposit base, the Banks’ compliance with regulatory ratios and expanding customer and branch network, the audit report for FY 2020-21 is not modified. 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, M/s. Bhandari & Associates, Practicing Company (ICAISecretaries, Mumbai were appointed as Secretarial Auditors of the Bank to conduct the secretarial audit for the FY 2020-21. The Bank provided all assistance and facilities to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the FY 2020-21 is annexed to this report as Annexure 4. There are no observations, reservations or adverse remarks in the Secretarial Audit Report.

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, no significant and material or tribunals impacting the going concern status and Bank’s operation in future.

DISCLOSURES UNDER GREEN INFRA BONDS

Green Bonds have emerged as a mainstream financing mechanism for providing structured finances to vital clean energy and are playing a pivotal role in realization of India’s 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: The Bank issued India’s first-ever Green Infrastructure Bonds, raising an amount of INR 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: The Bank raised INR 315 crore through the issue of Green Infrastructure Bonds to International Finance Corporation ("IFC") 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: The Bank has raised INR 330 crore, through an issue of a 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis. This is FMO’s 1st investment in a Green Bond issued by a bank in India. FMO has 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 Bank’s internal guidelines that are in adherence to the Green Bond Principles (GBP). For FY 2020-21, 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 of renewable and clean energy include all projects funded in whole, or in part, in the fields projects including Wind, Solar, Biomass, Hydropower and other such projects.

Process for Evaluation and Selection of Eligible Projects: The Bank’s 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 Bank’s 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 bank’s communication to investors through an annual update includes:

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

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

• Information on investment of unallocated proceeds in liquid instruments

Impacts

Through financing solar and wind power plants, these bonds strengthen India’s 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 emission reductions are shared along with project details. energy generation. Estimated CO2

List of projects against which green bonds proceeds have been allocated as on 31st March, 2021 is provided below:

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

Project Location Description Total Fund Based Utilization, INR Cr Estimated** positive E&S impacts - CO2 Emission Reduction (tCO2e / yr) Known significant negative E&S Impacts
1 Maharashtra 31.5 MW wind energy project 97.46 45,910.90 None
2 Telangana 42 MW solar energy project 120.23 66,312.86 None
3 Karnataka 40 MW solar energy project 141.31 79,736.44 None

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

Project Location Description Total Fund Based Utilization, INR Cr Estimated** positive E&S impacts - CO2 Emission Reduction (tCO2e / yr) Known significant negative E&S Impacts
4 Telangana 48 MW solar energy project 42.70 81,224.12 None
5 Madhya Pradesh 92 MW wind energy project 117.64 1,69,921.78 None
6 Rajasthan 50.4 MW wind energy project 86.04 1,00,045.59 None
7 Madhya Pradesh 27.3 MW wind energy project 43.62 55,660.26 None
8 Madhya Pradesh 29.4 MW wind energy project 75.49 59,941.82 None
9 Telangana 50 MW solar energy project 152.23 97,124.75 None
10 Telangana 3.26 MW rooftop solar installation across 9 locations 6.96 3678.54 None
11 Maharashtra 15 MW wind energy project 25.72 27,778.75 None
12 Maharashtra 10 MW wind energy project 21.44 19,424.95 None
13 Gujarat 8.75 MW wind energy project 46.02 16,996.83 None
14 Maharashtra 9 MW wind energy project 12.57 17,482.45 None
15 Andhra Pradesh & Rajasthan 105 MW & 50.4 MW wind energy project 10.57 3,01,863.72 None

Proceeds Utilization* Against Bond Issuance Size of INR 330 Cr (December 2016)

Project Location Description Total Fund Based Utilization, INR Cr Estimated** positive E&S impacts - CO2 Emission Reduction (tCO2e / yr) Known significant negative E&S Impacts
1 Gujarat 30 MW wind energy project 35.79 59,337.09 None
2 Rajasthan 300 MW solar energy project 71.74 4,62,361.56 None
3 Madhya Pradesh 66 MW wind energy project 202.25 1,32,824.17 None
4 Maharashtra 6.25 MW wind energy project 10.00 9,397.51 None
5 Karnataka 9.6 MW wind energy project 10.15 9825.94 None
6 Andhra Pradesh 100 MW wind energy project 0.07 1,59,500.33 None

* The temporary unallocated proceeds (INR 315 Cr of bond issued in August 2015) have been invested in Government Securities. In bilateral discussion with investor for allocation to eligible projects.

** The total CO2 emission reduction for individual projects have been calculated based on the methodology outlined in the document ‘CO2 Baseline Database for the Indian Power Sector User Guide Version 15.0 dated December 2019’ (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 Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Company has placed a copy of the Annual Return as at March 31, 2021 on its website 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 the under Section 22 of POSH is as follows:

Particulars No. of Complaints
Number of complaints carried forward from last year 2
Number of complaints filed during the financial year 10
Number of complaints disposed of during the financial year 11
Number of complaints pending as on theendofthefinancialyear 1

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 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 y ear 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 tively; 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

Your 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, and other Regulatory Authorities for their cooperation, support and guidance. Your 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.

For and on behalf of the Board of Directors
YES BANK LIMITED
Prashant Kumar Sunil Mehta
Place: Mumbai Managing Director & CEO Chairman
Date: June 10, 2021 (DIN No: 07562475) (DIN No: 00065343)

   

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
AuditorM P Chitale & Co/Chokshi & Chokshi 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 2021
Ananth Narayan Gopalakrishnan Non Executive Director 2021
Sunil Mehta Chairman (Non-Executive) 2021
Mahesh Krishnamurti Non Executive Director 2021
Atul Bheda Non Executive Director 2021
Prashant Kumar Managing Director & CEO 2021
V S Radhakrishnan Nominee (SBI) 2021
Shivanand R Shettigar Company Secretary 2021
Ravindra Pandey Nominee (RBI) 2021
Rekha Murthy Non Executive Director 2021
Atul Malik Non Executive Director 2021

Yes Bank Ltd Listing Information

Listing Information
NIFTYJR
CNX500
BSEMID
CNX100
CNX200
BSEALLCAP
BSEFINANCE
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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