YES BANK AR 2018-19 Deluxe PDF

AWARDS AND RECOGNITIONS
Awards and Recognitions
Product Innovation
of the Year’ Award Best New Bond
1st Indian Bank
India
International Finance to join
Corporation’s The Asset Triple A
Natural Capital
(IFC Washington’s) Country Awards
Coalition
Global SME Finance 2018
Awards
Global winner - SME Bank of the Year – Golden Peacock

Payments India Award For
‘Technology Project Asian Banking & Sustainability’ – 2018
Awards-2018’, Finance Retail Banking Golden Peacock
by The Banker Awards Award
Only Indian bank to Winner for outstanding Best Bank in India for
be selected in performance in Instant Small and
DJSI Emerging Payment Products Medium-Sized
Markets National Payments Enterprises (SMEs)’
4th year in a row Excellence Awards (NPCI) Asiamoney Best Bank
(2015-2018) 2017 Awards 2018
Selected in Best Implementation of

Digital Payments’
FTSE4Good CSR Excellence Award award
Emerging Index
Apex India Awards BW Businessworld
for the second
Digital India Summit &
consecutive year
Awards 2018
‘Best Bank in India’ for Payments, Blockchain Initiative,

API Initiative, Financial Supply chain Management Deal, Winner ‘Safe Drinking
Trade Finance Deal, Automation Application and Water’ category
Trade Finance Social Footprints
The Asian Banker Transaction Banking Awards 2018 Awards 2018
BANKING RE-IMAGINED
In its 15 years tenure, YES BANK has evolved into a national champion in areas across innovation, governance,
inclusion and financial excellence. As India’s first and only Greenfield Bank, YES BANK has now successfully
emerged as one of the top brands of the country. A pivotal focus area of the Bank continues to be its
A.R.T (Alliances & Relationships with underlying Technology) and Future Now philosophies, key to YES BANK’s
ongoing growth. The Bank will continue to leverage its leadership in technology-driven innovation, knowledge
banking, responsible banking ethos and skilled human capital to pave the way for a new era in the ‘Future of Banking’.
Contents
02-15 184-303
CORPORATE OVERVIEW FINANCIAL STATEMENTS
YES BANK at a glance 2 Standalone Financial Statements
Banking Re-Imagined 3 Independent Auditor’s Report 185
Financial Highlights 4 Balance Sheet 194
Message from the Chairman 6 Profit and Loss Account 195
Managing Director & CEO’s Communique 8 Cash Flow Statement 196
Non-Executive Chairpersons 12 Schedules 198
Past Managing Director & CEO 12
Board of Directors 13 Consolidated Financial Statements
Management Team 14 Independent Auditor’s Report 258
Balance Sheet 268
16-67 Profit and Loss Account
Cash Flow Statement
269
270
SUSTAINABILITY REVIEW Schedules 272
Form AOC - 1 & Disclosures under Basel III 303
Sustainability Disclosures 17
Annual Business Responsibility 58
Report (ABRR)
68-183
STATUTORY REPORTS
Management Discussion and Analysis 69
Directors’ Report 99
Report on Corporate Governance 131
View our Annual Report online

We provide our annual report
online, which allows us to
reduce the amount of paper
we print and distribute.
At YES BANK, our
differentiation
begins with a single
word – YES.
YES BANK, India’s fourth largest private sector YES BANK has a pan-India presence
bank is a high quality, customer centric, service across all 29 states and 7 Union
driven Bank catering to the Future Businesses Territories in India with a footprint of
of India. Since inception in 2004, YES BANK
has grown into a ‘Full Service Commercial
Bank’ providing complete range of products,
1,120
Branches
1,450+
ATMs
services and digital offerings, catering to
corporate, MSME & retail customers. YES BANK
operates its Investment banking, Merchant
banking & Brokerage businesses through
YES SECURITIES and its Mutual Fund business
including an IBU at GIFT City, and a
through YES Asset Management (India) Limited,
Representative Office in Abu Dhabi.
both wholly-owned subsidiaries of the Bank.
VISION
YES BANK is committed

to its vision of ‘Building
India’s Finest Quality
Large Bank of the World
in India’ having evolved
its organizational ethos
into the ‘Professionals’
Bank of India’.
2 Banking Re-Imagined
BANKING
RE-IMAGINED
Everything begins with an idea – Earl Nightingale.

YES BANK’s started with a vision of building a
world-class bank in India from ground zero, assembled
brick-by-brick by a robust team of highly trained
professionals, catering to the dreams of New India.
Commencing in 2004, the journey has been truly technology and attractive demographic factors
remarkable for India’s first and only Greenfield Bank, cuts across the value chain and impacts the way
YES BANK. In its lifecycle, the Bank has grown banks conduct their businesses. Given the speed
manifold from being the largest small private sector of technology driven disruptions in the Banking
bank in 2010 to being the largest medium sized sector, the Bank had identified early on, the need
private sector bank in 2015 to one of the fastest to transform and therefore re-imagine banking
growing large banks in 2018 in a fairly short span altogether for this new, connected world by offering
of eight years. a slew of new-age services to customers. YES BANK
has taken extensive strides towards broadening
Under the aegis of the Bank’s astute, tireless and horizons and inching closer towards using data
dynamic leadership, the Bank has built a vibrant, engineering and data science by increasingly
aspirational and highly successful brand. The Bank using tools like predictive analytics to offer focused
has striven hard to be ahead of the curve, creating services to the customers.
simple solutions and a robust ecosystem for clients to
maximize their business potential and improve quality With technology touching every aspect in our
of lives for the masses, especially around financial lives, the Bank remains steadfast in ensuring
inclusion, civic betterment and technologically a re-imagined and reinvigorated
empowering businesses. transformation journey.
YES BANK, now in its teen years, believes Therefore, the Bank’s transition into the most
that it has the spirit, character and vision to crucial period in its growth phase will now be
evolve into a national champion that would powered by Future Ready initiatives that the Bank
define industry standards across innovation, has been meticulously building for the last decade
governance, inclusion and financial excellence. or so through the A.R.T (Alliances & Relationships
with underlying Technology) and Future Now
No other sector of the economy is as interdependent philosophies.
as banking is and the Bank understands the need
to, in the new world, restore, renew and rebuild As the Bank moves forward, Digital and technology
relationships with the entire ecosystem. driven innovation, Knowledge Banking, Responsible
Banking and a focus on Future Ready Human Capital
In ways more than one, the future of banking has – values that have held the Bank in good stead over
arrived and at present the industry is going through the years, will continue to be its growth engines and
its ‘uber moment’. The influx of superior edge help steer the Bank in its large phase of growth.
Annual Report 2018-19 3

Financial Highlights
TOTAL ASSETS (` in Crore) ADVANCES (` in Crore) DEPOSITS (` in Crore)
2019 3,80,826 2019 2,41,500 2019 2,27,610

2018 3,12,446 2018 2,03,534 2018 2,00,738
2017 2,15,060 2017 1,32,263 2017 1,42,874
2016 1,65,263 2016 98,210 2016 1,11,720
2015 1,36,170 2015 75,550 2015 91,176
2014 1,09,016 2014 55,633 2014 74,192
5 year CAGR 28.4% 5 year CAGR 34.1% 5 year CAGR 25.1%

Healthy momentum sustained in More than 40% contribution to Deposits growth faster
Balance sheet growth incremental growth from Retail than the industry
CASA RATIO (In %) SHAREHOLDERS FUNDS (` in Crore) CAPITAL ADEQUACY RATIO (In %)
2019 33.1% 2019 26,904 2019 16.5%

2018 36.5% 2018 25,758 2018 18.4%
2017 36.3% 2017 22,054 2017 17.0%
2016 28.1% 2016 13,787 2016 16.5%
2015 23.1% 2015 11,680 2015 15.6%
2014 22.0% 2014 7,122 2014 14.4%
5 year CAGR 35.7% 5 year CAGR 30.5%

CASA CAGR of >35% - higher than Internal accruals - 5 year CAGR,
Balance sheet and deposit growth higher than Balance sheet growth
GROSS NPA (In %) NET NPA (In %)
2019 3.22% 2019 1.86%

2018 1.28% 2018 0.64%
2017 1.52% 2017 0.81%
2016 0.76% 2016 0.29%
2015 0.41% 2015 0.12%
2014 0.31% 2014 0.05%
Corporate Sustainability Statutory Financial
Overview Review Reports Statements
NET INTEREST INCOME (` in Crore) NON INTEREST INCOME (` in Crore) NET PROFIT (` in Crore)
2019 9,809 2019 4,590 2019 1,720

2018 7,737 2018 5,224 2018 4,225
2017 5,797 2017 4,157 2017 3,330
2016 4,567 2016 2,712 2016 2,539
2015 3,488 2015 2,046 2015 2,005
2014 2,716 2014 1,722 2014 1,618
5 year CAGR 29.3% 5 year CAGR 21.7%

NII Growth on back of Healthy growth across transactional FY2018-19 Net Profit Impacted by
growth in Advances Corporate, Trade, CMS and contingent provisioning
Granular Retail Fees
NET INTEREST MARGIN (In %) COST TO INCOME RATIO (In %) BASIC EARNINGS PER SHARE (`)
2019 3.2% 2019 43.5% 2019 7.4

2018 3.5% 2018 40.2% 2018 18.4
2017 3.4% 2017 41.4% 2017 15.8
2016 3.4% 2016 40.9% 2016 12.1
2015 3.2% 2015 41.3% 2015 9.9
2014 2.9% 2014 39.4% 2014 9.0
FY 2018-19 Core NIMs stable; headline Sustained investments in Branches,

impacted by interest reversals from NPA People and Technology
RETURN ON ANNUAL
AVERAGE ASSETS (In %) RETURN ON EQUITY (In %)
2019 0.5% 2019 6.5%

2018 1.6% 2018 17.7%
2017 1.8% 2017 21.5%
2016 1.7% 2016 19.9%
2015 1.6% 2015 19.0%
2014 1.6% 2014 25.0%
Adjusted RoA for FY 2018-19 at 0.9% Adjusted RoE for FY 2018-19 at 11.4%
prior to taking into consideration prior to taking into consideration
contingent provisioning contingent provisioning

Message from the Chairman
FY 2019-20 will be the year when

DEAR SHAREHOLDERS, India’s strong domestic fundamentals
The global economic indicators remain largely favorable and will insulate it from a global environment
while growth is moderating, this offers a great opportunity for fraught with uncertainty and volatility.
economies to boost human capital, increase opportunities for The overall economic outlook is positive.
investments, and promote trade integration. India is in a state of consolidation with
strong transitional undercurrents at various
cross sections of the economy. It has
peaked in the BFSI sector and the health
of the sector & the economy are expected
to only better post the progressive
changes taking place.
The year 2018 was a year of heavy

lifting for the Banking sector
with the sector undergoing major
transformational changes.
In order to support the growth in the

economy, the banking sector is set to
keep pace with it with renewed vigour.
Regulatory measures such as the creation
of critical institutional architecture in the
form of Central Repository of Information
on Large Credits (CRILC), Insolvency and
Bankruptcy Code (IBC) and the National
Company Law Tribunal (NCLT), has started
to deliver on asset quality resolution, with
unprecedented speed in judgments seen
in FY 2018-19. With strong economic
fundamentals, changes in the regulatory
climate and transformational technologies
more accessible and, powerful than ever
before, there is possibly no better time than
now for revival of the sector.
In YES BANK’s 15 years of institutional Bank comprises of 12 Directors, including

excellence, the Bank has strategically 7 Independent Directors, strengthening the
evolved into a digitally savvy Bank Bank’s governance commitment.
and incorporated technology in its
everyday operations. The Bank has Mr. Rana Kapoor demitted the office of
successfully adopted the mantra of Managing Director and CEO of the Bank
collaboration and co-creation with w.e.f. February 1, 2019. I appreciate the
Fintech startups for its technology contribution of Mr. Rana Kapoor for his
led innovations. leadership with active support, guidance,
direction and supervision of the Board
With investments in robust digital of Directors, due to which the Bank has
ecosystems such as Payments, API, AEPS & grown to become the Fourth largest
Blockchain technologies through long-term Private sector Bank with Total Assets
partnerships, YES BANK is poised to be the exceeding `3.80 lakh crore. The Bank,
cutting edge Digital Bank in India. over the last 15 years of performance, has
a demonstrated track record of consistent
The Bank continued to receive accolades delivery of business & financial outcomes
from prestigious national and international across all critical parameters such as capital
bodies for its exemplary performance adequacy, profitability, steady growth etc.
on multiple parameters encompassing
Business outcomes, Sustainability, During the period from February 01, 2019
Innovation, Technology and Human to February 28, 2019, Mr. Ajai Kumar held
Capital among others. charge as interim Managing Director & CEO
of the Bank. I appreciate the contribution
During the year under review, the Board of made by him during his tenure.
Directors continued to extensively engage
with the top and Senior Management Mr. Ravneet Gill took charge as Managing
leaders of the Bank during various Board/ Director and CEO of the Bank from March 1,
committee meetings. Such engagements 2019. With an inspiring past and strong
have provided the Board with an present, I am sure the Bank will continue its
opportunity to understand the strength stellar performance towards the next phase
and depth of the Bank’s leadership and of growth in ‘Building the Finest Quality
guide them further to ensure long-term Large Bank of the World in India’ under the
sustenance of business strategy. new leadership.
During the year, there have been some

changes at the Board level of the Bank.
The Board of Directors represents
seasoned leaders with proven credentials,
and represents critical Committees on
BRAHM DUTT
the Board in accordance with their areas
Chairman
of expertise. The current Board of the

Managing Director &
CEO’s Communique
DEAR SHAREHOLDERS, Over the last year, the economic and

business landscape has undergone
I am delighted to engage with you for the first time in my role as substantial changes, some of which are still
MD & CEO of YES BANK and, on behalf of the institution, take gradually unfolding.
this opportunity to thank you for your support which is a matter
of great strength for us. For the Indian economy, the global
economic and financial market impact
was profound in the first half of 2018-19.
The country was confronted with the
cumulative impact of a strengthening
US Dollar and rising crude oil prices until
early October 2018. This resulted in a
sharp adjustment in Rupee amidst volatile
trading in emerging market currencies.
To ward off inflationary risks, the Monetary
Policy Committee of the Reserve Bank
of India (RBI) hiked the benchmark repo
rate by a total of 50 basis points between
June and August 2018, while also
shifting its policy stance to ‘calibrated
tightening’ from ‘neutral’. However, these
negative externalities started receding
thereafter with escalating concerns on
global economic growth and geopolitical
interventions helping to provide a backstop
to the external contagion from turbulence
in currency and commodity markets.
This created the backdrop for the RBI to
change its monetary policy course back to
neutral (aided by deflationary conditions
in food items) in February 2019, followed
by a cumulative 50 basis point cut in the
repo rate by April 2019. With retail inflation
expected to stay within RBI’s mandated
target of 4% for the third consecutive year
in 2019-20, I expect the central bank to
opt for further incremental monetary and
liquidity easing.
A calibrated domestic policy easing would The combination of GST and Digitization
be a sine qua non for guarding against has started ushering in the desirable drive
the cyclical slowdown in global economic of ‘Formalization through Financialization’
growth (amplified by the uncertainty of the economy and opens up exciting
on global trade protectionism), besides opportunities for digital forays.
providing a source of support to sectors
(like Automobile, Housing, Consumer Bank based payments and settlements
Durables, etc.) that came under some have doubled in the last five years. With the
communicable stress from tightening of advent of the JAM (Jan Dhan, Aadhar, and
liquidity and financing conditions for the Mobile) Trinity, financial transactions will
NBFC (Non-Banking Financial Companies) undergo a paradigm shift in coming years.
sector in the third quarter of 2018-19 and A case in point is the recent announcement
which caused a fair degree of disruption in of transfer payment by the central and
domestic financial markets. few state governments to support the
rural economy. The present dispensation
is completely different from earlier policy
Evolving Economic efforts of supporting rural demand as
Microstructure this would predominantly involve cash
Meanwhile, the microstructure of the transfers via designated bank accounts.
Indian economy continues to evolve with Overtime, the combination of Jan Dhan,
noticeable and transformational changes, MUDRA, and such government transfer
in some cases. At a broader level, India has payments would help in inculcating and
leapfrogged to secure a rank of 77 in World nurturing banking behaviour.
Bank’s Doing Business Assessment Report,
from 100 earlier, thereby making it one of Juxtaposed against this evolving trend is
the fastest improvers globally on the metric the rise in millennials, who are fast moving,
of ‘ease of doing business’. Further, the IBC digital savvy, and highly aspirational.
(Insolvency and Bankruptcy Code) and the YES BANK has demonstrated organizational
GST (Goods and Services tax) have started agility in catering to such diverse and
to transform the ‘way of doing business’ evolving banking requirements.
in India by altering the incentive structures
and bringing about a paradigm shift in Together with India Stack and cutting
commercial and economic behaviour of all edge innovations from fintechs, your
key stakeholders. Bank has ushered in an irreversible
transformation of banking and
financial industry in terms of customer
Opportunities and Challenges experience and overall productivity.
From a banking perspective, the
landscape is getting intensive and At a macro level, the risk of global trade
exciting. With the balance between war and Brexit presents risks, many of
creditor and debtor being restored which are hard to quantify at this stage,
by the IBC framework, unlocking of which need careful and prompt responses
stuck investments has already started from policymakers. At a micro level, the
witnessing a churn. banks will constantly need to assess the

risk-reward structure, and manage market, You’ll be pleased to learn that the building
credit, technology and operational risks in blocks for the execution of this strategy
a fast changing environment. I would like to are already in place and monetising it does
assure you this has the highest attention of not entail a long build out phase or large
the senior leadership team of the Bank. investment. This will bolster our earnings
with a growing base of diversified, annuity
revenues and add to the solidity of our
Staying Ahead businesses and make us more meaningful
As you are aware, the Bank has undergone to our growing universe of clients. We have
a leadership transition. However, it is most every reason to feel most optimistic
gratifying to observe that the YES BANK about the future.
brand remains a trusted name and partner –
owing mainly to the trust that our customers While challenges exist, the growth
& stakeholders have reposed. We are opportunity for financial services
thankful for this privilege and stand deeply remains most compelling. And it is my
committed to restoring, renewing and strong belief that we are well poised
rebuilding our relationships with the passion to harness the same.
that has been the hallmark of this young &
dynamic institution. With your continued support, I am fully
confident that we can accomplish the
My colleagues and I deeply appreciate the ambitious goals that we set for ourselves
steadfast support of all our shareholders and come to be recognised as not just
who stood by us and hope you continue a successful, leading bank, but also as
to do so as we embark upon an exciting, one of the country’s most admired and
transformational and inspiring new ascent. valuable companies.
The key tenets of this phase of our journey
shall be the following:
▲▲ Create a more granular franchise and
a balanced earnings mix between
wholesale & retail
▲▲ Strong & sustained liabilities RAVNEET GILL
growth focus Managing Director & CEO
▲▲ Build & monetise new businesses
through digital innovation
▲▲ Conform to the highest standards of risk
management, compliance & governance
▲▲ Reinforce commitment to responsible
banking & social engagement
Non-Executive Chairpersons
MR. BRAHM DUTT MR. ASHOK CHAWLA MR. M. R. SRINIVASAN

(From January 11, 2019 – (From October 30, 2016 – (From June 27, 2013 –
till present) November 14, 2018) June 26, 2014)
MS. RADHA SINGH MR. S. L. KAPUR LATE MR. ASHOK KAPUR

(From October 30, 2014 – (From January 2009 – (From September, 2004 –
October 29, 2016) April 2012) November 2008)
Past Managing Director & CEO
MR. AJAI KUMAR MR. RANA KAPOOR

(From February 1, 2019 – (From September 1, 2004 –
February 28, 2019) January 31, 2019)
Board of Directors
MR. BRAHM DUTT MR. AJAI KUMAR MR. ANIL JAGGIA

Non-Executive Chairman Non-Executive Non Additional Director (Independent)
(w.e.f. January 11, 2019) Independent Director (w.e.f. January 24, 2019)
MR. MAHESWAR SAHU LT. GENERAL (DR.) MUKESH DR. PRATIMA SHEOREY
Additional Director (Independent) SABHARWAL (RETD.) Independent Director
(w.e.f. January 24, 2019) Independent Director
MR. RAVINDER KUMAR KHANNA MS. SHAGUN KAPUR GOGIA MR. SUBHASH
Additional Director (Non-Executive Additional Director (Non-Executive CHANDER KALIA
Non Independent) Non Independent) Non-Executive Non Independent
(w.e.f. April 26, 2019) (w.e.f. April 26, 2019) Director
MR. THAI SALAS VIJAYAN MR. UTTAM PRAKASH MR. RAVNEET GILL
Additional Director (Independent) AGARWAL Managing Director & CEO
(w.e.f. December 3, 2018) Additional Director (Independent) (w.e.f. March 1, 2019)
(w.e.f. November 14, 2018)

Management Team
AJAY RAJAN AMIT SUREKA AMIT KUMAR AMIT SANAN

Group President Group President Group President Group President
ANUP PUROHIT ARUN AGRAWAL ASEEM GANDHI ASHISH AGARWAL

Group President Senior Group President Group President Senior Group President
ASIT OBEROI DEODUTTA KURANE DEVAMALYA DEY JYOTI PRASAD RATHO

Senior Group President Senior Group President Senior Group President Group President
KAPIL JUNEJA KUMAR LATA PILLAI NAMITA VIKAS

Group President PADHMANABHAN Group President Group President
Senior Group President
NEERAJ DHAWAN
NIKHIL SAHNI NIRAV DALAL PARAG PUNIT MALIK

Group President Senior Group President GORAKSHAKAR Senior Group President
R. RAVICHANDER RAJ AHUJA RAJAN PENTAL RAJAT MONGA

Group President Senior Group President Senior Group President Senior Group President
RITESH PAI SANJAY NAMBIAR SANJIV MISRA SHUBHADA RAO

Group President Group President Group President Group President
SUMIT GUPTA VINEET DHAR VINOD BAHETY SHIVANAND

Senior Group President Group President Senior Group President SHETTIGAR
Group President and
Company Secretary

SUSTAINABILITY
REVIEW
Sustainability Disclosures 17
Annual Business Responsibility Report (ABRR) 58
YES BANK’s Triple Bottom Line Approach
Ever since its inception, YES BANK has focused on creating approach to positively impact its stakeholders and
shared value, through its Responsible Banking ethos, in augment the institutional excellence, achieved over the
line with its vision of building the 'Finest Quality Large years. Since FY 2015-16, the Bank has adopted the
Bank of the World in India'. Over the years, the Bank is Integrated Reporting framework of the International
aligning its core strategy to the Sustainable Development Integrated Reporting Council (IIRC), enabling it to disclose
Goals (SDGs), weaving sustainability principles into its its value creation strategy, through resources and
business processes. The Bank endeavors to design relationships that get used and affected by it. These are
innovative and sustainable pathways towards holistic collectively referred to as ‘the capitals’ and comprise of (a)
value creation. financial capital, (b) manufactured capital, (c) intellectual
capital, (d) human capital, (e) social & relationship capital
The Bank strives to address developmental challenges and (f) natural capital. Capitals are stocks of value that
through accelerated innovation by action along economic, increase, decrease or transform through activities
environmental and social priorities. and outputs of the Bank. The report also explains how
YES BANK interacts with the external environment and
YES BANK shares a consolidated view of its performance the capitals to create value over the short, medium
on economic, environmental, and social parameters and long term.
through this report. The report also shares the Bank’s
Manufactured Capital Financial Capital
Intellectual Capital Human Capital
Social & Relationship

Capital
Natural Capital

Business Overview
YES BANK'S VALUE CREATION STRATEGY
4
1 6
2
Manufactured Financial Human

Capital Capital Capital
Tangible and intangible Funds available with the Bank Employees’ competencies,
infrastructure, including IT through customer deposits, knowledge & experience, and
assets share equity and market debt training programs
Indicators Indicators Indicators

FY 2017-18 FY 2017-18 FY 2017-18
1,100 branches Net Profit: `4,226 crore Total employees: 18,238
1,724 ATMs Balance Sheet size: Training hours: 728,605
`312,446 crore
BoP outreach: 21 lakh families
FY 2018-19 FY 2018-19 FY 2018-19

1,120 branches Net Profit: `1,720 crore Total employees: 21,136
1,456 ATMs Balance Sheet size: Training hours: 709,174
`380,826 crore
BoP outreach: 25 lakh families
1
4 5
2
3
Development and upkeep of YES SCHOOL OF BANKING: Forged ties with national and
1 branches, NOCs
2 capacity building 3 global thought leaders
5 Cs Engagement model: Culture, Developed thought pieces aimed
Career, Communication, at positively impacting industry
Connect & Care and policy
ajor consumption of natural

M Responsible Banking ethos
4 5 6 Drive business performance
resources Unique scalable & sustainable
projects
5
3
Intellectual Natural Social &

Capital Capital Relationship
Capital
Collective knowledge, Natural resources used by the Relationships the Bank creates
research, thought leadership, bank for its operations and and fosters with its customers,
brand management and financing for natural resource regulators, suppliers and
intellectual property preservation and climate risk community at large
mitigation
Indicators Indicators Indicators
FY 2017-18 FY 2017-18 FY 2017-18
57 advisory mandates – FASAR Specific Emissions: YES COMMUNITY:
1.79 CO2e per FTE 3.2 million+ lives
Clean energy exposure: Access to safe & clean drinking
1,264.96 MW water: 40 million+ lives
Sustainable MSMEs: 28,454
workers trained
FY 2018-19 FY 2018-19 FY 2018-19

64 advisory mandates – FASAR Specific Emissions: YES COMMUNITY:
1.59 CO2e per FTE 0.235 million lives
Clean energy exposure: 2,705 Access to safe & clean drinking
MW water: 35 million lives
Sustainable MSMEs: 37,555
workers trained
6 7
1 A ‘Digical – Digital + Physical’ infrastructure approach to achieve scale 2 Drives business performance
Manage supply-chain & procurement practices to improve efficiencies
and lower costs
3 Knowledge-based approach to provide 4 Supports daily operations 5 Employer of choice

clients with customized solutions
Innovative products and services
6 RE Financing 7 Avoiding emissions 8 Supports local outreach

Awareness on sustainable
practices

YES BANK’s Sustainability Approach
YES BANK recognizes its significance as a public trust ▲▲ Being the only Indian Banking signatory to Natural
institution and strongly believes in being a catalyst Capital Finance Alliance (NCFA) and Chair of
for sustainability, driving action towards sustainable Steering Committee
development. The Bank has forged strategic alliances to
▲▲ Launching India’s First Green Retail Liability Product
deliver internal and external, positive socio-environmental
in 2018, Green Future Deposits
impact, catering to the needs of its entire stakeholder
spectrum. In line with the ethos of shared value creation, ▲▲ Being the sole arranger and subscriber to India’s first
it has woven sustainability considerations into the DNA of Social Bond, with proceeds allocated to Affordable
its core business strategy and processes. Housing
▲▲ Being the first and only Indian Bank to be listed on
DJSI^ Emerging Markets for four years consecutively
(2015-2018); selected in the prestigious FTSE4Good
Emerging Index for two consecutive years
(2017‑2018); selected in MSCI# ACWI@ ESG‡ Leaders
& SRI Indexes in 2017; included in Vigeo Eiris Best
Emerging Markets Performers Ranking (2018) and
Responsible Banking is a key differentiator at YES BANK,
the only Indian Bank to be awarded ‘Prime’ status by
and one of the six strategic pillars along with Trust,
OEKOM Research Ag
Transparency, Knowledge, Technology and Human
Capital. The Bank, in line with its Responsible Banking ▲▲ Being the first Indian signatory to the UNEP FI†
ethos, strives to evangelize a sustainable economy by
▲▲ Attracting investor confidence resulting in credit
adopting strategies that link sustainable development with
lines from reputed multilaterals and development
stakeholder value creation. Responsible Banking is firmly
finance institutions (DFIs) like IFC, Overseas Private
embedded into the Bank’s strategy, as a fundamental
Investment Corporation (OPIC), Asian Development
principle that runs across all functions of the Bank and
Bank (ADB), Netherlands Development Finance
acts as an enabler to deliver holistic and inclusive growth.
Company (FMO), European Investment Bank (EIB)
and the Development Bank of Austria (OeEB)
This laser-sharp focus on sustainability is reflected in
YES BANK’s multiple ‘industry-first’ achievements that ▲▲ Becoming the first Indian bank to join the Carbon
have established its legacy of institutional excellence over Pricing Leadership Coalition (CPLC)
the past 15 years. Unique landmark transactions coupled
▲▲ Being the first Indian bank to support the
with innovative business initiatives in the sustainability
recommendations of the Financial Stability Board’s
sphere have enabled the Bank to demonstrate
Task Force on Climate-related Financial Disclosures
exemplary performance across environmental, social, and
(TCFD)
governance aspects by:
▲▲ Being the first Indian banking sector signatory to UN
▲▲ Launching India's first-ever Green Infrastructure Global Compact, abiding by its ten principles and
Bond in 2015, followed by the private placement by continuing to report Communication on Progress at
International Finance Corporation (IFC) for Green GC Advanced level
Masala Bond and issuing Green Infrastructure Bond
▲▲ Being the first Indian banking signatory to the CDP
with FMO* in 2016
and reporting its carbon emissions since 2009
▲▲ Committing to mobilize USD 5 billion towards
climate action by 2020 *Netherlands Development Finance Company
^Dow Jones Sustainability Indices
▲▲ Pledging to mobilize USD 1 billion by 2023 towards #Morgan Stanley Capital International
solar projects, and USD 5 billion till 2030 @All Country World Index
‡Environmental, social and governance
▲▲ Being the first Bank globally to migrate to ISO †United Nations Environment Program Finance Initiative
14001:2015
FINANCIAL CAPITAL
Financial Capital is the value of money that the Bank obtains from the providers of capital, which is used to support its
business activities. The profits generated thereof, are distributed amongst its stakeholders, as well as retained to further
fund business activities.
L380,826.17 crore L20,496.94 crore L1,720.28 crore 25 lakh

Balance Sheet Remitted through Net Profit Families impacted
YES MONEY through YES LEAP
Highlights of Financial Performance

Economic Value Generated, Distributed, and Retained
FY 2018-19 FY 2017-18
Particulars Remarks
` in ‘000 ` in ‘000
Economic Value Generated
Revenues 342,992,801 254,912,551 P&L Account, Annual Report 2018-19
TOTAL 342,992,801 254,912,551 A
Economic Value Distributed
Operating costs# 37,945,115 30,238,599 Schedule 16 – Operating Expenses, P&L
Account, Annual Report 2018-19
Employee wages and benefits 24,697,653 21,889,199 Schedule 16 – Operating Expenses, P&L
Payments to providers of capital 204,381,149 130,791,725 Annexure A
Payments to Government 7,650,336 20,814,834 Annexure B
Community Investments 537,800 452,100 Annexure 1, Directors’ Report, Annual
Report 2018-19
TOTAL 275,212,053 204,186,457 B
Economic Value Retained* 67,780,748 50,726,094 A-B
Annexure A
Interest on deposits 136,871,140 93,834,137 Schedule 15 – Interest Expended, P&L
Interest on RBI/ Inter-bank borrowings/ 60,764,723 29,840,501 Schedule 15 – Interest Expended, P&L
Tier I & Tier II debt instruments Account, Annual Report 2018-19
Others 521,297 1,628,986 Schedule 15 – Interest Expended, P&L
Dividend paid for last year 6,223,989 5,488,101 P&L Account, Annual Report 2018-19
Payments to providers of capital 204,381,149 130,791,725
Annexure B**
Provisions made for Income Tax during 6,370,684 19,697,457 Schedule 17 - Provisions & Contingencies,
the year Annual Report 2018-19
Tax on Dividend paid last year 1,279,652 1,117,377 P&L Account, Annual Report 2018-19
Payments to Government 7,650,336 20,814,834 P&L Account, Annual Report 2017-18
* Calculated as per the GRI 201 Standards.

# Excluding Employee Wages and Benefits, which has been shown separately.
** Only includes the taxes shown in the Bank’s Statements of Accounts in its Annual Reports for 2018-19 and 2017-18, and does not include all
the payments to the Government made by the Bank.

A detailed Business Segment Overview is presented as the help of over 40 BC partners, the unit has provided
part of the ‘Management Discussion and Analysis’ section cumulative finance of over `8,500 crore and has reached
on pages 69 of the Annual Report for 2018-19. out to 25 lakh families in rural and semi-urban India,
across 260 districts. In 2018-19, ISB has also launched
This section includes a performance analysis of the a customized group insurance product – YES SHIELD for
Bank’s key business operations with social, economic, the YES LEAP clients. Being considerate about the needs
and environmental impacts on stakeholders. of this segment, ISB has further launched YES SMILE
(Specialized Micro Individual Loan for Enterprises) for the
upgraded microfinance clients who have the aspiration to
Inclusive & Social Banking and grow their micro business. This Micro Individual Business
Microfinance Banking Loan is aimed at providing higher ticket size loans to the
Since inception, YES BANK has focused on ‘inclusive graduated microfinance clients and help them further
growth’ for the emerging new India by introducing grow in their existing business. As 100% of these groups
specialized products and services for rural and semi-urban associated with the YES LEAP program are women-centric,
customers. The Bank remains committed to create the initiative has been able to contribute significantly
equal financial opportunities for all. Towards this end, it towards strengthening women entrepreneurship and has
has widened access to capital through a two-pronged paved the way for women empowerment in remote areas
strategy. The Bank has promoted microfinance as a new of the country.
asset class through Microfinance Banking (MFB) and
has mainstreamed bottom-of-the-pyramid (BoP) clients Enabling digital platforms
through Inclusive and Social Banking (ISB).
The Bank has instituted Ganaseva—a customized,
semi-automated loan origination and loan management
Ensuring financial inclusion
system—to enhance its impact and delivery mechanisms.
With the objective of offering focused financial solutions The system enables real-time tracking of all of the
for India’s under-banked and unbanked population, Bank’s activities and offers flexibility to build in adequate
YES BANK has fostered key partnerships that amplify regulations and required risk controls. The platform
its impact. It has adopted the guiding principle of Frugal also provides high-quality informative reports with data
Innovations for Financial Inclusion (FI4FI), to systematically analytics. In line with its digital focus, YES BANK has
leverage Information, Communication & Technology (ICT) undertaken a number of digital interventions aimed
and frugal business models. at increasing transparency and credibility, reducing
turnaround time (TAT) and enhancing customer
Microfinance Banking fulfills the financial inclusion experience. Some of the Bank’s key interventions include
agenda by catalyzing the growth of India’s microfinance digitizing field reporting with real-time GPS tracking of
industry. The Bank’s elaborate product suite, spans across field staff through Microsoft Kaizala app, digital training
term loan facilities to Microfinance Institutions (MFIs) modules, cashless transactions and pre-printed and
for further on-lending, cash management services, loan paperless documentation, and digitization through Karvy.
syndications and rated capital market loan products like
pool securitization and Pass Through Certificates (PTCs). Taking a cue from the RBI guidelines on Rationalization
of Branch Authorization policy regarding BC Banking
The Microfinance Banking division caters to the financially Outlets, YES BANK opened 21 new BC operated Banking
marginalized by extending these services through Outlets (BCBOs) in select unbanked rural locations.
37 major clients, which are essentially MFIs spanning This has enabled the Bank to provide customized banking
across 29 states. products and services in locations where it was difficult
to set up a Bank Branch, thereby contributing towards
The Inclusive & Social Banking (ISB) division has designed the Bank’s Financial Inclusion goals. The Bank leverages
a flagship program – ‘YES Livelihood Enhancement innovative digital solutions like Micro ATM for providing
Action Program (YES LEAP)’ through Frugal Innovations banking services in these outlets.
for Financial Inclusion (FI4FI). Under this program, the
Bank partners with MFIs, which are credible NGOs/private Imparting financial literacy
institutions, appointing them as Business Correspondents
YES BANK aims to promote the basic understanding of
(BC). These BCs provide financial services (such as credit,
financial concepts and financial management principles
savings and insurance) to women Self-Help Groups
amongst segments of the society which are vulnerable
(SHGs)/Joint Liability Groups (JLGs). This allows the Bank
and susceptible to financial frauds. The Bank intends
to leverage its BC partners’ extensive footprints and
to help them build and strengthen their financial
scale up its product and service offerings for the BoP,
decision-making capability.
at their doorstep. Since inception of the business, with
ISB follows a model that includes financial literacy trainings towards going digital and has integrated this strategy
as a part of the curriculum and day-to-day operations. across its banking ecosystem.
It ensures ample opportunity for customer interaction
with the Bank and BC staff. Women clients are imparted The size and volume of digital banking transactions done
training through a process called Central Group Training through YES BANK’s products and services continued to
(CGT) and its efficacy is assessed through a verbal scale rapidly in FY 2018-19. The Bank has consistently
interactive test called Group Recognition Test (GRT). been ranked as First since inception for processing UPI
based Merchant transactions (market share in merchant
The Bank and BC staff also undergo continuous payments as on March 19 is 35%) and second in terms
training through ‘Train the Trainers’ classroom sessions, of overall Payment Service Provider volumes across
audio calls, and virtual presentations. The Bank uses the UPI ecosystem in FY 2018-19 (overall market
digital modules to train staff further and enhance its share as on March 19 is 31%). The total number of UPI
reachability and impact. users for YES BANK crossed 27.57 crore and the Bank
processed ~143 crore transactions amounting to ~`2.35
YES BANK maximizes communication with clients lakh crore in FY 2018-19. With transaction volumes for
through short story-based push call messages—on Immediate Payment Service (IMPS) witnessing 82%
financial education topics—that are designed and sent growth year-on-year, the Bank has also been termed
to clients in vernacular languages. For this, the Bank as the top remitter among its peer group, based on
has collaborated with Awaaz.De (a technology company transaction volumes (according to NPCI). Aadhar Enabled
that develops inclusive mobile solutions, enabling Payment Scheme (AEPS) which allows seamless financial
organizations to achieve last-mile connectivity for social transactions through Aadhaar-based authentication,
impact). The Bank has also been designing a customized the Bank has successfully processed ~15.56 crore
and extensive financial literacy module, in collaboration transactions in FY 2018-19. This has resulted in
with Accion International (a global non-profit with a YES BANK becoming one of the leading acquirer banks
mission to advance financial inclusion to improve lives), of AEPS. The number of Mobile Banking transactions also
to further spread awareness on financial services and witnessed a growth of 49.5%, with over 10 lakh registered
best practices. The module is being used by the Bank’s users till date. During the reporting period, YES BANK
‘feet-on–street’ staff and the last mile BC staff for educating Debit Card transactions increased by 53%, registering a
customers in remote and under-banked/unbanked volume increase of 54%.
areas. The comprehensive module is available in eight
vernacular languages and covers several topics, including Cognizant of the advancement in Artificial Intelligence
savings, credit, financial management, insurance and (AI) space, YES BANK forayed into developing pioneering
basics of banking. Over 70,000 clients have been trained AI solutions, combining human judgment with data
on basic financial literacy with the help of these modules. power to personalize value and re-design the customer’s
banking journey. The Bank launched YES ROBOT –
All these interventions are carefully curated for the a comprehensive, secure, AI-enabled 24/7 personal
underprivileged and the financially excluded sections banking assistant for its customers. Currently deployed
of the society, with an aim to contribute towards the on YES BANK’s website and the Bank’s Facebook
mammoth task of helping achieve financial inclusion. Messenger, YES ROBOT offers several industry-first
solutions such as financial transactions, credit card
management and opening fixed deposits, among others,
Agri Product Management transforming the way customers bank.
The Bank’s Agri Product Management (APM) unit,
comprising of experienced banking and industry Other key digital banking initiatives, include:
professionals with an in-depth knowledge of the priority
▲▲ Implementing a cashless solution for Puducherry
sector, delivers efficient and customized banking
Smart City to enable digital payments for citizens
solutions for the agri-value chains. A detailed overview of
and visiting tourists, in partnership with Puducherry
the activities of the APM unit is provided on pages 80 of
Tourism Development Corporation (PTDC)
the Bank’s Annual Report 2018-19.
▲▲ Launching the Udaipur Smart City Card cum Wallet
Solution, for digitizing payments at over 700 retail
Digital Banking and government outlets, in partnership with the
YES BANK continues to maintain a laser-sharp focus Udaipur Municipal Corporation (UMC)
on fostering innovation and leveraging technological
▲▲ Launching ‘YES Digi Villages’ – India’s first-of-its-
developments to enhance the banking experience for
kind village adoption program to ensure instant
its customers. The Bank has adopted a holistic approach
paperless banking for rural customers through

banking and agritech solutions; the program is to unbanked and under-banked Indians. YES MONEY has
be implemented across 2,000 villages, empowering cumulatively remitted close to `489.48 billion in domestic
1 lakh lives remittances till date.
▲▲ Partnering with the Government of Maharashtra to
YES MONEY is a Cash Remittance Service that leverages
onboard fair price shops as BCs, in a joint initiative to
existing cash remittance technologies in India, along with
digitally empower over 20,000 ration shop owners
the vast spread of local, family-owned retail stores and
in Maharashtra and increase revenue opportunities
the Bank’s pan-India commercial branch network.
by extending last mile banking services to over 70
lakh citizens
Previously available remittance services in India, forced
▲▲ Working closely with the Department of Information depositors to wait in long queues at bank counters, and
Technology and Communication, Government required receivers, usually family members in rural India,
of Rajasthan to launch BHAMASHAH Wallet, a to travel to a branch of the same bank.
co‑branded arrangement to digitize Government to
Citizen (G2C) payments YES MONEY’s innovative remittance technology, allows
users to securely send money through enlisted retail
▲▲ Partnering with Chhattisgarh Infotech Promotion
stores (BC agents), with an internet-enabled computer and
Society (CHiPS) to onboard over 11,000 Citizen
a mobile phone, to any branch of any bank across India.
Service Centers (CSC) as BC agents with the aim
Thus, YES MONEY has taken advantage of India’s deep
to promote digital payments across the state and
penetration of mobile telephony to provide a hassle-free,
augment the income generation of CSCs
digital, low-cost and customer-friendly service.
▲▲ Implementing an Expense Management Solution
for the Maharashtra State Electricity Distribution YES MONEY FY 2018-19 FY 2017-18 FY 2016-17
Company Limited for digitizing their employee
Number of Business 31 28 38
payouts across 206 field offices Correspondents
▲▲ Employing Near Field Communication (NFC) based (BC)1
‘Tap & Go’ card payments at Naval Office Institute, Number of 644.11 410.58 124.72
Goa, making it India’s first completely cashless transactions done
defense campus, powered by YES BANK’s payment (lakh)2
solutions Total value of 20,496.94 13,281.72 4,558.59
transactions
YES Money (` in crore)2
YES MONEY is YES BANK’s award-winning, innovative 1
Cumulative as on March 31, 2019
domestic remittance platform. It was launched in
2
for FY 2018–19
2011 to meet the remittance needs of migrants,
SOCIAL & RELATIONSHIP CAPITAL

Social & Relationship Capital refers to the relationships the Bank develops with its customers, investors, regulators,
suppliers and community at large to create shared societal value as a responsible corporate citizen.
2.35 lakh 10,859 3.5 crore 37,555

Lives touched through Farmers capacity Lives provided access MSME workers trained
YES COMMUNITY enhancement to safe & clean drinking
water
Since inception, YES BANK has recognized its development, has strong linkages to all the other SDGs
responsibility towards the society and has remained and underpins many of them, such as SDG 3, 4, 11 and 15.
committed to its role as a good corporate citizen. Over the
years, the Bank has developed and implemented various In concurrence with SDG 6, YES BANK has identified
programs to enhance and create shared value through ‘access to safe and clean drinking water’ as a key
unique, scalable, and sustainable models to achieve this challenge and formulated a focused community
objective. YES BANK’s Corporate Social Responsibility intervention to tackle it. With an aim to provide safe
(CSR) policy guides the Bank to deliver internal and and clean drinking water to urban, rural, and semi-rural
external positive socio-environmental impact by following communities, YES BANK launched its Livelihood and
a unique approach, which focuses on: Water Security initiative in 2014.
▲▲ Promoting principles of social responsibility and In the first stage of the project, YES BANK partnered with
inclusive growth through awareness and support a social enterprise with an innovative, membrane-based
water purification technology. This technology requires
▲▲ Investing in socially and environmentally responsible
zero electricity and no chemical dosing for the
activities to create positive impact
purification process, resulting in zero water wastage.
▲▲ Engaging with stakeholders to further the Conventional filters had failed to address these issues
sustainability agenda of the Bank and empower in most communities, due to their dependence on
them with knowledge constant electricity supply, which led to high admin costs.
These innovative filters have the capability to purify water
▲▲ Collaborating with like-minded institutions and
from any freshwater source and can be easily installed at
forging partnerships towards addressing the needs
community centers such as schools and public buildings,
of the stakeholders
requiring minimum maintenance.
▲▲ Monitoring the environmental and social investments
of YES BANK through structured governance and In FY 2014-15, the pilot initiative successfully provided
transparent performance indicators access to 62,500 lives across 12 districts in Maharashtra,
through the deployment of household water filters and
This unique, multi-pronged approach has enabled
five community water filtration systems.
the Bank to forge meaningful associations with its
stakeholders, including community groups, non-profit
To scale the program, on the occasion of COP21 in
organizations, governments, corporate peers, and civil
December 2015, YES BANK committed to touch 100
society. With the view of actualizing and concentrating
million lives by providing them access to safe and clean
its efforts towards SDGs, the Bank undertook various
drinking water by 2020.
programs and initiatives during the FY 2018-19 that were
intended to address:
In FY 2015-16, YES BANK joined hands with the Indian
Railways to provide safe and clean drinking water at 1000
▲▲ Livelihood and Water Security
‘D’ and ‘E’ category railway stations across India by 2019.
▲▲ Employability and Entrepreneurship The project was officially launched by Mr. Suresh Prabhu,
the then Minister for Railways, Government of India, at
▲▲ Environmental Sustainability
Kankavli railway station, Maharashtra. Additionally, the
▲▲ Social Transformation Bank collaborated with an implementation partner and
the Delhi Jal Board to install Water ATMs in urban slums
Livelihood and Water Security of Delhi, providing access to potable water to over 1 lakh
beneficiaries. The water is available at a nominal price at
‘SDG 6 – Clean Water and Sanitation’ sets out to ‘ensure
these ATMs, which also provide livelihood opportunities
availability and sustainable management of water and
to the ATM operators.
sanitation for all’. Water, being at the core of sustainable

These initiatives have a multi-pronged effect on the overall mentoring and fostering startups that are driving
development of the target beneficiaries by improving innovation and digitalization across sectors. YES SCALE
general health and welfare of community members. focuses on building disruptive solutions in five impact
sectors of the economy – smart cities, cleantech, agritech,
YES BANK has successfully provided access to safe and life sciences tech, and edutech.
clean drinking water to more than 100 million people
(since the launch of the program in 2014) through the YES SCALE brings together industry leaders, experts,
Livelihood and Water Security initiatives. The current corporates, government bodies, investors and global
partnership with Indian Railways has helped provide ecosystems to provide startups a platform to mainstream
access to safe drinking water at 1,005 ‘D’ and ‘E’ category and scale their ideas.
railway stations across Maharashtra, Madhya Pradesh,
Gujarat, Rajasthan, Goa, and Karnataka. As part of the first cohort, the accelerator received
an overwhelming response from startups with 1000+
applications. Of these, 6 startups under Cleantech,
Employability and Entrepreneurship 8 startups under Agritech and 5 under Smart City
Skill Development through YES STEADY accelerators received opportunities to commercialize
their solutions in association with industry partners.
YES BANK launched YES STEADY (Skills Training and
Enhancement for Development of Youth) in 2014 to
YES SCALE has brought together over 50 organizations
provide employability training to the youth through
across funds and technology, and as government partners
targeted skill building initiatives. The Bank partnered with
for advisory support. The program also witnessed active
Deshpande Foundation and has provided employability
participation from industry players such as Big Basket,
training to 5,000 youth in Karnataka and Telangana, under
MTR, Mahindra & Mahindra, Olam International, Godrej
various focus sectors such as agriculture, accountancy,
Agrovet, First Solar, Grasim Industries, Freyr Energy,
electrical works, BPO, soft skills and primary teachers
Fourth Partner Energy, and Schneider Electric India.
training. The program has had a significant impact on the
lives of these youth, with a substantial number opting for
higher education, thereby enabling them to earn a living Environmental Sustainability
or start an independent business.
With a relentless commitment of protecting the
environment and reducing the negative impact of human
Livelihood Security
activities on the planet, YES BANK has made climate
Agriculture is the principal source of food and livelihood in action and environmental sustainability a core focus area.
India. Demographically, it is the broadest economic sector
and plays a significant role in the overall socio-economic Say YES to Sustainable MSMEs in India
fabric of India. With 54.6% of the population engaged in
The Micro, Small and Medium Enterprises (MSME)
agriculture and allied activities, the sector plays a vital
segment is the largest contributor to Indian manufacturing
role in India’s economy (Source: Census 2011). Given its
sector and one of the biggest employers in the country.
immense contribution to the country’s Gross Domestic
MSME is playing a critical role in India’s economic growth
Product (GDP), YES BANK launched an initiative on
and in realizing the ‘Make in India’ mission. However, the
sustainable agriculture. The program empowered 10,859
sector also accounts for an estimated 70% of India’s total
farmers in 16 districts across Haryana and Rajasthan
industrial pollution, largely due to the use of technologies
by training them in Good Agricultural Practices (GAP),
that are obsolete and poor management practices.
financial inclusion, and digital literacy.
YES BANK’s first-of-its-kind CSR initiative ‘Say YES to
GAP trainings have equipped farmers with
Sustainable MSMEs in India’, was conceptualized to
knowledge about better, cost-effective agricultural
support MSMEs in adopting best practices in Energy
practices, techniques for livelihood generation and
Efficiency (EE) and Occupational Health & Safety (OHS).
enhancing incomes. The financial inclusion (debt
The initiative has helped MSMEs integrate sustainability
instruments/sources) and digital literacy trainings
into operations, reduce overall carbon footprint,
(online transactions/message-based services for market
enhance global competitiveness in terms of output and
information) have helped farmers in better managing their
efficiency, and contribute to the India’s ‘Zero Defect, Zero
financial needs.
Effect’ vision.
YES SCALE Accelerator
The intervention was launched as a pilot project in
In 2018, YES BANK launched the YES SCALE, a FY 2014-15 as part of the European Union’s ‘Scaling
multi-sector startup accelerator program, aimed at Up Sustainable Development of MSME Clusters in India’
initiative. Other partners to the initiative included the YES BANK’s COP21 commitment of planting 2 million
United Nations Industrial Development Organization saplings by 2020.
(UNIDO), Deutsche Gesellschaft für Internationale
Zusammenarbeit (GIZ), Global Reporting Initiative (GRI), Spreading Climate and SDG literacy
Indian Institute of Corporate Affairs (IICA) and Small
Empowered, aware, and young citizens are critical to
Industries Development Bank of India (SIDBI) in Punjab.
tackling environmental challenges of future. With this
view, YES BANK collaborated with United Nations Global
In partnership with the Foundation for MSME Clusters
Compact Network India (UN GCNI) and an implementation
(FMC) and Entrepreneurship Development Institute of
partner to conduct SDG literacy workshops.
India (EDII), the project has grown its focus from foundry
These workshops endeavor to educate and equip the
sector to cover 17 MSME sectors.
youth with the necessary skills to become climate leaders.
The workshops focus on climate action and natural capital.
The growth in the cumulative number of beneficiaries
They were designed specifically to initiate on-ground
across years is depicted below:
action towards conservation of environment, in line with
the Green Good Deeds Campaign, spearheaded by the
Year FY 2016-17 FY 2017-18 FY 2018-19 Ministry of Environment, Forests and Climate Change,
Beneficiaries 3,272 21,816 49,722 Government of India.
(cumulative) MSMEs MSMEs MSMEs
21,637 50,091 87,646 During FY 2018-19, workshops were conducted
workers workers workers successfully covering 45 schools, involving 6300
students, who were made aware on how they could
Since inception, the initiative has supported over 49,000 help drive change and initiate action to become
MSMEs and benefited more than 87,000 workers across environmental champions.
57 cluster locations. The initiative has also helped MSMEs
reduce carbon emissions and improve occupational
health and safety systems through multifaceted
interventions including:
▲▲ Workshops on promoting energy efficiency,

renewable energy (RE), and clean technology
▲▲ Energy audits of MSMEs
▲▲ Structured Occupational Health and Safety (OHS)
interventions, including health camps, first-aid
trainings and safety trainings
Students geared to face the challenges of future and
▲▲ Empowering MSMEs through financial literacy undertake ‘Green Good Deeds’ after a Sustainable
camps, including GST transition support Development Goal (SDG) literacy program
Tree Plantation Initiative YES COMMUNITY activities on the theme

‘Environmental Sustainability’
In line with India's Nationally Determined Contributions
(NDCs), YES BANK has committed to develop carbon sink YES BANK has always focused on fostering
to help mitigate global warming and climate impact. environmentally conscious citizens. This resulted in
10,700+ YES BANK employees across its branches
YES BANK is the first Indian private sector bank to and corporate office supporting the Government
collaborate with the National Highways Authority of India of India’s environment campaign, by taking the My
(NHAI), and work towards the vision of creating green ‘Green Good Deeds’ Pledge, to help reduce their
highways. Under the Ministry of Road Transport and environmental footprint.
Highways’ ‘Adopt a Green Highway’ initiative, the Bank
has adopted a 40-kilometer stretch along the Mumbai – The Bank also spearheaded a number of local
Nashik Highway. The Bank continues to maintain 45,462 community-led environmental initiatives through its
trees along the stretch for a five year period. branch network. On the occasion of World Environment
Day 2018, YES BANK joined hands with the National
This endeavor would contribute towards achieving India’s Mission for Clean Ganga (NMCG), to conduct a ghat
commitment to creating an additional carbon sink of clean-up drive on the banks of the Yamuna river at Kalindi
2.5 to 3 billion tonnes of CO2 equivalent by 2030 and Kunj ghat. Over 250 volunteers from YES BANK and

NMCG participated in the drive, cleaning over 15 tonnes During the year, the Bank undertook 2,774 monthly
of garbage. In Maharashtra, the Bank celebrated Van activities under YES COMMUNITY, touching 2.35 lakh
Mahotsav, by joining hands with the local community and lives. Some key YES COMMUNITY programs conducted
planting trees in the State government’s 33-acre Hariyali (apart from the ones covered earlier) include:
tree plantation site in Navi Mumbai.
Health and Wellness Programs
During FY 2018-19, YES BANK partnered with and
YES BANK branches partnered to celebrate the
supported a number of environment-friendly initiatives.
Fourth International Yoga Day and promote the
The Bank partnered with TATA Power Club Enerji to
importance of health and wellness. In partnership with
conduct activities across 173 branches on sensitizing
the Ministry of Aayush, Government of India, YES BANK
students in schools and colleges on ways to save and
participated in one of the largest yoga camps in Delhi,
conserve energy. YES BANK also supported the e-waste
attended by 5,000+ yoga enthusiasts. A similar activity
recycling campaign of the Ministry of Electronics and
was conducted in Haryana, in association with the District
Information Technology (MeitY), Government of India.
Administration of Ambala, which witnessed participation
The Bank conducted more than 55 awareness building
of over 4,000 yoga enthusiasts.
sessions across schools, colleges, Resident Welfare
Association (RWAs) and Small and Medium-sized
Social Welfare & Disaster Relief Initiatives
Enterprises (SMEs) for the campaign.
The states of Kerala, Assam, Mizoram and Tripura
were rampaged by heavy rainfall and flooding in
2018. To contribute towards the disaster relief efforts,
employees from over 40 YES BANK branches undertook
a material collection drive in partnership with a leading
NGO, Goonj. The efforts by YES BANK branches and
Goonj contributed to the collection of 250 tons of relief
material, benefiting over 12,000 affected families.
Social Transformation
The developmental challenges faced by India require
innovative and inclusive solutions with a potential to create
a multiplier effect, addressing both scale and impact.
Towards this, YES BANK through its social development
YES COMMUNITY volunteers at the Ghat clean-up drive
arm, YES FOUNDATION, adopted a differentiated
at Kalindi Kunj Ghat, Delhi
approach focusing on stimulating entrepreneurship and
building responsible youth citizenship. The initiatives
Creating positive impact undertaken by the Foundation aim to address the gaps
through YES Community in the development sector by strengthening Design
and Innovation-led Creative Entrepreneurship (DICE)
solutions, thereby contributing towards building of an
empowered and equitable India.
YES! i am the CHANGE

Launched as the flagship program of YES FOUNDATION
in 2013, YES! i am the CHANGE (YIAC) is a nation-wide
mindset transformation program. The program inculcates
YES COMMUNITY, YES BANK's unique community the spirit of responsible youth citizenship and drives
engagement program, serves as a knowledge exchange positive social action through the impactful medium of
and awareness platform for communities around its films. Over the years, this award-winning program has
branches on social and environmental issues of local and been recognized as an innovative platform to drive social
national importance. change through the application of media. The program
acts as a platform to directly engage with youth on social
In FY 2018-19, YES COMMUNITY continued its focus on causes. High-quality film content created by participants
delivering sustained on-ground impact, in line with the in the program forms invaluable communication material
United Nation’s Sustainable Development Goals (SDGs). for non-profits.
To participate in the program, non-profits, and social

enterprises were invited to submit a 3-minute short film
showcasing their programs and impact. 714 organizations
were then shortlisted to submit written proposals for the
Grant & Accelerator program.
Through multi-stage evaluation of proposals, including

a jury pitch, 23 organizations have been awarded with
grants worth `6.9 crore and selected for the first cohort of
the accelerator program. Some of the highlights of 2018
program include:
▲▲ 1,50,000 participants
▲▲ 11,511 film submissions
YES! i am the CHANGE Grant & Accelerator
▲▲ 714 organizations shortlisted for project proposal
Pitch Jury Panel
submission
YES! i am the CHANGE Social Filmmaking ▲▲ Top 60 social impact organizations pitched to an
Challenge 2018 (Open category) eminent jury panel
In 2018, youth and social impact organizations from
▲▲ Top 23 selected social impact organizations
across India participated in the social filmmaking
awarded grants worth `6.9 crore and 3-year
challenge (open category), where they captured the
accelerator support.
impactful work done by non-profits, social enterprises,
and everyday heroes in the form of 3-minute short films.
The Challenge received 11,511 film entries from over
1.5 lakh participants across the country.
An eminent jury selected 20 national winners in this

category and the winners were awarded cash prizes
worth `10 lakh. Social impact organizations featured in
the top 714 film entries, were then selected to apply for
the YIAC Grant & Accelerator program.
A third-party impact assessment of the first four editions

of YES! i am the CHANGE was conducted during the
year. The assessment concluded that the program had
achieved a mindset transformation among students,
NGOs, media professionals and corporates, driving Media for social change fellowship
positive and responsible actions towards nation-building. Ahmedabad cohort 2018
YES! i am the CHANGE Grant & Media for Social Change Fellowship
Accelerator 2018
The YES FOUNDATION Media for Social Change
YES FOUNDATION launched the YES! i am the CHANGE Fellowship was launched in 2016 to further enable
Grant & Accelerator for non-profits and social enterprises and deepen social engagement among the youth.
to support social impact organizations in creating greater This prestigious Fellowship program helps develop
societal value. The program offers grants worth `7.5 socially conscious youth leadership and amplify
crore and three-year acceleration through capacity communication of NGOs to enhance their social impact.
building support to 25 organizations with sustainable
and scalable programs, addressing India’s development In a short span of three years, the program has transformed
challenges. The Yes Foundation Grant and Accelerator 818 students in the age group of 18-25 years into socially
Program aims to help existing social impact organizations conscious youth leaders and helped impact 251 NGOs
improve quality of operations, adapt to management best across five cities in India, including Mumbai, Delhi,
practices, scale up impact and emerge as benchmark Bengaluru, Ahmedabad, and Pune.
organizations in the sector.

The program entails a week-long intensive classroom All Fellows undergo training and mentoring by experts
training by industry leaders on leadership, marketing, in Leadership, Communication, Design Innovation and
communications, digital and social media, followed by a Creativity-led Entrepreneurship (DICE), and from the social
seven-week NGO placement, where Fellow designates and digital media and development sector. This program
work on well-defined communication projects. has been instrumental in creating a pipeline of socially
conscious youth leaders for the development sector and
Some salient features of the program include: substantially enhancing the communication and outreach
of social impact organizations.
▲▲ Intensive selection process to induct Fellows with
the right passion and determination to make a social
difference Employee Payroll Giving
▲▲ Fellows assist in the execution of well-defined NGO YES BANK continues a payroll giving initiative for its
projects, with clear objectives and timelines employees. Employees registered under the program
contribute a stipulated amount from their salary every
▲▲ Training and NGO placements in five cities: Mumbai,
month, toward a cause of their choice from options
Delhi, Bengaluru, Ahmedabad, and Pune
shared by the partner. In return, the partner sends a
▲▲ Stipend of `10,000 offered for the duration of progress report to the employee with details of impact
the Fellowship and a certificate upon successful created through the funds. During the reporting period,
completion of the program an amount of `33,93,767 was received as donations
from employees.
▲▲ Access to scholarship and internship opportunities
on program completion
INTELLECTUAL CAPITAL
Intellectual Capital refers to the collective knowledge base and thought leadership, accumulated through research
and policy advocacy, brand management and intellectual property used to support business activities and lead public
discourse on global challenges.
ONLY Indian Bank 11 64

To co-found UN Principles for Knowledge reports Advisory mandates executed by
Responsible Banking published by YES BANK YES BANK's FASAR team
Thought Leadership
Since inception, YES BANK has adopted the ethos of ‘Knowledge Banking’ to provide customized financial products
and services, catering to the sunrise sectors of the economy. Dedicated knowledge teams at the Bank undertake
in-depth research with an aim to generate insights about these emerging sectors. This differentiated approach has
enabled YES BANK to capture the mindshare of critical stakeholders, including regulators, policymakers, industry
associations, customers and shareholders. The growing mindshare fuels a corresponding increase in market share
across business segments.
The in-house pool of diverse skills and sector-specific expertise enables the Bank to spearhead marquee events as
knowledge partners and undertake various ‘industry-first’ initiatives by forging strategic partnerships.
Media and Entertainment, Fine Arts,

Food and Agri Business Luxury & Sports Banking Group
Life Sciences and Healthcare Information Technology
vv
YES BANK
E-commerce Knowledge
VALUES Infrastructure
Sectors
Travel and Tourism Renewable Energy
Strategic Government Advisory Smart Cities
Global Engagement on YES BANK enhanced its knowledge about key sunrise
Sustainable Development sectors and forged new alliances and partnerships
to accelerate action towards India’s sustainable
Given its unprecedented leadership in mobilizing finance
development agenda through these platforms. Key events
for India’s sustainable sectors, YES BANK is regularly
where YES BANK participated during the year include the
invited to share its views and insights at various national
High-level event on ‘Financing for SDGs - Breaking the
and international events. As a thought leader, the Bank
Bottlenecks of Investment, from Policy to Impact’ held at
participates at these events, alongside experts from
United Nations Headquarters in New York; Roundtable
governments, select financial institutions, and private and
on SDGs by World Benchmarking Alliance & Netherlands
institutional investors.
Consulate; Second Global RE-INVEST 2018 India-ISA
Partnership Renewable Energy Investors Meet & Expo
and the 3rd Global Biofin Conference.

At these forums, YES BANK presented and catalyzed Partnership with United Nations Environment
discussions centered around the need for enabling Programme Finance Initiative (UNEP FI)
policy architecture, innovative business models, and
financial mechanisms to achieve the SDGs. The Bank
also advocated the importance of scaling renewable
energy investment and the mission critical role of the
financial community in increasing finance to meet climate
action targets.
YES BANK, as the first Indian signatory to the UNEP FI
YES BANK remains a signatory to key protocols focused
continues to play a leadership role on the platform.
on climate action and sustainable development, including
the UN Environment Program Finance Initiative (UNEP FI);
YES BANK is elected as a member of the 2019 Global
Carbon Pricing Leadership Coalition (CPLC); UN Global
Steering Committee (GSC) for a three-year term. The role
Compact (UNGC); Carbon Disclosure Project (CDP), and
of GSC is to provide strategic direction on critical issues
the Natural Capital Finance Alliance (NCFA).
related to work programs and structural issues.
Natural Capital Finance Alliance
The Bank has actively collaborated with UNEP FI and
27 other global banks in formulating the ‘Principles for
Responsible Banking’. The principles provide a robust
roadmap for the banking sector to align its business
objectives to SDGs and the Paris Climate Agreement.
The principles were launched in November, 2018 at UNEP
FI’s Global Roundtable in Paris and the Bank reaffirms its
commitment to continued engagement with this initiative.
In 2013, YES BANK became the first Indian signatory to Partnership with Indian Institute of
the Natural Capital Declaration (now a part of the Natural Technology, Delhi (IIT-D)
Capital Finance Alliance (NCFA), a joint initiative of the
YES BANK has been engaging with academic institutions
UNEP FI and Global Canopy Programme).
active in the areas of sustainability and climate change.
In August 2018, YES BANK signed an MoU with IIT Delhi for
As a signatory, the Bank remains committed to bringing
institutionalizing the YES BANK Chair for climate modeling.
together an ecosystem that would help develop
The Chair will play an instrumental role in developing
an appropriate regulatory infrastructure, disclosure
and improving climate modeling methodologies. It will
mechanisms, and reporting measures to integrate,
further help formulate an India-centric climate model
value, and account for natural capital. As the Chair of
at the Department of Science and Technology (DST)
the Steering Committee of NCFA, YES BANK continues
Center of Excellence (COE) in Climate Modeling. As part
to oversee NCFA’s strategy and provide direction and
of the partnership, YES BANK and IIT Delhi would foster
oversight for the Working Groups and the Secretariat.
excellence by driving research and development in the
In FY 2017-18, NCFA launched a ground-breaking new
field of climate change.
tool, ‘ENCORE (Exploring Natural Capital Opportunities,
Risks and Exposure)’, enabling financial institutions to
visualize their exposure to natural capital risk. YES BANK
provided feedback during the development phase of the
tool and supported the tool at its launch in November,
2018. (More details available in Natural Capital
Section on Page 36)
Going forward, the Bank will consider using the tool for
gaining insights on the impacts and risks associated
with natural capital that would enable better financial
decision-making.
YES BANK officials at the signing of the MoU with

IIT Delhi, in the presence of the institute’s Director,
Prof. V Ramgopal Rao
World Environment Day 2018

YES BANK actively participated at the World Environment
Day 2018 (WED 2018), hosted by the Government
of India at Vigyan Bhavan in New Delhi from June 1-5,
2018. WED 2018 witnessed participation from over
10,000 delegates, including government officials, UN
agencies, diplomats, corporates, think tanks and research
institutes. YES BANK officials were invited to speak at
several plenary sessions, organized by the Ministry of
Environment, Forest and Climate Change (MoEFCC);
Federation of Indian Chambers of Commerce and
Industry (FICCI); Central Institute of Plastics Engineering
and Technology (CIPET); United Nations Development
Programme (UNDP) and the UN Habitat and Swiss Agency
for Development & Cooperation. A Tribal Art Forms stall at ▲▲ Innovating Pathways to Sustainable finance in
‘Earth Warriors’ exhibition was also assembled with the India: The report analyses barriers and opportunities
support of YES BANK at Vigyan Bhavan during the event. in mobilizing sustainable finance in India, serving
as a keystone towards formalizing a sustainable
The Bank launched a first-of-its-kind green retail product finance architecture in India.
‘Green Future: Deposit’ and the 4th edition of the
▲▲ Electric Vehicles: The Colour is Green: The report
YES BANK Natural Capital Awards 2018 during a ‘Natural
covers key proposals and recommendations for
Capital in India’ workshop. The event was organized by
accelerating the shift from Internal Combustion
the Natural Capital Coalition (NCC), the Confederation of
Engines (ICE) to a future of e-mobility.
Indian Industry (CII) and the World Wildlife Fund (WWF).
The Bank also organized a Yamuna Clean-up Drive, in ▲▲ Renewable Energy: India’s Energy Game Changer:
partnership with the National Mission for Clean Ganga The report analyzes the current landscape of the
(NMCG), under its community engagement platform, global renewable energy sector, with a special focus
YES Community at Kalindi Kunj Ghat in New Delhi. on opportunities in India and the role of startups.
Knowledge Reports Food & Agribusiness Strategic Advisory

& Research (FASAR)
As a thought leader on sustainability-centric sectors,
YES BANK’s specialized Food & Agribusiness Strategic
YES BANK launched a number of knowledge reports
Advisory & Research (FASAR) unit provides project, policy,
in FY 2018-19 advancing the understanding of
and strategic advisory services to the corporate sector,
climate-related risks and opportunities. Some of them are:
governments, and multilateral agencies.

FASAR also publishes knowledge reports and research ▲▲ Mandated to develop Knowledge Report on Dholera
papers on key trends and developments in the sector. Industrial Smart City ‘Dholera Industrial City –
New Age Destination for Industry 4.0’ by Dholera
In FY 2018-19, FASAR took up 64 new advisory mandates Industrial Development Corporation (DIDCL)
and executed projects on agri infrastructure, export policy,
▲▲ Developing the State Logistics Policy for the
agritech, value chains, food processing, food safety,
Governments of Karnataka and Telangana
organic food, startups, spices and dairy.
Events & Partnerships
Groundwork by the FASAR team in collaboration with
▲▲ Banking Partner to the Maharashtra Startup Week
the Ministry of Commerce & Agricultural and Processed
2018, Vibrant Gujarat Startup Summit 2018 and
Food Products Export Development Authority (APEDA)
Destination Uttarakhand Investors Summit 2018
led to the development of the ‘Agriculture Export Policy,
2018’. The policy was approved by the Union Cabinet in ▲▲ Knowledge Partner for flagship tourism events of
December, 2018. During FY 2018-19, FASAR released FICCI: The Great Indian Travel Bazaar 2018 and
several publications spanning innovations in Indian Tourism Investors Meet 2018
agriculture, startups, spices, cold chain storage, organic
▲▲ Knowledge Partner for 14th edition of CII MAN’EXE
and horticulture segments, among others, partnering with
2018, a flagship conference on Manufacturing
the Government of India and various industry stakeholders.
Excellence
▲▲ Representation as sector thought leader during the
Strategic Government Advisory (SGA) session on ‘Tourism Investment’ during Make in
A specialized ‘Strategic Government Advisory (SGA)’ Odisha Conclave 2018
group has been created within YES BANK to actualize its
▲▲ Representation as sectoral thought leader during
focus and commitment for holistic development of the key
the session on ‘Warehousing & Logistics: Investing
and emerging sectors of India’s economy. The objective
in Tamil Nadu’ during Tamil Nadu Global Investors
of SGA is to enable creation and deepening of banking
Meet 2019
opportunities and strengthen mindshare for the Bank
by executing knowledge and advisory mandates with Knowledge reports authored during
central & state governments; corporates; international FY 2018-19 include:
developmental institutions; multilateral bodies; industry
▲▲ Inbound Tourism: Decoding Strategies for Next
chambers; knowledge institutions and think tanks,
Stage of Growth
among others. SGA offers advisory services, thought
leadership and development support across sectors, ▲▲ Tourism Infrastructure Investments: Leveraging
including Infrastructure – Smart Cities & E-Mobility, Partnerships for Exponential Growth
Tourism & Hospitality, Healthcare & Wellness and
▲▲ Smart Logistics: The Next Frontier
Education among others.
▲▲ Advanced Manufacturing Technologies: Next Wave
Some of the key achievements include: in Manufacturing
Policy & Strategic Advisory
▲▲ Development of State Policies for Tourism and
AYUSH sectors for the Government of Uttarakhand
▲▲ Mandated to develop Punjab Electric Vehicle Policy
by Department of Transport, Government of Punjab
▲▲ Mandated to develop Tourism Policy for the Union
Territory of Diu and Daman by its tourism department
Business Economics Banking (BEB)

Indian economy continues to chart a path of healthy
economic growth, amid an ever-changing global economic
order. A lucid and comprehensive understanding of all
trends and nuances of the Indian economy is imperative
for the Bank. Towards this, Business Economics Banking
(BEB) is the research and knowledge-driven team of
YES BANK, which provides authoritative, cutting-edge
macro/markets outlook and sector-specific research
content, for both external and internal consumption.
The team aims to further deepen YES BANK’s mindshare,
through active participation in client meetings and
industry engagements.
Smt. Vasundhara Raje, Former Chief Minister of Rajasthan, releasing the YES BANK – FICCI Knowledge Report ‘Inbound
Tourism: Decoding Strategies for Next Stage of Growth’ in presence of Smt. Rashmi Verma, Former Secretary, Ministry of
Tourism, Government of India and Shri Bhupesh Rathore, President & Head, Strategic Government Advisory, YES BANK
during The Great Indian Travel Bazaar 2018
The BEB team publishes periodic reports of evolving In 2018-19, BEB shared its outlook on Indian economy
macroeconomic data and thematic reports on key and impact on businesses at several events such as
economic trends. Over the years, primary research and BSE’s India Foundation: India Economic Summit 2018;
reports published by BEB have been referred to and MCCI India Economic Forum; Annual Economics Lecture
cited by key stakeholders, including the Government, at IOCL, Delhi; L&T Financial Risk Management Workshop;
global investors, media and top clients. As a validation for SIAM 13th Looking Ahead Conclave and Economist
its expertise, the team won the ‘Reuters Most Accurate Huddle NITI Aayog, among others.
Forecaster Award’ for 2016 for India’s economy and
continues to remain among the top three forecasters
according to Bloomberg rankings.

NATURAL CAPITAL
Natural capital refers to all renewable and non-renewable environmental resources that the Bank uses to create
stakeholder value. It also includes the finance it mobilizes to promote natural resource preservation and climate
risk mitigation.
2,705 MW
Capacity RE projects
11.38%
Reduction of GHG
744
ISO 14001:2015 certified
sanctioned Emission Intensity green facilities
Natural capital has always been a critical focus area at areas such as energy efficiency, renewable energy and
YES BANK. Guided by its ethos of Responsible Banking, gender financing.
the Bank has always endeavored to be conscious and
responsible in minimizing its use of natural resources Renewable Energy Lending & Advisory
and impact on natural ecosystems. Its focus on natural
Government of India has expanded its Renewable Energy
capital conservation and climate action has led the Bank
(RE) capacity target to 175 GW by 2022. Aligning itself
to garner one of the largest renewable energy lending
to Government policies, YES BANK has sanctioned credit
portfolios among private-sector banks. The Bank has also
for establishing RE projects of capacity 2,705 MW for
taken a lead in reducing carbon footprint, becoming the
FY 2018-19. RE projects sanctioned during the year are
first Indian bank to be ISO 14001:2015 certified for its
broadly categorized as:
robust Environmental Management System. Additionally,
YES BANK has been at the forefront of mainstreaming the
protection and conservation of India’s rich natural capital
by becoming the first Indian signatory to the Natural Solar 550
Capital Declaration; the first Indian Bank to join the
Wind 955
Natural Capital Coalition (NCC); and a founder member of
the UNEP FI Principles for Responsible Banking. Integrated 1,200
Renewable Energy
Projects
Positive Impact Finance
YES BANK believes that Financial Institutions (FI) can
play a major role in driving climate action by adopting Powering Solar Projects
proactive approaches towards climate finance.
The Bank is an associate organization that supports the
International Solar Alliance (ISA). In FY 2017-18, the Bank
The Bank’s holistic climate strategy encompasses the
committed to mobilize USD 1 billion till 2023 and USD 5
launch of innovative green financial mechanisms, the
billion till 2030 toward financing solar energy projects in
integration of sustainability principles into operations,
India. YES BANK is on track to meet this commitment and
and establishing its credentials as a green bank among
already financed USD 1.75 billion in FY 2018-19.
sustainability-focused investors.
During FY 2018-19, the Bank’s key transactions to
In February 2015, YES BANK committed to mobilize USD
support sustainable use of natural capital included:
5 billion toward climate action till 2020, with specific
sector-wise targets. The Bank has already surpassed ▲▲ Underwriting of term debt of `337.5 crore along
its target of financing 5 GW of Renewable Energy (RE) with Letter of Credit (LC) / Stand By Letter of Credit
projects, by an additional 1.8 GW. (SBLC) sublimits for 100 MW solar project in Bhadla
Solar Park, Rajasthan
With an aim to mainstream sustainable finance, YES BANK
▲▲ Underwriting of term debt of `4,711.3 crore along
has, over the years, developed long-term partnerships
with Letter of Credit (LC) / Stand By Letter of Credit
with leading global development financial institutions
(SBLC) sublimits for 1,200 MW pump storage plant
such as International Finance Corporation; Overseas
in Andhra Pradesh (part of Integrated Renewable
Private Investment Corporation; Asian Development Bank;
Energy Project)
Netherlands Development Finance Company (FMO);
Development Bank of Austria (OeEB) and European ▲▲ Underwriting of term debt of `807 crore along with
Investment Bank, among others. These partnerships LC sub-limits for 200 MW solar project being setup
help the Bank in promoting financing opportunities in in Bhadla Solar Park, Rajasthan
▲▲ Underwriting of term debt of `170 crore along with Environment and Social Policy (ESP)
LC sub-limit for 30 MW wind project being setup in
YES BANK believes that it is critical for banks to have an
Gujarat
established framework to recognize, evaluate, monitor,
▲▲ Underwriting of term debt of `600 crore along with and manage the environmental and social elements in its
LC sub-limit for 200 MW solar project being setup in day-to-day decision-making. It is becoming increasingly
Bhadla Solar Park, Rajasthan imperative for banks to consider the ‘sustainability
dimension’ while making credit decisions. In line
▲▲ Underwriting of term debt of `1,328 crore along with
with its Responsible Banking strategy and practices,
LC sub-limit for 250 MW wind project being setup
YES BANK has been adopting a precautionary approach
in Gujarat
to environmental and social impacts, resulting from its
▲▲ Non-Fund based (LC) facility of `1,234 crore toward lending activities. The Bank’s Environment and Social
procurement of equipment for 250 MW wind project Policy (ESP), implemented in 2006, provides a structured
in Gujarat approach towards responsible lending.
▲▲ Refinancing of `2,313.6 crore term debt for 365 MW
The ESP is an integral part of the Bank’s Environment
operational wind projects & 50 MW operational
& Social Management System (ESMS). It sets out
solar project under 7 special purpose vehicles and
an overarching framework for the identification and
additional top-up term debt of `467 crore for further
management of potential and/or existing Environmental
capital expenditure
and Social (E&S) risks commensurate with the nature
▲▲ Underwriting of term debt of `228.5 crore for and scale of transactions and their potential impacts.
60 MW wind project to be implemented in Rajasthan Through this policy, the Bank integrates environmental
and social risks into its overall credit risk assessment
Sustainable Investment Banking architecture, which goes beyond the realm of financial risk
mitigation. It has voluntarily adopted the policy, based on
Sustainable Investment Banking (SIB) is a
international frameworks such as the Equator Principles
knowledge-focused vertical at YES BANK. It provides
and IFC guidelines. The ESP is a crucial part of the Bank’s
investment banking and advisory services in the
credit risk appraisal process and the Bank further continues
sustainability space, including renewable energy, clean
to mainstream environment and social consideration
technology, environmental services, healthcare, and
across its lending through strengthening ESP integration
education. SIB specializes in private equity fund
with overall credit risk assessment structure.
raising, mergers & acquisitions, technology transfer,
business advisory and corporate restructuring, among
others. It has successfully completed 36 transactions, Achieving operational
amounting to a transaction value of over USD 7.5 billion. environmental excellence
During the reporting period, SIB successfully closed the
In 2014, YES BANK became the first bank in India to
following transactions:
receive the ISO 14001:2004 certification for bringing
down resource usage, waste generation & disposal costs,
▲▲ Acted as an exclusive advisor to SREI Infrastructure
energy consumption, and implementing environment
Finance Limited for sale of their 60 MW wind
friendly practices. In 2017, YES BANK became the first
portfolio to ReNew Power Limited
bank globally to migrate to the ISO 14001:2015 standard
▲▲ Acted as an exclusive advisor to Kiran Energy Solar for its Environmental Management System (EMS). The latest
Power Private Limited for sale of their 85 MW solar ISO 14001:2015 standard further expands the scope of
portfolio to Hinduja Group the Bank’s commitment to the environment through a
greater emphasis by leaders to implement EMS, a better
▲▲ Exclusive buy side advisor to Nayati Healthcare strategic fit to incorporate environmental risk mitigation,
Group for its acquisition of OSL Healthcare (600 bed integrating environmental impacts in Life Cycle Thinking,
under-construction hospital in Gurugram & 75 bed and driving effective internal and external stakeholder
operational hospital in South Delhi) and SLJ Hospital communication. As on March 31, 2019, YES BANK is
(200 bed hospital in North Delhi) leading the BFSI sector globally with the highest number
of ISO 14001 certified green facilities with 744 certified
SIB represented YES BANK’s strong sector expertise locations, including 4 corporate offices, YES Securities
and thought leadership in the renewable energy and and the Abu Dhabi Representative Office. This marks the
sustainability sectors at key conferences and seminars latest milestone achieved by the Bank in its journey in
like RE Assets India 2019. becoming a leading environmentally friendly bank.

YES BANK is committed to continuously benchmark and potential use of ~70,380 A4 sheets of paper
enhance its environmental performance through strategic
▲▲ YES BOTS: YES BANK has digitized Electricity Bill
reduction of its carbon footprint intensity in order to fulfil its
Payments processing using Artificial Intelligence
environmental obligations and stakeholder expectations
(AI) Enabled BOTS. This new platform is being used
towards supporting sustainable growth.
across YBL branches pan India to raise and process
electricity payments to be made to DISCOMS. Key
Digital & Paperless Banking features include online approval workflow, timely
processing eliminating manual errors/omissions
The Bank continued its efforts to gradually move towards
with centralized repository for easy tracking of claim
paperless banking, by digitizing paper-based products
status and more importantly moving away from
and processes, wherever possible. Its key initiatives
paper documentation. The initiative, operational
during the year included:
since November 2018, has resulted in total paper
savings of 26,250 A4 size sheets
▲▲ E-Letters: The Bank launched the service of E-letters
for Retail Asset Products. This has enhanced the ▲▲ YES PAYMENTS: The Bank has digitized employee
service quality moving into digital platform & to reimbursement claims, such as mobile phone, local
provide seamless customer experience. It has conveyance, outstation travel, staff relocation,
significantly reduced the turnaround time from 3 through an internal YES PAYMENTS platform.
days to 1 day, thus also avoiding the potential use of The initiative in FY 2018-19 has resulted in total
~2,18,351 A4 sheets of paper and 90,797 envelops paper savings of approximately 3,95,005 A4 size
in FY 2018-19 sheets through online mobile & local conveyance
reimbursements
▲▲ Digital Post Disbursal Documents (PDD): The Bank
launched the YES PDD application, in collaboration ▲▲ Employee Self-Service (ESS) Portal: In line with
with Bank’s outsourced partner, aiming to reduce the HCM Digitalization roadmap which leverages
paper used in post disbursal documents copies innovation, automation and continuous process
through digitization of documentation and improvements to deliver superior experience
verification. It has saved over 1,77,750 sheets of and drive efficiency & engagement, YES BANK
A4 size paper in the Bank’s retail operations in FY implemented the enhanced process for submission
2018-19 of Investment proofs & LTA reimbursement process.
▲▲ Launch of DIGI LAS and INF: In FY 2018-19, Bank The new process incorporates changes in terms
has simplified its loan account opening process of online submission of proofs through ESS Portal.
and launched DIGI LAS and Inventory Funding (INF) This program aims to reduce paper work, delay in
process which has resulted in: receiving the documents by courier, reduction in
▲▲ Online viewing of statement of account for manual tracking of documents and adds value to
inventory funding employee experience. The initiative in FY 2018‑19
has resulted in total paper savings of 85,000
▲▲ Customized documents as per different facility
A4 size sheets.
type & constitution for inventory funding
▲▲ Minimising customer signatures on agreement for Reduce, Reuse and Recycle

loan against securities
During the year, the Bank continued its focused efforts
▲▲ Auto population based on single data source in in resource consumption reduction and has recycled
multiple documentation 8.5 tonnes of dry waste resulting in 11.33 MT of carbon
footprint reduction.
▲▲ Document Digitization: The initiative, in
collaboration with the Bank’s partner NEWGEN,
aims to reduce paper used in account opening
Managing E-Waste
and verification forms through digitization of Owing to its high dependency on technology, E-waste is a
documentation and verification. It has saved over primary environmental concern for YES BANK. Thus, the
75,000 sheets of A4 size paper in the Bank’s retail Bank has empanelled Pollution Control Board authorized
operations in FY 2018-19 third-party e-waste handlers for disposal of e-waste from
its locations across India. During FY 2018-19, the Bank
▲▲ Click to Happiness: The Bank’s digital personal
responsibly disposed 1,658 kg of assets as e-waste,
loan system for employees processed 782 loan
which included desktops, printers and laptop hardware,
applications in FY 2018-19, thus avoiding the
UPS, and server hardware.
Infrastructure – Key Steps to Enhance friendly coolants, thus reducing its environmental
Resource & Energy Conservation footprint, which have potential saving of 10 to 15 %
YES BANK has been increasing investments in technology ▲▲ The Bank is in the process of phasing out signages
to renew existing infrastructure, improve performance using tube-lights with energy efficient LED’s which
and enhance resource & energy efficiency. have potential saving of 20 to 25 %. In FY 2018-19,
it has been completed across 70 branches
▲▲ The Bank has been migrating to LED lighting in
▲▲ YES BANK’s energy management initiatives
phases. In present financial year 3,592 LED units
aim at reducing 15-20% energy consumption by
have been replaced, potentially saving annual
introducing Energy management system, wherein
energy of 20,775 KW
the consumption will be monitored centrally using IoT
▲▲ The Bank is in the process of phasing out
▲▲ YES BANK has explored the potential of using
air‑conditioning systems that use ozone depleting
alternate sources of energy by installing 5 KVA
coolants, and in the current reporting cycle, the
solar system at Pune Bundh garden branch, which
Bank has initiated the process to replace all air
has a potential to generate 7,200 units annually.
conditioners that are more than 10 years old with
YES BANK would continue to explore alternative
energy efficient (star rated) systems that use eco-
sources of energy in future
YES BANK GHG Inventory FY 2018-19 FY 2017-18 FY 2016-17

Scope 1 – Diesel (tCO2e)# 905.38 921.03 942.44
Diesel Consumption (Litre) 342,345.83 348,263.61 356,359.05
Scope 1 – Refrigerant (tCO2e)# 2,172.92 2,059.04 1,349.30
Scope 2 – Emission (tCO2e)## 30,453.16 29,668.27 34,226.39
Grid Electricity Consumption (MWh) 37,138.00 36,180.82 41,739.50
Total Emission (Scope 1+2) (tCO2e) 33,531.46 32,648.34 36,518.13
Total FTE as on March 31, 2019 21,136 18,238 20,125
Emission Intensity (tCO2e/FTE) 1.59 1.79 1.81
% Reduction of Emission Intensity YoY 11.38 1.35 16.50
Total Scope 3 Emissions (tCO2e) 45,823.67### 4,420.89* 2,642.23*
# Scope 1 emissions include 10% refrigerant leakage from the AC systems. The emission factors and GWP (Global Warming Potential) values have
been taken from GHG protocol. The cost of diesel consumed pan bank is converted in quantities consumed by using state-level diesel prices.
Like 2012-13 (base year), we have used operational control approach for measuring and managing these emissions.
## Grid Electricity Consumed has been calculated from the electricity bills. Scope 2 emissions includes negligible emissions generated by
electricity consumption by YES Securities Ltd., a subsidiary, since it is operating out of same NOC Mumbai building premises, and currency chests.
### In addition to business air travels, this year, emissions through daily commute by employees, paper consumption, couriers (assuming
1 envelope and 1 A4 paper per courier), and electricity consumption at outsourced data centres are also included in Scope 3 emissions.
*Scope 3 for FY 2018 & 2017 constituted business air travels only.
Note: Scope 2 emissions include CO2 emissions from electricity consumed by YES BANK. The emission factors have been taken from CEA’s
(Central Electrical Authority) CO2 database, version 13. The cost of electricity consumed pan bank is converted in quantities of electricity
consumed by using state level tariffs, wherever required. Like 2012-13 (base year), we have used operational control approach for measuring
and managing these emissions.
As a service sector organization, the Bank is reporting specific GHG intensity covering its Scope 1 and Scope 2 emissions, which comprise its
significant energy usage, linked with GRI Standard 305 requirements. Given the disclosure, the Bank does not separately report the energy intensity.
Water Footprint IS 1172:1993-Code of Basic Requirements for Water

Supply, Drainage And Sanitation) the Bank has estimated
Considering the nature of the Bank’s business and
that in 2018-19, the water consumption at all its facilities
locations it operates in, there are no significant negative
was approximately 235,510.695 m3* in 2018-19.
impacts on the communities around its areas of operation,
The Bank encourages branches to lead their own
and the Bank’s primary consumption of water is for
mitigation initiatives and shares best practices across
drinking and municipal purposes.
other branches.
* Estimated number of working days per employee calculated excluding
Based on the assumption that approximately 45 litres
weekends, annual leaves, public holidays and averaged sick leaves
of water is consumed per employee per day (Source:

CLIMATE DISCLOSURE Natural Capital Awards 2018
The 4th edition of YES BANK’s Natural Capital Awards
was announced on World Environment Day at Natural
Capital Forum organized by Natural Capital Coalition
(NCC), World Wildlife Fund (WWF), and YES BANK.
Launched in 2013, the awards platform has been
instrumental in mainstreaming the natural capital dialogue
YES BANK was the first Indian banking signatory to
in India by showcasing best practices in natural capital
the CDP and has been reporting its carbon emissions
consumption, accounting mechanisms, and conservation
since 2009. Backed by its enhanced disclosures on
within industry, academia, and civil society. The platform
emissions and backed by a clear climate action strategy,
went beyond its core objectives of recognizing leaders
the Bank has been recognized as a Climate Disclosures
in the natural capital domain and brought together
Leader consistently.
like-minded stalwarts from various stakeholder groups.
YES BANK, is a strong proponent of ESG disclosures,
This edition of the Natural Capital Awards ceremony was
and welcomes the recommendations on climate
the Bank’s first carbon neutral event and was organized
related financial disclosures by TCFD. In June 2018,
in partnership with the Ministry of Environment, Forest &
YES BANK became the first Indian Bank to release
Climate Change (MoEFCC), Ministry for Development of
enhanced sustainability disclosures aligned to TCFD
North Eastern Region (DoNER) and National Mission for
recommendations
Clean Ganga (NMCG), in New Delhi. As partners for the
awards, State Governments of Arunachal Pradesh, Assam,
and Sikkim and Embassies of France, the Netherlands,
Spain, and Switzerland shared their experiences on the
policy aspect of natural capital. The award ceremony
saw insightful dialogues from high-level dignitaries
Natural Capital Risks & Opportunities such as H.E. Mr. Marten van den Berg, Ambassador
of the Netherlands to India; H.E. Mr. José Ramón
Barañano Fernández; Ambassador of Spain to India; H.E.
Mr. Andreas Baum, Ambassador of Switzerland to India;
Mr. Rajiv Ranjan Mishra, Director General, National Mission
for Clean Ganga; Mr. John Lelliott OBE, Chairman, Board
of Directors, Natural Capital Coalition; Mr. Kamal Singh,
Executive Director, UN Global Compact Network India and
After having supported the development of the Natural Mr. James Newcomb, Managing Director, Rocky Mountain
Capital Protocol’s (NCP) Finance Sector Supplement (FSS), Institute, among others. It also saw participation from
YES BANK applied the Supplement on its green bonds governments, various industries, wildlife conservationists,
to study their alignment to natural capital concerns and photographers, civil societies, academia, and multilateral
measure the impact and dependencies of the projects agencies. Mr. Suresh Prabhu, Hon’ble Minister for
funded by these bonds. The Protocol was also used to Commerce & Industry and Civil Aviation, addressed the
understand the risks and opportunities arising from their august gathering through a video message highlighting
use and investment of the proceeds. the importance of natural capital.
It was established that policies and processes put in In 2018, the awards witnessed an overwhelming
place to mitigate natural capital risks that may arise participation from individuals, with more than 38,832
from the projects’ operations, are adequate. The Green photograph submissions and 760 organization entries
Bonds are also aligned with NCP FSS to a high degree. across the six categories. Third-party evaluation was
The green projects funded by the proceeds of Green carried out by program partners, and an esteemed jury
Bonds issued by YES BANK will annually generate around comprising nature conservationists, photographers,
2.35 million Mwh of electricity, which is equivalent to the environmentalists, industry stalwarts, sustainability
volume of electricity required to light up around 2.32 professionals and experts from multilateral agencies
million households in India, in a year. To read more on chose the final winners. Mr. Pawan Kumar Chamling,
the detailed impact, please refer to pages 116-117 in this Hon’ble Chief Minister of Sikkim, was awarded the ‘Nature
annual report. Leader of the Year’ for his contribution toward natural
capital in Sikkim.
As a run up to Natural Capital Awards, YES BANK together then Head of UN India, Mr. Yuri Afanasiev, the roundtable
with United Nations (India) organized a roundtable on was attended by development financial institutions,
‘Mobilizing Sustainable Finance in India’, at the United investors, government and stock exchanges, among
Nations (UN) Headquarters in New Delhi. Chaired by the several other industry leaders.
The winner of Trailblazer category being felicitated by (L-R) Mr. Nikhil Sahni, Group President, Multinational Corporate
Banking, Government Banking, Strategic Government Advisory and Food and Agri Strategic Advisory and Research,
Ms. Namita Vikas, Group President and Global Head, Climate Strategy & Responsible Banking, Mr. Rajiv Ranjan Mishra,
Director General, National Mission for Clean Ganga, Mr. Pierre Jacquet, President, Global Development Network,
Mr. James Newcomb, Managing Director, Rocky Mountain Institute, Mr. John Lelliott OBE, Chairman, Board of Directors,
Natural Capital Coalition
(L-R) Winning photos by Baiju Patil, Nikhil Tembekar, Narendra Kumar Pandey

HUMAN CAPITAL
Human capital refers to the value of employees’ competencies, their motivations to innovate, their knowledge and
experience and their capability to utilize these to meet stakeholder needs. It also includes development programs
undertaken for employees.
21,136 709,174 5,410 16,132

Total Employees Training hours Training programs Employees trained
YES BANK’s human capital philosophy focuses on creating Redressal) Act & Rules, 2013’. G.R.A.C.E. also reaffirms
the right mind-set to enable business performance, by the Bank’s commitment to being an equal opportunity
empowering and encouraging YES BANKers to push their employer. The Bank has internal committees to investigate
boundaries beyond their comfort zones, and embrace and inquire into sexual harassment complaints in line
challenges and drive growth, thereby deepening mind with The Sexual Harassment of Women at Workplace
share and enhancing market share. (Prevention, Prohibition & Redressal) Act, 2013.
YES BANK follows the 5C Engagement Model comprising Women-Centric Initiatives

Culture, Communication, Career, Connect, and Care to
Maternity benefits: The Bank provides maternity benefit of
engage its growing workforce.
26 weeks to female executives to celebrate motherhood
and bonding. In addition, to celebrate the special
Human Capital Initiatives moments of motherhood, the Bank presents gift vouchers
for the newborns to all new mothers resuming duty post
YES CLUB
maternity leave. The Bank provides equal opportunity
YES CLUB was launched across the Bank’s hub branches to female executives during maternity period and on
with the objective of encouraging an atmosphere of fun resuming duty post maternity, Crèche Benefit Policy for
and camaraderie and provide YES BANKers a platform women executives are provided as per the provision of
to showcase their talent and creativity. It facilitates the Maternity Benefit Act, 1961.
participation in activities around three broad themes:
social, cultural and sports. Rewards and Recognition:
YES League of Excellence
Since its launch in FY 2017-18, YES BANKers across
Rewards and Recognition is driven digitally through an
the Bank’s 262 hub branches have organized and
online portal called the ‘YES LEAGUE OF EXCELLENCE’.
participated in activities such as sports tournaments,
It provides a formal recognition platform to recognize
adventure sports and trekking, arts and crafts exhibitions,
and reward excellence at YES BANK and in turn create
photography contests and employee volunteering
a ‘Culture of Appreciation’. All YES BANKers have the
activities. YES CLUB is also the primary driver of initiatives
option to appreciate and wish their colleagues on
focused on building a culture of holistic well-being
achievements or occasions. Reporting managers can
among YES BANKers. Under this agenda, several
nominate team members for rewards such as Y-Star of
wellness-focused activities such as medical screening
the month (Employee of the Month), basis performance.
camps; health talks in partnership with reputed medical
(Refer Award Categories chart)
institutions; wellness knowledge campaigns; workshops
on emotional well-being, meditation, stress management,
Employee Performance Management
Yoga, Zumba; and functional training sessions like chair
yoga and chair cardio are undertaken. The Bank manages the performance of executives,
ensuring timely, unbiased and transparent appraisal
Encouraging Gender Respect: Say process for all executives. The Bank follows an annual
YES to G.R.A.C.E performance review cycle, with eligible executives
undergoing a multi-level performance valuation. The Bank
Through the robust ‘Say YES to G.R.A.C.E’ (Gender
evaluates performance purely on merit.
Respect and Commitment to Equality), framework, the
Bank creates awareness while periodically disseminating
Awards and Accolades
and reiterating the Bank’s Policy for Prevention of Sexual
Harassment, which is in line with ‘The Sexual Harassment ▲▲ YES BANK has been awarded the coveted ‘Golden
of Women at Workplace (Prevention, Prohibition and Peacock National Training Award’ in April 2018 at
AWARD CATEGORIES
1,631
624
288
129
28
SPOT ON Y-Star of Team of Rising Star of YES Personality

the Month Quarter the Quarter
the ‘28th World Congress on Leadership for Business employees to address all HCM related enquiries.
Excellence & Innovation’ & Golden Peacock Awards, An Employee Query Management System (EQMS) was
organized by Institute of Directors (IOD) in Dubai. also launched to leverage technologies and further
The Award identifies excellence in training practices; enhance HCM service delivery through structured and
shows how effective training improves business & timely query resolution.
individual performance and provides role models
from all parts of Indian corporate life. During FY 2018-19, YES Bot, an AI-enabled ChatBot for
instant employee query resolution was implemented.
▲▲ YES BANK has been awarded the No.1 ‘Dream
The Bot has also been integrated with YES for YOU
Company to Work For & Best Employer of the Year’
Mobile (HCM App) for a single touch access.
at the 27th World HRD Congress held in Mumbai
in Feb 2019 after a rigorous multi-stage selection
HCM HelpDesk aims at providing employees a direct
process among 800 participating companies.
access to the Bank’s HCM team. The charts below depict
▲▲ YES BANK Transformation Series 2018 won the the extensive use of the tool for various categories
award for the Fourth Most Prestigious B-School for FY 2018-19.
Competitions in March 2019. This award was
presented by Dare2Compete in association with TOTAL NO. OF QUERIES (NOS.)
CNBC TV18.
Listening to Employees
3,824
‘HCM HelpDesk’ was designed in line with the Bank’s
objective to provide a consistent and superior service
experience to its employees. It is a simple and easy-to-use
platform that allows employees to raise all HCM-related 2,536
(Human Capital Management) queries and concerns 2,224
through email, voice call (Interactive Voice Response),
ChatBot and a query management system. The platform 1,555
then offers satisfactory closure to these concerns.
A unique toll-free Interactive Voice Response (HCM

IVR) facility (1800 2000 515) was launched for all
YES BANKers, as part of the Bank’s continued efforts
to improve human capital service delivery. It enables
QI QII QIII QIV

COUNT OF CATEGORY QUERIES – CATEGORY-WISE DISTRIBUTION
234 3 320 112 3 113

20 26
444 362
2,803 1,920
QI QII
86 15 37 19
1 1 23
576 377
1,537 1,107
QIII QIV
Benefits HCM Policy Salary & Reimbursements HRMS Non-HCM Others
YES School of Banking is the only Learning & Development

Learning & Development function in India to be accredited with the latest Dual ISO
YES School of Banking (YSB) Certification (ISO 9001:2015 and ISO 29990:2010).
My Learning@YES
My Learning @ YES, the Bank’s online Learning Management
System (LMS) in partnership with Cornerstone On Demand,
supports digital learning and class room sessions.
MY LEARNING @ YES provides learners increased access
In today’s disruptive digital era, it is critical to build a
to learning content (in-house courses and externally
high-quality, robust talent pool with adaptability skills
integrated content partner like Coursera), learning
for the changing needs of the workplace for a sustained
scorecards measure actualization against learning path
competitive advantage. YES BANK has always emphasized
and assign learning credits to learners. The system also
on a knowledge-driven approach for visualizing the
has the capability of social learning, advanced reporting &
future and bringing that future to the present. It focuses
analytics, conducting and managing classroom trainings,
on developing the capacity and capability to nurture the
attendance tracking and training schedule management in
brightest and best quality talent. This is the cornerstone
addition to accessing the e-learning modules. The LMS also
of YES BANK’s evolution as the ‘Professionals Bank of
has a mobile first approach enabling learning on the go,
India’. Key Human Capital, organizational development
allowing users to go through modules and appear for tests
and learning initiatives at YES BANK are domiciled
from the app ensuring better time utilization. Additionally,
under the aegis of YES SCHOOL OF BANKING (YSB).
the system has features like a versatile training calendar,
Institutionalized in 2007, YSB was created with a vision
training schedule management, feedback mechanism and
to build a ‘Centre of Excellence’ for learning solutions in
management information system.
banking and related areas.
Major Learning Modules

Some of the major learning modules initiated by the YES School of Banking are:
RBI - Regulatory / Compliance Mandatory Programs

1. RBI Mandate
▲ ▲ RBI Capacity Building in Banks and All India Financial Institutions (AIFIs)
▲
▲ Institute for Development and Research in Banking Technology (IDRBT) Certifications for Board of Directors,
CXOs, and select Top/Senior Management
2. Risk Management trainings
▲ ▲ Credit Skills Assessment – CRISIL
▲
▲ Exposure to best-in-class industry knowledge and subject matter expertise: Centre for Advanced Financial
Research and Learning (CAFRAL), National Institute of Bank Management (NIBM), National Institute of Securities
Markets (NISM), College of Agricultural Banking (CAB), Indian Institute of Banking and Finance (IIBF), Foreign
Exchange Dealers Association of India (FEDAI) and Fixed Income Money Market and Derivatives Association of
India (FIMMDA), among others.
3. Compliance Initiatives
▲ ▲ RBI Master Circulars (classroom + e-learning)
▲ ▲ Supervisory Programme for Assessment of Risk and Capital/ Risk Based Supervision/ Governance sessions
▲ ▲ Infosec / Business continuity planning / Operational Risk Management / Enterprise risk management trainings
SUPERCOP (Super Certified Operations Professional) Certification

SUPERCOP is a ‘gold standard operations certification’ for select YES BANKers from Operations Service Delivery (OSD)
team. It aims to create an elite team of cross-functional experts who understand and manage end-to-end operations.
The program encompasses cross-functional training across critical operations roles, external certifications, service
orientation, leadership training, design thinking and innovation workshop, and exposure to professional-technology
programs to hone the participants’ skills for future.
Relationship Manager (RM) Training Certification Roadmap

A one-year certification program was launched for relationship managers of Corporate Businesses to become a
well-rounded ‘knowledge banker’. The program is conducted across locations with several training interventions,
which are mentioned below:
1. STEP-UP Series – a unique onboarding program
2. Winning Through Sales & Negotiations
3. Credit Skills Assessment and Report Writing – through CRISIL
4. Sector-Specific Knowledge Sessions by Industry experts from CRISIL, ICRA and others
5. Product Boot Camps

Professional Technology Programs (PTP)
YES BANK organized a series of training interventions under the ‘Professional Technology Programs’ umbrella to
enhance YES BANKers’ ‘digital quotient’, to help them remain relevant in changing times and be ‘future-ready’.
The programs have resulted in:
▲▲ Increased awareness, appreciation and application of the emerging technologies disrupting the banking eco-system
▲▲ Contributed significantly in offering various differentiated digital financial solutions to corporate and retail customers
▲▲ E
nhanced knowledge by gaining access to best-in-class learning through a blended-learning approach by
partnering with NIIT, COURSERA and FinTech
Leadership and Behavioural programs – Pan Bank

1.
Advanced Leadership Program (ALP): The Bank successfully concluded its first ever leadership development
journey (in partnership with Eruditus Executive Education) towards building holistic and future ready leaders across
Top and Senior Management (97 participants). The program provided an immersive and experiential learning
journey spread over a period of 6 month across online and classroom modules (4 modules, 2 days per module),
each one focussing on a specific organisational priority as follows:
▲▲ Collaboration and Creativity
▲▲ Leading Self
▲▲ Leading People
▲▲ Leading Change
The program was concluded in the presence of the Bank’s Top Management. The participants were also addressed
by the MD & CEO. The program was highly rated both by the participants and the leaders of the participant’s team.
2.
Leadership Development Interventions for Middle Management: Following the success of leadership
development initiatives for the Bank’s senior leaders in FY 18-19, 2 exclusive programs for Middle Management
leaders were rolled out during Q4. Managers leading teams and handling significant business responsibilities
were targeted for these programs. The programs were conducted in partnership with external experts and were
well received by the managers:
▲▲ Leadership Excellence Program (Leading Self): Managing Business & Developing People- The program
focused on relevant managerial challenges such as creating ‘A Bias for Action’, Managing Stakeholder
Expectations, Delegating and giving feedback.
▲▲ Young Leaders Excellence Program (YLEP): Leading Self - The program focused on relevant managerial
learnings such as understanding values, motives, fears, understanding personality traits, emotional intelligence
at work and influencing styles.
3.
HCM Capability Building: With the objective of strengthening functional knowledge as well as managerial skills
for the Bank’s HCM team, exclusive programs for HCM Relationship Managers & COE teams were rolled out during
Q4. The programs were conducted in partnership with external experts and were well received by the team:
▲▲ Level-1 Accreditation Certification - Harrisons Assessments – The program provided an in-depth understanding
of using assessment tools for employee hiring and developmental initiatives. The participants were certified in
the assessment methodology after completing relevant post workshop project work.
▲▲ Stakeholder Management – The program focused on relevant HCM challenges such as Managing Stakeholder
priorities, Conflict management, Influencing, Articulation, and Assertiveness.
4.
Managing Self: 1-day classroom program focusing on professional effectiveness was done for Corporate &
Support functions for General Management.
Project Impact Workshop

Project Impact was launched as a learning series for branch business leaders and relationship managers with a
focus to enhance their business effectiveness enhancement encompassing Business & Service Excellence, Branch
Administration, Banking Operations and Regulatory Practices & Consultative Selling Skills
Branch Banking Leaders Masterclass Workshop

It is critical for Branch Banking to continue garnering CASA by fully utilizing the strength, scale, and reach of the Bank’s
hub-spoke branch network. It is also equally important to explore and convert business from local communities in
the branch service area while maintaining laser sharp focus on the branch banking sales strategy. Branch Banking
Leaders (BBLs) play a critical role in maintaining the operational health and regulatory compliance at the Bank’s
branches. The changing dynamics in the branch banking domain and the movement of staff to bigger roles require an
effective process training framework for the staff at ground.
Core Objectives
▲▲ Operational Excellence
▲▲ Mitigation of Compliance Risk
▲▲ Robust Supervisory Review of Branch Functioning
Relationship Managers Consultative Selling Workshop

The workshop was organized to equip Relationship Managers (RMs) with the concept of consultative selling, aimed
at building long-term associations with prospective and existing customers. The facilitator will coach RMs on specific
information, techniques, and strategies they need for identifying and qualifying prospects, increasing sales, and
developing valued relationships with customers
Core Objectives
▲▲ Understanding the importance of behavior management through theatre methodology
▲▲ Building and managing relationships
▲▲ Understanding the five stages of HNI customer purchase-decision process
▲▲ Understanding the process of consultative selling

Induction Program
Corporate Induction continues to be YSB’s high-impact induction program that orients new employees on key areas that
every YES BANKer must be aware of and internalize. The induction program is the first critical training for employees
on key regulatory and compliance issues, including Know Your Customer (KYC) and Anti-Money Laundering (AML)
guidelines, Information Security, products & processes, and HCM policies and procedures. During the reporting period,
241 induction programs were conducted for 4,657 executives and 7,832 executives were inducted through the
e-learning modules.
Employee Training Programs Conducted
Particulars FY 2018-19 FY 2017-18 FY 2016-17 FY 2015-16
Total classroom - training programs conducted 5,410 5,035 3,640 2,737
Total executives trained in programs above 16,132 15,568 16,096 12,263
Total executives trained (e-learning) 20,306 16,108 19,758 N/A
Employees Trained by Gender (Classroom)
Male 13,117 12,811 13,025 9,934
Female 3,015 2,757 3,071 2,329
Total 16,132 15,568 16,096 12,263
Employees Trained by Management Category (Classroom)
Top Management 57 99 65 139
Senior Management 163 245 127 465
Middle Management 1,960 2,958 2,062 2,881
Junior Management 5,824 7,620 7,517 3,998
General Management 8,128 4,646 6,325 4,780
Total 16,132 15,568 16,096 12,263
Training Hours (Classroom and E-Learning)
Participant man-hours (classroom) 2,97,871 3,89,159 3,86,856 N/A
Participant man-hours (e-learning room) 4,11,303 3,39,446 5,81,545 N/A
Participant man-hours (classroom and e-learning) 7,09,174 7,28,605 9,68,401 5,67,628
Participant man-hours* per executive 33.55 39.95 48.12 37.84
* - includes man-hours of executives who resigned in reporting period
Average Training Hour (Classroom and E-Learning) – Gender
Male 33.05 39.35 46.91 N/A
Female 35.79 42.67 53.49 N/A
Total 33.55 39.95 48.12 N/A
Average Training Hour (Classroom and E-Learning) – Category
General Management 41.26 48.47 62.01 N/A
Junior Management 27.79 40.48 45.77 N/A
Middle Management 17.04 26.62 24.62 N/A
Senior Management 29.66 19.23 11.46 N/A
Top Management 22.78 10.13 10.90 N/A
Total 33.55 39.95 48.12 N/A
Training Target/ Plans for Next Year

▲▲ Role-Wise Certifications (mandatory) on Capacity Building, IT and Cyber Security for select BUs; in addition to BU
specific certifications for select roles
▲▲ Focus on Business Priorities i.e. Compliance, Regulatory, Productivity, Cross Sell, Behavioral Skills and Service
Culture
▲▲ Setting up of Talent Academy (in partnership with external institutes) to build a robust talent pool for all levels for
meeting future talent requirements
▲▲ Leadership Development Framework for all Management Bands across all BUs focused on Leadership role
transitions
▲▲ Professional Technology Programs in partnership with best-in-class external training partners to equip select YBL
Executives on ‘Emerging Technologies’ in the banking eco system

University & School Relationship The grand finale of the Transformation Series 2018 was
Management (USRM) conducted in the month of November 2018. It witnessed
top 15 student teams address themes on how to increase
University and School Relationship Management (USRM)
B2C exports from India, initiatives to promote India as
is a structured, sustainable, and scalable engagement
a leader in MSME exports, and how Indian MSMEs can
program to create and maintain mindshare for YES BANK
further leverage global opportunities. IIM Bangalore
among students from top business schools of India,
bagged the first place followed by Indian Institute of
thereby positioning the Bank as a preferred employer.
Foreign Trade (IIFT) and Shailesh J. Mehta School of
Management, IIT Bombay in 2018.
YES BANK Transformation Series
YES Professional Entrepreneurship
Program (Y-PEP)
The winners of YES BANK Transformation Series 2018

The Y-PEP program is YES BANK’s flagship campus
YES BANK Transformation Series is a platform for recruitment program that endeavors to hire the most
students from business schools and tech institutes to sought-after talent from the best business schools in
step into the shoes of business leaders and provide India. The program positions YES BANK as an ‘Employer
innovative solutions to live challenges faced by India Inc. of Choice’ across premium business school campuses
The initiative is a part of YES BANK’s efforts to help make and helps develop a robust talent pool to drive the
India’s youth future-ready by instilling entrepreneurship Bank’s future growth. During FY 2018-19, the Bank
and innovation. hired 29 students for the Y-PEP program from 19 top
campuses of the country. This highly qualified talent
With collaboration and co-creation at its core, YES BANK pool has contributed to consistently augmenting and
partnered with 12 global leaders for the 7th edition supporting the Bank’s knowledge based, state-of-the-art
of Transformation Series to identify priority areas that technology-driven services across key banking
need focus through scalable innovative solutions. relationships, products, knowledge advisory groups,
Having addressed three key aspects of the economy – and critical support functions. Since its inception, the
FinTech, Smart Cities, and Social Development last year, program has inducted over 1,000 top talent from premier
the 7th edition of the competition explored focus areas business schools.
brought together by global innovators like Adobe, Cisco,
Microsoft, Shell, United Nations Development Program YES – Emerging Professionals
and Indian pioneers like Big Basket, BookMyShow, Entrepreneurship Program (Y-EPEP)
Sports Interactive, Urban Ladder and T-Hub. This year,
During Q4 the Bank has on-boarded 51 Y-EPEPs for a
the initiative received registrations from 16,000+ student
two month long internship programs (April & May 2019).
teams across the country.
Offer letters for the Y-EPEPs were released during the
quarter and a two day engaging induction was planned
For the final round, YES BANK partnered with Invest India,
for them. The induction was planned keeping the
a non-profit venture under the Department of Industrial
objectives of introducing the interns to YBL and help them
Policy and Promotion (DIPP), Government of India, to
experience our immersive culture.
help promote cross-border e-commerce for India’s
crucial MSME sector.
YES Future Ready Scholarship Program application reads the resume line-for-line and
determines information, including experience,
YES Future Ready is a unique scholarship program that
expertise and education background and then
identifies 30 students from India’s premier B-schools and
matches these with job description and derives a
engineering institutes and awards them a scholarship of
score representing, the extent of candidate match.
`2 lakh for consistent academic excellence.
▲▲ Digital Signature: The ‘Digitally signed e-Offer
Letter’ has led to approximately 98% of all offers
getting digitally signed. This change has resulted
in enhanced productivity, superior candidate
experience, reduction in carbon footprint, cost
saving and improved turnaround time.
▲▲ YES for YOU Employee Self-Service (ESS Portal):
ESS Portal provides seamless access to key HCM
functionalities like extracting/ viewing salary
slips, tax forecast, investment declaration and
The program offers a structured mentorship program for
employee reimbursements. The key features of
students to help them transition smoothly from student
this portal encompass intuitive and user-friendly
life to becoming well-rounded professionals, along with
navigation. It offers mobility to access it anytime
essential e-courses that help them significantly augment
and anywhere, outside YES BANK domain from
their skills. The students receive structured mentorship
non-YBL device/ terminal. Additionally, the ESS
by YES BANK’s top management across a span of
Portal provides enhanced security feature of dual-
four months to instill subject knowledge beyond their
factor authentication by submitting One Time
MBA/Engineering course curriculum.
Password (OTP) sent on the employee’s registered
mobile number.
YES Future Ready 2019 saw more than 5,000 enthusiastic
students register for the opportunity. Around 1/3rd of the ▲▲ Predictive Analytics: Successfully deployed Attrition
total registrations were from technology schools. After a Model for various roles using Machine Learning
rigorous selection process, 30 students were chosen as Algorithm (Random Forest) to predict employees
the YES Future Ready scholars, who will participate in the that may exit the organization within a stipulated
program from June 2019. time period. The model was developed on statistical
tool using the performance, education, previous
experience, leave/attendance data, compensation
Digitalization Initiatives and other demographic details of the employee.
▲▲ YES for YOU Mobile: The HCM App for employees These predictive models will enable to develop an
is aimed at providing employees with mobility, action plan in advance to curtail attrition.
accessibility, convenience and a superior interface.
▲▲ Talocity: A video interface to evaluate candidates
The App will act as a unified interface for performing
using machine learning, social profile mapping,
all transactions and accessing information. YES Bot,
video analytics, and artificial intelligence engine.
an intelligent AI-enabled ChatBot integrated with
Candidates can give video interviews using Android-
YES for YOU Mobile for instant employee query
or iOS-based mobile devices or through web-based
resolution.
interface on Chrome or Mozilla browsers at their
▲▲ YES TALENT RADAR: This is an Artificial Intelligence convenience and the same can be reviewed by the
(AI)-enabled talent screening and acquisition tool. Bank executives at ease, optimizing the time spent
The platform uses Natural Language Processing on preliminary interviews.
(NLP) and Deep Learning algorithms, which enhance
efficiency, productivity, and quality of hiring. The

HUMAN CAPITAL DATA POINTS
Employee Strength
FY 2018-19
Under 30 30-50 Above 50
Particulars* Total
Male Female Male Female Male Female
Top Management 0 0 47 2 20 1 70
Senior Management 0 0 169 21 8 1 199
Middle Management 7 1 2,080 253 20 1 2,362
Junior Management 1,120 318 5,312 821 3 1 7,575
General Management 4,906 1,773 3,582 668 1 0 10,930
Total 6,033 2,092 11,190 1,765 52 4 21,136
* There was a change in Management Band effective January 1, 2019
Employee Strength by Region

Number
FY 2018-19
North 6,597
East 1,119
West 9,620
South 3,800
Total 21,136
FY 2017-18
Particulars Total
Top Management 0 0 76 10 18 2 106
General Management 3,162 988 1,207 196 1 0 5,554
Total 5541 1,816 9,370 1,473 33 5 18,238
FY 2016-17
Particulars Total
Top Management 0 0 76 6 16 3 101
General Management 4,399 1,428 1,379 241 1 0 7,448
Total 7,137 2,247 9,254 1,452 30 5 20,125
Total Attrition during the Year

FY 2018-19
Under 30 30-50 Above 50 Attrition
Particulars
Male Female Male Female Male Female Rates
Top Management 0 0 10 1 2 0 18.57%
Senior Management 0 0 14 2 1 1 9.05%
Middle Management 6 1 428 63 1 1 21.17%
Junior Management 737 276 1,287 235 0 0 33.47%
General Management 1,701 623 671 114 0 0 28.44%
Total 2,444 900 2,410 415 4 2 29.22%
Attrition Rates 40.51% 43.02% 21.54% 23.51% 7.69% 50.00%
Note: Attrition is based on Head Count as March 31, 2019 and includes only voluntary exits.
Total Exits During the Year by Region

Number
FY 2018-19
North 2,081
East 402
West 2,539
South 1,153
Total 6,175
FY 2017-18
Particulars
Top Management 0 0 14 0 2 1 16.04%
Junior Management 1,031 331 1,593 277 1 0 35.73%
Total 2,994 1,044 2,582 443 6 1 38.77%
Attrition Rates 54.03% 57.49% 27.56% 30.07% 18.18% 20.00%
FY 2016-17
Particulars
Top Management 0 0 2 0 0 0 1.98%
Total 2,517 904 1,860 278 2 0 27.63%
Attrition Rates 35.27% 40.23% 20.10% 19.15% 6.67% 0.00%

Total Hires during the Year
FY 2018-19
Under 30 30-50 Above 50 Hire
Particulars
General Management 3,452 1,261 1,035 181 0 0 54.25%
Total 4,271 1,465 3,145 458 6 1 44.22%
Hire Rates 70.79% 70.03% 28.11% 25.95% 11.54% 25.00%
Total Hires During the Year by Region

Number
FY 2018-19
North 2,774
East 526
West 4,186
South 1,860
Total 9,346
FY 2017-18
Particulars
Total 2,809 909 1,654 248 2 1 30.83%
Hire Rates 50.69% 50.06% 17.65% 16.84% 6.06% 20.00%
FY 2016-17
Particulars
General Management 3,558 1,141 475 68 2 0 70.41%
Total 5,726 1,708 3,358 461 4 0 55.94%
Hire Rates 80.23% 76.01% 36.29% 31.75% 13.33% 0.00%
Note: Employee Profile analysis is based on the database maintained by the Bank’s HCM units, which may differ from the Bank’s total headcount
on a particular date. HCM data does not included employee of YES FOUNDATION and Yes Securities (India) Limited.
No significant variations were observed in the employment related data reported above.
Return to Work after Parental Leaves

FY 2018-19 FY 2017-18 FY 2016-17
Particulars
Maternal Paternal** Maternal Paternal** Maternal Paternal**
Employees taking Parental leave 204 1118 172 1088 148 1005
Employees resuming work 198 1118 168 1088 144 1005
Employees retained after resuming 188 1118 162 1088 142 1005
work in the reporting period
Return to Work Rate 92.2% 100% 94.2% 100% 95.9% 100%
Employees retained 12 months after NA* NA* 110 776 94 743
resuming work
Retention Rate (after 12 months)^ N/A* N/A* 64.0% 71.3% 63.5% 73.9%
* To be reported in FY 2019-20 reporting cycle.
** No causal relationship has been determined between Paternal leave and voluntary exits.
^ The percentage of employees retained 12 months after returning to work following a period of parental leave.

MANUFACTURED CAPITAL
Manufactured capital is the Bank’s tangible and intangible infrastructure, including IT assets, used for value creation
through business activities.
1,120
Branches
1,456
ATMs
IMPLEMENTING
Supplier Code of
Conduct
YES BANK is a public limited company listed on the ▲▲ Increased compliance

Bombay Stock Exchange and the National Stock
▲▲ Risk management
Exchange of India. During the reporting period, there has
been no significant change in the Bank’s shareholding ▲▲ Strengthening systems, controls, and processes
pattern, the details of which are available in this report on
▲▲ Imbibing sustainable sourcing
pages 178-180.
The Bank has a diverse supplier base, including suppliers
Through its pan-India network of branches, ATMs, regional
of the key platforms on which the Bank operates. As the
offices and customer touchpoints, supported by a robust
Bank is spread across the country, it also procures from
‘digical’ infrastructure, YES BANK offers a comprehensive
local vendors for localized consumption of products and
range of banking products and services to its entire
services. The Bank has formed strategic relationships
spectrum of customers. Manufactured capital thus,
with eminent Indian and global companies, which not
becomes a critical enabler for the Bank. More information
only widen business platforms but also lay the foundation
on the Bank’s bouquet of products and services is
for a sustainable future. A comprehensive list of
available at its website, www.yesbank.in.
YES BANK’s strategic relationships can be accessed at
https://www.yesbank.in/about-us/corporate-partnership.
Geographic Footprint
The Bank follows the mechanism of segregating its
YES BANK is headquartered in Mumbai. It provides
vendors into four categories: Strategic, Critical, Core and
seamless banking experience across 1,120 branches and
Basic. Based on this categorization, the Bank implements
1,456 ATMs in 29 states and seven Union Territories of
its vendor review and risk management practices.
India as on March 31, 2019. The Bank’s state-of-the-art
YES BANK has put in place processes to ensure Vendor
branch infrastructure and cutting-edge technology enable
redundancy/ Business Continuity Planning (BCP) for
it to operate with a customer-centric approach. The Bank
critical spends.
continues to have centralized back office functions for
various business lines served from National Operating
YES BANK has well-established vendor guidelines
Centers (NOC) in Mumbai, Gurgaon and Chennai, including
outlining its vendor selection criteria and compliance
the ‘Yes Touch Contact Centre’ located in NOC Gurgaon.
with laws of the land in addition to assessing a vendors’
The YES Touch Contact Centre is an extension of branches
credibility, capability and cost to deliver. As part of the
to serve customers, with a focus to engage and involve
Bank’s stated objective and commitment to implement
customers by delivering tele-banking services on phone.
best practices in Corporate Governance, the Bank has
The Bank has one international representative office in
a web-based ‘Corporate Whistleblower Initiative’ (CWI)
Abu Dhabi, UAE.
which is an independent online reporting service aimed
at facilitating secure and confidential communication
YES BANK’s Supply Chain between the Bank and its vendors.
The Bank’s procurement practices continue to be
During FY 2018-19, the Bank continued with its
centrally driven by the Central Procurement Unit (CPU)
efforts of increasing its Spend Penetration (Spends
and overseen by its Central Procurement Committee.
Influenced/Addressable Spends) and several cost
The Bank is focused on its roadmap to mature its
management initiatives were identified based on spend
vendor management framework in line with the global
analytics to optimize cost structures. To meet the goal,
best practices while ensuring proactive management
the procurement team in collaboration with various
of strategic supplier partners and adequate risk
operations/ functional units looks for opportunities for
management. The CPU continues to strengthen its supply
value engineering and innovative solutions. To maximize
chain based on the following principles:
sustainable sourcing practices, various initiatives have
been identified to reduce power consumption and use

of paper products, details of which are available on
pages 38-39 of the Annual Report.
In line with YES BANK’s vision of digitalization of processes

and further strengthening sourcing, contract management
and vendor performance management, the Bank
implemented the following processes in FY 2018-19:
▲▲ SAP Ariba e-Sourcing platform

▲▲ Contract Management module
▲▲ Supplier Lifecycle Process module
▲▲ Centralization of procurement operations
The e-sourcing platform is helping the Bank bring in fair

and transparent sourcing processes. The Bank intends to
increase the usage of this platform in a phased manner YES BANK’s Supplier Code of Conduct integrates
and institutionalize the process. sustainability priorities in its supplier base
A breakdown of the Bank’s expenses under various

operational heads, including services provided by its
Workplace Technology Mobility
supply chain is available on page 204 of this report. YES BANK has invested and implemented state-of-the-art
technology initiatives since its inception. The Bank’s
philosophy is to partner companies with highly competitive
Supply Chain Sustainability products and established businesses, and develop
As the first Indian banking signatory to the UN Global specific solutions that become differentiators in
Compact, YES BANK continues to abide by the 10 the marketplace.
Principles of the Compact covering: human rights, labor,
environment, and anti-corruption. The Bank uses these Optimizing IT asset use in service organizations is
principles as a foundation for building its sustainable emerging as a global best practice aimed at lowering
supply chain practices. operational costs and reducing e-waste.
The Bank believes that its suppliers are an integral YES BANK has implemented Microsoft Kaizala to ensure
part of its ecosystem and constantly strives to optimize smooth and consistent connectivity between its corporate
its strengths with the competencies of its supply headquarters, branch office employees and field staff.
chain partners. The tool powers the Bank’s sales and distribution
workforce across the country, enabling the transmission
In FY 2017-18, YES BANK adopted a Supplier Code of of relevant information such as sales reports or service
Conduct, based on Environmental, Social and Governance requests through a mobile app, without the need to be
(ESG) parameters, defining the Bank’s commitment to connected to the Branch or Corporate IT network.
human rights, fair labor practices, environmental progress,
and anti-corruption policies. The Bank is in the final stages of automating the data entry
process for recording sales, leads, and service requests for
Through this initiative, the Bank continues to encourage its Inclusive and Social Banking. Through barcode scanning
suppliers to support its sustainability agenda, and expects and data capture technology, the new system would help
its supply chain partners to comply with the applicable reduce the time spent by the sales team on-field, improve
laws of the land and adhere to internationally recognized productivity and efficiency, minimize manual errors and
ESG standards. The Bank has also promoted the use of enable real-time updates to senior management.
an ESG self-assessment tool, among its suppliers to help
them understand their current practices and identify
areas for improvement.

Annual Business Responsibility Report (ABRR)
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number (CIN) of the Company L65190MH2003PLC143249
2. Name of the Company YES BANK Limited
YES BANK Tower, IFC – 2, 15th Floor, Senapati Bapat Marg,
3. Registered address
Prabhadevi (West), Mumbai, 400 013, Maharashtra, India
4. Website www.yesbank.in
5. E-mail ID [email protected]
6. Financial Year reported FY 2018-19
7. Sector(s) that the Company is engaged in (industrial As per India’s National Industrial Classification 2008
activity code-wise) (NIC‑2008):
Section K – Financial and Insurance Activities
Division 64 – Financial service activities, except insurance
and pension funding
8. List three key products/services that the Company a) Retail Banking
manufactures/provides (as in balance sheet): b) Corporate Banking
c) Treasury
9. Total number of locations where business activity is
undertaken by the Company
a) Number of International Locations (Provide Two – The Bank has representative office in Abu Dhabi*.
details of major 5) The Bank also operates an IFSC Banking Unit (IBU) in
Gujarat International Finance Tec‑City (GIFT)
b) Number of National Locations The Bank has 1,120 branches, two National Operating
Centers in Mumbai and New Delhi, one National
Centralized Operations Management and Services
Delivery facility in Chennai and 1,456 ATMs, as on
March 31, 2019.
10. Markets served by the Company – Local/ State/ YES BANK is a pan-India Bank, with branches and ATMs
National/ International in all states and Union Territories of India. YES BANK
operates one Representative Office in Abu Dhabi (UAE) to
enhance its engagement with businesses and Indians in
GCC region.
*YES BANK has also received approval from the Reserve Bank of India to open two representative offices in London and Singapore, respectively.
SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (`) 463.01 crore
2. Total Turnover (`) 34,214.9 crore
3. Total profit after taxes (`) 1,720 crore
Total Spending on Corporate Social Responsibility
4. 1.13%
(CSR) as percentage of profit after tax (%)
5. List of activities in which expenditure in 4 above has i. YES COMMUNITY
been incurred:- ii. Livelihood & Water Security
iii. Say YES to Sustainable MSMEs in India
iv. YES STEADY – Skills training and enhancement for
development of youth
v. Support to YES FOUNDATION
vi. Natural Capital Initiatives
SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ YES (three subsidiaries)
Companies?
2. Do the Subsidiary Company/Companies participate in Some BR activities of YES BANK’s three subsidiary
the BR Initiatives of the parent company? If yes, then companies are conducted as part of the parent company.
indicate the number of such subsidiary company(s):
3. Do any other entity/entities (e.g. suppliers, No
distributors etc.) that the Company does business
with, participate in the BR initiatives of the Company?
If yes, then indicate the percentage of such entity/
entities? [Less than 30%, 30-60%, More than 60%]
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
a) Details of the Director/Director responsible for implementation of the BR policy/policies
1. DIN Number: 00091746
2. Name: Mr. Ravneet Gill
3. Designation: Managing Director & CEO
b) Details of the BR head

Sr. No. Particulars Details
1. DIN Number (if applicable) N/A
2. Name Ms. Namita Vikas
3. Designation Group President & Global Head, Climate Strategy &
Responsible Banking
4. Telephone number +91 22 3347 9852
5. E-mail ID [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)

Sr.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. Do you have a policy/policies for.... Y Y Y Y5 Y Y Y Y9 Y1
2. Has the policy being formulated in consultation with the Y Y Y Y Y Y Y Y Y
relevant stakeholders?
3. Does the policy conform to any national/international Y* Y* Y* Y* Y* Y* Y* Y* Y*
standards? If yes, specify? (50 words)
4. Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
If yes, has it been signed by MD/ owner/ CEO/ appropriate
Board Director?
5. Does the Company have a specified committee of the Board/ Y Y Y Y Y Y Y Y Y
Director/ Official to oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed online? Y1 Y3 N4 Y5 Y6 Y7 Y8 Y5 Y1
7. Has the policy been formally communicated to all relevant Y1 Y3 Y4 Y Y2 Y Y Y Y
internal and external stakeholders?
8. Does the Company have in-house structure to implement the Y Y Y Y Y Y Y Y Y
policy/policies.
9. Does the Company have a grievance redressal mechanism Y1 Y Y Y Y Y Y Y Y
related to the policy/policies to address stakeholders’
grievances related to the policy/policies?
10. Has the Company carried out independent audit/evaluation of Y2 Y2 Y Y Y2 Y2 Y2 Y Y2
the working of this policy by an internal or external agency?
* All policies of the Bank have been developed as a result of detailed consultations and research on the best practices adopted by banks and
organizations across the national and international industry norms, and per the requirements of the Bank.

1. The Code of Ethics for employees and certain policies, including the Citizen’s Charter, Charter of Customer Rights, Grievance
Redressal and Banking Practice Code are available on the website at https://www.yesbank.in/regulatory_policies.
2. Yes, for certain policies and procedures.
3. The Bank has in place the Environment & Social Policy, which integrates environmental and social risks into its overall
credit risk assessment framework. The Summary of the Policy is available at https://www.yesbank.in/beyond-banking/
responsible-banking/responsible-banking/facilitating-responsible-investments/environmental-and-social. The Bank has
the Environmental Management Policy which focuses on achieving greater environmental sustainability within the Bank’s
operations. The Policy is accessible at https://www.yesbank.in/regulatory_policies.
4. Employee focused policies are accessible only by employees and are not shared in the public domain. The bank’s Human
Capital Management practices and activities can be accessed at https://www.yesbank.in/work-with-us.
5. YES BANK views the unbanked and under-banked population in rural and urban India as a primary stakeholder for
financial inclusion. Through its products and services focused at the Base of the Pyramid, the Bank aims to positively
impact this marginalized and disadvantaged stakeholder group. The Bank has policies in place, and adheres to regulatory
guidelines, to drive its business practices. The Bank as a Code of Commitment to the MSME Sector, accessible at
https://www.yesbank.in/regulatory_policies.
6. The Bank has several policies and guidelines in place for ensuring all stakeholder rights and the regulatory laws are
adhered to in its operations. Through its policies on environmental and social risk assessment, the Bank ensures
compliance of all pertinent regulations in its lending portfolio as well. Similarly, the Bank ensures that all regulations are
adhered to in its CSR activities.
7. The Bank’s Environmental Management Policy is available on the Bank’s website at https://www.yesbank.in/pdf/emp.
The Bank’s CSR Policy is accessible at https://www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy.
The Bank’s complete response to its environmental priorities and commitments, through business activities, CSR, and
other activities, is available in its Sustainability Report, accessible at https://www.yesbank.in/about-us/investor-relations/
yes-bank-sustainability-report.
8. The Bank aims to take a leadership position in influencing public policy and discourse by hosting and participating in
thought platforms and through knowledge research. Details on the Bank’s knowledge banking initiatives can be accessed
at https://www.yesbank.in/beyond-bankingold. For additional details, please refer to the responses to Principle 7 in this
BRR.
9. In addition to the Bank’s business activities focusing on inclusive growth, and equitable and sustainable development,
highlighted in Point 5 above, the bank creates a positive impact through its CSR activities. The activities and impact are
included in the Sustainability Disclosures that is a part of this Annual Report.
2a. If answer to Sr. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options) –
Not applicable
Sr.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
1. The Company has not understood the Principles
2. The Company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3. The Company does not have financial or manpower resources
available for the task
4. It is planned to be done within next 6 months
5. It is planned to be done within the next 1 year
6. Any other reason (please specify)
3. Governance related to BR the Ten Principles of the UN Global Compact for its
strategic suppliers.
▲
Indicate the frequency with which the
Board of Directors, Committee of the Board
2.
How many stakeholder complaints have
or CEO to assess the BR performance of the
been received in the past financial year
Company. Within 3 months, 3-6 months,
and what percentage was satisfactorily
Annually, More than 1 year.
resolved by the management? If so, provide
The Bank has a CSR Committee of the Board, which details thereof, in about 50 words or so.
meets at least twice in a year. The Managing Director
Please refer to page number 254 for Customer
& CEO is a member of the CSR Committee, The
Complaints, page number 172 for Shareholder
Group President & Global Head, Climate Strategy &
Complaints in this Annual Report.
Responsible Banking, attends all meetings.
For Employee complaints, please refer to
The Bank has an internal system in place for
pages 43-44 of the Sustainability Disclosures in this
reviewing the BR performance, headed by the
Annual Report.
Managing Director & CEO with the Group President
& Global Head, Climate Strategy & Responsible
Banking. The Group President & Global Head, Principle 2
Climate Strategy & Responsible Banking is also a
1. List up to three of your products or services
part of a four member internal CSR Management
whose design has incorporated social
Committee which is represented at meetings of the
or environmental concerns, risks and/or
Board of Directors.
opportunities.
▲
Does the Company publish a BR or a i. Digital Banking – YES MONEY, YES PAY, AEPS,
Sustainability Report? What is the hyperlink Green Future: Deposit
for viewing this report? How frequently it is
published? ii. Inclusive and Social Banking – YES LEAP/
YES SAHAJ/ YES Samadhaan/ YES Joint
Yes. YES BANK reports on its sustainability performance
Liability Group/ Affordable Housing
in its annual Sustainability Report. The report is available
online at https://www.yesbank.in/about-us/investor-
iii. Sustainable Investment Banking and Corporate
relations/yes-bank-sustainability-report.
Finance – Lending and advisory in clean
energy, technology and water, among others
The Bank publishes its Sustainability Disclosures
as part of its Annual Report which is based on the
2.
For each such product, provide the
GRI framework. The Disclosures for FY 2018-19 are
following details in respect of resource use
included in this Annual Report and can be accessed
(energy, water, raw material etc.) per unit
at https://www.yesbank.in/about-us/investors-
of product (optional):
relation/financial-information/annual-reports.
i. Reduction during sourcing/ production/
distribution achieved since the previous
SECTION E: PRINCIPLE-WISE year throughout the value chain?
PERFORMANCE
On account of the nature of its services, the
Principle 1 major resources consumed at the Bank are
1. Does the policy relating to ethics, bribery grid electricity and paper. During the reporting
and corruption cover only the Company? period, the Bank has launched several key
initiatives and achieved significant traction on
Yes
on-going initiatives, towards achieving internal
resource efficiencies, focused on product
Does it extend to the Group/ Joint Ventures/
and process digitization, greater employee
Suppliers/ Contractors/ NGOs/ Others?
awareness, reduction in waste generation, and
The Bank has a separate Vendor Management improved waste management.
Policy that covers the pertinent issues related to
ethics, bribery and corruption. The Bank also has In the reporting year, YES BANK continues to
in place a Supplier Code of Conduct in line with be 14001:2015 Environment Management
System certified, which now covers 744

bank branches and 4 office locations, and Unit, the Bank strives to achieve greater
follows the Environmental Management Policy, transparency, compliance and adoption of
wherein the Bank has taken a target to reduce environmental and labor best practices.
its Carbon emissions intensity target by 10%
year-on-year. 4.
Has the Company taken any steps to
procure goods and services from local &
The key initiatives focusing on achieving small producers, including communities
resource consumption efficiency at the Bank, surrounding their place of work?
and the impact achieved, are included in the
If yes, what steps have been taken to improve
Sustainability Disclosures 2018-19 that is a
their capacity and capability of local and small
part of this Annual Report.
vendors?
ii. Reduction during usage by consumers Yes. The Bank’s award-winning product for the
(energy, water) has been achieved since Bottom of the Pyramid – YES MONEY, is based on
the previous year? the Business Correspondent (BC) model that enrols
local small business owners as BC Agents (BCA) to
Given that the Bank’s primary product offerings
provide remittance services to local communities.
are financial services, resource consumption
These BCAs are trained in remittance operations
during usage by consumers is not a significant
and basic banking.
material issue for the banking sector in general.
During the year, the Bank’s 744 branch
In addition to the Bank’s procurement done through
locations and 4 offices were certified for
the Central Procurement Unit, given that the Bank
ISO 14001:2015 Environment Management
has branches in all states and Union Territories in
System, under which the Bank makes maximum
India, it also procures locally for daily use items and
effort to raise awareness among its customers
services such as stationary, food and beverages
on efficient resource consumption, and on
and local transport. It works with most local
broader national agendas, such as Green
vendors to align them with the Bank’s procurement
Good Deeds, through YES COMMUNITY and
requirements and standards.
related initiatives.
5. Does the Company have a mechanism to
The Bank is rapidly adopting technology to
recycle products and waste? If yes, what is
digitize its operations and product offerings,
the percentage of recycling of products and
and has witnessed a strong growth in adoption
waste (separately as <5%, 5-10%, >10%).
of mobile banking, mobile wallets and internet
banking, thus reducing the incidence of paper Also, provide details thereof, in about 50 words
usage and travel among its customers. or so.
Yes. As the Banking sector’s primary product offering
The impact achieved through related initiatives
is financial services, its waste is related to paper,
is included in the Sustainability Disclosures, as
municipal waste, and electronic waste. The Bank has
a part of this Annual Report.
strong policies and practices in place for responsible
disposal of all such waste through authorized third
3.
Does the Company have procedures in
party vendors. For waste paper disposal, the Bank
place for sustainable sourcing (including
has local authorized vendors to ensure near 100%
transportation)?
recycling of waste paper, and has partnered with
i. If yes, what percentage of your inputs was a vendor which provides stationary from recycled
sourced sustainably? Also, provide details paper, in return for the paper disposal. For e-waste
thereof, in about 50 words or so. handling, the bank has a national authorized vendor
for centralized collection and handling of e-waste to
Given that the Banking sector’s primary
ensure near 100% of e-waste management.
product offering is financial services, the Bank
does not have any raw material requirements.
The Bank’s waste management practices are
The primary resources consumed for its
included in the Sustainability Disclosures, which is a
day-to-day operations are paper, grid electricity,
water from municipal sources, and diesel, for
DG sets in locations with erratic availability of
electricity. Through a centralized procurement
process, led by the Central Procurement
Principle 3 3. Please indicate the Number of permanent

women employees.
1.
Please indicate the Total number of
employees. The Bank had 3,861 permanent women employees
on March 31, 2019.
YES BANK had 21,136 employees as on
March 31, 2019.
4. Please indicate the Number of permanent
employees with disabilities
2.
Please indicate the Total number
of employees hired on temporary/ The Bank, being an Equal Opportunity Employer,
contractual/ casual basis. makes no distinction between employees on the
basis of disabilities.
Fixed Term Contract
Financial Year ending Employees (Trainee/
Advisor, etc.) 5. Do you have an employee association that
is recognized by management?
Head Count as on 63
March 31, 2017 The Bank does not have an employee association.
Head Count as on 67
March 31, 2018 6.
What percentage of your permanent
employees is members of this recognized
Head Count as on 39
March 31, 2019
employee association?
Not applicable as the Bank does not have an
employee association.
7. Please indicate the Number of complaints relating to child labor, forced labor, involuntary
labor, sexual harassment in the last financial year and pending, as on the end of the financial
year.
Sr. No. of complaints filed during No.of complaints pending as
Category
No. the financial year on end of the financial year
1. Child labor/ forced labor/ involuntary labor Nil Nil
2. Sexual harassment 10 2
3. Discriminatory employment Nil Nil
8. What percentage of your undermentioned which is over 78.09% of the Bank’s total
employees were given safety & skill up- women employees.
gradation training in the last year?
iii. Casual/ Temporary/ Contractual Employees
i. Permanent Employees
The Bank provides training on the Bank’s
The Bank has a separate entity, the
policies and process to advisors, trainees, etc.
YES SCHOOL OF BANKING, as a center of
as and when required.
excellence in imparting learning solutions in
banking, skill development and personality
iv. Employees with Disabilities
development, among others. The Bank’s
training programs are divided into 5 broad All employees are imparted training basis
categories: Behavioral and Leadership Skills, their training requirements and organizational
Employee Induction, Mandatory Policies profile.
and Compliance, Process Training and
Product Training. In the reporting period,
16,132 employees were trained under 5,410
Principle 4
classroom-based training programs. 1. Has the Company mapped its internal and
external stakeholders?
ii. Permanent Women Employees
Yes
3,015 women employees were imparted
classroom-based training during the year,

2.
Out of the above, has the Company 2.
How many stakeholder complaints have
identified the disadvantaged, vulnerable & been received in the past financial year and
marginalized stakeholders? what percent was satisfactorily resolved
by the management?
The under-banked and unbanked population in rural
and urban India, which is still not entirely integrated The Bank did not receive any complaint related to
into India’s mainstream economy, can be vulnerable human rights violations from internal or external
to socio-economic exploitation. The bank focuses stakeholders. Complaints related sexual harassment
on financial inclusion as a key business priority to are covered separately under Principle 3.
positively impact this stakeholder group.
3.
Are there any special initiatives taken
Principle 6
by the Company to engage with 1. Does the policy related to Principle 6 cover
the disadvantaged, vulnerable and only the Company or extends to the Group/
marginalized stakeholders? If so, provide Joint Ventures/ Suppliers/ Contractors/
details thereof, in about 50 words or so. NGOs/ Others?
Yes. The Bank engages with such stakeholders The Bank has multiple policies that directly and
in multiple ways. Through its focused Business indirectly communicate its support and adherence
Units such as Inclusive and Social Banking, Digital of Principle 6.
Banking, Agribusiness Product Banking and Rural
Retail Banking, the Bank offers financial products The Environment & Social Policy (ESP) is based on
and services to diverse stakeholders in rural and international best practices such as the Equator
urban India. Details on the Bank’s business units Principles and the IFC Guidelines. Under the Policy,
can be accessed in the Management Discussion & the Bank ensures environment and social risk is
Analysis in this Annual Report. integrated with the overall credit risk appraisal
process. The Policy also includes an exclusion list
The Bank has high-impact CSR initiatives underway to flag socially and/or environmentally irresponsible
on key areas of socio-economic development and proposals, and guides the Bank in engaging with
community impact. These include YES COMMUNITY, clients towards adopting best practices.
its innovative branch-based community engagement
initiative, and other initiatives focusing on skill The Environmental Management Policy guides
development in rural India, environmental efficiency the Bank towards, achieving internal resource
in the MSME sector, and livelihood and water efficiency, creating employee awareness and
security, among others. Details are available in the communicating positive environmental action
Sustainability Disclosures section in this Annual among its stakeholders.
Report.
The CSR Policy of the Bank includes Environment
Sustainability as one of its focus areas. The Bank
Principle 5 has undertaken several CSR initiatives with positive
1. Does the policy of the Company on human direct environmental impact or towards creating
rights cover only the Company or extend awareness among stakeholders.
to the Group/ Joint Ventures/ Suppliers/
Contractors/ NGOs/ Others? The Bank also has in place a Supplier Code of
Conduct that promotes ESG best practices among
The Bank has in place policies and processes that
its supplier base.
cover various aspects of Human Rights, specific
to employees, and external stakeholders such
2.
Does the Company have strategies/
as its CSR partners, supply chain and corporate
initiatives to address global environmental
customers. In addition, the Bank’s corporate whistle-
issues such as climate change, global
blower program covers all its internal and external
warming, etc.?
stakeholders.
Yes.
If yes, please give hyperlink for webpage Management Committee overseeing its E&S risk
etc. preparedness across its business operations and
community activities.
YES BANK is a signatory to international protocols
and initiatives, such as the UNEP Finance Initiative,
4.
Does the Company have any project
UN Global Compact, CDP (formerly Carbon
related to Clean Development Mechanism?
Disclosure Project), the Natural Capital Finance
If so, provide details thereof, in about 50
Alliance, where it works on creating awareness and
words or so. Also, if Yes, whether any
impact at a global level, on issues of environmental
environmental compliance report is filed?
and social significance.
YES BANK has a significant portfolio in clean
YES BANK is among the leaders in the Indian banking energy, water and waste management, and has
sector in driving climate finance. In 2015, the Bank taken a public commitment to mobilize funding of
had taken a commitment to target mobilizing USD 5 USD 5 billion towards climate action by 2020. In the
billion up to 2020 for climate action, and reports its reporting period, the bank committed to mobilize
Renewable energy funding portfolio annually. In the USD 1 billion to solar project till 2023, and mobilize
reporting period, the bank committed to mobilize USD 5 billion till 2030. The Bank’s portfolio is
USD 1 billion to solar project till 2023, and mobilize highlighted in the Sustainability Disclosures in this
USD 5 billion till 2030. Annual Report. Projects that the Bank has funded
or advised may be linked to Clean Development
In addition, through the Environment & Social Mechanism.
Policy, the Bank incorporates Environmental and
social risk assessment into its overall credit risk 5. Has the Company undertaken any other
assessment process. initiatives on – clean technology, energy
efficiency, renewable energy, etc.
The Bank is the first bank globally to migrate to
Yes.
the ISO 14001:2015 certification for Environment
Management System, and has 744 branches and 4
If yes, please give hyperlink for web page
corporate locations.
etc.
The details can be accessed in YES BANK has one of the largest active debt and
the Bank’s Sustainability Report at advisory portfolios in the Indian banking space, in
https://www.yesbank.in/about-us/investor-relations/ renewable energy, water, waste management, and
yes-bank-sustainability-report. other climate-linked sectors. In December 2015,
on the occasion of COP21 at Paris, the Bank took
3.
Does the Company identify and assess a public commitment to mobilize funding of USD 5
potential environmental risks? billion for climate action up to 2020. In the reporting
period, the bank committed to mobilize USD 1
Yes.
billion to solar project till 2023, and mobilize USD 5
billion till 2030.
The Bank assesses its environmental risk in multiple
ways. The Bank’s Environment and Social Policy,
The Bank’s clean technology portfolio in debt and
which is based on international best practices
advisory is included in the Sustainability Disclosures
such as the Equator Principles and IFC Guidelines,
section of this Annual Report.
integrates Environmental and Social risks into its
overall credit risk assessment mechanism.
Internally, under its ISO 14001:2015 certification
for Environment Management System, the Bank has
YES BANK is the first bank globally to migrate to
launched several initiatives to rationalize resource
the ISO 14001:2015 certification for Environment
consumption and reduce waste consumption.
Management System, with its 744 branches and 4
office locations certified. Guided by the certification
As part of its CSR commitments, the Bank is driving
and its Environmental Management Policy, the Bank
several initiatives that focus on energy efficiency in
assesses the environment risks of its operations.
the MSME sector, provide clean and safe drinking
water for rural communities, and support protection
As part of its overall risk management
of endangered species.
framework, the Bank has a Reputational Risk

The Bank’s initiatives and actions are included national and global policy and industry action on
in the Sustainability Disclosures included in this pertinent causes such as climate action, digital
Annual Report. economy, and economic reforms. The Bank is a
member of protocols and alliances in India and
6.
Are the Emissions/Waste generated by abroad that bring like-minded stakeholders together
the Company within the permissible limits on specific issues.
given by CPCB / SPCB for the financial
year being reported?
Principle 8
Yes. The Bank’s primary wastes – paper and
1.
Does the Company have specified
electronic waste, are recycled to the maximum extent
programs/ initiatives/ projects in pursuit
possible through third party vendors. The Bank’s
of the policy related to Principle 8? If yes
emissions and waste are within permissible limits of
details thereof.
the laws applicable. At the branches where the Bank
uses Diesel generator sets due to erratic electricity Yes. The Bank has focused Business Units whose
supply, it ensures it only uses low noise and low products and services promote inclusive growth and
emission sets with proper procedures in place to equitable development in India. The Inclusive and
handle the used oil. Social Banking unit has a range of financial products
and services targeting the Bottom of the Pyramid in
7.
Number of show cause/legal notices rural and urban India.
received from CPCB / SPCB which are
pending (i.e. not resolved to satisfaction) Through the Digital Banking unit, the Bank is driving
as on end of Financial Year. digital payments across all economic sections
of the economy and is driving the use of rising
The Bank has not received any notice during the
mobile and internet connectivity among Indians for
reporting year.
banking activities.
Principle 7 Through its CSR mandate, the Bank is driving key

initiatives in livelihood and water security, skill
1. Is your Company a member of any trade
development, and environmental sustainability,
and chamber or association? If Yes, Name
among others.
only those major ones that your business
deals with:
The details of the Bank’s key programs and initiatives
a) CII are included in the Sustainability Disclosures as a
b) FICCI
c) ASSOCHAM 2.
Are the programs/ projects undertaken
through in-house team/ own foundation/
d) Indian Banks Association
external NGO/ government structures/ any
e) USIBC other organization?
f) UKIBC The Bank’s products and services catering to the
Bottom of the Pyramid and digital banking services
2.
Have you advocated/lobbied through are driven directly by the Banking Units, which may
above associations for the advancement partner with Business Correspondents, technology
or improvement of public good? providers, and others, to drive the projects
on-ground.
Yes.
The Bank’s CSR projects are driven primarily
If yes specify the broad areas ( drop box: Governance
by the Responsible Banking unit in conjunction
and Administration, Economic Reforms, Inclusive
with pertinent Business Units. In addition,
Development Policies, Energy security, Water, Food
YES FOUNDATION, the Bank’s social development
Security, Sustainable Business Principles, Others)
arm, is a separate charitable Trust driving several
initiatives of its own across India. The Bank partners
The Bank, through broad level actions and
with NGOs for several of its CSR projects to drive
initiatives, actively works towards influencing
implementation on the ground.
3. Have you done any impact assessment of laws? Yes/ No/ N.A./ Remarks (additional
your initiative? information)
Yes. The socio-economic and environmental impact The Bank follows the highest standards of product
of the Bank’s products and services catering to the and service responsibility, in complete compliance
Bottom of the Pyramid and its CSR initiatives are with all the regulations set by the Reserve Bank of
included in the Sustainability Disclosures section of India. The Bank is a member of the Banking Codes
this Annual Report. and Standards Board of India (BCSBI), which is an
independent watchdog for service quality of the
4. What is your Company’s direct contribution Banking sector.
to community development projects
– Amount in INR and the details of the Under the aegis of the YES SCHOOL OF BANKING,
projects undertaken. all employees are trained on pertinent regulations
and requirements, and employees in client-facing
In FY 2018-19, YES BANK spent `53.78 crore
roles are provided enhanced training on product
on CSR, in accordance with Schedule VII of the
suitability and appropriateness. As per regulatory
Companies Act, 2013.
guidelines, all notices, regulations and policies are
mandatorily displayed at the Bank’s branches.
A brief outline of the Bank’s direct contribution to
community development is included in Annexure
A comprehensive list of Regulatory Policies
1 – The Annual Report on Corporate Social
can be accessed on the Bank’s website at
Responsibility (CSR) Activities, on pages 121-123 of
https://www.yesbank.in/regulatory_policies.
this Annual Report.
3. Is there any case filed by any stakeholder
5. Have you taken steps to ensure that this
against the Company regarding unfair
community development initiative is
trade practices, irresponsible advertising
successfully adopted by the community?
and/or anti-competitive behavior during
Please explain in 50 words, or so.
the last five years and pending as on end of
YES BANK’s community development initiatives are financial year. If so, provide details thereof,
driven by its five-pronged approach towards CSR – in about 50 words or so.
Promote, Invest, Engage, Collaborate and Monitor.
There is no case filed by any stakeholder against the
The Bank’s CSR Policy guides the Bank in ensuring
Company before Competition Commission or such
that its initiatives are mapped to the focus areas and
other regulatory authority under the Competition Act,
are relevant, effective and replicable. All projects
2002 regarding unfair trade practice, irresponsible
have clear feedback mechanisms weaved into
advertising and/or anti competitive behavior.
them, with a focus on long-term sustainability and
active community ownership.
4. Did your Company carry out any consumer
survey/consumer satisfaction trends?
Principle 9 Yes. As the Bank operates in the highly
1. What percentage of customer complaints/ customer-centric banking sector, customer
consumer cases are pending as on the end satisfaction and service quality are of critical
of financial year. importance. Guided by the Service Excellence,
Branding and Marketing Committee of the Board, the
Please refer to page number 254 in this Annual
Bank has the systems in place to measure Service
Report.
Excellence and drive Retail Quality Assurance.
The Bank conducts periodic customer satisfaction
2.
Does the Company display product
surveys, and in addition, there are strong systems
information on the product label, over
in place for internal checks of branch quality and
and above what is mandated as per local
physical safety. The Bank’s Complaints Management
System is ISO 10002:2004 certified.

STATUTORY
REPORTS
Management Discussion and Analysis 69
Directors’ Report 99
Report on Corporate Governance 131
Management Discussion and Analysis
EXECUTIVE OVERVIEW However, with recent recognition that global growth

has entered a soft patch, monetary authorities in most
Macroeconomic and Industry Overview developed economies have now diluted their hawkish
The cyclical upswing in global economic activity since the policy bias. There is now a growing expectation
last quarter of 2016 continued to persist until the middle among market participants that most of these central
of 2018, resulting in the highest degree of synchronized banks would either keep their monetary policy rates
global expansion during the post-crisis period. unchanged through 2019 or explore opportunities for
However, momentum in Global GDP growth started to incremental easing.
peter out thereafter, amid broad-based moderation in
activity across developed and emerging economies. Looking ahead, it will be critical for policymakers
As such, most of the multilateral organizations have and multilateral institutions across the globe to
downgraded their World GDP growth estimate for 2019 insulate economic activity from build-up in financial
and 2020 in the last two months. Among them, the vulnerabilities and inward-looking trade protectionist
most recent (March 2019) is from the Organization for policies, which could impinge on trade flows and overall
Economic Co-operation and Development (OECD) that economic productivity.
trimmed its 2019 and 2020 World GDP growth forecast
by 20 bps and 10 bps to 3.3% and 3.4%, respectively The trajectory of India’s economic expansion behaved in
vis-à-vis 3.6% in 2018. line with the global trend. The first half of FY 2018-19
saw GDP growth printing at 7.5%. However, as per
While tight global financial conditions in recent quarters implied Central Statistical Organization’s (CSO’s) forecast
have engineered a cyclical moderation in the global for the full financial year, GDP growth momentum could
economy, heightened geopolitical uncertainty and slip sharply to 6.4-6.6% in the second half of FY 2018-19.
ongoing trade tensions have given rise to fat tail risks. Increase in crude oil prices during the course of the
As such, volume growth in world merchandise trade financial year to USD 70 pb from USD 56 pb in FY 2017-18
dipped sharply to 2.6% on average annualized basis in and adverse (albeit transient) spillover impact of recent
the second half of 2018 from 4.0% in the first half of 2018. tightness in financial conditions for the Non-Banking
Financial Company (NBFC) sector provided headwinds
Mirroring these concerns, prices of key industrial metals for domestic growth momentum.
(barring steel) such as copper, aluminium, lead, nickel,
and zinc ended lower in 2018 vis-à-vis 2017. Food prices Despite the moderation in incremental growth
were in deflationary territory reflecting supply glut momentum, the silver lining lies in the investment
in a few crops globally. Meanwhile, geopolitical space. The CSO estimates India’s Gross Fixed Capital
uncertainty and risk aversion resulted in higher prices for Formation to grow at 10.0% in FY 2018-19, the highest
crude oil and gold. rate in the last seven years. Sharp improvement in ease
of doing business (India’s rank in World Bank’s Ease of
On a net basis, the impact of divergent inter-temporal Doing Business Survey has improved sharply from 142 in
economic activity was also captured by inflation metrics 2014 to 77 in 2018) has helped turn around investment
globally. The first half of 2018 saw inflation moving up in sentiment in the country. The implementation of structural
most developed and emerging economies. This, however, reforms like the Goods and Services Tax (GST) and
was followed by a phase of disinflation in the later part of the Insolvency and Bankruptcy Code (IBC) framework
2018, something which continues to play out currently. have been of critical importance. While GST collections
have lagged the initial budget estimates on account of
Monetary policy across key developed economies saw ongoing adjustments in the tax framework, it has certainly
incremental acts of normalization coupled with rate widened the tax base. This holds promise for improving
tightening measures. While the US Federal Reserve tax buoyancy in the year FY 2019-20. The IBC framework
commenced on its journey of quantitative tightening to has churned out closures for 586 Corporate Insolvency
reduce its balance sheet size, the European Central Bank Resolution Process (CIRPs) as of December 2018,
stopped its quantitative easing. Meanwhile, the Bank thereby helping financial creditors realize `658 billion in
of Japan fine-tuned its quantitative easing operations the due process. The combination of structural reforms
during the course of the year. In addition, central banks and some improvement in domestic demand has led to
of key developed countries (viz. the US, the UK, Canada, capacity utilization in the manufacturing sector increase
Sweden, and Norway) delivered rate hikes during the to a 22-quarter high of 74.9% (on a 4-quarter moving
course of 2018. average basis) as of December 2018.
It is expected that this recovery in the investment cycle On the bond market, the 10-year g-sec yield moderated
would pick up further post the outcome of general by 3 bps to 7.37% during the course of FY 2018-19.
elections in FY 2019-20, supported by the mix of macro However, yields rose sharply during the first half of the
and micro reforms in the past. Overall, GDP growth is year on concerns over global and domestic monetary
likely to show a marginal acceleration toward 7.2% in tightening and moderated thereafter in the backdrop
FY 2019-20 (YBL Forecast) from 7.0% in FY 2018-19. of decelerating inflation and expectations of monetary
easing by the RBI.
Meanwhile, domestic retail inflation continued to
moderate, despite an increase in global crude oil price. Over the course of FY 2017-18, the Indian rupee
Average CPI inflation in FY 2018-19 decelerated to 3.4% weakened marginally by 6.2% and closed the year at
from 3.6% in FY 2017-18. This will mark the second 69.10 vis-à-vis the US dollar. Rupee weakened significantly
successive year of below target (4%) inflation outturn for until October 2018 (wherein it created a record low of
India’s economy. This while boosting credibility in Reserve 74.39), but recovered thereafter amid stability in global
Bank of India’s (RBI’s) inflation targeting framework, currency market and global risk appetite.
would also help in anchoring household and business
expectations of inflation. Stability in inflation expectations
is a sine qua non for delivering a healthy and sustainable
BUSINESS SEGMENT OVERVIEW
economic performance over the long-term. Corporate Banking
YES BANK’s Corporate Banking (CB) group provided
Meanwhile, there was some marginal deterioration in
comprehensive financial and risk management solutions
India’s twin deficits. The Current Account Deficit (CAD) is
to large corporate clients. The Bank’s professional
expected to increase to 2.1% of GDP (YBL Forecast) in
relationship experts have forged value-based long-term
FY 2018-19 from 1.9% in FY 2017-18. More importantly,
relationships with the top management and promoters of
with moderation in capital inflows, the overall Balance
almost all large corporate houses in India.
of Payment (BoP) is expected to register a deficit of
USD 0.2 billion in FY 2018-19 (YBL Forecast) vis-à-vis a
The Bank’s Corporate Banking group offered
surplus of USD 44 billion in FY 2017-18. The fiscal front
comprehensive client-focused services comprising
also saw a slippage for the second consecutive year
Working Capital Finance, Term Loans, Corporate Finance
with fiscal deficit getting revised higher to 3.4% of GDP
Products, Trade & Transaction Banking Products, Cash
for FY 2018-19 vis-à-vis the initial estimate of 3.3%. In
Management Services, Debt Capital Markets, Treasury
FY 2019-20, the Government of India has opted for a
Services, Investment Banking Solutions and Liquidity
pause in the consolidation process by projecting fiscal
Management Solutions, among others. With the
deficit to remain unchanged at 3.4%. The fiscal status
‘Ecosystem Banking’ theme, YES BANK focused on the
quo is expected to provide some headroom to the central
entire customer ecosystem by catering to vendors and
government to support rural demand. Meanwhile, it is
customers of corporates, thereby ensuring seamless
comforting to note that the government has reiterated its
service to its customers.
commitment to meet the medium-term (FY 2021-22) fiscal
deficit target of 3.0%. On the monetary policy front, the RBI
YES BANK prioritized credit quality and all offerings were
increased repo rate twice by 25 bps each in June 2018
made following a rigorous analysis of the client’s risk
and August 2018, taking it to 6.50%. The monetary
profile, as well as proactive monitoring of credit, market
tightening was premised on hardening of crude oil prices
and operational risks.
and sharp depreciation in the Indian rupee. However, as
disinflationary forces asserted themselves in the second
The Bank offered industry-specific products by
half of FY 2018-19, RBI reversed course and delivered a
understanding customer businesses, market conditions
25 bps cut in the repo rate in February 2019, followed by
and industry developments. This distinctive approach
another 25 bps cut in April 2019.
translated into mutually-beneficial relationships with
clients in knowledge-driven sectors such as Life
Money market liquidity deteriorated and turned into a
Sciences & Healthcare, Information Technology, Food
deficit during FY 2018-19 compared to a situation of
& Agribusiness, Manufacturing, Infrastructure, Media &
surplus in FY 2017-18. The deterioration in banking
Entertainment, and Hospitality & Education, among others.
system liquidity happened on the back of drawdown
of FX Reserves by the RBI to curb rupee volatility
During FY 2018-19, the Bank remained committed to
and robust growth in currency in circulation. The RBI
continuous improvement in service, risk management and
undertook active measures to augment primary liquidity
product portfolio through original research, benchmarking
through open market purchase of government securities
and client orientation.
and also through the introduction of FX swap auction
facility for banks.
Multinational Corporate Banking of relationships across the Media & Entertainment

ecosystem. It encompasses services ranging from
YES BANK’s Multinational Corporate Banking (MCB)
Structured Financing to Liabilities, to providing a
group provided comprehensive client-focused services
framework for government policy initiatives.
comprising Liquidity Management Solutions; Treasury
Risk Management Solutions, Transaction Banking
In line with the growth of India’s mid-sized companies,
Products – Trade Finance, Cash Management & Digital
the ECB group has been growing its presence across the
Banking Solutions, Supply Chain Finance, Working
country. This segment continues to present a significant
Capital Finance, Term Loans, Specialized Corporate
growth opportunity for the Bank and the group is well
Finance Solutions, Debt Capital Markets and Investment
poised to seize this opportunity for the Bank.
Banking Solutions to Multinational Corporate clients
(MNCs). MCB focused on ‘Ecosystem Banking’ approach
by providing banking offerings to entire value chain of Medium Enterprises Banking
corporate comprising of vendors, dealers, customers and
India has witnessed an accelerated rate of reforms in
its employees and other stakeholders, thereby providing
the last few years, bolstering optimism in the business
comprehensive solution and services.
environment. Government initiatives and availability
of a skilled workforce have led to the rise of mid-sized
The Bank has positioned itself as the preferred
corporates across various manufacturing and service
‘host-country’ banking partner to international business
industries. This is prominently reflected in the growth of
houses. YES BANK extends its best-in-class service
the Bank’s Medium Enterprises Banking (MEB) group.
expertise, robust technology platforms and deep
MEB concentrates on servicing mid-sized corporates with
understanding of India’s regulatory framework to guide
a turnover ranging from `100 crore to `500 crore.
new-to-the-country enterprises about banking.
MEB has adopted the concept of ‘Lifecycle Banking’
The Bank has built a self-financed sustainable asset
to meet the banking requirements of the mid-sized
book for MCB through a strong focus on transaction
corporates across all stages of their growth cycle.
services, liability mobilization and comprehensive credit
The impetus continues to be on servicing clients through
analysis of the borrower company’s domestic and
a solution-centric ‘Money Doctor’ approach, balancing
international businesses. With an unrelenting focus on
client expectations and the Bank’s risk mitigation
Knowledge Banking, the Bank has emerged as a strategic
strategies. With presence across 36 locations covering
partner in the India-growth-story of several marquee
key regional markets, the Bank’s unique positioning
multinational corporates.
provides an opportunity to offer the entire product suite
with tailor-made solutions. Furthermore, MEB is deeply
Emerging Corporates Banking entrenched in new-age entrepreneurship ecosystem
emerging across India, by providing customized digital
India’s mid-sized companies, driven by strong
solutions, incubation and networking platforms to
entrepreneurs and supported by resilient tailwinds,
E-Commerce and IT & ITeS startups.
are well-poised to deliver high growth. The Emerging
Corporates Banking (ECB) group caters to the detailed and
MEB addresses specific banking requirements of clients
exacting needs of India’s dynamic mid-sized companies.
by offering innovative solutions that ensure deepening
It focuses on corporates with turnover between `500
and retention of client relationships. The group
crore and `2,000 crore. ECB group plays a crucial role
concentrates on granularity, profitability and capital
here by developing a thorough understanding of the
efficiency by focusing on referral-led business origination
companies’ banking needs and delivering customized
and cross-sell. The Bank has developed strong client
solutions across the spectrum of banking services.
relationships across industries such as Life Sciences,
Healthcare, Food & Agri, Auto Ancillaries, and Education.
ECB group continues its Knowledge Banking approach
to cater to the requirements of growth sectors, including
Auto Components, Food & Agri-processing, Media Government Banking
& Entertainment, and Pharmaceuticals & Specialty
At YES BANK, the Government Banking (GB) group
Chemicals. ECB is currently present in 16 cities covering
addresses the financial and banking needs of Central and
all major regional locations.
State Government undertakings, and affiliates.
The Media and Entertainment (M&E) practice, a subset of
Over the years, the Bank has provided financial
the ECB group, is one of the oldest and key knowledge
and advisory services to ministries under the Union
verticals in the Bank. This knowledge practice has played
Government, State Governments, Central and State Public
the role of a catalyst in building a marquee network

Sector Undertakings (PSUs), Boards and other affiliates. Marquee deals of the Group in FY 2018-19:
The Bank remains committed to delivering innovative,
▲▲ Acted as Lead Manager (LM) for Public Issue of
structured and comprehensive solutions, accomplishing
NCDs by Indiabulls Commercial Credit Limited and
several landmark transactions with Maharatnas,
for Maiden Public Issue of NCDs by Aadhar Housing
Navratnas, Mini-Ratnas, and other apex institutions, and
Finance Limited
developed meaningful relationships with 1,950+ entities
across India. The GB group remains committed to the ▲▲ aunched Professional Clearing Services in the
L
core values of client origination, innovation and superior Equity & Currency segment; the Bank is also
service, and has over 115 experienced and seasoned expecting approval for its Designated Depository
bankers in 56 locations across the country. Participant (DDP) license and its settlement banking
services should also be operational in the next
YES BANK displayed strong commitment toward catalyzing quarter, completing the product suite for Capital
sustainable growth in the country by partnering with Market Intermediaries
the Central Government in their flagship events during
▲▲ Incorporated Application Programming Interface
FY 2018-19. It further engaged actively with State
(API) Banking, a technology which is emerging
Governments as Knowledge Partners for their Investment
as a key product to integrate and streamline the
Summits. The Bank partnered with Ministry of Environment,
transaction processing cycle to offer real-time/
Forest and Climate Change for the 2018 World Environment
instant banking facility to Non-Banking Financial
Day co-hosted by United Nations and Government of
Companies (NBFCs), mutual funds, stock brokers,
India. The Bank partnered with the Ministry of New and
cooperative banks and other financial institutions
Renewable Energy and co-hosted the Renewable Energy
Start-Up awards with the Ministry to take the country into
the next wave of renewable energy space. It signed a International Banking
Memorandum of Understanding (MoU) with Government
YES – International Banking enjoys a widespread partner
e-Marketplace (GeM) as one of the payment banks.
network of international banks, financial institutions,
exchange houses, and official bodies. Over the years, it
YES BANK made concerted efforts toward supporting
has executed marquee transactions across products and
educational, religious and sporting institutions across
geographies through its global banking partner network,
India through unique Transaction Banking offerings aimed
including large-ticket offshore borrowings for the Bank by
at streamlining the working capital management of these
tapping unique structures and new geographies.
important institutions.
YES – International Banking provides a complete suite of
Indian Financial Institutions Banking products and solutions such as Trade Finance; Treasury
Services, Investment Banking Solutions, Remittance
The Bank’s Indian Financial Institutions Banking (IFIB)
Solutions, Financial Advisory and Global Indian Banking
group interfaces with domestic financial institutions.
for its partner institutions and internal stakeholders.
The team primarily engages in offering correspondent
It has consistently delivered unique and first-to-market
banking solutions to domestic banks and banking
offerings, leveraging its global alliances. The Bank is
solutions to various financial institutions, non-banking
among the preferred partners by international institutions
finance companies, housing finance companies, asset
to meet their clients’ banking requirements in India.
finance companies, insurance companies, mutual funds,
YES – International Banking, in coordination with
small finance banks, payment banks, domestic private
Multinational Corporate Banking, helped position the
equity funds, cooperative banks, regional rural banks,
Bank as the preferred ‘host-country bank’ by capitalizing
capital market participants (stock exchanges, stock
its rich relationship capital.
brokers, commodity brokers, exchanges, and foreign
portfolio investors), primary dealers, depositories,
During FY 2018-19, the Bank successfully raised a
Authorized Dealer II (AD II) license holders, full-fledged
three-year syndicated loan facility for USD 400 million
money changers and payment aggregators.
led by Bayern LB, Commerzbank AG CTBC Bank, First
Abu Dhabi Bank, Korea Development Bank, State
The Bank actively engages with institutions like National
Bank of India, United Overseas Bank and Westpac
Bank for Agriculture and Rural Development (NABARD,
Banking Corporation, with the total lending consortium
Small Industries Development Bank of India (SIDBI),
comprising 14 banks from across Asia, Europe and Gulf
Export-Import Bank of India (EXIM Bank) and National
Cooperation Council (GCC).
Housing Bank (NHB) to avail refinance. It also connects
with overseas branches of domestic banks to avail foreign
YES – International Banking focuses on emerging as
currency borrowings and trade credit.
a preferred host-country banker and payments bank to
global counterparts. As a result, more institutions utilized in rural, agri and MSME geographies, by establishing
the Bank’s network for their India-linked businesses. dedicated leadership, with local know-how and products
YES – International Banking has well-established targeted at these specific segments. The Bank is also
relationships and a growing wallet share with exchange embracing the ever-evolving technological landscape and
houses across key geographies that are host to the Indian complementing its endeavors toward physical expansion
diaspora. It includes the USA, the UK, Europe, Asia-Pacific with substantial investments in state-of-the-art new-age
(APAC) and GCC, and through these it originates a technologies that will significantly enhance its reach and
significant portion of NRI remittances into India. capabilities to optimally acquire and service customers.
International Footprint As a part of its drive to improve customer experience and

convenience, the Bank has introduced multiple initiatives
YES BANK established its international presence by
toward Deposit Mobilization and Customer Service:
inaugurating a representative office in Abu Dhabi, UAE,
in April 2015. The representative office facilitates a
YES AIM: This is a digital account opening platform that
host of Banking, Financial and Investment consultation
enhances the efficiency of the account opening process
services of the Bank in UAE and plays a significant role in
and provides consistent and superior onboarding
promoting the Bank’s services to the non-resident Indians
experience to YES BANK customers.
(NRIs) in the country. Additionally, it provides brand value
and visibility to the Bank in UAE.
YES MSME: The 360° digital banking solution for MSMEs
was enhanced to include Goods and Services Tax (GST)
YES BANK was the first bank in India to commence
payment and simplify the registration process to allow
operations at the International Financial Services
account setup with signatory personal information.
Center (IFSC) in GIFT City, Gujarat, in October 2015.
The customer advances and investments of the Bank’s
Green Future Deposit: The first-ever Green Deposit
IFSC Banking Unit (IBU) is approximately USD 2.75 billion
product was launched on World Environment Day, 2018.
as on March 31, 2019. GIFT-IFSC Banking Unit (IBU)
Deposits raised are used for lending toward Sustainable
provides comprehensive solutions for the Bank’s clients’
Development Goals (SDGs) aligned sectors.
foreign currency banking requirements in the domains
of Cross Border Trade offerings, External Commercial
Instant FD: YES BANK further enhanced its YES ROBOT
Borrowings and Foreign Currency Loans/ Syndications
platform to allow instant Fixed/Recurring Deposit booking,
and Arrangement/ Underwriting of Masala Bonds
an industry-first offering.
issuance by Indian Corporates, among others.
Smart Pe: A 100% digital, comprehensive and
The Bank repurchased bonds aggregating to a face
customized payment and collection solution. Smart Pe
value of USD 122.85 million out of the USD 600 million
provides collection through all offline/online modes, easy
bonds issued in February 2018 under its Medium-Term
on-boarding, quick modular integration across APIs,
Note (MTN) program.
rendition through web portal and mobile application as
well as real-time dashboards.
This was done as part of IBU’s continuing capital
management program and to further optimize the liability
The Bank has also strengthened its front-line capabilities
structure and demonstrate availability of adequate foreign
through the introduction of a new sales-force efficiency
currency liquidity.
and content platform, Eltropy. This digital content platform
allows customer-facing teams to access product and
Branch Banking process information on-the-go, which may also be shared
with clients through multiple messaging modes like SMS,
During FY 2018-19, YES BANK’s geographical
email, and Whatsapp.
footprint expanded to 1,120 branches and 21 Banking
Correspondents (BC) banking outlets spread across
All-New Debit Card Variants
740 locations with 1,456 ATMs and Bunch Note
Acceptor/Recycler (BNAs). The Bank continues to build YES BANK upgraded its existing portfolio of Debit Cards
on the deeply institutionalized strategy of strengthening with the introduction of Near Field Communication (NFC)
its presence across all State Capitals, Top 200 Deposit technology across card variants to enable contactless
Centers, Delhi-Mumbai Industrial Corridor, Special payments. Segmented across its flagship customer
Economic Zones, Economic Promotion Zones, Food Parks, segments, YES Prosperity and YES FIRST, these cards
Agri-Parks and Ports, among others, with a well-balanced have been carefully customized and designed around
parallel focus on financially-efficient Inclusive Banking. the specific needs of Debit Card customers. The new
The Bank considerably focused on branch penetration Debit Cards offer unique benefits such as reward points

on all spends, NFC-enabled contactless payments, Payment Service (IMPS) and is counted among the top
complimentary lounge access at domestic airports on three players in both the payment systems.
selected Debit Card variants, MasterCard Golf lesson on
YES FIRST range of Debit Cards and YES InControl - card The Bank is creating Centers of Excellence for Robotics
spend management features. The YES Prosperity Debit and Analytics that shall play a vital role in reducing service
Card range comprises YES Prosperity Titanium, Titanium time and enhancing customer interactions quality, which
Plus, Platinum and RuPay Platinum Debit Cards, whereas are the key customer delight elements. Digital Payments
the YES FIRST range includes the YES FIRST WORLD Debit is another area, where the Bank has been focusing to gain
Card. The Bank will issue these cards to all new customers, leadership position. The Bank has plans to scale other
and also focus on offering them to its existing Debit Card payment services like IMPS, Bharat Bill Payment System
customers. The Bank is also planning to launch a new (BBPS) and Prepaid Payment Instruments. The Bank
Debit Card variant ‘YES PREMIA WORLD Debit Card’ for has been working with multiple State Governments and
its customers in YES Prosperity and YES FIRST segments. Municipal Corporations by offering customized solutions
and subsidy management platforms, thereby contributing
ATMs/Recyclers to the Prime Minister’s Digital India and Smart City Mission.
The Bank has been selected to partner with Maharashtra,
YES BANK has 1,456 ATMs and Bunch Note Acceptors/
Rajasthan, Telangana, Haryana and Chhattisgarh State
Recyclers (BNA) as of March 31, 2019. BNAs have
Governments for various projects. YES BANK has also
been appreciated by many corporate clients as they
been selected to implement customized smart city
offer multiple advantages while fulfilling corporate cash
solutions for Coimbatore, Thoothukudi, Puducherry,
collection needs. The Bank has become the first Private
Warangal, Diu, Silvassa, Nashik and Rajkot Smart Cities.
Sector Bank to go live on Interoperable Cash Deposit
platform and now YES BANK BNAs/recyclers can be used
Point of Sale (POS)
for depositing cash into any other bank account. The Bank
is also the first to offer recharge codes for Google Play YES BANK Merchant Services has always focused
on its ATMs. YES BANK ATMs now offer a wide array of on implementing latest technology. It has adopted
services right from Cash Withdrawals to Mobile Recharge comprehensive Merchant Management System, which
Payments, as well as YES BANK Credit Card Bill Payments. provides a seamless onboarding and transaction
processing experience. The new system complements
Digital Banking the Bank’s current product suite of GPRS, PSTN, MPOS,
PCPOS and NFC-enabled terminals, along with Bharat
YES BANK has continued investing significantly in new-age
QR code. YES BANK is one of the fastest growing
mediums and digital technologies to achieve heightened
market players in the POS business with its terminal
customer engagement and experience. The Bank realizes
base growing by 1.6x over the previous financial year to
that ‘digital’ is steadily growing as a preferred medium
1,05,000 terminals spread across 300 cities, covering
for customers to avail banking services. Therefore, it
various sectors and segments.
has invested in upgrading core systems like CBS, Debit
Card Switch, Mobility Platforms and Chatbots. The Bank
Currency Chest
will continue to invest in system upgradations for the
next 12-18 months to create a next-generation banking The Bank is expanding its network of Currency Chests
platform, which can provide unified digital experience and Small Coin Depots. Currently, it has two Currency
across internet, mobile, voice and bot channels. Chests operational in Delhi and Mumbai, with a few
more on the anvil. The establishment of Currency Chests
The Bank has pioneered the implementation of ‘Bot’ reflects YES BANK’s support to Reserve Bank of India’s
technology for customer acquisition, personal banking (RBI’s) endeavor to increase the efficiency of currency
assistance, cross-selling and customer servicing for management in the banking system. During FY 2018-19,
various businesses. Unlike other Bots, which largely the Bank ensured optimum supply of fresh/issuable
restrict users to explore services or seek product currency across all touchpoints.
information, YES BANK’s Bot also allows customers to
transact over chat. Further, as Aadhaar proliferated, the Contact Center
Bank launched Aadhaar-based Banking and Payment
YES BANK has a dedicated 24/7 inbound contact
Services (AEPS and Aadhaar Pay). Currently, YES BANK
center for Liability, Asset and Credit Card customers to
commands a leadership position with close to one-third
resolve queries, complaints and service requests in three
market share of Aadhaar Enabled Payment System (AEPS)
locations, Mumbai, Chennai and Gurgaon. The contact
acquiring space. The Bank continues to build use cases
center offers multilingual services in English and regional
around United Payments Interface (UPI) and Immediate
languages. The contact center includes a dedicated
24/7 desk for Super Premium Credit Card, MasterCard on-the-go. Overdraft facility against Foreign Currency
World Elite and Concierge services for niche clients. Non-Repatriable (FCNR) Deposits was launched to help
Apart from rendering services, the contact center also NRI customers meet their urgent financial requirements.
seeks prospects from interested customers on additional The Bank strengthened its Portfolio Investment Scheme
products of the Bank, including Term Loans, Retail Assets, (PIS) offering by launching Power of Attorney facility for
CASA and Credit Cards. In compliance with regulatory custodians/brokers. The Bank also organized the NRI
directives, a dedicated desk for customers wishing to Festival FY 2018-19 to enhance visibility of YES BANK’s
reach the Senior Management is available. Additionally, NRI Services by engaging with various NRI associations,
the contact center piloted agent-assisted chat, as an clubs and societies across the country and overseas.
option for those customers who write to the Bank’s email Its representative office in Abu Dhabi completed three
id [email protected] years of operation and has contributed to making UAE
YES BANK’s largest market for GIB business.
YES FIRST
Rural and Inclusive Branch Banking
The YES FIRST Program is the flagship offering for the
High Net-worth Individuals (HNI) segment of the Bank’s YES BANK now has a well-entrenched presence in
customer base. It encompasses best-in-class products the rural and semi-urban segment with an exhaustive
across liabilities and assets, along with a comprehensive network of over 400 banking outlets. The Rural and
suite of wealth management solutions. The relationship-led Inclusive Branch Banking vertical today comes with a
proposition is coupled with state-of-the-art debit and wide array of customized product propositions across
credit card offerings that provide a host of leading features liabilities, assets and third-party insurance and investment
catering specifically to the needs of this segment. segments. YES BANK has launched differentiated asset
products in farmer finance, allied agriculture finance,
YES PREMIA farm mechanization finance and micro-enterprise finance
space to cater to the multi-faceted needs of the ‘RURBAN’
The Bank recently launched ‘YES PREMIA’ as a dedicated
customers. The Bank continues to proactively engage
offering for the affluent segment of customers, positioned
with the local community and has conducted over 2,350
between the existing YES FIRST and YES Prosperity
financial literacy camps in the rural and semi-urban
programs of the Bank. It addresses the needs of both
geographies in FY 2018-19.
individual and non-individual customers. Having attained
a critical mass of affluent customers, the Bank identified
the requirement to create a separate strategy, which Credit Cards
entails providing cutting-edge solutions across products
The Bank launched the Commercial Cards product line
and services, including but not limited to an industry-first
marking the completion of its offerings across retail, SME
debit card and a dedicated relationship manager.
and commercial card segments. Commercial Cards cater
to Business-to-Business (B2B) spends of corporates
Furthermore, the Bank has developed an industry-first
and offer yet another rich engagement opportunity to
analytical algorithm model, which provides talking
further deepen the Wholesale Banking relationship.
points to the relationship managers. The model is aimed
Products in this segment include Corporate Cards for
at improving customer engagement and cross-sell.
travel and entertainment expenses and Purchase Cards
This model has also been bestowed with the Aegis
for payables and receivables management. The Bank now
Graham Bell Data Science award for innovation in the
offers a wide range of 13 Credit Card product variants
Banking, Financial Services and Insurance (BFSI) sector.
across its flagship customer segments of Yes Private,
YES FIRST, YES PREMIA and YES PROSPERITY. This range
Global Indian Banking
of portfolio is backed by a highly effective Alliance and
YES BANK offers best-in-class banking products Loyalty program, digitized acquisition and servicing
and services for Indians settled across the globe platforms, and above all, a very robust and effective
and strives to continually enhance these offerings. credit-management framework. With 5+ lakh Credit Cards
FY 2018-19 witnessed a host of developments across issued and monthly spends of above `400 crore, the Bank
the Bank’s Global Indian Banking (GIB) proposition. is poised to significantly scale its Credit Card business.
The Bank accelerated its digital interface with the launch The cards are designed to offer superior benefits on the
of YES Robot, which provides real-time responses back of world-class technology, class-leading alliances
to customer queries. The Bank has augmented its and partnerships. Backed by a consistent and superior
inward remittance solution—YES Remit—for NRIs based service experience, the YES BANK Credit Cards program
out of Canada and introduced a state-of-the-art user has been orchestrated to be the card of choice for the
interface—YES Remit mobile app—which enables access Bank’s customers.

Retail Banking Assets knowledge-banking experts and an extensive network
delivers unmatched one-stop service to small enterprises,
YES BANK expanded its product offering by aligning
addressing their end-to-end requirements.
Working Capital under Micro Enterprises Banking Group
(for customers with turnover of up to `15 crore) within
the overall Retail Banking Assets Group. This will help PRODUCT CAPITAL
the Bank to strengthen its retail offering and enhance
customer satisfaction. The Bank’s customers can select a
Transaction Banking
wide range of Retail Loan products like Affordable Home The Transaction Banking Group (TBG) specializes
Loans (YES KHUSHI), Home Loans, Car Loans, Super in core banking offerings across Cash Management
Bike Loans, Commercial Vehicle Loans, Construction Services, Capital Markets and Escrow Services, Trade
Equipment Loans, Loans against Securities, Gold Loans, Finance and Services, Structured Trade & Supply
Personal Loans, Secured Business Loans, Health Care Chain Finance, Foreign Exchange Services, Bullion and
Finance and Printing Equipment Finance, along with Digital Transaction banking. It provides these services
Working Capital under one roof. This will help the Bank in under the aegis of the YES Transact brand. The team
increasing wallet share of customers with a 360-degree comprises domain specialists from diverse backgrounds
approach. The Bank has entered into Preferred with significant experience in product innovation, who
Financier agreement with leading manufacturers of cars, interact with customers to understand and address their
commercial vehicles and construction equipment, thereby strategic financial and operating requirements in the
providing access to the wholesale and retail business of following domains:
manufacturing dealers across India. The Bank currently
▲▲ Working Capital and Liquidity management
offers retail products across 68 locations in 490 branches.
▲▲ Treasury integration
Small Enterprises Banking ▲▲ Risk management
Small enterprises are central to India’s economic ▲▲ Inbound and Outbound remittances
development – in the middle of a rapid economic
▲▲ Supply Chain Finance solutions, including Factoring
transformation into a major global manufacturing and
services hub. To efficiently serve the small enterprises ▲▲ ustomized and innovative solutions, including
C
throughout their lifecycle, YES BANK has adopted integrated API Banking solutions for assisting
a focused ‘Lifecycle Banking’ approach to provide process automation and/or integration with the
industry-specific and need-based financial solutions. customer’s systems
▲▲ egulatory and International Trade Advisory,
R
The Small Enterprises Banking (SEB) serves enterprises
including current and capital account transactions
with a turnover in the range of `15 crore to `100 crore.
YES BANK’s relationship managers, product specialists ▲▲ igitized solutions for Domestic and Cross-Border
D
and industry experts focus on providing continuous Trade transactions
support and solutions to small enterprises at every stage
▲▲ igitized solutions for Central and State Government
D
of their business lifecycle, considering the constantly
entities
evolving business environment for them.
▲▲ Bullion Sales and Gold Metal loans
The unique ‘Knowledge Banking’ expertise with an
▲▲ roduct management for IFSC Banking unit based
P
‘Inclusive Banking’ approach toward serving the needs
in Gift City, Gujarat, across all permissible product
of small enterprises acts as key differentiators for
segments
YES BANK. The Bank is consistently working toward
making the banking experience more convenient ▲▲ oreign Exchange Services across cross border
F
by introducing simplified products, implementing remittances for Exchange Houses/Authorized
digitization and reducing the overall Turn-Around Time Dealers, Foreign Currency Notes
(TAT). The Bank has also developed long-standing and
meaningful associations with FinTech firms in this domain. The Digital Transaction Banking team offers innovative
It has inked MoUs and partnered with various Government digital solutions by designing, developing and co-creating
bodies to provide easy and inclusive financial assistance, products with corporate customers, global banks and
ensuring that the customers have access to best-in-class exchange houses, several times, besides ‘future-proofing’
schemes and benefits. the Bank’s business model.
This differentiated positioning, along with The Bank concentrates on process digitization with the
customized solutions, dedicated relationship team, ultimate aim of providing a superior customer experience.
The group has strengthened its focus on its digital the Bond Market in India while introducing numerous
strategy by building synergies among different product first-time issuers to Corporate Bond Market.
verticals, enabling unique opportunities to its clients.
The state-of-the-art Corporate Net Banking (CNB) online During FY 2018-19, YES BANK’s DCM business
platform provides comprehensive digital coverage across successfully executed debt capital raising transactions
Cash Management, Trade Finance and Supply Chain for several companies across diverse sectors, including
Finance solutions to corporate clients and their constituents. media, renewables, metals, cement and pharmaceuticals.
The transaction structures ranged from vanilla NCDs to
YES BANK has been building on its successful API Banking structured debt issuances, including renewable asset
product—bespoke integration between Corporate and the pooling structure, share-backed NCDs, securitization of
Bank’s internal systems with infinite possibilities—by adding infrastructure assets and bank Tier II capital.
more services under this channel. API Banking can be used
in varying combinations to co-create unique solutions for FY 2018-19 marquee transactions are:
YES BANK’s corporate customers. The Bank has been at
▲▲ ole Arranger for India Grid Trust’s maiden NCD
S
the forefront of digital innovation, with API Banking being
issuance of `250 crore: ‘First-ever bond issuance
the flagship product suite. Since the introduction of API
by an Infrastructure Investment Trust (InvIT) in India’
Banking in September 2015, it has grown significantly
with over 12 API sets and 700+ client implementations, ▲▲ ole Lead Arranger for NRSS XXIX’s maiden NCD
S
seemingly largest by any bank worldwide. issuance of `3,000 crore: ‘Single largest bond
issuance by a Transmission Company in India’
The Bank recently instituted a ‘Corporate Service
▲▲ ead Arranger for Green Infra Wind Energy’s maiden
L
Excellence’ unit, which will provide superior and
NCD issuance of `1,000 crore: ‘Maiden bond
seamless customer service experience to enhance its
issuance by a Sembcorp Group entity in India’
service proposition.
▲▲ Joint Book Runner for Renew Power’ USD 375
YES BANK has won several national and international million 144A/Reg S Green Bond offering
awards and accolades in FY 2018-19, as a testimony
to this group’s best-in-class offerings, including the Best YES BANK was ranked No. 3 by Prime Database in
Trade Finance Bank in India and Best Bank for Payments the ‘Private Issuers – Manufacturing’ Category of the
in India from the Asian Banker. Arrangers League Table and was ranked No. 5 in the
‘All Issuers Category’ League Table by Prime Database
for FY 2018-19. Further, the Bank was ranked No.
Financial Markets 5 by Bloomberg in the India Domestic Bonds League
The Financial Markets (FM) Group at YES BANK is Table for CY18.
backed by experienced professionals and best-in-class
technology and offers a comprehensive range of financial The Bank is a Primary Dealer (PD) for the Government
market products and services to its clients. of India’s securities and as part of this mandate
underwrites and bids for these securities in auctions held
The Foreign Exchange (FX) Sales business provides spot by the RBI. The PD desk actively trades and distributes
and derivative products for efficient hedging of Foreign dated securities, T-bills and State Government Bonds,
Currency and Interest Rate exposures of the Bank’s thereby encompassing the complete suite of Sovereign
Institutional, Corporate, SME and Retail customers on a Debt Products.
need basis. During FY 2018-19, the Bank operationalized
a new workflow and internal FX rate booking system for The FM Group also conducts proprietary trading to
smoother and faster processing of remittances, which maximize earnings by optimal risk-taking across fixed
helped in reducing turnaround times (TATs), and thereby income and global foreign exchange markets. Additionally,
enhancing customer experience. Online FX rate booking it is responsible for Balance Sheet Management, Liquidity
platform was also extended to SME and retail customers Monitoring, Maintenance of Cash and Statutory Reserve
to facilitate a faster rate booking experience. requirements and day-to-day Fund Management of
the Bank. Subordinated and hybrid debt capital for the
The Bank’s well-established and buoyant Debt Capital Bank is also raised by the FM Group. Moody’s Investors
Markets (DCM) business originates and distributes onshore Service (“Moody’s”) affirmed the Bank’s rating of Ba1
Non-Convertible Debentures (NCD), offshore Masala and (Stable outlook). ICRA Limited (Moody’s affiliate in India)
Foreign Currency (FCY) bonds, Commercial Papers and has reaffirmed the Bank’s A1+ rating for its `20,000
other Structured instruments. YES BANK continues to crore Certificate of Deposit program, which indicates the
be an active market maker in the Indian Corporate Bond highest level of safety in the short-term. Also, the Bank’s
market, and has been a leading contributor in deepening long-term rating is AA- (for Basel III Additional Tier I,

Basel III Tier I and Upper Tier II)/AA (for Basel III Tier II, under the Securitization Act, 2002, using various enablers
Lower Tier II and infrastructure bonds)—rating watch with from extant RBI policies and selling non-performing assets
negative implications—by ICRA Limited; AA (for Basel III to Asset Reconstruction Companies (ARCs).
Additional Tier I)/AA+ (Basel III Tier II and Infrastructure
bonds) (Negative outlook) by India Ratings and Research
Pvt. Ltd.; AA (for Basel III Additional Tier I, Basel II Tier I
Inclusive & Social Banking and
and Upper Tier II )/AA+ (for Basel III Tier II, Lower Tier II
Microfinance Banking
and Infrastructure bonds)—credit watch with developing YES BANK promotes microfinance as a critical asset class
implications—by CARE Ratings Limited; and AA+ (for in line with its Responsible Banking vision to mainstream
Basel II Tier I, Upper Tier II and Lower Tier II)—credit watch sustainability within its core business and address the
with developing implications—by Brickwork Ratings. needs of the ‘next billion’ customers. It has a two-pronged
strategy involving special divisions: Microfinance Banking
(MFB) and Inclusive and Social Banking (ISB) to help this
Loan Syndications segment grow through design and implementation of
The Loans Syndication (LS) team has created a strong various financial inclusion initiatives. At the Bank, financial
brand equity across stakeholders including Banks, inclusion is not just a social and regulatory obligation but
NBFCs and other financial institutions. Over the years, a viable business opportunity.
the team has demonstrated strong credit appraisal and
structuring skills as well as sectoral knowledge, which has ISB and MFB had the mandate to reach the unbanked
been well appreciated across the stakeholder spectrum. and underbanked population in rural, semi-urban and
The team has consistently distributed strong corporate urban areas with the objective to leverage technology
loan exposure to banks and financial institutions, and foster key partnerships to amplify their impact
improving capital churning and effective yields on the through relationship capital in the public, private and
Bank’s advances. social sectors. They aimed to create viable business
models while providing ‘access to finance’ to the
The LS team has successfully placed underwritten bottom-of-the-pyramid customers.
deals aggregating to approximately `26,000 crore in
FY 2018-19, significantly improving Return on Equity MFB fulfils the agenda of financial inclusion by catalyzing
(ROE) on underwritten transactions for the Bank. the growth of the Indian Microfinance industry with
The portfolio comprises of pedigreed players across the an elaborate product suite. It includes Term Loans to
manufacturing, renewable energy, roads, airports, power Microfinance Institutions (MFIs) for further on-lending,
transmission, ports and real estate sectors. cash management services, loan syndications and rated
capital market loan products like pool securitization, Pass
The team’s consistent performance has placed the Through Certificates (PTCs). The MFB division caters to the
Bank among the top three syndication house for CY18 financially marginalized communities by extending these
(domestic currency segment) in the League table ranking services through 37 major clients, which are essentially
by both Bloomberg and Thomson for India. Microfinance Institutions (MFIs) spanning 29 states.
ISB, under the aegis of Frugal Innovations for Financial

Asset Reconstruction and Inclusion, has its flagship program – ‘YES Livelihood
Management Group Enhancement Action Program (YES LEAP)’. Under this
YES BANK’s Asset Reconstruction and Management program, the Bank partners with Micro Finance Institutes
Group (ARM) was created for the effective management (MFIs), which are credible NGOs/private institutions
of distressed and non-performing assets comprising and appoints them as Business Correspondents (BC) to
qualified and experienced professionals specializing provide financial services (Credit, Savings and Insurance)
in distressed asset management. The Group provides to women Self Help Groups (SHGs)/Joint Liability Groups
effective solutions for resolving stressed assets by (JLGs). This allows the Bank to leverage its BC partners’
leveraging its rehabilitation, regulatory and legal extensive footprint and scale its product and service
understanding. offerings for the bottom-of-the-pyramid population at
their doorstep. Since inception of the business, with the
The ARM Group employed multi-pronged resolution help of over 40 BC partners, the unit has cumulatively
strategies, which included operational and financial financed over `8,500 crore and has reached out to 25
restructuring, identifying strategic investors for takeover lakh families in rural and semi-urban India, spanning
of stressed assets, business turnaround financing, 260 districts. In FY 2018-19, ISB has also launched a
negotiating with borrowers for one-time settlement, customized group insurance product – YES SHIELD for
recovering through the enforcement of security interest the YES LEAP clients. As 100% of groups associated with
the YES LEAP program are women-centric, YES LEAP difficult to set up a Bank Branch, thereby contributing
has been able to contribute significantly toward towards the Bank’s Financial Inclusion goals. The Bank
strengthening women entrepreneurship and, paving the leverages innovative digital solutions such as Micro ATMs
way for women empowerment even in remote areas of for providing banking services in these outlets.
India. Being considerate about the needs of this segment,
ISB has further launched YES SMILE (Specialized ISB has also been propagating financial literacy for
Micro Individual Loan for Enterprises) for the upgraded customers as a part of its curriculum and everyday
microfinance clients who have the aspiration to grow operations. This way it can cater to the vulnerable
their micro business. This Micro Individual Business segments of the society that are susceptible to financial
Loan is aimed at provided higher ticket size loans to the frauds. ISB follows a model which ensures that there is
graduated microfinance clients and help them flourish in ample opportunity of customer interaction with the BC
their existing business. staff, as well as the Bank staff. To maximize communication
with the clients, short story-based push call messages on
YES BANK uses a customized, semi-automated loan financial education topics are designed in collaboration
origination and loan management system, Ganaseva, with AwaazDe and sent to the clients in vernacular
to enhance its impact and delivery mechanism. languages. To further encompass all financial services and
Ganaseva offers flexibility to build adequate regulations, best practices to clients, a customized, extensive financial
required risk controls, and enables real-time tracking of all literacy module has been designed in collaboration with
activities in the system. It also provides high quality and Accion International. The Bank’s feet-on-street staff and
informative reports with data analytics. the last mile BC staff use it for training customers in
remote and underbanked/unbanked areas.
In line with the Bank’s digital focus, continuous digital
interventions have been undertaken such as digital field Over 70,000 clients have been provided basic financial
reporting with real-time GPS tracking of field staff through literacy training with the help of these modules.
Microsoft Kaizala app, digital training modules, cashless
transactions and others. The Bank also launched an YES BANK curates these interventions carefully
onboarding app through Karvy, making a significant for the underprivileged and financially excluded
move toward paperless documentation and digitization. section of the society to accelerate financial inclusion
The new app will increase transparency and credibility, in the country.
resulting in reduced TAT and better customer experience.
The ISB team is also mandated with the implementation
Taking a cue from the RBI guidelines on Rationalization of the Bank’s Financial Inclusion Plan (FIP) as approved
of Branch Authorization policy regarding BC Banking by the Board and the RBI. The Bank performed well
Outlets, YES BANK opened 21 new BC operated Banking across almost all financial inclusion parameters and its
Outlets (BCBOs) in select un-banked rural locations. radical FI4FI approach received several national and
This has enabled the Bank to provide customized international accolades.
banking products and services in locations where it was

Spearheading Financial Inclusion
Roll out Roll out Introduction YES Money Roll out of Roll out of
of Urban of Rural of Mobile Multi- YES LEAP YES YES Sahaj
YES BANK Roll out Financial Financial Technology channel Livelihood mobile
commences of YES Inclusion Inclusion for Remittance Enhancement transaction
operations SAMPANN Program Program Transaction service Action Program device
Aug Oct July Sept Oct June Sept Mar

2004 2006 2007 2009 2010 2011 2011 2013
Mar Feb Apr Oct Nov Jan Dec Feb

2019 2019 2018 2017 2016 2015 2014 2014
Launch of Karvy Financial Launch of Cashless CSR Launch of Roll out of

YES SHIELD onboarding Literacy GANASEVA Disbursements Activities EFIMO – Loan YES JLG
- Micro App Program in – Loan for Management Program
Insurance collaboration Management community System
System
Product with ACCION development
International
Launch of Tie-ups: ADB
YES SMILE Loan and TA
– Micro Grant
Individual
Business
Loan Product
Agri Product Management mitigates the inherent risks through mark-to-market of

commodity prices and regular audits. The Bank’s other
The Food and Agribusiness (F&A) sector is a sunrise
focus area has been the emerging segment of Farmer
industry, which is fuelling the growth of an emerging India
Producer Companies (FPC), wherein it partners with
and is of strategic importance to the country. With the
select FPCs with sustainable business models, in an effort
Government of India’s impetus on the F&A sector, it is set
to create a sizeable and profitable portfolio.
to take a quantum leap, thereby creating innumerable
opportunities for the entities associated with it. With an
objective of harnessing the innate potential of the F&A PROCESS, SERVICE &
sector, YES BANK has institutionalized a specialized TECHNOLOGY OVERVIEW
vertical, Agri Product Management (APM), which houses
industry and banking professionals with the relevant
Service and Technology Capital
domain knowledge and skill sets. The team interacts YES BANK undertakes various tech-enabled business
closely with F&A clients to create structured lending initiatives to deliver improved customer experience, ease
propositions for agri value chain participants, including of banking and operational excellence, thereby enhancing
farmers, MSMEs, as well as corporates. APM aims to customer delight. The Bank adopted an omni-channel
facilitate the building of banking opportunities in the approach to capitalize on the increasing ways to
agri value chain through structured financial products connect with customers and the rising importance of
that are regulatory compliant, while mitigating credit risk. self-service channels as the primary way of banking. It has
The APM team is also responsible for ensuring that the leveraged state-of-the-art technology to enable customer
Bank meets the regulatory Priority Sector Lending (PSL) accessibility of all products across various channels
norms, in collaboration with the other business units, through seamless multi-channel integration. The Bank
which generate PSL assets. As a part of agri value chain has been simultaneously focusing on implementation of
financing, the Bank has created a robust portfolio against innovative practices in digital banking and digitization of
pledge of agri commodities while ensuring adequate end-to-end processes, to provide customer accessibility
risk mitigation. Within APM, a specialized team closely of all products across all channels.
monitors the commodity pledge financing portfolio and
Technology is a key enabler and facilitator of the ▲▲ he Bank has successfully upgraded to new ISO
T
critical goals of the Bank, allowing it to make systems 9001 (Quality Management) standard and adopted
and processes even more efficient. Since inception, risk-based thinking, thereby aligning itself with the
YES BANK has continued to invest in technology to provide Enterprise Risk Management (ERM) Framework.
better products and superior customer experience.
▲▲ he Bank has strengthened its Business Continuity
T
The Bank continues to spread its electronically linked
Management framework (ISO 22301-certified) and
Branch Network with state-of-the-art IT-enabled core
Information Security Management framework (ISO
banking platform to ensure customers have access to
27001-certified) by including two Data Centers, five
24/7 banking services.
Branches, including their ATMs, apart from the two
existing NOCs.
Business Processes – Creating A ▲▲ usiness Excellence frameworks and Quality
B
Quality Organization Management Practices such as Five S, Lean and
YES BANK continues to refine its operational processes Six Sigma, and ISO 9001 standards established for
to implement best practices and risk identification and back-office operations at NOCs, 101 key branches
containment, which will enhance precision in operations and the Bank’s Collections Unit for Micro Enterprise
of both Corporate and Retail businesses. Banking, Retail Asset & ISB and Credit Card Risk
Management & Operations have been certified
The Bank seamlessly extended its professional approach to under ISO 9001 (Quality Management System).
business processes, resulting in continuous improvement
▲▲ he Bank’s complaints management processes
T
in its pursuit of building a quality organization.
have been certified under ISO 10002 (Customer
Service – Complaints Management system). The
Key initiatives in FY 2018-19 were:
Bank used the Complaints and Query Management
▲▲ he Bank has deployed an enterprise-level
T framework as a singular touchpoint to log, handle,
Customer Relationship Management solution, which escalate and resolve customer grievances.
provides it a single view for both Corporate and
▲▲ ES BANK consistently measures Customer
Y
Retail customer segments. A lead management
Experience (internal and external) to ensure
system has been built for the sales team to enhance
customer feedback across each touchpoint
their productivity.
(including customer complaint registers, customer
▲▲
C entralized back-office functions, National satisfaction surveys, transactional interactions,
Operating Centers (NOC) of various businesses are telephonic surveys and employee feedback) is
working in full capacity at Mumbai, Gurgaon and collected, analyzed and acted upon.
Chennai, covering over 4 lakh sq. ft. of office space
▲▲ he Bank has digitized transaction processing in
T
and employs 9,000 people.
critical functions for straight-through processing and
▲▲ he Bank has a dedicated 24/7 inbound Contact
T enabling paperless transactions.
Center for Liability, Asset and Credit Card customers,
▲▲ he Bank leveraged social media as a new channel
T
which resolves queries, complaints and service
for superior customer service to address queries/
requests in three locations namely Mumbai, Chennai
complaints, receive feedback and garner inputs on
and Gurgaon, offering multi-lingual services. The
service (Voice of the Customer – VOC).
Bank also has a dedicated 24/7 desk for Super
Premium Credit Card, MasterCard World Elite and ▲▲ he Bank adhered to Banking Codes and Standards
T
Concierge, providing bespoke services for clients. In Board of India (BCSBI), Goiporia Committee
compliance with regulatory directives, a dedicated recommendations, Damodaran Committee
desk for customers wishing to reach out to Senior recommendations and the Committee on Procedures
Management is also available, details of which are and Performance Audit of Public Services (CPPAPS)
available on the website. guidelines, thereby ensuring compliance across its
critical functions.
▲▲ ince October, 2018, YES BANK has extended chat
S
services to customers who contact through email. A ▲▲ s part of Insta Gratification spirit, the Bank has
A
centralized welcome calling desk has been setup taken an initiative to provide fast-track processing
since August 2018 to provide seamless onboarding (within two hours) of key customer requests.
experience.
▲▲ he Bank is in the process of implementing ‘Robotics
T
▲▲
T he Bank’s Inbound Contact Center was Process Automation’ to optimize internal processes
recently conferred with ISO 9001 Certification in with a view to provide faster and accurate services.
December 2018.

Embedding a Continuous performance across key service drivers. These initiatives
Improvement Approach were managed through the Innovation Center, which
acted as a clearing house for ideas that helped the
YES BANK’s Quality Assurance and Service Delivery
Bank implement ‘next practices’ across products,
Units provided a framework that facilitates continuous
services and channels.
improvement. The Quality Policy at the Bank states,
‘YES BANK will strive to ensure consistent superior service
Specific quality goals were classified across the categories
experience through operational excellence, innovation,
of Process Management and External and Internal
cutting-edge technology, best-in-class systems and
Service Delivery in line with the Bank’s Quality Policy and
processes in its mission to become ‘The Finest Quality
Objectives. Quality improvement drives, like workforce
Large Bank of the World in India’.
suggestion schemes, Lean Six Sigma, Five S, ISO 9001
and ISO 10002 certifications were implemented across
The Service Quality Strategy business units and branches.
The Service Excellence & Quality Assurance teams take
Being a member Bank, Service Excellence team
up focus initiatives under the framework of Lean and
proactively engages with all the customer facing channels
Six Sigma integrated methodology toward improvement
to ensure compliance with the BCSBI code. This has
of service and process standards. The team actively
enabled the Bank and its service delivery processes to
engages with customers across various channels to
be more robust and customer friendly.
capture the feedback, which is analyzed before being
taken up for improvements.
At the Bank, external and internal service delivery
(customer satisfaction) was measured using dashboards,
The complaints management team partners with
Voice of the Customer (VOC), Branch Service Committee
respective units and conducts Root Cause Analysis on an
Meetings, and External/Internal Customer Satisfaction
ongoing basis to address repeated issues.
Surveys. These initiatives not only helped build
mutually-beneficial customer relationships, but also
YES BANK’s Service Quality infrastructure is built on
ensured stringent Service Level Agreements (SLAs)
the world-renowned Plan–Do–Check–Act (PDCA)
across the Bank.
model of Deming’s improvement cycle. Under this, the
Bank’s branches are visited by specially skilled quality
The YES Service Program, an internal service proposition,
professionals for a detailed review of the service delivery
disseminated through a defined and ongoing service
processes. This entails assessment, gap identification,
marketing program, and measured through mystery
root cause analysis, action plan and execution. The entire
shopping, on-job monitoring and Branch Executive
process is closed looped with actionable and closures.
Leadership Team (BELT) programs, were held periodically
across key branches.
Experience
The Bank undertook several strategic and tactical
improvement projects during the fiscal year.
The leadership of each business unit reviewed existing

vv processes, initiated improvements and instilled
BANK’s
Three Sponged
procedural orientation. Within a short period, the Bank
VALUES
Structure
has been recognized as ‘world-class’ in the Service
Category by Asia Pacific Quality Organization. The Bank
is also the only Indian Bank to win this prestigious global
Quality award based on Malcolm Baldrige Business Excellence
Innovation Assurance Framework (USA).
Some of the Key Award in Quality, Customer Service and

Best Practices:
The Bank’s three-pronged structure to bolster customer
2018 CII Award for Active Customer Engagement’ –
service comprises customer experience, innovation
(Service) – CII
and quality assurance. The Customer Experience unit
captured the Voice of the Customer (VOC), and assessed
Information Technology Mesh using Kubernetes, Google Istio and other

latest technologies). As part of the first phase,
Technology Absorption
YES Genie creates a single view of customers
(I) Efforts Toward Technology Absorption across all banking relationships with the Bank.
Besides, it allows a call-to-action enablement
The advancements in Information Technology (IT)
to assist in delivering services.
have led to accelerated development in newer
technologies, resulting in higher demand for digital ▲▲ ES Bank Datathon: This initiative was
Y
solutions to create alternative banking products that launched with the objective of crowd sourcing
deliver customer delight through a better service ideas and building an augmented data science
delivery framework. team for the Bank. In the 1st edition, YES BANK
received an overwhelming response with over

Since inception, YES BANK has been at the 6,000+ applications. The key outcomes of the
forefront of technology innovation and adoption, YES BANK Datathon’s 1st edition were building
and will continue its focus on technology. This will data model prototypes for the Next Best Action
enable the Bank to build a more secure, resilient, model (predicting a next-best action of a
and seamless way of interacting and transacting customer/user), Anomaly Detection model for
for customers. It will further enforce YES BANK’s POS terminals to ensure higher service levels
endeavors to become a technology-led company in and a Recommender model for relationship
the business of banking. managers to identify priority customers.
▲▲ API Banking: YES BANK has undertaken
During FY 2018-19, several new initiatives were
tremendous strides to ensure a stronger
completed successfully, as well as systems were
connect with its customers and ensure a
upgraded to latest versions to support the growing
seamless experience when transacting and/
needs of the Bank. The key Bank-wide projects
or making basic enquiries. Currently, it has
completed during FY 2018-19 were:
more than 850 customers on API Banking and
▲▲ ight Sourcing Strategy: YES BANK has
R this continues to grow at a healthy pace. This
successfully completed transitions of end user product offering is replicated across Enterprise
support system, IT infrastructure management Technology Architecture and the ‘API first’
and business applications maintenance, among philosophy is being imbibed by the Bank’s
others from total outsourcing arrangements to technology team.
Right Sourcing operating model. This ensures
▲▲ wards and accolades: YES BANK won
A
retention of key technology talent and a
multiple awards at the prestigious Indian
more efficient use of partners. The model
Banking Association Awards 2018-19. The Bank
further entails the use of an optimal mix of
was recognized with – Best use of customer-
insourcing and outsourcing of staff to support
centric technology solution – Winner and Best
and maintain technology assets like business
Technology Bank 2019– Runner Up, Best use
applications and IT infrastructure.
of Analytics for superior Customer experience
▲▲ YES RAPIDO: A truly modern, state-of-the-art, – Runner Up.
lightweight workflow management solution
(II) Proposed New Projects
having a front-end using Progressive Web
Apps has been implemented by the Bank. There is a healthy pipeline of exciting new initiatives,
YES Rapido leverages the power of Cloud which will enable YES BANK to deliver world-class
technologies like Kubernetes and micro digital-first customer service in both assisted and
services to make it one of the most agile self-help mode.
and resilient technologies. This digital fabric
solution will form a critical part of furthering ▲▲ etail Net-Banking Upgrade: A completely
R
digital transformation objectives of the Bank. refreshed and revamped Retail Net-Banking
platform is expected to be launched in
▲▲ YES Genie: YES Genie leverages the Bank’s
FY 2019-20. It has been built using state-of-
efforts to consolidate all its customer data
the-art security framework and using concepts
(transactions, interactions, behavioral
of the Modern Technology architecture.
attributes and so on) into the Big Data platform
(Hadoop) as its Enterprise Datawarehouse ▲▲ nified Cash Management and Corporate
U
technology. It is built using Modern Application Net-Banking Solution: A robust Core System
Architecture (the state-of-the-art Microservice is critical to deliver a superior experience to

all corporate customers of the Bank. The new Some of the key highlights of the Bank’s Human Capital
solution will enable a more seamless and practices are illustrated below:
straight-through processed environment for
customer transactions. This will also be scaled Executive Engagement
up further to ensure it promptly address the
5 C’s Employee Engagement Model
needs and expectations of customers and
growing business volumes.
▲▲ xtend Cloud-based Use cases: YES BANK
E
Culture
plans to use Cloud infrastructure extensively to
ensure that the power of FutureTech is being
leveraged across all levels of the Bank.
▲▲
A pollo Program for OSD Technology
vv
Transformation: With a vision to position Care Connect
YES BANK as the most ‘Customer Centric’ YES BANK
VALUES
Bank in the services segment and focus on Values
the end-to-end Operation Service Delivery
(OSD) Technology Transformation with Digital
Solutions, Apollo Program will review, re-
imagine and/or re-engineer every Business
Operations Process, keeping customer at Career Communicate
the forefront with the objective to ensure
Efficiency, Productivity, Risk Management, and
Compliance. YES BANK follows the 5 C’s Engagement Model
comprising Culture, Communication, Career, Connect,
▲▲ ural Retail Banking: The Bank is building a
R
and Care, to engage its growing workforce. The Bank
comprehensive mobility platform to create a
engages and develops Human Capital by disseminating
paperless banking experience and become
and reconnecting YES BANKers with the Bank’s core
the preferred banker in rural and semi-urban
values, by creating an intentional culture, encouraging
geographies.
open and honest communication, strengthening connect
with employees and community, supporting career
HUMAN CAPITAL MANAGEMENT development and showing their care as an organization.
YES BANK pursued a strong employee value proposition
of ‘Creating & Sharing Value’ driven by the ethos of Holistic well-being forms the cornerstone of YES BANK’s
Professional Entrepreneurship; a talent philosophy employee engagement model, disseminated digitally
of Owner-Partner-Manager and superior employee through targeted initiatives under each of the pillar.
experience, designed to encourage and reinforce a
strong culture promoting meritocracy, performance and YES Club
prudent risk taking.
With the objective of encouraging an atmosphere of fun,
camaraderie, and to provide YES BANKers a platform
The Bank’s Human Capital engagement practices are
to showcase their talent and creativity, YES CLUB was
targeted at enhancing the brand as a Preferred Employer
launched across its hub branches. ‘YES CLUB’ facilitates
of Choice among new-age knowledge human capital.
participation in activities around three broad themes:
It deploys a suite of best-in-class initiatives that deliver
Social, Culture and Sports. Since its launch, YES BANKers
fast-paced, high-quality and predictive human capital
across the Bank’s 262 hub branches have organized
outcomes leveraging technology-driven digital platforms.
and participated in activities such as sports tournaments,
adventure sports & trekking, arts and crafts exhibitions,
The Bank made significant people investments in
photography contests, blood donation camps, and
FY 2018-19 by building Human Capital capacity, both in
employee volunteering activities.
terms of leadership capabilities and requisite skills through
institutionalized initiatives. These initiatives encompass
learning and development interventions, employee
engagement driven through digital platforms and holistic
well-being embodied through ‘YES Personality’.
YES CLUB – Wellness YES Future Ready

YES BANK recognizes employee well-being as the USRM also kicked off the 5th season of YES Future Ready
foundation that will enable fostering of high-quality, scholarship program in January 2019. The program
customer-centric, service-driven workforce committed identifies 30 student scholars from India’s premier
to realizing its vision. Wellness forms a primary driver in B-schools and engineering institutes and awards them a
the Bank’s endeavors of engaging with its executives; scholarship of `2 lakh for consistent academic excellence.
while physical, emotional and nutritional well-being form It endeavors to make scholars ‘future skilled’ by making
the cornerstone of its wellness agenda. Wellness at available resources and mentorship focused on new-age
YES BANK is implemented through both physical and digital and technology focused aspects, beyond their
digital channels using gamified solutions coupled with college curriculum.
on-site fitness and health-related sessions.
USRM has a keen focus on engaging and onboarding
YES League of Excellence ‘early talent’ as a driver to propel YES BANK’s
growth objectives.
YES BANK launched its revamped rewards and
recognition online portal called the ‘YES LEAGUE OF
YES School of Banking (YSB)
EXCELLENCE’ to provide a formal recognition platform to
recognize and reward Excellence at the Bank. This will YES BANK has always strongly believed that knowledge
simultaneously give rise to a ‘culture of appreciation’. is a key differentiator, and continues to invest in
All YES BANKers have the option to appreciate and wish developing its Human Capital for creating differentiated
their colleagues on achievements or occasions, while capacity, capability, and culture and confidence.
reporting managers can nominate colleagues for rewards In line with this belief, the Bank institutionalized the
such as Employee of the Month. YES School of Banking in 2007. The academy
was established with a vision to create a Center of
University & Schools Relationship Excellence for learning solutions in banking and
Management (USRM) related areas, and drive alignment of business
goals at every stage of the organization’s growth.
University and Schools Relationship Management
All learning and development initiatives at
(USRM) is a structured, sustainable and scalable
YES BANK are domiciled under the aegis of this dedicated
engagement program, which has created and maintained
knowledge function.
mindshare for YES BANK and plays a pivotal role in
building YES BANK’s brand as an ‘Employer of Choice’
The key focus areas for YSB are:
among the best educational institutions in India and
abroad. USRM was instrumental in hiring 29 students ▲▲ uture Now Programs to equip all relevant employees
F
from the Top 20 B-schools of the country as a part of on ‘Emerging Concepts and Technologies’ in the
the YES – Professional Entrepreneurship Program banking eco-system
(Y-PEP) 2018-19.
▲▲ ertification of staff based on Capacity Building in
C
Banks and All India Financial Institutions (AIFIs) and
YES BANK Transformation Series
IT and Cyber Security
The USRM team launched the 7th edition of
▲▲ Leadership Development framework for all
'YES BANK Transformation Series', a case study
management bands to ensure a culture of positive
competition that endeavors to make India’s youth
and impacting leadership
aligned to business issues by instilling a problem
finding and solution mindset. What began in 2010 as ▲▲ raining initiatives that are fully aligned to the
T
a case study challenge for B-school students has been business, people and growth priorities of the Bank
scaled exponentially to bringing global organizations,
▲▲ Productivity Enhancement
government entities and students across India’s
management and tech institutes to chart the roadmap to ▲▲ Cross-sell
solve issues of national importance. Recently, the initiative
▲▲ Service Culture
was also ranked as fourth most prestigious B-School
competition of 2019 by Dare2compete (a leading platform ▲▲ Compliance
and community for B-school news and competitions),
▲▲ Digitization
based on student responses.

Women Centric Initiatives roles across middle, senior and top management, resulting
in an increase in representation of women executives in
Say YES to G.R.A.C.E.
key positions.
YES BANK has revised the Policy for Prevention of Sexual
Harassment in line with the ‘The Sexual Harassment Rewards and Recognition
of Women at Workplace (Prevention, Prohibition and
YES BANK was recognized as:
Redressal)’ Act & Rules, 2013.
▲▲ inner of ‘Golden Peacock National Training
W
With a view to create a robust framework for dissemination, Awards’ 2018 (Private Banks)
awareness creation, and periodic reiteration of Prevention
▲▲ The No.1 ‘Dream Company to Work For’ and ‘Best
of Sexual Harassment policy among all executives, the
Employer Brand’ by the World HRD Congress 2019
Bank launched ‘Say YES to G.R.A.C.E’, where G.R.A.C.E
stands for Gender Respect and Commitment to Equality. ▲▲ Transformation Series 2018 award for the fourth
This initiative is applicable to all YES BANKers irrespective Most Prestigious B-School Competitions in March
of their gender. Keeping in mind the focus on women’s 2019 presented by Dare2Compete in association
safety in India, this initiative has played a key role in with CNBC TV18
gender sensitization.
▲▲ Ranked fourteenth in LinkedIn list of ‘Top 25
Companies where Indians want to work’ for 2019
YES WE CARE: Celebrating ‘Special Moments’
YES BANK rolled out benefits for its employees, who RISK MANAGEMENT
adopt children, in an effort to align organizational
The long-term financial security and success of the
objectives with the emerging needs of its employees.
Bank is built on its robust risk management system.
Recognizing that many new parents choose adoption
Risk Management at YES BANK is based on three lines of
and they need to spend time with the child to build an
defense principles: Business units, Independent Control
emotional connect, the Bank introduced the benefits,
Functions, and Audit. Through proactive and improved
applicable from August 1, 2016.
risk management practices, the Bank’s risk management
function continuously works toward achieving financial
Under the new policy called ‘Bringing A Beautiful
stability and enhancing stakeholder value. The Board of
Yes’, rolled out under the ‘Yes We Care’ initiative,
Directors of the Bank has the overall responsibility for
employees adopting a child will be offered paid leaves.
Risk Management. The Risk Management Architecture
Female employees adopting a child of six years of age
of the Bank is overseen by five Board-level Committees:
or below can take up to two months of paid leave, and a
a) Risk Monitoring Committee (RMC), b) Audit Committee
month of paid leave for adopting a child over the age of
(AC), c) Fraud Monitoring Committee (FMC), d) Board
six years (up to 14 years).
Committee on Wilful Defaulters & Non-Cooperative
Borrowers (BCWD&NCB), and e) Board Credit Committee
The Bank has also enhanced its existing paternity
(BCC). The Board-level Committees strive to put in place
leave policy to include seven days of leaves applicable
specific policies, frameworks and systems for effectively
even in the case of adoption. Mothers resuming work
managing the Bank’s various risks.
post adoption receive a monetary gift voucher to
welcome them back.
Risk Management Unit
24*7 Helpline Number
The day-to-day functioning is managed by the Risk
YES BANK has in place a 24/7 Helpline Number Management Unit (RM). The RM unit is headed by the
for emergency situations available to all YES BANK Chief Risk Officer (CRO), who leads the Credit Risk
employees. An employee just needs to dial or send an (Underwriting) unit, General Legal Counsel and other
SMS to an emergency number to trigger an SOS call/SMS Risk units. The CRO reports to the MD & CEO. The CRO
to the registered emergency contacts of the executive, is responsible for ensuring an effective implementation
including the manager and HCM Relationship Manager. of an enterprise-wide risk management framework
through various risk policies, processes, limits and
Diversity Recruitment Drives – Increasing controls that enable prompt risk identification, accurate
Women Workforce at YES BANK risk measurement and effective risk mitigation. The CRO
is also responsible for risk compliance and monitoring,
The Bank has focused recruitment drives and campus
as well as reviewing and presenting various risk reports,
placements targeting women employees for Branch
policies and dashboards to RMC and the Board.
Banking in metro locations. During the last financial year,
the Bank increased its focus on gender mix in leadership
The RM unit is designed to establish an effective, them. All corporate credit proposals are approved
non-silo-based Enterprise Risk Management (ERM) either through a committee approach or through Joint
framework to ensure sustainable business growth with Delegation, depending on rating and exposure thresholds
stability. It is also focused on promoting a proactive outlined in the Credit Policy. The Bank currently has
approach in identification, assessment, management and four committees for approving credits, including
reporting of risks associated with the Bank’s business. Board Credit Committee (BCC), Management Credit
The RM enables the Bank to successfully meet its business Committee (MCC), Executive Credit committee (ECC) and
and financial goals, while maintaining effective Board and Retail & Business Banking Credit Committee (RBBCC).
management oversight on risk and control parameters. Of these, the BCC is a Board-level sub-committee,
while MCC, ECC and RBBCC comprise Top and Senior
Management personnel. Joint Delegation involves
Enterprise Risk Management two or three approvers jointly approving the proposal,
YES BANK has an Enterprise Risk Management (ERM) which primarily addresses large volume of small ticket
unit that is responsible for implementation of the ERM proposals. While exercising their sanctioning powers,
framework, risk aggregation, and risk-based pricing. these designated committees/functionaries exercise the
The ERM unit is also involved in risk assessment of Pillar II highest level of due diligence and ensure adherence to
risks, viz. Reputation Risk, Compliance Risk, Concentration the Bank’s Credit Policy and other regulatory guidelines.
Risk and so on. Basel II/III compliance, Internal Capital
Adequacy Assessment Process (ICAAP), and bank-wide The appraisal process encompasses a detailed risk
stress testing. assessment and rating of obligors, using the Bank’s
rating models. These models have been developed in
The Bank has two Committees: Enterprise Risk conjunction with a reputed external credit rating agency
Management and Capital Management Committee and cover all corporate business segments of the Bank.
(ERCC) and Reputation Risk Management Committee The ratings of customers are assessed based on their
(RRMC). ERCC is responsible for overseeing ERM and financial performance, industry characteristics, business
Capital Management, while ensuring that all material risks positioning, project risks, operating performance and
are identified, measured, monitored and controlled in other non-financial parameters such as quality of
accordance with the Bank’s risk appetite, as well as within management and conduct of account.
regulatory guidelines. The RRMC oversees the reputation
risk profile, designs proactive steps for enhancement of The Bank additionally has in place scorecards for specific
reputation of the Bank and management of reputation risk schematic programs in case of Retail and SME borrowers.
events for the Bank. This function works in close coordination with various
business segments to periodically review the individual
The Bank has successfully migrated to Basel II capital borrower relationships and assesses the overall health
adequacy norms since March 31, 2009. Under this, it has of borrowers. The Bank has taken proactive measures
adopted the ‘Standardized Approach’ for measurement to ensure that delinquencies keep to a minimum level
of Credit Risk, ‘Basic Indicator Approach’ for Operational through robust post-sanction monitoring processes.
Risk and ‘The Standardized Duration Approach’ for Market There is a dedicated team which works toward ensuring
Risk. The Bank has also implemented the Basel-III norms, compliance to the sanctioned terms and conditions
and has laid down a roadmap for migration to advanced through an internal tracking system.
approaches for capital charge computation, across Credit
Risk, Market Risk and Operational Risk. The Bank has There is also an independent ‘Portfolio Analytics Unit’,
formulated an overarching ERM Policy and an extensive which is responsible for monitoring the entire credit
policy on ICAAP commensurate with the Bank’s size, portfolio across all segments, including identifying
level of complexity, risk profile and scope of operations. portfolio trends and generating portfolio-level MIS
The Bank has thus evolved a robust enterprise-wide risk covering various credit quality indicators. Further, the
management framework, which is geared to support the ‘Credit Risk Policy Unit’ is responsible for independently
strategic objectives and business plans of the Bank. reviewing the Bank’s credit policies and programs,
including validation and monitoring of rating models.
The Unit is also responsible for migration to Internal
Credit Risk Ratings Based (IRB) approach and IndAS for Credit Risk.
YES BANK’s Credit Risk management is governed by The Bank has an active legal department that helps in
a comprehensive and well-defined Board-approved assessing and managing Legal Risk. The department has
Credit Policy. It encompasses credit approval processes developed a comprehensive set of standard documents
for all business segments, along with the guidelines for various types of credit products and is responsible
for monitoring and mitigating the risks associated with for ensuring legal compliance of applicable laws and

ensuring that the documentation entered into by the business units, understand future changes and threats,
Bank is legally valid and enforceable. and concur on areas of highest priority and related
mitigation strategy.
Market Risk The Bank has also constituted a Product and Process
YES BANK’s Market Risk management is governed Approval Committee (PPAC) for approval and risk
by comprehensive Board-approved policies such as evaluation of all new products/modifications to existing
Market Risk Policy, Asset Liability Management Policy, products for the Bank. The Bank has further implemented
Investment Policy, Hedging Policy, Stress Testing Policy, a Business Continuity Management Committee (BCMC) as
Derivative Policy, Derivative Appropriateness Policy and a sub-committee of ORMC, responsible for development,
Liquidity & Contingency Funding Policy, to ensure that implementation and ongoing monitoring and review of
risks underwritten across business activities are within the effectiveness of the Business Continuity Plans (BCP)
the stipulated risk appetite of the Bank, and also to across the Bank.
ensure that similar risks are aggregated. These policies
have been benchmarked with industry best-practices and Additionally, the Bank has also constituted Outsourcing
RBI regulations. Management Committee (OMC) to review the
effectiveness of the outsourcing policy and procedures
The Bank has an integrated, straight-through processing and to ensure effective due diligence and monitoring of
and state-of-the-art treasury system for enabling better risk the Bank’s outsourced activities on a continuous basis.
management. The Bank measures liquidity, currency, and
interest rate risks through various metrics, encompassing
Liquidity Monitoring, Liquidity Gap Analysis, Liquidity
Climate Risk
Coverage Ratio, along with other Liquidity Ratios, Value YES BANK recognizes climate risk and refers to the
at Risk (VaR), Earnings at Risk (EaR) and Market Value of Financial Stability Board’s Taskforce on Climate-related
Equity, among others, based on regulatory guidelines or Disclosures (TCFD) recommendations to address it. In the
using robust internal risk models. The Bank also regularly last financial year, the Bank’s management committees
conducts stress testing to monitor the Bank’s vulnerability consider climate risk in their briefing and the Bank’s
towards extreme but plausible unfavorable shocks. Internal Capital Adequacy Assessment Process details
The Bank monitors and controls its risks using various its importance within the framework, alongside other
internal and regulatory risk limits for trading book and Pillar – II risks.
banking book, which are set according to a number of
criteria, including economic scenario, business strategy, YES BANK broadly categorizes climate risks into physical
peer analysis and the Bank’s risk appetite. The risk and transitional risks. Physical risks are a consequence of
reporting mechanism in the Bank comprises disclosures direct physical impacts of climate change and range from
and reporting to the various management committees, acute risks (such as extreme weather events) to chronic
including Investment and Financial Markets Management risks (like gradual rise in sea level and temperature).
Committee and Asset Liability Committee, among others. Due to these acute and chronic changes in climate, the
Bank faces risk to its physical assets, which could result
in service disruption. The Bank remains ISO 22301
Operational Risk certified, an International Business Continuity Standard,
Operational Risk is the risk of loss resulting from to effectively address these possible service disruptions.
inadequate or failed internal processes, people or systems, This certified and robust business continuity plan helps
or from external events. Operational Risk includes legal manage any potential service disruption at all its locations.
risk but excludes strategic and reputational risks. It is
inherent in the Bank’s day-to-day business activities. Transition Risks arise from external efforts to address
climate change, including but not limited to regulatory
The Bank has implemented a robust and comprehensive and policy changes, technological advancement or
Operational Risk Framework defined as part of the shifts in investor sentiment and consumer behavior.
Board-approved Operational Risk Management Policy Globally, there are many countries adopting climate
to identify, assess and monitor risks, strengthen controls related regulation. India is also expected to bring in more
and minimize Operational Risk losses. The Bank has stringent regulations, which may negatively affect the
constituted the Operational Risk Management Committee Bank’s assets. The Bank remains future focused and is
(ORMC), consisting of Senior Management of the Bank for addressing this eventuality by educating its employees
implementation and monitoring of the Operational Risk on climate risks and mitigation strategies through
Framework throughout the Bank. The Committee is also climate-related sector briefs.
responsible for reviewing Operational Risk profiles of the
The Bank is aiming to address such technology to ensure that security issues, if any, are proactively
transition risk by bridging the innovation gap in the identified and remedied. To monitor Cyber Risks, the Bank
industry. YES BANK is identifying and supporting the has a Security Operations Center (SOC), which keeps vigil
next generation of climate-related technologies through on actionable threat intelligence, suspicious network
its multi-track accelerator program, YES SCALE, for traffic and events to timely detect any anomalies and help
startups. The accelerator focuses on scaling innovations respond to potential incidents. Further, the Bank keeps
for Smart Cities, Cleantech, Agri-tech, Life Sciences and the employees, customers, and other stakeholders aware
Education. Through this accelerator, the Bank is engaging of the global cyber threat landscape and risks applicable,
with innovative models that are leveraging new-age to protect them from becoming victims of cyber-attacks.
technologies. The startups are addressing climate-related
challenges affecting business across water, energy,
waste, food tech, supply chain tech, farm tech, smart
INTERNAL AUDIT
mobility, smart utility, data and governance. The program The Internal Audit Department (IAD) provides
connects startups and their solutions to industry leaders; independent, objective assurance and consulting
experts; corporates; government bodies; investors and services designed to add value and improve the Bank’s
so on, while also strengthening the Bank’s strategy to risk and control environment. The IAD aids the Bank’s
technological advancements. Management through its assessments to monitor
adequacy, effectiveness, and adherence to internal
The Bank has started aligning its annual disclosures controls, processes and procedures instituted by the
to the Financial Stability Board endorsed TCFD Management and the extant regulations.
recommendations last year. This is helping the Bank
gather and analyse its lending activity to climate-related IAD reports to the Audit Committee of the Board (ACB) for
sectors, and disclose financed emissions of some audit planning, reporting and review and to the Managing
carbon-intensive sectors in a phase-wise manner. Director & CEO for day-to-day activities.
The Bank has initiated these efforts to pre-empt investor
and stakeholder demand for climate-related disclosures. The IAD is staffed with professionally qualified team
members with additional relevant certifications. Through an
effective training program, the IAD ensures that all the
Cyber Risk team members are up-skilled at frequent intervals.
In the last few years, the financial sector has witnessed
significant investments in digitization and adoption of the The function has adopted a risk-based approach of
same. This has led to the implementation of cutting-edge Internal Audit structured by taking into account the RBI
technologies in the segment that enable prompt services guidelines and internationally established best practices.
to customers. However, with the rise in digitization, A Risk Based Audit Plan (RBAP) is prepared annually
security risks have emerged, which could occur due to and is duly approved by the ACB. The ACB monitors the
the breach of confidentiality, integrity and availability progress of the RBAP, at least quarterly. The IAD prepares
of classified data as a result of external or internal a report for each audit and recommends mitigation plans
cyber-attacks. YES BANK has an Information Security Unit for the risks identified and ensures compliance with all the
under the Risk Management Unit, to keep a check on the recommendations.
applicable Cyber Risks.
Additionally, the Bank also subjects its operations to
The Bank has a governance structure in place for Concurrent Audit by reputed audit firms to complement
effective security management. The Security Council has its Internal Audit function. The Concurrent Audit covers
been constituted with cross-functional representation core activities such as the Operations, Financial Markets,
at leadership level, which meets at quarterly intervals Data Center and Branches in compliance to the regulatory
to review the implementation of Information Security guidelines. All audit reports are circulated to the relevant
management system in the Bank. The Bank has management teams and the Audit Committee of the Board.
implemented Board-approved Information Security Policy
and Cyber Security policy, as directives to protect the The Bank’s Internal Audit department is ISO 9001:2015
information assets of the Bank. The security practices in certified (Quality Management System).
the Bank are ISO 27001:2013 certified.
The Bank has implemented a multi-layered security

COMPLIANCE
defense to protect against Cyber Risks. The Bank Ensuring compliance with regulatory requirements and
periodically conducts security testing of all applications building trust among all its stakeholders is an overarching
(old and new) and IT infrastructure and technologies consideration at YES BANK. The dedicated Compliance
Department strives to be at the forefront of regulatory

changes and continues to work closely with all businesses ▲▲ Setup dedicated Hedging Desk
and operations at the Bank, to ensure compliance with all
▲▲ trengthened Research credentials and expanded
S
existing and new requirements. The key functions of this
coverage universe (fundamental, thematic, technical)
department include identifying effective procedures and
corresponding controls to support the Bank’s business
In FY 2018-19, YSIL took significant strides in
divisions as well as dissemination of key regulatory
achieving the long-term vision of establishing itself as a
updates affecting the various businesses of the Bank.
research-backed and client-centric multi-asset wealth
The department also reviews new products and processes
solutions provider. YSIL has set up a strong product team
from a regulatory compliance perspective, providing
with expertise across asset classes – Equity, Derivatives,
guidance on compliance-related matters, conducting
Debt, Advisory/Fund Management, Commodities,
compliance reviews and imparting training to employees
Currency, as well as a dedicated team focusing on
on compliance aspects, among others. The Bank has also
developing digital products. During the year, YSIL also
put in place a ‘Know Your Customer’ and ‘Anti-Money
significantly strengthened its research credentials
Laundering Policy’ approved by the Board of Directors,
and expanded its research coverage universe across
and transaction monitoring procedures, as per the
fundamental, thematic and technical insights. Some key
regulatory guidelines.
developments in YSIL:
YES BANK SUBSIDIARIES 1. roking: Launch of Margin Trading Facility (MTF), an

B
exchange-approved product, which offers leverage
YES SECURITIES (India) Limited (YSIL) to clients to maximize their profit potential
YES SECURITIES (India) Limited or YSIL, the Bank’s
2. ortfolio Investment Advisory: In FY 2018-19, YSIL
P
wholly-owned capital markets intermediary, completed
offered the following advisory strategies:
five years of operations in FY 2018-19. YSIL, today, offers
retail, HNI and corporate customers a comprehensive ▲▲ ifty+ (Moderate to Low Risk): Selectively
N
range of products and services, encompassing Investment investing in stocks/sectors belonging to
Banking (including a dedicated Sustainable Investment Nifty50 index with an objective to generate
Banking practice), Merchant Banking, Wealth Broking, higher alpha for investors
Advisory, Research and Institutional Equities services.
▲▲ ealth Enhancer (Low to Moderate Risk):
W
Aimed at minimizing risk while generating
YSIL is a SEBI* registered Stock Broker holding
regular income by investing across equity and
membership of National Stock Exchange (NSE), Bombay
debt instruments
Stock Exchange (BSE) and Multi Commodity Exchange
(MCX). YSIL is also a SEBI-registered Category I Merchant ▲▲ IA Multiplier (High Risk): Leverage product
P
Banker, Investment Adviser and Research Analyst. aimed at creating higher alpha through a
*Securities and Exchange Board of India
structured model portfolio
Investor Education Initiative(s)
Wealth Broking
YES MasterClass: Multi-city events were organized
In FY 2018-19, YSIL’s Wealth Broking business continued to deliver investor education and investment-related
to enhance its product and service proposition to insights to existing and potential YSIL customers.
offer customers a more comprehensive investment Subject-matter experts from reputed financial services
management experience. YSIL offers a best-in-class institutions addressed the audience with the sole
3-in-1 proposition in major cities across India. Its online purpose of empowering them to make more informed
trading platform (available on web and mobile app) investment decisions.
witnessed consistent growth in client transaction volumes
further complementing the growing engagement between In FY 2018-19, YES MasterClass travelled to 6+
high net-worth clients and the dedicated dealing desk. cities and conducted 20+ Branch and large format
MasterClass events addressing over 500 financial
Key highlights of FY 2018-19: enthusiasts and investors.
▲▲ 162% y-o-y growth in Broking & Delayed Payment
Investment Banking
Charges (DPC) income
The Investment Banking team provides Mergers and
▲▲ 68% y-o-y growth in Portfolio Investment Advisory
2
Acquisition (M&A) and Capital Advisory services to large
(PIA) Asset Under Advisory (AUA)
and mid-market corporate and financial sponsor clients
▲▲ Launch of dedicated Currency Desk
through key products such as Mergers & Acquisition ▲▲ xclusive advisor to Pan India Food Solutions
E
Advisory and private equity/structured debt fund raising. (Everstone investee company) for sale of business
to a leading packaged foods company
YSIL’s highly-experienced teams offer expertise across a
▲▲ xclusive buy side advisor to Nayati Healthcare
E
variety of sectors including Food and Agribusiness; Media
Group for its acquisition of OSL Healthcare (600-
and Entertainment; Consumer Markets; Infrastructure
bed under-construction hospital in Gurugram and
and Engineering, Procurement and Construction (EPC),
75-bed operational hospital in South Delhi) and SLJ
Banking, Financial Services and Insurance (BFSI),
Hospital (200-bed hospital in North Delhi)
Internet & E-commerce, Industrials and Logistics to
corporate clients. ▲▲ Strategic advisor to Hansa Vision
YSIL’s Investment Banking closed 11 transactions during Merchant Banking

the year under review that include:
YSIL's Merchant Banking practice has a strong focus
on capital market activities offering a comprehensive
▲▲ Exclusive strategic & financial advisor to Kiran
bouquet of products including Initial Public Offerings
Energy for sale of 85 MW solar assets to Hinduja
(IPO), Qualified Institutional Placements (QIP), Rights
Group
Issues, Open Offer, Buyback, Delisting and other
▲▲ Exclusive strategic & financial advisor to SREI for advisory services.
sale of 60 MW wind assets to Renew Power
During FY 2018-19, the highly-experienced team
▲▲ xclusive advisor for sale of Nitesh Hub Mall, Pune
E
successfully engaged with leading Indian companies as
to ABIL Group
a fund-raising partner and trusted advisor for their capital
▲▲ xclusive advisor for sale of Charosa Wineries
E market requirements. The team completed 11 marquee
Limited to Quintile Assets Limited and Grover transactions in FY 2018-19 as below:
Zampa Vineyards Limited
▲▲ Left Lead Book Running Lead Manager to the `4.8
▲▲ xclusive strategic & financial advisor for sale of
E billion IPO of Rail Vikas Nigam Limited
India Property Online Private Limited to Quikr
▲▲ ook Running Lead Manager to the `3.5 billion IPO
B
▲▲ xclusive advisor to mValu Technologies (FinTech
E of Garden Reach Shipbuilders & Engineers
arm of InCred Financial) for Series A raise from
▲▲ anager to the `37.0 billion Open Offer of Dish TV –
M
Elevar Equity
one of the largest open offers in FY 2018-19
▲▲ xclusive advisor to Seed Works for sale of cotton
E
▲▲ anager to the `4.0 billion Open Offer of Olectra
M
seed business to a leading buyout fund
Greentech
▲▲ xclusive advisor to Carnival Films for acquisition of
E
▲▲ ole Banker to the `5.5 billion Rights Issue by
S
multiplex screens of E-Square
Hatsun Agro Product
▲▲ dvisor to TATA Power for Scheme of Arrangement
A
Wealth Broking & involving sale of non-core defense division
Investment Advisory
▲▲ dvisor to Arvind Limited for Scheme of
A
Arrangement involving demerger of engineering &
branded apparel businesses
▲▲ ead Manager to the Public Issue of NCDs of
L
Sustainable vv Institutional `110.0 billion by Dewan Housing Finance
Investment YES Research
Banking Securities
VALUES & Sales ▲▲ ead Manager to the Public Issue of NCDs of
L
`20.0 billion by Indiabulls Commercial Credit
▲▲ eft Lead Manager to the Public Issue of NCDs of
L
Merchant Investment `6.8 billion by Aadhar Housing Finance
Banking Banking
▲▲ ead Manager to the Public Issue of NCDs of
L
`21.5 billion by Mahindra & Mahindra Financial
Services

Institutional Sales & Trading April 21, 2017 and was granted approval by Securities
and Exchange Board of India (SEBI) on July 3, 2018 to act
FY 2018-19 was a significant year as institutional
as an Asset Management Company/Investment Manager
brokerage rose 73% over FY 2017-18. The team
to YES Mutual Fund.
successfully secured empanelment as broker across
major Asset Management and Insurance companies.
YAMIL driven by the motto ‘Experience our Expertise’,
Besides, backed by improved client service, execution
seeks to build a strong mutual fund franchise to provide
excellence and superior research, the team succeeded in
a complete suite of financial products for all its investors.
reactivating transaction activity from valued institutional
The Board and the team at YES Asset Management
clients. YSIL has proactively engaged and ideated with
comprises seasoned professionals with rich experience
clients’ on capital market insights, corporate road shows
in financial services and mutual funds.
and regular research inputs.
YAMIL pursues to combine its investors’ and stakeholders’
As on March 31, 2019, YSIL is empaneled with
interests and bring out optimum solutions for its investors.
31 institutions of which four were added in FY 2018-19.
Toward the same, it has currently focused on providing
liquidity management solutions to corporates, HNIs
Equity Research
and retail investors and has received SEBI's approval to
YSIL’s Research team was significantly strengthened in launch three Mutual Fund's (Liquid, Overnight and Ultra
FY 2018-19. The highly-rated and award-winning team of Short-Term Fund).
Research Analysts has rich industry experience in serving
diverse client segments and bring knowledge expertise Looking at the tightening liquidity scenario, YAMIL
across diverse industry sectors and asset classes. launched its first New Fund Offer of YES Liquid Fund
in January 2019 to cater to the liquidity management
The research coverage universe has expanded to 175 requirements of its corporate/HNI relationships.
companies, accounting for more than 50% of India’s In FY 2019-20, it expects to launch funds in equity and
listed market capitalization. The team is well-recognized debt categories to offer wide ranging product suite to its
for its ability to spot multi-baggers, contra-to-market investors in retail and institutional categories.
ideas in large caps and deep corporate relationships.
Besides fundamental capabilities, YSIL’s analysts also
have proven expertise in technical and derivative analysis.
YES Trustee Limited
YES Trustee Limited (YTL) was incorporated on
May 3, 2017 as a wholly owned subsidiary of YES BANK
YES Asset Management (India) Limited Limited (YBL). YTL is acting as a Trustee Company to
YES Asset Management (India) Limited (YAMIL), a wholly YES Mutual Fund (YMF). It will provide trusteeship services
owned subsidiary of YES BANK was incorporated on to all the funds launched by YMF.
OVERVIEW OF FINANCIAL PERFORMANCE

Key Ratios:
` in millions
Particulars FY 2018-19 FY 2017-18
Return on average equity (%) 6.5% 17.7%
Return on average assets (%) 0.5% 1.6%
EPS - Basic (`) (not annualized) (FV `2) 7.45 18.43
Book value per share (`) (FV `2) 116.2 111.8
Cost to income 43.5% 40.2%
Cost of fund 6.5% 6.0%
Capital Adequacy Ratio Basel III 16.5% 18.4%
Tier I 11.3% 13.2%
Tier II 5.2% 5.2%
Gross non-performing advances (NPA) % to Total Advances 3.22% 1.28%
Net NPA % to Total Advances 1.86% 0.64%
CASA ratio to % of total deposits 33.1% 36.5%
*As per Basel III, including profit, excluding proposed dividend.
The Bank has CASA ratio of 33.1%. The Bank shareholder returns with basic and diluted EPS `7.45 and `7.41 respectively,
taking the book value up to `116.2.
Operating performance
` in millions
Particulars FY 2018-19 FY 2017-18 % change
Interest income 296,247.47 202,674.22 46.2%
Interest expense 198,157.16 125,303.62 58.1%
Net-Interest Income 98,090.31 77,370.59 26.8%
Non-interest Income 45,901.53 52,238.34 -12.1%
Operating revenue 143,991.84 129,608.93 11.1%
Operating expenses 62,642.77 52,127.80 20.2%
Operating profit 81,349.07 77,481.13 5.0%
Provisions and contingencies 57,775.60 15,538.04 271.8%
Profit before tax 23,573.47 61,943.09 -61.9%
Provision for tax 6,370.68 19,697.46 -67.7%
Net profit 17,202.79 42,245.64 -59.3%
Net profit for FY 2018-19 decreased by 59.3% to `17,202.79 million as compared to `42,245.64 million for the
FY 2017-18. Net Interest income (NII) of the Bank increased by 26.8% to `98,090.31 million during FY 2018-19 as
compared to `77,370.59 million during FY 2017-18. The Net Interest Margin (NIM) was 3.2% in FY 2018-19. Non interest
income consists of fee, trade income and gain on sale of securities. Non interest income decreased by 12.1% from
`52,238.34 million in FY 2017-18 to `45,901.53 million in FY 2018-19.
Operating expenses increased by 20.2% from `52,127.80 million in FY 2017-18 to `62,642.77 million in FY 2018-19.
Key drivers of operating expense growth were growing branch network of the bank and scaling up of retail asset and
credit card business of the bank.
Provisions and contingencies (excluding provision for taxes) increased by `42,237.56 from `15,538.04 million in
FY 2017-18 to `57,775.60 million in FY 2018-19.
Net interest income

The following table sets forth, for the periods indicated, the net interest income and spread analysis:
` In million
Interest income 296,247.47 202,674.22 46.2%
Interest expense 198,157.16 125,303.62 58.1%
Net Interest Income 98,090.31 77,370.59 26.8%
Net interest margin 3.2% 3.5% -
Net Interest income (NII) of the Bank increased by `20,719.72 (26.8%) to `98,090.31 FY19 million during FY 2018-19
as compared to `77,370.59 FY18 million during FY 2017-18. Increase in NII is on the back of improvement in loan book
& investment of the bank.

Non-Interest income:
` In million
Commission, exchange and brokerage 36,361.45 41,379.64 (12.1%)
Profit on the sale of investments (net) 3,174.84 5,134.74 (38.2%)
Profit/(Loss) on sale of land, building and other
3.95 (12.89) (130.6%)
assets
Profit on exchange transactions (net) 1,570.30 2,315.71 (32.2%)
Miscellaneous income 4,790.99 3,421.14 40.0%
45,901.53 52,238.34 (12.1%)
Non-interest income consist of commission and fee income, trade income, derivative and foreign exchange income,
gain on sale of securities and other income. Non-interest income of the Bank decreased by 12.1% to `45,901.53 million
during FY 2018-19 as compared to `52,238.34 million during FY 2017-18. Decrease in non-interest income is primarily
due to decrease in commission and fees income and lower gain on revaluation / sale of investments.
Operating expenses / Non-interest expenses

The following table sets forth, for the periods indicated, the principal components of Operating expenses:
` in million
Payments to and provisions for employees 24,697.65 21,889.20 12.8%
Depreciation on own property (including
3,015.42 2,309.70 30.6%
non‑banking assets)
Other administrative expenses 34,929.70 27,928.90 25.1%
Operating expenses 62,642.77 52,127.80 20.2%
Cost to income ratio 43.5% 40.2% -
Non-interest expenses primarily include employee expenses, depreciation on assets and other administrative expenses.
Non-interest expenses increased by 20.2% from `52,127.80 million in FY 2017-18 to `62,642.77 million in FY 2018-19.
The Bank continued to make substantial investments in information technology and branch expansion to meet its
growth targets. Operating expenses increased by 20.2% from `52,127.80 million in FY 2017-18 to `62,642.77 million
in FY 2018-19. Employee costs is increased by 12.8% from `21,889.20 million in FY 2017-18 to `24,697.65 million
in FY 2018-19. Also the number of employee has increased from 18,238 at March 31, 2018 to 21,136 at March 31,
2019. Employee costs accounted for 39.4% of our operating expenses for the FY 2018-19 compared to 42.0% for the
FY 2017-18. Other administrative expenses also increased by 25.1% to `34,929.70 million in FY 2018-19 on account
of the branch expansion to 1,120 as on March 31, 2019 from 1,100 as on March 31, 2018. The bank also scaled up
investments in information technology, retail asset and credit card business which contributed to increase in operating
expenses. Despite increasing investments in information technology and branches, the Bank maintained a satisfactory
cost to income ratio of 43.5% for the FY 2018-19.
Provisions and contingencies (including provision for tax)

Provisions and contingencies increased by 82.1% from `35,235.49 million to `64,146.28 million. The key components
of provisions are Provisions for NPAs of `25,669.54 million (FY 2017-18: `10,788.29 million), provision for taxation of
`6,370.68 million (FY 2017-18 `19,697.46 million), and Provision for Standard Assets `22,514.06 million (FY 2017-18:
`1,687.43 million) and Provision on investments of `6,824.89 million (FY 2017-18: `2,599.44 million).
FINANCIAL CONDITION
Assets
` in millions
Particulars At March 31, 2019 At March 31, 2018 % change
Assets
Cash and bank balances 268,895.12 247,343.66 8.7%
Cash and balances with RBI 107,977.37 114,257.49 -5.5%
Balances with banks and money at call and short
160,917.75 133,086.18 20.9%
notice
Investments 895,220.33 683,989.39 30.9%
SLR investments* 553,611.12 488,860.83 13.2%
Non-SLR investments* 341,609.21 195,128.56 75.1%
Advances 2,414,996.02 2,035,338.63 18.7%
In India 2,226,297.76 1,891,273.01 17.7%
Outside India 188,698.27 144,065.62 31.0%
Fixed assets 8,169.96 8,323.92 -1.8%
Other assets 220,980.23 149,460.44 47.9%
Total 3,808,261.65 3,124,456.03 21.9%
* Includes investment in government securities, Banks in India are required to maintain a specified percentage, currently 19.00%, of their net
demand and time liabilities by way of liquid assets like cash, gold or approved unencumbered securities.
Total assets of the Bank increased by 21.9% `488,860.83 at March 31, 2018 to `553,611.12 at
from `3,124,456.03 million at March 31, 2018 to March 31, 2019.
`3,808,261.65 million at March 31, 2019, primarily due
to 18.7% increase in loan book and 30.9% increase in
investment of the bank.
Advances
During FY 2018-19 the Bank recorded a growth of
18.7% in its loan book with advances increasing to
CASH AND CASH EQUIVALENTS `2,414,996.02 million, primarily due to increase in term
Cash and cash equivalents include cash in hand and loan of the bank. Corporate Banking accounted for 65.6%
balances with RBI and other banks, including money of the Advances portfolio, while Retail & Business Banking
at call and short notice. Cash and cash equivalents (incl. MSME) constituted 34.4%.
increased from `247,343.66 million at March 31, 2018
to `268,895.12 million at March 31, 2019 primarily due Net advances of IFSC Banking Unit (IBU) in GIFT City
to an increase in balances with banks and money at call increased from `144,065.62 million at March 31, 2018 to
and short notice. `188,698.27 million at March 31, 2019.
Investments Fixed assets and other assets

Total investments increased by 30.9% from `683,989.39 Fixed assets (net block) decreased by 1.8% from
million at March 31, 2018 to `895,220.33 million at `8,323.92 million at March 31, 2018 to `8,169.96 million
March 31, 2019 primarily due to an increase in investments at March 31, 2019. Other assets increased by 47.9% from
in government securities by `64,750.29 million from `149,460.44 million at March 31, 2018 to `220,980.23
million at March 31, 2019.

FINANCIAL CONDITION
Liabilities
` in million
Particulars At March 31, 2019 At March 31, 2018 % change
Liabilities
Capital 4,630.07 4,605.93 0.5%
Reserves and Surplus 264,411.90 252,976.86 4.5%
Deposits 2,276,101.82 2,007,381.48 13.4%

Current deposit accounts 285,420.87 288,257.25 -1.0%
Saving Account 467,112.35 443,504.51 5.3%
CASA 752,533.22 731,761.76 2.8%
Term Deposit 1,523,568.60 1,275,619.72 19.4%
Borrowings 1,084,241.09 748,935.81 44.8%
Borrowing in India 673,595.98 461,878.31 45.8%
Borrowings outside India 410,645.11 287,057.50 43.1%
Other liabilities and provisions 178,876.79 110,555.95 61.8%
Total 3,808,261.65 3,124,456.03 21.9%
Equity Capital and Reserve and surplus constituted 67.7% of the funding (i.e., deposits and
borrowings). The Bank’s CD ratio stood at 106.1% as at
Share capital of the bank increased from `4,605.93 million
March 31, 2019.
as at March 31, 2018 to `4,630.07 million as at March 31,
2019. During the financial year ended March 31, 2019,
the Bank has issued `12,065,794 shares pursuant to the Borrowings
exercise of employee stock options (ESOPs).
Borrowings increased by 44.8% from `748,935.81
million at March 31, 2018 to `1,084,241.09 million at
Reserves and Surplus increased from `252,976.86
March 31, 2019. The increase in borrowing is primarily
million as at March 31, 2018 to `264,411.90 million as
due to refinance and IBU borrowing. During the year the
at March 31, 2019. Increase in Reserve and Surplus is
Bank has raised Non-convertible Redeemable Unsecured
primarily due to accretion of profits and increase in Share
Basel III compliant Tier II Bonds of `30,420 million.
Premium account.
Deposits Other liabilities

Other liabilities increased by 61.8% from `110,555.95
Deposits increased by 13.4% from `2,007,381.48
million at March 31, 2018 to `178,876.79 million at
million at March 31, 2018 to `2,276,101.82 million at
March 31, 2019.
March 31, 2019. Term deposits increased by 19.4%
from `1,275,619.72 million at March 31, 2018 to
`1,523,568.60 million at March 31, 2019, while savings Regulatory capital
account deposits increased by 5.3% from `443,504.51
In line with the RBI circular on Basel III Capital Regulations,
currently for computing capital requirement, YES BANK
March 31, 2019 and current account deposits decreased
has adopted the standardized approach for credit risk,
by 1.0% from `288,257.25 million at March 31, 2018
standardized duration approach for market risk and Basic
to `285,420.87 million at March 31, 2019. The Bank
indicator approach for operational risk. The Bank has also
has seen an increase in the composition of granular
put in place a Board approved policy on Internal Capital
deposits on account of an increasing branch franchise
Adequacy Assessment Process (ICAAP) which defines
and customer base of the Bank. The current and savings
and sets processes to review and improve the techniques
account (CASA) deposits increased from `731,761.76
used for identification, measurement and assessment of
all material risks and resultant capital requirements.
March 31, 2019. Total deposits at March 31, 2019
Capital Adequacy Ratios At March 31, 2019 At March 31, 2018

Total capital ratio (CAR) out of the above 16.5% 18.4%
- CET1 8.4% 9.7%
- Tier I Capital 11.3% 13.2%
- Tier II Capital 5.2% 5.2%
As per Basel III norms, YES BANK had a capital adequacy has been decided to defer the implementation of Ind AS
ratio of 16.5% as at the end of March 31, 2019. As per till further notice.
Basel-III, Tier I capital ratio was 11.3% and the Tier II capital
ratio was 5.2% as at March 31, 2019. During the year the As per RBI directions, YES BANK has taken
Bank has raised Non-convertible Redeemable Unsecured following steps so far:
Basel III compliant Tier II Bonds of `30,420 million.
▲▲ YES BANK is submitting quarterly Proforma Ind AS
financial statements to the RBI
Subsidiary Performance ▲▲ Formed Steering Committee for Ind AS
YES BANK has three subsidiaries implementation. The Steering Committee comprises
Chief Financial Officer (CFO) (Chairman), Chief Risk
Yes Securities (India) Limited (YSIL), YES Asset Officer (CRO), Chief Operating Officer (COO), Chief
Management (India) Limited (YAMIL) and YES Trustee Information Officer (CIO) and members of the Senior
Limited (YTL). All the three subsidiaries are wholly owned Management from Financial Management, Risk
subsidiaries of the bank. YSIL is the Bank’s Broking and Control and Treasury Operations. The Committee
Investment Banking subsidiary. During the year, the Bank oversees the progress of Ind AS implementation
has infused capital of `990 million in YSIL (including 690 in the Bank, and provides guidance on critical
million on account of share premium). The Bank has also aspects of the implementation such as Ind AS
infused capital of `195 million in YAMC. YTL's principal technical requirements, systems and processes,
activity is to act as trustee for funds (Yes Mutual Fund). business impact, people and project management.
YAMC has entered into investment management The Committee closely reviews progress of the
agreement with YTL to act as the investment manager for implementation.
any funds to be launched by Yes Mutual fund.
▲▲ Steering committee updates the Audit Committee
and the Board on preparedness for migration to Ind
During FY 2018-19 YSIL reported a profit of `51.99
AS on a quarterly basis.
million vis a vis a profit in FY 2017-18 of `133.01
million. Total revenue from operations of YSIL increased ▲▲ Further, YES BANK has procured IT solutions to
by 25.08% from 718.58 million during FY 2017-18 to automate Expected Credit Losses (ECL) computation
898.80 million in FY 2018-19. and other accounting changes required in Ind AS in
order to improve the robustness of the process.
Further, YAMC has made the loss of `161.00 million with
YES BANK will continue to liaise with RBI and industry
total income of `38.60 million with and YTL has made
bodies on various aspects pertaining to Ind AS
loss of `1.11 million with total revenue from operations
implementation.
of `0.50 million.
Update on Ind AS implementation: SWOT ANALYSIS

The Institute of Chartered Accountants of India has
Strengths
issued Ind AS (a revised set of accounting standards) The Fourth largest private sector bank of India today,
which largely converges the Indian accounting standards YES BANK has demonstrated consistent performance
with International Financial Reporting Standards (IFRS). since its inception in 2004 and continues to create value
The Ministry of Corporate Affairs (MCA) has notified for its stakeholders.
these accounting standards (Ind AS) for adoption.
The RBI through press release RBI/2018-2019/146 Over the past three years, the Bank has grown its Total
DBR.BP.BC.No.29/21.07.001/2018-19 March 22, 2019 Assets at a CAGR of 32.1%, granular CASA Deposits by
updated all scheduled commercial banks that legislative 33.9% and Net Interest Income by 29.0%.
amendments recommended by the RBI are under
consideration of the Government of India. Accordingly, RBI

The Bank has a strong and experienced leadership, (subject to Shareholder’s approval) for a potential equity
competitive product offerings, and technology-driven fundraise of up to $1 billion in the Board Meeting held on
operations and services across Corporate, MSME and April 26, 2019.
Retail segments. The Bank’s Owner-Partner-Manager
model aids in its 21,000+ employees feeling encouraged
to align closely with the organization’s objectives backed
Opportunities
by its brand ethos and strategic pillars, and helping to India is among of the fastest growing major economies
fulfill its vision and mission in the long-term. The Bank in the world with the potential to become one of the top
continues to attract and retain best in class talent as three global economies over the next decade. As a full
evident from Fourteenth Rank in LinkedIn list of ‘Top 25 service commercial bank with products across Corporate,
Companies where Indians want to work’ for 2019. MSME, Retail and Transaction Banking segments, among
others and various markets, YES BANK is geared to
YES BANK is leading the new-age payments space, benefit from this opportunity.
ranked No. 1 as Remitter Bank by NPCI for IMPS in
the peer group for FY 2018-19 and ranked No. 1 in Moreover, Private sector capex has been low for the
merchant transactions for UPI with a market share of 35% past several years in India leading to gradual increase
in March 2019. In API Banking, the Bank has the most in Capacity Uitlization levels. Improvement in Private
comprehensive offering with 12 services available across sector Capex levels is likely to create significant growth
the platform which has over 850 customers across opportunities for the Financial Services sector in India.
payments and collections. The Platform throughput
increased 2.25x by value in FY 2018-19. The Bank In addition to Banking products and services, the Bank’s
commands nearly 10% market share of the individual three subsidiaries namely - YES Securities (India) Limited,
inward remittance market share in CY18. YES Asset Management (India) Limited, YES Trustee
Limited, enable more holistic wealth management service
As a new generation Bank unencumbered by legacy to the customers. The goal is to increase the amount of
systems, YES BANK has been able to invest in technology business the Bank does with existing customers by building
infrastructure and applications to enhance customer on the relationships and cross-selling other banking and
experience across all service delivery channels, including advisory products. The Bank expects that these initiatives
digital banking. Adoption of ART (Alliances, Relationships, will further diversify the sources of revenue.
Technology) approach for focused digital expansion
along with Fintech Accelerator Program aids the Bank in YES BANK currently has 2.6% market share in advances
remaining ahead of the competition. and 1.7% in deposits among the Scheduled Commercial
Banks in India. Leveraging of technology, relentless focus
on service levels and improved reach will aid the Bank in
Weaknesses acquiring higher market share.
YES BANK’s consistent track record of growth headlines
its performance; however, the Bank is a relatively smaller
player as yet in the Indian banking sector, indicating
Threats
room for growth. The banking and financial sector is closely intertwined
with the country’s economic system and performance;
The Bank’s Corporate advances constitute 65.6% of Total key threat therefore would be a slowdown in the
Advances vis-à-vis 34.4% for Retail & MSME. To mitigate economic activity.
this concentration, the Bank is rapidly increasing
granularity of its advances book with additional focus Fintech companies using technology to serve customers at
on Retail Banking advances which grew at 62%% Y-o-Y lower costs may pose threat to the Bank. Thus, YES BANK
in FY 2018-19. On the liabilities side, the Bank has a is investing in the digital space by incorporating digital
CASA ratio of 33.1%. The Bank is continuing to invest in capabilities across a wide range of functions to effectively
physical (Branches and Human Capital) as well as digital compete with the latest technological advancements.
infrastructure and is adopting a Liabilities led approach to
aggressively grow and granularise its Liability franchise. The laws and regulations governing the banking sector
in India, including those governing the products and
Also, the Bank has a CET1 (Common Equity Tier) ratio services that the Bank provides or proposes to provide
of 8.4%, requiring it to re-balance its growth profile. may change in the future. Any such changes may require
However, the Bank has time and again demonstrated the Bank to modify its business, which may adversely
ability to raise different forms of capital to support affect its financial performance.
its growth, and the Board has renewed its approval
Directors’ Report
To the Members, members who are doyens in their chosen field of expertise
and have a rich experience in the Industry which can
Your Directors are pleased to present the Fifteenth Annual benefit the Bank: Mr. Uttam Prakash Agarwal (ex-President
Report on business and operations of the Bank together ICAI), Mr. Thai Salas Vijayan (Ex IRDAI & LIC Chairman),
with the audited financial statements (consolidated as Mr. Maheswar Sahu (Ex Additional Chief Secretary, Govt.
well as standalone) for the year ended March 31, 2019. of Gujarat) and Mr. Anil Jaggia (Ex CIO, HDFC Bank).
Further, the Indian Partners viz. Mr. Rana Kapoor

BUSINESS OVERVIEW AND OUTLOOK and Ms. Madhu Kapur, Ms. Shagun Kapur Gogia &
The Bank showed continued acceleration and Mr. Gaurav Kapur have inter-se agreed and jointly
momentum in building a strong retail franchise with recommended the names of Mr. Ravindra Kumar Khanna
retail advances growing 62.3% Y-o-Y in Financial Year and Ms. Shagun Kapur Gogia as their representative
(FY) 2018-19 to now comprise 16.7% of total advances. directors on the Board of the Bank. Accordingly, the
Consequent to the Bank’s retail focus, the branch Board of the Bank at its meeting held on April 26, 2019,
network stood at 1,120 branches and 1,456 ATMs approved the appointment of Mr. Ravinder Kumar Khanna
(including Bunch Note Acceptors) as on March 31, and Ms. Shagun Kapur Gogia as Additional (Non-Executive
2019. Digitization remains a key focus area for the Bank Non-Independent) Indian Partners' Representative
to further grow the Retail/MSME segments as well as Directors, on the Board of the Bank w.e.f. April 26, 2019.
the Transaction Banking business. The Bank already
dominates the new age payments space with the highest Most importantly, through this transition phase, the
market share in UPI P2M transactions with ~8x growth in business of the Bank continued its momentum as evident
Volumes in FY 2018-19. from sustained growth in balance sheet with 18.7%
Y-o-Y growth in advances during FY 2018-19 and 13.4%
Superior structuring capabilities in the Corporate Segment Y-o-Y growth in Deposits. Even Revenue and Profitability
remains an area of Strength and the Bank will continue to parameters showed resilience with 26.8% Y-o-Y growth
leverage this in a calibrated manner as it embarks upon a in Net Interest Income and 5.0% Y-o-Y growth in Pre
compliance led culture with a prudent accounting policy. Provision Operating Profit.
Another important focus area during FY 2018-19 for the

STATE OF THE AFFAIRS OF THE BANK Bank was assuring the stakeholders regarding the Bank’s
FY 2018-19 was a significant year in the Bank’s Asset Quality. Steps towards this include:
lifecycle when the Bank successfully navigated
1. No disclosure requirements under the RBI
through leadership transition. The Reserve Bank
regulations on disclosures of divergences in asset
of India (RBI) in September 2018, intimated that
classification and provisioning, pursuant to the
Mr. Rana Kapoor may remain the MD & CEO of the Bank till
conclusion of its FY 2017-18 RBI Annual Supervisory
January 31, 2019. In addition, over the following months,
Process.
there were changes in the Bank’s Directorate including
the Chairman of the Bank. 2. The Bank has proactively created contingency
Provision of about `21,000 million during the year,
In response to this, the Board of Directors rose to the pursuant to a review of the Bank’s credit portfolio.
challenge and successfully completed the process of
3. Providing proactive disclosures with respect to
appointment of a new MD & CEO within the stipulated
exposures to sensitive sectors and below investment
time provided by the RBI. The Directors whole heartedly
grade assets as well as other details such as
welcome Mr. Ravneet Singh Gill as the new MD & CEO
outstanding SMA 2 proportion to total advances.
who has joined the Bank on March 1, 2019. The Board
express its full faith that he will take the Bank to newer
YES BANK also successfully raised Non-Convertible,
heights in this environment which is filled with numerous
Redeemable, Unsecured, BASEL III compliant Tier II
challenges as well as opportunities.
Bonds worth `30,420 million during Q2 FY 2018-19.
At the time of issue, CARE had assigned a rating of ‘CARE
Further, the Board of Directors have also strengthened
AAA’ (Outlook: Stable) and India Ratings had assigned a
itself through, appointment of Mr. Brahm Dutt as the
rating of ‘IND AA+’ (Outlook: Stable). Currently, CARE has
Chairman of the Bank, and appointment of four new Board
assigned a rating of ‘CARE AA+’ (Outlook: Credit watch

with developing implications) w.e.f. November 28, 2018 Exchange Securities Trading Limited (SGX) and the India
and India Ratings has assigned a rating of ‘IND AA+’ International Exchange IFSC at GIFT City, Gandhinagar.
(Outlook: Negative) w.e.f. November 2, 2018.
Further information on the Business overview and outlook
On February 18, 2019, the Bank successfully completed and State of the affairs of the Bank is discussed in detail
the repurchase of the Medium-Term Note (MTN) Program in the Management Discussion & Analysis section of the
amounting to USD 122,854,000 out of USD 150 million Annual Report.
at a fixed price of 94.25% of the Face Value of the
Notes. The MTN is listed on the London Stock Exchange There is no change in the nature of business of the Bank
International Securities Market (LSE ISM), the Singapore for the year under review.
FINANCIAL PERFORMANCE (STANDALONE)

` in million
April 1, 2018 to April 1, 2017 to
Particulars
March 31, 2019 March 31, 2018
Deposits 2,276,101.82 2,007,381.48
Borrowings 1,084,241.09 748,935.81
Advances 2,414,996.02 2,035,338.63
Total Assets/Liabilities 3,808,261.65 3,124,456.03
Net Interest Income 98,090.31 77,370.59
Non-Interest Income 45,901.53 52,238.34
Operating profit 81,349.07 77,481.13
Provisions and Contingencies 57,775.60 15,538.04
Profit before Tax 23,573.47 61,943.09
Provision for taxes 6,370.68 19,697.46
Net Profit 17,202.79 42,245.64
Add: Surplus/(Deficit) brought forward from last period 103,753.02 79,333.92
Amount available for appropriation 120,955.80 121,579.55
Appropriations
Statutory Reserve under Section 17 of the Banking Regulation Act, 1949 4,300.70 10,561.41
Capital Reserve 1,010.10 659.65
Investment Reserve 6.71 -
Investment Fluctuation Reserve 539.07 -
Dividend and Dividend Tax paid 7,503.64 6,605.48
Surplus carried to Balance Sheet 107,595.60 103,753.02
Key Performance Indicators
Net Interest Margin 3.20% 3.50%
Return on Annual Average Assets 0.50% 1.60%
Return on Equity 6.53% 17.67%
Cost to Income Ratio 43.50% 40.22%
The Bank posted Net Revenues (Net Interest Income and the Net Profit have been effected as per the table given
other income) of `143,991.84 million and Net Profit of above. Please refer to the section on Financial and
`17,202.79 million for FY 2018-19. The Net Revenues Operating Performance in the Management Discussion
and Net Profit for FY 2017-18 was `129,608.93 million and Analysis for a detailed analysis of financial data.
and `42,245.63 million respectively. Appropriations from

DIVIDEND AWARDS AND RECOGNITIONS

The Bank is rewarding its shareholders by way of During the year under review, the Bank was recognized in
consecutive cash dividends. The Board of Directors have various ways/by various institutions and some of the key
recommended Dividend at a rate of `2 per equity share awards presented to the Bank are listed below:
(100%) for the year ended March 31, 2019 subject to
▲▲ YES BANK won the ‘Product Innovation of the
approval of the Shareholders at the 15th Annual General
Year’ Award among 100+ financial services
Meeting as against `2.70 per equity share (135%) of
companies at International Finance Corporation’s
`2 each for the previous year ended March 31, 2018.
(IFC Washington’s) Global SME Finance Awards.
This dividend shall be subject to tax on dividend to be
paid by the Bank. The details about the Dividend Policy of ▲▲ YES BANK became first Indian Bank to join ‘Natural
the Bank have been provided in the Report on Corporate Capital Coalition’ – a global multi-stakeholder
Governance forming part of this Annual Report. collaboration, wherein the bank will integrate natural
capital thinking into its strategy & operations.
TRANSFER TO RESERVES ▲▲ YES BANK was honored at the 20th edition of the
coveted global award, The Asset Triple A Country
As per requirement of RBI Regulations, the Bank has
Awards 2018 with ‘Best New Bond India’ for
transferred the following amounts to various reserves
launching the largest debut international bond
during Financial Year ended March 31, 2019:
issuance, priced at the tightest spread over US
` in million treasuries by an Indian bank since 2008.
Amount transferred to Amount
▲▲ YES BANK won the coveted ‘Golden Peacock Award
Statutory Reserve 4,300.70
For Sustainability’ – 2018.
Capital Reserve 1,010.10
▲▲ YES BANK was honored with the runner-up award at
Investment Reserve 6.71 the 30th Qualtech Qimpro Award in the Continuous
Investment Fluctuation Reserve 539.07 Improvement category, winning in the Qualtech
Qimpro Awards for the third year in a row.
CAPITAL RAISING & CAPITAL ▲▲ YES BANK was felicitated by Business France and
ADEQUACY RATIO (CAR) Indo-French Chamber of Commerce and Industry
for ‘Promoting & Facilitating Indo-French Bilateral
During the FY 2018-19, the Bank has issued 12,065,794
Relations’.
equity shares of `2 each pursuant to the exercise of stock
options aggregating to `24.13 million. ▲▲ YES BANK won the SKOCH Editor’s Choice
Award for ‘YES Rewardz’ Loyalty Program at the
Post allotment of aforesaid equity shares, the issued,
55th SKOCH Summit.
subscribed and paid up share capital of the Bank stands
at `4,630.07 million comprising of 2,315,033,039 equity ▲▲ YES BANK was adjudged Global winner in
shares of `2 each as on March 31, 2019. Payments at the ‘Technology Project Awards-2018’,
a prestigious award recognizing innovation in
The Bank has not issued any equity shares with differential
financial technology instituted by The Banker, a
voting rights during the year.
London-based leading global financial publication
During the year, the Bank has raised Non-convertible promoted by The Financial Times (FT).
Redeemable Unsecured Basel III compliant Tier II Bonds
▲▲ YES BANK has the highest number of its facilities
of `30,420 million.
under environment management system ISO
The Bank is well capitalized with a Capital Adequacy Ratio 14001:2015 certification ambit in the BFSI Sector,
of 16.5% as at March 31, 2019; of which Tier I Capital leading the BFSI sector globally with the highest
Ratio was 11.3% and Tier II Capital Ratio was 5.2%. number of ISO 14001 certified green facilities. This
extraordinary global achievement by an Indian
bank comes on the back of YES BANK’s unmatched
DEPOSITS commitment to environmental sustainability.
Being a banking company, the disclosures required as
▲▲ YES BANK became the only Indian bank to be
per Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules,
selected in the Dow Jones Sustainability Indices
2014, read with Sections 73 and 74 of the Companies
(DJSI) Emerging Markets for the fourth year in a row
Act, 2013 are not applicable to the Bank.
(2015-2018) o ~3,500 companies invited. The Bank
was selected among 50 banks (from 267 banks) out
of the 13 invited Indian banks, The Bank is the only

Indian Bank to make it to the index of 93 companies Accolades for Small & Medium Enterprises Financing:
from 14 countries included in the DJSI Emerging
▲▲ YES BANK was awarded ‘SME Bank of the Year –
Markets Index (EMI). The 2018 Index became
India’ in the Asian Banking & Finance Retail Banking
effective as of September 24, 2018.
Awards, Singapore in July 2018.
▲▲ YES BANK was adjudged winner for outstanding
▲▲ YES BANK was adjudged as the ‘Best Bank in India
performance in Instant Payment Products (UPI +
for Small and Medium-Sized Enterprises (SMEs)’ at
IMPS + BHIM + USSD), at the National Payments
the Asiamoney Best Bank Awards 2018 and 2019.
Excellence Awards (NPCI) 2017 hosted by National
Payments Corporation of India (NPCI) in May 2018. ▲▲ YES BANK was recognized as the ‘Best Banking
Solutions provider for SMEs’ at Engineering Export
▲▲ YES BANK was selected in FTSE4Good Emerging
Promotion Council (EEPC India) 48th Northern Region
Index, for the second consecutive year. FTSE Russell
Awards for Export Excellence, Dehradun.
benchmarks ~USD 12.5 trillion in assets across 80
countries and 98% of the investable global market. Multiple recognitions for CSR practices:
YES BANK received an ESG Rating which is above
▲▲ YES BANK was adjudged as winner in ‘Excellent
the required index inclusion threshold for emerging
CSR for Women Empowerment’ category of Social
economies (2.2) and developed markets (3.5)
Footprints Awards 2018 for YES BANK’s innovative
reiterating YBL’s ESG leadership with its global
blended finance facility, aimed at promoting
peers. The Bank was selected among 87 banks from
environmentally sustainable livelihood among
emerging markets including Itau Unibanco Holdings,
women salt farmers in Gujarat.
Brazil & SBERBANK, Russia.
▲▲ YES BANK was adjudged the winner in ‘Safe Drinking
▲▲ YES BANK was recognized with three Gold Awards
Water’ category of Social Footprints Awards 2018
at the India Content Leadership Award- 2018 for
for successful implementation of Water ATMs and
compelling Marketing & Corporate Communication
Water Health Centers under Water and Livelihood
initiatives for its flagship Fintech start-up Business
project in India.
Innovation Program, YES FINTECH and for
successfully running CFO Insights, a magazine read ▲▲ YES BANK received ‘CSR Excellence Award’ for
widely by Chief Financial Officers (CFOs). its first-of-its-kind MSME CSR project ‘Say YES to
Sustainable MSMEs in India’ at the Apex India Awards.
▲▲ YES BANK was recognized with the ‘Best
Implementation of Digital Payments’ award at the
4th edition of prestigious BW Businessworld Digital
EMPLOYEES STOCK OPTION SCHEME
India Summit & Awards 2018. The Bank has instituted Stock Option Schemes to enable
its employees to participate in the Bank's future growth
▲▲ YES BANK was adjudged as the ‘Best Bank in India’
and financial success. The Bank provides its employees
for Payments, Blockchain Initiative, API Initiative,
a platform for participating in important decision making
Financial Supply chain Management Deal, Trade
and instilling long-term commitment towards future
Finance Deal, Automation Application and Trade
growth of the Bank by way of rewarding them through
Finance at The Asian Banker Transaction Banking
Stock Options. In terms of compensation and benefit
Awards 2018.
policy of the Bank, employees are granted options as part
▲▲ YES BANK recognized with the Best Technology of Annual Performance Review process based on their
Bank of the Year, Best use of Data & Analytics for performance as well as to ensure their retention, and to
Business Outcome and the Most Customer-Centric hire the best talent for its senior management and key
Bank using Technology Awards in the Medium Size positions.
Banks category at the Indian Banks’ Association
The Bank has from time to time granted Stock Options
(IBA) Banking Technology Innovation Awards.
to its employees under the following Employee Stock
▲▲ YES BANK applauded as Winner in ‘Innovation in Option Plans viz.,
Data Science’ at the 9th edition of Aegis Graham Bell
▲▲ Joining Employee Stock Option Plan II (JESOP II);
Award 2018, for the industry-first project ‘Yes EEE
(Engage Enrich Excel)’.
▲▲ Joining Employee Stock Option Plan III (JESOP III);
▲▲ YES BANK has been selected by Global Finance
magazine as Best Debt Bank in Asia Pacific for deals ▲▲ YBL ESOP (consisting of two sub-schemes
announced/completed in 2018 JESOP IV / PESOP I);

▲▲ YBL JESOP V / PESOP II (Consisting of three sub schemes JESOP V / PESOP II / PESOP II -2010); and
▲▲ YBL Employee Stock Option Scheme, 2018 (YBL ESOS 2018) [Consisting of YBL Joining Employee Stock Option
Plan, 2018 (JESOP 2018); YBL Performance Employee Stock Option Plan, 2018 (PESOP 2018); and YBL MD & CEO
(New) Stock Option Plan, 2019 (MD & CEO Plan 2019).
JESOP II and JESOP III were in force for employees joining the Bank up to March 31, 2006 and March 31, 2007
respectively. Grants under PESOP II had been discontinued w.e.f. January 20, 2010. Grants under YBL ESOP and YBL
JESOP V / PESOP II had been discontinued w.e.f. June 12, 2018 pursuant to coming into effect of YBL ESOS 2018.
However, any options already granted under the abovementioned plans would be valid in accordance with the terms &
conditions mentioned in the plans.
Options under all the aforesaid plans are granted for a term of 10 years (inclusive of the vesting period) and are settled
with equity shares being allotted to the beneficiary upon exercise.
In accordance with the various Employee Stock Option Plans/ Schemes of the Bank as mentioned above, the Employees
can exercise the options granted to them from time to time as per the below vesting schedule:
ESOP Plan Exercise period

JESOP II 50% after 3 years and balance after 5 years from the Grant date
JESOP III 50% after 3 years and balance after 5 years from the Grant date
JESOP IV 50% after 3 years and balance after 5 years from the Grant date
JESOP V 50% after 3 years and balance after 5 years from the Grant date
PESOP I 25% after each year from the Grant date
PESOP II 30%, 30% & 40% after each year from the Grant date
PESOP II - 2010 30%, 30% & 40% each year, from end of 3rd year from the Grant date
JESOP 2018 50% after 3 years and balance after 5 years from the Grant date
PESOP 2018 30%, 30% & 40% each year, from end of 3rd year from the Grant date
MD & CEO Plan 2019 20%, 30% & 50% each year, from end of 1st year from the Grant date
Effective from June 13, 2018, all new options have been granted under the YBL ESOS 2018 (which inter-alia consists
of JESOP 2018, PESOP 2018 and MD & CEO Plan 2019). The YBL ESOS 2018 and plans formulated thereunder are in
compliance with the SEBI (Share Based Employees Benefits) Regulations, 2014 as amended from time to time. Source of
shares are primary in nature, since the Bank has been issuing new equity shares upon exercise of options.
No stock options were issued to the Directors of the Bank except Mr. Ravneet Singh Gill, MD & CEO of the Bank.

104
Various details including option movement during the year under aforementioned Schemes/ Plans, i.e. JESOP II, JESOP III, YBL ESOP, YBL JESOP V/PESOP II and YBL
ESOS 2018 respectively are as follows:
YBL ESOP YBL JESOP V/PESOP II YBL ESOS 2018
YBL
JESOP II JESOP III YBL ESOP YBL ESOP YBL JESOP YBL PESOP YBL PESOP YBL PESOP
JESOP 2018 MD & CEO
(JESOP IV ) (PESOP I) V II II - 2010 2018
PLAN 2019
July 24, July 24, August 29, August 29, September September September June June 12, June 12,
Date of Shareholdersʼ Approval
2006 2006 2007 2007 18, 2008* 18, 2008* 18, 2008* 12, 2018 2018 2018
Banking Re-Imagined
Total Number of Options approved 25,000,000 25,000,000 25,000,000 25,000,000 47,500,000 76,140,000 101,360,000 2,00,00,000 4,00,00,000 1,50,00,000
Total Number of options
outstanding at the beginning of the - - 6,250 247,375 15,956,850 2,276,650 43,733,310 - - -
period
Total No. of Options granted
- - - - 522,500 - 100,000 417,500 265,000 5,000,000
(during FY 2018-19)
The Pricing Formula Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1 Refer Note 1
Options Vested (during FY 2018-19) - - - - 2,530,751 - 5,499,330 - - -
Options Exercised
- - 3,500 122,000 2,797,274 1,523,050 7,619,970 - - -
(during FY 2018-19)
Total No. of shares arising as a
- - 3,500 122,000 2,797,274 1,523,050 7,619,970 - - -
result of exercise of option
Options lapsed/ forfeited (during
- - 2,750 - 844,750 - 2,338,200 - - -
FY 2018-19)
Total No. of Options outstanding at
- - - 125,375 12,837,326 753,600 33,875,140 417,500 265,000 5,000,000
the end of the year
Total No. of Options exercisable at
- - - 125,375 3,901,451 753,600 17,822,290 - - -
the end of the year
Variation of terms of Options Refer Note 2 Refer Note 2 Refer Note 2 Refer Note 2 Refer Note 3 Refer Note 3 Refer Note 3 Refer Note 2 Refer Note 2 Refer Note 2
Money realized by exercise of
- - 80,290 3,415,088 297,015,481 38,502,666 614,457,888 - - -
Options (during FY 2018-19) (in `)
Total No. of Options in force 125,375 12,837,326 753,600 33,875,140 417,500 265,000 5,000,000
Total No. of Options granted to:
(i) Senior Management Refer Sub Refer Sub Refer Sub Refer Sub Refer Sub
- - - - -
Personnel (SMP) table 1 table 1 table 1 table 1 table 1
(ii) Any other employee who
received a grant in any one
Refer Sub- Refer Sub Refer Sub
year of options, amounting - - - - - - -
table 2 table 2 table 2
to 5% or more of options
granted during that year
YBL ESOP YBL JESOP V/PESOP II YBL ESOS 2018
YBL
JESOP II JESOP III YBL ESOP YBL ESOP YBL JESOP YBL PESOP YBL PESOP YBL PESOP
JESOP 2018 MD & CEO
(JESOP IV ) (PESOP I) V II II - 2010 2018
PLAN 2019
(iii) Identified employees who
are granted options, during
any one year equal to or
exceeding 1% of the issued
Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
capital (excluding outstanding
warrants and conversions) of
the Company at the time of
grant
Diluted Earnings Per Share (EPS)
of the Bank after considering the
`7.38/-
effect of potential equity shares on
account of exercise of Options
The Bank has charged Nil amount, being the intrinsic value of the stock options granted for the year ended March 31, 2019 and March 31,
Impact of the difference between
2018. Had the Bank adopted the Fair Value method (based on Black- Scholes pricing model), for pricing and accounting of options, net profit
the Intrinsic Value of the Options
after tax would have been lower by `375.18 millions (Previous year: `414.98 millions), the basic earnings per share would have been `7.29
and the Fair Value of the Options
(Previous year: `18.24) per share instead of `7.45 (Previous year: `18.43) per share and diluted earnings per share would have been `7.22
Overview
on Profits and on EPS

Corporate
(Previous year: `17.88) per share instead of `7.38 (Previous year: `18.06) per share.
Weighted average price of the
shares exercised during the year - - 22.94 - 106.18 25.28 80.64
(in `)
Weighted average fair values of the
- - - 29.77 179.61 29.77 142.30 231.15
outstanding options (in `)
Review
*The option under the scheme were increased subsequently from 1 crore to 3 crores and finally to 4.5 crores by the shareholders’ approval dated September 3, 2009 and June 28, 2011 respectively.
The Securities and Exchange Board of India (‘SEBI’) has prescribed two methods to account for stock grants; namely (i) the intrinsic value method; (ii) the fair value method. The Bank adopts the intrinsic
Sustainability
value method to account for the stock options it grants to the employees. The Bank also calculates the fair value of options at the time of grant, using Black-Scholes pricing model with the following
assumptions:
(a) the weighted-average values of share price, exercise price, expected volatility, expected option life, expected dividends, the risk-free interest rate and any other inputs to the model;
(b) the method used and the assumptions made to incorporate the effects of expected early exercise;
(c) how expected volatility was determined, including an explanation of the extent to which expected volatility was based on historical volatility; and
(d) whether and how any other features of the option grant were incorporated into the measurement of fair value, such as a market condition.
Reports
Statutory
Financial
Statements
Annual Report 2018-19

105
March 31, 2019
Risk free Interest Rate 6.29%-9.23%
Expected life 1.5 yrs - 7.5 yrs
Expected Volatality** 25.01%-48.72%
Expected dividends 1.50%
**Expected volatility is average volatility for expected life of the option.
Note 1: Being the closing price of the Equity Shares on the stock exchange with the highest trading volumes on the last
working day prior to the date of grant.
Note 2: There is no variation in the terms of the options during the Financial Year ended March 31, 2019.
Note 3: The Shareholders of the Bank by way of Postal Ballot on January 17, 2015 had approved certain modifications
in terms of YBL JESOP V / PESOP II Scheme (consisting of three sub-schemes JESOP V / PESOP II / PESOP II-2010).
Sub-table 1: Following are the total number of stock options that have been granted to Senior Management Personnel
(“SMP”) of the Bank and its subsidiaries during the financial year ended March 31, 2019:
Scheme Name of Employees Designation Options granted Grant Price
YBL PESOP 2018 Akash Prasad Group President 100,000 384.35
YBL JESOP 2018 Amar Kirti Ambani President 25,000 192.35
YBL JESOP 2018 Anand Deva Priya President 30,000 384.35
YBL JESOP 2018 Ashish Joshi Senior President 60,000 200.85
YBL JESOP 2018 Binoj Vasu Senior President 50,000 200.85
PESOP II - 2010 Mahesh Rajaraman Group President 50,000 313.05
PESOP II - 2010 Neeraj Dhawan Senior Group President 50,000 313.05
JESOP V Raj Ahuja Senior Group President 400,000 313.05
YBL PESOP 2018 Rajiv Anand Group President 150,000 384.35
YBL MD & CEO Ravneet Singh Gill MD & CEO 5,000,000 231.15
PLAN 2019
YBL JESOP 2018 Sai Venkataramana Kosuri Senior President 35,000 192.35
YBL PESOP 2018 Vikash Modi Senior President 15,000 192.35
YBL JESOP 2018 Vikram Mago President 25,000 200.85
YBL JESOP 2018 Vineet Dhar Group President 100,000 192.35
Sub-table 2: Following are the details of the employees to whom 5% or more of options were granted during the financial
year ended March 31, 2019.
Scheme Name of Employees Designation Options granted Grant Price
JESOP V Raj Ahuja Senior Group President 400,000 313.05
YBL PESOP 2018 Rajiv Anand Group President 150,000 384.35
YBL MD & CEO Ravneet Singh Gill MD & CEO 5,000,000 231.15
PLAN 2019
None of the employees were granted options equal to or exceeding 1% of the issued capital of the Bank at the time of
grant during FY 2018-19.
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, the 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
contingencies for the reference period and (b) the additional Gross NPAs identified by RBI exceed 15 per cent of the
published incremental Gross NPAs for the reference period. 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 FY2018-19.

SUBSIDIARY, ASSOCIATE AND JOINT and mid-market corporate and financial sponsor clients
VENTURE COMPANIES through key products such as Mergers & Acquisition
Advisory and Private Equity fund-raising.
As on March 31, 2019, the Bank had three wholly-owned
subsidiaries, YES Securities (India) Limited (‘YSIL’), YES YSIL’s highly-experienced teams offer expertise across a
Asset Management (India) Limited (‘YAMIL’) and YES variety of sectors including Food and Agribusiness; Media
Trustee Limited (‘YTL’). and Entertainment; Consumer Markets; Infrastructure
and Engineering, Procurement and Construction (EPC),
The Bank does not have any material subsidiary, associate Banking, Financial Services and Insurance (BFSI), Internet &
and joint venture company. E-commerce, Industrials and Logistics to corporate clients.
Merchant Banking: YSIL’s Merchant Banking practice
Performance and Financial Position of has a strong focus on capital market activities offering a
Subsidiary Companies comprehensive bouquet of products including Initial Public
YES Securities (India) Limited (YSIL) Offerings (IPO), Qualified Institutional Placements (QIP), Rights
Issues, Open Offer, Buyback, Delisting and other advisory
YES Securities (India) Limited or YSIL, the Bank’s
services. During FY 2018-19, the highly-experienced team
wholly-owned capital markets intermediary, completed
successfully engaged with leading Indian companies as
five years of operations in FY 2018-19. YSIL, today, offers
a fund-raising partner and trusted advisor for their capital
retail, HNI and corporate customers a comprehensive
market requirements.
range of products and services, encompassing Investment
Banking (including a dedicated Sustainable Investment Institutional Sales & Trading
Banking practice), Merchant Banking, Wealth Broking,
FY 2018-19 was a significant year as institutional brokerage
Advisory, Research and Institutional Equities services.
rose 57 % over FY 2017-18. The team successfully secured
empanelment as broker across major Asset Management
YSIL is a SEBI* registered Stock Broker holding
and Insurance companies. Besides, backed by improved
membership of National Stock Exchange (NSE), Bombay
client service, execution excellence and superior research,
Stock Exchange (BSE) and Multi Commodity Exchange
the team succeeded in reactivating transaction activity from
(MCX). YSIL is also a SEBI-registered Category I Merchant
valued institutional clients. YSIL has proactively engaged
Banker, Investment Adviser and Research Analyst.
and ideated with clients’ on capital market insights, corporate
*Securities and Exchange Board of India road shows and regular research inputs.
Wealth Broking
As on March 31, 2019, YSIL is empaneled with 30
In FY 2018-19, YSIL’s Wealth Broking business continued institutions.
to enhance its product and service proposition to
YES Trustee Limited (YTL) & YES Asset
offer customers a more comprehensive investment
Management (India) Limited (Yamil)
management experience. YSIL offers a best-in-class 3-in-
1 proposition in major cities across India. Its online trading YES BANK Limited has incorporated YES Asset
platform (available on web and mobile app) witnessed Management (India) Limited on April 21, 2017 and
consistent growth in client transaction volumes further YES Trustee Limited on May 3, 2017 as wholly owned
complementing the growing engagement between high subsidiaries for the mutual fund business.
net-worth clients and the dedicated dealing desk.
YAMIL was granted an approval by Securities and
In FY 2018-19, YSIL took significant strides in Exchange Board of India (“SEBI”) on July 3, 2018 to act as
achieving the long-term vision of establishing itself as a an Asset Management Company / Investment Manager to
research-backed and client-centric multi-asset wealth YES Mutual Fund.
solutions provider. YSIL has set up a strong product team
YAMIL pursues to combine its investors’ and stakeholders’
with expertise across asset classes – Equity, Derivatives,
interests and bring out the optimum solutions for its
Debt, Advisory/Fund Management, Commodities,
investors. Towards the same, YAMIL has launched its First
Currency, as well as a dedicated team focusing on
Mutual Fund Scheme “YES Liquid Fund”, NFO which was
developing digital products. During the year, YSIL also
open from January 2, 2019 to January 16, 2019. The NFO
significantly strengthened its research credentials
has received extremely good response. Further, Average
and expanded its research coverage universe across
Assets Under Management (AAUM) of YES Mutual Fund
fundamental, thematic and technical insights.
for the period from January 16, 2019 to March 31, 2019
Investment Banking stood at `2000.12 crore.
The Investment Banking team provides Mergers and YES Mutual Fund is presently focusing on tailoring
Acquisition (M&A) and Capital Advisory services to large liquidity management solutions for Corporates, HNI’s and

Retail investors. It had further received SEBI’s approval to Committee (N&RC) appointed Mr. Ravneet Singh Gill as
launch an Ultra Short-Term Fund and YES Overnight Fund. an Additional Director w.e.f. the date of his taking charge
and to hold office up to the date of the ensuing Annual
YTL is acting as a Trustee Company to YES Mutual Fund
General Meeting (AGM). In the said meeting the Board
(YMF). It will provide trusteeship services to all the funds
also appointed Mr. Ravneet Singh Gill as the Managing
launched by YMF.
Director and Chief Executive Officer (MD & CEO) of
Pursuant to the provisions of Section 129(3) of the the Bank for a period of three (3) years commencing
Companies Act, 2013, a statement containing salient from the date of his taking charge as MD & CEO, on
features of Financial Statements of subsidiaries in Form the terms & conditions as approved by the RBI and
AOC-1 forms part of the Annual Report. The Financials as may be further decided by the Board of Directors
of the subsidiaries of the Bank are available on the from time to time, subject to necessary sanctions and
website of the Bank (www.yesbank.in). Any member approvals from the RBI and the Shareholders of the
who is desirous to have a copy of the annual accounts Bank, as may be applicable. Mr. Ravneet Singh Gill took
of the subsidiaries may write to the Company Secretary charge as MD & CEO of the Bank w.e.f. March 1, 2019.
of the Bank. Financials of Bank and its subsidiaries shall The Bank has received a notice in writing from a member
also be available for inspection by members or trustees proposing the candidature of Mr. Ravneet Singh Gill as
of the holders of any debentures of the Bank at its MD & CEO on the Board of the Bank. Further, the N&RC and
Registered office. Board of Directors of the Bank have also recommended
the appointment of Mr. Ravneet Singh Gill as MD & CEO,
RATINGS OF VARIOUS DEBT not liable to retire by rotation, to the Shareholders at the
INSTRUMENTS ensuing AGM.
During the year under review, the Bank had raised
`30,420 million by way of issue of rated listed unsecured Mr. Ajai Kumar
Tier II Bonds in the nature of Debenture. This instrument
Mr. Ajai Kumar, Non-Executive Non-Independent Director,
has been rated by rating agencies namely Credit Analysis
was appointed as an Interim MD & CEO of the Bank on
and Research (‘CARE’) and India Ratings & Research Pvt.
January 29, 2019, to hold office as an Interim MD & CEO
Ltd. (‘India Ratings’), A Fitch Group Company. The details
for a period from February 1, 2019 to February 28, 2019.
of the instrument as well as the ratings are as below:
The Bank had received approval from RBI on January 30,
▲▲ The Bank issued 30,420 Rated Listed 2019 for appointment of Mr. Ajai Kumar as an Interim MD
Non‑Convertible Redeemable Unsecured Basel III & CEO. Further, resolution for ratification of appointment
Compliant Tier II bonds in the form of Debentures and remuneration of Mr. Ajai Kumar as Interim MD & CEO
issued on Private Placement basis of Face Value is proposed to be passed at the ensuing AGM.
of `10,00,000/- each fully paid up aggregating to
`30,420 million on September 14, 2018 and the Dr. Pratima Sheorey
issue was rated by CARE and India Ratings. At
Dr. Pratima Sheorey was appointed as an Additional
the time of issue, CARE had assigned a rating of
Director (Independent) on the Board of the Bank w.e.f.
‘CARE AAA’ (Outlook: Stable) and India Ratings had
April 26, 2018 and was appointed as an Independent
assigned a rating of ‘IND AA+’ (Outlook: Stable).
Director by the Shareholders at the 14th AGM of the Bank
Currently, CARE has assigned a rating of ‘CARE AA+’
held on June 12, 2018.
(Outlook: Credit watch with developing implications)
w.e.f. November 28, 2018 and India Ratings has
Mr. Rentala Chandrashekhar
assigned a rating of ‘IND AA+’ (Outlook: Negative)
w.e.f. November 2, 2018. Mr. Rentala Chandrashekhar was appointed as an
Additional Director (Independent) on the Board of the
The Credit Rating and change/revision in the Credit Bank w.e.f. April 26, 2018 and was appointed as an
Ratings for various debt instruments issued by the Independent Director by the Shareholders at the 14th
Bank from time to time are provided in the Corporate AGM of the Bank held on June 12, 2018.
Governance Report forming part of the Annual Report.
Mr. Uttam Prakash Agarwal
BOARD OF DIRECTORS & KEY
MANAGERIAL PERSONNEL Mr. Uttam Prakash Agarwal was appointed as an
Additional Director (Independent) on the Board of the
Appointments/Re-appointments: Bank w.e.f. November 14, 2018, to hold office upto the
Mr. Ravneet Singh Gill date of ensuing AGM. The Bank has received a notice
in writing from a member proposing the candidature of
The Board of Directors of the Bank on January 24, 2019,
Mr. Uttam Prakash Agarwal as an Independent Director
basis recommendation of the Nomination & Remuneration

on the Board of the Bank. Further, the N&RC and Board Ms. Shagun Kapur Gogia
of Directors of the Bank have also recommended
Ms. Shagun Kapur Gogia was appointed on the Board
the appointment of Mr. Uttam Prakash Agarwal as an
as Additional (Non-Executive Non-Independent), Indian
Independent Director, not liable to retire by rotation, to
Partners' Representative Director w.e.f. April 26, 2019.
the Shareholders at the ensuing AGM.
The Bank has received a notice in writing from a member
proposing the candidature of Ms. Shagun Kapur Gogia
Mr. Thai Salas Vijayan
as a Director on the Board of the Bank. Further, the
Mr. Thai Salas Vijayan was appointed as an Additional N&RC and Board of Directors of the Bank have also
Director (Independent) on the Board of the Bank w.e.f. recommended the appointment of Ms. Shagun Kapur
December 3, 2018, to hold upto the date of ensuing Gogia as a Non-Executive Non-Independent Director,
AGM. The Bank has received a notice in writing from a not liable to retire by rotation, to the Shareholders at the
member proposing the candidature of Mr. Thai Salas ensuing AGM.
Vijayan as an Independent Director on the Board of
the Bank. Further, the N&RC and Board of Directors of Mr. Subhash Chander Kalia
the Bank have also recommended the appointment of
Mr. Subhash Chander Kalia was appointed as an
Mr. Thai Salas Vijayan as an Independent Director, not
Additional Director (Non-Executive Non-Independent)
liable to retire by rotation, to the Shareholders at the
on the Board of the Bank w.e.f. April 3, 2018 and was
ensuing AGM.
appointed as a Non-Executive Non-Independent Director
by the Shareholders at the 14th AGM of the Bank held on
Mr. Maheswar Sahu
June 12, 2018.
Mr. Maheswar Sahu was appointed as an Additional
Director (Independent) on the Board of the Bank w.e.f. In terms of Section 152 of the Companies Act,
January 24, 2019, to hold upto the date of this AGM. 2013, Mr. Subhash Chander Kalia, Non-Executive
The Bank has received a notice in writing from a member Non-Independent Director, being liable to retire by
proposing the candidature of Mr. Maheswar Sahu as an rotation, shall retire at the ensuing AGM and being eligible
Independent Director on the Board of the Bank. Further, the for re-appointment, offers himself for re-appointment.
N&RC and Board of Directors of the Bank have also
recommended the appointment of Mr. Maheswar Sahu as Lt. General (Dr.) Mukesh Sabharwal (Retd.)
an Independent Director, not liable to retire by rotation, to
The term of office of Lt. General (Dr.) Mukesh Sabharwal
the Shareholders at the ensuing AGM.
(Retd.), as an Independent Director, will expire on
June 13, 2019. The Bank has received a notice in
Mr. Anil Jaggia
writing from a member proposing the candidature of Lt.
Mr. Anil Jaggia was appointed as an Additional Director General (Dr.) Mukesh Sabharwal (Retd.) as an Independent
(Independent) on the Board of the Bank w.e.f. January 24, Director on the Board of the Bank. Further, the N&RC and
2019, to hold office upto the date of this AGM. The Bank Board of Directors of the Bank have also recommended
has received a notice in writing from a member proposing the re-appointment of Lt. General (Dr.) Mukesh Sabharwal
the candidature of Mr. Anil Jaggia as an Independent (Retd.), as an Independent Director of the Bank for a
Director on the Board of the Bank. Further, the N&RC and second term upto April 24, 2020 (i.e. completion of eight
Board of Directors of the Bank have also recommended years in the Bank as permissible under the Banking
the appointment of Mr. Anil Jaggia as an Independent Regulation Act, 1949) or such other extended term as
Director, not liable to retire by rotation, to the Shareholders may be approved by RBI, subject to maximum 5 years of
at the ensuing AGM. second term as provided under Companies Act, 2013,
not liable to retire by rotation, to the Shareholders of the
Mr. Ravinder Kumar Khanna Bank at the ensuing AGM.
Mr. Ravinder Kumar Khanna was appointed on the Board
Mr. Brahm Dutt
as Additional (Non-Executive Non‑Independent), Indian
Partners' Representative Director w.e.f. April 26, 2019. The term of office of Mr. Brahm Dutt, as an Independent
The Bank has received a notice in writing from a member Director, will expire on June 13, 2019. The Board of
proposing the candidature of Mr. Ravinder Kumar Khanna Directors of the Bank, basis the recommendation of the
as a Director on the Board of the Bank. Further, the N&RC and approval of RBI, had appointed Mr. Brahm Dutt,
N&RC and Board of Directors of the Bank have also Independent Director, as Part-Time Chairman of the Bank.
recommended the appointment of Mr. Ravinder Kumar Mr. Brahm Dutt took charge as Part-Time Chairman of
Khanna as a Non-Executive Non‑Independent Director, the Bank w.e.f. January 11, 2019 pursuant to approvals
not liable to retire by rotation, to the Shareholders at the received from RBI and will hold the office as Part-Time
ensuing AGM. Chairman of the Bank till January 10, 2022.

The Bank has received a notice in writing from a at the manner in which they have been dealt with and it is
member proposing the candidature of Mr. Brahm Dutt more distressing that all this should have been occurred
as an Independent Director on the Board of the Bank. during a critical transition period when tact, wisdom and
The N&RC and Board of Directors of the Bank have also purposeful, well-considered actions were called for and
recommended the re-appointment of Mr. Brahm Dutt, the resulting situation arising from recent development
as an Independent Director of the Bank for the second and their handling is not conducive to the discharge of
term, not liable to retire by rotation, to the Shareholders his duties.
of the Bank at the ensuing AGM and he shall hold office
till January 10, 2022 (i.e. tenure as Part-Time Chairman The Board places on record its sincere appreciation
of the Bank). A resolution for taking on record the RBI and thanks for the valuable contributions made by
approval for appointment of Mr. Brahm Dutt and approval Mr. Ashok Chawla as Part-Time Chairman of the Bank
of remuneration as Part-Time Chairman of the Bank is and Mr. Saurabh Srivastava, Ms. Debjani Ghosh,
proposed to the Shareholders at the ensuing AGM. Mr. Vasant Gujarathi and Mr. Rentala Chandrashekhar as
Independent Directors of the Bank.
The relevant details including profiles of
Mr. Ravneet Singh Gill, Mr. Ajai Kumar, Mr. Uttam Prakash Mr. Rana Kapoor
Agarwal, Mr. Thai Salas Vijayan, Mr. Maheswar Sahu,
Mr. Rana Kapoor demitted office as MD & CEO of the Bank
Mr. Anil Jaggia, Mr. Ravinder Kumar Khanna, Ms. Shagun
w.e.f. the close of business hours on January 31, 2019
Kapur Gogia, Mr. Subhash Chander Kalia, Lt. General (Dr.)
upon completion of RBI approved term.
Mukesh Sabharwal (Retd.) and Mr. Brahm Dutt are included
separately in the Notice of AGM and Report on Corporate
The Board places on record its sincere appreciation
Governance of the Bank forming part of the Annual Report.
and thanks for the valuable services and leadership of
Mr. Rana Kapoor as MD & CEO of the Bank. The Bank
Retirements/Cessations: over the last fourteen and half years of performance,
has demonstrated track record of consistent delivery
Mr. Saurabh Srivastava
of business and financial outcomes across all critical
In terms of RBI letter dated January 28, 2016 & parameters such as Capital Adequacy, Profitability,
March 28, 2018, Mr. Saurabh Srivastava completed his Steady Growth and look forward to carry on the
tenure as Director of the Bank on April 22, 2018. excellent performance under the leadership of
Mr. Ravneet Singh Gill.
Ms. Debjani Ghosh
s. Debjani Ghosh, Independent Director has resigned
M Key Managerial Personnel
from the office of the Director w.e.f. April 26, 2018,
Mr. Ravneet Singh Gill, MD & CEO, Mr. Raj Ahuja, Group
due to her pre-occupation with full time engagement
Chief Financial Officer and Mr. Shivanand R. Shettigar,
as President of National Association of Software and
Group Company Secretary of the Bank are the Key
Services Companies (NASSCOM).
Managerial Personnel as per the provisions of the
Companies Act, 2013 and rules made thereunder.
Mr. Ashok Chawla
Mr. Ashok Chawla, Non-Executive (Independent) Part-Time During the year under review, Mr. Rana Kapoor demitted
Chairman of the Bank, had resigned from the directorship office as MD & CEO and Key Managerial Personnel
of the Bank w.e.f. November 14, 2018, mentioning that of the Bank in terms of the provisions of Section 203
during the current transition period, the Bank would need of the Companies Act, 2013 w.e.f. close of business
a Chairman who could devote more time and attention. hours on January 31, 2019. Further, Mr. Ajai Kumar was
appointed as an Interim MD & CEO and Key Managerial
Mr. Vasant Gujarathi Personnel in terms of the provisions of Section 203 of the
Companies Act, 2013 for the period commencing from
Mr. Vasant Gujarathi, Independent Director, had
February 1, 2019 to February 28, 2019. Mr. Ravneet
resigned from the directorship of the Bank w.e.f.
Singh Gill took charge as MD & CEO and Key Managerial
November 14, 2018, due to his personal commitments.
Personnel of the Bank in terms of the provisions of Section
203 of the Companies Act, 2013 for a period of three (3)
Mr. Rentala Chandrashekhar
years, w.e.f. March 1, 2019 to February 28, 2022.
Mr. Rentala Chandrashekhar, Independent Director of the
Bank, resigned from the directorship of the Bank w.e.f. Mr. Raj Ahuja was appointed as the Group Chief Financial
November 19, 2018, citing that he was deeply concerned Officer and Key Managerial Personnel in terms of the
about the recent developments at the Bank and dismayed

provisions of Section 203 of the Companies Act, 2013 1. Audit Committee;

w.e.f. April 3, 2018.
2. Risk Monitoring Committee;
DECLARATION BY INDEPENDENT 3. Board Credit Committee;
DIRECTORS 4. IT Strategy Committee;
The Bank has received necessary declarations from each
5. Corporate Social Responsibility Committee;
Independent Director under Section 149(6) and 149(7)
of the Companies Act, 2013 and Regulation 16(1)(b) 6. Nomination and Remuneration Committee;
and Regulation 25(8) of the SEBI (Listing Obligations and
7. Capital Raising Committee;
Disclosure Requirements) Regulations, 2015 (‘Listing
Regulations’), that they meet the criteria of independence 8. Stakeholders Relationship Committee;
laid down thereunder.
9. Fraud Monitoring Committee;
FAMILIARIZATION PROGRAMS FOR 10. Service Excellence, Branding and Marketing Committee
INDEPENDENT DIRECTORS 11. Board Committee on Willful Defaulters &
The various programs were undertaken for familiarizing Non-operative Borrowers; and
the Independent Directors which are disclosed in detail
12. Committee of Independent Directors.
in the Corporate Governance Report, which forms part of
the Annual Report.
The details with respect to the composition,
terms of reference, number of meetings held, etc.
NUMBER OF THE MEETINGS OF THE of these Committees are given in the report on Corporate
BOARD AND COMMITTEES Governance which forms part of the Annual Report.
Regular meetings of the Board and its Committees are
held to discuss and decide on various business policies,
strategies, financial matters and other businesses.
CORPORATE SOCIAL RESPONSIBILITY
The schedule of the Board/Committee meetings to be In compliance with Section 135 of the Companies Act,
held in the forthcoming financial year is circulated to the 2013 read with the Companies (Corporate Social
Directors in advance to enable them to plan their schedule Responsibility Policy) Rules, 2014, the Bank has
for effective participation in the meetings. Due to business established Corporate Social Responsibility (‘CSR’)
exigencies, the Board has also been approving several Committee and statutory disclosures with respect to the
proposals by circulation from time to time. CSR Committee and an Annual Report on CSR Activities
forms part of this Report as Annexure 1. The CSR Policy as
The Board met thirteen (13) times during the FY recommended by the CSR Committee and as approved
2018-19 viz. on April 3, 2018, April 26, 2018, June 12, by Board is available on the website of the Bank
2018, June 13, 2018, July 26, 2018, August 28, 2018, and can be accessed at https://www.yesbank.in/pdf/
September 25, 2018, October 25, 2018, December 13, ybl_corporate_social_responsibility_policy.
2018, January 9, 2019, January 24, 2019, January 29,
2019 and March 14, 2019.
PERFORMANCE EVALUATION OF
Additionally, several Committee meetings were held
THE BOARD
during the year including Audit Committee and Risk The Bank has laid down criteria for performance
Monitoring Committee Meetings, which met nine (9) and evaluation of the Directors including Chairman, MD &
six (6) times respectively during the year. CEO, Board Level Committees and Board as a whole
as well as the evaluation process for the same, in line
Detailed information on the meetings of the Board and with the provisions of the Companies Act, 2013, Listing
its Committees are included in the Report on Corporate Regulations and SEBI Guidance Note on the Board
Governance, which forms part of the Annual Report. Evaluation dated January 5, 2017.
COMMITTEES OF THE BOARD The performance evaluation of the members of the

Board, the Board Level Committees and Board as
The Bank has the following twelve (12) Board level
a whole was carried out on April 25 and 26, 2019.
Committees which have been established in compliance
Additional information on the Board Evaluation Process
with the requirements of the business and relevant
forms part of the Report on Corporate Governance.
provisions of applicable laws and statutes:

CORPORATE GOVERNANCE on the Corporate Governance which forms part of the
Annual Report.
Corporate Governance is an ethically driven business
process that is committed to values aimed at enhancing
an organization’s brand and reputation. This is ensured RISK MANAGEMENT FRAMEWORK
by taking ethical business decisions and conducting
The Bank’s Enterprise Risk Management framework
business with a firm commitment to values, while
encompasses the following:
meeting stakeholders’ expectations. Further, Corporate
Governance is based on the principles of conducting ▲▲ Risk Governance Framework: The Bank has
the business with all integrity, fairness, and transparency implemented an Enterprise Risk Governance
with all the transactions, making the necessary framework to ensure non-silo based management
disclosures and decisions, complying with the laws and oversight of Risk. The Bank’s Risk Management
of the land, accountability and responsibility towards philosophy is guided by the Three Lines of
the stakeholders and commitment of conducting the Defence Principle:
business in an ethical manner. Your Board functions as
▲▲ First Line of Defence – Business Management:
trustees of the shareholders and seeks to ensure that the
Each business segment of the Bank has risk
long-term economic value for its shareholders is achieved
ownership and is responsible for assessment
while balancing the interest of all the stakeholders.
and management of risks and has the
The Bank is committed to achieve the highest
overall responsibility of the management
standards of Corporate Governance and also adheres
and mitigation of the Risk. The segments are
to the Corporate Governance requirements set by the
required to implement appropriate procedures
Regulators/applicable laws. In line with the foregoing,
to fulfil their risk governance responsibilities.
the Bank has adopted a Code of Corporate Governance
which acts as a guide to the Bank and the Board on the ▲▲ Second Line of Defence – Independent
best practices in the Corporate Governance. functions: The Bank’s independent oversight
functions, such as, Risk Management,
A separate section on Corporate Governance standards Compliance, Legal, Fraud Containment Unit,
followed by the Bank and the relevant disclosures, as etc. set standards for management and
stipulated under Listing Regulations, Companies Act, oversight of risks, including compliance with
2013 and rules made thereunder forms part of the applicable laws, regulatory requirements
Annual Report. and policies.
▲▲ Risk Management: Risk Management
A Certificate from M/s. Mehta & Mehta, Practicing
establishes policies and guidelines
Company Secretaries, conforming compliance by the
for risk assessment and management
Bank to the conditions of Corporate Governance as
and contributes to controls and tools
stipulated under Listing Regulations, is annexed to the
to manage, measure and mitigate risks
Report on Corporate Governance, which forms part of the
faced by the Bank.
Annual Report.
▲▲ Compliance: The Compliance unit
manages adherence to applicable laws
MANAGEMENT DISCUSSION AND and regulatory guidelines.
ANALYSIS
▲▲ Legal: The Legal Risk Management
The Management Discussion and Analysis Report for the
division of the Bank undertakes various
year under review as stipulated in Listing Regulations
activities including advising business
is presented in a separate section forming part of the
and operational management, acting
Annual Report.
as an independent control function
while facilitating business, ensuring
VIGIL MECHANISM legal compliance, assisting the Board
and Committees of the Board regarding
In line with the provisions of Listing Regulations, the
analysis of laws and regulations,
Companies Act, 2013 and the principles of good
regulatory matters, disclosure matters,
governance, the Bank has devised and implemented a
and potential risks and exposures on key
vigil mechanism, in the form of 'Whistle-Blower Policy'.
litigation and transactional matters.
The policy devised is also aligned to the recommendations
of Protected Disclosure Scheme for Private Sector and ▲▲ Finance: The Finance vertical provides
Foreign Banks, instituted by RBI. Detailed information on key data and consultation to facilitate
the Vigil Mechanism of the Bank is provided in the Report sound decisions in support of the

objectives of the Bank and the business The Board has put in place five Board level Committees
verticals. Finance serves as an which inter-alia pertain to Risk Management, viz.
independent control function advising Risk Monitoring Committee (RMC), Audit Committee of
business management and establishing the Board (ACB), Fraud Monitoring Committee (FMC),
policies or processes to manage risk. It Board Committee on Wilful Defaulters & Non-Cooperative
has overall responsibility for managing Borrowers (BCWD&NCB) and Board Credit Committee
the Bank’s balance sheet and the Bank’s (BCC) to deal with risk management practices, policies,
liquidity and interest rate risk. procedures and to have adequate oversight on the risks
faced by the Bank.
▲▲ FCU & AML: The Fraud Containment Unit
(FCU) is responsible for prevention and
The Board Committees have set up various Executive
detection of internal and external frauds
level committees for oversight over specific risks.
in the areas of Liabilities, Product and
Support functions. The unit conducts 1. Management Credit Committee;
transaction monitoring, forensic scrutiny,
2. Executive Credit Committee;
employee awareness trainings and
vulnerability assessments to help achieve 3. Retail and Business Banking Credit Committee;
the said objective. The Anti Money
4. Model Assessment Committee;
Laundering Unit (AML) is responsible for
identifying and reporting of suspicious 5. Asset & Liability Management Committee;
transactions as prescribed under PMLA
6. Investment & Financial Markets Management
Act/Regulators, across all Business
Committee;
segments of the Bank. The AML unit
is equipped with qualified, trained and 7. Operational Risk Management Committee;
experienced staff, which monitors various
8. Outsourcing Management Committee;
transactions undertaken by customers
with a view to combat financial crimes 9. Business Continuity Management Committee;
and prevents misuse of the accounts for
10. Security Council;
money laundering.
11. Product Process Approval Committee;
▲▲ Third Line of Defence – Internal Audit: The
Bank’s Internal Audit function independently 12. Fraud & Suspicious Transaction Monitoring
reviews activities of the first two lines of Committee;
defence based on a risk-based audit plan
13. Whistle-Blower Committee;
and methodology approved by the Audit
Committee of the Board. Internal Audit 14. Enterprise Risk Management & Capital Management
provides independent assurance to the Board, Committee;
the Audit Committee, senior management and
15. Strategy Management Committee;
regulators regarding the effectiveness of the
Bank’s governance and controls designed for 16. Reputation Risk Management Committee;
risk mitigation framework.
17. Standing Committee on Customer Service;
The Board of Directors of the Bank has overall responsibility 18. IT Steering Committee;
for Risk Management. The Board oversees the Bank’s Risk
19. Steering Committee for IFRS (Ind AS);
and related control environment, reviews and approves the
policies designed as part of overseeing the Risk Management 20. RBS – Reporting Oversight Committee;
practices. The Board ensures that comprehensive policies,
21. Apex Management Committee;
systems and controls are in place to identify, monitor and
manage material risks at a Bank-wide level, with clearly 22. Staff Accountability Committee; and
defined risk limits. The Board has laid down a Risk Appetite
23. Committee for Classification of Wilful Deafulters;
framework which articulates the quantum of risk the Bank
is willing and able to assume in its exposures and business Risk events, potential threats, performance of the Bank
activities in pursuit of its strategic objectives and desired vis-à-vis Risk Limits and Risk Appetite, Risk Profile
returns. The Board has also established policies governing dashboard covering key risk indicators, etc. are presented
risk management, such as, Enterprise Risk Management to these Committees, with Q-o-Q/Y-o-Y trends highlighted,
Policy, Reputation Risk Management Policy, Group Risk with level and direction of risk. The Bank also conducts
Management Policy, Credit Policy, ALM Policy, Model Risk & a detailed Internal Capital Adequacy Assessment Policy
Governance Policy, etc. (‘ICAAP’) review exercise to identify its Risk universe, internal

controls and mitigation measures in place for the risks and CONTRACTS OR ARRANGEMENTS
capital requirements for identified risks. The ICAAP findings WITH RELATED PARTIES
are presented to the RMC and the Board.
There were no materially significant transactions with
related parties including promoters, directors, key
The Risk Management Unit is headed by the Chief Risk
managerial personnel, subsidiaries or relatives of the
Officer (‘CRO’) who leads the Credit Risk (Underwriting)
Directors during the financial year which could lead to a
Unit, General Legal Counsel and other Risk Units. The CRO
potential conflict with the interest between the Bank and
reports to the MD & CEO. The CRO is responsible to
these parties. The details of the transactions with related
ensure an effective implementation of an enterprise
parties, if any, were placed before the Audit Committee
wide risk management framework through various
from time to time. There were no material individual
risk policies, processes, limits and controls that enable
transactions with related parties, which were not in
prompt risk identification, accurate risk measurement
the ordinary course of business of the Bank, nor were
and effective risk mitigation. CRO is also responsible for
there any transactions with related parties, which were
risk compliance and monitoring as well as reviewing and
not on arm’s length basis. Accordingly the disclosure in
presenting various risk reports, policies and dashboards
Form AOC-2 is not applicable to the Bank for the year
to RMC and Board.
under review. Suitable disclosure as required by the
Accounting Standards (AS-18) has been made in the
The Risk Management Unit in the Bank is designed to
notes to the Financial Statements.
establish an effective Enterprise Risk Management (ERM)
framework for the Bank to ensure sustainable business
Prior omnibus approval for normal banking transactions
growth with stability and to promote a proactive approach
is also obtained from the Audit Committee for the related
in identification, assessment, management and reporting
party transactions which are repetitive in nature as well
of risks associated with business. The Risk Management
as for the normal banking transactions which cannot be
Unit enables the Bank to successfully meet its business
foreseen and accordingly the required disclosures are
and financial goals, while maintaining effective Board and
made to the Committee for their approval.
management oversight on Risk and Control parameters.
▲▲ Risk Appetite: The Bank’s Risk Appetite statement The policy on materiality of Related Party
details the level of aggregate risk that the Bank is Transactions and also on dealing with Related
willing to undertake and successfully manage in Party Transactions as approved by the Audit
pursuit of its business goals. Committee and the Board of Directors is uploaded
on the website of the Bank and can be accessed at
▲▲ Risk Management: The Bank follows a standardized
https://www.yesbank.in/about-us/corporate-governance.
methodology of identification and assessment of
material risks, implementation of internal controls
and mitigation measures, ongoing quality reporting CONSOLIDATED FINANCIAL
and monitoring of risks. STATEMENTS
▲▲ Capital Management and Risk-based Capital Pursuant to Section 129(3) of the Companies Act, 2013, a
allocation and performance measurement: The consolidated financial statement of the Bank along with its
Bank ensures deployment of capital within the Subsidiaries i.e. YES Securities (India) Limited, YES Asset
organization based on risk tolerance, economic Management (India) Limited and YES Trustee Limited has
constraints, stakeholder needs and ensuring been prepared in the same form and manner as that of
risk-based capital allocation and performance the Bank which shall be laid before the ensuing AGM
measurement. along with the laying of the Bank’s Financial Statement
under Section 129(2) i.e. Standalone Financial Statement
LOANS, GUARANTEES OR of the Bank.
INVESTMENTS IN SECURITIES
Further, pursuant to the provisions of Accounting
Pursuant to Section 186(11) of the Companies Act, 2013,
Standard (AS-21), the Consolidated Financial Statements
loans made, guarantees given or securities provided
notified under Section 133 of the Companies Act, 2013,
or acquisition of securities by a Banking company in
read together with Rule 7 of the Companies (Accounts)
the ordinary course of its business are exempted from
Rules, 2014 issued by the Ministry of Corporate Affairs,
disclosure requirements under Section 134(3) (g) of the
the Consolidated Financial Statements of the Bank along
with its subsidiaries for the year ended March 31, 2019
forms part of the Annual Report.

INTERNAL FINANCIAL CONTROLS all assistance and facilities to the Secretarial

SYSTEMS AND THEIR ADEQUACY Auditors for conducting their audit. The Report
of Secretarial Auditors for the FY 2018-19 is
The Bank has implemented adequate procedures and
annexed to this report as Annexure 2. There are no
internal controls which provide reasonable assurance
observations, reservations or adverse remarks in
regarding reliability of financial reporting and preparation
the Secretarial Audit Report.
of financial statements. The Bank also ensures that
internal controls are operating effectively.
BUSINESS RESPONSIBILITY REPORT
AUDITORS As stipulated in Listing Regulations, the Business
Responsibility Report describing the initiatives undertaken
A. Statutory Auditors by the Bank from environmental, social and governance
The Members of the Bank at the 12th Annual General perspective is attached as part of the Annual Report.
Meeting held on June 7, 2016, have approved the
appointment of M/s. B S R & Co. LLP, Chartered
Accountants as Statutory Auditors of the Bank for a
MATERIAL CHANGES AND
period of four (4) years, subject to the approval of
COMMITMENT AFFECTING
the RBI, to hold office from the conclusion of the 12th FINANCIAL POSITION OF THE BANK
AGM till the conclusion of 16th AGM of the Bank to There are no material changes and commitments,
be held in the year 2020, subject to ratification of affecting the financial position of the Bank which has
their appointment by the Members at every AGM. occurred between the end of the financial year of the
Accordingly, RBI had approved the appointment of Bank i.e. March 31, 2019 and the date of the Directors’
M/s. B S R & Co., LLP as Statutory Auditors of the Report i.e. April 26, 2019.
Bank for FY 2018-19, which was also ratified by the
Shareholders in the 14th AGM of the Bank held on
June 12, 2018.
SIGNIFICANT AND MATERIAL
ORDERS PASSED BY REGULATORS
Further, in terms of Companies (Amendment) Act, During the year under review, no significant and material
2017 notified w.e.f May 7, 2018, the requirement orders were passed by the regulators or courts or
of Section 139(1) of Companies Act, 2013 stands tribunals impacting the going concern status and Bank’s
omitted and the ratification of appointment of the operation in future.
Statutory Auditor at every AGM is not required.
The Bank has received the consent from the Auditors
and confirmation to the effect that they are not
MAINTENANCE OF COST RECORDS
disqualified to be appointed as the Auditors of the Being a Banking Company, the Bank is not required to
Bank in terms of the provisions of the Companies Act, maintain cost records as per sub-section (1) of Section
2013 and rules made thereunder. Accordingly, the 148 of the Companies Act, 2013.
Board of Directors has recommended to RBI to seek
its approval for appointment of M/s. B S R & Co.
LLP, Chartered Accountants as Statutory Auditors of
POLICY ON APPOINTMENT OF
the Bank for FY 2019-20.
DIRECTORS
The Board of Directors of the Bank had formulated and
The Report given by the Auditors on the financial adopted policy on “Board Diversity and Fit & Proper
statements of the Bank forms part of this Annual Criteria and Succession Planning” for appointment of
Report. There has been no qualification, reservation, Directors on the Board of the Bank and succession
adverse remark or disclaimer given by the Auditors planning. The details of the same have been included in
in their Report. Also, no offence of fraud was the Report on Corporate Governance forming part of this
reported by the Auditors of the Bank. Annual Report.
B. Secretarial Auditors and Secretarial REMUNERATION POLICY

Audit Report The Board of Directors of the Bank had formulated
Pursuant to Section 204 of the Companies Act, 2013, and adopted policies for Remuneration of Employees
the Bank had appointed M/s. BNP & Associates, of the Bank, Remuneration of Directors including the
Practicing Company Secretaries, Mumbai as its Chairman of the Bank. The details of the same are made
Secretarial Auditors to conduct the secretarial audit available on the Bank’s website and can be accessed at
of the Bank for the FY 2018-19. The Bank provided https://www.yesbank.in/about-us/corporate-governance.

EMPLOYEE REMUNERATION Green Masala Bond program that aimed at raising
capital in the offshore rupee market.
(a) The statement containing particulars of employees
as required under Section 197(12) of the Companies ▲▲ December 2016: YES BANK has raised `3.30 billion,
Act, 2013 read with Rule 5(3) of the Companies through an issue of a 7-year Green Infrastructure
(Appointment and Remuneration of Managerial Bonds to FMO, the Dutch Development Bank,
Personnel) Rules, 2014 forms part of this report. In on a private placement basis. This is FMO’s first
terms of Section 136 of the Companies Act, 2013, Investment in a Green Bond issued by a bank in India.
the same is open for inspection during working FMO has paid for placement using the proceeds
hours at the Registered Office of the Bank. A copy of from their sustainability bonds issued in 2015.
this statement may be obtained by the Members by
The amount raised is used to finance Green Infrastructure
writing to the Company Secretary of the Bank.
Projects as per ‘Eligible Projects’ outlined in the Bank’s
(b) The ratio of the remuneration of each Director internal guidelines that are in adherence to the Green
and employees of the Bank as required under the Bond Principles (GBP). For FY 2018-19, KPMG, India
provisions of Section 197(12) of the Companies has provided limited assurance on conformity of the
Act, 2013 read with Rule 5(1) of the Companies use of proceeds, process for evaluation and selection of
(Appointment and Remuneration of Managerial projects, management of proceeds and reporting of these
Personnel) Rules, 2014, are forming part of this green bonds to GBP 2018.
report as Annexure 3.
The GBP are voluntary guidelines, developed by the
ANNUAL RETURN International Capital Markets Association, for broad
use by the market that recommend transparency and
Pursuant to the provisions of Section 134(3)(a) and Section
disclosure, and promote integrity in the development of
92(3) of the Companies Act, 2013 read with Rule 12 of
the Green Bond market. They have the following four key
the Companies (Management and Administration) Rules,
components and the bank showcases its adoption below:
2014, the Annual Return of the Bank as at March 31, 2019 is
uploaded on the website of the Bank and can be accessed at ▲▲ Use of Proceeds: The proceeds raised by the Bank
https://www.yesbank.in/about-us/corporate-governance are used in eligible project categories and include all
projects funded in whole, or in part, in the fields of
renewable and clean energy projects including Wind,
DISCLOSURES UNDER GREEN INFRA Solar, Biomass, Hydropower and other such projects.
BONDS
▲▲ Process for Evaluation and Selection of Eligible
Since the maiden issuance by YES BANK in 2015, Green
Projects: The Bank’s process starts with interactions
Bonds have emerged as an innovative instrument for
with potential borrowers to understand the overall
financing climate action in India. Over the past few years,
aspects of the project and a preliminary confirmation
the Green Bonds market has witnessed a steady growth and
against the eligibility criteria. The evaluation moves
is currently pegged at over USD 7 billion. Green Bonds are
to risk assessment for confirmation of the eligibility,
playing a pivotal role towards the realization of ambitious
post which further documentation is sought as per
climate targets that India pledged during Paris Accord in
the Bank’s policies and GBP.
2015. Driven by its commitment of mobilizing USD 5 billion
towards climate action by 2020, as taken during Paris ▲▲ Management of Proceeds: Green Bond allocations
Accord, YES BANK has issued three green bonds: to eligible projects are tracked by the Bank through
an MIS based asset tagging system on a quarterly
▲▲ February 2015: YES BANK issued India’s first-ever
basis. The unallocated proceeds, if any, are placed
Green Infrastructure Bonds, raising an amount of
in liquid instruments (Government Securities) on a
`10 billion. This 10 year tenor bond witnessed strong
quarterly basis.
demand from leading investors including Insurance
companies, Pension & Provident Funds, Foreign ▲▲ Reporting: The Bank’s communication to investors
Portfolio Investors, New Pension Schemes and through an annual update includes:
Mutual Funds.
▲▲ List of projects to which proceeds have been
▲▲ August 2015: YES BANK raised `3.15 billion allocated to, with brief description including
through the issue of Green Infrastructure Bonds amounts disbursed, installed capacity
to International Finance Corporation on a private
▲▲ Summary of Environment and Social (E&S)
placement basis which is the first investment by IFC
impacts associated with projects, if any
in an Emerging Markets Green Bond issue in the
world. The bonds are for a tenor of 10 years. IFC paid ▲▲ Information on investment of unallocated
for the placement using the proceeds from the first 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 energy generation. Estimated CO2 emission
reductions are shared along with project details.
List of projects against which green bonds proceeds have been allocated as on March 31, 2019 is provided below:
Proceeds Utilization* Against Bond Issuance Size of `1,000 crore (February 2015)
Estimated**
Total Fund Based
positive E&S Known significant
Sr. Utilization, ` crore
Project Location Description impacts - CO2 negative E&S
No. (as on
Emissions Reduc- Impacts
March 31, 2018)
tion (tCO2 / yr)
1. Maharashtra 31.5 MW wind energy project 121.32 45,756.09 None
2. Andhra Pradesh 10 MW solar energy project 18.61 18,183.66 None
3. Madhya Pradesh 12 MW wind energy project 38.48 28,595.27 None
4. Karnataka 50 MW solar energy project 94.44 92,588.38 None
5. Telangana 15 MW solar energy project 9.29 20,945.42 None
6. Telangana 143 MW solar energy project 189.74 2,90,199.61 None
9. Rajasthan & 155.4 MW wind energy project 231.20 2,55,734.57 None
Andhra Pradesh
11. Karnataka 21 MW wind energy project 56.57 48,758.60 None
Proceeds Utilization* Against Bond Issuance Size of `315 crore (August 2015)
Estimated**
Total Fund Based
Sr. Utilization, `crore
No. (as on
March 31, 2018)
tion (tCO2 / yr)
1. Andhra Pradesh 100 MW wind energy project 141.92 2,83,508.64 None
3. Telengana 5 MW solar energy project 22.63 9,625.44 None
Proceeds Utilization* Against Bond Issuance Size of `330 crore (December 2016)
Estimated**
Total Fund Based
Sr. Utilization, ` crore
No. (as on
March 31, 2018)
tion (tCO2 / yr)
1. Gujarat 30 MW wind energy project 40.87 68,677.52 None
4 Rajasthan 300 MW solar energy project 111.85 4,52,391.80 None
* For the Green Bonds which have been fully utilized, the cumulative lending to the projects which received the proceeds may exceed the
issuance size. The temporary unallocated proceeds (`60.73 crore of `315 crore bond issued in August 2015) have been invested in Government
Securities and will be allocated back to eligible projects, when available.
The assurance statement issued by KPMG India is attached as Annexure 4 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 under:
A. Conservation of Energy continue its focus on technology. This will enable the
Bank to build a more secure, resilient, and seamless
I. The steps taken or impact on
way of interacting and transacting for customers. It will
Conservation of Energy:
further enforce YES BANK’s endeavors to become a
▲▲ The Bank has been migrating to LED lighting technology-led company in the business of banking.
in phases. In present financial year we have
replaced 3,592 LED units, which has a potential During FY 2018-19, several new initiatives were
for annual energy saving of 20775 KW. completed successfully, as well as systems were
upgraded to latest versions to support the growing
needs of the Bank. The key Bank-wide projects
air‑conditioning systems that use ozone
completed during FY 2018-19 were:
depleting coolants, and in the current reporting
cycle, the Bank has initiated the process to ▲▲ ight Sourcing Strategy: YES BANK has
R
replace all air conditioners that are more than successfully completed transitions of end user
10 years old with energy efficient (star rated) support system, IT infrastructure management
systems that use eco-friendly coolants and and business applications maintenance, among
thus reducing its environmental footprint, others from total outsourcing arrangements to
which have potential saving of 10 to 15%. Right Sourcing operating model. This ensures
retention of key technology talent and a
more efficient use of partners. The model
signage’s using tube light with energy efficient
further entails the use of an optimal mix of
LED’s which have potential saving of 20 to
insourcing and outsourcing of staff to support
25%. In FY 2018-19, it has been completed
and maintain technology assets like business
across 70 branches.
applications and IT infrastructure.
▲▲ YES BANK’s energy management initiatives
▲▲ YES RAPIDO: A truly modern, state-of-the-art,
aim at reducing 15-20% energy consumption
lightweight workflow management solution
by introducing Energy management system,
having a front-end using Progressive Web
wherein the consumption will be monitored
Apps has been implemented by the Bank.
centrally using IOT.
YES Rapido leverages the power of Cloud
technologies like Kubernetes and micro
II. The steps taken by the Bank for utilizing
services to make it one of the most agile
alternate sources of Energy:
and resilient technologies. This digital fabric
he Bank has explored the potential of using
T solution will form a critical part of furthering
alternate sources of energy by installing 5KVA solar digital transformation objectives of the Bank.
system at Pune Bundh garden branch, which has a
▲▲ YES Genie: YES Genie leverages the Bank’s
potential to generate 7,200 units annually. The Bank
efforts to consolidate all its customer data
would continue to explore alternative sources of
(transactions, interactions, behavioral
energy in future.
attributes and so on) into the Big Data platform
III. The Capital Investment on Energy (Hadoop) as its Enterprise Datawarehouse
Conservation Equipments: technology. It is built using Modern Application
Architecture (the state-of-the-art Microservice

`4.25 crore spent in present financial year (including
Mesh using Kubernetes, Google Istio and other
AC retrofitting, LED projects at corporate offices and
latest technologies). As part of the first phase,
branch locations).
YES Genie creates a single view of customers
across all banking relationships with the Bank.
B. Technology Absorption Besides, it allows a call-to-action enablement
I. Efforts Toward Technology Absorption to assist in delivering services.
The advancements in Information Technology (IT) ▲▲ ES Bank Datathon: This initiative was
Y
have led to accelerated development in newer launched with the objective of crowd sourcing
technologies, resulting in higher demand for digital ideas and building an augmented data science
solutions to create alternative banking products that team for the Bank. In the first edition, YES BANK
deliver customer delight through a better service received an overwhelming response with over
delivery framework. 6,000+ applications. The key outcomes of the
YES BANK Datathon’s 1st edition were building
Since inception, YES BANK has been at the forefront data model prototypes for the Next Best Action
of technology innovation and adoption, and will model (predicting a next-best action of a

customer/user), Anomaly Detection model for the-art security framework and using concepts
POS terminals to ensure higher service levels of the Modern Technology architecture.
and a Recommender model for relationship
▲▲ nified Cash Management and Corporate
U
managers to identify priority customers.
Net-Banking Solution: A robust Core System
▲▲ API Banking: YES BANK has undertaken is critical to deliver a superior experience to
tremendous strides to ensure a stronger all corporate customers of the Bank. The new
connect with its customers and ensure a solution will enable a more seamless and
seamless experience when transacting and/ straight-through processed environment for
or making basic enquiries. Currently, it has customer transactions. This will also be scaled
more than 850 customers on API Banking and up further to ensure it promptly address the
this continues to grow at a healthy pace. This needs and expectations of customers and
product offering is replicated across Enterprise growing business volumes.
Technology Architecture and the ‘API first’
▲▲ xtend Cloud-based Use cases: YES BANK
E
philosophy is being imbibed by the Bank’s
plans to use Cloud infrastructure extensively to
technology team.
ensure that the power of FutureTech is being
▲▲ wards and accolades: YES BANK won
A leveraged across all levels of the Bank.
multiple awards at the prestigious Indian
▲▲
A pollo Program for OSD Technology
Banking Association Awards 2018-19. The Bank
Transformation: With a vision to position
was recognized with – Best use of customer-
YES BANK as the most ‘Customer Centric’
centric technology solution – Winner and Best
Bank in the services segment and focus on
Technology Bank 2019– Runner Up, Best use
the end-to-end Operation Service Delivery
of Analytics for superior Customer experience
(OSD) Technology Transformation with Digital
– Runner Up.
Solutions, Apollo Program will review, re-
II. Proposed New Projects imagine and/or re-engineer every Business
Operations Process, keeping customer at
There is a healthy pipeline of exciting new initiatives,
the forefront with the objective to ensure
which will enable YES BANK to deliver world-class
Efficiency, Productivity, Risk Management, and
digital-first customer service in both assisted and
Compliance.
self-help mode.
▲▲ ural Retail Banking: The Bank is building a
R
▲▲ etail Net-Banking Upgrade: A completely
R comprehensive mobility platform to create a
refreshed and revamped Retail Net-Banking paperless banking experience and become
platform is expected to be launched in the preferred banker in rural and semi-urban
FY 2019-20. It has been built using state-of- geographies.
III. In case of Imported Technology (imported during the last three years reckoned from the
beginning of the financial year):
Whether the If not fully absorbed, areas
Details of Technology Imported Year of Import Technology been where absorption has not taken
fully absorbed place, and the reasons thereof
Software Tokens for Net Banking, Implementation fees Aug-14 Yes NA
and delivery of Branded Software Tokens
Enabling Radius licenses for 10,000 concurrent users Sep-15 Yes NA
(SMS/E-mail, OATH, software tokens) on existing setup
Master Data Management licenses Nov-15 Yes NA
Cisco Wan Stack for Branch WAN Architecture Revamp Dec-16 Yes NA
Upgradation of Murex 2.11 to Murex 3.1 Apr-17 Yes NA
Cisco CUCM Dec-17 Yes NA
Portwise Nexus Hybrid Access Gateway Oct-18 Yes NA
Palo Alto Firewall Feb-19 Yes NA
C. Foreign Exchange Earnings and Outgo During the year ended March 31, 2019 the Bank
earned `37,897.01 million and spent `17,396.41
The Foreign Exchange earned in terms of actual
million in foreign currency. This does not include
inflows during the year and the Foreign Exchange
foreign currency cash flows in derivatives and
outgo during the year in terms of actual outflows.
foreign currency exchange transactions.

COMPLIANCE WITH SECRETARIAL (b) the directors had selected such accounting policies
STANDARDS and applied them consistently and made judgments
and estimates that are reasonable and prudent so
The Board of Directors affirm that the Bank has complied
as to give a true and fair view of the state of affairs
with the applicable Secretarial Standards issued by the
of the Bank at the end of the financial year and of the
Institute of Companies Secretaries of India (SS1 and
profit of the Bank for that period;
SS2) respectively relating to Meetings of the Board, its
Committees and the General Meetings. (c) the directors had taken proper and sufficient care for
the maintenance of adequate accounting records in
accordance with the provisions of the Companies
PREVENTION OF SEXUAL Act, 2013 for safeguarding the assets of the Bank
HARASSMENT OF WOMEN AT THE and for preventing and detecting fraud and other
WORKPLACE irregularities;
The Bank has Zero tolerance towards any act on the part
(d) the directors had prepared the annual accounts on a
of any executive which may fall under the ambit of ‘Sexual
going concern basis;
Harassment’ at workplace, and is fully committed to
uphold and maintain the dignity of every women executive (e) the directors, had laid down internal financial
working in the Bank. The Policy regarding Prevention controls to be followed by the Bank and that such
& Prohibition of Sexual Harassment at Workplace internal financial controls are adequate and were
provides for protection against sexual harassment of operating effectively; and
women at workplace and for prevention and redressal of
(f) the directors had devised proper systems to ensure
complaints. Also, in its endeavor to spread awareness on
compliance with the provisions of all applicable laws
the aforementioned policy and ensure compliance by all
and that such systems were adequate and operating
the executives, the Bank has implemented a plan of action
effectively.
to disseminate the information and train the executives
on the policy under the ambit of ‘Gender Respect and
Commitment to Equality’ (GRACE) program.
ACKNOWLEDGMENT
Your Directors take this opportunity to express their deep
The Bank has complied with provisions relating to the
and sincere gratitude to the customers of the Bank for
constitution of Internal Committee under the Sexual
their confidence and patronage, as well as to the Reserve
Harassment of Women at Workplace (Prevention,
Bank of India, Securities and Exchange Board of India,
Prohibition and Redressal) Act, 2013 (POSH).
Government of India, and other Regulatory Authorities for
Number of cases filed and their disposal under Section 22 their cooperation, support and guidance. Your Directors
of the POSH is as follows: would like to express a deep sense of appreciation for
the commitment shown by the employees in supporting
Particulars Numbers
the Bank in its continued robust performance on all fronts.
Number of complaints pending as on the 1
beginning of the financial year In the Bank’s 15th year of Institutional Excellence, the
Number of complaints filed during the 10 Directors would also like to thank all our valued partners,
financial year vendors and stakeholders who have played a significant
Number of complaints pending as on the 2 role in the continued Business Excellence achieved
end of the financial year by the Bank. Your Directors would also like to thank
the employees for their continued support as the Bank
DIRECTORS’ RESPONSIBILITY evolves as the “Professionals’ Bank of India” with a vision
STATEMENT of “BUILDING INDIA’s FINEST QUALITY LARGE BANK OF
THE WORLD IN INDIA”.
Pursuant to the requirement under Section 134(5) of the
Companies Act, 2013, it is hereby confirmed that:
For and on behalf of the Board of Directors
(a) in the preparation of the annual accounts, the
Ravneet Singh Gill Brahm Dutt
applicable accounting standards had been
Managing Director & CEO Chairman
followed along with proper explanation relating to
(DIN: 00091746) (DIN: 05308908)
material departures;
Place: Mumbai
Date: April 26, 2019

Annexure 1
THE ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
A brief outline of the Bank’s CSR policy, including overview of projects or programs proposed to be undertaken:
YES BANK’S CSR POLICY: ▲▲ Livelihood and Water Security

Through its Responsible Banking ethos, YES BANK has ▲▲ Employability and Entrepreneurship
created stakeholder value by implementing projects based
▲▲ Environmental Sustainability
on unique models with scalable and sustainable impact.
Guided by its Corporate Social Responsibility (‘CSR’) policy, ▲▲ Media for Social Change
the bank has delivered internal and external positive
▲▲ Awareness and educating communities on
socio-environmental impact by following a unique approach.
environmental and social topics of national importance
APPROACH TOWARDS CSR: WEB-LINK TO THE CSR POLICY:
▲▲ Promote principles of social responsibility and
https://www.yesbank.in/pdf/ybl_corporate_social_
inclusive growth through awareness and support.
responsibility_policy
▲▲ Invest in socially and environmentally responsible
activities to create positive impact.
COMPOSITION OF CSR COMMITTEE:
▲▲ Engage with stakeholders to further the sustainability
YES BANK recognizes its responsibility towards the society
agenda of the bank and empower with knowledge.
and environment in which it operates and accordingly
▲▲ Collaborate with likeminded institutions and forge has worked towards CSR and Sustainable Development
partnerships towards addressing the needs of the focusing on the ‘Triple Bottom line’ ethos since its inception.
stakeholders. YES BANK’s Corporate Social Responsibility Committee
monitors the CSR activities on a periodic basis.
▲▲ Monitor the environmental and social investment of
YES BANK Limited through structured governance Members of the committee as on March 31, 2019:
and transparent performance indicators.
1. Mr. Maheswar Sahu (Chairman), Independent Director
YES BANK’S FOCUS AREAS UNDER 2. Dr. Pratima Sheorey, Independent Director
CSR: 3. Lt. General (Dr.) Mukesh Sabharwal (Retd.),
1. Livelihood security and enhancement Independent Director
(a) Education 4. Mr. Ravneet Singh Gill, Managing Director & CEO
(b) Skills/Employability training
AVERAGE NET PROFIT BEFORE TAX
2. Healthcare and Social welfare OF THE BANK FOR LAST THREE
3. Environment Sustainability FINANCIAL YEARS:
`4,779 crore
4. Arts/Sports and culture
OVERVIEW OF ACTIVITIES: PRESCRIBED CSR EXPENDITURE

In line with the CSR policy and in accordance of Schedule
(TWO PER CENT OF THE AMOUNT AS
VII of the Companies Act, 2013, YES BANK undertook ABOVE)
unique initiatives during the year which positively `95.58 crore
impacted lives. The initiatives for FY 2018-19 focused on
scaling up projects that were launched over the last four
years with an objective to deliver on exponential impact
DETAILS OF CSR SPENT DURING THE
and creating sustainable CSR models.
FINANCIAL YEAR:
(a)
otal amount to be spent for the financial year:
T
The key initiatives undertaken during the year were in-line
`95.58 crore.
with YBL’s CSR focus areas under umbrella program

The Bank has spent `53.78 crore during
#YES S.T.A.R.T (Sustainable Transformation through
FY 2018-19.
Alliances, Relationships and Technology) including:
(b) Amount unspent, if any: `41.8 crore.

122
(c) Manner in which the amount spent during the financial year is detailed below:
Amount spent on the
projects or programs
Projects or programs
Amount outlay Subheads:
CSR project (1) Local area or other Cumulative Amount spent:
Sr. (budget) project (1) Direct
or activity Sector in which the project is covered (2) Specify the State and district Expenditure upto the Direct or through implementing
No. or program- expenditure
identified where projects or Programs Reporting Period agency
wise on projects or
was undertaken
programs
(2) Overheads
Banking Re-Imagined
1 Livelihood and • Making available safe drinking water Delhi/NCR, Goa, Gujarat, 25 crore 12.40 crore 47.01 crore Direct
Water Security • Livelihood enhancement Karnataka, Madhya Pradesh, Ammada Trust
Maharashtra, Rajasthan YES Foundation
National Skills Foundation of
India
2 Say YES to • Ensuring environment sustainability Delhi/NCR, Gujarat, Haryana, 12 crore 1.90 crore 12.29 crore Direct
Sustainable • Promoting preventive healthcare Karnataka, Madhya Pradesh, Foundation for MSME Clusters
MSMEs in India • Promoting education Maharashtra, Punjab, Rajasthan, (FMC)
Tamil Nadu, Telangana, West Entrepreneurship Development
Bengal Institute of India (EDII)
3 YES STEADY • Promoting education Pan India 13 crore 4.83 crore 19.57 crore Direct
(Skills Training • Livelihood enhancement Deshpande Foundation
and En- • Ensuring environment sustainability Villgro Innovations Foundation
hancement for
Development of
Youth)
4 Natural Capital • Ensuring environment sustainability Pan India 21 crore 3.16 crore 9.18 crore Direct
Initiatives • Promoting education
5 YES COMMUNITY • Promoting education Pan India 7 crore 6.99 crore 30.58 crore Direct
• Livelihood enhancement
• Promoting preventive healthcare
• Ensuring environment sustainability
6 Support to YES • Promoting education Pan India 22 crore 22 crore 58.56 crore YES Foundation
Foundation
7 Expenditure on 2.50 crore 8.69 crore
administrative
over-heads
TOTAL 53.78 crore 185.88 crore
REASONS FOR NOT SPENDING delivering large scale impact. This year the Bank has spent
PRESCRIBED CSR EXPENDITURE: `53.78 crore (1.13%) vis-a-vis budgeted `95.58 crore
(2%), towards CSR as per Section 135 of the Companies,
YES BANK, since inception has believed in creating
Act, 2013. While the percentage is lower than stipulated
sustained value for its stakeholders, through its
2%, the actual amount spent this fiscal is higher than
Responsible Banking ethos, by contributing positively
last year. The reason for lower spend, is on account of
towards economic development and socio-environmental
factors like milestone based project level disbursement to
objectives, thus playing a larger role in India’s overall
implementation partners, delays in permissions from local
sustainable development.
authorities and implementation schedule in this fiscal,
inability of implementation partners to scale-up projects
In FY 2018-19, with focus on impact & scale, the Bank
and quality of proposals to undertake new projects.
extensively worked on areas of national importance
YES BANK is highly committed to India’s developmental
like Livelihood & Water Security, Employability &
agenda and over the next year, is determined towards
Entrepreneurship, Environmental Sustainability and
increasing its CSR impact, supplemented by its continued
Social Transformation. During the year, the Bank provided
focus on sustainable development and responsible
access to safe and clean drinking water, to over 1 lakh
banking. The Bank would explore additional projects to
lives every day, across 330 railway stations, in partnership
take into account any shortfall that may occur.
with Indian Railways. This project, since FY 2015-16,
has provided access to safe and clean drinking water,
YES BANK stands committed to sustainable finance, which
to nearly 10 crore lives covering 1,005 railway stations,
it believes is the key to unlocking India’s potential and
across Maharashtra, Gujarat, Madhya Pradesh, Rajasthan,
achieving sustainable developmental goals. In-line with
Goa and Karnataka.
its COP 21 commitment, the Bank has been successful
in mobilizing USD 5 billion from 2015 to 2019, towards
Given the criticality of MSME sector to India’s low
projects with positive environmental impact through
carbon & sustainable economy, the Bank, since 2015,
lending, investing and raising capital. The Bank continued
extensively worked with 49,000 MSMEs, sensitizing on
to work extensively on livelihood enhancement programs
energy efficiency, circular economy, financial literacy and
especially with women, and financial inclusion with
occupational health & safety of its workers. The Bank’s
migrants. While these interventions are beyond the ambit
unique flagship community engagement initiative was
of the definition of CSR under the Companies Act, 2013,
instrumental in building awareness and educating
it has supplemented the Bank’s objectives, in creating a
communities on financial literacy, Swachh Bharat,
larger and deeper socio-economic impact.
environmental conservation and creation of a carbon sink,
through tree plantations, touching 2 lakh lives through the
The CSR Committee confirms that the implementation
year.
and monitoring of CSR Policy, is in compliance with CSR
objectives and Policy of the Bank.
As a public trust institution, being a responsible corporate
citizen is a part of YES BANK’s core values. With prudence
Ravneet Singh Gill Maheswar Sahu
it has been undertaking and investing in CSR projects
Managing Director & CEO Chairman – CSR Committee
that are unique, scalable and sustainable, continuously
(DIN: 00091746) (DIN: 00034051)

Annexure 2
FORM NO. MR-3
Secretarial Audit Report
For the financial year ended March 31, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (a) The Securities and Exchange Board of

The Members, India (Substantial Acquisition of Shares and
YES BANK Limited Takeovers) Regulations, 2011;
YES Bank Tower, IFC – II,
(b) The Securities and Exchange Board of India
15th Floor, Senapati Bapat Marg,
(Prohibition of Insider Trading) Regulations,
Elphinstone (W),
2015;
Mumbai 400 013
(c) The Securities and Exchange Board of India
We have conducted the Secretarial Audit of the (Share Based Employee Benefits) Regulations,
compliance of applicable statutory provisions and the 2014;
adherence to good corporate practices by YES BANK
(d) The Securities and Exchange Board of
Limited (hereinafter called the ‘Bank’) for the audit period
India (Issue and Listing of Debt Securities)
covering the financial year ended on March 31, 2019
Regulations, 2008;
(the ‘audit period’). Secretarial Audit was conducted
in a manner that provided us a reasonable basis for (e) The Securities and Exchange Board of India
evaluating the corporate actions and practices/statutory (Registrars to an Issue and Share Transfer
compliances and expressing our opinion thereon. Agents) Regulations, 1993 regarding the Act
and dealing with client;
Based on our verification of the Bank’s books, papers,
(f) The Securities and Exchange Board of
minute books, forms and returns filed and other records
India (Listing Obligations and Disclosure
maintained by the Bank and also the information
Requirements) Regulations, 2015 (‘SEBI LODR’);
provided by the Bank, its officers, agents and authorized
representatives during the conduct of Secretarial Audit, 5. The following other laws as applicable specifically
We hereby report that in our opinion, the Bank has, during to the Bank:
the audit period covering the financial year ended on
(a) The Banking Regulation Act, 1949 and
March 31, 2019, complied with the statutory provisions
Notifications and Circulars issued by the
listed hereunder and also that the Bank has proper
Reserve Bank of India (‘RBI’) from time to time
Board-processes and compliance-mechanism in place
(‘BR Act’);
to the extent in the manner and subject to the reporting
made hereinafter: (b) Securities and Exchange Board of India
(Merchant Bankers) Regulation, 1992;
We have examined the books, papers, minute books,
(c) Securities and Exchange Board of India
forms and returns filed and other records maintained by
(Depositories and Participants) Regulations,
the Bank for the financial year ended on March 31, 2019
1996;
according to the provisions of:
(d) Securities and Exchange Board of India
1. The Companies Act, 2013 (the ‘Act’) and the Rules
(Bankers to an Issue) Regulations, 1994.
made thereunder;
We have also examined compliance with the applicable
2. The Securities Contracts (Regulation) Act, 1956
clauses of Secretarial Standards issued by The Institute
(‘SCRA’) and the rules made thereunder;
of Company Secretaries of India related to the Board
3. The Depositories Act, 1996 and the Regulations and meetings and General Meetings.
Bye-laws framed thereunder;
During the audit period, the Bank has complied with the
4. The following Regulations and Guidelines prescribed
provisions of the Act, Rules, Regulations, Standards and
under the Securities and Exchange Board of India
Circulars as mentioned above.
Act, 1992 (‘SEBI Act’): -

During the period under review, provisions of the Agenda were sent at least seven days in advance,
following Act/Regulations though specified in the format and a system exists for seeking and obtaining further
of Form No. MR-3, were not applicable to the Bank: information and clarifications on the agenda items
before the meeting and for meaningful participation
1. The following Regulations and Guidelines prescribed at the meeting.
under the SEBI Act:-
▲▲ Decisions at the meetings of the Board of Directors
(a) The Securities and Exchange Board of India of the Bank (including the Board Level Committees),
(Issue of Capital and Disclosure Requirements) and the resolutions approved through circulations,
Regulations, 2009; were carried through on the basis of majority. There
were no dissenting views by any member of the
(b) The Securities and Exchange Board of India
Board of Directors during the period under review.
(Delisting of Equity Shares) Regulations, 2009;
and
We further report that there are adequate systems and
(c) The Securities and Exchange Board of India processes in the Bank commensurate with the size and
(Buyback of Securities) Regulations, 1998. operations of the Bank to monitor and ensure compliance
with applicable laws, rules, regulations and guidelines.
2. Foreign Exchange Management Act, 1999 and the
rules and regulations made thereunder to the extent
We further report that during the audit period:
of Foreign Direct Investment, Overseas Direct
Investment and External Commercial Borrowings.
(a) The Bank has Allotted 1,20,65,794 (One Crore
Twenty Lakh Sixty Five Thousand Seven Hundred
We further report that -
and Ninety Four) equity shares of face value of `2/-
▲▲ The Board of Directors of the Bank is duly constituted each under ESOP Schemes of the Bank.
with proper balance of Executive Directors, Non-
(b) The Bank has received final license from SEBI for
Executive Directors and Independent Directors. The
Custodian of Securities Business.
changes in the composition of the Board of Directors
that took place during the period under review were (c) The Bank has received certain Show Cause Notices
carried out in compliance with the provisions of the from the Regulatory Authorities which have been
Act, SEBI LODR and BR Act. placed before the Audit Committee and/or the
Board of Directors of the Bank and suitable actions
▲▲ Adequate notice is given to all the Directors to
have been taken by the Bank in compliance with the
schedule the Board Meetings (including Board Level
relevant Regulations.
Committees), Agenda and detailed notes on the
(d) Pursuant to the approval granted by Reserve Bank of India, the Bank has exercised Call Option and redeemed
following Bonds/Debentures as given below:
Instrument Type Allotment Date Maturity Date Amount Tenor (Years) Call Option Date
Tier I perpetual Bonds June 27, 2008 Perpetual $ 5 million Perpetual June 27, 2018
Upper Tier II Bonds June 27, 2008 June 27, 2023 $ 80 million 15 June 27, 2018
Upper Tier II Bonds September 15, 2008 September 15, 2023 `200 Crores 15 September 15, 2018
Tier I Perpetual Bond February 21, 2009 Perpetual `115 crores Perpetual February 21, 2019
Tier I Perpetual Bond March 9, 2009 Perpetual `39 crores Perpetual March 9, 2019
(e) The Bank has received SEBI approval to launch borrowed out of the Bank’s IFSC Banking Unit (IBU)
Mutual fund business dated July 4, 2018. This in Gujarat International Finance Tec City (GIFT)
approval is subsequent to the Reserve Bank of and will be utilized to support the IBU’s growing
India’s approval granted to YES BANK to sponsor a business.
Mutual Fund followed by SEBI’s in-principle approval
(g) The Capital Raising Committee of the Board of
received subsequently.
the Bank (“CRC”) on September 11, 2018, has
(f) The Bank has raised USD 400 million through approved the issue of rated, listed , non-convertible,
syndicated loan facility dated September 11, 2018, redeemable, unsecured, BASEL III compliant Tier II

Bonds, in the nature of debentures (“Debentures”), (m) The Bank has sold 12,337,323 equity shares having
of `10,00,000 each aggregating upto `3,000 crore nominal value of `10/- each constituting 2.1279%
with Green Shoe Option of upto `1,000 crore. Out of the paid up share capital of Fortis Healthcare
of that 30,420 Debentures of `10,00,000 each Limited, in various tranches last being on December
aggregating to `3,042 crore were issued and 18, 2018 resulting into a change in holding of the
allotted by the CRC on September 17, 2018, on Bank by more than 2% of the total shareholding
private placement basis. of FHL, from last disclosure made by the Bank on
March 15, 2018.
(h) The Bank has changed its registered office from 9th
floor, Nehru Centre, Discovery of India, Dr. Annie (n) The Bank on January 3, 2019 has sold 29,28,504
Besant Road, Worli, Mumbai - 400 018 to YES equity shares of Valecha Engineering Limited having
BANK Tower, IFC-II, 15th floor, Senapati Bapat Marg, nominal value of `10/- each, constituting 12.99824%
Elphinstone (W), Mumbai - 400 013. of the paid up share capital of VEL, resulting into a
change in holding of the Bank by more than 2% of
(i) The Bank on November 14, 2018 has acquired
total shareholding of VEL, from the last disclosure
29,28,504 equity shares, constituting 12.99% of
made by the Bank on November 14, 2018. Post sale
the paid up share capital, having nominal value
of above mentioned shares in VEL stands NIL as on
of `10/- per share of Valecha Engineering Ltd,
January 3, 2019.
pursuant to invocation of pledge on the said equity
shares subsequent to default by promoters group (o) The Bank on January 3, 2019 has sold 2,30,655
companies in credit facility provided by Bank. equity shares constituting 30.00% of the paid up
share capital, having nominal value of `100/- per
(j) The Bank on November 14, 2018 has acquired
share of Valecha Investment Pvt Ltd, which were
2,30,655 equity shares constituting 30.00% of
acquired by way of invocation of pledge by the
the paid up share capital, having nominal value
Bank. Post sale of above mentioned shares in VIPL
of `100/- per share of Valecha Engineering Ltd,
stands NIL as on January 3, 2019.
pursuant to invocation of pledge on the said equity
shares subsequent to default by promoters group (p) RBI under Section 47A of the Banking Regulation
companies in credit facility provided by Bank. Act, 1949 has levied aggregate penalty of `10 million
on Bank for non-compliance of Regulatory directions
(k) Name of Registrar and Transfer Agent of the Bank
observed during assessment of implementation
has been changed from ‘Karvy Computershare
of SWIFT – related operational controls dated
Private Limited’ to ‘Karvy Fintech Private Limited’
March 5, 2019.
with effect from November 17, 2018.
(q) The unclaimed dividend amount due to be
(l) The Bank on November 27, 2018 has acquired
transferred to the Investor Education and Protection
4,591,123 equity shares resulting in aggregating
Fund (IEPF) during the year ended March 31, 2019
holding of 4,655,884 equity shares (including
has been transferred without any delay.
initial holding of 64,761 equity shares of Dion
Global Solutions Limited held by YES Bank before For BNP & Associates
acquisition of 4,591,123 equity shares) constituting Company Secretaries
14.446971 % of the paid up share capital, having
nominal value of `10 per share of Dion Global B. Narasimhan
Solutions Limited, pursuant to invocation of pledge Partner
on the said equity shares subsequent to default by FCS 1303 /CP No. 10440
Dion Global Solutions Ltd. In repayment of credit Place: Mumbai
facilities sanctioned by Bank. Date: April 26, 2019

ANNEXURE I TO THE SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR

ENDED MARCH 31, 2019
To,
The Members,
YES Bank Limited
Our Secretarial Audit Report of even date is to be read along with this letter.
1. The compliance of provisions of all laws, rules, regulations, standards applicable to YES BANK Limited (the ‘Bank’)
is the responsibility of the management of the Bank. Our examination was limited to the verification of records and
procedures on test check basis for the purpose of issue of the Secretarial Audit Report.
2. Maintenance of secretarial and other records of applicable laws is the responsibility of the management of the
Bank. Our responsibility is to issue Secretarial Audit Report, based on the audit of the relevant records maintained
and furnished to us by the Bank, along with explanations where so required.
3. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial and other legal records, legal compliance mechanism and corporate
conduct. The verification was done on test check basis to ensure that correct facts as reflected in secretarial and
other records produced to us. We believe that the processes and practices we followed, provides a reasonable
basis for our opinion for the purpose of issue of the Secretarial Audit Report.
4. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Bank.
5. Wherever required, we have obtained the management representation about the compliance of laws, rules and
regulations and major events during the audit period.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Bank nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Bank.
For BNP & Associates

Company Secretaries
B. Narasimhan
Partner
FCS 1303 /CP No. 10440
Place: Mumbai

Annexure 3
The ratio of the remuneration of each director to the median employee’s remuneration
and other details in terms of sub-section 12 of Section 197 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014:
Sr.
Requirements Disclosure
No.
I. The ratio of the remuneration of each director to the median Ashok Chawla 2.4x
remuneration of the employees for the financial year Ex-MD & CEO – Rana Kapoor 82.8x
Brahm Dutt 0.9x
Interim MD & CEO – Ajai Kumar 1.9x
MD & CEO – Ravneet Singh Gill 7.6x
II. The percentage increase in remuneration of each Director, CFO, Ex-MD & CEO – Rana Kapoor 21.2%
CEO, CS in the financial year MD & CEO – Ravneet Singh Gill -
Interim MD & CEO – Ajai Kumar -
CFO -
CS 30.9%
Ashok Chawla -
Brahm Dutt -
Notes:
1. Mr. Rana Kapoor demitted the office as
MD & CEO w.e.f. the close of business hours
on January 31, 2019
2. Mr. Ajai Kumar was appointed as Interim MD
& CEO w.e.f. February 1, 2019 to February 28,
2019.
3. Mr. Ravneet Singh Gill took charge as MD &
CEO w.e.f. March 1, 2019.
4. Mr. Ashok Chawla resigned w.e.f.
November 14, 2018.
5. Mr. Brahm Dutt was appointed as Part-Time
Chairman w.e.f. January 11, 2019.
III. The percentage increase in the median remuneration of The median remuneration of the employees
employees in the financial year in the financial year was increased by 12.00%.
The calculation of % Increase in Median
Re‑muneration is done based on comparable
em-ployees. For this we have excluded
employees who were not eligible for any
increment.
IV. The number of permanent employees on the rolls of the Bank There were 21,136 employees as on
March 31, 2019
V. Average percentile increase already made in the salaries of Not Applicable to the Bank, as all the
employees other than the managerial personnel in the last employees are considered under Managerial
financial year and its comparison with the percentile increase in role.
the managerial remuneration and justification thereof and point
out if there are any exceptional circumstances for increase in the
managerial remuneration
VI. Affirmation that the remuneration is as per the remuneration Yes, it is confirmed
policy of the Bank
General Notes (GN):

1. Remuneration in case of MD & CEO is regulated by RBI guidelines.
2. he Remuneration for the purpose of this table is defined as “Total Cost to the Company (TCC) + Approved Bonus”
T
for all the employees except for KMPs. KMPs remuneration is as per the Form 16 (on an annualized basis) excluding
stock option exercised since it does not form part of TCC.

Annexure 4
INDEPENDENT ASSURANCE STATEMENT
To the management of Yes Bank Limited, Yes Bank Tower, ▲▲ Determine which, if any, recommendations should
IFC-2, 15th Floor, Senapati Bapat Marg, Elphistone (W), be implemented
Mumbai - 400 013, Maharashtra, India.
▲▲ Provide assurance on information outside the
defined reporting boundary and period
Introduction ▲▲ Verify the Issuer’s financial statements & economic
We were engaged by Yes Bank Limited (‘Issuer’) to performance
undertake an independent review of the following green
▲▲ Verify the Issuer’s statements that describe
bonds:
expression of opinion, belief, aspiration, expectation,
▲▲ Green bonds for `1,000 crores issued on aim or future intention and national or global socio-
February 24, 2015 economic and environmental aspects provided by
the Issuer.
▲▲ Green bonds for `315 crores issued on
August 5, 2015
▲▲ Green bonds for `330 crores issued on December
Work undertaken
29, 2016 We planned and performed our work to obtain all
the evidence, information and explanations that
Our responsibility was to provide “limited assurance”
we considered necessary to obtain a meaningful
on conformance of the aforementioned green bonds
level of assurance in relation to the above scope.
and the accompanying report “Disclosures under Green
The procedures we performed, which are set out in
Infrastructure Bonds for FY 2018-19” with the Green
detail below, were based on our professional judgment
Bond Principles, 2018 during the Financial Year (FY)
and included, as appropriate, inquiries, observation
2018-19.
of processes performed, inspection of documents,
analytical procedures, evaluating the appropriateness
Assurance Standards of quantification methods and reporting policies and
agreement or reconciliation with underlying records.
We conducted our engagement in accordance with
We believe that the procedures we have performed
requirements of ‘Limited Assurance’ as per International
and the evidence we have obtained are sufficient and
Federation of Accountants’ (IFAC) International Standard
appropriate to provide a basis for our limited assurance
on Assurance Engagements [ISAE 3000 (Revised),
conclusion.
Assurance Engagements Other than Audits or Reviews of
Historical Financial Information].
To reach our conclusion we:
Assurance scope and level of assurance ▲▲ Checked the Issuer’s Green Bond Framework that
includes processes, systems and controls in place
Our scope of assurance included information on material
for management of bond proceeds; investment
aspects of the green bond during FY 2018-19 based on
areas for green bond proceeds and intended
the requirements of the Green Bond Principles, 2018 as
types of temporary investment instruments for the
listed below:
management of unallocated proceeds;
▲▲ Use of Proceeds
▲▲ Read sections of the bond disclosure documentation
▲▲ Process for Project Evaluation and Selection that also support the objects of the green bond
issue, investment areas for proceeds and intended
▲▲ Management of Proceeds
types of temporary investment instruments for the
▲▲ Reporting management of unallocated proceeds;
▲▲ Conducted interviews with management and key
Specific limitations and exclusions staff responsible for the green bond to understand
how the processes, systems and controls defined in
Our assurance process was subject to the following
the Green Bond Framework have been implemented
limitations as we have not been engaged to:
in the financial year;

▲▲ Checked the list of projects to which bond proceeds applicable independence and other ethical requirements
have been allocated in the financial year and their of the IESBA code.
conformance with the criteria defined in the Green
Bond Framework;
Management’s responsibility
▲▲ Confirmed the amount of bond proceeds allocated
The Management of the Issuer is responsible for ensuring
to projects at the end of each quarter in the financial
that the Issuer and their green bond complies with the
year through examination of a sample set of
requirements of the Green Bond Principles, 2018.
statements of accounts;
This responsibility includes designing, implementing
▲▲ Confirmed the allocation of unallocated bond and maintaining systems and processes relevant for the
proceeds to government securities at the end of each management of green bond proceeds.
quarter in the financial year through examination of
statements from Financial Management team of the The Management of the Issuer is also responsible for
Issuer; and preventing and detecting fraud and for identifying and
ensuring that Issuer complies with laws and regulations
▲▲ Recalculated estimated carbon dioxide emission
applicable to its activities.
reductions from projects using information collected
by the Issuer.
Our responsibility
Conclusions Our responsibility is to report in the form of an independent
limited assurance conclusion in relation to the above
The following conclusion is based on the work performed
scope based on the procedures performed and the
and evidence obtained and the scope of our assurance
evidence obtained. We conducted our engagement with
engagement described above.
a multidisciplinary team which included professionals with
suitable skills and experience in auditing environmental,
Nothing has come to our attention to suggest that the
social and economic information in line with the
green bonds issued in February 2015, August 2015 and
requirements of ISAE 3000 standard.
December 2016 by the Issuer and the accompanying
report “Disclosures under Green Infrastructure Bonds for
This assurance report is made solely to Issuer in
FY 2018-19” are not, in all material respects, conforming
accordance with the terms of our engagement, which
to the requirements of the Green Bond Principles, 2018,
include agreed arrangements for disclosure. Our work
during FY 2018-19.
has been undertaken so that we might state to Issuer
those matters we have been engaged to state in this
Independence assurance report and for no other purpose. Our assurance
report should not be regarded as suitable to be used or
The assurance was conducted by a multidisciplinary team
relied on by any party wishing to acquire rights against
including professionals with suitable skills and experience
us other than Issuer for any purpose or in any context.
in auditing environmental, social and economic
Any party other than Issuer who obtains access to our
information in line with the requirements of ISAE 3000
assurance report or a copy thereof and chooses to rely on
standard. Our work was performed in compliance with the
our assurance report (or any part thereof) will do so at its
requirements of the IFAC Code of Ethics for Professional
own risk. To the fullest extent permitted by law, we accept
Accountants, which requires, among other requirements,
or assume no responsibility and deny any liability to any
that the members of the assurance team (practitioners)
party other than Issuer for our work, for this independent
as well as the assurance firm (assurance provider) be
limited assurance report, or for the conclusions we
independent of the assurance client, in relation to the
have reached.
scope of this assurance engagement. The Code also
includes detailed requirements for practitioners regarding
integrity, objectivity, professional competence and due
Manpreet Singh
care, confidentiality and professional behaviour. We have
Director
systems and processes in place to monitor compliance
KPMG India
with the Code and to prevent conflicts regarding
independence. We apply ISQC 1 and comply with the

Report on Corporate Governance

(The Report on Corporate Governance forms part of the Directors’ Report for the year ended March 31, 2019)
I BANK’S PHILOSOPHY ON Governance practices and oversees how the

CODE OF GOVERNANCE Management serves and protects the long-term
interests of the stakeholders.
YES BANK is committed to set the highest standards
of Corporate Governance right from its inception and YES BANK’s Corporate Governance framework
has benchmarked with the best in class practices ensures that timely disclosures are made and
across the globe. Effective Corporate Governance is accurate information is shared regarding the
the manifestation of professional beliefs and values, financials and performance, as well as the leadership
which configures the organizational values, credo and governance of the Bank.
and actions of its employees. Transparency and
accountability are the fundamental principles to
sound Corporate Governance, which ensures that
nvironmental, Social & Governance
E
the organization is managed and monitored in a
Rating
responsible manner for ‘creating and sharing value’. Corporate Governance is emerged as an
It is a key element to carry on business operations essential tool in the organizational management
based on the underlying principles of integrity, globally. Strong Corporate Governance practices
ethics, transparency and accountability. Over the have become crucial in achieving competitive
last few decades, Corporate Governance is getting advantage and positively impacting profitability.
ever increasing importance across the globe. YES BANK endeavors to benchmark itself with the
Systems and policies are required to be upgraded best of companies in India and globally, to maintain
regularly, to meet the challenges of rapid growth in the highest ratings for its Environmental, Social
a dynamic business environment. and Governance (ESG) practices. We are pleased
to advise you that in FY 2018-19, YES BANK
YES BANK believes that there is a need to became the only Indian Bank to be awarded with
view Corporate Governance as more than ‘PRIME’ status by OEKOM Research AG. With this
just regulatory requirements as there exists a recognition, YES BANK stands amongst the top
fundamental link with the organization of business, 12% of 249 Global financial institutions assessed on
corporate responsibility and shareholder’s wealth ESG performance.
maximization. Therefore, the Bank is articulating
a multi-stakeholder model (including shareholder YES BANK continued to be the first and only Indian
value) of accountability that will manage the symbolic Bank to be selected as an index component on
relationship between the various stakeholders. the Dow Jones Sustainability Indices (DJSI) –
This approach will be central to the day-to-day Emerging Markets Index, for the fourth consecutive
functioning of the Bank and in implementation of its year. The Emerging Markets Index for 2018
business strategy. comprises of 94 companies from 14 emerging
economies, which were selected after a rigorous
As part of the Bank’s objective and commitment assessment of world’s largest 3,500 companies
to implement best practices in Corporate on around 600 data points. YES BANK is the only
Governance, it is felt necessary to codify these Indian Bank, among 50 global banks, to be included
Governance Practices of the Bank by framing in DJSI family.
the ‘Code for Corporate Governance’ as another
milestone towards its endeavor for achieving higher YES BANK also became the first & only Indian Bank
governance standards. Accordingly, the Board has to be included in the RobecoSAM-DJSI Sustainability
adopted the ‘Code for Corporate Governance’. Yearbook’s 2018 edition, which indicates that
YES BANK’s ESG performance is within 30% of
YES BANK believes that an active, well-informed the top performing companies in the banking
and independent Board is necessary to ensure sector globally.
highest standards of Corporate Governance.
It is well-recognized that an effective Board is a The Bank was also selected in the FTSE4Good
pre-requisite for a strong and effective Corporate Emerging Index for 2nd consecutive year.
Governance. At YES BANK, the Board of Directors The selection highlights YES BANK’s continued
(the ‘Board’) is at the core of the Corporate leadership in ESG performance. YES BANK was

rated above the threshold for companies in emerging Appointment of Directors
markets, as well as that of developed markets, by
1. r. Subhash Chander Kalia was inducted on the
M
FTSE Russell and was selected amongst 87 Banks
Board as Additional (Non-Executive Non-Independent)
from emerging markets.
Director w.e.f. April 3, 2018, who was appointed as Non-
Executive Non-Independent Director by the shareholders
During FY 2018-19, YES BANK became the only
at the 14th Annual General Meeting (AGM) of the Bank
Indian Bank to be included in the 100 most advanced
held on June 12, 2018.
companies in VigeoEiris Best Emerging Markets
performer. The Bank was selected after a rigorous 2. r. Pratima Sheorey and Mr. Rentala Chandrashekhar
D
assessment of 813 companies across 20 countries. were inducted on the Board as Additional Directors
(Independent) w.e.f. April 26, 2018, who were appointed
YES BANK has closely aligned its Corporate as Independent Directors by the shareholders at the
Governance practices with shareholders’ interests, 14th AGM of the Bank held on June 12, 2018.
undertaking in-depth reporting and disclosures on all
3. Mr. Uttam Prakash Agarwal was inducted on the Board
key aspects of the business. The Bank is a benchmark
as Additional Director (Independent) w.e.f. November
institution for Triple Bottom Line accounting and
14, 2018, subject to the approval of the shareholders in
reporting in India in FY 2018-19, and continues to
the ensuing AGM.
adhere to GRI standards and Integrated Reporting
guidelines of the International Integrated Reporting 4. Mr. Thai Salas Vijayan was inducted on the Board as
Council. YES BANK follows international standard Additional Director (Independent) w.e.f. December 3,
and best practices and has been successfully 2018, subject to the approval of the shareholders in the
certified for ISO 27001/2013 certification for its ensuing AGM.
Information Security Management System.
5. Mr. Maheswar Sahu and Mr. Anil Jaggia were inducted
on the Board as Additional Directors (Independent)
II BOARD OF DIRECTORS w.e.f. January 24, 2019, subject to the approval of the
shareholders in the ensuing AGM.
The composition of Board of Directors of the Bank is
governed by the relevant provisions of the Banking 6. Mr. Brahm Dutt, Non-Executive Independent Director,
Regulation Act, 1949, the Companies Act, 2013 and was appointed as ‘Part-Time Chairman’ of the Bank
rules made thereunder, Securities and Exchange w.e.f January 11, 2019, pursuant to the approvals received
Board of India (Listing Obligations and Disclosure from RBI and will hold office till January 10, 2022.
Requirements) Regulations, 2015 (‘Listing
7. Mr. Ajai Kumar, Non-Executive Non-Independent Director,
Regulations’), the Articles of Association of the Bank
was appointed as ‘Interim MD & CEO’ of the Bank
and all other applicable laws and in accordance
for the period from February 1, 2019 to February 28,
with the best practices in Corporate Governance
2019 and thereafter continued as Non-Executive Non-
from time to time.
Independent Director of the Bank.
The Corporate Governance philosophy of the 8. The Board of Directors of the Bank on January 24,
Bank establishes that the Board’s independence is 2019, basis recommendations of the Nomination &
essential to bring objectivity and transparency in the Remuneration Committee appointed Mr. Ravneet
Management and in the dealings of the Bank. Singh Gill as an Additional Director effective from the
date of his taking charge and to hold office up to the
As on March 31, 2019, the Board of Directors date of this AGM. In the said meeting, the Board also
comprised of 10 Directors, 1 Non-Executive appointed Mr. Gill as the Managing Director and Chief
Independent Part-Time Chairman, 6 Independent Executive Officer (MD & CEO) of the Bank for the period
Directors, 2 Non-Executive Non-Independent of three (3) years commencing from the date of his
Directors and 1 Managing Director & Chief Executive taking charge as MD & CEO, on the terms & conditions
Officer (MD & CEO). The Bank has eminent persons as approved by the RBI and as may be further decided
from diverse fields as Directors on its Board. by the Board of Directors, from time to time, subject to
The composition of Board of Directors represents necessary sanctions and approvals from the RBI and
the optimal mix of professionalism, qualification, the Shareholders of the Bank, as may be applicable.
knowledge, skill sets, track record, integrity, Mr. Gill took charge as MD & CEO of the Bank w.e.f.
expertise and diversity of experience as required March 1, 2019.
in the Banking Business. The Board reviews its
9. Mr. Ravinder Kumar Khanna has been inducted on the
strength and combination from time to time to
Board as Additional (Non-Executive Non‑Independent),
ensure that it remains aligned with the statutory as
Indian Partners Representative Director w.e.f. April 26,
well as business requirements.

2019, subject to the approval of the shareholders in the 5. Mr. Rentala Chandrashekhar, Non-Executive
ensuing AGM. Independent Director of the Bank resigned w.e.f.
November 19, 2018, citing that he was deeply
10. Ms. Shagun Kapur Gogia has been inducted on the
concerned about the recent developments at the Bank
Board as Additional (Non-Executive Non-Independent),
and dismayed at the manner in which they have been
Indian Partners Representative Director w.e.f. April 26,
dealt with and it is more distressing that all this should
2019, subject to the approval of the shareholders in the
have been occurred during a critical transition period
ensuing AGM.
when tact, wisdom and purposeful, well-considered
actions were called for and the resulting situation
Re-appointment of the Directors arising from recent development and their handling is
not conducive to the discharge of his duties.
1. Mr. Subhash Chander Kalia, Non-Executive
Non‑Independent Director, being liable to retire 6. Mr. Rana Kapoor demitted the office as MD & CEO of
by rotation, shall retire at the ensuing AGM and the Bank w.e.f. close of business hours on January 31,
being eligible for re-appointment, offers himself for 2019 upon completion of his term pursuant to RBI’s letter
re‑appointment. dated September 17, 2018.
2. Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.), Non‑Executive None of the Directors of the Bank are related to each other.
Independent Director, will complete his first term as an
Independent Director on June 13, 2019 and is eligible for
re-appointment as an Independent Director of the Bank
List of Core Skills/ Experience/
for the second term upto April 24, 2020 (i.e. completion
Competencies Identified by the Board
of eight years in the Bank as permissible under Banking The Board of Directors have identified the following
Regulation Act, 1949), or such other extended term as Core Skills/ Practical Experience/ Special Knowledge/
may be approved by RBI. Competencies as required in the context of its business(es)
and sector(s) for it to function effectively. The same
3. Mr. Brahm Dutt, Non-Executive Independent Director,
are in line with the relevant provisions of the Banking
will complete his first term as an Independent Director
Regulation Act, 1949 and relevant circulars issued by RBI
on June 13, 2019 and is eligible for re-appointment as an
from time to time:
Independent Director of the Bank for the second term
upto January 10, 2022.
1. Accountancy;
2. Agriculture and Rural Economy;
Retirement/Cessation of Directors
3. Banking;
1. In terms of RBI letter dated January 28, 2016 & March
28, 2018, Mr. Saurabh Srivastava completed his tenure 4. Co-operation;
as a Non-Executive Independent Director of the Bank
5. Economics;
w.e.f. close of business hours on April 22, 2018.
6. Finance;
2. s. Debjani Ghosh, Non-Executive Independent
M
Director has resigned from the office of the Director 7. Law;
on April 26, 2018, due to her pre‑occupation with full
8. Small-Scale Industry;
time engagement as President of National Association
of Software and Services Companies (NASSCOM). 9. Information Technology;
3. Mr. Ashok Chawla, Non-Executive (Independent) 10. Payment & Settlement Systems;
Part‑Time Chairman of the Bank resigned w.e.f.
11. Business Management;
November 14, 2018, mentioning that during the current
transition period, the Bank would need a Chairman who 12. Risk Management;
could devote more time and attention.
13. Human Resources; and
4. Mr. Vasant Gujarathi, Non-Executive Independent
14.
Any other matter the special knowledge of,
Director of the Bank resigned w.e.f. close of
and practical experience in, which would, in the
business hours on November 14, 2018, due to
opinion of the Reserve Bank, be useful to the
personal commitments.
banking company.

Composition of the Board of Directors
The Composition of the Board of Directors of the Bank as on March 31, 2019, including skill sets/ expertise/ competencies/
practical knowledge and list & category of Directorship in other listed companies are as follows:
Sr. Name of the Director Category Special Knowledge/ Practical List and Category
No. Experience/ Skills/ Expertise/ of Directorship
Competencies in other Listed
Companies
1. Mr. Ravneet Singh Gill MD & CEO
▲▲ Banking – Credit, Risk Management, Nil
Foreign Exchange, Trade Finance,
Investment Banking and Structured
Finance
2. Mr. Brahm Dutt Non-Executive ▲▲ Small Scale Industry; and Nil
(Independent) Part-Time ▲▲ Infrastructure
Chairman
3. Lt. Gen. (Dr.) Mukesh Non-Executive Nil
▲▲ Human Resources;
Sabharwal (Retd.) Independent Director
▲▲ Business Strategy; and
▲▲ Security Systems
4. Mr. Ajai Kumar Non-Executive ▲▲ Banking; Nil
Non‑Independent Director ▲▲ Risk Management;
▲▲ Information Technology;
▲▲ Finance;
▲▲ Agriculture;
▲▲ Human Resources;
▲▲ Investments;
▲▲ Treasury Operations;
▲▲ Business Management; and
▲▲ Payment & Settlement Systems
5. Mr. Subhash Non-Executive ▲▲ Risk Management; Nil
Chander Kalia Non‑Independent Director ▲▲ Banking;
▲▲ Micro & Small Enterprise Finance;
▲▲ Priority Sector Lending;
▲▲ Credit Recovery;
▲▲ Infrastructure;
▲▲ Agriculture lending;
▲▲ Rural economy; and
▲▲ Business Management
6. Dr. Pratima Sheorey Non-Executive ▲▲ Marketing; Nil

Independent Director
▲▲ Business Strategy;
▲▲ Human Resources; and
▲▲ Business Management
7. Mr. Uttam Prakash Additional Director ▲▲ Accountancy; Globe International
Agarwal (Independent) ▲▲ Finance; Carriers Limited
▲▲ Corporate Advisory; (Independent
Director)
▲▲ Taxation; and
▲▲ Management Consultancy
8. Mr. Thai Salas Vijayan Additional Director ▲▲ Information Technology; Nil
(Independent) ▲▲ Marketing;
▲▲ Human Resource;
▲▲ Strategic Management; and
▲▲ Corporate Governance

Sr. Name of the Director Category Special Knowledge/ Practical List and Category
No. Experience/ Skills/ Expertise/ of Directorship
Competencies in other Listed
Companies
9. Mr. Maheswar Sahu Additional Director ▲▲ Strategic Planning; National Aluminum
(Independent) ▲▲ Leadership; Company Limited
▲▲ Organization & Institution Building; (Additional Director)
▲▲ Environment Management;
▲▲ Marketing and Policy Making; and
▲▲ Corporate Society Responsibility
10. Mr. Anil Jaggia Additional Director Nil
▲▲ Information Technology - Strategy
(Independent)
& Implementation;
▲▲ Risk Management;
▲▲ Retail & Wholesale Banking;
▲▲ Governance;
▲▲ Value Creation;
▲▲ Strategic Planning;
▲▲ Stakeholder Management; and
▲▲ Operations and Process
Optimization
Notes:
▲▲ In terms of Section 10(2A) of the Banking Regulation Act, 1949 all Directors other than the Chairman and/or Whole-time Directors or MD & CEO
cannot hold office continuously for a period exceeding eight (8) years.
▲▲ The Nomination & Remuneration Committee (‘N&RC’) of the Board undertakes the process of due diligence and evaluates every year whether
the members of the Board adhere to the ‘fit and proper’ criteria as prescribed by the RBI and the adherence to the ‘fit and proper’ criteria by
the members of the N&RC is evaluated by the Board of Directors annually and at the time of appointment of Directors.
In 2003, he took over as Head of Corporate Banking

Profile of Board of Directors Coverage and held the position till December 2008 when
Mr. Ravneet Singh Gill he was appointed Head of Coverage for Global Markets.
(Appointed as MD & CEO of the Bank w.e.f. March 1, 2019)
In 2011, he took over as Head of Capital Markets &
Treasury Solutions before being promoted as Chief
Mr. Ravneet Singh Gill, aged 56 years, is the
Executive Officer in 2012.
MD & CEO of YES BANK.
He holds a Masters degree from Hindu College, Delhi
Mr. Ravneet Singh Gill took charge as MD & CEO of the
University. He was on the Management Committee of
Bank w.e.f. March 1, 2019. Prior to joining YES BANK
the Indian Banks Association (IBA) from 2012 to 2018.
he was the Chief Executive Officer of Deutsche Bank in
He was also on the Advisory Boards of Daimler India
India and was also a member of Deutsche Bank AG’s Asia
Ltd. and sits on the Advisory Board of the IPL franchise
Pacific Executive Committee since July 2012.
Rajasthan Royals.
He has approximately 33 years of extensive banking
Mr. Ravneet Singh Gill does not hold any equity shares in
experience across structured financing, foreign
the Bank as on March 31, 2019.
exchange, transaction banking, risk management and
private banking.
Mr. Brahm Dutt
He joined Deutsche Bank in 1991 in Private Wealth Mr. Brahm Dutt, aged 68 years, has been on the Board
Management and moved to the Corporate Bank in 1993. of YES BANK since July 24, 2013 as a Non-Executive
In 1995, India embarked upon the largest telecoms Independent Director.
privatization in the world and he ran the Telecoms Group
from 1995-2000. During this period, Deutsche Bank Further, Mr. Brahm Dutt, Non-Executive Independent
became the pre-eminent ‘Telecoms Bank’ in the country Director, was appointed as ‘Part-Time Chairman’ of the
with a dominant market share and telecoms became the Bank w.e.f January 11, 2019, pursuant to the approvals
bank’s defining business. received from RBI and will hold office till January 10, 2022.

During his career in the IAS for 37 years, he held several He was also the Non-Executive Chairman and Independent
posts in the State Government of Karnataka as well as in Director on the Board of Bharat Road Network Limited, a
the Central Government and rose to the level of Secretary listed company promoted by SREI Group for development
to Government of India. Before retirement from the of Highways in the Country.
service, he worked as Secretary in the Cabinet Secretariat
and in the Ministry of Road Transport & Highways, for Mr. Brahm Dutt does not hold any equity shares in the
over three and half years. After retirement from the IAS, Bank as on March 31, 2019.
he was an advisor (Energy & Highways) to Government
of Karnataka from May 2011 to September 2013. Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.)
Besides advising several private companies on issues
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.), aged 67 years,
related to SMEs, FDI, Infrastructure, Highways and
has been on the Board of YES BANK since April 25, 2012
Power, he was also associated with several government
as a Non-Executive Independent Director.
committees and task forces.
He is a hardcore professional, Gen. Sabharwal had an
His core competence is in the area of SME development.
outstanding service career, spanning over 40 years in
He had held prominent positions such as Joint
the Indian Army that began with successfully fighting in
Development Commissioner for Handlooms, Ministry of
the Indo-Pakistan War in 1971. He has a rich operational
Textiles, Executive Director, Indian Silk Export Promotion
experience having served in Siachen, Ladakh, Manipur
Council and Joint Secretary (SSI), Ministry of Industry, in
in North East India, and several tenures in Jammu and
Government of India for over 10 years and Director of
Kashmir engaged in counter terrorist operations.
Industry and Commerce in Karnataka for about 2 years.
He has acted as a member on the Board of Directors
He was the Corps Commander of the sensitive 15
of SIDBI, NSIC, KSFC, KSSIDC and several other public
Corps at Srinagar responsible for maintaining internal
sector undertakings associated with development and
security and stability within the Kashmir Valley. He was
financing of small scale and micro enterprises. He has
the Security Advisor to the J&K Government in 2007-08
closely dealt with issues connected with availability of
during the President’s Rule arising out of the Amarnath
credit to these sectors and was associated with several
Shrine Board agitation.
high level committees for improving availability of credit
to these sectors. As Joint Secretary, the very first initiative
He was appointed as the Adjutant General of the
for development of micro finance institutions in the
Indian Army in 2008, wherein he managed the entire
country was taken by him.
Human Resources of over 11 lakh officers and soldiers
and interests of 22 lakh ex-servicemen. He has sound
Some other posts held in Government of India are
experience in policy formulation, implementation
Chairman, Tariff Authority for Major Ports, Chairman,
and monitoring of manpower planning, personnel
National Authority for Chemical Weapons, Additional
services, recruitment, selection, discipline, vigilance,
Secretary (Department of Personnel & Training),
welfare and security.
Counsellor (Commerce & Finance, Embassy of India,
Washington DC) and Deputy Secretary (Ministry of
Having done his schooling from St. Columba’s High School,
Commerce). In the State Government of Karnataka, he
Delhi, he has completed his Masters in Defence Studies
held the posts of Principal Home Secretary, Principal
from Madras University and Masters in Management
Secretary (Disinvestment & Public Sector Reforms),
Studies from Osmania University. He is also a Master of
CMD, Mysore Paper Mills, Secretary (Education) and also
Military Arts and Science from CGSC University, Kansas,
worked in the field as Assistant Commissioner in-charge
USA, a Master of Strategic Studies from US Army War
of sub-division and Deputy Commissioner of Mysore
College, Pennsylvania, USA and an M(Phil) in Defence
District in Karnataka.
Studies from Madras University.
He had led several missions as International Consultant
He completed his PhD from the Indira Gandhi National
for the International Trade Centre, Geneva for preparation
Open University, New Delhi in 2015. The subject of his
of projects for development of SMEs in Ghana, Nigeria
thesis was ‘Terrorism in South Asia and its Relationship to
and The Gambia in Africa. He also acted as a Consultant
India’s Security’.
for UNIDO and UNDP.
He was awarded the Param Vishisht Seva Medal for
He is M.Sc. (Physics), MA (Economics) & LL.B. and has more
distinguished services of an exceptional order by the
than 37 years of experience in the Indian Administrative
President of India. Earlier, he had been awarded the
Services (IAS).
Vishisht Seva Medal, the Ati Vishisht Seva Medal and the
Bar to Ati Vishisht Seva Medal.

He retired from service in 2011. In 2015, he was played a pivotal role in strengthening and consolidating
nominated by the Raksha Mantri to Chair a Committee Retail Business with centralized process through
of Experts to review the litigation and grievances in the Retail Loan Factories and introduction of several new
Defence Services of India. In 2016, he was a member of value-based products for customers. His hands-on and
the RMC Expert Committee to review the combat potential practice-driven experience facilitated balanced decision
of the Defence services. He is currently a Distinguished making with insight into all aspects.
Fellow at the Centre for Joint Warfare Studies (CENJOWS)
based in New Delhi. He secured several awards and accolades in his
illustrious career as a Banker and has also been honored
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.) does not hold any with Outstanding Award for the paper submitted on
equity shares in the Bank as on March 31, 2019. ‘Knowledge Management – A Perspective for Public
Sector Banks’ in BECON 2003. He was also a Member of
Mr. Ajai Kumar the Board of Directors at Indo Zambia Bank Ltd. and Multi
Commodity Exchange of India Limited and was also holding
Mr. Ajai Kumar, aged 65 years, has been on the Board
directorship of various Companies including Nuclear
of the Bank since January 29, 2016 as a Non-Executive
Power Corporation of India Limited and Metropolitan
Non-Independent Director.
Stock Exchange of India Limited. Mr. Ajai Kumar had also
served the position of the Interim MD & CEO of YES BANK
Further, Mr. Ajai Kumar had been appointed as ‘Interim
from February 1, 2019 to February 28, 2019.
Managing Director and Chief Executive Officer’ of
the Bank for the period from February 1, 2019 to
He is a Law Graduate and a Post Graduate in Physics
February 28, 2019.
from University of Allahabad. He is a Certified Associate
of Indian Institute of Bankers (CAIIB). He started his
Prior to this, he was acting as Senior Strategic Advisor of
career with Bank of Baroda joining as a Direct Officer
the Bank since 2014. Mr. Ajai Kumar has a distinguished
in the year 1973.
career in banking industry having more than 40 years
of experience in Public Sector Banking Industry holding
Mr. Ajai Kumar holds 3,000 equity shares in the Bank as
eminent leadership positions in India and overseas
on March 31, 2019.
(New York, USA) including as CMD of Corporation
Bank, Executive Director of UCO Bank and as General
Mr. Subhash Chander Kalia
Manager & Head of Technology and Retail Banking at
Bank of Baroda. Mr. Subhash Chander Kalia, aged 67 years has been on the
Board of the Bank since April 3, 2018 as a Non-Executive
As CMD of Corporation Bank, he provided strong Non-Independent Director.
leadership to take Bank to next level of Business,
implemented turnaround strategies successfully by He has rich experience of over 38 years in the Banking
creation of strong business processes and structures in Industry holding key positions in India and abroad.
the form of Circle Offices for better efficiency and controls, Previously, Mr. Kalia served as an Executive Director
launching SME Loan Centres, Agriculture Business of Union Bank of India from November 2009 to
Development Cells, and several Gold Loan Shoppes. September 2011. He also served as an Executive Director
Under his leadership, Corporation Bank emerged as the of Vijaya Bank Ltd. from October 2008 to November 2009.
Bank with very strong financials, best productivity, best Mr. Kalia joined Bank of Baroda in 1973 and worked in
asset quality and best customers services among its several capacities up to the level of General Manager till
peers. The Bank was ranked No. 1 in the country for its 2008. He was instrumental in setting up Baroda Pioneer
performance in MSME finance for the year 2012-13 and Asset Management Company and Baroda L & G Life
honored with National award by Prime Minister of India. Insurance Company.
Prior to Corporation Bank, Mr. Ajai Kumar was Executive He has significant expertise in Agriculture lending, Financial
Director of UCO Bank wherein, he had developed inclusion and Priority Sector Lending. He has also served
significant improvements in structures, systems and on various Committees constituted by RBI/ Association /
controls in operations, credit monitoring and supervision. Government of India such as Indian Banks’ Association
Committee on Agro Business and Financial Inclusion for
In his 36 years of service in Bank of Baroda, he had the year 2010-11, Empowered Committee on External
held various positions handling key responsibilities in Commercial Borrowing of RBI, Committee constituted by
Head Office, Zonal Offices, Branches, New York Office RBI to re-examine the existing classification and suggest
and Off-shore Banking Operations of Nassau, Bahamas, revised guidelines with regard to Priority Sector Lending
covering a vast spectrum of banking operations. He also classification and related issues, Committee constituted

by Government of India to identify issues in financing She brings with her extensive research on Consumer
of Projects in Road, Conventional Power, Fuel & Energy, behavior, Customer loyalty, Market research across
Urban Transport and other Sectors as identified in Indian consumer focused sectors, with a specific emphasis on
Infrastructure Report, etc. creating an all-round experience in customer engagement.
She has co-authored numerous papers for Journals and
He has also been associated with corporate and NBFCs has also co-authored a chapter, ‘A conceptual framework
as advisor in Financial Service sector space. He has rich for determining brand attitude and brand equity through
experience in corporate governance practices followed text analytics of social media behavior’ in Encyclopedia of
in India and abroad, having served on the Boards of Information Science and Technology.
several Banks and Institutions. He has also served as the
Chairman of Regional Rural Bank, Pratapgarh, Director on She is a Ph.D. in Marketing and is an MBA (Marketing)
the Board of erstwhile Bareilly Corporation Bank Limited, from Pune University. She is a Bachelor of Science
Nainital Bank Limited, Shahjahanpur Kshetriya Gramin (Microbiology) from Pune University and has qualified
Bank Limited and Bareilly Kshetriya Gramin Bank Limited UGC NET in 2012.
and various overseas subsidiaries of Bank of Baroda, etc.
Dr. Pratima Sheorey does not hold any equity shares in
He holds a Bachelor’s degree in Arts from Punjab the Bank as on March 31, 2019.
University and a Master’s degree in Political Science, with
the distinction of standing first in the University from Guru Mr. Uttam Prakash Agarwal
Nanak Dev University and is also a Gold Medalist. He is
[Appointed as an Additional Director (Independent) of the
also a qualified CAIIB.
Bank w.e.f. November 14, 2018]
He also served as director on the Board of PNC
Mr. Uttam Prakash Agarwal, aged 55 years is a Chartered
Infratech Limited, Amar Ujala Publications Limited (since
Accountant with 3 decades of experience in taxation,
December 2017) and INFIN Asset Reconstruction Private
finance and restructuring having worked extensively
Ltd. (Striking Off as on date). Currently, he also serves as
in areas such as statutory audit, income leakage audit,
Director on the Board of BOI AXA Investment Managers
Concurrent Audit, Stock Audit, of public sector banks
Private Limited, IFCI Venture Capital Funds Limited and
under RBI’s appointment. He also has an experience of
NABARD Financial Services Limited.
Companies Audit and Special Audit of Bharat Petroleum,
Hindustan Petroleum, Indian Oil & Larsen Turbo, appointed
Mr. Subhash Chander Kalia holds 3,000 equity shares in
by Central Board of Excise & Customs. He has carried
out statutory Audit of Public sector undertaking & Mutual
Funds appointed by Control of Audit General (CAG).
Dr. Pratima Sheorey
Dr. Pratima Sheorey, aged 46 years has been on the Board He also has rich experience in providing tax and
of the Bank since April 26, 2018 as a Non-Executive business advisory services to private equity investors,
Independent Director. banks, investment banks, brokerage houses and
finance companies.
She has over 21 years of experience in Academics
(Marketing), Consumer behaviour, Market Research, He has been the youngest President of ICAI 2009-10,
Training and Customer Insight mapping. She is currently and has been acknowledged by former President of
the Director of Symbiosis Centre for Management and India, Smt. Pratibha Devisingh Patil, for his commendable
Human Resource Development (SCMHRD), a leading work in the industry and presented with ‘Recognition of
B-school in Pune. She is a member of the Academic Excellence Award’.
Council, Board of studies and Post-Graduate Admissions
Committee of Symbiosis International (Deemed He was also awarded with ‘UDAN 2011’ by the Times of
University) and as Associate Dean (Student Affairs). India Group Newspaper Navbharat Times.
She was a full time Faculty at SCMHRD as an Associate
Professor in the Department of Marketing from July 2007 He also holds the honorary membership of Institute of
till April 2013 as well as a Visiting Faculty from June 1999 Chartered Accountants of Australia and Certified Public
till January 2001 and Full time Faculty from January 2001 Accountant of Australia.
till July 2003. She has also been associated with Hero
Corporate Services Limited, ORG – MARG (The Nielson As a prolific speaker, he has addressed various
Company) and IMRS India Ltd for Research. conferences, seminars and workshops, organized
nationally and internationally by ICAI and has authored
several books as well.

He also holds directorships in various companies and the National Advisory Committee on Accounting
has been actively associated for a number of years with Standards constituted by the Ministry of Corporate
various professional and social associations. Affairs, Government of India; the Audit Advisory
Board and the Government Accounting Standards
He has held memberships on several Boards/ Advisory Board, constituted by the CAG;
Committees including in BFSI Sectors. Some of his
▲▲ Member on the Board of Insurance Regulatory
memberships are as under:
and Development Authority (IRDA); Board of Tariff
Advisory Committee of IRDA; and
▲▲ Member on the Board of Insurance Regulatory and
Development Authority (IRDA), Member on the ▲▲ Member of Standing Committee on Accounting
Board of Tariff Advisory Committee of IRDA and also Issues (SCAI) constituted by IRDA; Member of
a member of Standing Committee on Accounting SEBI Committee on Disclosures and Accounting
Issues (SCAI) constituted by IRDA; Standards (SCODA).
▲▲ Member of Sub-Committee (Audit) of the Board for Mr. Uttam Prakash Agarwal does not hold any equity
Financial Supervision of Reserve Bank of India (RBI); shares in the Bank as on March 31, 2019.
▲▲ Member of the Audit Advisory Board and the
Mr. Thai Salas Vijayan
Government Accounting Standards Advisory Board-
both constituted by the Comptroller and Auditor [Appointed as an Additional Director (Independent) of the
General of India; Bank w.e.f. December 3, 2018]
▲▲ Member of IFRS Core Group under the Chairmanship
Mr. Thai Salas Vijayan, aged 65 years, is an eminent
of Secretary, Ministry of Corporate Affairs (MCA);
leader, with an impeccable public track record.
▲▲ Member on the Committee on Internal Audit He was the past Chairman of Insurance Regulatory &
constituted by the Office of Controller General of Development Authority of India (‘IRDAI’). Before assuming
Accounts, Government of India; charge as Chairman, IRDAI in 2013, Mr. Vijayan held
several senior leadership positions in various capacities
▲▲ Member of the National Advisory Committee on
in the Life Insurance Corporation of India (‘LIC’), India’s
Accounting Standards constituted by the Ministry of
largest Insurance Company, and assumed responsibility
Corporate Affairs, Government of India;
as its Chairman in 2006. He took charge as Chairman
▲▲ Technical Advisor on the Board of International of LIC when competition was at its peak upon opening
Federation of Accountants (IFAC), Developing of insurance sector in 2001. His career in LIC started
Nations Committee (DNC) of IFAC and Small and as a Direct Recruit Officer in the year 1977 and
Medium Practices Committee (SMP) of IFAC; some of the important assignments held by him were
Managing Director of LIC, Executive Director (IT & BPR),
▲▲ Member on the Board of the Confederation of Asian
Director and Chief Executive of LIC Housing Finance
and Pacific Accountants (CAPA) and CAPA Sub-
Limited Carehomes.
committee on Environmental Accounting;
▲▲ Member on the Board of South Asian Federation of His specialization includes Information Technology,
Accountants (SAFA) and Chairman of SAFA, SMP Human Resources & Marketing. He was the architect of
Committee; the concept of Satellite Offices in LIC which brought about
a revolution in customer service. He has participated in
▲▲ Technical Advisor on the Board of International
several national and international seminars in the areas
Federation of Accountants (IFAC), Developing
of Information Technology, Strategic Management,
Nations Committee (DNC) of IFAC and Small and
Corporate Governance, Financial Management, Value
Medium Practices Committee (SMP) of IFAC;
creation in Service industry etc. He has received
▲▲ Member of the Disciplinary Committee constituted extensive training in Business Schools like Indian School
by the Council of the Institute of Actuaries of India of Business and apex training institutes like NIA, MDC etc.
nominated by the Ministry of Finance from 2009 to
till Date; He pursued his education in Kerala and holds a special
graduate degree from Kerala University. He also holds a
▲▲ Member of the Central Direct Taxes Advisory
Diploma in Management.
Committee (CDTAC) constituted by the Central
Board of Direct Taxes, Department of Revenue,
He also serves as director on various companies such as
Ministry of Finance, Govt. of India and Regional Direct
Muthoot Microfin Limited.
Taxes Advisory Committee (RDTAC), New Delhi;

Mr. Thai Salas Vijayan does not hold any equity shares in He also serves as director on the Board of various
the Bank as on March 31, 2019. companies including National Aluminium Company
Limited and GSEC Limited.
Mr. Maheswar Sahu
Mr. Maheswar Sahu does not hold any equity shares in
[Appointed as an Additional Director (Independent) of the
Bank w.e.f. January 24, 2019]
Mr. Anil Jaggia
Mr. Maheswar Sahu, aged 66 years, is an ex-senior civil
servant with over 30 years of leadership experience in [Appointed as an Additional Director (Independent) of the
Central and State Governments. He joined the Indian Bank w.e.f. January 24, 2019]
Administrative Service (IAS) in 1980 and has served the
Government of India and Government of Gujarat in various Mr. Anil Jaggia, aged 57 years, has nearly three decades
capacities for more than three decades before retiring as of expertise in the Banking and Financial Services
Additional Chief Secretary, Govt. of Gujarat in 2014. covering HDFC Bank, Centurion Bank of Punjab and Citi
Bank. A senior banker with an impeccable leadership
His career span includes more than 20 years of service track record, Mr. Jaggia brings in considerable expertise
in industry and more than 10 years of active involvement in Information Technology along with other areas such
in Public Sector Undertaking Management. He has as Customer Service, Operations, Financial inclusion,
worked for more than 3 years in United Nations Industrial Enterprise Transformation, Quality Improvement, and
Development Organization. He was instrumental in Administration. He is presently an Advisor and Consultant
organization of four Vibrant Gujarat events. in Financial Services sector.
He has extensive exposure in Administrative roles, Project He is ex-Group Head and ex-Chief Information Officer of
Management, IT projects, Marketing and policy making at HDFC Bank. He is well known in the Banking Industry as
District, State and Central levels and has also contributed a Technology leader who spearheaded HDFC Bank’s IT
towards infrastructure development, infrastructure function at a market leadership position. At HDFC Bank, he
finance, investment, IT development and technology also led various other functions like Financial Inclusion and
promotion as well as private sector development. Customer Service. As Chief Operating Officer, he was also
He has extensive interaction with International/ National/ a part of core leadership team which helped restructure
State Level Industry and Trade Bodies. His area of and recapitalize Centurion Bank of Punjab. He has
specialization includes Strategic Planning, Direction and successfully executed three mergers, while integrating
Decision, Leadership, Connect & Influence, Coaching, all business processes including IT system in record time.
Organization & Institution Building, Large Scale Project He has worked with Citi Bank in India, Singapore and USA
Management, Environment Management, Policy Making, in businesses covering Cash Management, International
Corporate Society Responsibility and Implementation of Trade, Foreign Exchanges & Derivatives, Asset Sale and
Infrastructure Projects. Commercial Cards and worked across functional areas
including Business Management, Product Management,
He has previously served as the Former Additional Chief Operations, Sales and Trading. He held the position of
Secretary (Industries & Mines); Vice Chairman & MD, Head – Forex & Derivatives as his last assignment with
Gujarat Industrial Development Corporation (GIDC); Joint Citi Bank in India.
Secretary, Ministry of Communication & IT; Project Director,
International Centre for Advancement of Manufacturing He is an MBA (PGDM) from IIM Ahmedabad and
Technology; Joint Secretary, Ministry of Environment & B. Tech. from IIT Kanpur.
Forest, Government of India; Industries Commissioner
of Government of Gujarat; Commissioner of Information He is currently on the Board of EpiMoney Private Limited
Technology and MD, Gujarat Informatics Limited; Joint and he served on the Boards of HDB Financial Services
Secretary Government of India; Joint Managing Director Limited (NBFC subsidiary of HDFC Bank Limited) and SBI
of Gujarat Industrial Development Corporation; Managing Cards and Payments Services Private Limited in the past.
Director of Gujarat Tourism Corporation; and also Head of He has also served on the Global Customer Advisory Board
the District Administration for about eight years. of IBM; and Global Customer Advisory Board of CISCO
He is a B.Sc. (Engg.) in Electrical from NIT, Rourkela (1977), Mr. Anil Jaggia does not hold any equity shares in the
and Masters of Public Administration from University of Bank as on March 31, 2019.
Birmingham, United Kingdom (1994).

Mr. Ravinder Kumar Khanna Ms. Shagun Kapur Gogia

[Appointed as an Additional Director (Non-Executive [Appointed as an Additional Director (Non-Executive
Non-Independent) of the Bank w.e.f. April 26, 2019] Non-Independent) of the Bank w.e.f. April 26, 2019]
Mr. Ravinder Kumar Khanna, aged 68 years, has over 40 Ms. Shagun Kapur Gogia, aged 44 years, is the Founder
years of experience in Indian Industry. He started his career and Managing Director of Tuscan Ventures which she
in the Process Industry at Ballarpur Industries Limited. founded in 2007. Tuscan was built with a focus on
He later promoted his own companies, M/s Techcraft providing value based capital & operational expertise
(Techcraft) and Kwik Form Structurals Private Limited to building businesses around disruptive technologies,
(Kwik-form). Techcraft developed a software technology financial services, supply chain services & food.
park in Noida (U.P.) in the Year 2000 and currently
provides infrastructure facilities for software development Prior to founding Tuscan Ventures, Ms. Gogia was at ICICI
to various multinationals in India. Kwik-form was involved Ventures, India’s largest private equity fund, where she
in manufacturing of pre-engineered steel buildings and handled private equity placements in India. She has 20+
has executed projects with Airports Authority of India, years of extensive experience in General & Financial
Central Public Works Department and Indian Railways. Management of corporate bodies.
He is a B. Tech from Indian Institute of Technology (IIT), She is a cum laude Double Major in Economics and
Delhi (1971) and Masters in Business Administration from Biology from Tufts University, USA. She also holds an
Faculty of Management Studies (FMS), Delhi (1973). MBA in Finance from the Indian School of Business,
Hyderabad. Ms. Gogia is also a member of the Young
He has also served as President of Rotary Club of Presidents Organisation (YPO).
Delhi, Chankyapuri.
The said appointment was basis the Joint
The said appointment was basis the Joint Recommendation Letter dated April 16, 2019 received
Recommendation Letter dated April 16, 2019 received from both the Indian Partners i.e. (i) Mr. Rana Kapoor
from both the Indian Partners i.e. (i) Mr. Rana Kapoor and (ii) Ms. Madhu Kapur, Ms. Shagun Kapur Gogia &
and (ii) Ms. Madhu Kapur, Ms. Shagun Kapur Gogia & Mr. Gaurav Kapur (legal heirs and successors of Late
Mr. Gaurav Kapur (legal heirs and successors of Late Mr. Ashok Kapur).
Mr. Ashok Kapur).
Ms. Shagun Kapur Gogia held 7,91,25,000 equity shares
Mr. Ravinder Kumar Khanna does not hold any equity in the Bank as on April 26, 2019 as a joint holder with
shares in the Bank as on April 26, 2019. Ms. Madhu Kapur (as first holder).

Corporate Governance Structure
BOARD OVERSIGHT
Audit Committee IT Strategy Committee
Board Committee
Nomination &
on Willful Defaulters &
Remuneration Committee
Non-Cooperative Borrowers
Board Credit Committee Risk Monitoring Committee

Board
of
Capital Raising Committee Directors Service Excellence Branding
& Marketing Committee
Committee of Stakeholders
Independent Directors Relationship Committee
Corporate Social
Fraud Monitoring Commitee
Responsibility Committee
TOP MANAGEMENT OVERSIGHT

Asset and Liability Staff Accountability
Management Committee Review Committee
Reputation Risk
Executive Credit Committee Management Committee
Fraud and Suspicious

Transaction Monitoring Security Council
Committee
Investments and Financial Standing Committee on
Markets Management Customer Service
Committee
Steering Committee for
IFRS (INDAS)
IT Steering Committee
Whistle-Blower
MD Committee
Management
Credit Committee &
CEO Model
Assessment Committee
Product Process
Approval Committee Outsourcing
Management Committee
Retail and Business
Banking Credit Commitee Operational Risk
Management Committee
Enterprise Risk
Management & Capital Business Continuity
Management Committee Management Committee
Strategy RBS – Reporting Oversight

Management Committee Committee
Apex Management Committee for classification

Committee of Willful Defaulters
Product & Relationship Management Support Functions

Governance Structure ▲▲ The Committee of Independent Directors (‘CoID’)

evaluates the performance of Non-Independent
YES BANK believes in Corporate Governance beyond
Directors including MD & CEO, and Chairman of
regulatory requirements as there exists a fundamental link
the Bank taking into account the views of Executive
with the organization of business, corporate responsibility
Director and Non-Executive Directors and submit
and shareholder’s wealth maximization. In line with these
its report to the N&RC. The CoID also evaluates the
ethos, the Corporate Governance Structure of the Bank,
performance of the Board as a whole and submits
has been designed as given below, which provides a
the report to the Board. The CoID also assess the
comprehensive framework to (i) enhance accountability
quality, quantity and timeliness of flow of information
to shareholders and other stakeholders, (ii) ensure timely
between the Company Management and the Board
implementations of the plans and accurate disclosures
that is necessary for the Board to effectively and
of all material matters, (iii) deal fairly with shareholders
reasonably perform their duties.
and other stakeholder interests, and (iv) maintain high
standards of business ethics and integrity. ▲▲ The Board evaluates the performance of all Directors
including the Independent Directors, excluding the
Director being evaluated, and submits its report to
A) Board Level Performance Evaluation the N&RC.
The Bank has in place a Board Evaluation
▲▲ Self Assessment of Performance Evaluation of the
Framework setting out the process and the criteria
Board level Committees are done by the respective
for the performance evaluation which had been
Committees and reported to the Board.
recommended by the Nomination & Remuneration
Committee of the Board (‘N&RC’) and approved ▲▲ N&RC reviews the reports of the CoID and Board
by the Board. The said process is in line with the and accordingly, recommends the appointment/ re-
provisions of the Companies Act, 2013, Regulations appointment/continuation of Directors to the Board.
17 & 19 of the Listing Regulations and SEBI
▲▲ Based on the recommendation of N&RC, Board may
guidance note on the Board evaluation dated
take the appropriate action.
January 5, 2017, which provides for carrying out the
performance evaluation of the Individual Directors ▲▲ The Board considers the performance evaluation of
including Independent Directors, Non-Independent Board as a whole as per the report of the CoID and
Directors, Managing Director & CEO, Chairman, also reviews the self assessment of the performance
Committees of the Board and the Board as a whole. submitted by each of the Board level Committees
and take appropriate steps, if deemed necessary.
The framework is monitored, reviewed and updated
by the Board as and when required, in consultation
with the N&RC, based on need and new compliance
Criteria of Performance Evaluation
requirements, if any. Non-Executive Directors, MD & CEO and
Chairman
The Performance evaluation is carried out on
Qualification and Experience; Attendance at the
the basis of criteria provided in the Performance
meetings; Participation and contribution; Responsibility
Evaluation Forms as under:
towards stakeholders; Contribution in Strategic Planning;
a) Form A – for Non-Executive Directors including Compliance and Governance; Participation; Performance
Independent Directors (‘IDs’) Evaluation and Updation of Knowledge.
b) Form B – for Managing Director & CEO
Additionally for Independent Directors – Independence
c) Form C – for Chairman of Members is also considered.
d) Form D – for the Board as a whole
In addition to the above criteria, following are the
e) Form E – for the Board Level Committees parameters for the performance evaluation of MD &
CEO and Chairman:
Process of Performance Evaluation ▲▲ Managing Director & CEO
Performance of the Bank; Recognition and
The following process is being followed by the
awards to the Bank; and Recognition and awards
Bank for performance evaluation of the Individual
to the MD & CEO.
Directors, including IDs, Non-IDs, Managing Director
& CEO and Chairman, Committees of the Board and
the Board as a whole:

▲▲ Chairman 3. Directors qualified to continue on the Board having
Leadership; Relationships and Communications; understood and discharged their responsibilities
Conduct of Meetings; Impartiality; and Resources. and also continue to qualify under the ‘Policy on
Board Diversity and Fit and Proper criteria and
Board as a whole Succession Planning’ of the Bank.
Process/Policy for Appointment to the Board; 4.
The Board also noted that given the changing
Composition and Diversity; Committees of the Board; external environment, there is need for better
Board Meetings; Agenda; Discussions at Board Meetings; allocation of time for business reviews, periodic
Cohesiveness of Board decisions; Team Work; Recording refreshers for the Board on key strategic thrusts.
of minutes; Board Procedure; Understanding the role
and effectiveness; Understanding the Business of the B) Policy on Appointment of Directors
Bank; Stakeholder value and Responsibility; Strategy
The Bank has a Board approved ‘Policy on Board
and Growth; Risk Management and Financial Controls;
Diversity and Fit & Proper Criteria and Succession
Foresight to avoid crisis and effectiveness in crisis
Planning’ (‘Fit & Proper Policy’) which laid down
management; Understanding the regulatory environment;
the process for appointment of Directors including
Board’s communication; Grievance redressal for
the required skill sets, experience, etc. The Policy
Investors; Conflict of Interest; Review of Board evaluation;
covers all the aspects of Board composition, skill
Board and Management; Succession Planning; and
sets, diversification of the Board of Directors as
Induction Program.
required under the Companies Act, 2013, Listing
Regulations, the Banking Regulations Act, 1949
Board level Committees
and other regulatory and business requirements.
Composition and Balance of skill sets; Frequency As per the Fit & Proper Policy of the Bank, your
and duration; Overall contribution; Relationships; Bank ensures that not less than 51% of the total
Communication; Understanding of regulatory number of members of the Board of Directors shall
environment and developments; Interaction with the have special knowledge or practical experience in (i)
board; Independence of the Committee from the Board; accountancy, (ii) agriculture and rural economy, (iii)
Justice to the role of Committee; and Procedure. banking, (iv) co-operation, (v) economics, (vi) finance,
(vii) law, (viii) small-scale industry, (ix) Information
Technology (x) Payment & Settlement Systems
Outcome of Performance Evaluation (xi) Human Resources (xii) Risk Management (xiii)
An annual performance evaluation of the Board, Business Management (xiv) any other skill/ special
Committees of the Board and the individual members knowledge/ practical experience as may be
of the Board was conducted in April 2019 as per the specified by RBI from time to time.
aforesaid process and the report on the evaluation were
presented at the meeting of the N&RC and the Board of
Directors. The Directors expressed their satisfaction with
Process for Appointment of
the evaluation process.
Directors
In terms of the Fit and Proper Policy, N&RC of the
The feedback of the Board, post completion of the Board identifies and scrutinizes the prospective
exercise of performance evaluation of the Board and candidates for the position of Director keeping in
Committees of the Board were as under: view the requisite qualifications, expertise, skill
sets, track record, etc. relevant to the Banking
1.
The Board is functioning as a cohesive body
Business and as per the Statutory requirements
which is well engaged with different perspectives
and as prescribed under the aforesaid Policy.
and has performed on all the parameters and
The N&RC, post assessing the fulfillment of ‘fit and
the Board of the Bank is well balanced in terms
proper’ criteria by the candidate on the basis of
of diversity of experience and skill sets to meet
various declarations and disclosures received from
the requirements of the Bank, also confirm to the
the candidate, makes the recommendation for the
Regulatory requirements.
appointment of proposed Director to the Board for
2.
The Board and its Committees were effective in its approval. The Board thereafter having considered
achieving their respective Charters and the members the recommendation of the N&RC, makes its own
acted with diligence and care. Further, important assessment on the proposal for appointment of
issues are brought up and discussed in the Board/ Director, basis the business as well as statutory
Committee Meetings. requirements. The Board also recommends the

appointment of Managing Director & CEO and the Terms and Conditions for
Part-time Chairman for the approval of RBI. The Board Appointment of Independent
then recommends the appointment/re-appointment Directors
of Directors to the Shareholders for approval, after

Independent Directors fulfill the conditions of
taking into consideration the results of performance
independence specified in Section 149 of the
evaluation, and other statutory requirements.
Companies Act, 2013 read with Schedule IV and
Regulation 16(1)(b) of the Listing Regulations.
Criteria for Appointment of A formal Letter of Appointment has been
Independent Directors addressed to Independent Directors at the time
of their appointment. The terms and conditions of
The N&RC while considering the proposal for
appointment of Independent Directors has been
appointment of Independent Directors also considers
disclosed on the website of the Bank at https://
the criteria of independence prescribed under the
www.yesbank.in/about-us/corporate-governance.
Companies Act, 2013 and Listing Regulations.
The Independent Directors have confirmed that they C) Remuneration Policy

meet the criteria of independence laid down under

The Bank has formulated and adopted a
the Companies Act, 2013 and the Listing Regulations
Remuneration Policy for its Directors, Key Managerial
and they are independent from the Management.
Personnel, Senior Management, Chairman and other
employees of the Bank, in terms of Section 178 of
Confirmation by the Board on the Companies Act, 2013, the relevant Rules made
Fulfillment of Independence of the thereunder, Regulation 19 of the Listing Regulations
Independent Director and Guidelines issued by RBI, in this regard, from
time to time. The Bank does not grant any Stock

The Board also hereby confirms that the
Options to any Directors of the Bank except for
Independent Directors of the Bank fulfills all the
Mr. Ravneet Singh Gill, MD & CEO of the Bank.
conditions specified in the Listing Regulations and
The Remuneration Policy has been disclosed on
are Independent of the Management.
the website of the Bank at https://www.yesbank.in/
about-us/corporate-governance.
D) Directors’ Remuneration
The details of the remuneration paid to the Directors during FY 2018-19 are given below:
i) Executive Directors
(Amount in `)
Performance Commission Commission
Severance
Name of the Director Salary* Stock Options linked Others for Total for
Fees
incentives FY 2017-18$ FY 2018-19#
Mr. Ravneet Singh Gill 5,929,949 Refer Note-1 - - - - 5,929,949 -
(MD & CEO)
Mr. Ajai Kumar 1,503,300 - - - - - 1,503,300 -

(Interim MD & CEO)
Mr. Rana Kapoor 64,841,390 - - - - - 64,841,390 -

(Ex MD & CEO)
Refer Note-2
Notes:
1. The Bank has executed a service contract with Mr. Ravneet Singh Gill which includes notice period of three months subject to approval RBI.
He has also been granted 50 lacs Stock Options on March 1, 2019 at Fair Market Value (FMV) and can exercise the Options granted as per
the vesting schedule given under the YBL MD & CEO (New) Stock Option Plan 2019 which is 20%, 30% & 50% each year, from the end of
1st year from the grant date.
2. The Board of Directors of the Bank had considered and approved clawback of 100% of performance bonus paid to Mr. Rana Kapoor for
FY 2014-15 and FY 2015-16 net of taxes. The amount of Bonus subjected to clawback was `62,17,823/- for FY 2014-15 and `82,45,416/-
for FY 2015-16. For FY 2016-17 and FY 2017-18, the Bank has not paid any bonus to Mr. Rana Kapoor.

ii) Non-Executive Directors:
(Amount in `)
Sitting Commission for Commission for
Name of the Director Salary* Others Total
Fees FY 2017-18$ FY 2018-19#
Mr. Ashok Chawla 1,866,667 - 2,375,000 - 4,241,667 -
Lt. Gen. (Dr.) Mukesh Sabharwal - - 4,800,000 1,000,000 5,800,000 1,000,000
(Retd.)
Mr. Brahm Dutt 669,355 5,125,000 1,000,000 6,794,355 780,822
Mr. Vasant Gujarathi - - 1,175,000 1,000,000 2,175,000 250,000
Mr. Saurabh Srivastava - - 150,000 1,000,000 1,150,000 -
Mr. Ajai Kumar - - 4,300,000 1,000,000 5,300,000 916,667
Ms. Debjani Ghosh - - 150,000 750,000 900,000 -
Mr. Subhash Chander Kalia - - 5,250,000 - 5,250,000 1,000,000
Dr. Pratima Sheorey - - 1,775,000 - 1,775,000 750,000
Mr. Rentala Chandrashekhar - - 1,125,000 - 1,125,000 250,000
Mr. Uttam Prakash Agarwal - - 1,025,000 - 1,025,000 250,000
Mr. Thai Salas Vijayan - - 8,00,000 - 8,00,000 250,000
Mr. Maheswar Sahu - - 425,000 - 425,000 250,000
Mr. Anil Jaggia - - 575,000 - 575,000 250,000
$
Commission pertaining to FY 2017-18 paid during FY 2018-19
#
Commission pertaining to FY 2018-19 payable in FY 2019-20
* Salary includes perquisites, contribution towards provident funds and medical reimbursement.
Notes: e) The Bank has not granted any Stock Options to any
Directors of the Bank except for Mr. Ravneet Singh
a) The Non-Executive Directors were paid sitting fees of
Gill, MD & CEO of the Bank.
`1,00,000 for attending each meeting of the Board
of Directors. Sitting Fees of `50,000 was paid for f) There were no other pecuniary relationships or
attending each of the Board Committee Meetings till transactions of non-executive Directors vis-à-vis the
June 2018 which was revised to `75,000 per Board Bank (except normal banking transactions).
Committee meetings w.e.f. July 2018 at the Board
g) Mr. Brahm Dutt, Non-Executive Independent
Meeting held on June 12, 2018.
Director, was appointed as ‘Part-Time Chairman’ of
b) The Board on September 6, 2018, approved the Bank w.e.f January 11, 2019, pursuant to the
the appointment of Mr. Subhash Chander Kalia approvals received from RBI and will hold office till
and Mr. Ajai Kumar as permanent invitees for January 10, 2022.
attending Executive level Committee meetings,
h) Mr. Uttam Prakash Agarwal has been inducted on
viz. the Apex Management Committee (‘AMCOM’)
the Board as ‘Additional Director (Independent) w.e.f.
and Staff Accountability Committee (‘SAC’)
November 14, 2018.
respectively. Accordingly, the sitting fees paid to
Mr. Subhash Chander Kalia and Mr. Ajai Kumar i) Mr. Thai Salas Vijayan has been inducted on the
includes sitting fees of ` 75,000/- for attending each Board as Additional Director (Independent) w.e.f.
meeting of AMCOM & SAC. December 3, 2018.
c) The Bank did not pay any amount to directors by j) Mr. Maheswar Sahu and Mr. Anil Jaggia have been
way of salary and perquisites except to the MD & inducted on the Board as ‘Additional Directors
CEO, Interim MD & CEO and the Chairman. (Independent) w.e.f. January 24, 2019.
d) Commission is paid to the Directors pursuant to k) Mr. Ajai Kumar was appointed as Interim MD & CEO
the approval of the shareholders’ at the AGM held of the Bank for the period from February 1, 2019 to
on June 07, 2016, for payment of profit based February 28, 2019.
commission from April 01, 2015 onwards and as
l) Mr. Ravneet Singh Gill took charge as the MD & CEO
per the provisions of the Companies Act, 2013 and
of the Bank w.e.f. March 1, 2019 for the period of
RBI Guidelines.
three (3) years, i.e. till February 28, 2022.

m) r. Saurabh Srivastava, Non-Executive Independent

M F) Information Supplied/Available to
Director completed his tenure as Director on the the Board
Board of the Bank on April 22, 2018 in terms of RBI
The Directors are presented with important/critical
approval dated January 28, 2016 & March 28, 2018.
information on the operations of the Bank as well as
n) Ms. Debjani Ghosh, Non-Executive Independent that which requires deliberations at the highest level.
Director of the Bank, resigned w.e.f. April 26, 2018. The Board has complete access to all the relevant
information within the Bank and also access to the
o) Mr. Ashok Chawla, Non-Executive (Independent)
Top Management of the Bank and any additional
Part-Time Chairman of the Bank resigned w.e.f.
information to make informed and timely decisions.
November 14, 2018.
All Board and Committee meetings are governed
p) Mr. Vasant Gujarathi, Non-Executive by structured agenda notes which are backed by
Independent Director of the Bank resigned w.e.f. comprehensive background papers along with
November 14, 2018. relevant annexures.
q) Mr. Rentala Chandrashekhar, Non-Executive Since 2016, as a part of green initiative by the Bank,
Independent Director of the Bank resigned w.e.f. all relevant agenda papers pertaining to the Board/
November 19, 2018. Committee are being circulated well in advance to
the Board of Directors through web-based portal to
r) Mr. Rana Kapoor demitted the office as MD &
facilitate easy access of agenda on IPad which would
CEO of the Bank w.e.f. close of business hours on
provide sufficient time to the Board for reading and
January 31, 2019 upon completion of his term as
understanding the proposals placed in a meeting.
approved by RBI.
The Board was presented with the information
on various important matters of operations,
E) Familiarization Program for Board risk management and business, new initiatives
Members in business, budgets, financial results, update
In compliance with the requirement of the Listing on Corporate Social Responsibility activities,
Regulations, the Bank had conducted various minutes of Board and Committees of the Board,
familiarization programmes during the financial appointment and remuneration of the Senior
year to familiarize Independent Directors as well Management, appointment/cessation of Key
as the Non-Executive Directors, to enable them to Managerial Personnel, details of joint ventures or
familiarize with the Bank, its management, their roles, collaborations, if any, information on subsidiaries,
rights, responsibilities in the Bank, nature of the sale of investments, assets which are material in
Banking Industry, Business Model, Risk Management nature and not in the normal course of business,
System and Technology Architecture of the Bank for foreign exposure and non-compliance, if any with
the purpose of contributing significantly towards the regulatory or statutory guidelines or in the Listing
growth of the Bank. The said programmes aims to Regulations, etc., and other matters which are
provide to familiarize the newly appointed Director required to be placed before the Board in terms
of the Bank, with the nature of the industry in which of the Companies Act, 2013, Listing Regulations
the Bank operates, Strategic Objectives of the Bank, and Theme Based Review agenda as prescribed
Business Model of the Bank etc. so as to help them by RBI, etc. The Board and other Committees also
contribute significantly during the deliberations in approve various business proposals and regulatory
the Board/ Committee meetings. approvals through circulations.
During the year, the Bank has also organized program

to update the Directors on Insolvency and Bankruptcy
G) Post Meeting Communication/
Code and the IFSC Banking Unit (IBU) of the Bank,
Follow up System
GIFT City, Gandhinagar. Further, the Directors The Bank has an effective post meeting follow up
attended/received trainings being organized by procedure. The Bank has a mechanism to track
various Regulators/ Bodies/ Institutions on Digital important decisions taken at the Board/Committee
Technologies that enable Banking, the latest trend meetings till the closure of such decisions and
in IT Strategy, Cyber Security, Corporate Loan a report on ongoing actionables (Action Taken
Fraud Management, Risk and Governance issues, Report) are being placed before the meeting of the
etc. The details of such familiarization programs Board/Committees of the Board from time to time.
are displayed on the website of the Bank and the Action Taken Report on the decisions taken in a
web link thereto is https://www.yesbank.in/about-us/ meeting is placed at the succeeding meeting(s) of
corporate-governance. the Board/Committees of the Board.

H) Succession Planning
The Bank believes that a sound Succession Plan for the Directors and Senior Management executives is important
for creating a robust leadership pipeline for the Bank. Accordingly, the Bank has put in place the policies for
Succession Planning of Directors and Senior Management executives.
III BOARD MEETINGS

The Board of Directors of the Bank has decided to conduct atleast Six meetings in a year instead of minimum
Four quarterly meetings as a good governance practice. Thirteen Board Meetings were held during the Financial
Year ended March 31, 2019 i.e. April 3, 2018, April 26, 2018, June 12, 2018, June 13, 2018, July 26, 2018,
August 28, 2018, September 25, 2018, October 25, 2018, December 13, 2018, January 9, 2019, January 24,
2019, January 29, 2019 and March 14, 2019. The maximum gap between any two Board meetings was less than
One Hundred and Twenty days.
The names of the members of the Board, their status, their attendance at the Board Meetings and the last
AGM, number of other Directorships and Committee membership(s)/chairmanship(s) of each Director as on
March 31, 2019 are as under:
No. of Number of other Number of

Board Directorships
No. of Attendance Committee
meetings
Board at AGM held memberships
Name of the Director Category DIN held of Indian
meetings on June 12, (Chairmanships)
during Public of other
attended 2018 in other
their Limited Companies1
companies2
Tenure Companies
Mr. Ravneet Singh MD & CEO 00091746 1 1 N.A. - 1 -
Gill (Appointed w.e.f.
March 1, 2019)
Lt. Gen. (Dr.) Mukesh Independent 05155598 13 13 Yes 1 - 1(0)
Sabharwal (Retd.) Director
Mr. Brahm Dutt^ Non-Executive 05308908 13 13 Yes - - -
(Independent)
Chairman
Mr. Ajai Kumar# Non-Executive, 02446976 13 13 Yes 1 - -
Non-
Independent
Director
Mr. Subhash Non-Executive, 00075644 12 12 Yes 2 2 2(0)
Chander Kalia Non-
(Appointed w.e.f. Independent
April 3, 2018) Director
Dr. Pratima Sheorey Independent 08120130 11 11 Yes - - -
(Appointed w.e.f. Director
April 26, 2018)
Mr. Uttam Prakash Additional 00272983 5 5 N.A. 2 2 1(1)
Agarwal Director
(Appointed w.e.f. (Independent)
November 14, 2018)
Mr. Thai Salas Additional 00043959 5 5 N.A. 3 - 1(0)
Vijayan Director
(Appointed w.e.f. (Independent)
December 3, 2018)
Mr. Maheswar Sahu Additional 00034051 2 2 N.A. 9 6 5(3)
January 24, 2019) (Independent)

No. of Number of other Number of

Board Directorships
No. of Attendance Committee
meetings
Board at AGM held memberships
Name of the Director Category DIN held of Indian
meetings on June 12, (Chairmanships)
during Public of other
attended 2018 in other
their Limited Companies1
companies2
Tenure Companies
Mr. Anil Jaggia Additional 00317490 2 2 N.A. - 1 -
^ Mr. Brahm Dutt, Non-Executive Independent Director, was appointed as ‘Part-Time Chairman’ of the Bank w.e.f January 11, 2019, pursuant to the
approvals received from RBI and will hold office till January 10, 2022.
#
Mr. Ajai Kumar had been appointed as ‘Interim Managing Director and Chief Executive Officer’ of the Bank for the period from February 1, 2019
to February 28, 2019 and thereafter continued as Non-Executive Non-Independent Director on the Board of the Bank.
1
Includes directorship (s) held in Foreign Companies, Private Limited Companies and Section 8 Companies in India.
2
Includes membership (s) of Audit Committee and Stakeholders’ Relationship Committee of all Indian Public Limited Companies; figures in
brackets indicate number of Committee Chairmanship(s) as per Regulation 26 of the Listing Regulations.
Notes:
a) None of the Directors of the Bank were members of more than 10 committees or acted as Chairman of more than
5 committees across all Public Limited Companies in which they were Directors in terms of Regulation 26 of the
Listing Regulations.
b) None of the Directors held directorship in more than 10 Public Limited Companies.
c) None of the Directors were related to any Director or were a member of an extended family.
d) None of the Independent Directors of the Bank served as Independent Director in more than 7 listed companies.
e) Mr. Ajai Kumar, Interim MD & CEO, was not an Independent Director of any other listed company during his tenure
as Interim MD & CEO of the Bank.
f) Mr. Ravneet Singh Gill, MD & CEO, is not an Independent Director of any other listed company.
Mr. Shivanand R. Shettigar, Company Secretary acts

IV BOARD COMMITTEES as the Secretary to all the Board Committees.
The Board has constituted various Committees of
Directors to monitor the activities in accordance The Bank has twelve Board Committees as on
with Board approved terms of reference. March 31, 2019, which are briefly described below:
The Board Committees focus on specific areas
and take informed decisions on the specific
businesses assigned to them in the best interest
1. Audit Committee
of the Bank. The Committees also make specific Terms of Reference:
recommendations to the Board on various
The terms of reference of the Committee include:
matters whenever required. All observations,
recommendations and decisions of the Committees i. To provide directions and oversee the
are placed before the Board for information or for operation of the total audit function in the
approval. The Company Secretary adheres to all the Bank (internal as well as external) and issue
applicable laws and regulations for conducting the whenever necessary suitable directions and
meeting of the Committees as adhered to the Board timely completion of audit plans.
meetings. Some of the Committees of the Board
ii. To create an open avenue for communication
were reconstituted to align with the provisions of
between the Board of Directors, Internal
the Companies Act, 2013, Listing Regulations, the
Auditors and the Statutory Auditors;
Banking Regulation Act, 1949 and to meet the
business requirements during the year under review. iii. To recommend the appointment including
terms of appointment and removal of statutory,
The terms of reference of the Board Committees are internal and Secretarial Auditors, fixation of
reviewed from time to time atleast annually to align audit fees and also to approve payment for
the same with the regulatory/business requirements. other services;

iv. To review and monitor the adequacy of x. To review Annual Tax Audit statement and
the internal control environment and Risk auditors’ report thereon;
Management System, adequacy of checks
xi. To review Annual Long Form Audit Report as
and balances including Management
prepared by the Statutory Auditors along with
Information Systems (MIS);
Management response;
v. To review and monitor the independence and
xii. To review the information in respect of legal
adequacy of internal audit function, its policies,
audits of title deeds and other documents for
its structure viz. staffing and seniority of the
credit exposure of `50 MM and above;
official heading the department, coverage and
frequency of internal audits; xiii. To review and approve related party
transactions including any subsequent
vi. To appoint and determine the scope of the
modification(s) thereto;
Concurrent auditors;
xiv. To review, with the management, the statement
vii. To discuss and review with the Internal and
of uses/application of funds raised through an
Concurrent Auditors, their reports/findings
issue (public issue, rights issue, preferential
with an objective of reporting any significant/
issue, etc.) including statement of deviation, if
material findings to the Board;
any, and making appropriate recommendations
viii. To discuss with statutory auditors, the nature to the Board to take up steps in this matter;
and scope of audit as well as post-audit
xv. To approve and recommend to the Board
discussion to ascertain any area of concern
the appointment of CFO (i.e. the whole-time
w.r.t. financial statements and the Internal
Finance Director or any other person heading
Financial Controls;
the finance function or discharging that function)
ix. To review the results/financial statements after assessing the qualifications, experience &
(quarterly, half yearly, annual) standalone as background, etc. of the candidate;
well as consolidated along with the Auditors’
xvi. To review the Whistle-blower policy and Vigil
report thereon and analyze performance
Mechanism for Directors and Employees;
of the Bank, along with the Management
and recommend the same to the Board with xvii. To review and monitor compliance function,
primary focus on: its policies and Implementation of Compliance
Frameworks of the Bank;
a) matters required to be included in the
Director’s Responsibility Statement to be xviii. Review of compliance in respect of the report
included in the Board’s report in terms of on the RBS conducted by RBI;
Section 134(3)(c) of the Companies Act,
xix. Review of compliance on directives issued by
2013 and rules made thereunder;
ACB/ Board/ RBI;
b) accounting policies and practices and
xx. To institute special investigation teams with
changes, if any, with reasons for the same;
complete access to all records, information
c) compliance with accounting standards; and personnel of the Bank, if necessary;
d) major accounting entries involving xxi. To review all cases of frauds and attempted
estimates based on the exercise of frauds involving amounts of `1 crore and above
judgment by management; attempted frauds, along with supplementary
material analyzing statistical information and
e) significant adjustments made in the
details of each fraud;
financial statements arising out of
audit findings; xxii. To review the functioning of Vigilance Unit and
approve the changes to the Vigilance Policy;
f) compliance with listing and other
legal requirements relating to xxiii. To review significant cases of corruption
financial statements; for the quater;
g) disclosure of any related xxiv. To review the minutes of the quarterly
party transactions; FASCOM, Apex Management Committee and
Staff Accountability Committee meetings;
h) qualifications in the draft audit
report, if any; xxv. To investigate into any matter in relation to the
items specified or referred to it by the Board

and for the said purpose shall have the power is lower including existing loans/ advances/
to obtain professional advice from external investments existing as on the date of coming
sources and have full access to information into force of this provision.
contained in the records of the Bank;
xxviii.
To review and monitor the auditor‘s
xxvi. To perform any other functions, duty as
independence and performance, and
stipulated by the Companies Act, Reserve
effectiveness of audit process.
Bank of India, Securities & Exchange Board
of India, Stock Exchanges, and any other
xxix. Valuation of undertakings or assets of the
regulatory authority or under any applicable
Bank, wherever necessary.
laws, as prescribed from time to time.
xxvii. To review utilization of loans and/or advances xxx. To look into the reasons for substantial defaults
from/investment by the holding company in in the payment to the depositors, debenture
the subsidiary exceeding `100 crore or 10% holders, shareholders (in case of non-payment
of the asset size of the subsidiary, whichever of declared dividends) and creditors.
Nine Audit Committee Meetings were held during FY 2018-19 i.e. on April 3, 2018, April 25, 2018, July 25,
2018, September 25, 2018, October 24, 2018, December 13, 2018, January 23, 2019, February 26, 2019 and
March 14, 2019, and not more than one hundred and twenty days lapsed between two consecutive meetings of
the Audit Committee. The Statutory Auditors and the Internal Auditors are permanent invitees to the meetings of
the Audit Committee.
The Composition of the Audit Committee and details of participation of the Members at the Meetings of the
Committee held during the year were as under:
No. of
No. of Meetings
Name of the Member Category meetings
attended
held@
Mr. Uttam Prakash Agarwal, Chairman (appointed as Additional Director 4 4
member w.e.f. November 15, 2018) (Independent)
Mr. Vasant Gujarathi (ceased as member w.e.f. Non-Executive 5 4
November 14, 2018) Independent Director
Mr. Brahm Dutt Non-Executive 9 9
Mr. Ashok Chawla (ceased as member Non-Executive 5 5
w.e.f. November 14, 2018) Independent Director
Mr. Saurabh Srivastava (ceased as member Non-Executive 1 1
w.e.f. April 23, 2018) Independent Director
Mr. Ajai Kumar (ceased as member Non-Executive 7 6
w.e.f. November 15, 2018 and re-appointed Non‑Independent Director
as member w.e.f. January 29, 2019)
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.) Non-Executive 5 5
(appointed as member w.e.f. June 12, 2018 Independent Director
and ceased as member w.e.f. January 29, 2019)
Mr. Subhash Chander Kalia (appointed as member Non-Executive 7 7
w.e.f. April 26, 2018) Non‑Independent Director
Mr. Anil Jaggia (appointed as Member Additional Director 2 2
w.e.f. January 29, 2019) (Independent)
Dr. Pratima Sheorey (appointed as Member Non-Executive - -
w.e.f. March 28, 2019) Independent Director

No. of Meetings attended as
Name of the Director Category
Invitee
Mr. Subhash Chander Kalia (appointed as Director Non-Executive 1
w.e.f. April 3, 2018) Non‑Independent Director
Mr. Rentala Chandrashekhar (ceased to be a Director Non-Executive 3
Mr. Ravneet Singh Gill (appointed as Director MD & CEO 1
w.e.f. March 1, 2019)
Chairman – ID and Composition – 67% IDs

@
Number of meetings held during the tenure of the Director as a Member/Chairman of the Committee
Note: Due to business exigencies, several resolutions were passed through Circulation and the said resolutions have been noted at the
subsequent committee meetings.
All members of the Audit Committee are financially literate and Chairman of the Committee has accounting and
financial management expertise. The then Chairman of the Audit Committee, Mr. Vasant Gujarathi was present
at the last AGM.
vi. Review, assess and approve setting up of Bank’s

2. Risk Monitoring Committee Risk Appetite and limits. Monitor compliance of
Terms of Reference: risk limits and recommend appropriate actions
in cases of breaches;
vii. Review, assess and approve setting up of stress
i. Promote prudent Risk Culture in the Bank and
testing scenarios as well as review breaches
integrate risk management into the Bank’s
therein; suggest remedial actions if any;
goals and compensation structure;
viii. Monitoring compliance as well as critically
ii. Assess that the Risk universe for the Bank has
analyzing various risk parameters and
been adequately identified. Monitor risk profile
providing direction for corrective action
of the Bank (including credit risk, market risk,
wherever necessary;
liquidity risk, IRRBB, operational risk, model
risk, reputation risk, information security risk, ix. Review of the Bank’s portfolio and providing
cyber security related risk, etc.) within the necessary guidance to Management;
Board approved overall Risk Appetite of the
x. To review the minutes of Executive level
Bank as outlined in the ICAAP document;
Committees such as Asset Liability Committee
iii. Evaluate the adequacy of the risk management (ALCO), Operational Risk Management
function, the qualifications and background of Committee (ORMC), Outsourcing Management
senior risk officials and review the adequacy of Committee (OMC), Security Council Meeting,
the staffing of the Risk Management function Reputational Risk Management Committee
to perform its role appropriately; (RRMC), Enterprise Risk and Capital Committee
(ERCC), Model Assessment Committee (MAC)
iv. Oversee the Bank’s Enterprise Risk
and any other risk related committees;
Management framework, covering risk
identification, measurement, monitoring xi. To perform any other function or duty as
and mitigation; stipulated by the Companies Act, Reserve
Bank of India, Securities and Exchange Board
v. Review, approve and recommend for the Board
of India, Stock Exchanges and any other
risk management policies, processes and risk
regulatory authority or Board of Directors of
management framework. Review and assess
the Bank or under any applicable laws as may
the effectiveness of the policies, processes
be prescribed from time to time.
and framework, address deficiencies and
recommend improvements;

ix Risk Monitoring Committee meetings were held during FY 2018-19 i.e. on April 25, 2018, July 25, 2018,
S
September 25, 2018, October 24, 2018, January 23, 2019 and February 26, 2019. The Composition of the Risk
Monitoring Committee and details of participation of the Members at the Meetings of the Committee held during
the year were as under:
No. of Meetings No. of Meetings
Name of the Member Category
held@ attended
Mr. Subhash Chander Kalia, Chairman (appointed Non-Executive 5 5
as member w.e.f. April 26, 2018) Non-Independent Director
Mr. Ajai Kumar Non-Executive 6 5
Non-Independent Director
Mr. Rana Kapoor (ceased as member w.e.f. close MD & CEO 5 5
of business hours on January 31, 2019)
Mr. Ashok Chawla (ceased as member w.e.f. Non-Executive 4 4
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.) (ceased as Non-Executive 3 3
member w.e.f. June 12, 2018 and re-appointed as Independent Director
member w.e.f. November 15, 2018)
Mr. Ravneet Singh Gill (appointed as member MD & CEO - -
w.e.f. March 1, 2019)
Name of the Director Category No. of Meetings attended as Invitee
Mr. Subhash Chander Kalia (appointed as Director Non-Executive 1

w.e.f. April 3, 2018) Non-Independent Director
Chairman – NID and Composition – 40% IDs

@
3. Nomination & Remuneration (b) Review the Terms of Reference of the Board
Committee Level Committees and recommend the
changes therein, if any, to the Board;
Terms of Reference:
The terms of reference of the Committee include: iv. To scrutinize nominations for Independent/
Non-Executive Directors with reference
i. To review the current Board composition, its
to their qualifications and experience and
governance framework and determine future
making recommendations to the Board for
requirements and making recommendations
appointment/filling of vacancies;
to the Board for approval;
v. To identify persons who are qualified to
ii. To examine the qualification, knowledge,
become directors and who may be appointed
skill sets and experience of each director
in senior management in accordance with the
vis-a-vis the Bank’s requirements and their
criteria laid down, recommend to the Board
effectiveness to the Board on a yearly basis
their appointment and removal;
and accordingly recommend to the Board for
the induction of new Directors; vi. To formulate criteria for evaluation of
performance of independent directors and the
iii. To review:
board of directors;
(a) the composition of the existing Committees of
vii. To carry out evaluation of every
the Board and to examine annually whether
director’s performance;
there is any need to have a special committee
of directors to meet the business requirements viii. Whether to extend or continue the term of
of the Bank and accordingly recommend to the appointment of the independent director,
Board for formation of a special committee; on the basis of the report of performance
evaluation of independent directors;

ix. To validate ‘fit and proper’ status of all (c)
remuneration to Whole-time directors,
Directors on the Board of the Bank in terms key managerial personnel and senior
of the Guidelines issued by the RBI or other management involves a balance between
regulatory authorities; fixed and incentive pay reflecting short
and long-term performance objectives
x. To develop and recommend to the Board
appropriate to the working of the
Corporate Governance guidelines applicable
Company and its goals; and
to the Bank for incorporating best practices;
(d)
Recommend to the board all
xi. To implement policies and processes relating
remuneration, in whatever form, payable
to Corporate Governance principles;
to senior management.
xii. To formulate the criteria for determining
xvii. To consider grant of Stock Options to
qualifications, positive attributes and
employees including employees of subsidiaries
independence of a director;
and administer and supervise the Employee
xiii. To devise a Policy on Board diversity; Stock Option Plans;
xiv. To recommend to the Board a policy relating xviii. To function as the Compensation Committee
to, the remuneration for the directors, key as prescribed under the SEBI (Share Based
managerial personnel and other employees Employee Benefits) Regulations, 2014 and is
including performance/achievement bonus, authorized to allot shares pursuant to exercise
perquisites, retirals, sitting fee, etc.; of Stock Options by employees;
xv. To review the Bank’s overall compensation xix. To review the Human Capital Capacity Planning
structure and related polices with a view to on annual basis;
attract, motivate and retain employees and
xx. To review the list of risk takers on annual basis;
review compensation levels vis-à-vis other
Banks and the industry in general; xxi. To review the HCM Policies and provide
suitable guidance for additions/ modification/
xvi. To ensure the following while formulating the
deletions, if any;
policy on the aforesaid matters:
(a) the level and composition of xxii. To review the Succession Planning; and
remuneration is reasonable and sufficient
xxiii. To perform any other functions or duties as
to attract, retain and motivate directors,
key managerial personnel and senior
management of the quality required to
of India, Stock Exchanges and any other
run the Company successfully;
(b)
relationship of remuneration to laws as may be prescribed from time to time.
performance is clear and meets
appropriate performance benchmarks;
Fourteen Nomination & Remuneration Committee (N&RC) meetings were held during FY 2018-19 i.e. on April 3,
2018, April 25, 2018, June 12, 2018, July 25, 2018, August 28, 2018, September 25, 2018, October 5, 2018,
October 24, 2018, November 13, 2018, November 30, 2018, December 12, 2018, January 9, 2019, January 23,
2019 and January 29, 2019. The Composition of the N&RC and details of participation of the Members at the
Meetings of the Committee held during the year were as under:

held@ attended
Chairman Independent Director
Mr. Brahm Dutt (ceased as member Non-Executive 13 13
w.e.f. January 24, 2019) Independent Director
Mr. Ajai Kumar (ceased as member Non-Executive 3 3
w.e.f. June 12, 2018) Non- Independent Director
Mr. Subhash Chander Kalia (appointed as Non-Executive 11 11
member w.e.f. June 12, 2018) Non-Independent Director
Mr. Thai Salas Vijayan (appointed as member Additional Director 1 1

Mr. Ashok Chawla (ceased to be Director Non-Executive 2

Mr. Ajai Kumar Non-Executive 3
Mr. Brahm Dutt Non-Executive 1
Mr. Rana Kapoor (ceased to be Director w.e.f. MD & CEO 4
close of business hours on January 31, 2019)

@
4. Board Credit Committee

Terms of Reference:
i. To approve credit proposals that are beyond the approval authority of the Management Credit Committee
(MCC), as outlined in the Credit Policy;
ii. To approve any other aspects of credit proposals as outlined in the Credit Policy;
iii. To approve Investment proposals beyond limits/thresholds delegated to Investment and Financial Markets
Management Committee (IFMMC) vide Board approved Investment policy;
iv. To review specific cases that might need special attention as and when recommended by MCC / IFMMC;
v. To review status of accounts approved by BCC and MCC and any other credit related information as may be
required from time to time;
vi. To review the minutes of MCC/ IFMMC; and
vii. To perform any other function or duty as stipulated by the Companies Act, Reserve Bank of India, Securities
and Exchange Board of India, Stock Exchanges and any other regulatory authority or Board of Directors of the
Bank or under any applicable laws, as may be prescribed from time to time.
Twelve Board Credit Committee meetings were held during FY 2018-19 i.e. on April 3, 2018, April 25, 2018,
June 12, 2018, July 25, 2018, August 28, 2018, September 25, 2018, October 24, 2018, December 12, 2018,
December 28, 2018, January 23, 2019, February 26, 2019 and March 26, 2019. The Composition of the Board
Credit Committee and details of participation of the Members at the Meetings of the Committee held during the
year were as under:

held@ attended
Mr. Ajai Kumar, Chairman Non-Executive 12 11
member w.e.f. June 12, 2018) Non-Independent Director


w.e.f. March 1, 2019)
Chairman – NID and Composition – 50% IDs

@
Number of meetings held during the tenure of the Director as a member/Chairman of the Committee
immediately next Committee meeting.
5. Stakeholders’ Relationship v. To apprise of Key highlights/developments

Committee pertaining to various Stakeholders including
Equity Investors, debenture holders,
Terms of Reference:
multilateral lenders, rating agencies; etc.;
vi. To review the engagements with
i. To review and redress complaints from various stakeholders (mentioned above)
various security holders such as shareholders, including communication and feedback.
debenture holders and any other security Further, recommend steps for improving
holders such as non-receipt of dividend, engagement with the stakeholder;
non-receipt of interest on debentures, annual
vii. To review of measures taken for effective
report, transfer/transmission of shares or
exercise of voting rights by shareholders.
debentures, issue of new/ duplicate share/
debenture certificates, general meeting etc.; viii. To review of adherence to the service
standards adopted by the Bank in respect
ii. Review of the various measures and
of various services being rendered by the
initiatives taken by the Bank for reducing
Registrar & Share Transfer Agent.
the quantum of unclaimed dividends and
ensuring timely receipt of dividend warrants/ ix. To review Bank’s perception amongst
annual reports/ statutory notices by the stakeholders and provide recommendation for
shareholders of the Bank; enhancement of the same; and
iii. To oversee and review all matters connected x. To perform any other functions, duties as
with transfers, transmissions, dematerialization, stipulated by the Companies Act, Reserve
rematerialization, splitting and consolidation of Bank of India, Securities & Exchange Board
securities issued by the Bank; of India, Stock Exchanges, and any other
iv. To oversee the performance of the Registrar and
laws, as amended from time to time.
Transfer Agent of the Bank and recommends
measures for overall improvement in the
Mr. Shivanand R. Shettigar, Company Secretary also
quality of investor services;
acts as the Compliance Officer of the Bank.
Two Stakeholders Relationship Committee meetings were held during FY 2018-19 i.e. on July 25, 2018 and
February 26, 2019. The Composition of the Stakeholders Relationship Committee and details of Members
participation at the Meetings of the Committee held during the year were as under:

held@ attended
Mr. Maheswar Sahu, Chairman (appointed as Additional Director 1 1
member w.e.f. January 29, 2019) (Independent)
Mr. Rana Kapoor (appointed as member w.e.f. MD & CEO 1 1
June 12, 2018 and ceased as member w.e.f.
Mr. Vasant Gujarathi (ceased as Member w.e.f. Non-Executive 1 0


held@ attended
Mr. Brahm Dutt (appointed as member w.e.f. Non-Executive 1 1
January 29, 2019) Independent Director
Mr. Uttam Prakash Agarwal (appointed as Additional Director 1 1
Member w.e.f. November 15, 2018) (Independent)

@
There were 4 open complaints at the beginning of the year and 1,407 complaints were received from the
investors/shareholders during the year, out of which 1,384 complaints have been attended to and resolved and 27
complaints were unresolved as on March 31, 2019.
iii. To monitor the CSR Policy of the Bank
6. Corporate Social Responsibility from time to time;
Committee
iv. To institute a transparent monitoring mechanism
Terms of Reference:
for implementation of CSR projects or programs
The terms of reference of the Committee include: or activities undertaken by the Bank;
i. To formulate and recommend to the Board, a v. To consider and recommend the Annual CSR
Corporate Social Responsibility Policy which Report to the Board for approval; and
shall indicate the activities to be undertaken
vi. To perform any other function or duty as
by the Bank as specified in Schedule VII of the
Companies Act, 2013;
ii. To recommend the amount of expenditure to of India, Stock Exchanges and any other
be incurred on CSR activities as indicated in regulatory authority or under any applicable
the CSR Policy to the Board in accordance with laws, as may be prescribed from time to time.
the provisions of the Companies Act, 2013
and rules made thereunder;
Two Corporate Social Responsibility Committee meetings were held during FY 2018-19 i.e. on April 25, 2018 and
October 24, 2018. The Composition of the Corporate Social Responsibility Committee and details of participation
of the Members at the Meeting of the Committee held during the year were as under:

held@ attended
Mr. Maheswar Sahu, Chairman (appointed as Additional Director - -
member w.e.f. January 29, 2019 (Independent)
Mr. Rana Kapoor (ceased as member w.e.f. MD & CEO 2 2
Mr. Brahm Dutt (ceased as member w.e.f. Non-Executive 1 1
June 12, 2018) Independent Director
(appointed as member w.e.f. June 12, 2018) Independent Director
Dr. Pratima Sheorey (appointed as member Non-Executive 1 1
w.e.f. June 12, 2018) Independent Director
Mr. Ravneet Singh Gill, (appointed as member MD & CEO - -
w.e.f. March 1, 2019)
@
Number of meetings held during the tenure of the Director as a member/Chairman of the Committee

7. Service Excellence, Branding and vi. Review of branding, marketing and customer
Marketing Committee engagement activities of the bank;
Terms of Reference: vii. Review of activities undertaken to promote
digital payments;
viii. Update on the Agenda, Minutes and
i. Review product approval process with a view
Actionable of ‘Standing Committee of
to suitability and appropriateness;
Customer Service’; and
ii. Formulation and review of comprehensive
ix. To perform any other acts, duties as stipulated
deposit policy;
by the Companies Act, Reserve Bank of India,
iii. Review of customer feedback gathered Securities & Exchange Board of India, Stock
through annual customer satisfaction survey of Exchanges and any other regulatory authority,
depositors and other customers and suggest as prescribed from time to time.
action for improvement;
x. Update on the activities undertaken for
iv. Review of measures taken for enhancing the
promotion of digital products.
quality of customer service;
v. Review the findings of tri-enniel audit on xi. Update on Customer Liability Cases -
customer service; (Customer Protection – Limiting Liability
of Customers in Unauthorised Electronic
Banking Transactions).
Two Service Excellence, Branding and Marketing Committee meetings were held during FY 2018-19 i.e.
on September 29, 2018 and February 26, 2019. The Composition of the Service Excellence, Branding and
Marketing Committee and details of participation of the Members at the Meetings of the Committee held during
the year were as under:

held@ attended
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.), Non-Executive 2 2
Mr. Maheswar Sahu (appointed as member Additional Director 1 1
Mr. Anil Jaggia (appointed as member w.e.f. Additional Director 1 1
Mr. Ajai Kumar (ceased as member w.e.f. Non-Executive 1 1
January 29, 2019) Non-Independent Director
Mr. Ashok Chawla (appointed as member Non-Executive 1 1
w.e.f. June 12, 2018 and ceased as member Independent Director
w.e.f. November 14, 2018)
Mr. Rentala Chandrashekhar (appointed as Non-Executive 1 1
member w.e.f. June 12, 2018 and ceased as Independent Director
Mr. Ravneet Singh Gill, Chairman (appointed MD & CEO - -
as member w.e.f. March 1, 2019)

@

8. IT Strategy Committee achieve strategic goals and provide high-level

direction for sourcing and use of IT resources;
Terms of Reference:
xv. To review whether there is a proper balance of
IT investments for sustaining bank’s growth;
i. To perform oversight functions over
xvi. To become aware about exposure towards IT
the IT Steering Committee (at a senior
risks and controls and evaluating effectiveness
management level);
of management’s monitoring of IT risks;
ii. To investigate activities within this scope;
xvii. To assess Senior Management’s performance
iii. To seek information from any employee; in implementing IT strategies;
iv. To obtain outside legal or professional advice; xviii. To issue high-level policy guidance (e.g.
related to risk, funding, or sourcing tasks);
v. To secure attendance of outsiders with relevant
expertise, if it considers necessary; xix. To confirm whether IT or business architecture
is to be designed, so as to derive the maximum
vi. To work in partnership with other Board
business value from IT;
committees and Senior Management to
provide input, review and amend the aligned xx. To oversee the aggregate funding of IT
corporate and IT strategies; at a bank-level, and ascertaining if the
management has resources to ensure the
vii. To approve IT strategy and policy documents;
proper management of IT risks;
viii. To review that the management has put an
xxi. To review IT performance measurement and
effective strategic planning process in place;
contribution of IT to businesses (i.e., delivering
ix. To ratify the IT strategy in alignment with the the promised value);
business strategy;
xxii. To approve the Cyber Security Policy and
x. To provide guidance on the IT organizational Cyber Crisis Management Plan;
structure to complements the business model;
xxiii. To be aware of the global cyber security
xi. To review whether the management has threat landscape and provide guidance on its
implemented processes and practices that applicability to the Bank;
ensure that the IT delivers value to the business;
xxiv. To review the implementation of cyber security
xii. To review that IT & Security tools investments tools and processes in line with the approved
& budgets represent a balance of policies and regulatory directives.
risks and benefits;
xxv. To perform any other functions or duties as
xiii. To review that IT investments represent a stipulated by the Companies Act, Reserve
balance of risks and benefits and that budgets Bank of India, Securities and Exchange Board
are acceptable; of India, Stock Exchanges and any other
xiv. To monitor the method that management
laws as may be prescribed from time to time.
uses to determine the IT resources needed to
Six meetings of the IT Strategy Committee were held during FY 2018-19 i.e. on April 25, 2018, July 25, 2018,
October 24, 2018, January 23, 2019, March 14, 2019 and March 25, 2019. The Composition of the IT Strategy
Committee and details of participation of the Members at the Meetings of the Committee held during the
year were as under:

held@ attended
Mr. Anil Jaggia, Chairman (appointed as Additional Director 2 2
member w.e.f. January 29, 2019) (Independent)
Mr. Vasant Gujarathi (ceased as member Non-Executive 1 1
(appointed as member w.e.f. April 26, 2018 and Independent Director
ceased as member w.e.f. November 15, 2018)

held@ attended
member w.e.f. April 26, 2018 and ceased as Non-Independent Director
member w.e.f. June 12, 2018 and ceased Independent Director
w.e.f November 15, 2018)
Mr. Maheswar Sahu (appointed as member Additional Director 2 1

Mr. Subhash Chander Kalia (appointed as Non-Executive 1
Director w.e.f. April 3, 2018) Non-Independent Director
w.e.f. March 1, 2019)

@ Number of meetings held during the tenure of the Director as a member/Chairman of the Committee
9. Fraud Monitoring Committee

Terms of Reference:
i. To monitor and review in detail all frauds, involving an amount of `1 crore and above so as to:
(a) Identify the systematic lacunae, if any, that facilitate perpetration of the fraud and put in place measures
to plug the same;
(b) Identify reasons for delay in detection and reporting of frauds to top management of the Bank and the
Reserve Bank of India/SFIO, etc.;
(c) Monitor progress of the investigations by Central Bureau of Investigation/ Police in respect of the cases
and recovery position thereof;
(d) Ensure that staff accountability is examined at all levels in the cases of frauds and action against staff, if
required, is completed quickly, with minimum loss of time;
(e) Review the efficacy of the remedial action taken to prevent recurrence of frauds, such as strengthening
of internal control environment;
ii. To review the report on the Red Flag Accounts (RFA) which shall include the synopsis of the remedial action
taken together with their current status;
iii. To review electronic banking frauds; and
iv. To perform any other act, duties as stipulated by the Companies Act, Reserve Bank of India, Securities &
Exchange Board of India, Stock Exchanges, and any other regulatory authority, as prescribed from time to time.

Three Fraud Monitoring Committee meetings were held during FY 2018-19 i.e. on April 25, 2018, July 25, 2018
and January 23, 2019. The Composition of the Fraud Monitoring Committee and details of participation of the
Members at the Meetings of the Committee held during the year were as under:

held@ attended
Mr. Uttam Prakash Agarwal, (appointed as Additional Director 1 1
(ceased as member w.e.f. June 12, 2018) Independent Director
Mr. Brahm Dutt (ceased as member Non-Executive 3 3
w.e.f. January 29, 2019) Independent Director
member w.e.f. April 26, 2018) Non-Independent Director
Mr. Anil Jaggia, (appointed as member w.e.f. Additional Director - -
Name of the Member Category No. of Meetings attended as Invitee


10. Capital Raising Committee

Terms of Reference:
i. To analyze various options for infusion of capital and funds by issue of various securities including equity
shares, preference shares, debentures, bonds, BASEL III compliant Tier I & Tier II Instruments, other debt
securities, etc.;
ii. To approve issue of securities in one or more tranches to various potential Investors within the overall limit as
approved by the Board/ Shareholders and determine price/price range for the securities;
iii. To engage/appoint the issue management and issue related agencies;
iv. To incur necessary expenditure relating to capital and fund raising exercise;
v. To perform all activities with regard to fund raising by various methods/ means/options under the authority of
Board and Shareholders; and
vi. To do all such acts, deeds as the Board may delegate in connection with the capital and fund raising exercise.

The Capital Raising Committee met twice during FY 2018-19 on April 25, 2018 and January 31, 2019.
The Composition of the Capital Raising Committee and details of participation of the Members at the Meeting of
the Committee held during the year were as under:
held@ attended
Mr. Ajai Kumar Non- Executive 2 2
member w.e.f. January 29, 2019) Non-Independent Director
11. Board Committee on Willful Defaulters & Non-Cooperative Borrowers

Terms of Reference:
i. To review and confirm the order of the Committee for Classification of borrowers as ‘Non-Cooperative
Borrowers’ or ‘Willful Defaulter’;
ii. To review the status of ‘Non-Cooperative Borrowers’ or ‘Willful Defaulters’ at least on half yearly or at such
other intervals as may be required by RBI;
iii. To decide on removal of the names from the list of ‘Non-Cooperative Borrowers’ or ‘Willful Defaulters’ as
reported to Central Repository of Information of Large Credits (CRILC);
iv. To review, note and decide on any matter pertaining to ‘Non-Cooperative Borrowers’ or ‘Willful Defaulters’; and
v. To review/consider publication of the photographs of borrowers, including proprietors/partners/directors/
guarantors of borrower firms/companies, who have been declared as willful defaulters.
The Board Committee on Willful Defaulters and Non-Cooperative Borrowers met twice during FY 2018-19 on
April 25, 2018 and January 23, 2019. The Composition of the said Committee and details of participation of the
Members at the Meeting of the Committee held during the year were as under:

held@ attended
(ceased as member w.e.f. June 12, 2018) Independent Director
Mr. Brahm Dutt (appointed as member Non-Executive 1 1
w.e.f. June 12, 2018 and ceased Independent Director
w.e.f. January 29, 2019)
member w.e.f. November 15, 2018) Non-Independent Director


held@ attended
Mr. Uttam Prakash Agarwal (appointed as Additional Director 1 1
Mr. Ajai Kumar (appointed as member w.e.f. Non- Executive - -
January 29, 2019) Non-Independent Director
Mr. Anil Jaggia (appointed as member w.e.f. Additional Director - -

Chairman – MD & CEO and Composition – 40% IDs

12. C
ommittee of Independent Directors:
Terms of Reference:
i. To review the performance of non-independent directors and the Board as a whole;
ii. To review the performance of the Chairperson of the Company, taking into account the views of executive
directors and non-executive directors;
iii. To assess the quality, quantity and timeliness of flow of information between the Company management and
the Board that is necessary for the Board to effectively and reasonably perform their duties;
iv. To submit its report as above to Nominations & Governance Committee and the Board of Directors, as the
case may be; and
v. To perform such other roles as may be prescribed by the Companies Act, 2013, Listing Agreement, SEBI
Regulations, Banking Regulation Act, 1949 and the Circulars/Regulations issued by the Regulatory Authorities
from time to time.
The Committee of Independent Directors met twice during FY 2018-19 on April 26, 2018 and September 25,
2018. The Composition of the Committee of Independent Directors and details of participation of the Members at
the Meeting of the Committee held during the year were as under:

held attended
Lt. Gen. (Dr.) Mukesh Sabharwal (Retd.), Non-Executive 2 2
Mr. Vasant Gujarathi (ceased as member w.e.f. Non-Executive 2 2
Ms. Debjani Ghosh (ceased as a member Non-Executive 1 1
member w.e.f. June 12, 2018 and ceased Independent Director
w.e.f. November 15, 2018)
Note: Mr. Anil Jaggia, Mr. Maheswar Sahu, Mr. Thai Salas Vijayan and Mr. Uttam Prakash Agarwal were inducted
members of the Committee from the date of their appointment.
SPECIAL PURPOSE COMMITTEE The Bank has three subsidiaries as of March 31,
2019 viz. YES Securities (India) Limited (‘YSIL’),
Search & Selection Committee YES Asset Management (India) Limited
The Search & Selection Committee was constituted (‘YAMIL’) and YES Trustee Limited (‘YTL’) and
at the Board Meeting held on September 25, 2018. the Audited Annual Financial Statements of
for limited period with specific purpose of Search all the subsidiaries have been provided to the
& Selection of New MD & CEO and subsequently Audit Committee of the Board of the Bank.
the same was dissolved on completion of the Further, the minutes of the meetings of the
specified purpose. Board of subsidiary companies of the Bank
are placed in the meetings of the Board of
Terms of Reference: Directors of the Bank for review. Statement of
significant transactions/arrangements entered
into by the unlisted subsidiary companies of
the Bank are also placed at the meetings of the
i. To guide the Bank on the selection of a suitable
Board of Directors of the Bank, for its review.
Global Leadership Advisory Firm;
ii. Provide necessary inputs to the nominated
Global Leadership Advisory Firm for the search
B) Related Party Transactions
and selection of the MD & CEO; and There were no materially significant
transactions with related parties including
iii. Evaluation of potential candidates and
promoters, directors, key managerial
recommendations to the Nomination &
personnel, subsidiaries or relatives of the
Remuneration Committee and the Board for
Directors during the financial year which
final shortlisting.
could lead to a potential conflict with the

Six Search & Selection Committee Meetings interest between the Bank and these parties.
were held during FY 2018-19 i.e. on October 11, The details of the transactions with related
2018, October 26, 2018, November 13, 2018, parties, if any, were placed before the Audit
December 12, 2018, December 18, 2018 and Committee from time to time. There were no
January 9, 2019: material individual transactions with related
parties, which were not in the ordinary course
No. of No. of of business of the Bank, nor were there any
Name of the Member meetings meetings transactions with related parties, which were
held attended not on arm’s length basis. Suitable disclosure
Mr. Brahm Dutt, Chairman 6 6 as required by the Accounting Standards
Lt. Gen. (Dr.) Mukesh 6 6 (AS18) has been made in the notes to the
Sabharwal (Retd.) Financial Statements.
Mr. Subhash Chander Kalia 6 6
The Board of Directors has formulated a policy
Mr. Thai Salas Vijayan 6 6
on materiality of Related Party Transactions
Mr. O.P. Bhatt (ceased as a 3 3
and also on dealing with Related Party
member w.e.f. November
15, 2018) Transactions pursuant to the provisions of the
Companies Act, 2013 and Listing Regulations.
The Committee was subsequently dissolved. The same is displayed on the website of the
Bank at https://www.yesbank.in/about-us/
corporate-governance.
V DISCLOSURES
A) Subsidiary Companies C) MD & CEO / CFO Certification
The Bank did not have any material subsidiary
The MD & CEO and the Chief Financial Officer
having investment of the Bank during
(‘CFO’) have issued certificate pursuant to
FY 2018-19. The Bank has formulated a policy
the provisions of Regulation 17 of the Listing
for determining ‘material’ subsidiaries pursuant
Regulations certifying that the financial
to the provisions of the Listing Regulations
statements do not contain any materially
and the same is displayed on the website of
untrue statement and these statements
the Bank https://www.yesbank.in/ about-us/
represent a true and fair view of the Company’s
corporate-governance.
affairs. They also certify that, to the best of their
knowledge and belief, no transactions entered

into during the year were fraudulent, illegal or For the ease of convenience of the employees
violative of the code of conduct of the Bank, and as a part of Bank’s digitization initiative the
they are responsible for establishment and reporting mechanism/ process which facilitates
maintenance of the Internal Financial Controls employees in reporting of transactions in
for financial reporting and they have indicated Securities of the Bank was automated by the
to the auditors and the Audit Committee about Bank and made available to the employees
any significant changes in internal control under the head of ‘YES ACTS’ and can be
over financial reporting, significant changes accessed by the employees through intranet.
in the accounting policies and instances of The said system also helps the Compliance
significant frauds, if any, which they were Officer in monitoring of transactions done
aware. The said certificate is annexed and by Insiders and for sending advisories to the
forms part of this Annual Report. defaulting employees who failed to ensure
compliance with the Bank’s Code, which
may result in monetary implications for
D) Code of Conduct and Ethics defaulting employees as may be decided by
The Board has formulated and adopted Code the Disciplinary Committee depending on the
of Conduct and Ethics for the Board of Directors instance of default. The system also allows
and Senior Management. The said code was employees to submit online disclosures while
last reviewed by the Board at its meeting held dealing in the Securities of the Bank, i.e.
on April 26, 2019 and has been hosted on the submission of initial and continual disclosures
website of the Bank at https://www.yesbank.in/ and obtaining of pre-clearances and also to
about-us/corporate-governance. submit periodic declarations and updating
UPSI recipients’ database etc.
The confirmation from the Managing Director
& CEO of the Bank regarding compliance with The Bank has also put in place a ‘Code of
the Code of Conduct and Ethics by all the Conduct for dealing in Securities of other Listed
Directors and Senior Management is annexed and to be Listed entities by the employees of
and forms part of this Report. specified departments (‘Grey List Entities’) as
the employees of such departments might
have access to UPSI of Grey List entities for
E) Code of Conduct for Prevention various reasons, viz., Business relationship and
of Insider Trading exposure, etc.
The Bank has in accordance with the Securities
and Exchange Board of India (SEBI) (Prohibition The Bank has organized various awareness
of Insider Trading) Regulations, 2015 (SEBI sessions at the Corporate Office for the
Regulations) as amended from time to time, benefit of employees with a view to enlighten
formulated the ‘Code of Conduct for Prevention employees about the applicability of the
of Insider Trading’ in Bank’s Securities (Bank’s Bank’s Code and reporting requirements
Code) and the ‘Code of Conduct for dealing under the Bank’s Code.
in securities of other Listed and to be Listed
entities’ and also the ‘Code of Practices and
Procedures for Fair Disclosure of Unpublished
F) Whistle-Blower Policy
Price Sensitive Information In compliance with the provisions of Listing
Regulations, the Companies Act, 2013 and
The amended Code is now only applicable other applicable laws and in accordance with
to the ‘Designated Persons’ of the Bank and principles of good corporate governance, the
its Subsidiary companies. The Designated Bank has devised and implemented a vigil
Persons are required to ensure fullest mechanism, in the form of ‘Whistle-Blower
compliance with the Bank’s Code at the time Policy’. The policy devised is also aligned to
of dealing in Bank’s Securities, which inter alia the recommendations of Protected Disclosure
includes equity shares and debentures, (by way Scheme for Private Sector Banks and Foreign
of Buy/ Sell/ ESOP exercise/ Pledge Creation/ Banks, instituted by RBI.
Pledge Revocation and Invocation of Pledge,
etc.). The dealing in Securities also covers This policy enables a Whistle-Blower to raise
Securities acquired by way of transmission (as concerns relating to reportable matters (as
a legal heir)/ Gift/ Off-market Transactions, etc. elucidated in the said policy) such as breach

of Bank’s Code of Conduct, fraud, bribery, required to prepare Business Responsibility
corruption, employee misconduct, illegality, Report, to adopt Integrated Reporting (‘IR’)
health & safety, environmental issues and on a voluntary basis from the FY 2017-18
wastage/ misappropriation of bank funds/ onwards. As a frontrunner in mainstreaming
assets, etc., without fear of reprisals and triple bottom line reporting, YES BANK was
to provide for independent investigation. India’s 1st Bank to release its annual report in
The framework of the policy endeavors line with International Integrated Reporting
to simplify and smoothen the process for Council’s Integrated Reporting (IR) guidelines
Whistle-Blower and foster responsible with Annual Report FY 2015-16. The Bank
reporting, a Whistle-Blower cannot resort to continues to publish its annual report in line with
the Whistle-Blower Policy to report his/ her IR guidelines for FY 2018-19. Additionally, the
personal grievances. Bank’s Sustainability Report since FY 2015-16
is in alignment with IR guidelines, while adhering
The policy has been implemented through to globally accepted sustainability reporting
a web-based ‘Corporate Whistle-Blower guidelines by Global Reporting Initiative (‘GRI’).
Initiative’ (CWI) portal, which is an independent The Bank’s Sustainability Report is hosted on
online reporting service aimed at facilitating the Bank’s website at https://www.yesbank.
secure and anonymous communication in/about-us/investor-relations/yes-bank-
between the Bank and Whistle-Blower. sustainability-report.
The policy has provisions to safeguard

Whistle-Blower against victimization. As a
I) Strictures and Penalties
responsible and vigilant organization, the Bank During the last three years, there were no
encourages responsible and fearless reporting penalties or strictures imposed on the Bank by
of genuine concerns or grievances and also the Stock Exchange(s) and/or SEBI and/or any
provides for direct access to the Chairman other statutory authorities on matters relating
of the Audit Committee of the Board, in to capital market.
exceptional cases.
However, SEBI had issued a show cause
The functioning of the Vigil Mechanism is notice dated June 16, 2017 to the Bank under
reviewed by the Audit Committee of the Board Section 15-I of SEBI Act, 1992 and Section
regularly. None of the Whistle-Blowers have 23-I of the Securities Contracts (Regulation)
been denied access to the Audit Committee Act, 1956, to inquire into and adjudge
of the Board. The details of the Whistle-Blower alleged violation of SEBI (LODR) Regulations,
Policy are available on the website of the 2015, in respect of the withdrawn QIP in
Bank at https://www.yesbank.in/about-us/ September 2016. Pursuant thereto, the Bank
corporate-governance. filed an application under SEBI (Settlement
of Administrative and Civil Proceedings)
Regulations, 2014. SEBI vide its Settlement
G) Dividend Distribution Policy Order dated June 29, 2018 disposed of the
In terms of the provisions of Regulation 43A of adjudication proceedings initiated against the
the Listing Regulations, the Board of Directors Bank and the Bank paid `40 lakh 80 thousand
of the Bank had approved the Dividend without admitting or denying the violation.
Distribution Policy in line with the parameters
prescribed thereunder for payment/distribution
of dividend to the shareholders. The said
J) Human Rights – Best Practices
Policy has been hosted on the Bank’s website YES BANK recognizes the valuable role that
under Corporate Governance Section and can business can play in the protection of human
be accessed at the link https://www.yesbank. rights and is committed to respect and support
in/about-us/corporate-governance. the dignity, well-being and human rights of
all stakeholders in line with internationally
recognized frameworks. YES BANK is
H) Integrated Reporting committed to developing a culture which
SEBI issued a circular dated February 6, 2017 inculcates respect & support for Human
on ‘Integrated Reporting by Listed Entities’ Rights. YES BANK is the first Indian Banking
advising top-500 listed entities, which are sector signatory to UN Global Compact.

The Bank continues to abide by the 10 Company Secretaries and forms part of this
Principles of the Compact covering four major Report. It may be noted that M/s. Mehta &
dimensions: human rights, labor, environment Mehta in their said certificate has confirmed
and anti-corruption, and uses them as the that the Bank has complied with the conditions
foundation for building its sustainable practices of Corporate Governance as prescribed under
within the Bank’s operation. Listing Regulations.
K) Green Initiative in Corporate M) Compliance with the

Governance Non-mandatory Requirements of
The Bank has promoted the ‘Green Initiative’ the Listing Regulations
proposed by the Ministry of Corporate Affairs In addition to the mandatory requirements,
and the Bank has been effecting the electronic the Bank has also adopted the following
delivery of Notice of AGM and Annual Report non-mandatory requirements as suggested in
to the shareholders whose E-mail IDs are Regulation 27(1) of the Listing Regulations:
registered with the respective Depository
Participant(s). The Companies Act, 2013 and (i) Shareholders’ Rights
Rules thereunder and Listing Regulations
The Bank has sent mid-year
provide for circulation of Financial Statements
communication to the shareholders’
electronically to the shareholders.
consisting of half-yearly financial
results and other updates on financial/
The Bank has initiated and implemented
overall performance of the Bank during
successfully the process of conducting the
the half-year ended September 30,
Board and Committee meetings using Ipads
2018 of FY 2018-19.
based e-meeting application and web based
meeting tool in paperless form. This initiative of
(ii) Un-Modified Opinion(s) in Audit
the Bank has resulted in considerable saving
Report
on paper and expenditure.
The Auditors have expressed an
The Bank has also implemented electronic unmodified opinion on the financial
platform for reporting of transactions in statements of the Bank.
securities of the Bank in compliance with
the SEBI (Prohibition of Insider Trading) (iii) Separate posts of Chairman and
Regulations, 2015 and Code of Conduct for CEO
Prevention of Insider Trading.
The Bank has separate positions of the
Non-Executive (Independent) Part-Time
Shareholders have been requested on several
Chairman and the Managing Director &
occasions to update their e-mail IDs with their
CEO of the Bank.
Depository Participant(s) to help accelerate the
Bank’s migration to paperless compliances.
(iv) Reporting of Internal Auditors
The Internal Auditors of the Bank reports
L) Compliance with Mandatory directly to the Audit Committee.
Requirements of the Listing
Regulations
The Board of Directors reviews the compliance
N) Disclosure of commodity price
with all applicable laws on a quartely basis.
risks and commodity hedging
Your Bank has compliance framework for activities.
adherence to the mandatory requirements ▲
▲ Information on the commodity price risk
of Corporate Governance norms as specified or foreign exchange risk and hedging
in Regulations 17 to 27 and clauses (b) to (i) activities in the Bank
of sub-regulation (2) of Regulation 46 of the
The Bank has Board approved Market
Listing Regulations to the extent applicable
Risk policy which defines risk control
to the Bank. The Bank has obtained
framework for undertaking any Commodity
certificate affirming the Compliances with
price risk and Foreign exchange risk.
these regulations from M/s. Mehta & Mehta,
Vide Market Risk policy, Board of the

Bank has defined overall Net Overnight customer offerings and proprietary
Open Position (NOOP) Limit, Stop Loss trading in compliance with overall
Limit, Aggregate Gap limit (AGL), Value at risk limit and control framework.
Risk (VaR) limit to control the Commodity The management of these products
Price/Foreign exchange risk within its and businesses is governed by Board
risk control framework. The Bank has approved Market Risk Policy, Investment
not undertaken any commodity price Policy, Derivatives Policy, Hedging Policy
risk during the period. The Bank has and ALM policy of the Bank.
undertaken all commodity transactions on
▲
▲ Whether the commodity price risks
back to back basis. Further, the Bank has
and commodity hedging activities are
not exceeded any of its Board approved
disclosed to the shareholders/publically
risk limit framework with respect to
Foreign Exchange Risk during the period. The Bank has not undertaken any
commodity price risk during the period.
The Bank uses Derivatives including The Bank has undertaken all commodity
Forwards & swaps for hedging its transactions on back to back basis.
currency risk in its balance sheet,
O) Disclosures in relation to the Sexual Harassment of Women at Workplace

(Prevention, Prohibition and Redressal) Act, 2013:
Particulars Numbers
Number of complaints filed during the financial year 10
Number of complaints disposed of during the financial year 8
Number of complaints pending as on the end of the financial year 2
VI SHAREHOLDERS INFORMATION
A) Changes in Equity Share Capital of the Bank:
As on March 31, 2019 the paid-up equity share capital of the Bank was `4,630,066,078/- consisting of
2,315,033,039 equity shares of `2/- each.
The table below gives details of equity evolution of the Company during the year under review:
No. of Equity Face Value Cumulative Equity Share

Date of Allotment Type of Issue
Shares Allotted (in `) Capital (No. of shares)
April 18, 2018 ESOPs 1,615,350 2.00 2,304,582,595
May 21, 2018 ESOPs 582,550 2.00 2,305,165,145
June 22, 2018 ESOPs 547,950 2.00 2,305,713,095
July 18, 2018 ESOPs 627,200 2.00 2,306,340,295
August 21, 2018 ESOPs 1,786,325 2.00 2,308,126,620
September 18, 2018 ESOPs 1,151,225 2.00 2,309,277,845
October 12, 2018 ESOPs 1,881,115 2.00 2,311,158,960
November 15, 2018 ESOPs 793,925 2.00 2,311,952,885
December 12, 2018 ESOPs 361,890 2.00 2,312,314,775
January 9, 2019 ESOPs 540,856 2.00 2,312,855,631
February 14, 2019 ESOPs 970,330 2.00 2,313,825,961
March 15, 2019 ESOPs 1,207,078 2.00 2,315,033,039

B) Dividend mode of payment facility approved by the

Reserve Bank of India viz., NACH/ Direct
The Board of Directors of the Bank at its meeting
Credit/ RTGS / NEFT, etc.
held on April 26, 2019 has recommended
payment of dividend of `2 per equity share
In order to receive the dividend on time, all
(100%) of face value of `2 each fully paid-up
the eligible shareholders holding shares in
for the financial year ended March 31, 2019,
demat mode are requested to update with
for the approval of the Members at the 15th
their respective Depository Participants,
AGM of the Bank (Previous Year `2.70 per
before May 31, 2019, their correct Bank
equity share (135%) of face value `2 each fully
Account Number, including 9 Digit MICR Code
paid-up). If approved, the dividend shall be
and 11 Digit IFSC Code, e-mail ID and Mobile
paid on or after June 13, 2019.
numbers. This will facilitate the remittance
of the dividend amount directly in the bank
Modes of making payment of
account of the shareholder electronically.
Dividend through electronic mode:
As mandated in Listing Regulations, listed In case dividend payment by electronic mode
companies shall require to make all payments is not executed for any reason, the Bank shall
to investors including dividend to the issue a Demand Draft.
shareholders, by using any of the electronic
The Dividend History of the Bank for past seven years is given below:
FY 2012-2018
(In %)
135%
120%
100%
90%
80%
60%
40%
2012 2013 2014 2015 2016 2017 2018
Unclaimed Dividend
In terms of the provisions of Section 124(5) claim of the shareholder shall lie against the
of the Companies Act, 2013 read with the Bank. However, shareholders may claim their
Investor Education and Protection Fund unclaimed amount as per the procedures/
Authority (Accounting, Audit, Transfer and guidelines issued by the Ministry of Corporate
Refund) Rules, 2016, as amended from time Affairs (MCA). Dividends for and upto the
to time, the Bank is statutorily required to financial year ended March 31, 2011 have
transfer to the Investor Education & Protection already been transferred to the IEPF and
Fund (‘IEPF’), established by the Central dividend for the financial year ended March 31,
Government, all dividends remaining unpaid 2012 shall be transferred to IEPF after the due
/unclaimed for a period of 7 (Seven) years, date i.e. August 12, 2019.
thereon, from the date of transfer of such
Dividend to the Unpaid Dividend Account.
Once such amounts are transferred to IEPF, no

The details of unclaimed dividends for FY 2011-12 onwards and the last date for claiming such dividends
are given below:
Dividend for the year ended Date of Declaration of Dividend Last date of claiming Dividend
March 31, 2012 July 14, 2012 August 12, 2019
March 31, 2013 June 8, 2013 July 9, 2020
March 31, 2014 June 14, 2014 July 17, 2021
March 31, 2015 June 6, 2015 July 5, 2022
March 31, 2016 June 7, 2016 July 6, 2023
March 31, 2017 June 6, 2017 July 5, 2024
March 31, 2018 June 12, 2018 July 11, 2025
Shareholders who have not enchased their unpaid or unclaimed for seven consecutive
dividend warrants relating to the dividends years or more, requesting them to claim such
as specified above are advised to send their dividend so as to avoid the corresponding
request letter for payment of unclaimed shares being transferred to the IEPF authority.
dividend to Karvy Fintech Private Limited Simultaneously, an advertisement to this
(Formerly known as Karvy Computershare effect was published in leading English and
Private Limited) or Nodal officer of the vernacular newspapers.
Bank Mr. Shivanand R. Shettigar. The
The aforesaid Rules also prescribe the
details of unpaid/unclaimed dividends are
procedure to be followed by an investor to
available on the website of the Bank https://
claim the Shares/Dividend amount transferred
www.yesbank.in/about-us/investors-relation/
to IEPF. Shares which are transferred to the
shareholder-information/ir-regulations.
IEPF Demat Account can be claimed back
by the shareholder from IEPF Authority by
Transfer of ‘Underlying Shares’ in
following the procedure prescribed under the
respect of which dividend has not
aforesaid rules.
been claimed for seven consecutive
years or more, to the IEPF
The information pertaining to unpaid/
In terms of Section 124 (6) of the Companies unclaimed dividends for last seven years and
Act, 2013 read with Investor Education and the details of such members whose unclaimed
Protection Fund Authority (Accounting, Audit, dividend/shares have been transferred to
Transfer and Refund) Rules, 2016, as amended IEPF Authority is also available on the Bank’s
from time to time, members are requested website https://www.yesbank.in/about-us/
to note that the shares in respect of which investors-relation/shareholder-information/
dividends have been unpaid or unclaimed ir-regulations.
for seven consecutive years or more shall
be credited to the IEPF Demat Account Intimation to the Investors for
maintained with depositories. Upon transfer claiming of dividends
of such shares, all benefits (e.g. bonus, spilt
Intimation has been sent to the relevant
etc.), if any, accruing on such shares shall also
shareholders at regular intervals for encashing
be credited to the IEPF Demat Account and
of unclaimed dividend on equity shares
the voting rights on such shares shall remain
declared by the Bank from time to time and
frozen till the rightful owner claims the shares.
corresponding equity shares.
In this connection, the Bank had sent
intimation letters to members in respect of
the shares on which dividend had remained

C) General Body Meetings and Postal Ballot

General Meetings
The details of the last three Annual General Meeting(s) of the Bank and the special resolutions passed thereat
are given below:
Year Location Day, Date and time Special Resolution

2018 Hall of Culture, Ground Floor, Tuesday, June 12, - Approval for increase in the borrowing limits from
Nehru Centre, Discovery of 2018 at 11.00 a.m. `70,000 crore to `110,000 crore.
India, Dr. A. B. Road, - Approval for borrowing/ raising funds in Indian/
Worli, Mumbai – 400 018 foreign currency by issue of debt securities upto
` 30,000 crore (the ‘NCDs’) to eligible investors on
private placement basis.
- Approval for raising of capital upto USD 1 billion
by issue of shares or convertible securities in
one or more tranches provided however that
the aggregate amount raised shall not result in
increase of the issued and subscribed equity share
capital of the Bank by more than 10% of the then
issued and subscribed equity shares of the Bank.
- Approval of Employee Stock Option Scheme of the
Bank i.e. ‘YBL ESOS – 2018’.
- Approval for extending the benefits of Employee
Stock Option Scheme of the Bank to the eligible
Employees of the Subsidiary Companies of
the Bank.
2017 Hall of Culture, Ground Floor, Tuesday, - Approval for increase in the borrowing limits from
Nehru Centre, Discovery of June 6, 2017 at `50,000 crore to `70,000 crore.
India, Dr. A. B. Road, 4:00 p.m. - Approval for borrowing/ raising funds in Indian/
Worli, Mumbai – 400 018 foreign currency by issue of debt securities
including but not limited to non-convertible
debentures, MTN (Medium-Term Notes), bonds
upto `20,000 crore to eligible investors on private
placement basis.
2016 Hall of Culture, Ground Floor, Tuesday, June 7, - Approval for raising of capital upto USD 1 billion
Nehru Centre, Dr. A. B. Road, 2016 at 11.00 a.m. by issue of shares or convertible securities in
Worli, Mumbai – 400 018 one or more tranches provided however that
the aggregate amount raised shall not result in
increase of the issued and subscribed equity share
capital of the Bank by more than 15% of the then
issued and subscribed equity shares of the Bank.
- Approval for borrowing/raising funds in Indian/
foreign currency by issue of debt securities
including but not limited to non-convertible
debentures, MTN (Medium-Term Notes), bonds
upto `10,000 crore to eligible investors on private
placement basis.
Postal Ballot
During the year, no matters were transacted through postal ballot. No Special Resolution requiring Postal
Ballot is being proposed on or before the ensuing AGM of the Bank.

D) Investor Grievance Redressal
Shareholders’ Complaints during FY 2018-19:
Particulars No. of Complaints
Investor complaints pending as at April 1, 2018 4
Investor complaints received during the year ended March 31, 2019 1,407
Investor complaints resolved during the year ended March 31, 2019 1,384
Investor complaints pending as on March 31, 2019 27
Shareholders’ Requests during FY 2018-19:

Particulars No. of Requests
Investor requests pending as at April 1, 2018 8
Investor requests received during the year ended March 31, 2019 795
Investor requests resolved during the year ended March 31, 2019 790
Investor requests pending as on March 31, 2019 13
The Bank receives investor complaints through the meeting) and view the answers for the
various sources and informs the Stakeholders same during the live webcast of AGM.
Relationship Committee of the Board on the
resolution and redressal of the complaints,
and also to the Board on quarterly basis.
F) Means of Communication
The Bank receives investor complaints from The Bank has provided adequate and timely
Stock Exchanges, SEBI Complaints Redress information to its members inter-alia through
System (SCORES), Registrar of Companies, the following means:
Mumbai, through the Bank’s Registrar and
▲
▲ Quarterly Results are announced through
Transfer Agents, directly from investors’
a Press Conference and a Press Release
correspondence and from the investors
sent to leading media publications. The
personal visits to the Bank.
results are also communicated through
newspaper advertisements in prominent
The Bank has designated E-mail IDs namely
national and regional dailies like the
[email protected] for Equity investors
Economic Times, Mint, DNA, Financial
and [email protected] for bond
Express, Free Press Journal as well as
holders for reporting complaints/grievances.
important investor magazines such as
The said email Ids are also displayed on the
Dalal Street and Capital Market. The
website of the Bank.
statutory advertisements are released in
Navshakti and the Hindu Business Line.
E) Queries at Annual General ▲
▲ The financial results, official news
Meeting releases and presentations are also
Shareholders desiring any information with displayed on the website of the Bank
regard to the accounts are requested to write (www.yesbank.in)
to the Bank at an early date so as to enable the
▲
▲ The presentations made to institutional
management to keep the information ready.
investors and financial analysts on
The queries relating to operational and financial
the Company’s financial results are
performance may be raised at the AGM.
displayed on the website of the Bank
(www.yesbank.in). The Bank also
The Bank provides the facility of Investor
informs the Schedule of meeting with
Helpdesk at the AGM. Shareholders may post
the institutional investors and financial
their queries relating to shares, dividends etc.,
analysts to the Stock Exchanges.
at this Investor-Helpdesk.
▲
▲ The financial and other information filed
The Shareholders can post Questions/ by the Bank from time to time is also
Comments at the time of AGM (till the end of available on the websites of the Stock

Exchanges, i.e., BSE Limited (BSE) at the Board of the Bank have been debarred
www.bseindia.com and the National or disqualified from being appointed or
Stock Exchange of India Limited (NSE) at continuing as Directors of the Companies
www.nseindia.com. NSE and BSE have either by Securities and Exchange Board of
introduced online platforms for filing of India or the Ministry of Corporate Affairs or any
announcements and other compliance other Statutory Authorities. The said certificate
returns viz., NSE Electronic Application forms part of this report.
Processing System (NEAPS) and BSE
Listing Centre, respectively. Various I) Fees paid to Statutory Auditors
compliances as required/prescribed
The total fees incurred by the Bank and its
under the Listing Regulations are filed
subsidiaries on a consolidated basis, for
through these systems.
services rendered by Statutory auditors and its
▲
▲ Filings are also made to the London Stock affiliates entities, is given below:
Exchange, Singapore Stock Exchange and
India International Exchange IFSC Limited. ` in million
Particulars FY 2018-19
▲
▲ The Bank has established systems and
Audit Fees 21.70
procedures to disseminate relevant
information to its stakeholders, including Statutory Certificates 1.01
shareholders, analysts, suppliers, Reimbursement of Expenses 0.50
customers, employees and the society at
Total 23.21
large. It also conducts earning calls with
analysts and investors
J) Details of utilization of funds
▲
▲ Documents like Notices of general
During the year under review, there were no
meetings, Annual Reports, ECS advises
Preferential Allotment or Qualified Institutional
for dividends, etc. are sent to the
Placement as specified under Regulation
shareholders at their e-mail address,
32(7A) of the Listing Regulations.
as registered with their Depository
Participants/ Company/ Registrar &
Transfer Agents (RTA). This helps prompt
K) Policies of the Bank
delivery of document, reduce paper As a part of good Corporate Governance, the
consumption, save trees and avoid loss Bank has from time to time adopted various
of documents in transit. policies/codes which are hosted on the
website of the Bank at https://www.yesbank.in/
▲ The
▲ Bank also publishes its quarterly/
about-us/corporate-governance.
half-yearly and annual Financial Results
in newspaper(s) as required in terms
of Section 31 of the Banking Regulation
L) Credit Ratings and Change/
Act, 1949 and Rule 15 of the Banking
Revisions in Credit Ratings for
Regulation (Companies) Rules, 1949. Debt Instruments
▲
▲ ‘CARE AA; Credit watch with developing
G) Shareholders Satisfaction Survey implications’ (Double A; Credit watch
with developing implications) rating from
A Shareholder Satisfaction Survey was
CARE to the Additional Tier – I Basel III
conducted by the Bank during the year to
Compliant Bond Issue of the Bank;
assess the overall service standards of the
Bank. The findings of the same were placed ▲
▲ ‘CARE AA+; Credit watch with developing
before the meeting of the Stakeholders implications’ (Double A plus; Credit watch
Relationship Committee held in July 2018. with developing implications) rating from
CARE to the Basel III Compliant Tier II
H) Certificate under Regulation Bond Issue of the Bank;
34(3) of SEBI Listing Regulations ▲
▲ ‘CARE AA; Credit watch with developing
The Bank has obtained a Certificate pursuant implications’ (Double A; Credit watch
to the Regulation 34(3) read with Schedule V with developing implications) rating from
of the Listing Regulations, from M/s. U. Hedge CARE to the Tier I Perpetual Bond Issue
& Associates, Practising Company Secretaries, of the Bank;
confirming that none of the Directors on

▲
▲ ‘CARE AA; Credit watch with developing ▲ ‘[ICRA]A1+;
▲ (ICRA A one plus) rating
implications’ (Double A; Credit watch with from ICRA to the Certificate of Deposit
developing implications) rating from CARE Programme of the Bank;
to the Upper Tier II Issue of the Bank;
▲
▲ ‘[ICRA]A1+; (ICRA A one plus) rating from
▲
▲ ‘CARE AA+; Credit watch with developing ICRA to the Short Term Fixed Deposit
implications’ (Double A plus; Credit watch Programme of the Bank;
▲
▲ ‘IND AA; Negative’ (Double A; Outlook:
CARE to the Lower Tier II Issue of the Bank;
Negative) rating from India Ratings to the
▲
▲ ‘CARE AA+; Credit watch with developing Additional Tier I Basel III Compliant Bond
implications’ (Double A plus; Credit watch Issue of the Bank;
▲ ‘IND
▲ AA+; Negative’ (Double A Plus;
CARE to the Infrastructure Bond Issue of
Outlook: Negative) rating from India
the Bank;
Ratings to the Basel III Compliant Tier II
▲
▲ ‘[ICRA]AA- (hyb); Rating watch with Bond Issue of the Bank;
negative implications’ (ICRA Double A
▲ ‘IND
▲ AA+; Negative’ (Double A Plus;
minus Hybrid; Outlook: Rating watch with
Outlook: Negative) rating from India
negative implications) rating from ICRA to
Ratings to the Infrastructure Bond Issue
the Additional Tier – I Basel III Compliant
of the Bank;
Bond Issue of the Bank;
▲
▲ Ba1; Outlook: Stable rating from Moody’s
▲
▲ ‘[ICRA]AA (hyb); Rating watch with
Investors Service to the Long term rating
negative implications’ (ICRA Double
of the bank;
A Hybrid ; Outlook: Rating watch with
negative implications) rating from ICRA to ▲
▲ NP rating from Moody’s Investors Service
the Basel III Compliant Tier II Bond Issue to the Short term rating of the bank
of the Bank;
▲
▲ ‘BWR AA+; Credit watch with developing
▲
▲ ‘[ICRA]AA-; Rating watch with negative implications’ (BWR Double A Plus;
implications’ (ICRA Double A minus; Outlook: Credit watch with developing
Outlook: Rating watch with negative implications) rating from Brickworks to the
implications) rating from ICRA to the Tier I Tier I Perpetual Bond Issue of the Bank;
Perpetual Bond Issue of the Bank;
▲
▲
▲ ‘[ICRA]AA-; Rating watch with negative implications’ (BWR Double A Plus;
implications’ (ICRA Double A minus; Outlook: Credit watch with developing
Outlook: Rating watch with negative implications) rating from Brickworks to
implications) rating from ICRA to the the Upper Tier II Issue of the Bank; and
Upper Tier II Issue of the Bank;
▲
▲ ‘[ICRA]AA;
▲ Rating watch with negative implications’ (BWR Double A Plus;
implications’ (ICRA Double A ; Outlook: Outlook: Credit watch with developing
Rating watch with negative implications) implications) rating from Brickworks to
rating from ICRA to the Lower Tier II Issue the Lower Tier II Issue of the Bank.
of the Bank;
▲ ‘[ICRA]AA;
▲ Rating watch with negative
implications’ (ICRA Double A ; Outlook:
Rating watch with negative implications)
rating from ICRA to the Infrastructure
Bond Issue of the Bank;

M) General Shareholders Information

Day, Date, Time and Venue of the Wednesday, June 12, 2019 at 11.00 a.m.
Annual General Meeting Hall of Culture, Ground Floor, Nehru Centre, Dr. A. B. Road, Worli,
Mumbai – 400 018.
Financial Year April 1, 2018 to March 31, 2019
Date of Book Closure Thursday, June 6, 2019 to Wednesday, June 12, 2019 (both days inclusive)
Dividend Payment Date Will be paid on or after Thursday, June 13, 2019
Listing on Stock Exchanges Listing on Indian Stock Exchanges:
1. BSE Limited (Equity Shares & Debt Securities)
Add: Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai – 400 001
2. National Stock Exchange of India Limited (Equity Shares)
Add: Exchange Plaza, Plot No. C – 1, Block G,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051
Notes:
1. Listing Fees for FY 2019-20 has been paid to the above mentioned stock
exchanges.
2. The equity shares of the Bank have not been suspended from trading on
the said Stock Exchanges or by any Regulatory/ Statutory Authority
International Listing (Medium-Term Note):
1. The Singapore Exchange Securities Trading Limited Add – 2, Shenton Way
#02-02, SGX Centre 1, Singapore – 068804
2. The London Stock Exchange International Securities Market
Add: 10 Paternoster Square London EC4M 7LS United Kingdom
3. India International Exchange IFSC Limited
Add: 1st Floor, Unit No. 101, The Signature, Building no. 13B, Road 1C, Zone 1,
GIFT SEZ, GIFT City, Gandhinagar, Gujarat – 382 355, India.
Stock Code BSE : 532648
NSE : YESBANK
ISIN INE528G01027
Market Price Data: High, Low during each month in last financial year:
NSE BSE
Month High (`) Low (`) Volume High (`) Low (`) Volume
Apr-18 369.00 303.60 374,537,093 368.75 303.30 28,766,895
May-18 364.70 325.60 219,774,113 364.40 325.70 10,967,186
Jun-18 350.90 327.30 169,592,710 350.10 327.35 14,441,672
Jul-18 394.35 332.35 301,206,342 393.35 332.45 15,267,780
Aug-18 404.00 336.25 357,430,772 404.00 338.00 18,666,053
Sep-18 348.00 165.00 1,151,080,075 350.00 166.15 77,946,975
Oct-18 268.95 168.60 1,172,274,128 268.45 168.60 94,600,562
Nov-18 230.85 146.75 1,347,639,115 231.40 147.00 124,982,184
Dec-18 193.20 160.00 1,094,251,220 194.30 160.20 101,000,815
Jan-19 245.00 181.00 1,379,229,713 236.30 181.15 121,866,300
Feb-19 236.80 168.10 1,282,472,819 236.90 167.65 107,877,882
Mar-19 281.50 228.65 667,861,552 281.30 228.80 58,026,987

PERFORMANCE OF THE BANK’S EQUITY SHARES AS COMPARED WITH
NSE NIFTY INDICES DURING THE FY. 2018-19
12000
390
11500 365
340
11000 315
290
10500
265
240
10000
215
9500 190
165
9000 140
-18
-18
-18
-18
-18
-18
-18
-18
-18
-19
-19
-19
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-F
01
01
01
01
01
01
01
― Nifty Closing Value ― YBL Closing Price (NSE)
01
01
01
01
01
PERFORMANCE OF THE BANK’S EQUITY SHARES AS COMPARED WITH

S&P BSE SENSEX DURING THE FY 2018-19
39000 400
375
38000
350
37000 325
36000 300
275
35000 250
34000 225
200
33000
175
32000 150
-18
-18
-18
-18
-18
-18
-18
-18
-18
-19
-19
-19
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01
― Sensex Close Price ― YBL Closing Price (BSE)

01
01
01
01
01
01
01
01
01
01
01

Registrar and Transfer Agents EQUITY

Karvy Fintech Private Limited (Formerly known as Karvy Computershare
Private Limited)
Add: Karvy Selenium Tower B, Plot 31-32, Gachibowli Financial District,
Nanakramguda, Hyderabad – 500 032.
Tel: 040 – 6716 2222
Fax: 040 – 2300 1153
Contact Person: Ms. Shobha Anand/Mr. Revanth Yeeravalli
E-mail: [email protected]
DEBT
Link Intime India Pvt. Ltd.,
Add: C 101, 247 Park, L B S Marg,
Vikhroli West,
Mumbai – 400 083,
Tel: +91 22 4918 6000,
Fax: +91 22 4918 6060,
Contact Person: Mr. Ganesh Jadhav/Mr. Sharad Amin,
MEDIUM-TERM NOTE
The Hongkong and Shanghai Banking Corporation Limited
Add – Level 30, HSBC Main Building
1 Queen’s Road Central
Hong Kong
Share Transfer System The Board has delegated the authority for approving transfer, transmission,
etc. of the Bank’s securities to the Managing Director & CEO and the Company
Secretary.
The Bank’s shares are traded under compulsory dematerialized mode. A half-
yearly certificate of compliance with the share transfer formalities as required
under Regulation 40(9) of the Listing Regulations is obtained from the Company
Secretary in Practice and a copy of the certificate is filed with the Stock
Exchanges.
Updation of Permanent Account Members’ attention is invited to SEBI’s circular no SEBI/HO/MIRSD/0081/
Number (PAN) and Bank Details CIR/P/2018/73 dated April 20, 2018 pursuant to which the Bank has written to
shareholders holding shares in physical form requesting them to furnish their
PAN and Bank details for payment of dividend through electronic mode. Those
shareholders who are yet to respond to the Bank’s request in this regard are
once again requested to take action in the matter at the earliest.
Further, Members who hold shares in physical form are advised that SEBI has
mandated to furnish a copy of the PAN card of the transferor(s), transferee(s),
surviving joint holders/legal heirs while obtaining the services of transfer,
transposition, transmission and issue of duplicate share certificates.
Reconciliation of Share Capital Reconciliation of Share Capital Audit, as mandated by SEBI, has been carried
Audit out by Company Secretary in Practice on quarterly basis, and reports on the
reconciliation of total issued and listed capital with that of total share capital
admitted/ held in dematerialized form with NSDL and CDSL and those held in
physical form.
The Report in this regard has been submitted to stock exchanges viz., BSE Ltd.
and National Stock Exchange of India Ltd. on quarterly basis and being placed
before the Board of Directors of the Bank for its review.

Distribution of Shareholding as on March 31, 2019
No. of
Category (Amount) % Total Shares Amount in ` % of Amount
shareholders
Up to 5,000 761,024 98.97 1,94,881,068 389,762,136 8.42
5,001 – 10,000 4,007 0.52 28,924,290 57,848,580 1.25
10,001 – 20,000 1,817 0.24 25,544,080 51,088,160 1.1
20,001 – 30,000 551 0.07 13,587,142 27,174,284 0.59
30,001 – 40,000 276 0.04 9,743,629 19,487,258 0.42
40,001 – 50,000 184 0.02 8,344,401 16,688,802 0.36
50,001 – 100,000 329 0.04 23,444,169 46,888,338 1.01
100,001 & Above 766 0.1 2,010,564,260 4,021,128,520 86.85
TOTAL 768,954 100 2,315,033,039 4,630,066,078 100
Shareholding Pattern as on March 31, 2019

Sr.
Category of shareholders No. of shares %
No.
I Promoter & Promoter Group
1(a) Rana Kapoor 100,000,000 4.32
1(b) YES Capital (India) Private Limited 75,625,000 3.27
1(c) Morgan Credits Private Limited 70,250,000 3.03
2(a) Madhu Kapur 175,275,000 7.57
2(b) Mags Finvest Pvt. Ltd. 37,215,025 1.61
Total 458,365,025 19.80
II Other Institutions
Mutual Funds/UTI 220,932,584 9.54
Financial Institutions/Banks 3,472,014 0.15
Insurance Companies 257,080,989 11.10
Foreign Portfolio Investors 933,732,877 40.33
III Other Non-Institutions
Bodies Corporate 58,513,858 2.53
IV Individuals
(i) Individuals holding nominal share capital upto `2 lakh 257,564,441 11.13
(ii) Individuals holding nominal share capital in excess of `2 lakh 65,556,112 2.83
V Trusts 11,098,315 0.48
VI Non-Resident Indians 206,190,73 0.89
VII HUF 7,365,612 0.32
VIII Clearing Members 16,340,940 0.71
IX Foreign Nationals 1,235 0.00
X NBFCs registered with RBI 1,70,595 0.01
XI Alternative Investment Fund 4,097,090 0.18
XII IEPF 1,18,511 0.01
Total 2,315,033,039 100.00

SHAREHOLDING PATTERN (%)
 Promoter & Promoter Group 19.80

 Mutual Funds 9.54
 Foreign Institutional Investors 40.33
 Insurance Companies 11.10
 Individuals 13.96
 Bodies Corporate 2.53
 Others 2.74
List of Shareholders holding more than 1% shares in the Bank as on March 31, 2019
Sr. No. Name No. of shares %
Promoter & Promoter Group
1(a) Rana Kapoor 100,000,000 4.32
1(b) YES Capital (India) Private Limited 75,625,000 3.27
1(c) Morgan Credits Private Limited 70,250,000 3.03
2(a) Madhu Kapur 175,275,000 7.57
2(b) Mags Finvest Pvt. Ltd. 37,215,025 1.61
Others
3 Life Insurance Corporation of India along with its various schemes 205,530,999 8.88
4 Jasmine Capital Investments PTE. Ltd. 49,145,641 2.12
5 College Retirement Equities Fund - Stock Account 43,265,824 1.87
6 WF Asian Smaller Companies Fund Limited 38,357,392 1.66
7 SBI along with its various schemes 37,325,575 1.61
8 UTI along with its various schemes 37,253,279 1.61
9 Government Pension Fund Global 35,944,985 1.55
10 Franklin Templeton Mutual Fund 32,674,728 1.41
11 T. Rowe Price Emerging Markets Stock Fund 31,625,432 1.37
12 Vanguard Emerging Markets Stock Index Fund, A Series 26,771,413 1.16
13 Vanguard Total International Stock Index Fund 26,465,216 1.14
14 HDFC Trustee Company Ltd. along with its various schemes 24,386,181 1.05
15 Vontobel Fund - MTX Sustainable Asian Leaders (Ex 24,236,974 1.05

Dematerialization of shares and liquidity As on March 31, 2019, the Share Capital of the Bank was held in the
dematerialized form comprising of 2,314,929,754 Equity Shares of
Face Value `2 each (99.99%), out of which (94.99%) with NSDL and
(5.01%) with CDSL and 103,285 shares were being held in physical
form (0.01%).
Shareholders are requested to convert their physical holdings into
electronic holdings which will negate risks associated with physical
certificates.
Further, SEBI vide notification No. SEBI/LAD-NRO/GN/2018/24
dated June 8, 2018, has amended Regulation 40 of SEBI (Listing
Obligations and Disclosure Requirements) 2015, mandating transfer
of securities to be carried out only in dematerialised form with effect
from December 5, 2018. Thereafter, SEBI has extended the deadline
for transfer of securities only in Demat mode effective from April
1, 2019. The aforesaid requirements were brought to the notice of
the shareholders’ and also been hosted on the website of the Bank
www.yesbank.in
Outstanding GDRs/ ADRs/ Warrants or any The Bank does not have any Outstanding GDRs/ ADRs/ Warrants or
Convertible instruments, conversion date any other Convertible instrument as on date.
and likely impact on equity
Commodity price risk or foreign exchange The information on the Commodity price risk or foreign exchange risk
risk and hedging activities and hedging activities is explained elsewhere in this report.
Plant Locations As the Bank is engaged in the business of banking/financial services,
there is no plant location.
Debenture Trustees: IDBI Trusteeship Services Limited
Asian Building, Ground Floor,
17, R Kamani Marg, Ballard Estate,
Mumbai – 400 001
Contact Person: Mr. Sunny Nihalani, Vice President
Phone No.: 022 – 4080 7001
Fax No.: 022 – 6631 1776
Axis Trustee Services Limited

Axis House, Ground floor,
Wadia International Centre,
Pandurang Budhkar Marg,
Worli, Mumbai – 400 025
Contact Person: Mr. Ankit Singhvi, Senior Manager
Phone No.: 022 – 6226 0084
Fax No.: 022 – 2425 4200
Address of the Compliance Officer Mr. Shivanand R. Shettigar,
Group Company Secretary
YES Bank Tower, IFC 2, 15th Floor, Senapati Bapat Marg,
Elphinstone Road (West),
Mumbai - 400 013
Phone No.: 022 - 3366 9000 / 3347 8301
Fax No.: 022 – 2421 4500
For and on behalf of the Board of Directors
Ravneet Singh Gill Brahm Dutt

Managing Director & CEO Chairman
(DIN: 00091746) (DIN: 05308908)
Place: Mumbai

Compliance with the Code of Conduct and

Ethics
I confirm that all Directors and members of the Senior Management have affirmed compliance with YES BANK Code of
Conduct and Ethics.
For YES BANK Limited
Ravneet Singh Gill

Managing Director & CEO Place: Mumbai
(DIN No.: 00091746) Date: April 26, 2019
CEO / CFO Certification

We, Ravneet Singh Gill, Managing Director & CEO and Raj Ahuja, Group Chief Financial Officer, of YES Bank Limited (the
‘Bank’) hereby certify that:
a) We have reviewed financial statements and the cash flow statement for the year ended March 31, 2019 of the
Bank and that to the best of our knowledge and belief:
i. these statements do not contain any materially untrue statement or omit any material fact or contain any
statements that might be misleading;
ii. these statements together present a true and fair view of the Bank’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
b) There are, to the best of our knowledge and belief, no transactions entered into by the Bank during the year which
are fraudulent, illegal or violative of the Bank’s Code of Conduct.
c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Bank pertaining to financial reporting and have
disclosed to the Auditors and Audit Committee, deficiencies in the design or operation of such internal controls, if
any, of which we are aware and the steps we have taken or proposed to take to rectify these deficiencies.
d) We have indicated, to the Auditors and the Audit Committee:
i. significant changes in internal control over financial reporting during the year;
ii. significant changes in accounting policies during the year and that the same have been disclosed in the notes
to the financial statements; and
iii. instances of significant fraud of which we have become aware and the involvement therein, if any,
of the management or an employee having significant role in the Bank’s internal control system over
financial reporting.
Yours faithfully
Ravneet Singh Gill Raj Ahuja

Managing Director & CEO Group Chief Financial Officer
(DIN: 00091746)
Place: Mumbai

Certificate on Corporate Governance
To,
The Members,
YES BANK Limited
We have examined the compliance of conditions of Corporate Governance by Yes Bank Limited (hereinafter referred as
‘Company’) for the Financial year ended March 31, 2019 as prescribed under Regulations 17 to 27, clauses (b) to (i) of
sub-regulation (2) of regulation 46 and paras C, D and E of Schedule V of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as ‘Listing Regulations’).
We state that compliance of conditions of Corporate Governance is the responsibility of the management, and our
examination was limited to procedures and implementation thereof adopted by the Company for ensuring compliance
with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion, and to the best of our information and according to our examination of the relevant records and the
explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as
prescribed under Listing Regulations.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency
or effectiveness with which the management has conducted the affairs of the Company.
This certificate is issued solely for the purposes of complying with Listing Regulations and may not be suitable for
any other purpose.
For Mehta & Mehta,

Company Secretaries
(ICSI Unique Code P1996MH007500)
Atul Mehta
Partner
FCS No.: 5782
CP No.: 2486
Place: Mumbai

Certificate under Regulation 34(3) of SEBI

Listing Regulations
Based on my scrutiny of the records, documents and information provided by YES BANK Limited (the ‘Bank’), CIN-
L65190MH2003PLC143249, having its registered office at YES Bank Tower, IFC – II, 15th Floor, Senapati Bapat Marg,
Elphinstone (W), Mumbai - 400 013, for verification and disclosures and declarations given by the Directors to the Bank
under applicable statutes and also based on the verification of facts regarding the Board of Directors of the Bank,
available in the public domain, I, hereby certify that the none of the Directors on the Board of the Bank have been
debarred or disqualified from being appointed or continuing as Directors of companies either by the Securities and
Exchange Board of India or the Ministry of Corporate Affairs or any such statutory authority.
For U. Hegde & Associates, Company Secretaries,
Umashankar K Hegde
(Proprietor)
M.No.: ACS 22133 Date: April 26, 2019
CP.No.: 11161 Place: Mumbai

FINANCIAL
STATEMENTS
STANDALONE FINANCIAL STATEMENTS
Independent Auditor’s Report 185
Balance Sheet 194
Profit and Loss Account 195
Cash Flow Statement 196
Schedules 198
CONSOLIDATED FINANCIAL STATEMENTS

Independent Auditor’s Report 258
Balance Sheet 268
Profit and Loss Account 269
Cash Flow Statement 270
Schedules 272
Form AOC - 1 & Disclosures under Basel III 303

Independent Auditor’s Report
To the Members of Section 143 (10) of the Act. Our responsibilities

YES BANK Limited under those SAs are further described in the Auditor’s
Responsibilities for the Audit of the standalone financial
statements Section of our report. We are independent
REPORT ON THE AUDIT of the Bank in accordance with the Code of Ethics
OF THE STANDALONE issued by the Institute of Chartered Accountants of India
FINANCIAL STATEMENTS together with the ethical requirements that are relevant
to our audit of the standalone financial statements under
Opinion the provisions of the Act and the Rules thereunder,
and we have fulfilled our other ethical responsibilities
We have audited the standalone financial statements
in accordance with these requirements and the Code
of YES BANK Limited (the ‘Bank’), which comprise the
of Ethics. We believe that the audit evidence we have
standalone balance sheet as at 31 March 2019, the
obtained is sufficient and appropriate to provide a basis
standalone profit and loss account, the standalone
for our opinion.
cash flow statement for the year then ended, and notes
to the standalone financial statements, including a
summary of significant accounting policies and other Emphasis of matter
explanatory information.
We draw attention to Note 18.7.17 to the standalone
financial statements which describes the ongoing
In our opinion and to the best of our information and
enquiry by the Bank into certain anonymous
according to the explanations given to us, the aforesaid
whistle-blower allegations.
standalone financial statements give the information
required by the Banking Regulation Act, 1949 as well
Our opinion is not modified in respect of this matter.
as the Companies Act, 2013 (the ‘Act’) in the manner
so required for banking companies and give a true and
fair view in conformity with the accounting principles Key audit matters
generally accepted in India, of the state of affairs of the
Key audit matters are those matters that, in our
Bank as at 31 March 2019, and profit and its cash flows
professional judgment, were of most significance in our
for the year ended on that date.
audit of the standalone financial statements of the current
period. These matters were addressed in the context
Basis for opinion of our audit of the standalone financial statements as a
whole, and in forming our opinion thereon, and we do not
We conducted our audit in accordance with the
provide a separate opinion on these matters.
Standards on Auditing (‘SAs’) specified under
Key audit matter How the matter was addressed in our audit
Identification of Non-Performing Assets (‘NPAs’) and Provisions on Advances
Charge: `20,836 million for year ended 31 March 2019
Provision: `33,977 million at 31 March 2019
Refer to the accounting policies in the Financial Statements: Significant Accounting Policies – use of estimates” and “Note
18.4.3 to the Financial Statements: Advances”

Our key audit procedures included:
Significant estimates and judgment involved
Design/controls
Identification of NPAs and provisions in respect of NPAs and
restructured advances are made based on management’s Assessing the design, implementation and operating
assessment of the degree of impairment of the advances effectiveness of key internal controls over approval,
subject to and guided by the minimum provisioning recording and monitoring of loans, monitoring process
levels prescribed under the RBI guidelines with regard of overdue loans (including those which became overdue
to the Prudential Norms on Income Recognition, Asset subsequent to the reporting date), measurement of
Classification & Provisioning, prescribed from time to time. provisions, identification of NPA accounts and assessing the
reliability of management information
The provision on NPA are also based on the valuation of the (including overdue reports). In addition, for corporate
security available. In case of restructured accounts, provision loans we tested controls over the internal ratings process,
is made for erosion/diminution in fair value of restructured monitoring of stressed accounts including credit file
loans, in accordance with the RBI guidelines. In addition, the review processes and review controls over the approval of
contingency provision that the Bank has established in the significant individual impairment provisions.
current year on assets currently not classified as NPAs is
based on management’s judgment. Evaluated the design, implementation and operating
effectiveness of key internal controls over the valuation of
We identified identification of NPAs and provision on security for NPAs and the key controls over determination
advances as a key audit matter because of the level of of the contingency provision including documentation of
management judgment involved in determining the provision the relevant approvals along with basis and rationale of the
(including the provisions on assets which are not classified provision.
as NPAs) and the valuation of the security of the NPA loans
and on account of the significance to these estimates to the Testing of management review controls over measurement
financial statements of the Bank. of provisions and disclosures in financial statements.
Involving our information system specialists in the audit of

this area to gain comfort over data integrity and calculations,
including system reconciliations.
Substantive tests
Test of details for a selection of exposures over calculation

of NPA provisions including valuation of collaterals for NPAs
as at 31 March 2019; the borrower-wise NPA identification
and provisioning determined by the Bank and also testing
related disclosures by assessing the completeness,
accuracy and relevance of data and to ensure that the
same is in compliance with the RBI guidelines with regard
to the Prudential Norms on Income Recognition, Asset
Classification & Provisioning.
We also selected a number of loans to test potential cases

of loans repaid by a customer during the period by fresh
disbursement(s) to these higher risk loans.
We selected a sample (based on quantitative and qualitative

thresholds) of larger corporate clients where impairment
indicators had been identified by management. We obtained
management’s assessment of the recoverability of these
exposures (including individual provisions calculations) and
challenged whether individual impairment provisions, or
lack of, were appropriate.

This included the following procedures:
Reviewing the statement of accounts, approval process,

board minutes, credit review of customer, review of Special
Mention Accounts reports and other related documents to
assess recoverability and the classification of the facility; and
For a risk based sample of corporate loans not identified

as displaying indicators of impairment by management,
challenged this assessment by reviewing the historical
performance of the customer and assessing whether any
impairment indicators were present.
Information technology
IT systems and controls Our key IT audit procedures included:
The Bank’s key financial accounting and reporting processes We focused on user access management, change
are highly dependent on information systems including management, segregation of duties, system reconciliation
automated controls in systems, such that there exists a risk controls and system application controls over key financial
that gaps in the IT control environment could result in the accounting and reporting systems.
financial accounting and reporting records being misstated.
Amongst, its multiple IT systems, five systems are key for its We tested a sample of key controls operating over the
overall financial reporting. information technology in relation to financial accounting
and reporting systems, including system access and system
In addition, large transaction volumes and the increasing change management, program development and computer
challenges to protect the integrity of the Bank’s systems and operations.
data, cyber security has become a more significant risk in
recent periods. We tested the design and operating effectiveness of key
controls over user access management which includes
We have identified ‘IT systems and controls’ as key audit granting access right, new user creation, removal of
matter because of the high level automation, significant user rights and preventive controls designed to enforce
number of systems being used by the management and the segregation of duties.
complexity of the IT architecture.
For a selected group of key controls over financial and
reporting systems, we independently performed procedures
to determine that these control remained unchanged during
the year or were changed following the standard change
management process.
Other areas that were assessed included password

policies, security configurations, system interface controls,
controls over changes to applications and databases and
that business users and controls to ensure that developers
and production support did not have access to change
applications, the operating system or databases in the
production environment.
Security configuration review and related tests on certain

critical aspects of cyber security on network security
management mechanism, operational security of key
information infrastructure, data and client information
management, monitoring and emergency management.

Valuation of Financial Instruments (Investments and
Derivatives)
Refer to the accounting policies in the financial statements: "Significant Accounting Policies - use of estimate", “Note 18.4.2 to
the Financial Statements: Investments” and “Note 18.4.6 to the Financial Statements: Accounting for derivative transactions”
Subjective estimates and judgment involved Our key audit procedures included:
Investments Design/controls
Investments are classified into ‘Held for Trading’ (‘HFT’), Assessing the design, implementation and operating
‘Available for Sale’ (‘AFS’) and ‘Held to Maturity’ (‘HTM’) effectiveness of management’s key internal controls over
categories at the time of purchase. Investments, which classification, valuation, and valuation models.
the Bank intends to hold till maturity are classified as HTM
investments. Reading investment agreements/term sheets entered into
during the current year, on a sample basis, to understand
Investments classified as HTM are carried at amortized cost. the relevant investment terms and identify any conditions
Where, in the opinion of management, a diminution other that were relevant to the valuation of financial instruments.
than temporary, in the value of investments has taken place,
appropriate provisions are required to be made.
Investments classified as AFS and HFT are marked-to-market Engaging our valuation specialists to assist us in evaluating
on a periodic basis as per the relevant RBI guidelines. the valuation models used by the Bank to value certain
instruments and to perform, on a sample basis, independent
We identified valuation of investments as a key audit valuations of the instruments and comparing these
matter because of the management judgment involved in valuations with the Bank’s valuations.
determining the value of certain investments (Bonds and
Debentures, Commercial papers and Certificate of deposits, Assessed the appropriateness of the valuation methodology
security receipts) based on the policy and model developed and challenging the valuation model by testing the key
by the Bank, impairment assessment for HTM book and the inputs used such as pricing inputs, measure of volatility and
overall significant investments to the financial statements of discount factors. Compared the valuation methodology to
the Bank. criteria in the accounting standards/RBI guidelines.
Derivatives Substantive tests
The Bank has exposure to derivative products which are For sample of instruments we re-performed independent
accounted for on fair value (mark-to-market) in the books of valuation where no direct observable inputs were used.
account. We examined and challenged the assumptions used, by
considering the alternate valuation method and sensitivity
The valuation of the Bank’s derivatives, held at fair value, is of other key factors
based on a combination of market data and valuation models
which often require a considerable number of inputs. Many Assessing whether the financial statement disclosures
of these inputs are obtained from readily available data, the appropriately reflect the Bank’s exposure to investments
valuation techniques for which use quoted market prices and derivatives valuation risks with reference to the
and observable inputs. Where such observable data is not requirements of the prevailing accounting standards and
readily available, then estimates are developed which can RBI guidelines.
involve significant management judgment.
We identified assessing the fair value of derivatives as a key

audit matter because of the degree of complexity involved
in valuing certain financial instruments and the degree
of judgment exercised by management in identifying the
valuation models and determining the inputs used in the
valuation models.

INFORMATION OTHER that give a true and fair view and are free from material
THAN THE STANDALONE misstatement, whether due to fraud or error.
FINANCIAL STATEMENTS AND In preparing the standalone financial statements,

AUDITOR’S REPORT THEREON management and the Board of Directors are responsible
for assessing the Bank’s ability to continue as a going
The Bank’s Management and Board of Directors
concern, disclosing, as applicable, matters related
are responsible for the other information. The other
to going concern and using the going concern basis
information comprises the information included in the
of accounting unless management either intends to
Bank’s Annual report, but does not include the standalone
liquidate the Bank or to cease operations, or has no
financial statements and our auditor’s report thereon.
realistic alternative but to do so.
Our opinion on the standalone financial statements does
The Board of Directors are also responsible for overseeing
not cover the other information and we will not express
the Bank’s financial reporting process.
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial AUDITOR’S RESPONSIBILITIES FOR
statements, our responsibility is to read the other THE AUDIT OF THE STANDALONE
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone FINANCIAL STATEMENTS
financial statements or our knowledge obtained in the Our objectives are to obtain reasonable assurance about
audit or otherwise appears to be materially misstated. whether the standalone financial statements as a whole
If, based on the work we have performed, we conclude are free from material misstatement, whether due to fraud
that there is a material misstatement of this other or error, and to issue an auditor’s report that includes
information, we are required to report that fact. We have our opinion. Reasonable assurance is a high level of
nothing to report in this regard. assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
RESPONSIBILITIES OF fraud or error and are considered material if, individually
MANAGEMENT AND THOSE or in the aggregate, they could reasonably be expected
CHARGED WITH GOVERNANCE to influence the economic decisions of users taken on the
basis of these standalone financial statements.
FOR THE STANDALONE
As part of an audit in accordance with SAs, we exercise
FINANCIAL STATEMENTS professional judgment and maintain professional
The Bank’s management and Board of Directors are skepticism throughout the audit. We also:
responsible for the matters stated in Section 134 (5)
▲▲ Identify and assess the risks of material misstatement
of the Act with respect to the preparation of these
of the standalone financial statements, whether
standalone financial statements that give a true and
due to fraud or error, design and perform audit
fair view of the state of affairs, profit and cash flows of
procedures responsive to those risks, and obtain
the Bank in accordance with the accounting principles
audit evidence that is sufficient and appropriate
generally accepted in India, including the Accounting
to provide a basis for our opinion. The risk of not
Standards specified under Section 133 of the Act,
detecting a material misstatement resulting from
provisions of Section 29 of the Banking Regulation Act,
fraud is higher than for one resulting from error,
1949 and the circulars and guidelines issued by Reserve
as fraud may involve collusion, forgery, intentional
Bank of India (‘RBI’) from time to time. This responsibility
omissions, misrepresentations, or the override of
also includes maintenance of adequate accounting
internal control.
records in accordance with the provisions of the Act for
safeguarding of the assets of the Bank and for preventing ▲ Obtain an understanding of internal control relevant
and detecting frauds and other irregularities; selection to the audit in order to design audit procedures
and application of appropriate accounting policies; that are appropriate in the circumstances. Under
making judgments and estimates that are reasonable and Section 143(3)(i) of the Act, we are also responsible
prudent; and design, implementation and maintenance of for expressing our opinion on whether the Bank has
adequate internal financial controls, that were operating adequate internal financial controls with refrence to
effectively for ensuring the accuracy and completeness the standalone financial statement in place and the
of the accounting records, relevant to the preparation operating effectiveness of such controls.
and presentation of the standalone financial statements

▲ Evaluate the appropriateness of accounting policies REPORT ON OTHER LEGAL AND
used and the reasonableness of accounting REGULATORY REQUIREMENTS
estimates and related disclosures made by
management. The balance sheet and the profit and loss account
have been drawn up in accordance with the provisions
▲ Conclude on the appropriateness of management’s
of Section 29 of the Banking Regulation Act, 1949 and
use of the going concern basis of accounting and,
Section 133 of the Act.
based on the audit evidence obtained, whether
a material uncertainty exists related to events or (A) As required by sub-section (3) of Section 30 of the
conditions that may cast significant doubt on the Banking Regulation Act, 1949, we report that:
Bank’s ability to continue as a going concern. If we
(a)
we have obtained all the information and
conclude that a material uncertainty exists, we are
explanations which, to the best of our
required to draw attention in our auditor’s report to
knowledge and belief, were necessary for the
the related disclosures in the standalone financial
purpose of our audit and have found them to
statements or, if such disclosures are inadequate,
be satisfactory;
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of (b) the transactions of the Bank, which have come
our auditor’s report. However, future events or to our notice, have been within the powers
conditions may cause a bank to cease to continue of the Bank; and
as a going concern.
(c)
since the key operations of the Bank are
▲ Evaluate the overall presentation, structure and automated with the key applications integrated
content of the standalone financial statements, to the core banking systems, the audit is carried
including the disclosures, and whether the out centrally as all the necessary records and
standalone financial statements represent the data required for the purposes of our audit are
underlying transactions and events in a manner that available therein. However, during the course
achieves fair presentation. of our audit we have visited 22 branches.
We communicate with those charged with governance (B) Further, as required by Section 143(3) of the Act,
regarding, among other matters, the planned scope and we report that:
timing of the audit and significant audit findings, including
(a)
we have sought and obtained all the
any significant deficiencies in internal control that we
information and explanations which to the best
identify during our audit.
of our knowledge and belief were necessary
for the purpose of our audit;
We also provide those charged with governance with
a statement that we have complied with relevant (b)
in our opinion, proper books of account as
ethical requirements regarding independence, and required by law have been kept by the Bank
to communicate with them all relationships and other so far as it appears from our examination
matters that may reasonably be thought to bear on our of those books;
independence, and where applicable, related safeguards.
(c) the standalone balance sheet, the standalone
profit and loss account, and the standalone
From the matters communicated with those charged
cash flow statement dealt with by this Report
with governance, we determine those matters that
are in agreement with the books of account;
were of most significance in the audit of the standalone
financial statements of the current period and are (d)
in our opinion, the aforesaid standalone
therefore the key audit matters. We describe these financial statements comply with the
matters in our auditor’s report unless law or regulation Accounting Standards specified under Section
precludes public disclosure about the matter or when, in 133 of the Act, to the extent they are not
extremely rare circumstances, we determine that a matter inconsistent with the accounting policies
should not be communicated in our report because the prescribed by RBI;
adverse consequences of doing so would reasonably
(e)
on the basis of the written representations
be expected to outweigh the public interest benefits of
received from the directors as on 31
such communication.
March 2019 taken on record by the Board of
Directors, none of the directors is disqualified
as on 31 March 2019 from being appointed as
a director in terms of Section 164 (2) of the Act;

(f) with respect to the adequacy of the internal iii. there has been no delay in transferring
financial controls over financial reporting of amounts, required to be transferred, to
the Bank and the operating effectiveness of the Investor Education and Protection
such controls, refer to our separate Report in Fund by the Bank.
‘Annexure A’; and
(h) The disclosures required on holdings as well
(g)
with respect to the other matters to be as dealing in specified bank notes during
included in the Auditor’s Report in accordance the period from 8 November 2016 to 30
with Rule 11 of the Companies (Audit and December 2016 as envisaged in notification
Auditors) Rules, 2014, in our opinion and to G.S.R. 308(E) dated 30 March 2017 issued
the best of our information and according to by the Ministry of Corporate Affairs is not
the explanations given to us: applicable to the Bank
i. the Bank has disclosed the impact of (C) With respect to the matter to be included in the
pending litigations as at 31 March 2019 Auditors’ Report under Section 197(16):
on its financial position in its standalone
The Bank is a banking company as defined under
financial statements – Refer Schedule
Banking Regulation Act, 1949. Accordingly, the
12 and Note 18.7.18 to the standalone
requirements prescribed under Section 197 of the
financial statements;
Companies Act, 2013 do not apply
ii.
the Bank has made provision, as
required under the applicable law or For B S R & Co. LLP
accounting standards, for material Chartered Accountants
foreseeable losses, if any, on long-term Firm’s Registration No: 101248W/W-100022
contracts including derivative contracts
– Refer Note 18.7.15 to the standalone Venkataramanan Vishwanath
financial statements; Mumbai Partner
April 26, 2019 Membership No: 113156

Annexure A
to the Independent Auditor’s Report of even date on the Standalone Financial Statements of YES BANK Limited for
the year ended 31 March 2019
Report on the Internal Financial Controls with reference AUDITOR’S RESPONSIBILITY

to the aforesaid standalone financial statements
Our responsibility is to express an opinion on the Bank’s
under Clause (i) of sub-section 3 of Section 143 of the
internal financial controls with reference to financial
Companies Act, 2013 (“the Act”)
statements based on our audit. We conducted our audit
in accordance with the Guidance Note and the Standards
(Referred to in paragraph (B)(f) under ‘Report on Other
on Auditing, prescribed under Section 143(10) of
Legal and Regulatory Requirements’ Section of our
the Act, to the extent applicable to an audit of internal
report of even date)
financial controls with reference to financial statements.
Those Standards and the Guidance Note require that we
OPINION comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
We have audited the internal financial controls with
adequate internal financial controls with reference to
reference to financial statements of YES BANK Limited
financial statements were established and maintained
(“the Bank”) as of 31 March 2019 in conjunction with our
and whether such controls operated effectively in all
audit of the standalone financial statements of the Bank
material respects.
for the year ended on that date.
Our audit involves performing procedures to obtain audit
In our opinion, the Bank has, in all material respects,
evidence about the adequacy of the internal financial
adequate internal financial controls with reference to
controls with reference to financial statements and their
financial statements and such internal financial controls
operating effectiveness. Our audit of internal financial
were operating effectively as at 31 March 2019, based on
controls with reference to financial statements included
the internal financial controls with reference to financial
obtaining an understanding of internal financial controls,
statements criteria established by the Bank considering
assessing the risk that a material weakness exists,
the essential components of internal control stated in the
and testing and evaluating the design and operating
Guidance Note on Audit of Internal Financial Controls
effectiveness of internal control based on the assessed
Over Financial Reporting issued by the Institute of
risk. The procedures selected depend on the auditor’s
Chartered Accountants of India (the “Guidance Note”).
judgment, including the assessment of the risks of material
misstatement of the standalone financial statements,
MANAGEMENT’S whether due to fraud or error.
RESPONSIBILITY FOR INTERNAL
We believe that the audit evidence we have obtained is
FINANCIAL CONTROLS sufficient and appropriate to provide a basis for our audit
The Bank’s management and Board of Directors are opinion on the Bank’s internal financial controls with
responsible for establishing and maintaining internal reference to financial statements.
financial controls based on the internal financial control
with reference to financial statement criteria established
by the Bank considering the essential components
MEANING OF INTERNAL FINANCIAL
of internal control stated in the Guidance Note. CONTROLS WITH REFERENCE TO
These responsibilities include the design, implementation FINANCIAL STATEMENTS
and maintenance of adequate internal financial controls
A company’s internal financial controls with reference
that were operating effectively for ensuring the orderly
to financial statements is a process designed to provide
and efficient conduct of its business, including adherence
reasonable assurance regarding the reliability of financial
to the Bank’s policies, the safeguarding of its assets,
reporting and the preparation of standalone financial
the prevention and detection of frauds and errors, the
statements for external purposes in accordance with
accuracy and completeness of the accounting records,
generally accepted accounting principles. A company’s
and the timely preparation of reliable financial information,
internal financial control with reference to financial
as required under the Companies Act, 2013 (“the Act”).

statement includes those policies and procedures that (1) the possibility of collusion or improper management
pertain to the maintenance of records that, in reasonable override of controls, material misstatements due
detail, accurately and fairly reflect the transactions and to error or fraud may occur and not be detected.
dispositions of the assets of the company; (2) provide Also, projections of any evaluation of the internal financial
reasonable assurance that transactions are recorded as controls with reference to financial statements to future
necessary to permit preparation of financial statements in periods are subject to the risk that the internal financial
accordance with generally accepted accounting principles, control with reference to financial statement become
and that receipts and expenditures of the company are inadequate because of changes in conditions, or that the
being made only in accordance with authorizations of degree of compliance with the policies or procedures
management and directors of the company; and (3) may deteriorate.
provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or For B S R & Co. LLP
disposition of the company’s assets that could have a Chartered Accountants
material effect on the standalone financial statements. Firm’s Registration No: 101248W/W-100022
INHERENT LIMITATIONS Venkataramanan Vishwanath

Mumbai Partner
OF INTERNAL FINANCIAL April 26, 2019 Membership No: 113156
CONTROLS WITH REFERENCE TO
FINANCIAL STATEMENTS
Because of the inherent limitations of internal financial
controls with reference to financial statements, including

Standalone
as at March 31, 2019
Balance Sheet
(` in thousands)
As at As at
Schedule
March 31, 2019 March 31, 2018
Capital and Liabilities
Capital 1 4,630,066 4,605,934
Reserves and surplus 2 264,411,895 252,976,864
Deposits 3 2,276,101,818 2,007,381,476
Borrowings 4 1,084,241,089 748,935,808
Other liabilities and provisions 5 178,876,786 110,555,951
TOTAL 3,808,261,654 3,124,456,033
Assets
Cash and balances with Reserve Bank of India 6 107,977,369 114,257,489
Balances with banks and money at call and short notice 7 160,917,748 133,086,175
Investments 8 895,220,327 683,989,387
Advances 9 2,414,996,024 2,035,338,628
Fixed assets 10 8,169,955 8,323,917
Other assets 11 220,980,231 149,460,437
TOTAL 3,808,261,654 3,124,456,033
Contingent liabilities 12 6,541,580,198 5,818,296,390
Bills for collection 50,592,373 19,355,641
Significant Accounting Policies and Notes to Accounts forming 18
part of financial statements
As per our report of even date attached.
For B S R & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants YES BANK Limited
Firm’s Registration No: 101248W/W-100022
Venkataramanan Vishwanath Ravneet Gill Brahm Dutt Ajai Kumar

Partner Managing Director & CEO Chairman Director
Membership No: 113156 (DIN: 00091746) (DIN: 05308908) (DIN: 02446976)
Uttam Prakash Agarwal Raj Ahuja Shivanand R. Shettigar

Director Group Chief Financial Group Company
(DIN: 00272983) Officer Secretary
Mumbai
April 26, 2019

Standalone Profit and Loss

for the year ended March 31, 2019
(` in thousands)
For the year ended For the year ended
Schedule
March 31, 2019 March 31, 2018
I. Income
Interest earned 13 296,247,473 202,674,216
Other income 14 45,901,526 52,238,335
TOTAL 342,148,999 254,912,551
II. Expenditure
Interest expended 15 198,157,160 125,303,624
Operating expenses 16 62,642,768 52,127,798
Provisions and contingencies 17 64,146,283 35,235,492
TOTAL 324,946,211 212,666,914
III. Profit
Net profit for the year 17,202,788 42,245,637
Profit brought forward 103,753,016 79,333,915
TOTAL 120,955,804 121,579,552
IV. Appropriations
Transfer to Statutory Reserve 4,300,697 10,561,409
Transfer to Capital Reserve 1,010,096 659,648
Transfer to Investment Reserve 6,707 -
Transfer to Investment Fluctuation Reserve 539,066 -
Dividend paid (Refer Sch. 18.5.1.2) 6,223,989 5,488,101
Tax on Dividend paid (Refer Sch. 18.5.1.2) 1,279,652 1,117,377
Balance carried over to balance sheet 107,595,597 103,753,016
TOTAL 120,955,804 121,579,552
Significant Accounting Policies and Notes to Accounts
18
forming part of financial statements
Earning per share (Refer Sch. 18.6.16)
Basic (`) 7.45 18.43
Diluted (`) 7.38 18.06
(Face Value of Equity Share is `2/-)


Mumbai
April 26, 2019

Standalone Cash Flow Statement
(` in thousands)
Year ended Year ended
March 31, 2019 March 31, 2018
Cash flow from Operating Activities
Net profit before taxes 23,573,471 61,943,094
Adjustment for
Depreciation for the year 3,015,420 2,309,704
Amortization of premium on investments 2,102,585 1,673,308
Provision for investments 6,824,889 2,599,443
Provision for standard advances 22,514,059 1,687,427
Provision/write-off of non-performing advances 25,669,535 10,788,287
Other provisions 2,767,116 397,075
(Profit)/Loss on sale of land, building and other assets (3,947) 12,892
(i) 86,463,128 81,411,230
Adjustments for :
Increase/(Decrease) in Deposits 268,720,342 578,642,909
Increase/(Decrease) in Other Liabilities 38,016,714 (1,384,431)
(Increase)/Decrease in Investments (160,198,010) (104,836,672)
(Increase)/Decrease in Advances (405,326,931) (725,187,573)
(Increase)/Decrease in Other assets (48,182,922) (24,532,910)
(ii) (306,970,807) (277,298,677)
Payment of direct taxes (iii) (26,103,985) (22,889,711)
Net cash generated from/(used in) operating activities (A) (i+ii+iii) (246,611,664) (218,777,158)
Cash flow from investing activities
Purchase of fixed assets (2,912,885) (3,900,382)
Proceeds from sale of fixed assets 55,372 89,251
Investment in subsidiaries (1,185,000) (555,000)
(Increase)/Decrease in Held To Maturity (HTM) securities (58,775,403) (82,552,484)
Net cash generated/(used in) from investing activities (B) (62,817,916) (86,918,615)

Standalone Cash Flow Statement

(` in thousands)
March 31, 2019 March 31, 2018
Cash flow from financing activities
Increase in Borrowings 313,708,193 241,003,504
Tier II Debt raised 30,420,000 70,000,000
Innovative Perpetual Debt (paid)/raised (1,754,400) 54,150,000
Tier II Debt repaid during the year (5,430,400) (2,489,000)
Proceeds from issue of Share Capital (net of share issue expense) 953,472 1,420,167
Dividend paid during the year (6,223,989) (5,488,101)
Tax on dividend paid (1,279,652) (1,117,377)
Net cash generated from/(used in) financing activities (C) 330,393,224 357,479,193
Effect of exchange fluctuation on translation reserve (D) 587,809 65,803
Net increase in cash and cash equivalents (A+B+C+D) 21,551,453 51,849,223
Cash and cash equivalents as at April 1st 247,343,664 195,494,441
Cash and cash equivalents as at March 31st 268,895,117 247,343,664
Notes to the Cash flow statement:

Cash and cash equivalents includes the following:
Cash and Balances with Reserve Bank of India 107,977,369 114,257,489
Balances with Banks and Money at Call and Short Notice 160,917,748 133,086,175


Mumbai
April 26, 2019

Schedules
forming part of Financial Statements
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 1 - Capital
Authorized Capital
3,000,000,000 equity shares of `2/- each 6,000,000 6,000,000
20,000,000 preference shares of `100/- each 2,000,000 2,000,000
Issued, subscribed and paid-up capital
(March 31, 2018 : 2,302,967,245 equity shares of `2/- each) [Refer Sch 18.5.1.1]
TOTAL 4,630,066 4,605,934
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 2 - Reserves and Surplus
I. Statutory Reserves
Opening balance 44,633,403 34,071,994
Additions during the year 4,300,697 10,561,409
Deductions during the year - -
Closing balance 48,934,100 44,633,403
II. Share Premium
Opening balance 100,058,339 98,679,248
Additions during the year [Refer Sch 18.5.1.1] 929,340 1,379,091
Closing balance 100,987,679 100,058,339
III. Capital Reserve
Opening balance 4,524,481 3,864,833
Additions during the year [Refer Sch 18.5.1.3] 1,010,096 659,648
Closing balance 5,534,577 4,524,481
IV. Investment Reserve
Opening balance 226,197 226,197
Additions during the year [Refer Sch 18.5.1.4] 6,707 -
Closing balance 232,904 226,197
V. Foreign Currency Translation Reserve
Opening balance 25,486 (40,317)
Additions during the year 587,809 65,803
VI. Cash Flow Hedge Reserve
Opening balance (244,057) (160,135)
Additions during the year [Refer Sch 18.5.1.5] 218,734 (83,922)
Closing balance (25,323) (244,057)
VII. Investment Fluctuation Reserve
Opening balance - -
Additions during the year [Refer Sch 18.5.1.6] 539,066 -
Closing balance 539,066 -
VIII. Balance in Profit and Loss Account 107,595,597 103,753,016
TOTAL 264,411,895 252,976,864

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 3 - Deposits
A. I. Demand Deposits
i) From Banks 17,301,403 14,602,217
ii) From Others 268,119,467 273,655,030
II. Savings Bank Deposit 467,112,348 443,504,509
III. Term Deposits
i) From banks 184,849,906 112,971,241
ii) From others (incl. CD's issued) 1,338,718,694 1,162,648,479
TOTAL 2,276,101,818 2,007,381,476
B. I. Deposits of branches in India 2,274,954,791 2,006,449,601
II. Deposits of branches outside India 1,147,027 931,875
TOTAL 2,276,101,818 2,007,381,476
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 4 - Borrowings
I. Innovative Perpetual Debt Instruments (IPDI) and Tier II Debt
A. Borrowing in India
i) IPDI 90,020,000 91,560,000
ii) Tier II Borrowings 180,759,000 152,339,000
TOTAL (A) 270,779,000 243,899,000
B. Borrowings outside India
i) IPDI - 325,875
TOTAL (B) 6,215,786 11,498,699
TOTAL (A+B) 276,994,786 255,397,699
II. Other Borrowings(1)
A. Borrowings in India
i) Reserve Bank of India - 15,000,000
ii) Other banks 57,147,925 15,811,399
iii) Other institutions and agencies (2)
345,669,057 187,167,910
TOTAL (A) 402,816,982 217,979,309
B. Borrowings outside India(3) 404,429,321 275,558,800
TOTAL (A+B) 807,246,303 493,538,109
TOTAL (I+II) 1,084,241,089 748,935,808
(1) Secured borrowings are `4,996,813 thousands (March 31, 2018: `46,463,203 thousands).
(2) Including `302,872,244 thousands of refinance borrowing (March 31, 2018: `123,216,106 thousands) `16,450,000 thousands (March 31,
2018: `16,450,000 thousands) of Green Infrastructure Bonds raised to fund 'Green Projects' and `21,350,000 thousands (March 31, 2018:
`21,350,000 thousands) of Long-Term Infrastructure Bonds raised to finance affordable housing and infrastructure projects.
(3) Includes bonds of `32,909,865 thousand (March 31, 2018: `38,974,842 thousands) of Medium-Term Notes issued from International
Business Unit (IBU) in GIFT city Gujarat to fund its growth.

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 5 - Other Liabilities and Provisions
I. Bills payable 3,913,805 9,151,490
II. Inter-office adjustments (net) - -
III. Interest accrued 37,455,379 21,932,830
IV. Others (including provisions)
- Provision for standard advances 32,007,968 9,493,909
- Country risk provision 532,784 -
- Others 104,966,850 69,977,722
TOTAL 178,876,786 110,555,951
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 6 - Cash and Balances with Reserve Bank of India
I. Cash in hand 6,333,912 6,226,739
II. Balances with Reserve Bank of India
- In current account 101,643,457 108,030,750
- In other account - -
TOTAL 107,977,369 114,257,489
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 7 - Balances with Banks and Money at Call and Short Notice
I. In India
Balances with banks
i) In current accounts 1,988,954 781,586
ii) In other deposit accounts 5,089 83
Money at call and short notice
i) With Banks - -
ii) With other institutions - -
iii) Lending under reverse repo (RBI & Banks) 88,310,161 112,009,654
TOTAL (I) 90,304,204 112,791,323
II. Outside India
i) In current account 39,148,020 14,494,277
ii) In other deposit account - -
iii) Money at call and short notice 31,465,525 5,800,575
TOTAL (II) 70,613,545 20,294,852
TOTAL (I+II) 160,917,748 133,086,175

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 8 - Investments (Net of Provisions)
A. Investments in India
i) Government Securities 553,611,120 488,860,831
ii) Other approved securities - -
iii)Shares 429,168 643,782
iv) Debentures and bonds 154,985,441 145,045,609
v) Subsidiaries and/or joint ventures 2,240,000 1,055,000
vi) Others (CPs, CDs, Security Receipts, Pass through certificates
60,825,681 38,030,003
etc.)
TOTAL (I) 772,091,410 673,635,225
B. Investments outside India
ii) Shares 9,421 -
iii) Debentures and bonds 2,523,653 6,908,550
TOTAL (II) 123,128,917 10,354,162
TOTAL (I+II) 895,220,327 683,989,387
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 9 - Advances
A. i) Bills purchased and discounted 42,078,951 39,543,292
ii) Cash credit, overdrafts and loans payable on demand 412,651,470 349,496,606
iii) Term loans 1,960,265,603 1,646,298,730
TOTAL 2,414,996,024 2,035,338,628
i) Secured by tangible assets (includes advances secured by fixed 1,961,505,002 1,477,676,098
B.
deposits and book debt)
ii) Covered by Bank/Government guarantees 10,366,160 5,996,099
iii) Unsecured(1) 443,124,862 551,666,431
TOTAL 2,414,996,024 2,035,338,628
1
Includes advances of `128,510,880 thousands (March 31, 2018:
`337,552,952 thousands) for which security documentation is either
being obtained or being registered. As at March 31, 2019 advances
amounting to `2,403,000 thousands (March 31, 2018: Nil) has been
secured by intangible securities such as charge over the rights, licenses,
authority, etc.
C. I. Advances in India
i) Priority sectors 539,338,050 446,472,144
ii) Public sector 56,671 1,524,237
iii) Banks 674,817 1,214,227
iv) Others 1,686,228,220 1,442,062,406
TOTAL (I) 2,226,297,758 1,891,273,014
II. Advances outside India
i) Due from Banks 431,707 1,716,986
ii) Due from Others 188,266,559 142,348,628
(a) Bills purchased and discounted - -
(b) Syndicated and Term loans 30,796,065 142,348,628
(c) Others 157,470,494 -
TOTAL (II) 188,698,266 144,065,614
TOTAL (I+II) 2,414,996,024 2,035,338,628

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 10 - Fixed Assets
I. Premises
At cost as on March 31st of preceding year 378,031 378,031
Additions during the year - -
Accumulated depreciation to date (14,704) (8,402)
TOTAL (I) 363,327 369,629
II. Other Fixed Assets (including furniture and fixtures and software)
At cost as on March 31st of preceding year 15,232,744 11,745,713
Deductions during the year (257,697) (444,470)
Accumulated depreciation to date (10,801,920) (7,994,083)
TOTAL (II) 7,306,840 7,238,661
TOTAL (I+II) 7,670,167 7,608,290
Capital work-in-progress 499,788 715,627
TOTAL 8,169,955 8,323,917
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 11 - Other Assets
I. Interest Accrued 39,033,483 25,152,344
II. Advance tax and tax deducted at source (net of provision) 4,801,326 1,674,968
III. Deferred tax asset [Refer Sch 18.6.27] 25,329,143 8,717,588
IV. Non-Banking assets aquired in satisfaction of claims 353,000 364,790
V. Others 151,463,279 113,550,747
TOTAL 220,980,231 149,460,437
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 12 - Contingent Liabilities
I. Claims against the bank not acknowledged as debts 549,157 116,436
II. Liability for partly paid investments - -
III. Liability on account of outstanding forward exchange contracts 2,834,098,764 3,000,448,825
IV. Liability on account of outstanding derivative contracts
- Single currency Interest Rate Swap 1,702,671,190 1,141,440,348
- Others 868,291,165 783,747,908

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
V. Guarantees given on behalf on constituents
- In India 437,258,909 314,307,933
- Outside India - -
VI. Acceptances, endorsement and other obligations 390,140,737 411,689,385
VII. Other items for which the bank is contingently liable
- Purchase of securities pending settlement 3,622,750 9,068,982
- Capital commitment 2,937,672 2,936,618
- Amount deposited with RBI under Depositor Education and
32,834 13,533
Awareness Fund (DEAF)
- Foreign exchange contracts (Tom & Spot) 300,477,020 154,526,423
- Bills Re-discounting 1,500,000 -
TOTAL 6,541,580,198 5,818,296,390
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as on March 31, 2019 includes
notional amount of `2,035,934,447 thousands and `407,303,929 thousands (previous year: `2,315,099,034 thousands and `318,672,816
thousands) guaranteed by CCIL representing 71.84% and 23.92% (previous year: 77.16% and 27.92%) of total outstanding forward exchange
contracts and single currency interest rate swaps respectively.
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 13 - Interest Earned
I. Interest/discount on advances/bills 229,226,405 154,782,364
II. Income on investments 60,484,215 41,025,311
Interest on balances with Reserve Bank of India and 3,975,738 5,160,730
III.
other inter-bank funds
IV. Others 2,561,115 1,705,811
TOTAL 296,247,473 202,674,216
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 14 - Other Income
I. Commission, exchange and brokerage 36,361,452 41,379,643
II. Profit on the sale of investments (net) 3,174,838 5,134,739
III. Profit/(Loss) on the revaluation of investments (net) - -
IV. Profit/(Loss) on sale of land, building and other assets 3,947 (12,892)
V. Profit on exchange transactions (net) 1,570,297 2,315,709
Income earned by way of dividends etc. from subsidiaries, companies - -
VI.
and/or joint ventures abroad/in India
VII. Miscellaneous income 4,790,992 3,421,136
TOTAL 45,901,526 52,238,335

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(` in thousands)
March 31, 2019 March 31, 2018
Schedule 15 - Interest Expended
I. Interest on deposits 136,871,140 93,834,137
Interest on Reserve Bank of India/ inter-bank borrowings/ Tier I and 60,764,723 29,840,501
II.
Tier II debt instruments
III. Others 521,297 1,628,986
TOTAL 198,157,160 125,303,624
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 16 - Operating Expenses
I. Payments to and provisions for employees 24,697,653 21,889,199
II. Rent, taxes and lighting 4,173,931 4,543,758
III. Printing and stationery 423,256 368,753
IV. Advertisement and publicity 648,283 959,102
V. Depreciation on Bank's property 3,015,420 2,309,704
VI. Directors' fees, allowances and expenses 43,413 19,848
VII. Auditors' fees and expenses 23,203 13,685
VIII. Law charges 90,931 60,940
IX. Postage, telegrams, telephones, etc. 647,585 604,220
X. Repairs and maintenance 420,294 345,426
XI. Insurance 2,078,487 1,512,106
XII. Other expenditure 26,380,312 19,501,057
TOTAL 62,642,768 52,127,798
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 17 - Provisions & Contingencies
I. Provision for taxation [Refer Sch 18.6.10] 6,370,684 19,697,457
II. Provision for investments 6,824,889 2,599,443
III. Provision for standard advances 22,514,059 1,687,427
IV. Provision/write-off for non-performing advances 25,669,535 10,788,287
V. Other Provisions 2,767,116 462,878
TOTAL 64,146,283 35,235,492

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18. SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE

ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2019
18.1 Background could differ from these estimates. Any revision to
accounting estimates is recognized prospectively in
YES BANK Limited (the ‘Bank’ or ‘YES BANK’) is a private
current and future periods.
sector bank promoted by the late Mr. Ashok Kapur and
Mr. Rana Kapoor. YES BANK is a publicly held bank
engaged in providing a wide range of banking and 18.4 Significant accounting policies
financial services. YES BANK is a banking company
18.4.1 Revenue recognition
governed by the Banking Regulation Act, 1949.
The Bank was incorporated as a limited company under Revenue is recognized to the extent it is probable that the
the Companies Act, 1956 on November 21, 2003. economic benefits will flow to the Bank and the revenue
The Bank received the licence to commence banking can be reliably measured.
operations from the Reserve Bank of India (‘RBI’) on
▲▲ Interest income is recognized in the profit and loss
May 24, 2004. Further, YES BANK was included to the
account on accrual basis, except in the case of non-
Second Schedule of the Reserve Bank of India Act,
performing assets and accounts under SDR / S4A.
1934 with effect from August 21, 2004. Also the Bank
Interest on non-performing assets and accounts
has a branch at International Financial Services Centre
under SDR / S4A is recognized as per the prudential
(‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies
norms of the RBI. Penal Interest is recognized upon
transactions undertaken by IBU as overseas operation.
certainty of its realization.
▲▲ Dividend income is recognized when the right to
18.2 Basis of preparation receive payment is established.
The financial statements have been prepared in
▲▲ Commission on guarantees issued by the Bank
accordance with requirements prescribed under the Third
is recognized as income over the period of the
Schedule (Form A and Form B) of the Banking Regulation
guarantee.
Act, 1949. The accounting and reporting policies of
the Bank used in the preparation of these financial ▲▲ Commission on Letters of Credit (‘LC’) issued by the
statements conform to Generally Accepted Accounting Bank is recognized as income at the time of issue
Principles in India (Indian GAAP), the guidelines issued of the LC.
by the Reserve Bank of India (RBI) from time to time, the
▲▲ Income on non-coupon bearing discounted
accounting standards notified under Section 133 of the
instruments is recognized over the tenure of the
Companies Act, 2013, read together with paragraph 7 of
instrument on a straight-line basis. In case of coupon
the Companies (Accounts) Rules 2014 and Companies
bearing discounted instruments, discount income is
(Accounting Standards) Amendment Rules, 2016 to the
recognized over the tenor of the instrument on yield
extent applicable and practices generally prevalent in the
basis.
banking industry in India. The Bank follows the accrual
method of accounting and the historical cost convention, ▲▲ In case of Bonds and Pass Through Certificates
unless otherwise stated by RBI guidelines. (PTC), premium on redemption, if any, is amortized
over the tenure of the instrument on a yield basis.
18.3 Use of estimates ▲▲ Revenue from financial advisory services is
recognized in line with milestones achieved as per
The preparation of financial statements requires the
terms of agreement with clients which is reflective of
management to make estimates and assumptions that
services rendered.
are considered while reporting amounts of assets and
liabilities (including contingent liabilities) as of the date ▲▲ Facility fees and loan processing fees are recognized
of the financial statements and income and expenses when due and realizable.
during the reporting period. Management believes that
▲▲ Other fees and commission are accounted for as
the estimates used in the preparation of the financial
and when they became due.
statements are prudent and reasonable. Future results

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18.4.2 Investments d) Valuation

Classification and valuation of the Bank’s investments are
Investments categorized under AFS and HFT
carried out in accordance with RBI Circular DBR.No.BP. categories are Marked-to-Market (MTM) on a
BC.6/21.04.141/2015-16 dated July 1, 2015. periodical basis as per relevant RBI guidelines.
Net depreciation, if any, in the category under
Accounting and Classification the classification mentioned in Schedule 8
(‘Investments’) is recognized in the profit and
The Bank follows settlement date accounting for
loss account. The net appreciation, if any, in the
Investments. In compliance with RBI guidelines, all
category under each classification is ignored,
investments, are categorized as “Held for trading” (‘HFT’),
except to the extent of depreciation previously
“Available for sale” (‘AFS’) or “Held to maturity” (‘HTM’) at
provided. The book value of individual securities
the time of its purchase. For the purpose of disclosure
is not changed consequent to periodic valuation
in the balance sheet, investments are classified as
of investments.
disclosed in Schedule 8 (‘Investments’) under six groups
(a) government securities (b) other approved securities

Investments received in lieu of restructured
(c) shares (d) bonds and debentures (e) subsidiaries and
advances scheme are valued in accordance
joint ventures and (f) others.
with RBI guidelines. Any diminution in value on
these investments is provided for and is not
a) Cost of acquisition
used to set off against appreciation in respect
Costs such as brokerage pertaining to investments, of other performing securities in that category.
paid at the time of acquisition and broken period Depreciation on equity shares acquired and held by
interest are charged to the profit and loss account the Bank under restructuring scheme is provided as
as per the RBI guidelines. per RBI guidelines.
b) Basis of classification Investments classified under the HTM category are

carried at their acquisition cost and any premium
Securities that are held principally for resale within
over the face value, paid on acquisition, is amortized
90 days from the date of purchase are classified
on a straight-line basis over the remaining period
under the HFT category. Investments that the
to maturity. Amortization expense of premia on
Bank intends to hold till maturity are classified
investments in the HTM category is deducted from
under the HTM category, or as per RBI guidelines.
interest income in accordance with RBI Circular DBR.
Securities which are not classified in the above
No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015.
categories are classified under the AFS category.
Where in the opinion of management, a diminution,
other than temporary in the value of investments
c) Transfer between categories
classified under HTM has taken place, suitable
Reclassification of investments from one category provisions are made.
to the other, if done, is in accordance with RBI
guidelines. Transfer of scrips from AFS / HFT Treasury Bills, Commercial Paper and Certificates of
category to HTM category is made at the lower of deposit being discounted instruments, are valued
book value or market value. In the case of transfer at carrying cost.
of securities from HTM to AFS / HFT category, the
investments held under HTM at a discount are Pass Through Certificates purchased for priority
transferred to AFS / HFT category at the acquisition sector lending requirements are valued at Book
price and investments placed in the HTM category Value in accordance with RBI guidelines.
at a premium are transferred to AFS / HFT at the
amortized cost. The market/fair value applied for the purpose of
periodical valuation of quoted investments included
Transfer of investments from AFS to HFT or vice-a- in the AFS and HFT categories is the market price
versa is done at the book value. Depreciation carried, of the scrip as available from the trades/quotes on
if any, on such investments is also transferred from the stock exchanges and for Subsidiary General
one category to another. Ledger (‘SGL’) account transactions, the prices as

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periodically declared by Financial Benchmarks India or after April 1, 2017 which are backed by more
Pvt. Ltd. (FBIL). than 50% of the stressed assets sold by the bank,
provision for depreciation in value is made at higher
The market/fair value of unquoted government of – provisioning rate required in terms of net assets
securities included in the AFS and HFT category value declared by Rreconstruction Company (RC)/
is determined as per the prices published by FBIL. Securitization Company (SC) or the provisioning
Further, in the case of unquoted bonds, debentures, rate as per the extant asset classification and
pass through certificates (other than priority sector) provisioning norms as applicable to the underlying
and preference shares, valuation is carried out loans, assuming that the loan notionally continue
by applying an appropriate mark-up (reflecting in the books of the Bank. All other investments in
associated credit risk) over the Yield to Maturity the Security Receipts are valued as per the NAV
(‘YTM’) rates of government securities. Such mark obtained from issuing RC / SC.
up and YTM rates applied are as per the relevant
rates published by FIMMDA / FBIL. Investments in quoted Mutual Fund (MF) Units are
valued at the latest repurchase price/net asset
The Bank undertakes short sale transactions in value declared by the mutual fund. Investments in
Central Government dated securities in accordance un-quoted MF Units are valued on the basis of the
with RBI guidelines. The short position is reflected latest re-purchase price declared by the MF in respect
as the amount received on sale and is netted in the of each particular Scheme.
Investment schedule. The short position is marked
to market and loss, if any, is charged to the Profit Investment in listed instruments of Real Estate
and Loss account while gain, if any, is ignored. Investment Trust (REIT) / Infrastructure Investment
Profit /Loss on settlement of the short position is Trust (INVIT) is valued at closing price on a recognized
recognized in the Profit and Loss account. stock exchange with the higher volumes. In case the
instruments were not traded on any stock exchange
Units of Venture Capital Funds (VCF) held under within 15 days prior to date of valuation, valuation is
AFS category are valued using the Net Asset Value done based on the latest NAV (not older than 1 year)
(NAV) shown by VCF as per the financial statement. submitted by the valuer.
The VCFs are valued based on the audited results
once in a year. In case the audited financials are Sovereign foreign currency bonds are valued using
not available for a period beyond 18 months, the Composite Bloomberg Bond Trader (CBBT) price
investments are valued at `1 per VCF. or Bloomberg Valuation Service (BVAL) price or on
Treasury curve in the chronological order based
Quoted equity shares are valued at their closing price on availability.
on a recognized stock exchange. Unquoted equity
shares are valued at the break-up value if the latest Non-Sovereign foreign currency Bonds are valued
balance sheet is available, else, at `1 per company, using either Composite Bloomberg Bond Trader
as per relevant RBI guidelines. (CBBT) price, Bloomberg Valuation Service (BVAL)
price, Bloomberg Generic price (BGN), Last available
At the end of each reporting period, security receipts CBBT pricing for the instrument or Proxy Bond
issued by the asset reconstruction company are Pricing from Bloomberg in the chronological order
valued in accordance with the guidelines applicable based on availability.
to such instruments, prescribed by RBI from time
to time. Accordingly, in cases where the cash Masala bonds are valued using either Composite
flows from security receipts issued by the asset Bloomberg Bond Trader (CBBT) price, Bloomberg
reconstruction company are limited to the actual Valuation Service (BVAL) price or as per FIMMDA
realization of the financial assets assigned to the guided valuation methodology for unquoted bonds
instruments in the concerned scheme, the Bank in the chronological order based on availability.
reckons the net asset value obtained from the
asset reconstruction company from time to time, Special bonds such as oil bonds, fertilizer bonds,
for valuation of such investments at each reporting UDAY bonds etc. which are directly issued by
date. In case of investment in Security Receipts on

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Government of India (‘GOI’) is valued based on advised all banks to create an IFR with effect from
FBIL valuation. the FY 2018-19.

Non-performing investments are identified and Transferred to IFR will be lower of the following
depreciation/provision are made thereon based (i) net profit on sale of investments during the
on the RBI guidelines. Based on management year or (ii) net profit for the year less mandatory
assessment of impairment, the Bank additionally appropriations, until the amount of IFR is at least
creates provision over and above the RBI guidelines. 2 percent of the HFT and AFS portfolio, on a
The depreciation/provision on such non-performing continuing basis.
investments are not set off against the appreciation
in respect of other performing securities. Interest on 18.4.3 Advances
non-performing investments is not recognized in the
Accounting and classification
Profit and Loss account until received.
Advances are classified as performing and non-performing
e) Profit/Loss on sale of Investments based on the relevant RBI guidelines. Advances are stated
net of specific provisions, interest in suspense, inter-bank
Profit/Loss on sale of Investments in the HTM
participation certificates issued and bills rediscounted.
category is recognized in the profit and loss account
and profit thereafter is appropriated (net of applicable
Provisioning
taxes and statutory reserve requirements) to Capital
Reserve. Profit/Loss on sale of investments in HFT Provisions in respect of non-performing advances are
and AFS categories is recognized in the Profit made based on management’s assessment of the
and Loss account. degree of impairment of the advances, subject to the
minimum provisioning level prescribed in relevant
f) Accounting for repos/reverse repos RBI guidelines. The specific provision levels for retail
non-performing assets are also based on the nature of
Securities sold under agreements to repurchase
product and delinquency levels. Specific provisions in
(Repos) and securities purchased under agreements
respect of non-performing advances are charged to the
to resell (Reverse Repos) including liquidity
Profit and Loss account and included under Provisions
adjustment facility (LAF) with RBI are treated as
and Contingencies.
collateralized borrowing and lending transactions
respectively in accordance with RBI master circular
As per the RBI guidelines a general provision is made on
No. DBR.No.BP.BC.6/21.04.141/2015-16 dated
all standard advances, including provision for borrowers
July 1, 2015. The first leg of the repo transaction
having unhedged foreign currency exposure and for
is contracted at the prevailing market rates.
credit exposures computed as per the current marked
The difference between consideration amounts of
to market values of interest rate and foreign exchange
first and second (reversal of first) leg reflects interest
derivative contracts. These also include provision for
and is recognized as interest income/expense over
stressed sector exposures and provision for incremental
the period of transaction.
exposure of the banking system to a specified borrower
beyond Normally Permitted Lending Limit (NPLL) in
Bank also undertakes Repo and Reverse repo
proportion to bank’s funded exposure to specified
transactions from IFSC Banking Unit in GIFT
borrower. Such provisions are included in Schedule 5 –
City in Foreign currency Sovereign Securities
‘Other liabilities & provisions – Others’.
and accounting is similar to the domestic
repo transactions.
In respect of restructured standard and non-performing
advances, provision is made for the present value of
g) Investment fluctuation reserve
principal and interest component sacrificed at the time of
With a view to building up of adequate reserves restructuring the assets, based on the RBI guidelines.
to protect against increase in yields, RBI through
circular number RBI/2017-18/147 DBR.No.BP. Accounts are written-off in accordance with the Bank’s
BC.102/21.04.048/2017-18 dated April 2, 2018, policies. Recoveries from bad debts written-off are

Schedules
recognized in the Profit and Loss account and included correspondingly in other assets (representing positive
under other income. Mark-to-Market) and in other liabilities (representing
negative Mark-to-Market (MTM)) on a gross basis.
In case of loans sold to asset reconstruction company,
if consideration is more than net book value, the Bank In accordance with AS 11 ‘The Effects of changes in
records the security receipts as investment at Net Book Foreign Exchange Rates’, contingent liabilities in respect
Value as per RBI guidelines. of outstanding foreign exchange forward contracts,
derivatives, guarantees, endorsements and other
The Bank has in place a Country Risk management obligations are stated at the exchange rates notified by
policy as part of its Board approved Credit policy, which FEDAI corresponding to the balance sheet date.
is based on extant regulatory guidelines and addresses
the identification, measurement, monitoring and reporting Both monetary and non-monetary foreign currency
of country risk. Countries are categorized into seven risk assets and liabilities of non-integral foreign operations
categories, viz. Insignificant, Low Risk, Moderately Low are translated at closing exchange rates notified by FEDAI
Risk, Moderate Risk, Moderately Risk, High Risk and Very at the Balance Sheet date and the resulting profit/loss
High Risk. The Bank calculates direct and indirect country arising from exchange differences are accumulated in the
risk in line with the policy requirements. Indirect exposure Foreign Currency Translation Account until the disposal of
is reckoned at 50% of the exposure in case of countries the net investment in the non-integral foreign operations.
where the net funded exposure exceeds 1% of the
Bank’s total assets. Further, if the net funded exposure In accordance with the RBI clarification, the Bank does not
of the Bank in respect of each country exceeds 1% of recognise in the profit and loss account the proportionate
the Bank’s total assets, provisioning is required to be exchange gains or losses held in the foreign currency
made on exposure to such countries. Depending on the translation reserve on repatriation of profits from
risk category of the country, provisioning is done on a overseas operations.
graded scale ranging from 0.25% to 100% for exposures
with contractual maturity greater than or equal to 180 Currency future contracts are marked to market daily
days. In respect of short-term exposures with contractual using settlement price on a trading day, which is the
maturity less than 180 days, 25% of the normal provision closing price of the respective future contracts on that
requirement is held. day. While the daily settlement prices is computed on
the basis of weighted average price of such contract, the
18.4.4 Transactions involving foreign final settlement price is taken as the RBI reference rate
exchange on the last trading day of the future contract or as may
be specified by the relevant authority from time to time.
Foreign currency income and expenditure items of domestic
All open positions are marked to market based on the
operations are translated at the exchange rates prevailing
settlement price and the resultant marked to market profit
on the date of the transaction. Income and expenditure
/loss is daily set.
items of integral foreign operations (representative
offices) are translated at the daily average closing rates
18.4.5 Earnings per share
and of non-integral foreign operations (foreign branches)
at the monthly average closing rates. The Bank reports basic and diluted earnings per equity
share in accordance with Accounting Standard (AS) 20,
Premia/discounts on foreign exchange swaps, that are “Earnings per Share” notified under Section 133 of the
used to hedge risks arising from foreign currency assets Companies, Act 2013. Basic earnings per equity share
and liabilities, are amortized over the life of the swap. have been computed by dividing net profit after tax for
the year by the weighted average number of equity
Monetary foreign currency assets and liabilities are shares outstanding for the period.
translated at the balance sheet date at rates notified
by the Foreign Exchange Dealers’ Association of India Diluted earnings per equity share have been computed
(‘FEDAI’). Foreign exchange contracts are stated at using the weighted average number of equity shares and
net present value using LIBOR/SWAP curves of the dilutive potential equity shares options outstanding during
respective currencies with the resulting unrealized gain or the period except where the results are anti dilutive.
loss being recognized in the Profit and Loss Account and

Schedules
18.4.6 Accounting for derivative transactions The amounts received/paid on cancellation of option
contracts are recognized as realized gains/losses on
Derivative transactions comprises forward rate
options. Charges receivable/payable on cancellation/
agreements, swaps and option contracts. The Bank
termination of foreign exchange forward contracts and
undertakes derivative transactions for market making/
swaps are recognized as income/expense on the date of
trading and hedging on-balance sheet assets and
cancellation/ termination under ‘Other Income’.
liabilities. All market making/trading transactions are
marked to market on a monthly basis and the resultant
Valuation of Interest Rate Futures (IRF) is carried out on
unrealized gains/losses are recognized in the profit
the basis of the daily settlement price of each contract
and loss account.
provided by the exchange.
Derivative transactions that are undertaken for hedging
The requirement for collateral and credit risk mitigation
are accounted for on accrual basis except for the
on derivative contracts is assessed based on internal
transaction designated with an asset or liability that is
credit policy. Overdues if any, on account of derivative
carried at market value or lower of cost or market value
transactions are accounted in accordance with extant
in the financial statements, which are accounted similar to
RBI guidelines.
the underlying asset or liability.
As per the RBI guidelines on ‘Prudential Norms for
Cross currency interest rate swaps which are used by the
Off-balance Sheet Exposures of Banks’ a general
Bank to hedge its foreign currency borrowings have been
provision is made on the current gross MTM gain of
designated as cash flow hedges and are measured at fair
the contract for all outstanding interest rate and foreign
value. The corresponding gain or loss is recognized as
exchange derivative transactions.
cash flow hedge reserve. Further to match profit/ loss on
account of revaluation of foreign currency borrowing, the
18.4.7 Fixed assets
corresponding amount is recycled from cash flow hedge
reserve to Profit and Loss account. Fixed assets are stated at cost less accumulated
depreciation, amortization and accumulated impairment
The Bank follows the option premium accounting losses. Cost comprises the purchase price and any cost
framework prescribed by FEDAI SPL – circular dated attributable for bringing the asset to its working condition
December 14, 2007. Premium on option transaction for its intended use. Subsequent expenditure incurred on
is recognized as income/expense on expiry or early assets put to use is capitalised only when it increases the
termination of the transaction. Mark-to-Market (MTM) future benefit/ functioning capability from/ of such assets.
gain/loss (adjusted for premium received/paid on option
contracts) is recorded under ‘Other Income’.
18.4.8 Depreciation
Depreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the
management, at the rates mentioned below –
Useful life of Assets as per Useful life of Assets as per

Class of asset
Companies Act, 2013 Bank’s Accounting Policy
Owned Premises 60 years 60 years
Office equipment 5 years 5 years
Computer hardware1 6 years 3 years
Computer software * 6 years 4 years
Vehicles1 8 years 5 years
Furniture and Fixtures 10 years 10 years
Automated Teller Machines (‘ATMs’) 1 15 years 10 years
Leasehold improvements to premises - Over the lease period or 9
years whichever is less.
* As per RBI Guidelines.

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1
ased on technical evaluation, the management believes that the useful lives as given above best represent the period over which management
B
expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II
of the Companies Act 2013.
▲▲ Assets costing up to `5,000 are fully depreciated in employee stock options using the intrinsic value method.
the year of purchase. Compensation cost is measured by the excess, if any, of
the fair market price of the underlying stock (i.e. the last
▲▲ For assets purchased/sold during the year,
closing price on the stock exchange on the day preceding
depreciation is being provided on pro rata basis by
the date of grant of stock options) over the exercise price.
the Bank.
The exercise price of the Bank’s stock option is the last
▲▲ Improvements to leasehold assets are depreciated closing price on the stock exchange on the day preceding
over the remaining period of lease the date of grant of stock options and accordingly there
is no compensation cost under the intrinsic value method.
▲▲ Reimbursement, if any, is recognized on receipt
and is adjusted to the book value of asset and
Compensated absence
depreciated over the balance life of the asset
The employees of the Bank are entitled to carry forward
▲▲ Whenever there is a revision in the estimated useful
a part of their unavailed/unutilized leave subject to
life of the asset, the unamortized depreciable
a maximum limit. The employees cannot encash
amount is charged over the revised remaining useful
unavailed/unutilized leave. The Bank provides for leave
life of the said asset
encashment/compensated absences based on an
▲▲ The useful life of assets is based on historical independent actuarial valuation at the Balance Sheet
experience of the Bank, which is different from date, which includes assumptions about demographics,
the useful life as prescribed in Schedule II to the early retirement, salary increases, interest rates and
Companies Act, 2013. leave utilisation.
18.4.9 Impairment of assets Gratuity

Assets are reviewed for impairment whenever events The Bank provides for gratuity, a defined benefit retirement
or changes in circumstances indicate that the carrying plan, covering eligible employees. The plan provides for
amount of an asset may not be recoverable. An asset’s lump sum payments to vested employees at retirement
recoverable amount is the higher of an asset’s net selling or upon death while in employment or on termination of
price and its value in use. If such assets are considered to employment for an amount equivalent to 15 days’ eligible
be impaired, the impairment is recognized by debiting the salary payable for each completed year of service if the
profit and loss account and is measured as the amount service is more than 5 years. The Bank accounts for the
by which the carrying amount of the assets exceeds the liability for future gratuity benefits using the projected unit
recoverable amount of the assets. cost method based on annual actuarial valuation.
18.4.10 Employee benefits The defined gratuity benefit plans are valued by an
independent actuary as at the Balance Sheet date using
Employee Stock Option Scheme (‘ESOS’)
the projected unit credit method as per the requirement of
The Employee Stock Option Scheme (‘the Scheme’) AS-15, Employee Benefits, to determine the present value
provides for the grant of options to acquire equity shares of the defined benefit obligation and the related service
of the Bank to its employees. The options granted to costs. Under this method, the determination is based on
employees vest in a graded manner and these may be actuarial calculations, which include assumptions about
exercised by the employees within specified periods. demographics, early retirement, salary increases and
interest rates. Actuarial gain or loss is recognized in the
Measurement of the employee share-based payment Profit and Loss account.
plans is done in accordance with the Guidance Note on
Accounting for Employee Share-based Payments issued Provident fund
by Institute of Chartered Accountants of India (ICAI) and
In accordance with law, all employees of the Bank are
SEBI (Share Based Employee Benefits) Regulations,
entitled to receive benefits under the provident fund, a
2014. The Bank measures compensation cost relating to
defined contribution plan in which both the employee and

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the Bank contribute monthly at a pre determined rate. Deferred tax assets are recognized only to the extent
Contribution to provident fund are recognized as expense there is reasonable certainty that the assets can be
as and when the services are rendered The Bank has no realized in future. In case of unabsorbed depreciation
liability for future provident fund benefits other than its or carried forward loss under taxation laws, all deferred
annual contribution. tax assets are recognized only if there is virtual certainty
of realization of such assets supported by convincing
In February 2019, the honorable Supreme Court of India evidence. Deferred tax assets are reviewed at each
in its judgment clarified that certain special allowances balance sheet date and appropriately adjusted to
should be considered to measure obligations under reflect the amount that is reasonably/virtually certain
Employees’ Provident Funds and Miscellaneous to be realized.
Provisions Act, 1952 (the PF Act). The Bank has been
legally advised that there are interpretative challenges on 18.4.13 Provisions and contingent
the application of judgment retrospectively and as such assets/liabilities
does not consider there is any probable obligations for
A contingent liability is a possible obligation that arises
past periods. Due to imperative challenges, the Bank has
from past events whose existence will be confirmed by the
not disclosed contingent liability amount for past liability.
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Bank or
National Pension System (NPS)
a present obligation that arises from past events that is
The NPS is a defined contribution retirement plan. not recognized because it is not probable that an outflow
The primary objective is enabling systematic savings and of resources will be required to settle the obligation or a
to provide retirees with an option to achieve financial reliable estimate of the amount of the obligation cannot be
stability. Pension contributions are invested in the pension made. The Bank does not recognize a contingent liability
fund schemes. The Bank has no liability for future fund but discloses its existence in the financial statements
benefits other than the voluntary contribution made by
employees who agree to contribute to the scheme. In accordance with AS 29, Provisions, Contingent
Liabilities and Contingent Assets, the Bank creates a
18.4.11 Leases provision when there is a present obligation as a result
of a past event that probably requires an outflow of
Leases where the lessor effectively retains substantially all
resources and a reliable estimate can be made of the
risks and benefits of ownership are classified as operating
amount of the obligation.
leases. Operating lease payments are recognized as an
expense in the profit and loss account on a straight-line
Provisions are reviewed at each balance sheet date and
basis over the lease term in accordance with Accounting
adjusted to reflect the current best estimate. If it is no
Standard – 19, Leases.
longer probable that an outflow of resources would be
required to settle the obligation, the provision is reversed.
18.4.12 Income taxes
Tax expense comprises current and deferred tax. Contingent assets are not recognized in the financial
Current tax comprises of the amount of tax for the period statements. However, contingent assets are assessed
determined in accordance with the Income Tax Act, 1961 continually and if it is virtually certain that an inflow of
and the rules framed there under. Deferred income taxes economic benefits will arise, the asset and related income
reflects the impact of current year timing differences are recognized in the period in which the change occurs.
between taxable income and accounting income for the
year and reversal of timing differences of earlier years. 18.4.14 Cash and Cash equivalent
Deferred tax assets and liabilities are recognized for the
Cash and cash equivalents include cash in hand, balances
future tax consequences of timing differences between
with RBI, balances with other banks and money at call
the carrying values of assets and liabilities and their
and short notice.
respective tax bases, and operating loss carry forwards.
Deferred tax assets and liabilities are measured using
the enacted or substantively enacted tax rates at the
balance sheet date.

Schedules
18.4.15 Corporate social responsibility The Bank also deals in bullion on a borrowing and lending
basis and the interest paid/received thereon is classified
Expenditure towards corporate social responsibility, in
as interest expense/income respectively.
accordance with Companies Act, 2013, are recognized in
the Profit and Loss account.
18.4.18 Share issue expenses
18.4.16 Debit and credit cards reward points Share issue expenses are adjusted from Share
Premium Account in terms of Section 52 of the
The Bank estimates the probable redemption of debit
and credit card reward points and cost per point using
actuarial valuation method by employing an independent
18.4.19 Segment information
actuary, which includes assumptions such as mortality,
redemption and spends. The disclosure relating to segment information is in
accordance with AS-17, Segment Reporting and as per
Provisions for liabilities on said reward points are made guidelines issued by RBI.
based on the actuarial valuation report as furnished by the
said independent actuary and included in other liabilities. 18.4.20 Priority Sector Lending
Certificates (PSLC)
18.4.17 Bullion
The Bank, in accordance with RBI circular FIDD.CO.Plan.
The Bank imports bullion including precious metal bars BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in
on a consignment basis for selling to its customers. priority sector portfolio by selling or buying PSLC. There is
The imports are typically on a back-to-back basis and no transfer of risks or loan assets in these transactions.
are priced to the customer based on a price quoted The fee paid for purchase of the PSLC is treated as an
by the supplier. The Bank earns a fee on such bullion ‘Expense’ and the fee received from the sale of PSLCs is
transactions. The fee is classified in other income. treated as ‘Other Income’.
18.5 Capital
18.5.1.1 Equity Issue
During the financial year ended March 31, 2019, the Bank has issued 12,065,794 shares pursuant to the exercise of
stock option aggregating to `953.47 million (previous year: `1,378.65 million)
Movement in Share Capital

(` in million)
As at As at
Share Capital
March 31, 2019 March 31, 2018
Opening Share Capital 4,605.93 4,564.86
Addition due to exercise of Stock Option 24.13 41.07
Addition due to shares issued to QIP – –
Closing Share Capital 4,630.07 4,605.93
18.5.1.2 Proposed Dividend: by employees between the end of the financial year and
the dividend declaration date.
The Board of Directors of the Bank has recommended
a dividend of `2 per equity share for approval by
18.5.1.3 Capital Reserve
shareholders at the 15th Annual General Meeting.
If approved, the total liability arising to the Bank would Profit on sale of investments in the Held to Maturity
be `5,582.01 million, including dividend tax (previous category is credited to the Profit and Loss Account
year: `7,503.64 million). The actual dividend payout may and thereafter appropriated to capital reserve (net of
however change due to equity shares options exercised

Schedules
applicable taxes and transfer to statutory reserve requirements). During the year `1,010.10 million (previous year:
`659.65 million) was transferred to Capital Reserve.
18.5.1.4 Investment Reserve

The Bank has transferred `6.71 million to Investment Reserve (previous year: ` Nil) (net of applicable taxes and transfer
to statutory reserve requirements) on provisions for depreciation on investments credited to Profit and Loss Account.
18.5.1.5 Cash Flow Hedge Reserve

The Bank has credited `218.73 million to Cash Flow Hedge Reserve (previous year: debited `83.92 million) on cross
currency interest rate swaps which are used by the Bank to hedge its foreign currency borrowings and have been
designated as cash flow hedges and are measured at fair value.
18.5.1.6 Investment Fluctuation Reserve (IFR)

During the year ended March 31, 2019, the Bank has transferred `539.07 million in IFR (previous year: ` Nil).
18.5.1.7 Capital Adequacy Ratio

Capital Adequacy Ratio as per RBI guidelines as at March 31, 2019 is given below:
(` in million)
As at As at
Basel – III
March 31, 2019 March 31, 2018
Common Equity Tier I* 256,989.71 248,503.97
Additional Tier I Capital 87,871.00 88,879.76
Tier I capital 344,860.71 337,383.73
Tier II capital 159,730.59 132,373.34
Total capital 504,591.30 469,757.06
Credit Risk – Risk Weighted Assets (RWA) 2,678,862.12 2,232,542.97
Market Risk – RWA 191,932.33 181,613.67
Operational Risk – RWA 184,986.56 139,276.11
Total risk weighted assets 3,055,781.01 2,553,432.74
Common Equity capital adequacy ratio (%) 8.4% 9.7 %
Tier I capital adequacy ratio (%) 11.3% 13.2 %
Tier II capital adequacy ratio (%) 5.2% 5.2 %
Total capital adequacy ratio (%) 16.5% 18.4 %
Amount raised during the year by issue of IPDI - 54,150.00
Amount raised during the year by issue of Tier II Capital 30,420.00 70,000.00
* Adjusted for proposed dividend of `2 per share and applicable taxes.

Schedules
18.5.1.8 Tier I and Tier II Capital

During the financial year ended March 31, 2019, the Bank has issued Tier II instruments amounting to `30,420 million:
(` in million)
Nature of Coupon
Particulars Date of Issue Tenure Amount
Security Rate (%)
Rated Listed Non-convertible, Redeemable, Debentures September 17, 2018 9.12 10 Years 30,420
Unsecured, Basel III compliant Tier 2 Bonds
in the nature of debentures
TOTAL 30,420
During the financial year ended March 31, 2018, the Bank has issued additional Tier I instruments amounting to `54,150
million and Tier II instruments amounting to `70,000 million:
(` in million)
Nature of Coupon
Particulars Date of Issue Tenure Amount
Security Rate (%)
Rated, Listed, Non-Convertible, Debentures September 29, 2017 7.80 10 Years 25,000.00
Redeemable, Unsecured, Basel III
Compliant Tier II Bonds in the nature of
debentures
Rated, Listed, Non-Convertible, Debentures October 3, 2017 7.80 9 Years 11 15,000.00
Redeemable, Unsecured, Basel III Months &
Compliant Tier II Bonds in the nature of 28 Days
debentures
Perpetual Subordinated Unsecured Debentures October 18, 2017 9.00 Perpetual 54,150.00
Basel III Compliant Additional Tier I
Bonds In The Nature Of Debentures
Rated, Listed, Non-Convertible, Debentures February 22, 2018 8.73 10 Years 30,000.00
Redeemable, Unsecured, Basel III
Compliant Tier II Bonds in the nature of
debentures
TOTAL 124,150.00

Schedules
18.5.2 Investments
I) Value of Investments
(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
Gross value of Investments 905,718.50 687,662.67
– In India 782,311.14 677,302.96
– Outside India 123,407.36 10,359.71
Provision for depreciation 10,498.17 3,673.29
– In India* 10,219.73 3,667.74
– Outside India 278.45 5.55
Net Value of Investments 895,220.33 683.989.39
– In India 772,091.41 673,635.22
– Outside India 123,128.92 10,354.16
* Includes a provision of `987.81 million (previous year: `606.24 million) held for non-performing investments.
II) Movement of provisions held towards depreciation on investments

(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
Opening Balance 3,673.29 1,073.85
Add: Provision made during the year 7,166.05 2,617.68
Less: Write-off/write back of provision during the year 341.16 18.24
Closing Balance 10,498.18 3,673.29
Sales and transfers of securities to/from Held to Maturity (HTM) category

The Bank has not sold or transferred securities to or from HTM category exceeding 5% of the book value of investment
held in HTM category at the beginning of the year. The 5% threshold referred to above does not include onetime
transfer of securities to/from HTM category with the approval of Board of Directors permitted to be undertaken by banks
as per extant RBI guidelines, shifting of securities explicitly permitted by the Reserve Bank from time to time, sale of
securities or transfer to AFS / HFT consequent to the reduction of ceiling on SLR securities under HTM, sale of securities
under pre-announced Open Market Operation (OMO) auction to the RBI and repurchase of Government securities by
Government of India from banks as permitted by RBI.

Schedules
18.5.3 Repo Transactions

The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2019:
(` in million)
Minimum Maximum Daily average
As at
outstanding outstanding outstanding
31-March-19
during the year during the year during the year
Securities sold under repos
i) Government Securities - 69,230.88 11,884.73 4,996.81
ii) Corporate debt securities - - - -
Security purchased under reverse repo
ii) Corporate debt securities – – – –
The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2018:
(` in million)
Minimum Maximum Daily average
As at
outstanding outstanding outstanding
31-March-18
during the year during the year during the year
Securities sold under repos
Security purchased under reverse repo
i) Government Securities 511.25 85,267.55 20,442.17 47,459.65
The above table represents the book value of securities sold and purchased under repos, triparty repos (TREPS) and
reverse repos with inter-bank counterparties. It does not include securities sold and purchased under Liquidity Adjusted
Facility (LAF) with RBI.

Schedules
18.5.4 Non-SLR Investment Portfolio

i. Issuer composition of Non-SLR investments
Issuer composition of Non-SLR investments as at March 31, 2019 is given below:
(` in million)
Extent of
Extent of ‘below Extent of Extent of
private investment ‘unrated’ ‘unlisted’
No. Issuer Amount
placement grade’ securities # securities*
(a) securities (c) (d)
(b)
i) PSUs 1,112.80 1,112.80 - - 62.80
ii) Financial Institutions 129,659.42 86,742.28 - 3,065.10 15,756.38
iii) Banks 696.05 - - - 696.05
iv) Private Corporates 51,852.94 51,132.73 5,500.00 525.62 7,799.85
v) Subsidiaries/Joint ventures 2,240.00 2,240.00 - 2,240.00
vi) Others 166,501.23 45,644.20 - - 166,241.23
vii) Provision held towards (10,453.24) -
depreciation**
Total 341,609.21 186,872.01 5,500.00 3,590.71 192,796.31
* Investments amounting to `189,246.31 million are exempted from applicability of RBI prudential limit for Unlisted Non-SLR securities.
# excludes investment in equity shares and units, non-Indian government securities of IBU and Non-SLR government of India securities.
** Includes a provision of `987.81 million held for non-performing investments.
Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive.
Issuer composition of Non-SLR investments as at March 31, 2018 is given below:
(` in million)
Extent of
Extent of ‘below Extent of Extent of
private investment ‘unrated’ ‘unlisted’
No. Issuer Amount
placement grade’ securities # securities*
(a) securities (c) (d)
(b)
i) PSUs 5,423.34 911.70 - - 5,423.34
ii) Financial Institutions 53,731.19 53,726.19 - 264.19 264.19
iii) Banks 30.22 30.22 - - -
iv) Private Corporates 102,809.99 91,650.26 50.00 568.12 12,863.92
v) Subsidiaries/Joint ventures 1,055.00 1,055.00 - - 1,055.00
vi) Others 35,481.69 32,030.53 - - 35,481.69
Provision held towards (3,402.88) - - - -
vii)
depreciation**
Total 195,128.56 179,403.90 50.00 832.31 55,088.14
*Investments amounting to `51,538 million are exempted from applicability of RBI prudential limit for Unlisted Non-SLR securities.
# excludes investment in equity shares and units, non-Indian government securities of IBU and Non-SLR government of India securities.
** Includes a provision of `606.24 million held for non-performing investments.
Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive

Schedules
ii. Non-Performing Investments

(` in million)
Particulars March 31, 2019 March 31, 2018
Opening Balance 674.94 460.09
Additions during the year 479.14 285.76
Reductions during the year - 70.91
Closing Balance 1,154.08 674.94
Total Provision Held 987.81 606.24
18.6 Derivatives
18.6.1 Forward Rate Agreement/Interest Rate Swap
The details of Forward Rate Agreements/Interest Rate Swaps outstanding as at March 31, 2019 is given below:
(` in million)
Sr. As at As at
Items
No March 31, 2019 March 31, 2018
i) The notional principal of swap agreements 1,702,671.19 1,141,440.35
Losses which would be incurred if counter-parties failed to fulfill their 2,740.33 1,760.74
ii)
obligations under the agreements1
iii) Collateral required by the bank upon entering into swaps - -
Concentration of credit risk arising from the swaps [Percentage 12.75% 21.56%
iv)
Exposure to Banks] 1
[Percentage Exposure to PSUs] 1 22.14% 52.29%
2
v) The fair value of the swap book (1,661.03) (285.43)
- INBMK (179.66) (39.32)
- MIBOR (1,280.48) (317.97)
- MIFOR (542.91) 129.79
- FCY IRS 342.03 (57.93)
1
Losses and Credit risk concentration are measured as net receivable under swap contracts.
2
Fair values represent mark-to-market including accrued interest.
The nature and terms of the Rupee IRS as on March 31, 2019 are set out below:
(` in million)
Nature Nos Notional Principal Benchmark Terms
Trading 13 15,760.00 INBMK Fixed Payable V/S Floating Receivable
Trading 1 1,000.00 INBMK Fixed Receivable V/S Floating Payable
Trading 630 278,870.61 MIBOR Fixed Payable V/S Floating Receivable
Trading 645 261,024.55 MIBOR Fixed Receivable V/S Floating Payable
Trading 266 103,934.30 MIFOR Fixed Payable V/S Floating Receivable
Trading 173 64,632.70 MIFOR Fixed Receivable V/S Floating Payable

Schedules
The nature and terms of the FCY IRS as on March 31, 2019 are set out below:
(` in million)
Notional
Nature Nos Benchmark Terms
Principal
Hedging 2 32,997.03 USD LIBOR Fixed Receivable V/S Floating Payable
Trading 611 347,201.72 USD LIBOR Fixed Payable V/S Floating Receivable
Trading 548 339,546.98 USD LIBOR Fixed Receivable V/S Floating Payable
Trading 228 225,530.36 USD LIBOR Floating Payable V/S Floating Receivable
Trading 36 4,728.11 EURIBOR Fixed Payable V/S Floating Receivable
Trading 42 5,304.32 EURIBOR Fixed Receivable V/S Floating Payable
Trading 1 124.84 JPY LIBOR Fixed Payable V/S Floating Receivable
Trading 14 11,152.68 GBP LIBOR Fixed Payable V/S Floating Receivable
Trading 3 10,863.00 GBP LIBOR Fixed Receivable V/S Floating Payable
The nature and terms of the Rupee IRS as on March 31, 2018 are set out below:
(` in million)
Notional
Nature Nos Benchmark Terms
Principal
Hedging 2 750.00 MIFOR Fixed Payable V/S Floating Receivable
Trading 13 15,760.00 INBMK Fixed Payable V/S Floating Receivable
Trading 1 1,000.00 INBMK Fixed Receivable V/S Floating Payable
Trading 473 235,350.32 MIBOR Fixed Payable V/S Floating Receivable
Trading 498 206,242.32 MIBOR Fixed Receivable V/S Floating Payable
Trading 252 95,332.30 MIFOR Fixed Payable V/S Floating Receivable
Trading 134 54,299.10 MIFOR Fixed Receivable V/S Floating Payable
The nature and terms of the FCY IRS as on March 31, 2018 are set out below:
(` in million)
Notional
Nature Nos. Benchmark Terms
Principal
Hedging 2 39,105.00 USD LIBOR Fixed Receivable V/S Floating Payable
Trading 400 201,337.24 USD LIBOR Fixed Receivable V/S Floating Payable
Trading 400 174,714.57 USD LIBOR Fixed Payable V/S Floating Receivable
Trading 162 102,673.66 USD LIBOR Floating Receivable V/S Floating Payable
Trading 18 2,652.59 EURIBOR Fixed Receivable V/S Floating Payable
Trading 18 2,872.49 EURIBOR Fixed Payable V/S Floating Receivable
Trading 1 123.01 JPY LIBOR Fixed Payable V/S Floating Receivable
Trading 2 4,613.88 GBP LIBOR Fixed Payable V/S Floating Receivable
Trading 2 4,613.88 GBP LIBOR Fixed Receivable V/S Floating Payable

Schedules
18.6.2 Un-hedged/uncovered foreign currency exposure of the Bank

The Bank’s foreign currency exposures as at March 31, 2019 that are not hedged/covered by either derivative instruments
or otherwise are within the Net Overnight Open Position limit (NOOP) and the Aggregate Gap limit, as approved by the
RBI. NOOP is `2,205.59 million as at March 31, 2019 (March 31, 2018 `1,353.36 million).
18.6.3 Exchange Traded Interest Rate Derivatives

The following table sets forth, for the period indicated, the details of exchange traded interest rate derivatives:
(` in million)
Sr.
Particulars As at March 31, 2019 As at March 31, 2018
No.
Notional Principal amount of exchange traded interest rate
1
derivatives undertaken during the year:
- 6.79% Government Securities 2027 22,884.80 35,757.20
- 7.17% Government Securities 2028 173,803.40 -
- 6.68% Government Securities 2031 750.00 -
Notional Principal amount of exchange traded interest rate -
2
derivatives outstanding:
- 6.79% Government Securities 2027 – –
- 7.17% Government Securities 2028 4,945.00 –
- 6.68% Government Securities 2031 750.00 –
Notional Principal amount of exchange traded interest rate N.A.
3
derivatives outstanding and not “highly effective”
4. Mark-to-Market value of exchange traded interest rate derivatives N.A.
outstanding and not “highly effective”
18.6.4 Currency Futures

The Bank had dealt in exchange traded currency forwards (Futures) during the financial year ended March 31, 2019
and March 31, 2018. As at March 31, 2019 the open contracts on the exchange were to the tune of USD 4.104 million
(`285.29 million) for April 2019 expiry and for March 31, 2018 – Nil open contracts.
18.6.5 Disclosures on risk exposure in derivatives

As per RBI Master circular DBR.BP.BC.No.23/21.04.018/2015-16 dated July 1, 2015, the following disclosures are
being made with respect to risk exposure in derivatives of the Bank:
a) Purpose: The Bank uses Derivatives including Forwards & swaps for various purposes including hedging its
currency and interest rate risk in its balance sheet, customer offerings and proprietary trading. The management of
these products and businesses is governed by Market Risk Policy, Investment Policy, Derivatives Policy, Derivatives
Appropriateness Policy, Hedging Policy and ALM policy.
b) Structure: The Board of Directors of the Bank have constituted a Board level sub-committee, the Risk Monitoring
Committee (‘RMC’) and delegated to it all functions and responsibilities relating to the risk management policy of
the Bank and its supervision thereof.
c) As part of prudent business and risk management practice, the Bank has also instituted a comprehensive limit
and control structure encompassing Value-at-Risk (VAR), Sensitivity, Greeks, Stop loss & credit limits for derivative
transactions including suitability and appropriateness framework. The Bank has an internal reporting mechanism
providing regular reports to the RMC as well as to the management of the Bank. Such a structure helps the Bank to
monitor and mitigate market risk across FX and interest rates.

Schedules
d) The Bank has an independent Middle Office and Market Risk functions, which are responsible for monitoring,
measurement, and analysis of derivative related risks, among others. The Bank has a Credit Risk Management
unit which is responsible for setting up counterparty limits and also a treasury operation unit which is responsible
for managing operational aspects of derivatives including settlement of transactions. The Bank is subject to a
concurrent audit for all treasury transactions, including derivatives transactions, a monthly report of which is
periodically submitted to the Audit & Compliance Committee of the Bank.
e) In addition to the above, the Bank independently evaluates the potential credit exposure on account of all derivative
transactions, wherein risk limits are specified separately for each product, in terms of both credit exposure and
tenor. As mandated by the Credit Policy of the Bank, the Bank has instituted an approval structure for all treasury/
derivative related credit exposures. Wherever necessary, appropriate credit covenants are stipulated as trigger
events to call for collaterals or terminate transaction and contain the risks.
f) The Bank reports all trading positions to the management on a daily basis. The Bank revalues its trading position
on a daily basis for Management and Information System (‘MIS’) and control purposes and records the same in the
books of accounts on a monthly basis.
g) For derivative contracts in the banking book designated as hedge, the Bank documents at the inception of the
relationship between the hedging instrument and the underlying exposure, the risk management objective for
undertaking the hedge and the ALCO monitors all outstanding hedges on a periodical basis. Further the Bank’s
‘Hedging Policy’ has stipulated conditions to ensure that the Hedges entered into are effective.
h) Refer Note 18.4.6 for accounting policy on derivatives.
The details of derivative transactions as at March 31, 2019 and March 31, 2018 are given below:
(` in million)
Currency derivatives 1 Interest rate derivatives 4
Sr. As at As at As at As at
Particular
No. March 31, March 31, March 31, March 31,
2019 2018 2019 2018
i) Derivatives (Notional Principal Amount)
a) For hedging 24,894.18 27,349.32 32,997.03 39,855.00
b) For trading 837,853.50 756,398.59 1,675,217.65 1,101,585.35
ii) Marked to market positions2
a) Asset (+) 11,870.11 9,189.21 11,227.54 5,481.15
b) Liability (-) 12,210.08 8,273.63 13,228.06 5,599.59
iii) Credit exposure3 64,931.17 56,452.85 26,289.71 17,500.44
Likely impact of one percentage change in
iv)
interest rate (100*PV01) (Refer Note 1&2 below)
a) on hedging derivatives 320.47 479.20 1,103.47 1,726.80
b) on trading derivatives 1,283.29 535.57 2,205.81 2,100.19
Maximum and minimum of 100*PV01 observed
v)
during the year (Refer Note 1&2 below)
a) on hedging
Maximum 564.00 604.30 1,779.17 1,798.95
Minimum 308.14 364.25 1,082.50 3.62
b) on trading
Maximum 1,368.24 1,025.93 2,932.88 2,216.24
Minimum 348.04 409.68 1,654.17 1,394.45
1
Currency derivatives includes options purchased and sold, cross currency interest rate swaps and currency futures.
2
Trading portfolio including accrued interest.
3
Mark-to-Market for credit exposure includes accrued interest.
4
Interest rate derivatives include Interest Rate Swaps, forward rate agreements and exchange traded interest rate derivatives.

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Notes:
1) Denotes absolute value of loss which the Bank could suffer on account of a change in interest rates by 1% which
however doesn’t capture the off-setting exposures between interest rate and currency derivatives.
2) PV01 exposures reported above may not necessarily indicate the interest rate risk the Bank is exposed to, given that
PV01 exposures in Investments (which may offset the PV01 reflected above) do not form part of the above table.
3) The notional principal amount of foreign exchange contracts classified as trading at March 31, 2019 amounted to
`2,816,549.88 million (previous year: 2,999,631.85 million). For these trading contracts, at March 31, 2019, marked
to market position was asset of `40,879.82 million (previous year: 21,147.95 million) and liability of `42,674.09
million (previous year: `20,920.03 million). The notional principal amount of foreign exchange contracts classified
as hedging at March 31, 2019 amounted to `17,548.88 million (previous year: `816.98 million). Credit exposure
on forward exchange contracts at March 31, 2019 was `101,707.60 million (previous year: `93,577.45 million) of
which exposure on CCIL is `55,019.15 million (previous year: `56,459.69 million).
18.6.6 Asset quality

18.6.6.1 Non-Performing Advances
The details of movement of gross NPAs, net NPAs and provisions during the year ended March 31, 2019 and the year
ended March 31, 2018 are given below :
(` in million)
No. Particulars March 31, 2019 March 31, 2018
(i) Net NPA to Net Advances 1.86% 0.64 %
(ii) Movement of NPAs (Gross)
(a) Opening balance 26,268.02 20,185.57
(b) Additions (Fresh NPAs during the year) 79,703.31 82,157.37
Sub-total (A) 105,971.33 102,342.94
Less:
(i) Up-gradations 11,149.95 33,264.06
(ii) Recoveries 11,306.45 35,724.93
(iii) Write-offs 4,689.33 7,085.93
Sub-total (B) 27,145.73 76,074.92
Gross NPAs (closing balance) (A-B) 78,825.60 26,268.02
(iii) Movement of Net NPAs
(a) Opening Balance 13,127.46 10,722.68
(b) Additions during the year 50,002.04 68,015.64
(c) Reductions during the year 18,281.00 65,610.86
(d) Closing balance 44,848.50 13,127.46
(iv) Movement of provisions for NPAs (excluding provision on standard assets)
(a) Opening balance 13,140.56 9,462.89
(b) Additions during the year 29,701.27 14,141.74
(c) Write-off/write back of excess provision 8,864.73 10,464.07
(d) Closing balance 33,977.10 13,140.56
The Bank does not have any advances which are outstanding in the books of the branches, but have been written-off
(fully or partially) at Head Office level.
18.6.6.2 Provision coverage Ratio

The provision coverage ratio of the Bank as at March 31, 2019 computed as per the RBI guidelines is 43.10%
(previous year: 50.02%).

Schedules
18.6.6.3 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 contingencies for
the reference period and (b) the additional Gross NPAs identified by RBI exceed 15 per cent of the published incremental
Gross NPAs for the reference period. 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 FY2018.
18.6.6.4 Concentration of NPAs

Exposure (Funded + Non Funded) of the Bank to top four NPA is `32,843.86 million as at March 31, 2019 (previous year
`14,510.13 million).
18.6.6.5 Sector-wise Advances and NPA

The details of Sector-wise Gross Advances and Gross NPAs as at March 31, 2019 and March 31, 2018 are given below:
(` in million)
As at March 31, 2019 As at March 31, 2018
% of Gross % of Gross
Sector NPAs to NPAs to
Gross Gross Gross
Gross Gross NPAs Gross
Advances NPAs Advances
Advances in Advances in
that sector that sector
Priority Sector
Agriculture and Allied activities 111,749.39 1,898.74 1.70% 108,333.92 1,152.95 1.06 %
Advances to industries sector 129,938.12 524.80 0.40% 101,882.22 559.16 0.55 %
eligible as priority sector lending
Gems and Jewellery 30,993.87 5.10 0.02% 24,830.95 - -
Services 276,349.81 2,416.79 0.87% 215,285.26 764.18 0.35 %
Personal Loans 179.12 11.57 6.46% 407.33 8.07 1.98%
Others 23,134.42 142.80 0.62% 22,107.22 16.60 0.08 %
Sub-Total (A) 541,350.86 4,994.69 0.92% 448,015.95 2,500.96 0.56 %
Non-Priority Sector
Agriculture and Allied activities 40,838.96 1,436.64 3.52% 5,319.14 - -
Industry 1,015,658.40 49,271.25 4.85% 1,037,517.44 22,282.04 2.15 %
Construction 123,099.91 6,533.30 5.31% 109,338.86 2,576.69 2.36 %
Electricity (generation- 128,619.87 6,674.29 5.19% 185,688.75 7,539.25 4.06 %
transmission and distribution)
Services 687,709.95 21,678.71 3.15% 450,248.18 1,060.75 0.24 %
Commercial Real Estate 238,146.48 11,369.22 4.77% 146,172.40 115.93 0.08 %
NBFCs 69,941.58 73.55 0.11% - - -
Tourism, Hotel and Restaurants 120,061.67 99.24 0.08% 67,879.79 108.00 0.16%-
Personal Loans 43,403.39 514.21 1.18% 27,654.56 140.12 0.51 %
Others 120,011.56 930.10 0.78% 79,723.91 284.15 0.36 %
Sub-Total (B) 1,907,622.26 73,830.90 3.87% 1,600,463.23 23,767.06 1.49 %
Total (A+B) 2,448,973.12 78,825.60 3.22% 2,048,479.18 26,268.02 1.28 %

18.6.6.6 Restructured Accounts
A) The details of accounts Restructured during the year ended March 31, 2019 are given below:
(` in million)
Write-offs / Sale / Recovery of
Type of Restructured Accounts as on Downgradations of restructured Upgradations to restructured Restructured Accounts as on
No. Fresh restructuring during the year restructured accounts during
Restructuring April 1 of the FY (opening figures) accounts during the FY standard category during the FY March 31 of the FY
the FY
Provision
Amount Provision Amount
thereon
Asset No. of outstanding thereon as No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of outstanding
as at
Classification borrowers as at March at March borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers as at March
March 31,
31, 2018 31, 2018 31, 2019
Schedules
2019
1 CDR
Standard - - - - - - - - - - - - – – – – - -
Substandard - - - - - - - - - - - - – – – – - -
Doubtful 2 248.48 248.48 - - - - - - - - - - (5.51) (5.51) 2 242.97 242.97

Loss - - - - - - - - - - - - – – – – – –
Total 2 248.48 248.48 - - - - - - - - - – (5.51) (5.51) 2 242.97 242.97
2 Others
Standard 3 913.27 51.72 (1) (38.79) (1.94) - - - (2) (874.47) (49.78) – - -
Substandard 1 243.97 146.38 1.47 - (205.18) (144.44) - - - (16.06) 1 22.74 3.41
Overview
Corporate
Doubtful 4 1,161.13 617.10 0.20 289.78 1 243.97 146.38 - - - (1) (455.24) (200.79) 4 950.06 852.47
Loss - - - - - - – – –
Total 8 2,318.37 815.21 – 0.20 291.25 – – – - - - (3) (1,345.77) (250.57) 5 972.80 855.88
3 Grand Total
Standard 3 913.27 51.72 - - - (1.00) (38.79) (1.94) - - - (2) (874.47) (49.78) – - -
Review
Substandard 1 243.97 146.38 - - 1.47 - (205.18) (144.44) - - - – (16.06) – 1 22.74 3.41

Doubtful 6 1,409.61 865.58 - 0.20 289.78 1.00 243.97 146.38 - - - (1) (460.75) (206.30) 6 1,193.03 1,095.44
Sustainability
Loss - - - - - - - - - - - - – – – – – –
Total 10 2,566.85 1,063.68 - 0.20 291.25 - - - - - - (3) (1,351.28) (256.08) 7 1,215.77 1,098.85
Notes:
1. There are no SME cases which have been restructured during the year ended March 31, 2019.
2. There have been no accounts upgraded from restructured advances during the year ended March 31, 2019
Reports
Statutory
3. The outstanding amount and number of borrowers as at March 31, 2019 is after considering recoveries and sale of assets during the year.
4. The above table pertains to advances and does not include investment in shares which are fully provided for.
5. The provision in the above table includes general loan loss provision and other provisions held on the restructured advances.
6. Additional facilities availed by borrowers in existing restructured accounts are disclosed under “Fresh restructuring during the year” and partial repayments in existing restructured
accounts are disclosed under “Write-offs/ sale/ recovery of restructured accounts”, however, for the purpose of arithmetical accuracy, the number of existing borrowers availing additional
facility or partial repayments have been ignored for presentation purpose.
Financial
7. For the purpose of arithmetical accuracy as required by Para 3.4.2. (xii) of RBI Circular No. DBR.BP.BC.No.23/21.04.018/2015-16 movement in provisions in the existing restructured
Statements
account as compared to opening balance, is disclosed under column fresh restructuring(for increase in provision) and write-off/sale/ recovery (for decrease in provision) during the year

and are not comparable with the additional facilities availed and partial recovery disclosed under the respective columns.
225
The details of accounts Restructured during the year ended March 31, 2018 are given below:
226
` in million
Write-offs/Sale/Recovery of
Type of Restructured Accounts as on Downgradations of restructured Upgradations to restructured Restructured Accounts as on
No. Fresh restructuring during the year restructured accounts
Restructuring April 1 of the FY (opening figures) accounts during the FY standard category during the FY March 31 of the FY
during the FY
Amount Provision Amount Provision
Asset No. of outstanding thereon as No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of outstanding thereon as
Classification borrowers as at March at March borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers as at March at March
31, 2017 31, 2017 31, 2018 31, 2018
1 CDR
Standard 1 9.52 0.48 - - - – - – - - - (1) (9.52) (0.48) - 0.00 0.00
Banking Re-Imagined
Substandard 2 281.48 212.29 - - - (2.00) (281.48) (212.29) - - - - - - - (0.00) (0.00)
Schedules
Doubtful - (0.00) 0.00 - - 69.19 2.00 281.48 212.29 - - - - (33.00) (33.00) 2 248.48 248.48
Loss - - - - - - - - - - - - - - - - - -
Total 3 291.00 212.77 - - - - - - - - - (1) (42.52) (33.48) 2 248.48 248.48
2 Others
Standard 10 5,700.94 502.40 - 79.75 3.99 (5.00) (1,489.19) (280.10) (2) (3,347.93) (167.40) - (30.29) (7.17) 3 913.27 51.72
Substandard - 0.00 0.00 - 109.79 1.00 243.97 36.60 - - - - - - 1 243.97 146.38
Doubtful 2 97.44 65.25 - 23.59 373.59 4.00 1,245.22 243.51 (1) (52.93) (20.74) (1) (152.19) (44.51) 4 1,161.13 617.10
Loss - - - - - - -
Total 12 5,798.38 567.65 - 103.34 487.37 - - - (3) (3,400.86) (188.14) (1) (182.49) (51.68) 8 2,318.37 815.21
3 Grand Total
Standard 11 5,710.46 502.88 - 79.75 3.99 (5.00) (1,489.19) (280.10) (2) (3,347.93) (167.40) (1) (39.81) (7.65) 3 913.27 51.72
Substandard 2 281.48 212.29 - - 109.79 (1.00) (37.51) (175.69) - - - - - - 1 243.97 146.38
Doubtful 2 97.44 65.25 - 23.59 442.78 6.00 1,526.70 455.80 (1) (52.93) (20.74) (1) (185.19) (77.51) 6 1,409.61 865.58
Loss - - - - - - - - - - - - - - - - - -
Total 15 6,089.38 780.42 – 103.34 556.56 - - - (3) (3,400.86) (188.14) (2) (225.01) (85.16) 10 2,566.85 1,063.68
Notes:-
1. There are no SME cases which have been restructured during the year ended March 31, 2018.
2. There have been 3 accounts upgraded from restructured advances during the year ended March 31, 2018.
3. The outstanding amount and number of borrowers as at March 31, 2018 is after considering recoveries and sale of assets during the year.
4. The above table pertains to advances and does not include investment in shares of net book value of `27 million in the amount outstanding.
5. The provision in the above table includes general loan loss provision and other provisions held on the restructured advances.
6. Additional facilities availed by borrowers in existing restructured accounts are disclosed under “Fresh restructuring during the year” and partial repayments in existing restructured accounts are disclosed under “Write-offs/
sale/recovery of restructured accounts”, however, for the purpose of arithmetical accuracy, the number of existing borrowers availing additional facility or partial repayments have been ignored for presentation purpose.
7. For the purpose of arithmetical accuracy as required by Para 3.4.2. (xii) of RBI circular no DBR.BP.BC.No.23/21.04.018/2015-16 movement in provisions in the existing restructured account as compared to opening
balance, is disclosed under column fresh restructuring (for increase in provision) and write-off/ sale/ recovery (for decrease in provision) during the year and are not comparable with the additional facilities availed and
partial recovery disclosed under the respective columns.
Schedules
B) Restructuring of Advances – Micro Small and Medium Enterprises.
There are no restructure advances during the year ended March 31, 2019 under Micro Small and Medium Enterprises
18.6.6.7 Disclosure of schemes for stressed assets – Flexible Structuring of Existing Loans
(` in million)
Exposure weighted average
Amount of loans taken up for
No. of duration of loans taken up for
flexible structuring
borrowers flexible structuring
Period taken up Before
for flexibly After applying
Classified as Classified as applying
structuring flexible
Standard NPA flexible
structuring
structuring
For the year ended March 31, 2019 - - - - -
For the year ended March 31, 2018 1 848.40 - 2.5 years 7.2 years
18.6.6.8 Disclosures on Strategic Debt Restructuring Scheme (SDR) (accounts which are
currently under the stand-still period)
There are no account where SDR has been invoked in the Financial Year ending March 31, 2019 and March 31, 2018.
18.6.6.9 Disclosures on Change in Ownership outside SDR Scheme (accounts which are currently
under the stand-still period)
As of March 31, 2019 there was no account under the stand-still period in the outside Strategic Debt Restructuring
Scheme. During the year ended March 31, 2018 one account was restructured as per resolution plan implemented in
accordance with the revised framework issued by RBI through notification “Resolution of Stressed Assets – Revised
Framework” dated February 12, 2018. However, the same has been subsequently classified as NPA as at March 31, 2019.
18.6.6.10 Disclosures on Change in Ownership of Projects Under Implementation

There are no accounts where the Bank has decided to effect the change of ownership of projects under Implementation
for the year ended March 31, 2019 and March 31, 2018.
18.6.6.11 Disclosures on the Scheme for Sustainable Structuring of Stressed Assets (S4A) as on
March 31, 2019
There are no accounts where S4A has been implemented in the Financial Year ended March 31, 2019. Details of S4A
implementation in the Financial Year ended March 31, 2018 provided below:
(` in million)
No. of accounts Amount outstanding
Aggregate amount
Particulars where S4A has been Provision Held
outstanding
implemented In Part A In Part B
Classified as 3 1,303.61 1066.80 236.81 253.17
Standard
Classified as NPA - - - - -

Schedules
18.6.6.12 Financial assets sold to Securitization Company/Reconstruction Company for Asset

Reconstruction
a) Details of Financial assets sold to Securitization/Reconstruction Company during the year ended March 31, 2019
are as follows:
(` in million)
Year Ended Year Ended
Particulars
March 31, 2019 March 31, 2018
(i) No. of accounts 2 8
Aggregate principal value (net of specific provisions) of accounts sold 5,450.56 15,803.78
(ii)
to SC / RC
Aggregate consideration (includes Net Book Value of Security 4,558.70 17,911.10
(iii)
Receipts of `2,878.10 million (previous year: `12,114.88 million)
Additional consideration realized in respect of accounts transferred in - -
(iv)
earlier years
(v) Aggregate gain/(loss) over net book value* (891.86) 2,107.32
* As per the extant RBI guidelines, the Bank has not recognized the gains in the financial statements and has recorded the Security Receipts at Net
Book Value (NBV). If the sale value is lower than the net book value, the entire loss has been written off in the year of sale.
b) Details of Investments held as Security Receipts received by sale of NPA to Securitization/Reconstruction Company
as at March 31, 2019 and March 31, 2018 are as follows:
(` in million)
Backed by NPAs* sold by other
Backed by NPAs* sold by the banks/ financial institutions/
Total
Bank as underlying non-banking financial
Particulars companies as underlying
As at March As at March As at March As at March As at March As at March
31, 2019 31, 2018 31, 2019 31, 2018 31, 2019 31, 2018
Net Book value of 17,266.83 18,847.22 - - 17,266.83 18,847.22
investments in security
receipts
* Includes all Security Receipts received by Bank on sale of assets as permitted under RBI circular DBOD.BP.BC.No. 98/21.04.132/2013-14 dated
February 26, 2014.

Schedules
c) Details of ageing of Investments held as Security Receipts as at March 31, 2019 are as follows:
(` in million)
SRs issued more
SRs issued within than 5 years ago SRs more than
Past 5 Years but within past 8 years ago
8 years
(i) Book Value of SRs backed by NPAs* sold by the 21,288.01 489.18
Bank as underlying
Provision held against (i) 4,143.48 366.87
(ii) Book value of SRs backed by NPAs* sold by other - - 158.63
banks/ financial institutions/ non-banking financial
companies as underlying
Provision held against (ii) - - 158.63
Total (i) + (ii) 21,288.01 489.18 158.63
*Includes all Security Receipts received by Bank on sale of assets as permitted under RBI circular DBOD.BP.BC.No. 98/21.04.132/2013-14 dated
February 26, 2014.
Details of ageing of Investments held as Security Receipts as at March 31, 2018 are as follows:
(` in million)
SRs issued more
SRs issued within than 5 years ago SRs more than 8
Past 5 Years but within past 8 years ago
years
(i) Book Value of SRs backed by NPAs* sold by the 21,201.01
Bank as underlying - -
Provision held against (i) 2,353.80 - -
(ii) Book value of SRs backed by NPAs* sold by other - 176.96
banks/ financial institutions/ non-banking financial -
companies as underlying
Provision held against (ii) - - 176.96
Total (i) + (ii) 21,201.01 - 176.96
*Includes all Security Receipts received by Bank on sale of assets as permitted under RBI circular DBOD.BP.BC.No. 98/21.04.132/2013-14 dated
February 26, 2014.
18.6.6.13 Non-performing financial assets purchased/ sold from/ to other bank

The Bank has not purchased/sold any non-performing financial assets from/to another bank during the year ended
March 31, 2019 and March 31, 2018.
18.6.6.14.A Provisions for Standard Assets

Provision on standard advances for the year FY 2018-19 was `32,007.97 million. During the year based on review of
Credit portfolio of the Bank, the Bank has identified certain performing accounts which have been faced with stress due
to current market and liquidity condition. The Bank has created Contingency Provision of `21,000 million towards these
identified accounts.
Provision on standard advances for the year FY 2017-18 was `9,493.91 million.

Schedules
18.6.6.14.B Disclosure on Exposure to Infrastructure Leasing & Financial Services Limited (ILFS)
and its group entities
The following table sets forth the exposure in ILFS and group entities as at March 31,2019, as per requirement of the RBI
circular number RBI/2018-19/175 DBR.BP.BC.No.37/21.04.048/2018-19 dated April 24, 2019.
(` in million)
Amount Of (1), total amount of exposures which are NPAs as Provisions required to be made Provisions
outstanding (1) per IRAC norms and not classified as NPA (2). as per IRAC norms. (3) actually held (4)

25,280.04 645.39 3,759.89 6,234.07
The Bank has non-fund based exposure `889.90 million on to this conglomerate.
18.6.7 Business ratios

Business Ratios As at March 31, 2019 As at March 31, 2018
i) Interest income as a percentage to working funds 1
9.00% 8.55%
ii) Non interest income as a percentage to working funds1 1.40% 2.20%
iii) Operating profit as a percentage to working funds1 2.47% 3.27%
iv) Return on assets 1
0.52% 1.78%
v) Business (deposits + net advances) per employee (` in million)
2
232.74 213.02
vi) Profit per employee2 (` in million) 0.89 2.30
1
Working funds represents the average of total assets as reported in Return Form X to RBI under Section 27 of the Banking Regulation Act, 1949.
2
For the purpose of computation of business per employee (deposits plus advances), inter-bank deposits have been excluded and average
employees have been considered.
18.6.8 Asset Liability Management

The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2019
(` in million)
Loans & Investment
Maturity Buckets Deposits Borrowings FCY Assets FCY Liabilities
Advances Securities
1 day 18,741.23 115,057.51 14,114.50 2,766.20 45,844.33 3,009.61
2 days to 7 days 25,450.36 82,235.40 72,695.90 11,443.21 143,295.26 44,405.33
8 days to 14 days 18,905.83 76,910.98 56,700.46 8,127.59 51,584.38 7,211.95
15 days to 30 days 87,805.53 49,944.03 93,871.31 25,199.10 8,897.66 24,760.44
31 days to 2 months 53,956.34 21,081.44 102,819.85 42,943.52 9,979.06 17,926.29
Over 2 to 3 months 59,965.66 20,424.66 93,756.82 51,850.79 10,069.68 30,538.71
Over 3 to 6 months 134,256.62 54,993.97 291,401.98 94,698.15 12,414.32 75,875.66
Over 6 to 12 months 267,698.90 81,453.84 532,865.04 80,783.27 15,576.34 87,206.34
Over 1 year to 3 years 815,539.91 106,228.31 259,174.09 225,747.43 68,904.81 137,663.10
Over 3 years to 5 years 458,421.60 173,169.29 744,942.50 239,219.02 61,780.53 75,666.30
Over 5 years 474,254.06 113,720.89 13,759.37 301,462.81 53,294.83 38,451.86
TOTAL 2,414,996.02 895,220.33 2,276,101.82 1,084,241.09 481,641.20 542,715.58

Schedules
The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2018
(` in million)
Loans & Investment
Maturity Buckets Deposits Borrowings FCY Assets FCY Liabilities
Advances Securities
1 day 10,988.03 137,582.88 13,024.30 - 14,880.51 193.47
2 days to 7 days 13,100.67 30,880.58 82,984.05 49,556.74 17,967.18 10,924.44
8 days to 14 days 13,216.35 35,252.15 63,368.79 3,380.43 2,842.68 5,178.34
15 days to 30 days 72,905.99 75,887.61 81,897.55 14,135.49 19,366.13 13,097.10
31 days to 2 months 52,563.54 23,284.64 137,014.31 18,042.32 8,389.32 13,384.64
Over 2 to 3 months 62,912.23 22,200.05 115,962.90 33,629.88 12,158.69 27,379.05
Over 3 to 6 months 148,767.19 35,487.29 202,682.14 69,982.00 15,531.12 59,634.76
Over 6 to 12 months 265,795.20 61,563.74 389,251.43 24,335.08 25,143.58 39,802.43
Over 1 year to 3 years 708,650.71 44,110.38 181,873.32 131,991.66 45,377.19 61,440.64
Over 3 years to 5 years 358,786.63 134,284.60 719,657.50 101,783.36 72,149.10 93,754.96
Over 5 years 327,652.08 83,455.47 19,665.19 302,098.86 25,085.58 29,695.44
TOTAL 2,035,338.63 683,989.39 2,007,381.48 748,935.81 258,891.07 354,485.28
Classification of assets and liabilities under the different maturity buckets is based on the same estimates and assumptions
as used by the Bank for compiling the return submitted to the RBI.
Maturity profile of foreign currency assets and liabilities is excluding Off Balance Sheet item.
18.6.9 Exposures
The Bank has lending to sectors, which are sensitive to asset price fluctuations. Such sectors include capital market
and real estate.
18.6.9.1 Exposure to Real Estate Sector

The exposure, representing the higher of funded and non-funded limits sanctioned or outstanding to real estate sector,
is given in the table below:
(` in million)
Sr. As at As at
Particulars
No. March 31, 2019 March 31, 2018
i) Direct exposure
Residential Mortgages 61,423.70 37,895.13
Commercial Real Estate* 343,537.29 254,879.15
Of total Commercial real estate - exposure to residential real estate 226,018.49 174,818.07
projects
Of total Commercial Real Estate-outstanding as advances 248,340.53 164,404.61
Investments in Mortgage Backed Securities (MBS) and other
securitized exposures
- Residential 3,767.22 757.85
- Commercial Real Estate - -
ii) Indirect exposure
Fund based and non fund based exposures on National Housing
128,267.61 63,456.04
Board and Housing Finance Companies
TOTAL 536,995.81 356,988.17
*Commercial real estate exposure classification is based on RBI circular DBOD.BP.BC.No. 42/08.12.015/2009-10 dated September 9, 2009.

Schedules
18.6.9.2 Exposure to Capital Market

The exposure representing the higher of funded and non-funded limits sanctioned or outstanding to capital market
sector is given in the table below:
(` in million)
Sr. As at As at
Particulars
No. March 31, 2019 March 31, 2018
i) direct investment in equity shares, convertible bonds, convertible 442.60 204.88
debentures and units of equity-oriented mutual funds the corpus of
which is not exclusively invested in corporate debt;
ii) advances against shares/ bonds/ debentures or other securities or 6,154.06 3,736.64
on clean basis to individuals for investment in shares (including IPOs /
ESOPs), convertible bonds, convertible debentures, and units of equity-
oriented mutual funds;
iii) advances for any other purposes where shares or convertible bonds - -
or convertible debentures or units of equity oriented mutual funds are
taken as primary security;
iv) advances for any other purposes to the extent secured by the 5,295.06 2,237.61
collateral security of shares or convertible bonds or convertible
debentures or units of equity oriented mutual funds i.e. where the
primary security other than shares/ convertible bonds/ convertible
debentures/ units of equity oriented mutual funds 'does not fully cover
the advances;
v) secured and unsecured advances to stockbrokers and guarantees 13,646.54 9,488.19
issued on behalf of stockbrokers and market makers;*
vi) loans sanctioned to corporate against the security of share / bonds/ 21,789.52 23,171.23
debentures or other securities or on clean basis for meeting promoter's
contribution to the equity of new companies in anticipation of raising
resources;
vii) financing for acquisition of equity in overseas companies/financing for 44,218.55 12,949.56
acquisition of equity in Indian companies
viii) bridge loans to companies against expected equity flows/issues; - -
ix) underwriting commitments taken up by the banks in respect of primary - -
issue of shares or convertible bonds or convertible debentures or units
of equity oriented mutual funds;
x) financing to stockbrokers for margin trading; - -
xi) all exposures to Venture Capital Funds (both registered and 202.53 173.00
unregistered)
Total Exposure to Capital Market 91,748.86 51,961.11
Capital market exposure is reported in line with Para 2.3 of RBI’s Master Circular on Exposure Norms dated July 1, 2015 (DBR.No.Dir.
BC.12/13.03.00/2015-16).
* out of the above `3,506.40 million is exposure to YES Securities (India) Ltd, which a subsidiary at the Bank.

Schedules
18.6.9.3 Risk Category wise Country Exposure

As per the extant RBI guidelines, the country exposure (direct and indirect) of the Bank is categorised into various risk
categories listed in the following table. The funded country exposure (net) of the Bank as a percentage of total funded
assets for United States of America was 4.37% (March 31, 2018: 0.82%) and for United Kingdom was 1.11% (March 31,
2018: 0.94%). As the net funded exposure to United States of America and United Kingdom exceeded 1.0% of total
funded assets, the Bank held a provision of `532.78 million on country exposure at March 31, 2019 (March 31, 2018:
"NIL") based on RBI guidelines.
(` in million)
Exposure (net) Provision held Exposure (net) Provision held
Risk Category as at as at as at as at
March 31, 2019 March 31, 2019 March 31, 2018 March 31, 2018
Insignificant 374,555.20 532.78 223,896.21 -
Low 65,596.60 - 54,802.82 -
Moderately Low 2,391.78 - 1,750.32 -
Moderate 1,549.65 - 704.61 -
Moderate High - - - -
High - - - -
Very High - - - -
TOTAL 444,093.23 532.78 281,153.96 -
18.6.9.4 Details of Single Borrower Limit (SBL) and Group Borrower Limit (GBL)
During the year ended March 31, 2019 and March 31, 2018, the Bank has complied with the Reserve Bank of India
guidelines on single borrower and borrower group limit. As per the exposure limits permitted under the extant RBI
regulation, the Bank, with the approval of the Board of Directors, can enhance exposure to a single borrower or borrower
group by a further 5 percent of capital funds.
During the year ended March 31, 2019, the Bank has not exceeded regulatory single borrower or group borrower
exposure limit.
During the year ended March 31, 2018, with the prior approval of the Board of Directors, the Bank sanctioned
enhancement in single borrower limit for Reliance Industries Limited (Reliance Group) within the ceiling of 20% of Capital
Funds. As on March 31, 2019, the exposure to Reliance Industries Limited as a percentage of capital funds was 3.2%
(March 31, 2018: 12.3%).
During the year ended March 31, 2018, with the prior approval of the Board of Directors, the Bank sanctioned
enhancement in single borrower limit for Nayara Energy Limited - Erstwhile Essar Oil Limited (Rosneft Trafigura-UCP
Consortium Group) within the ceiling of 20% of Capital Funds. As on March 31, 2019, the exposure to Nayara Energy
Limited as a percentage of capital funds was 6.9% (March 31, 2018: 10.6%).

Schedules
18.6.9.5 Details of factoring exposure

The factoring exposure of the Bank as on March 31, 2019 is `6,059.85 million (previous year: `7,362.30 million).
Miscellaneous
18.6.10 Income Taxes
Provisions made for Income Tax during the year
(` in million)
March 31, 2019 March 31, 2018
Current income tax expense 22,982.24 22,385.22
Deferred income tax credit (16,611.55) (2,687.77)
TOTAL 6,370.69 19,697.45
18.6.11 Disclosure of penalties imposed by RBI

(` in million)
For the year ended
March 31, 2019
Non-compliance with RBI directions on Time-bound implementation and 10.00
strengthening of Swift related operational controls.
Penalty on accounts of non-compliance with RBI guidelines on issuance of co-branded open loop 1.13
prepaid cards*
Penalties on account of counterfeit notes deposited by branches and currency chest 0.02
TOTAL 11.15
* Based on communication received from the RBI vide letter dated April 22, 2019
(` in million)
For the year ended
March 31, 2018
Penalty on account of non-compliance with the directions issued by RBI on Income Recognition 60.00
Asset Classification (IRAC) norms and delayed reporting of information security incident involving the
outsourced ATM switch of the bank.
Penalties on account of counterfeit notes/soiled notes remitted by branches and currency chest 0.07
TOTAL 60.07
18.6.12 Fees/Remuneration received from bancassurance

Bank has earned `868.16 million from bancassurance business during year ended March 31, 2019 (previous year:
`767.80 million).
18.6.13 Concentration of Deposits

As at March 31, 2019, the deposits of top 20 depositors aggregated to `246,727.21 million (previous year: `244,366.30
million) (excluding certificate of deposits, which are tradable instruments), representing 10.84% (previous year: 12.17 %)
of the total deposit base.

Schedules
18.6.14 Concentration of Advances

As at March 31, 2019 the top 20 advances aggregated to `617,993.23 million (previous year: `484,353.89 million),
representing 13.28% (previous year: 12.72%) of the total advances. For this purpose, advance is computed as per
definition of Credit Exposure in RBI Master Circular on Exposure Norms DBR.No.Dir.BC.12/13.03.00/2015-16
dated July 1, 2015.
18.6.15 Concentration of Exposures

As at March 31, 2019 the top 20 exposures aggregated to `677,765.38 million (previous year: `556,575.44 million),
representing 13.54% (previous year: 13.68 %) of the total exposures. Exposure is computed as per definition of
Credit and Investment Exposure in RBI Master Circular on Exposure Norms DBR.No.Dir.BC.12/13.03.00/2015-16
dated July 1, 2015.
18.6.16 Earnings Per Share (‘EPS’)

The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20, “Earnings
Per Share”. The dilutive impact is mainly due to stock options granted to employees by the Bank.
The computation of earnings per share is given below:
(` in million)
Particulars
March 31, 2019 March 31, 2018
Basic (annualized)
Weighted average no. of equity shares outstanding 2,309,296,728 2,292,768,279
Net profit / (loss) (`) 17,202.79 42,245.64
Basic earnings per share (`) 7.45 18.43
Diluted (annualized)
Net profit / (loss) (`) 17,202.79 42,245.64
Diluted earnings per share (`) 7.38 18.06
Nominal value per share (`) 2 2
The difference between weighted average number of equity shares outstanding between basic and diluted in the above
mentioned disclosure is on account of outstanding ESOPs.
Basic earnings per equity share has been computed by dividing net profit for the year attributable to the equity
shareholders by the weighted average number of equity shares outstanding for the year. Diluted earnings per equity
share has been computed by dividing the net profit for the year attributable to the equity shareholders by the weighted
average number of equity shares and dilutive potential equity shares options outstanding during the year, except where
the results are anti-dilutive. The dilutive impact is on account of stock options granted to employees by the Bank.
There is no impact of dilution on the profits in the current year and previous year.

Schedules
18.6.17 Overseas Assets, NPAs and Revenue

The below table shows total assets, NPAs and revenue for the overseas branches of the Bank
(` in million)
Particulars
March 31, 2019 March 31, 2018
Total assets 331,594.88 181,840.46
Total NPAs - -
Total revenue 15,602.98 9,184.00
18.6.17.1 Repatriation of Profit

During FY 2018-19, given adequate availability of liquidity at IBU and on account of high volatility in USD-INR movement
which could expose Bank to translation risk to the extent of accumulated reserves at IBU, IBU repatriated an amount of
USD 90 million (`6,459.43 million) to HO from its accumulated reserves. . The Bank has not recognized any gain in Profit
and Loss Statement, as per RBI notification dated April 18, 2017, from Foreign Currency Translation Reserve (FCTR) on
repatriation of accumulated profits/retained earnings.
18.6.18 Sponsored SPVs

The Bank has not sponsored any SPV and hence there is no consolidation due to SPVs in Bank’s books.
18.6.19 Credit default swaps

The Bank has not transacted in credit default swaps during the year ended March 31, 2019 (previous year: Nil).
18.6.20 Credit/Debit card reward points

Provision for credit card and debit card reward points for the year ended March 31, 2019
Particulars ` in million
Opening provision 112.12
Provision made during the year 180.73
Utilised/Write-back of provision (59.18)
Closing provision 233.67
During financial year ending March 31, 2018, the Bank has expended `77.70 million for accumulated rewards points
on credit and debit card.
The valuation of credit card and debit card reward points is based on actuarial valuation method obtained from an
independent actuary.
18.6.21 Corporate Social Responsibility (CSR)

a) Amount required to be spent by the Bank on CSR during the year `955.8 million (previous year: `772.21 million).
b) Amount spent towards CSR during the year and recognized as expense in the Profit and Loss account on CSR
related activities is `537.86 million (previous year: `452.13 million), which comprise of following –

Schedules
(` in million)
March 31, 2019 March, 31 2018
Amt unpaid Amt unpaid
In cash Total In cash Total
/provision /provision
Construction/acquisition of any asset - - - - - -

On purposes other than (i) above 470.78 67.08 537.86 397.89 54.24 452.13
18.6.22 Staff retirement benefits

The following table sets out the funded status of the Gratuity Plan and the amounts recognized in the Bank’s financial
statements as of March 31, 2019 and March 31, 2018:
Gratuity
a) Changes in present value of Obligations
(` in million)
As at As at
March 31, 2019 March 31, 2018
Present Value of Obligation at the beginning of the year 1,129.14 873.21
Interest Cost 85.75 60.03
Current Service Cost 271.85 256.57
Past Service Cost - -
Benefits Paid (80.28) (103.59)
Actuarial (gain)/loss on Obligation 33.98 42.92
Present Value of Obligation at the end of the year 1,440.46 1,129.14
Changes in the fair value of plan assets:

(` in million)
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 1,144.35 870.91
Adjustment to Opening Balance - 4.25
Expected return on plan assets 80.05 60.92
Contributions - 321.34
Benefits paid (80.28) (103.59)
Actuarial gain/( loss) on plan assets (26.25) (9.48)
Fair value of plan assets at the end of the period 1,117.87 1,144.35
The Bank has entire contribution of Gratuity Fund as Investments with Insurance Companies.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.

Schedules
Net gratuity cost for the year ended March 31, 2019 and March 31, 2018 comprises the following components:
(` in million)
March 31, 2019 March 31, 2018
Expected Return on plan assets (80.05) (60.92)
Net Actuarial gain recognized in the year 60.24 52.40
Past Service Cost - -
Expenses recognized 337.79 308.08
Experience History
(` in million)
For the year For the year For the year For the year For the year
ended ended ended ended ended
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015
(Gain)/Loss on obligation due to 63.57 (70.88) 46.39 14.11 33.71
change in assumption
Experience (Gain)/Loss on (29.59) 113.80 30.12 (9.26) (51.13)
obligation
Actuarial Gain/(Loss) on (26.25) (5.21) 6.96 (14.25) (2.49)
plan assets
The assumptions used in accounting for the gratuity plan are set out below:
(` in million)
March 31, 2019 March 31, 2018
Discount Rate 7.05% 7.60%
Expected Return on Plan Assets 7.00% 7.00%
Mortality IALM (2006-08) Ult IALM (2006-08) Ult
Future Salary Increases 12.00% 12.00%
Disability - -
Attrition 13%-25% 13%-25%
Retirement 60 yrs 60 yrs
Actuarial assumption on salary increase also takes into consideration the inflation, seniority, promotion and other
relevant factors.
Position of plan asset/liability

March 31, 2019 March 31, 2018
Plan asset/(liability) (322.59) 15.20
The Bank is yet to determine future contribution to Gratuity fund for Financial Year 2019-20.

Schedules
National Pension Scheme 18.6.23 Segment Results

The Bank has contributed `19.33 million for the year Pursuant to the guidelines issued by RBI on AS-17
ended March 31, 2019 (March 31, 2018: `15.22 million) (Segment Reporting) - Enhancement of Disclosures
to NPS for employees who had opted for the scheme. dated April 18, 2007, effective from period ending
The Bank has no liability for future fund benefits other March 31, 2008, the following business segments
than its annual contribution for the employees who agree have been reported.
to contribute to the scheme.
▲▲ Treasury: Includes investments, all financial markets
Provident Fund (PF) activities undertaken on behalf of the Bank's
customers, Proprietary trading, maintenance of
The Bank has recognised in the profit and loss account
reserve requirements and resource mobilisation
`804.29 million for the year ended March 31, 2019
from other banks and financial institutions.
(March 31, 2018: `716.81 million) towards contribution
to the provident fund. ▲▲ Corporate/Wholesale Banking: Includes lending,
deposit taking and other services offered to
Compensated absence corporate customers.
The Bank has recognised `169.60 million in the profit and ▲▲ Retail Banking: Includes lending, deposit taking and
loss account for the year ended March 31, 2019 (March 31, other services offered to retail customers.
2018: `51.72 million) towards compensated absences.
▲▲ Other Banking Operations: Includes para banking
activities like third party product distribution, merchant
banking etc.
Segmental results for the year ended March 31, 2019 are set out below:
(` in million)
Corporate/
Other Banking
Business Segments Treasury Wholesale Retail Banking Total
Operations
Banking
Segment Revenue 104,539.78 222,653.47 45,658.71 2,051.90 374,903.85
Less: Inter-segment (32,759.28)
Revenue net of inter-segment 342,144.57
Result 35,460.35 14,180.12 (4,524.82) 916.64 46,032.30
Unallocated Expenses (22,458.83)
Operating Profit 23,573.47
Income Taxes 6,370.68
Extraordinary Profit/(Loss) -
Net Profit 17,202.79
Other Information:
Segment assets 1,302,259.99 1,979,884.76 486,554.09 885.39 3,769,584.22
Unallocated assets 38,677.42
Total assets 3,808,261.64
Segment liabilities 1,081,751.87 1,411,797.46 947,394.05 1,082.29 3,442,025.66
Unallocated liabilities 366,235.98
Total liabilities 3,808,261.64
Other banking operations includes income from bancassurance business `868.16 million during year ended
March 31, 2019.

Schedules
(` in million)
Corporate/
Other Banking
Operations
Banking
Segment Revenue 65,927.05 166,358.80 29,728.16 1,954.12 263,968.13
Less: Inter-segment 9,044.11
Revenue net of inter- segment 254,924.02
Result 29,460.99 54,748.04 (5,907.63) 1,108.21 79,409.61
Other Information:
Segment assets 1,022,128.60 1,714,630.32 371,370.33 329.97 3,108,459.22
Segment liabilities 751,075.32 1,261,531.12 750,850.50 4,724.60 2,768,181.54
Other banking operations includes income from 18.6.24 Related Party Disclosures
bancassurance business `767.80 million during year
The Bank has transactions with its related parties
ended March 31, 2018.
comprising of subsidiary, key management personnel and
the relative of key management personnel
Notes for segment reporting:
1. The business of the Bank is concentrated largely As per AS 18 “Related Party Disclosures”, notified under
in India. Accordingly, geographical segment results Section 133 of the Companies Act, 2013, read together
have not been reported in accordance with AS-17 with paragraph 7 of the Companies (Accounts) Rules
(Segment Reporting). 2014, the Bank’s related parties for the year ended
March 31, 2019 are disclosed below:
2.
In computing the above information, certain
estimates and assumptions have been made
Subsidiary
by the Management and have been relied upon
by the auditors. ▲▲ Yes Securities (India) Limited
3. Income, expense, assets and liabilities have been ▲▲ Yes Asset Management (India) Limited
either specifically identified with individual segment
▲▲ Yes Trustee Limited
or allocated to segments on a systematic basis or
classified as unallocated.
Individuals having significant influence
4. The unallocated assets Includes tax paid in advance/
▲▲ Mr. Rana Kapoor, Managing Director & CEO (from
tax deducted at source and deferred tax asset.
April 1, 2018 to January 31, 2019)
5.
The unallocated liabilities include Share Capital,
▲▲ Mr. Ajai Kumar, Managing Director & CEO (from
Reserves & Surplus and Tier 1 bond borrowings.
February 1, 2019 to February 28, 2019)
6.
Inter-segment transactions have been generally
▲▲ Mr. Ravneet Gill, Managing Director & CEO (from
based on transfer pricing measures as determined
March 1, 2019 to March 31, 2019)
by the Management.

Schedules
Key Management Personnel (‘KMP’) (Whole-time Director)

▲▲ Mr. Rana Kapoor, Managing Director & CEO (from April 1, 2018 to January 31, 2019)
▲▲ Mr. Ajai Kumar, Managing Director & CEO (from February 01, 2019 to February 28, 2019)
▲▲ Mr. Ravneet Gill, Managing Director & CEO (from March 1, 2019 to March 31, 2019)
Enterprise where relative of whole-time director having significant influence

▲▲ BW Businessworld Media Private Limited and Apex Club India Private Limited
The following represents the significant transactions between the Bank and such related parties including relatives of
above mentioned KMP during the year ended March 31, 2019:
(` in million)
Enterprise
Relatives of
Whole-time where
Whole-time
Maximum directors/ Maximum Maximum relative of
directors/
Items/Related Party Balance individual Balance Balance whole-time
Subsidiaries individual
Category during the having during the during the director
having
year significant year year having
significant
influence significant
influence
influence
Deposits 527.71* 33,003.57 3.06 * 15.62
Advances (Overdraft) 1,024.17* 1,035.91
Investment 2,240.00* 2,240.00
Interest received 41.02
Interest paid 44.29 0.52
Reimbursement of 17.57
Cost incurred
Receiving of services 8.22 5.46
Dividend paid 270
Payable to subsidiary 2.70
Receivable from 3.11
subsidiary
Sale of Assets 0.64
* Represents outstanding as of March 31, 2019
# During the year, Bank has made additional investment in two subsidiaries, YES Securities (India) Limited and YES Asset Management (India)
Limited for `990 million and `195 million respectively.
During the year ended March 31, 2019, the Bank has contributed `537.86 million (previous year `452.13 million) to
YES Foundation. YES Foundation is an independent public charitable trust which undertakes social charitable activities.
YES Foundation does not qualify as Related Party, as defined under the Accounting Standard 18 - Related Party
Disclosure and RBI guidelines

Schedules
above mentioned KMP during the year ended March 31, 2018:
(` in million)
Enterprise
Relatives of where
Whole-time Whole-time relative of
directors/ directors/ whole-time
Maximum individual Maximum individual Maximum director
Balance having Balance having Balance having
Items/Related Party during the significant during the significant during the significant
Category Subsidiaries year influence year influence year influence
Deposits 495.44* 746.93 # # # #
Investment 1,055.00* 1,055.00
Advances (Overdraft) 150.38* 374.00
Interest received 3.88 # #
Interest paid 9.32
Reimbursement of 25.43
Cost incurred
Receiving of services 8.34 # 6.02
Dividend paid #
Payable to subsidiary 1.07
Receivable from 3.10
subsidiary
Sale of fixed asset 5.24
* Represents outstanding as of March 31, 2018
# In Financial Year 2017-18 there was only one related party in the said category, hence the Bank has not disclosed the details of transactions in
accordance with circular issued by the RBI on March 29, 2003 “Guidance on compliance with the accounting standards by banks”.
18.6.25 Operating Leases
Lease payments recognized in the profit and loss account for the year ended March 31, 2019 was `3,613.24 million
(Previous year: `4,041.06 million). During the year ended March 31, 2019, the Bank paid minimum lease payment
`3,623.94 million (Previous year: `3,696.34 million).
The following table sets forth, for the period indicated, the details of future rental payments on operating leases.
(` in million)
As at As at
Lease obligations March 31, 2019 March 31, 2018
Not later than one year 3,461.65 3,674.42
Later than one year and not later than five years 9,751.31 14,583.08
Later than five years 12,418.84 16,627.33
TOTAL 25,631.80 34,884.83
The Bank does not have any provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
There are no undue restrictions or onerous clauses in the agreements.

Schedules
18.6.26 ESOP disclosures Effective from June 13, 2018, all new options have been
granted under the YBL ESOS 2018 (which inter-alia
Statutory Disclosures Regarding Joining
consists of JESOP 2018, PESOP 2018 and MD & CEO
Stock Option Scheme:
Plan 2019). The YBL ESOS 2018 and plans formulated
thereunder are in compliance with the SEBI (Share Based
The Bank has Five Employee Stock Option Schemes viz.
Employees Benefits) Regulations, 2014 as amended
from time to time. Source of shares are primary in nature,
▲▲ Joining Employee Stock Option Plan II (JESOP II),
since the Bank has been issuing new equity shares upon
▲▲ Joining Employee Stock Option Plan III (JESOP III), exercise of options.
▲▲ YBL ESOP (consisting of two sub schemes JESOP
JESOP II and JESOP III were in force for employees
IV / PESOP I)
joining the Bank up to March 31, 2006 and March 31,
▲▲ YBL JESOP V / PESOP II (Consisting of three sub 2007 respectively. Grants under PESOP II had been
schemes JESOP V / PESOP II / PESOP II -2010) discontinued w.e.f. January 20, 2010. Grants under
JESOP IV/PESOP I and JESOP V/ PESOP II -2010 had
▲▲ YBL Employee Stock Option Scheme, 2018 (YBL
been discontinued w.e.f. June 12, 2018 pursuant to
ESOS 2018) [Consisting of YBL Joining Employee
coming into effect of YBL ESOS 2018. However, any
Stock Option Plan, 2018 (JESOP 2018); YBL
options already granted under the abovementioned plans
Performance Employee Stock Option Plan, 2018
would be valid in accordance with the terms & conditions
(PESOP 2018); and YBL MD&CEO (New) Stock
mentioned in the plans.
Option Plan, 2019 (MD&CEO Plan 2019)]
In accordance with the various Employee Stock Option Plans/Schemes of the Bank as mentioned above, the Employees
can exercise the options granted to them from time to time:
JESOP/PESOP ESOP Scheme Exercise period

JESOP JESOP II 50% after 3 years and balance after 5 years from the Grant date
MD&CEO Plan 2019 20%, 30% & 50% each year, from end of 1st year from the Grant date
PESOP PESOP I 25% after each year from the Grant date

Schedules
A summary of the status of the Bank’s stock option plans as on March 31, 2019 and March 31, 2018 is set out below:

PESOP JESOP PESOP JESOP
Options outstanding at the beginning of the year 46,257,335 15,963,100 64,802,165 20,614,950
Granted during the year 365,000 5,940,000 3,847,500 1,697,500
Exercised during the year 9,265,020 2,800,774 15,590,830 4,947,350
Forfeited/lapsed during the year 2,338,200 847,500 6,801,500 1,402,000
Options outstanding at the end of the year 35,019,115 18,254,826 46,257,335 15,963,100
Options exercisable 18,701,265 3,901,451 18,413,585 2,277,350
Weighted average exercise price (`) 70.84 106.08 64.76 74.59
Weighted average remaining contractual life of 1.50 1.86 1.78 1.82
outstanding option (yrs)
The Bank has charged Nil amount, being the intrinsic value of the stock options granted for the year ended March 31,
2019 and March 31, 2018. Had the Bank adopted the Fair Value method (based on Black- Scholes pricing model),
for pricing and accounting of options, net profit after tax would have been lower by `375.18 million (previous year:
`414.98 million), the basic earnings per share would have been `7.29 (previous year: `18.24) per share instead of `7.45
(previous year: `18.43) per share; and diluted earnings per share would have been `7.22 (previous year: `17.88) per
share instead of `7.38 (previous year: `18.06) per share.
The following assumptions have been made for computation of the fair value of ESOP granted for the year ended
March 31, 2019 and March 31, 2018.

March 31, 2019 March 31, 2018
Risk free interest rate 6.29% - 9.23% 6.29% - 9.23%
Expected life 1.5 yrs - 7.5 yrs 1.5 yrs - 7.5 yrs
Expected volatility 25.01% - 48.72% 25.01% - 48.72%
Expected dividends 1.20% 1.20%
In computing the above information, certain estimates and assumptions have been made by the Management.
18.6.27 Deferred Taxation

The deferred tax asset of `25,329.14 million as at March 31, 2019 and `8,717.59 million as at March 31, 2018, is
included under other assets and the corresponding credits have been taken to the profit and loss account.
The components that give rise to the deferred tax asset included in the balance sheet are as follows:

Schedules
(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
Deferred tax asset
Depreciation 598.64 415.56
Provision for gratuity and unutilized leave 391.24 208.24
Provision for Non Performing Assets 9,779.42 2,926.75
Amortization of premium on HTM securities 1,035.72 1,025.76
Provision for standard advances 11,119.17 3,220.59
Other Provisions 2,404.94 920.69
Deferred tax asset 25,329.13 8,717.59
18.6.28 Provisions and Contingencies
The breakup of provisions of the Bank for the year ended March 31, 2019 and March 31, 2018 are given below:
(` in million)
Particulars
March 31, 2019 March 31, 2018
Provision for taxation 6,370.68 19,697.46
Provision for investments 6,824.89 2,599.44
Provision made/write-off for non-performing advances 25,669.54 10,788.29
Others Provisions* 2,767.12 462.88
TOTAL 64,146.28 35,235.50
* Other Provisions includes provision made against other assets.
18.7 Other Disclosures

18.7.1 Disclosure on Remuneration
a) Information relating to the composition and mandate of the Nomination & Remuneration Committee.
The Board of Directors of the Bank through its Nomination and Remuneration Committee (N&RC) exercises
oversight & effective governance over the framing and implementing of the Compensation policy. The N&RC shall
comprise a minimum of 3 Non-Executive Directors, majority being Independent Directors.
Composition of the N&RC of the Bank as on March 31, 2019 is as follows:
▲▲ Mr. Mukesh Sabharwal, Independent Director (Chairman)
▲▲ Mr. T. S. Vijayan, Independent Director
▲▲ Mr. Subhash Chander Kalia, Non-Executive Non-Independent Director
The roles and responsibilities of the N&RC are as under -
1. To review the current Board composition, its governance framework and determine future requirements and
making recommendations to the Board for approval;

Schedules
2. To examine the qualification, knowledge, skill sets 13. To devise a Policy on Board diversity;
and experience of each director vis-a-vis the Bank's
14. To recommend to the Board a policy relating to,
requirements and their effectiveness to the Board
the remuneration for the directors, key managerial
on a yearly basis and accordingly recommend to the
personnel and other employees including
Board for the induction of new Directors;
performance/achievement bonus, perquisites,
3. To review: retirals, sitting fee, etc.;
a) The composition of the existing Committees 15.
To review the Bank's overall compensation
of the Board and to examine annually whether structure and related polices with a view to
there is any need to have a special committee attract, motivate and retain employees and review
of directors to meet the business requirements compensation levels vis-à-vis other Banks and the
of the Bank and accordingly recommend to the industry in general;
Board for formation of a special committee.
16. To ensure the following while formulating the policy
b) Review the Terms of Reference of the Board on the aforesaid matters:
Level Committees and recommend the
a) the level and composition of remuneration is
changes therein, if any, to the Board;
reasonable and sufficient to attract, retain and
4.
To scrutinise nominations for Independent/ motivate directors, key managerial personnel
Non-Executive Directors with reference to and senior management of the quality required
their qualifications and experience and making to run the company successfully;
recommendations to the Board for appointment/
b) relationship of remuneration to performance
filling of vacancies;
is clear and meets appropriate performance
5. To identify persons who are qualified to become benchmarks; and
directors and who may be appointed in senior
c)
remuneration to Whole-time directors, key
management in accordance with the criteria
managerial personnel and senior management
laid down, recommend to the Board their
involves a balance between fixed and
appointment and removal;
incentive pay reflecting short and long-term
6. To Formulate criteria for evaluation of performance performance objectives appropriate to the
of independent directors and the board of directors; working of the company and its goals;
7.
To carry out evaluation of every director’s d) Recommend to the board all remuneration, in
performance; whatever form, payable to ‘Senior Management’.
8.
Whether to extend or continue the term of 17. To consider grant of Stock Options to employees
appointment of the independent director, on the including employees of subsidiaries and administer
basis of the report of performance evaluation of and supervise the Employee Stock Option Plans;
independent directors;
18.
To function as the Compensation Committee as
9. To validate 'fit and proper' status of all Directors on prescribed under the SEBI (Share Based Employee
the Board of the Bank in terms of the Guidelines Benefits) Regulations, 2014 and is authorized
issued by the RBI or other regulatory authorities; to allot shares pursuant to exercise of Stock
Options by employees;
10. To develop and recommend to the Board Corporate
Governance guidelines applicable to the Bank for 19.
To review the Human Capital Capacity Planning
incorporating best practices; on annual basis;
11.
To implement policies and processes relating to 20. To review the list of risk takers on annual basis;
Corporate Governance principles;
21. To review the HCM Policies and provide suitable
12.
To formulate the criteria for determining guidance for additions/ modification/ deletions, if any;
qualifications, positive attributes and
22. To review the Succession Planning; and
independence of a director;
23.
To perform any other functions or duties as
stipulated by the Companies Act, Reserve Bank of

Schedules
India, Securities and Exchange Board of India, Stock 1.

Individual performance based on the
Exchanges and any other regulatory authority or Annual Performance Review (APR)
under any applicable laws as may be prescribed process of the Bank.
from time to time.
2.
Business Unit performance in terms of
financial outcomes, productivity, etc.
b) Information relating to the design and structure
of remuneration processes and the key features 3. Consideration of all types of risk factors
and objectives of remuneration policy. and shall be symmetrical with risk
outcomes as well as sensitive to the time
The Bank has framed Compensation and Benefit
horizon of risk.
Policy based on the guidelines contained in the
RBI circular DBOD No. BC.72/29.67.001/2011-12 4. Profitability of the Bank.
dated January 13, 2012 which was approved by
5. Industry Benchmarking and consideration
the Nomination and Remuneration Committee
towards cost of living adjustment/inflation
on January 7, 2013. The remuneration of
MD&CEO/Whole-time Directors is in accordance
The Bank subscribes to a ‘Sum-of-Parts’
with the above mentioned circular and shall be
compensation methodology, which is
reviewed basis RBI guidelines issued from time
reflective of the Bank’s commitment and
to time and approved by N&RC before obtaining
philosophy of creating and sharing value with
Regulatory approvals.
its employee partners.
The compensation philosophy of the Bank is aligned
The sum-of-parts compensation comprises:
to the organizational values aimed at encouraging
Professional Entrepreneurship and reinforcing a
Fixed Compensation
strong culture promoting meritocracy, performance,
potential and prudent risk taking.
Variable Compensation in the form of
Performance Bonus
The Bank’s Remuneration policy is to position
its pay structure competitively in relation to the Employee Stock Option Plans (ESOP)
market to be able to attract and retain critical talent.
The compensation strategy clearly endeavors to The Board of Directors of the Bank through
differentiate performance significantly and link the its Nomination and Remuneration Committee
same with quality and quantum of rewards. The Bank (N&RC) shall exercise oversight & effective
also strives to create long-term wealth creation governance over the framing and implementing
opportunities through stock option schemes. of the Compensation policy. Human Capital
Management under the guidance of MD &
uman Capital Management shall review the
H CEO shall administer the Compensation and
policy annually or as required, based on changes Benefits structure in line with Industry practices
in statutory, regulatory requirements and industry and statutory requirements as applicable
practices pertaining to Compensation and Benefits. from time to time.
a) Description of the ways in which current and b)

Description of the ways in which the
future risks are taken into account in the Bank seeks to link performance during a
remuneration processes. It should include the performance measurement period with levels
nature and type of the key measures used to of remuneration and a discussion of the bank's
take account of these risks. policy and criteria for adjusting deferred
remuneration before vesting and after vesting.
The broad factors taken into account for the
Annual Review /revision of Fixed Compensation The Bank ensures that the compensation
(TCC) & Performance Bonus are: remains adjusted for all types of risk,
symmetrical with risk outcomes as well as
sensitive to the time horizon of risk. Further, the

Schedules
compensation in all forms will be consistent The Bank subscribes to a ‘Sum-of-Parts’

with the risk alignment. compensation methodology, which is
reflective of the commitment and philosophy of
One of the key factors to be considered creating and sharing value with the employee
for the Annual Review/revision of Fixed partners. The sum-of-parts compensation for
Compensation (TCC) & Performance Bonus executives comprises:
includes individual performance based on the
Annual Performance Review (APR) process of
Fixed Compensation (Total Cost to
the Bank. The evaluation on risk management Company-TCC) – Includes value of perquisites.
parameters is an integral part of the Annual
Performance Review process, forming part of
Variable compensation in the form of
Key Result Areas of the executives with suitable Performance/Deferred Bonus – Variable pay
weightage. The inputs for assessment on these shall be in the form of Performance Bonus
parameters will be independently provided by which will be calculated as a percentage of
the Risk Management function of the Bank. Fixed Pay. The evaluation on risk management
parameters is an integral part of the Annual
For the services pertaining to a given financial Performance Review process, forming part of
year where variable pay is 50% or more, Key Result Areas of the executives with suitable
40-60% shall be deferred over minimum weightage. The inputs for assessment on these
period of 3 years. In the event of a negative parameters will be independently provided by
contribution, deferred compensation shall the Risk Management function of the Bank.
be subject to appropriate malus/claw back
arrangements as decided by the Board
Employee Stock Options Plans – These are
Remuneration Committee. Guaranteed bonus formulated on a mid to long-term basis by
shall not be a part of the compensation plan. the Bank in accordance with SEBI and other
Regulatory guidelines. The grant of ESOP shall
The compensation for executives in Risk Control be under approval from MD & CEO, which
and Compliance functions shall be independent shall be subsequently ratified by the Board
of the business areas they oversee. Remuneration Committee.
The Bank shall not provide any facility or d) Quantitative Disclosures on Remuneration for
funds or permit employees to insure or MD & CEO and other risk takers
hedge their compensation structure to offset
the risk alignment effects embedded in their There were 14 meetings of the N&RC held
compensation arrangement. during the year ended March 31, 2019.
The Bank had paid a remuneration of `3.35
c) Description of the different forms of variable milllion to the members of the N&RC for
remuneration (i.e. cash, shares, ESOPs and attending the meetings of the N&RC.
other forms) that the Bank utilizes and the
rationale for using these different forms.

Schedules
(` in million)
For the For the
No. of year ended No. of year ended
employee March 31, employees March 31,
2019 2018
a) (i) Number of employees having received a variable 5 35.35 8 78.50
remuneration award during the financial year. (refer Note
below)
(ii) Number and total amount of sign-on awards made during - - - -
the financial year.
(iii) Details of guaranteed bonus, if any, paid as joining/sign - - - -
on bonus
(iv) Details of severance pay, in addition to accrued benefits, - - - -
if any.
b) (i) Total amount of outstanding deferred remuneration, split 1 4.9 2 18.33
into cash, shares and share-linked instruments and other
forms.(refer Note below)
c) Breakdown of amount of remuneration awards for the
financial year to show fixed and variable, deferred and
non-deferred
Total remuneration award 7 245.2 9 374.33
Of which Fixed Component 7 204.01 8 295.83
Of which Variable Component 4 41.19 8 78.50
Deferred 1 4.90 - -
Paid 4 36.29 8 78.50
d) (i) Total amount of outstanding deferred remuneration and 1 4.90 2 18.33
retained remuneration exposed to ex post explicit and/or
implicit adjustments. (refer Note below)
(ii) Total amount of reductions during the financial year due 1 15.00 - -
to ex-post explicit adjustments. (refer Note below)
(iii) Total amount of reductions during the financial year due - - - -
to ex-post implicit adjustments. (change in variable payout
due to change in Market Conditions) (refer Note below)
Notes:
1. Amounts disclosed represent variable pay paid during the year ended March 31,2019 and March 31, 2018 for services
rendered by the risk takers during the year March 31, 2018 and March 31, 2017 respectively. As the bonus pool for the
year ended March 31, 2019 has not yet been allocated and accordingly, the deferred component for the risk takers is yet
to be determined.
2. Compensation for MD & CEO is as approved by the RBI and paid by the Bank to the MD & CEO. Compensation for other
risk takers is as approved by the Bank.
3. For the Financial Year ended March 31, 2019, 5,150,000 ESOP were issued to 4 risk takers (previous year: 6,50,000
esops to 6 risk-taker).
18.7.2 Movement in Floating Provisions

The Bank has not created or utilized any floating provisions during the financial year ended March 31, 2019 and financial
year ended March 31, 2018. The floating provision as at March 31, 2019 was ` Nil (previous year: ` Nil).
18.7.3 Drawdown on Reserves

During the financial year ended March 31, 2019, the Bank has not drawn down any reserve. (previous year: ` Nil).

250
18.7.4 Liquidity Coverage Ratio (LCR)
The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2018-19.
(` in million)
Current Year
Quarter ended Quarter ended Quarter ended Quarter ended
March 31, 2019* December 31, 2018* September 30, 2018* June 30, 2018*
Particulars Total Total Total Total Total Total Total Total
Banking Re-Imagined
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Schedules
Value Value Value Value Value Value Value Value
High Quality Liquid Assets
1 Total High Quality Liquid Assets (HQLA) 587,604.68 524,390.54 522,841.33 505,991.52
Cash Outflows
2 Retail deposits and deposits from small business 754,532.46 73,206.52 714,628.47 69,379.68 695,299.10 67,552.46 644,728.31 62,635.32
customers, of which:
(i) Stable deposits 44,934.58 2,246.73 41,663.30 2,083.16 39,549.03 1,977.45 36,750.33 1,837.52
(ii) Less stable deposits 709,597.88 70,959.79 672,965.17 67,296.52 655,750.06 65,575.01 607,977.99 60,797.80
3 Unsecured wholesale funding, of which: 945,332.24 426,691.60 908,437.95 405,633.84 896,161.86 398,871.02 875,248.44 405,079.68
(i) Operational deposits (all counterparties) 108,142.54 27,035.63 110,509.61 27,627.40 85,144.66 21,286.16 82,678.05 20,669.51
(ii) Non-operational deposits (all counterparties) 837,189.70 399,655.96 797,928.34 378,006.44 811,017.20 377,584.85 792,570.39 384,410.16
(iii) Unsecured debt - - - - - -

4 Secured wholesale funding 11,087.13 - 16,735.07 - 25,956.45 - 8,307.06 -
5 Additional requirements, of which 29,347.92 27,021.26 34,042.99 32,157.68 19,060.87 18,295.87 13,854.69 12,413.18
(i) Outflows related to derivative exposures and 26,439.73 26,439.73 31,354.21 31,354.21 17,871.51 17,871.51 12,238.09 12,238.09
other collateral requirements
(ii) Outflows related to loss of funding on debt - - - - - - -
products
(iii) Credit and liquidity facilities 2,908.19 581.53 2,688.78 803.47 1,189.36 424.36 1,616.60 175.08
6 Other contractual funding obligations 67,776.73 67,776.73 67,506.03 67,506.03 73,958.43 73,958.43 60,043.54 60,043.54
7 Other contingent funding obligations 1,608,657.39 61,347.59 1,631,159.58 61,822.54 1,544,650.89 59,016.48 1,426,813.72 54,544.20
8 Total Cash Outflows 3,416,733.87 656,043.70 3,372,510.08 636,499.77 3,255,087.59 617,694.26 3,028,995.77 594,715.91
Cash Inflows
9 Secured lending (e.g. reverse repos) 71,144.40 - 18,093.98 - 28,251.28 - 98,890.44 -
10 Inflows from fully performing exposures 109,662.81 63,142.29 104,065.59 59,376.40 87,411.97 36,023.66 94,366.98 51,626.20
11 Other cash inflows 63,126.23 63,126.23 64,319.15 64,319.15 55,814.10 55,814.10 42,290.02 42,290.02
12 Total Cash Inflows 243,933.45 126,268.52 186,478.72 123,695.54 171,477.36 91,837.77 235,547.44 93,916.22
13 TOTAL HQLA 587,604.68 524,390.54 522,841.33 505,991.52
14 Total Net Cash Outflows 529,775.18 512,804.23 525,856.49 500,799.69
15 Liquidity Coverage Ratio (%) 110.9% 102.3% 99.4% 101.0%
* For all the quarters in the current year, the average weighted and unweighted amounts are calculated taking simple average of daily positions.
The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2017-18.
(` in million)
Previous Year
Quarter ended Quarter ended Quarter ended Quarter ended
March 31, 2018 * December 31, 2017 * September 30, 2017 * June 30, 2017 *
Particulars Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value
Schedules
High Quality Liquid Assets

1 Total High Quality Liquid Assets (HQLA) 468,477.25 420,824.31 376,294.19 350,581.77
Cash Outflows
2 Retail deposits and deposits from small 590,780.00 55,606.81 552,467.44 51,839.55 515,565.30 48,344.81 486,671.00 45,624.69
business customers, of which:
(i) Stable deposits 69,423.82 3,471.19 68,143.92 3,407.20 64,234.38 3,211.72 60,848.12 3,042.41
(ii) Less stable deposits 521,356.17 52,135.62 484,323.52 48,432.35 451,330.92 45,133.09 425,822.88 42,582.29
3 Unsecured wholesale funding, of which: 808,950.66 362,569.64 707,639.46 340,451.08 682,228.78 333,869.15 642,052.75 320,329.86
(i) Operational deposits (all counterparties) 76,099.31 19,024.83 - - - - -
Overview
(ii) Non-operational deposits (all counterparties) 732,851.35 343,544.81 707,639.46 340,451.08 682,228.78 333,869.15 642,052.75 320,329.86
Corporate
(iii) Unsecured debt - - - - - - - -

4 Secured wholesale funding 12,096.76 - 16,876.56 - 5,709.79 - 9,487.66 -
5 Additional requirements, of which 17,928.43 16,949.04 18,393.86 16,192.89 16,527.70 13,208.66 22,093.13 14,831.27
(i) Outflows related to derivative exposures and 16,840.22 16,840.22 15,948.33 15,948.33 12,839.88 12,839.88 14,024.40 14,024.40
other collateral requirements
Review
(ii) Outflows related to loss of funding on debt - - - - - - - -

products
Sustainability
(iii) Credit and liquidity facilities 1,088.21 108.82 2,445.53 244.55 3,687.82 368.78 8,068.73 806.87
6 Other contractual funding obligations 54,076.79 54,076.79 48,498.59 48,498.59 30,497.92 30,497.92 31,363.15 31,363.15
7 Other contingent funding obligations 1,315,133.32 50,399.92 1,199,059.34 46,225.14 1,166,913.98 44,734.58 1,087,179.77 41,228.28
8 Total Cash Outflows 2,798,965.95 539,602.19 2,542,935.25 503,207.24 2,417,443.47 470,655.12 2,278,847.47 453,377.26
Cash Inflows
Reports
Statutory
9 Secured lending (e.g. reverse repos) 64,696.90 - 47,089.37 - 87,865.41 - 110,993.16 -

10 Inflows from fully performing exposures 81,518.76 37,900.50 59,509.80 25,876.11 56,335.38 17,963.84 57,198.63 20,827.27
11 Other cash inflows 42,835.91 42,835.91 40,445.29 40,445.29 37,219.86 37,219.86 35,621.31 35,621.31
12 Total Cash Inflows 189,051.56 80,736.41 147,044.46 66,321.39 181,420.65 55,183.70 203,813.10 56,448.58
13 TOTAL HQLA 468,477.25 420,824.31 376,294.19 350,581.77
14 Total Net Cash Outflows 458,865.78 436,885.85 415,471.42 396,928.68
Financial
15 Liquidity Coverage Ratio (%) 102.1% 96.3% 90.6% 88.3%

Statements

* For all the quarters in the current year, the average weighted and unweighted amounts are calculated taking simple average of daily positions.
251
Schedules
The Bank measures and monitors the LCR in line with the ALCO of the Bank channelizes various business
Reserve Bank of India’s circular dated June 9, 2014 and segments of the Bank to target good quality asset
November 28, 2014 on “Basel III Framework on Liquidity and liability profile to meet the Bank’s profitability
Standards - Liquidity Coverage Ratio (LCR), Liquidity as well as Liquidity requirements with the help of
Risk Monitoring Tools and LCR Disclosure Standards” as robust MIS and Risk Limit architecture of the Bank.
amended for “Prudential Guidelines on Capital Adequacy
▲▲ Funding strategies are formulated by the ALCO
and Liquidity Standards” dated March 31, 2015.
of the Bank. The objective of the funding strategy
The LCR guidelines aims to ensure that a bank maintains
is to achieve an optimal funding mix which is
an adequate level of unencumbered High Quality Liquid
consistent with prudent liquidity, diversity of sources
Assets (HQLAs) that can be converted into cash to meet
and servicing costs. Accordingly, BSMG (Balance
its liquidity needs for a 30 calendar day time horizon
Sheet Management Group) of the Bank estimates
under a significantly severe liquidity stress scenario.
daily liquidity requirement of the various business
At a minimum, the stock of liquid assets should enable
segments and manages the same on consolidated
the bank to survive until day 30 of the stress scenario,
basis under ALCO guidance. With the help of
by which time it is assumed that appropriate corrective
Structural and Liquidity Statement prepared by the
actions can be taken. Banks are required to maintain
Bank, BSMG evaluates liquidity requirement and
High Quality Liquid Assets of a minimum of 100% of its
takes necessary action. Periodical reports are also
Net Cash Outflows by January 1, 2019. However, with a
placed before the ALCO for perusal and review.
view to provide transition time, the guidelines mandate
a minimum requirement of 60% w.e.f. January 1, 2015 ▲▲ The Bank’s HQLA comprises of Excess CRR,
and a step up of 10% every year to reach the minimum Excess SLR, eligible foreign sovereign investments,
requirement of 100% by January 1, 2019. Marginal Standing Facility (MSF) and Facility to Avail
Liquidity for Liquidity Coverage Ratio (FALLCR)
▲▲ The adequacy in the LCR maintenance is an as permitted under prudential guidance and
outcome of a conscious strategy of the Bank eligible Level 2 investments. The Bank has a very
towards complying with LCR mandate ahead of limited exposure to liquidity risk on account of its
the stipulated timelines. The maintenance of LCR, Derivatives portfolio. Further, the Bank believes that
both on end of period and on a average basis, has all inflows and outflows which might have a material
been on account of multiple factors viz. increase impact under the liquidity stress scenario have been
in excess SLR, existing eligibility in Corporate considered for the purpose of LCR. Further, SLR
Bond Investments, increase in Retail deposits and investments as well as Corporate Bond portfolio of
increase in non callable deposits. the Bank considered for HQLA is also well diversified
across various instruments and Liquid Asset Type
▲▲ The Board of Directors of the Bank has empowered
Mix and should provide the Bank with adequate
ALCO (Top Management Executive Committee) to
and timely liquidity.
monitor and strategize the Balance Sheet profile of
the Bank. In line with the business strategy, ALCO
The daily average LCR for quarter ending March 31, 2019
forms an Interest Rate/Liquidity view for the bank
is 110.9% which is comfortably above RBI prescribed
with the help of the economic analysis provided by
minimum requirement of 100%.
the in-house economic research team of the bank.

Schedules
18.7.5 Intra-Group Exposures

The Bank has three subsidiary viz. "YES Securities (India) Limited, Yes Asset Management (India) Limited and Yes Trustee
Limited ". Below mentioned are details of Intra-Group Exposure as of March 31, 2019 and March 31, 2018.
(` in million)
As of As of
Particulars
March 31, 2019 March 31, 2018
Total amount of intra-group exposures 7,500.00 2,150.00
Total amount of top-20 intra-group exposures 7,500.00 2,150.00
Percentage of intra-group exposures to total exposure of the bank on 0.15% 0.05%
borrowers/customers (%)
During the year ended 31 March, 2019 and 31 March, 2018, the intra-group exposures were within the limits
specified by RBI.
18.7.6 Transfers to Depositor Education and Awareness Fund (DEAF)

(` in million)
Particulars
March 31, 2019 March 31, 2018
Opening balance of the amount transferred to DEAF 13.53 4.70
Add: Amounts transferred to DEAF during the year 20.06 8.83
Less: Amounts reimbursed by DEAF towards claims 0.75 -
Closing balance of amounts transferred to DEAF 32.83 13.53
18.7.7 Investor Education and Protection Fund

The unclaimed dividend amount due to be transferred to the Investor Education and Protection Fund (IEPF) during the
year ended March 31, 2019 has been transferred without any delay.
18.7.8 Unhedged Foreign Currency Exposure of Bank's Customer

The Bank has in place a policy on managing credit risk arising out of unhedged foreign currency exposures of its
borrowers. The objective of this policy is to maximize the hedging on foreign currency exposures of borrowers by
reviewing their foreign currency product portfolio and encouraging them to hedge the unhedged portion. In line with the
policy, assessment of unhedged foreign currency exposure is a part of assessment of borrowers and is undertaken while
proposing limits or at the review stage. Additionally, at the time of sanctioning limits for all clients, the Bank stipulates a
limit on the unhedged foreign currency exposure of the client (as a % of total foreign currency exposure sanctioned by the
Bank) after considering factors such as internal rating of the borrower, size, possibility of natural hedging, sophistication
of borrower and maturity of borrower’s financial systems, relative size of unhedged foreign currency exposure with
respect to total borrowings of the client, etc. Further, the Bank reviews the unhedged foreign currency exposure across
its portfolio on a periodic basis. The Bank also maintains incremental provision and capital towards the unhedged foreign
currency exposures of its borrowers in line with the extant RBI guidelines.
The Bank has maintained provision of `537.52 million (previous year of `560.49 million) and additional capital of 1,297.78
million (previous year of `1,710.94 million) on account of Unhedged Foreign Currency Exposure of its borrowers as at
March 31, 2019.

Schedules
18.7.9 Provisioning pertaining to Fraud Accounts

The Bank has reported 107 cases of fraud in the financial year ended March 31, 2019 amounting to `1,939.69 million
(Previous Year: 91 cases amounting to `9.51 million). The Bank has expensed off/provided for the expected loss arising
from these frauds and does not have any unamortized provision.
18.7.10 Disclosure of complaints

A. Customer Complaints

March 31, 2019 March 31, 2018
i) No. of Complaints pending at the beginning of the year 2,681 2,617
ii) No. of Complaints received during the year 110,301 84,580
iii) No. of Complaints redressed during the year 109,711 84,516
iv) No. of Complaints pending at the end of the year 3,271 2,681
Auditors have relied upon the information presented by management as above.

B. Awards passed by the Banking Ombudsman

March 31, 2019 March 31, 2018
i) No. of unimplemented Awards at the beginning of the year Nil Nil
ii) No. of Awards passed by the Banking Ombudsman during the year Nil Nil
iii) No. of Awards implemented during the year Nil Nil
iv) No. of unimplemented Awards at the end of the year Nil Nil
18.7.11 Dues to Micro and Small Enterprises

Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October 2, 2006,
certain disclosures are required to be made relating to Micro, Small and Medium enterprises. There have been `437.40
million worth bills which were paid with delays to micro and small enterprises. There have no demand of interest on these
payments. The above is based on the information available with the Bank which has been relied upon by the auditors.
18.7.12 Securitization Transactions

The Bank has not done any securitization transactions during the year ended March 31, 2019 and March 31, 2018.
18.7.13 Letter of comfort

The Bank has not issued any letter of comfort which is not recorded as contingent liability during the year ended
March 31, 2019 and March 31, 2018.

Schedules
18.7.14 Software Capitalized under Fixed Assets

The Bank has capitalized software under Fixed Asset amounting to `1,578.12 million and `1,418.30 million during the
financial year ended March 31, 2019 and March 31, 2018 respectively.
(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
At cost at March 31st of preceding year 3,722.63 2,488.26
Additions during the year 1,578.12 1,418.30
Deductions during the year (3.99) (183.93)
Depreciation to date (2,974.02) (1,939.86)
Net block 2,322.74 1,782.77
18.7.15 Provision for Long-Term contracts

The Bank has a process whereby periodically all long-term contracts (including derivative contracts) are assessed for
material foreseeable losses. At the year end, the Bank has reviewed and recorded adequate provision as required
under any law/accounting standards for material foreseeable losses on such long-term contracts (including derivative
contracts) in the books of account and disclosed the same under the relevant notes in the financial statements.
18.7.16 PSLCs sold and purchased during the ended March 31, 2019
(` in million)
2018-19 2017-18
Particulars
Purchased Sold Purchased Sold
PSLC – Agriculture - - - -
PSLC – SF / MF 96,000.00 - 58,000.00 -
PSLC – Micro Enterprises - - - -
PSLC – General 68,000.00 - 12,800.00 -
18.7.17 Disclosure on complains

The Bank became aware in September 2018 through communications from stock exchanges of an anonymous
whistle-blower complain alleging irregularities in the Bank’s operations, potential conflicts of interests in relation to the
former MD and CEO and allegations of incorrect NPA classification. The Bank conducted an internal enquiry of these
allegations, which 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. The Bank, at the
direction of the Audit Committee and with the assistance of this external firm, is continuing to analyze the allegations in
the whistle-blower complaint and work is currently ongoing. Based on work done and findings till date, the Bank has not

Schedules
identified any material financial statement implications. The Bank will consider the implications of ongoing work in the
next financial year as the examination of this matter is completed.
18.7.18 Description of contingent liabilities

Sr. No. Contingent Liabilities Brief
1. Claims against the Bank not The Bank is a party to various legal and tax proceedings in the normal course
acknowledged as debts of business. The Bank does not expect the outcome of these proceedings to
have a material adverse effect on the Bank’s financial conditions, results of
operations or cash flows.
2. Liability on account of forward The Bank enters into foreign exchange contracts, currency options, forward
exchange and derivative contracts rate agreements, currency swaps and interest rate swaps with inter-bank
participants and customers. Forward exchange contracts are commitments to
buy or sell foreign currency at a future date at the contracted rate. Currency
swaps are commitments to exchange cash flows by way of interest/principal
in one currency against another, based on predetermined rates. Interest
rate swaps are commitments to exchange fixed and floating interest rate
cash flows. The notional amounts of financial instruments of such foreign
exchange contracts and derivatives provide a basis for comparison with
instruments recognized on the balance sheet but do not necessarily indicate
the amounts of future cash flows involved or the current fair value of the
instruments and, therefore, do not indicate the Bank’s exposure to credit
or price risks. The derivative instruments become favorable (assets) or
unfavorable (liabilities) as a result of fluctuations in market rates or prices
relative to their terms. The aggregate contractual or notional amount of
derivative financial instruments on hand, the extent to which instruments are
favorable or unfavorable and, thus the aggregate fair values of derivative
financial assets and liabilities can fluctuate significantly.
3. Guarantees given on behalf As a part of its commercial banking activities the Bank issues documentary
of constituents, acceptances, credit and guarantees on behalf of its customers. Documentary credits such
endorsements and other as letters of credit enhance the credit standing of the customers of the Bank.
obligations Guarantees generally represent irrevocable assurances that the Bank will
make payments in the event of the customer failing to fulfill its financial or
performance obligations.
4. Other items for which the Bank is Purchase of securities pending settlement, capital commitments, amount
contingently liable deposited with RBI under Depositor Education Awareness Fund (DEAF), bill
re-discounting, Foreign Exchange Contracts (Tom & Spot)
5 PF Liability In February 2019, the honorable Supreme Court of India in its judgment
clarified that certain special allowances should be considered to measure
obligations under Employees’ Provident Funds and Miscellaneous Provisions
Act, 1952 (the PF Act). The Bank has been legally advised that there are
interpretative challenges on the application of judgment retrospectively and
as such does not consider there is any probable obligations for past periods.
Due to imperative challenges, the Bank has not disclosed contingent liability
amount for past liability.
Refer Schedule 12 for amounts relating to contingent liability.

Schedules
Prior period comparatives

previous year’s figures have been regrouped where necessary to conform to current year classification.


Mumbai
April 26, 2019

Independent Auditor’s Report
To, principles generally accepted in India, of the consolidated

The Members of YES BANK Limited state of affairs of the Group as at 31 March 2019, of its
consolidated profit and consolidated cash flows for the
year then ended.
REPORT ON THE AUDIT
OF THE CONSOLIDATED
Basis for opinion
We conducted our audit in accordance with the Standards
Opinion on Auditing (‘SAs’) specified under Section 143 (10) of
the Act. Our responsibilities under those SAs are further
We have audited the consolidated financial statements of
described in the Auditor’s Responsibilities for the Audit
YES BANK Limited (hereinafter referred to as the "Holding
of the consolidated financial statements Section of our
Company" or "Bank") and its subsidiaries (Holding
report. We are independent of the Group in accordance
Company and its subsidiaries together referred to as “the
with the Code of Ethics issued by the Institute of
Group”), which comprise the consolidated balance sheet
Chartered Accountants of India together with the
as at 31 March 2019, the consolidated profit and loss
ethical requirements that are relevant to our audit of the
account, the consolidated cash flow statement for the
consolidated financial statements under the provisions of
year then ended, and notes to the consolidated financial
the Act and the Rules thereunder, and we have fulfilled
statements, including a summary of significant accounting
our other ethical responsibilities in accordance with these
policies and other explanatory information (hereinafter
requirements and the Code of Ethics. We believe that
referred to as “the consolidated financial statements”).
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
In our opinion and to the best of our information and
according to the explanations given to us, and based
on the consideration of report of the other auditor on Emphasis of matter
separate financial statements of one subsidiary which was
We draw attention to Note 18.19 to the consolidated
audited by the another auditor, the aforesaid consolidated
financial statements which describes the ongoing enquiry
financial statements give the information required by the
by the Holding Company into certain anonymous whistle
Banking Regulation Act, 1949 as well as the Companies
blower allegations.
Act, 2013 (the ‘Act’) in the manner so required and give
a true and fair view in conformity with the accounting
Our opinion is not modified in respect of this matter.
Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Identification of Non-Performing Assets (‘NPAs’) and Provisions on Advances
Charge: `20,836 million for year ended 31 March 2019 Provision: INR 33,977 million at 31 March 2019
Refer to the accounting policies in the Consolidated Financial Statements: “Significant Accounting Policies - use of
estimates” and “Note 18.5.3 to the Consolidated Financial Statements: Advances”

Significant estimates and judgment involved Our key audit procedures included:
Design/controls
Identification of NPAs and provisions in respect of
NPAs and restructured advances are made based ▲▲ Assessing the design, implementation and
on management’s assessment of the degree of operating effectiveness of key internal controls
impairment of the advances subject to and guided by over approval, recording and monitoring of loans,
the minimum provisioning levels prescribed under the monitoring process of overdue loans (including
RBI guidelines with regard to the Prudential Norms on those which became overdue subsequent to
Income Recognition, Asset Classification & Provisioning, the reporting date), measurement of provisions,
prescribed from time to time. The provision on NPA are identification of NPA accounts and assessing the
also based on the valuation of the security available. reliability of management information (including
In case of restructured accounts, provision is made for overdue reports). In addition, for corporate loans
erosion/diminution in fair value of restructured loans, we tested controls over the internal ratings process,
in accordance with the RBI guidelines. In addition, the monitoring of stressed accounts including credit
contingency provision that the Bank has established file review processes and review controls over
in the current year on assets currently not classified as the approval of significant individual impairment
NPAs is based on management’s judgment. provisions.
▲▲ Evaluated the design, implementation and operating
We identified identification of NPAs and provision on effectiveness of key internal controls over the
advances as a key audit matter because of the level valuation of security for NPAs and the key controls
of management judgment involved in determining the over determination of the contingency provision
provision (including the provisions on assets which are including documentation of the relevant approvals
not classified as NPAs) and the valuation of the security along with basis and rationale of the provision.
of the NPA loans and on account of the significance to
▲▲ Testing of management review controls over
these estimates to the financial statements of the Bank.
measurement of provisions and disclosures in
financial statements.
▲▲ Involving our information system specialists in the
audit of this area to gain comfort over data integrity
and calculations, including system reconciliations.
Substantive tests
▲▲ Test of details for a selection of exposures over
calculation of NPA provisions including valuation
of collaterals for NPAs as at 31 March 2019; the
borrower-wise NPA identification and provisioning
determined by the Bank and also testing related
disclosures by assessing the completeness,
accuracy and relevance of data and to ensure that
the same is in compliance with the RBI guidelines
with regard to the Prudential Norms on Income
Recognition, Asset Classification & Provisioning.
▲▲ We also selected a number of loans to test potential
cases of loans repaid by a customer during the period
by fresh disbursement(s) to these higher risk loans.

▲▲ We selected a sample (based on quantitative and
qualitative thresholds) of larger corporate clients
where impairment indicators had been identified
by management. We obtained management’s
assessment of the recoverability of these exposures
(including individual provisions calculations)
and challenged whether individual impairment
provisions, or lack of, were appropriate.
This included the following procedures:
▲▲ Reviewing the statement of accounts, approval

process, board minutes, credit review of customer,
review of Special Mention Accounts reports and
other related documents to assess recoverability
and the classification of the facility; and
▲▲ For a risk based sample of corporate loans not
identified as displaying indicators of impairment
by management, challenged this assessment
by reviewing the historical performance of the
customer and assessing whether any impairment
indicators were present.
Information technology
IT systems and controls Our key IT audit procedures included:
The Bank’s key financial accounting and reporting ▲▲ We focused on user access management, change
processes are highly dependent on information systems management, segregation of duties, system
including automated controls in systems, such that there reconciliation controls and system application controls
exists a risk that gaps in the IT control environment could over key financial accounting and reporting systems.
result in the financial accounting and reporting records ▲▲ We tested a sample of key controls operating over
being misstated. Amongst, its multiple IT systems, five the information technology in relation to financial
systems are key for its overall financial reporting. accounting and reporting systems, including system
access and system change management, program
In addition, large transaction volumes and the increasing development and computer operations.
challenges to protect the integrity of the Bank’s systems
▲▲ We tested the design and operating effectiveness
and data, cyber security has become a more significant
of key controls over user access management
risk in recent periods.
which includes granting access right, new user
creation, removal of user rights and preventive
We have identified ‘IT systems and controls’ as key audit
controls designed to enforce segregation of duties.
matter because of the high level automation, significant
number of systems being used by the management and ▲▲ For a selected group of key controls over financial
the complexity of the IT architecture. and reporting systems, we independently
performed procedures to determine that these
control remained unchanged during the year or
were changed following the standard change
management process.

▲▲ Other areas that were assessed included password
policies, security configurations, system interface
controls, controls over changes to applications and
databases and that business users and controls
to ensure that developers and production support
did not have access to change applications, the
operating system or databases in the production
environment.
▲▲ Security configuration review and related tests on
certain critical aspects of cyber security on network
security management mechanism, operational
security of key information infrastructure, data and
client information management, monitoring and
emergency management.
Valuation of Financial Instruments (Investments and Derivatives)

Refer to the accounting policies in the Consolidated Financial Statements: “Significant Accounting Policies - use of
estimates”, “Note 18.5.2 to the Consolidated Financial Statements: Investments” and “Note 18.5.6 to the Consolidated
Financial Statements: Accounting for derivative transactions”
Subjective estimates and judgment involved Our key audit procedures included:
Investments
Design/controls
Investments are classified into ‘Held for Trading’ (‘HFT’),
‘Available for Sale’ (‘AFS’) and ‘Held to Maturity’ (‘HTM’) ▲▲ Assessing the design, implementation and
categories at the time of purchase. Investments, which operating effectiveness of management’s key
the Bank intends to hold till maturity are classified as internal controls over classification, valuation, and
HTM investments. valuation models.
Investments classified as HTM are carried at amortized ▲▲ Reading investment agreements/term sheets
cost. Where, in the opinion of management, a diminution entered into during the current year, on a sample
other than temporary, in the value of investments has taken basis, to understand the relevant investment terms
place, appropriate provisions are required to be made. and identify any conditions that were relevant to
the valuation of financial instruments.
Investments classified as AFS and HFT are marked- ▲▲ Engaging our valuation specialists to assist us
to-market on a periodic basis as per the relevant in evaluating the valuation models used by the
RBI guidelines. Bank to value certain instruments and to perform,
on a sample basis, independent valuations of the
We identified valuation of investments as a key audit instruments and comparing these valuations with
matter because of the management judgment involved the Bank’s valuations.
in determining the value of certain investments (Bonds ▲▲ Assessed the appropriateness of the valuation
and Debentures, Commercial papers and Certificate methodology and challenging the valuation model
of deposits, security receipts) based on the policy and by testing the key inputs used such as pricing
model developed by the Bank, impairment assessment inputs, measure of volatility and discount factors.
for HTM book and the overall significant investments to Compared the valuation methodology to criteria in
the financial statements of the Bank. the accounting standards/RBI guidelines.

Derivatives Substantive tests
The Bank has exposure to derivative products which
▲▲ For sample of instruments we re-performed
are accounted for on fair value (mark-to-market) in the
independent valuation where no direct observable
books of account.
inputs were used. We examined and challenged
The valuation of the Bank’s derivatives, held at fair the assumptions used, by considering the alternate
value, is based on a combination of market data and valuation method and sensitivity of other key factors.
valuation models which often require a considerable ▲▲ Assessing whether the financial statement
number of inputs. Many of these inputs are obtained disclosures appropriately reflect the Bank’s
from readily available data, the valuation techniques for exposure to investments and derivatives valuation
which use quoted market prices and observable inputs. risks with reference to the requirements of the
Where such observable data is not readily available, then prevailing accounting standards and RBI guidelines.
estimates are developed which can involve significant
management judgment.
Valuation of Financial Instruments (Investments and Derivatives)
We identified assessing the fair value of derivatives as
a key audit matter because of the degree of complexity
involved in valuing certain financial instruments and
the degree of judgment exercised by management in
identifying the valuation models and determining the
inputs used in the valuation models.
RESPONSIBILITIES OF
INFORMATION OTHER MANAGEMENT AND THOSE
THAN THE CONSOLIDATED CHARGED WITH GOVERNANCE
FINANCIAL STATEMENTS AND FOR THE CONSOLIDATED
AUDITOR’S REPORT THEREON FINANCIAL STATEMENTS
The Holding Company’s management and Board of
The Holding Company’s management and Board of
Directors are responsible for the other information.
Directors are responsible for the preparation and
The other information comprises the information included
presentation of these consolidated financial statements
in the Holding Company’s Annual report, but does not
in term of the requirement of the Act that give a true and
include the consolidated financial statements and our
fair view of the consolidated state of affairs, consolidated
auditor’s report thereon.
profit and consolidated cash flows of the Group in
accordance with the accounting principles generally
Our opinion on the consolidated financial statements
accepted in India, including the Accounting Standards
does not cover the other information and we do not
specified under Section 133 of the Act, provisions of
express any form of assurance conclusion thereon.
Section 29 of the Banking Regulation Act, 1949 and
the circulars and guidelines issued by Reserve Bank of
In connection with our audit of the consolidated financial
India (‘RBI’) from time to time. The respective Board of
statements, our responsibility is to read the other
Directors of the companies included in the Group are
information and, in doing so, consider whether the other
responsible for maintenance of adequate accounting
information is materially inconsistent with the consolidated
records in accordance with the provisions of the Act for
financial statements or our knowledge obtained in the
safeguarding of the assets of each Company and for
audit or otherwise appears to be materially misstated.
preventing and detecting frauds and other irregularities;
If, based on the work we have performed and based on
selection and application of appropriate accounting
the audit report of the other auditor, we conclude that
policies; making judgments and estimates that are
there is a material misstatement of this other information,
reasonable and prudent; and design, implementation and
we are required to report that fact. We have nothing to
report in this regard.

maintenance of adequate internal financial controls, that detecting a material misstatement resulting from
were operating effectively for ensuring the accuracy and fraud is higher than for one resulting from error,
completeness of the accounting records, relevant to the as fraud may involve collusion, forgery, intentional
preparation and presentation of the consolidated financial omissions, misrepresentations, or the override of
statements that give a true and fair view and are free from internal control.
material misstatement, whether due to fraud or error,
▲▲ Obtain an understanding of internal control relevant
which have been used for the purpose of preparation of
to the audit in order to design audit procedures that
the consolidated financial statements by the Directors of
are appropriate in the circumstances. Under Section
the Holding Company, as aforesaid.
143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Group has
In preparing the consolidated financial statements, the
adequate internal financial controls with reference
respective management and Board of Directors of the
to consolidated financial statements in place and
companies included in the Group are responsible for
the operating effectiveness of such controls.
assessing the ability of each Company to continue as a
going concern, disclosing, as applicable, matters related ▲▲ Evaluate the appropriateness of accounting policies
to going concern and using the going concern basis of used and the reasonableness of accounting
accounting unless management either intends to liquidate estimates and related disclosures made by
the Company or to cease operations, or has no realistic management.
alternative but to do so.
▲▲ Conclude on the appropriateness of management’s
use of the going concern basis of accounting in
The respective Board of Directors of the companies
preparing consolidated financial statements and,
included in the Group are responsible for overseeing the
based on the audit evidence obtained, whether
financial reporting process of each Company.
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
AUDITOR’S RESPONSIBILITIES FOR appropriateness of this assumption. If we conclude
THE AUDIT OF THE CONSOLIDATED that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
FINANCIAL STATEMENTS disclosures in the consolidated financial statements
Our objectives are to obtain reasonable assurance about or, if such disclosures are inadequate, to modify our
whether the consolidated financial statements as a whole opinion. Our conclusions are based on the audit
are free from material misstatement, whether due to fraud evidence obtained up to the date of our auditor’s
or error, and to issue an auditor’s report that includes report. However, future events or conditions may
our opinion. Reasonable assurance is a high level of cause Group (company and subsidiaries) to cease to
assurance, but is not a guarantee that an audit conducted continue as a going concern.
in accordance with SAs will always detect a material
▲▲ Evaluate the overall presentation, structure and
misstatement when it exists. Misstatements can arise from
content of the consolidated financial statements,
fraud or error and are considered material if, individually
including the disclosures, and whether the
or in the aggregate, they could reasonably be expected
consolidated financial statements represent the
to influence the economic decisions of users taken on the
underlying transactions and events in a manner that
basis of these consolidated financial statements.
achieves fair presentation.
As part of an audit in accordance with SAs, we exercise ▲▲ Obtain sufficient appropriate audit evidence
professional judgment and maintain professional regarding the financial information of such entities
skepticism throughout the audit. We also: or business activities within the Group to express an
opinion on the consolidated financial statements,
▲▲ Identify and assess the risks of material misstatement of which we are the independent auditors. We
of the consolidated financial statements, whether are responsible for the direction, supervision and
due to fraud or error, design and perform audit performance of the audit of financial information
procedures responsive to those risks, and obtain of such entities. For the other entity included in
audit evidence that is sufficient and appropriate the consolidated financial statements, which have
to provide a basis for our opinion. The risk of not been audited by another auditor, such other auditor

remains responsible for the direction, supervision the consolidated financial statements, insofar as it relates
and performance of the audit carried out by them. We to the amounts and disclosures included in respect of
remain solely responsible for our audit opinion. Our this subsidiary and our report in terms of sub-Section
responsibilities in this regard are further described (3) of Section 143 of the Act, insofar as it relates to the
in para (a) of the Section titled ‘Other Matters’ in this aforesaid subsidiary is based solely on the report of
audit report. the other auditor.
We believe that the audit evidence obtained by us along
Our opinion on the consolidated financial statements, and
with the consideration of the audit report of the other
our report on Other Legal and Regulatory Requirements
auditor referred to in sub-paragraph (a) of the ‘Other
below, is not modified in respect of the above matter with
Matters’ paragraph below, is sufficient and appropriate to
respect to our reliance on the work done and the report
provide a basis for our audit opinion on the consolidated
of the other auditor.
We communicate with those charged with governance of REPORT ON OTHER LEGAL AND
the Holding Company and such other entities included in REGULATORY REQUIREMENTS
the consolidated financial statements of which we are the
independent auditors regarding, among other matters, (A) As required by Section 143(3) of the Act, based
the planned scope and timing of the audit and significant on our audit and the consideration of the report of
audit findings, including any significant deficiencies in the other auditor on separate financial statements
internal control that we identify during our audit. of one subsidiary as noted in the ‘Other Matters’
paragraph, we report, to the extent applicable, that:
We also provide those charged with governance with
a statement that we have complied with relevant (a)
we have sought and obtained all the
ethical requirements regarding independence, and information and explanations which to the best
to communicate with them all relationships and other of our knowledge and belief were necessary
matters that may reasonably be thought to bear on our for the purpose of our audit of the aforesaid
independence, and where applicable, related safeguards. consolidated financial statements;
From the matters communicated with those charged (b)

in our opinion, proper books of account as
with governance, we determine those matters that were required by law relating to preparation of the
of most significance in the audit of the consolidated aforesaid consolidated financial statements
financial statements of the current period and are have been kept so far as it appears from our
therefore the key audit matters. We describe these examination of those books and the report of
matters in our auditor’s report unless law or regulation the other auditor;
precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter (c)
the consolidated balance sheet, the
should not be communicated in our report because the consolidated profit and loss account, and
adverse consequences of doing so would reasonably the consolidated cash flow statement dealt
be expected to outweigh the public interest benefits of with by this Report are in agreement with the
such communication. relevant books of account maintained for the
purpose of preparation of the consolidated
financial statements;
OTHER MATTERS
We did not audit the financial statements of one subsidiary, (d)
in our opinion, the aforesaid consolidated
whose financial statements reflect total assets of `570 financial statements comply with the
million as at 31 March 2019, total revenues of `39 million Accounting Standards specified under Section
and net cash outflows amounting to `266 million for the 133 of the Act, to the extent they are not
year ended on that date, as considered in the consolidated inconsistent with the accounting policies
financial statements. These financial statements have prescribed by RBI;
been audited by another auditor whose report has been
furnished to us by the Management and our opinion on

(e)
on the basis of the written representations iii.
there have been no delay in transferring
received from the directors of the Holding amounts to the Investor Education and
Company as on 31 March 2019 taken on Protection Fund by the Holding Company
record by the Board of Directors of the Holding or its subsidiary companies during the year
Company and the reports of the statutory ended 31 March 2019.
auditors of its subsidiary companies none
of the directors of the Group companies are iv. The disclosures in the consolidated financial
disqualified as on 31 March 2019 from being statements regarding holdings as well as
appointed as a director in terms of Section dealings in specified bank notes during
164(2) of the Act; the period from 8 November 2016 to 30
December 2016 have not been made since
(f) with respect to the adequacy of the internal they do not pertain to the financial year
financial controls with reference to financial ended 31 March 2019.
statements of the Holding Company and
its subsidiary companies and the operating (C) With respect to the matter to be included in the
effectiveness of such controls, refer to our Auditors’ Report under Section 197(16):
separate Report in “Annexure A”
In our opinion and according to the information and
(B) With respect to the other matters to be included in explanations given to us and based on the report
the Auditor’s Report in accordance with Rule 11 of of the statutory auditor of one subsidiary company
the Companies (Audit and Auditors) Rules, 2014, in which was not audited by us, the remuneration paid
our opinion and to the best of our information and during the current year by the subsidiary companies
according to the explanations given to us and based to its directors is in accordance with the provisions
on the consideration of the report of the other auditor of Section 197 of the Act. The remuneration paid
on separate financial statements of one subsidiary, to any director by the subsidiary companies is not
as noted in the ‘Other Matters’ paragraph: in excess of the limit laid down under Section 197
of the Act. The Ministry of Corporate Affairs has
i. the consolidated financial statements disclose not prescribed other details under Section 197(16)
the impact of pending litigations as at which are required to be commented upon by us.
31 March 2019 on its consolidated financial Further, the Holding Company is a banking company
position of the Group – Refer Schedule 12 as defined under Banking Regulation Act, 1949.
and Note 18.21 to the consolidated Accordingly, the requirements prescribed under
financial statements; Section 197 of the Companies Act, 2013 do not
apply to the Holding Company.
ii. provision has been made in the consolidated
financial statements, as required under the For B S R & Co. LLP
applicable law or accounting standards, for Chartered Accountants
material foreseeable losses, if any, on long-term Firm’s Registration No: 101248W/W-100022
contracts including derivative contracts –
Refer Note 18.17 to the consolidated financial Venkataramanan Vishwanath
statements in respect of such items as it Mumbai Partner
relates to the Group; 26 April 2019 Membership No: 113156

Annexure A
to the Independent Auditor’s Report of even date on the consolidated financial statements of YES BANK Limited for
the year ended 31 March 2019
Report on the Internal Financial Controls with reference and the timely preparation of reliable financial information,
to the aforesaid consolidated financial statements as required under the Companies Act, 2013 (“the Act”).
under Clause (i) of Sub-Section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
AUDITOR’S RESPONSIBILITY
(Referred to in paragraph (A)(f) under ‘Report on Other Our responsibility is to express an opinion on the internal
Legal and Regulatory Requirements’ Section of our financial controls with reference to consolidated financial
report of even date) statements based on our audit. We conducted our audit
in accordance with the Guidance Note and the Standards
on Auditing, prescribed under Section 143(10) of
OPINION the Act, to the extent applicable to an audit of internal
In conjunction with our audit of the consolidated financial financial controls with reference to consolidated financial
statements of YES BANK Limited and its subsidiaries statements. Those Standards and the Guidance Note
(collectively referred to as the ‘Group’) as of and for the require that we comply with ethical requirements and plan
year ended 31 March 2019, we have audited the internal and perform the audit to obtain reasonable assurance
financial controls with reference to consolidated financial about whether adequate internal financial controls with
statements of YES BANK Limited (hereinafter referred reference to consolidated financial statements were
to as “the Holding Company”) and its subsidiaries, established and maintained and if such controls operated
as of that date. effectively in all material respects.
In our opinion, the Holding Company and its subsidiary Our audit involves performing procedures to obtain
companies, have, in all material respects, adequate audit evidence about the adequacy of the internal
internal financial controls with reference to consolidated financial controls with reference to consolidated financial
financial statements and such internal financial controls statements and their operating effectiveness. Our audit of
were operating effectively as at 31 March 2019, based internal financial controls with reference to consolidated
on the internal financial controls with reference to financial statements included obtaining an understanding
consolidated financial statements criteria established by of internal financial controls with reference to consolidated
such companies considering the essential components of financial statements, assessing the risk that a material
such internal controls stated in the Guidance Note on Audit weakness exists, and testing and evaluating the design
of Internal Financial Controls Over Financial Reporting and operating effectiveness of the internal controls based
issued by the Institute of Chartered Accountants of India on the assessed risk. The procedures selected depend
(the “Guidance Note”). on the auditor’s judgment, including the assessment of
the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error.
MANAGEMENT’S
RESPONSIBILITY FOR INTERNAL We believe that the audit evidence we have obtained
FINANCIAL CONTROLS and the audit evidence obtained by the other auditor of
the relevant subsidiary company, in terms of their report
The respective company’s management and Board of
referred to in the Other Matters paragraph below, is
Directors are responsible for establishing and maintaining
sufficient and appropriate to provide a basis for our audit
internal financial controls based on the internal financial
opinion on the internal financial controls with reference to
control with reference to consolidated financial statement
consolidated financial statements.
criteria established by the respective Company
considering the essential components of internal control
stated in the Guidance Note. These responsibilities MEANING OF INTERNAL FINANCIAL
include the design, implementation and maintenance of CONTROLS WITH REFERENCE TO
adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct FINANCIAL STATEMENTS
of its business, including adherence to the respective A company's internal financial controls with reference to
company’s policies, the safeguarding of its assets, consolidated financial statements is a process designed
the prevention and detection of frauds and errors, the to provide reasonable assurance regarding the reliability
accuracy and completeness of the accounting records, of financial reporting and the preparation of financial

statements for external purposes in accordance with misstatements due to error or fraud may occur and not
generally accepted accounting principles. A company's be detected. Also, projections of any evaluation of the
internal financial controls with reference to consolidated internal financial controls with reference to consolidated
financial statements includes those policies and financial statements to future periods are subject to the
procedures that (1) pertain to the maintenance of risk that the internal financial controls with reference
records that, in reasonable detail, accurately and fairly to consolidated financial statements may become
reflect the transactions and dispositions of the assets inadequate because of changes in conditions, or that the
of the Company; (2) provide reasonable assurance degree of compliance with the policies or procedures
that transactions are recorded as necessary to permit may deteriorate.
preparation of financial statements in accordance with
generally accepted accounting principles, and that
receipts and expenditures of the company are being made
OTHER MATTERS
only in accordance with authorizations of management Our aforesaid reports under Section 143(3)(i) of the Act
and directors of the company; and (3) provide reasonable on the adequacy and operating effectiveness of the
assurance regarding prevention or timely detection internal financial controls with reference to consolidated
of unauthorised acquisition, use, or disposition of the financial statements insofar as it relates to one subsidiary
company's assets that could have a material effect on the company, is based on the corresponding report of the
financial statements. auditor of this company.
INHERENT LIMITATIONS For B S R & Co. LLP

Chartered Accountants
OF INTERNAL FINANCIAL Firm’s Registration No: 101248W/W-100022
CONTROLS WITH REFERENCE TO
Venkataramanan Vishwanath
Mumbai Partner
Because of the inherent limitations of internal financial 26 April 2019 Membership No: 113156
controls with reference to consolidated financial
statements, including the possibility of collusion or
improper management override of controls, material

Consolidated
as at March 31, 2019
Balance Sheet
(` in thousands)
As at As at
Schedule
March 31, 2019 March 31, 2018
Capital & Liabilities
Capital 1 4,630,066 4,605,934
Reserves and surplus 2 264,244,035 252,919,138
Deposits 3 2,275,579,027 2,006,886,036
Borrowings 4 1,084,241,089 748,935,808
Other liabilities and provisions 5 179,901,880 111,149,620
TOTAL 3,808,596,097 3,124,496,536
Assets
Cash and balances with Reserve Bank of India 6 107,977,369 114,257,489
Balances with banks and money at call and short notice 7 161,871,938 133,280,682
Investments 8 893,285,327 682,934,387
Advances 9 2,413,971,851 2,035,188,250
Fixed assets 10 8,298,874 8,372,959
Other assets 11 223,190,738 150,462,769
TOTAL 3,808,596,097 3,124,496,536
Contingent liabilities 12 6,541,617,385 5,818,302,701
Bills for collection 50,592,373 19,355,641
Significant Accounting Policies and Notes to Accounts forming 18
part of financial statements
Firm's Registration No: 101248W/W-100022


Mumbai
April 26, 2019

Consolidated
Profit and Loss Account
(` in thousands)
Schedule
March 31, 2019 March 31, 2018
I. Income
Interest earned 13 296,237,987 202,685,947
Other income 14 46,754,814 52,931,509
TOTAL 342,992,801 255,617,456

II. Expenditure
Interest expended 15 198,112,872 125,294,301
Operating expenses 16 63,614,279 52,735,403
Provisions and contingencies 17 64,172,992 35,255,552
TOTAL 325,900,143 213,285,256

III. Profit
Net profit for the year 17,092,658 42,332,200
Profit brought forward 103,695,292 79,189,628
TOTAL 120,787,950 121,521,828

IV. Appropriations
Transfer to Statutory Reserve 4,300,697 10,561,409
Transfer to Capital Reserve 1,010,096 659,648
Transfer to Investment Reserve 6,707 -
Transfer to Investment Fluctuation Reserve 539,066 -
Dividend paid for previous year 6,223,989 5,488,101
Tax on Dividend paid for previous year 1,279,652 1,117,377
Balance carried over to balance sheet 107,427,743 103,695,292
TOTAL 120,787,950 121,521,828

Significant Accounting Policies and Notes to Accounts
18
forming part of financial statements
Earning per share
Basic (`) 7.40 18.46
Diluted (`) 7.33 18.09

(Face Value of Equity Share is `2/-)


Mumbai
April 26, 2019
Consolidated
Cash Flow Statement
(` in thousands)
March 31, 2019 March 31, 2018
Cash flow from Operating Activities
Net profit before taxes 23,490,051 62,045,363
Adjustment for
Depreciation for the year 3,054,514 2,323,569
Amortization of premium on investments 2,102,585 1,673,308
Provision for investments 6,824,889 2,599,443
Provision for standard advances 22,514,059 1,687,427
Provision/write-off of non-performing advances 25,669,535 10,792,641
Other provisions 2,767,116 397,075
(Profit)/Loss on sale of land, building and other assets (3,947) 12,891
(i) 86,418,802 81,531,717
Adjustments for:
Increase/(Decrease) in Deposits 268,692,991 578,311,598
Increase/(Decrease) in Other Liabilities 38,421,426 (1,058,963)
(Increase)/Decrease in Investments (159,318,010) (103,781,671)
(Increase)/Decrease in Advances (404,453,136) (725,041,549)
(Increase)/Decrease in Other assets (49,363,644) (25,122,220)
(ii) (306,020,373) (276,692,805)
Payment of direct taxes (iii) (26,131,440) (22,943,356)
Net cash generated from/(used in) operating activities (A) (i+ii+iii) (245,733,011) (218,104,444)
Cash flow from investing activities
Purchase of fixed assets (3,031,859) (3,932,525)
Proceeds from sale of fixed assets 55,375 91,050
(Increase)/Decrease in Held To Maturity (HTM) securities (59,960,403) (83,607,484)
Net cash generated/(used in) from investing activities (B) (62,936,887) (87,448,959)
Cash flow from financing activities
Increase in Borrowings 313,708,194 241,003,505
Tier II Debt raised 30,420,000 70,000,000
Innovative Perpetual Debt raised (1,754,400) 54,150,000
Tier II Debt repaid during the year (5,430,400) (2,489,000)
Proceeds from issuance of Equity Shares (net of share issue expense) 953,472 1,420,167
Dividend paid during the year (6,223,989) (5,488,101)
Tax on dividend paid (1,279,652) (1,117,377)
Net cash generated from/(used in) financing activities (C) 330,393,225 357,479,194
Effect of exchange fluctuation on translation reserve (D) 587,809 65,803
Net increase in cash and cash equivalents (A+B+C+D) 22,311,137 51,991,595

Consolidated
Cash Flow Statement
(` in thousands)
March 31, 2019 March 31, 2018
Cash and cash equivalents as at April 1st 247,538,171 195,546,577
Notes to the Cash flow statement:
Cash and cash equivalents includes the following
Cash and Balances with Reserve Bank of India 107,977,369 114,257,489
Balances with Banks and Money at Call and Short Notice 161,871,938 133,280,682


Mumbai
April 26, 2019

Schedules
forming a part of Consolidated Financial Statements
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 1 - Capital
Authorised Capital
20,000,000 preference shares of `100/- each 2,000,000 2,000,000
Issued, subscribed and paid-up capital
(March 31, 2018: 2,302,967,245 equity shares of `2/- each) [Refer Sch 18.6]
TOTAL 4,630,066 4,605,934
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 2 - Reserves and Surplus
I. Statutory Reserves
Opening balance 44,633,403 34,071,994
Closing balance 48,934,100 44,633,403
II. Share Premium
Opening balance 100,058,339 98,679,248
Additions during the year [Refer Sch 18.6] 929,340 1,379,091
Deductions during the year [Refer Sch 18.6] - -
Closing balance 100,987,679 100,058,339
III. Capital Reserve
Opening balance 4,524,481 3,864,833
Additions during the year 1,010,096 659,648
Closing balance 5,534,577 4,524,481
IV. Investment Reserve
Opening balance 226,197 226,197
Additions during the year 6,707 -

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
V. Foreign Currency Transalation Reserve
Opening balance 25,486 (40,317)
Additions during the year 587,809 65,803
VI. Cash Flow Hedge Reserve
Opening balance (244,057) (160,135)
Additions during the year 218,734 (83,922)
Closing balance (25,323) (244,057)
VII. Investment Fluctuation Reserve
Opening balance - -
Additions during the year 539,066 -
Closing balance 539,066 -
VIII. Balance in Profit and Loss Account 107,427,739 103,695,291
TOTAL 264,244,035 252,919,138
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 3 - Deposits
A. I. Demand Deposits
i) From Banks 17,301,403 14,602,217
ii) From Others 268,020,176 273,633,590
II. Savings Bank Deposit 467,112,348 443,504,509
III. Term Deposits
i) From banks 184,849,906 112,971,241
ii) From others (incl. CD's issued) 1,338,295,194 1,162,174,479
TOTAL 2,275,579,027 2,006,886,036
B. I. Deposits of branches in India 2,274,432,000 2,005,954,161
II. Deposits of branches outside India 1,147,027 931,875
TOTAL 2,275,579,027 2,006,886,036

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 4 - Borrowings
I. Innovative Perpetual Debt Instruments (IPDI) and Tier II Debt
A. Borrowing in India
i) IPDI 90,020,000 91,560,000
TOTAL (A) 270,779,000 243,899,000
B. Borrowings outside India
i) IPDI - 325,875
TOTAL (B) 6,215,786 11,498,699
TOTAL (A+B) 276,994,786 255,397,699
II. Other Borrowings (1)
A. Borrowings in India
i) Reserve Bank of India - 15,000,000
ii) Other banks 57,147,925 15,811,399
iii) Other institutions and agencies (2) 345,669,057 187,167,910
TOTAL (A) 402,816,982 217,979,309
B. Borrowings outside India (3)
404,429,321 275,558,800
TOTAL (A+B) 807,246,303 493,538,109
TOTAL (I+II) 1,084,241,089 748,935,808
(1) Secured borrowings are `4,996,813 thousands (March 31, 2018: `46,463,203 thousands).
(2) Including `302,872,244 thousands of refinance borrowing (March 31, 2018: `123,216,106 thousands) `16,450,000 thousands (March 31
2018: `16,450,000 thousands) of Green Infrastructure Bonds raised to fund 'Green Projects' and `21,350,000 thousands (March 31, 2018:
`21,350,000 thousands) of Long-Term Infrastructure Bonds raised to finance affordable housing and infrastructure projects.
(3) Includes bonds of `32,909,865 thousand (March 31, 2018: `38,974,842 thousand) of Medium-Term Notes issued from International Business
Unit (IBU) in GIFT city Gujarat to fund its growth.
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 5 - Other Liabilities And Provisions
I. Bills payable 3,913,805 9,151,490
II. Inter-office adjustments (net) - -
III. Interest accrued 37,446,048 21,932,650
IV. Others (including provisions)
- Provision for standard advances 32,007,968 9,493,909
- Country risk exposures 532,784 -
- Others 106,001,275 70,571,571
TOTAL 179,901,880 111,149,620

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 6 - Cash and Balances with Reserve Bank of India
I. Cash in hand 6,333,912 6,226,739
II. Balances with Reserve Bank of India
- In current account 101,643,457 108,030,750
- In other account - -
TOTAL 107,977,369 114,257,489
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 7 - Balances with Banks, Money at Call and Short Notice
I. In India
Balances with banks-
i) in current accounts 2,157,843 787,042
ii) in other deposit accounts 790,390 189,134
Money at call and short notice
i) with Banks - -
ii) with other institutions - -
iii) lending under reverse repo (RBI & Banks) 88,310,161 112,009,654
TOTAL (I) 91,258,393 112,985,830
II. Outside India
i) in current account 39,148,020 14,494,277
ii) in other deposit account - -
iii) money at call and short notice 31,465,525 5,800,575
TOTAL (II) 70,613,545 20,294,852
TOTAL (I+II) 161,871,938 133,280,682

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 8 - Investments (Net of Provisions)
A. Investments in India
ii) Other approved securities - -
iii) Shares 429,168 643,782
iv) Debentures and bonds 154,985,441 145,045,609
v) Subsidiaries and/or joint ventures - -
vi) Others (CPs, CDs, Security Receipts, Pass through certificates etc.) 61,130,681 38,030,003
TOTAL (I) 770,156,410 672,580,225
B. Investments outside India
ii) Shares 9,421 -
iii) Debentures and bonds 2,523,653 6,908,550
TOTAL (II) 123,128,917 10,354,162
TOTAL (I+II) 893,285,327 682,934,387
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 9 - Advances
A. i) Bills purchased and discounted 42,078,951 39,543,292
ii) Cash credit, overdrafts and loans payable on demand 411,627,297 349,346,228
iii) Term loans 1,960,265,603 1,646,298,730
TOTAL 2,413,971,851 2,035,188,250
B. i) Secured by tangible assets (includes advances secured by fixed 1,960,480,829 1,477,525,720
deposits and book debt)
ii) Covered by Bank/Government guarantees 10,366,160 5,996,099
iii) Unsecured (1)
443,124,862 551,666,431
TOTAL 2,413,971,851 2,035,188,250
1
Includes advances of `128,510,880 thousands
(March 31, 2018: `337,552,952 thousands) for which
security documentation is either being obtained or being
registered. As at March 31, 2019 advances amounting to
`2,403,000 thousands (March 31, 2018: Nil) has been
secured by intangible securities such as charge over the
rights, licenses, authority, etc.

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
C. I. Advances in India
i) Priority sectors 539,338,050 446,472,144
ii) Public sector 56,671 1,524,237
iii) Banks 674,817 1,214,227
iv) Others 1,685,204,048 1,441,912,028
TOTAL (I) 2,225,273,585 1,891,122,636
II. Advances outside India
i) Due from Banks 431,707 1,716,986
ii) (a) Bills purchased and discounted - -
(b) Syndicated loans 30,796,065 142,348,628
(c) others 157,470,494 -
TOTAL (II) 188,698,266 144,065,614
TOTAL (I) + (II) 2,413,971,851 2,035,188,250
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 10 - Fixed Assets
I. Premises
At cost as on March 31st of preceding year 378,031 378,031
Additions during the year - -
Accumulated depreciation to date (14,704) (8,402)
TOTAL (I) 363,327 369,629
II. Other Fixed Assets (including furniture and fixtures and software)
At cost as on March 31st of preceding year 15,319,476 11,802,938
Deductions during the year (259,173) (446,876)
Accumulated depreciation to date (10,884,314) (8,037,673)
TOTAL (II) 7,421,123 7,281,804
TOTAL (I+II) 7,784,450 7,651,433
Capital work-in-progress 514,423 721,526
TOTAL 8,298,874 8,372,959

Schedules
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 11 - Other Assets
I. Interest Accrued 39,050,909 25,169,413
II. Advance tax and tax deducted at source (net of provision) 4,894,170 1,721,287
III. Deferred tax asset (Refer Sch 18.14) 25,374,714 8,762,413
IV. Non-Banking assets aquired in satisfaction of claims 353,000 364,790
V Others 153,517,945 114,444,866
TOTAL 223,190,738 150,462,769
(` in thousands)
As at As at
March 31, 2019 March 31, 2018
Schedule 12 - Contingent Liabilities
I. Claims against the bank not acknowledged as debts 549,157 116,436
II. Liability for partly paid investments - -
III. Liability on account of outstanding forward exchange contracts 2,834,098,764 3,000,448,825
IV. Liability on account of outstanding derivative contracts
- Single currency Interest Rate Swap 1,702,671,190 1,141,440,348
- Others 868,291,165 783,747,908
V. Guarantees given on behalf on constituents
- in India 437,248,909 314,307,933
- Outside India - -
VI. Acceptances, endorsement and other obligations 390,140,737 411,689,385
VII. Other items for which the bank is contingently liable
- Purchase of securities pending settlement 3,622,750 9,068,982
- Capital commitment 2,984,859 2,942,928
- Amount deposited with RBI under Depositor Education and 32,834 13,533
Awareness Fund (DEAF)
- Foreign exchange contracts (Tom & Spot) 300,477,020 154,526,423
- Bills Re-discounting 1,500,000 -
TOTAL 6,541,617,385 5,818,302,701
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as on March 31, 2019 includes
notional amount of `2,035,934,447 thousands and `407,303,929 thousands (previous year: `2,315,099,034 thousands and `318,672,816
thousands) guaranteed by CCIL representing 71.84% and 23.92% (previous year: 77.16% and 27.92%) of total outstanding forward exchange
contracts and single currency interest rate swaps respectively.

Schedules
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 13 - Interest Earned
I. Interest / discount on advances / bills 229,185,385 154,778,487
II. Income on investments 60,484,215 41,025,311
III. Interest on balances with Reserve Bank of India and other inter-bank 3,975,738 5,160,730
funds
IV. Others 2,592,649 1,721,419
TOTAL 296,237,987 202,685,947
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 14 - Other Income
I. Commission, exchange and brokerage 36,352,664 42,070,717
II. Profit on the sale of investments (net) 3,174,838 5,134,739
III. Profit/(Loss) on the revaluation of investments (net) - -
IV. Profit/(Loss) on sale of land, building and other assets 3,947 (12,892)
V. Profit on exchange transactions (net) 1,570,297 2,315,709
VI. Income earned by way of dividends etc. from subsidiaries, companies - -
and/or joint ventures abroad/in India
VII. Miscellaneous income 5,653,068 3,423,236
TOTAL 46,754,814 52,931,509
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 15 - Interest Expended
I. Interest on deposits 136,826,853 93,824,814
II. Interest on Reserve Bank of India / inter-bank borrowings / 60,764,723 29,840,501
Tier I and Tier II debt instruments
III. Others 521,297 1,628,986
TOTAL 198,112,872 125,294,301

Schedules
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 16 - Operating Expenses
I. Payments to and provisions for employees 25,381,132 22,346,642
II. Rent, taxes and lighting 4,237,407 4,587,562
III. Printing and stationery 425,902 372,953
IV. Advertisement and publicity 662,134 965,047
V. Depreciation on Group's property 3,054,514 2,323,569
VI. Directors' fees, allowances and expenses 46,613 21,423
VII. Auditors' fees and expenses 25,229 15,917
VIII. Law charges 90,931 60,940
IX. Postage, telegrams, telephones, etc. 648,219 604,812
X. Repairs and maintenance 423,286 348,022
XI. Insurance 2,079,092 1,512,828
XII. Other expenditure 26,539,820 19,575,688
TOTAL 63,614,279 52,735,403
(` in thousands)
March 31, 2019 March 31, 2018
Schedule 17 - Provisions & Contingencies
I. Provision for taxation (Refer Sch 18.15) 6,397,393 19,713,163
II. Provision for investments 6,824,889 2,599,443
III. Provision for standard advances 22,514,059 1,687,427
IV. Provision/write-off for non-performing advances 25,669,535 10,792,641
V. Other Provisions 2,767,116 462,878
TOTAL 64,172,992 35,255,552

Schedules
18. SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE

ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2019
18.1 Background 18.2 Principles of Consolidation
YES BANK Limited (the ‘Bank’ or ‘YES BANK’) is a private The consolidated financial statements comprise the
sector bank promoted by the late Mr. Ashok Kapur and financial statements of YES BANK Limited, and its
Mr. Rana Kapoor. YES BANK is a publicly held bank subsidiaries, YES Securities (India) Limited, YES Asset
engaged in providing a wide range of banking and Management (India) Limited and YES Trustee Limited
financial services. YES BANK is a banking company which together constitute the ‘Group’.
governed by the Banking Regulation Act, 1949.
The Bank was incorporated as a limited company under The Bank consolidates its subsidiaries in accordance
the Companies Act, 1956 on November 21, 2003. with Accounting Standard (‘AS’) 21, Consolidated
The Bank received the licence to commence banking Financial Statements notified under Section 133 of the
operations from the Reserve Bank of India (‘RBI’) on Companies Act, 2013, read together with paragraph 7
May 24, 2004. Further, YES BANK was included to the of the Companies (Accounts) Rules 2014 issued by the
Second Schedule of the Reserve Bank of India Act, Ministry of Corporate Affairs to the extent applicable on
1934 with effect from August 21, 2004. Also the Bank a line-by-line basis by adding together the like items of
has a branch at International Financial Services Centre assets, liabilities, income and expenditure.
(‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies
transactions undertaken by IBU as overseas operation.
18.3 Basis of preparation
YES Securities (India) Limited was incorporated on The financial statements have been prepared in
March 14, 2013 as a wholly owned subsidiary of accordance with requirements prescribed under the Third
YES BANK Limited (YBL/Holding Company). The Company Schedule (Form A and Form B) of the Banking Regulation
is a securities broker registered with Securities and Act, 1949. The accounting and reporting policies of
Exchange Board of India since July 8, 2013. The Company The Group used in the preparation of these financial
also got SEBI registration as Category I Merchant Banker statements conform to Generally Accepted Accounting
w.e.f. September 3, 2015. The Company offers, inter alia, Principles in India (Indian GAAP), the guidelines issued
trading/investment in equity, merchant banking and by the Reserve Bank of India (RBI) from time to time, the
other financial products along with various value added accounting standards notified under Section 133 of the
services. The Company is member of National Stock Companies Act, 2013, read together with paragraph 7 of
Exchange (NSE) since May 2, 2013 and the Bombay the Companies (Accounts) Rules 2014 and Companies
Stock Exchange (BSE) since June 11, 2013. (Accounting Standards) Amendment Rules, 2016 to the
extent applicable and practices generally prevalent in the
Yes Asset Management (India) Limited was incorporated banking industry in India. The Group follows the accrual
on April 21, 2017 as a wholly owned subsidiary of method of accounting and the historical cost convention,
YES BANK Limited (YBL/Holding Company). The Company unless otherwise stated by RBI guidelines.
has entered into an investment management agreement
with Yes Trustee Limited to act as the investment manager
for any funds to be launched by Yes Mutual Fund.
18.4 Use of estimates
The Company is seeking registration from SEBI to launch The preparation of financial statements requires the
Mutual fund operations. management to make estimates and assumptions that
are considered while reporting amounts of assets and
Yes Trustee Limited was incorporated in Mumbai, India on liabilities (including contingent liabilities) as of the date
May 3, 2017. The Company's principal activity is to act as of the financial statements and income and expenses
trustee for funds (Yes Mutual Fund). during the reporting period. Management believes that
the estimates used in the preparation of the financial
statements are prudent and reasonable. Future results

Schedules
could differ from these estimates. Any revision to ▲▲ Fee income from Investment banking/Merchant
accounting estimates is recognized prospectively in banking services are recognized based on
current and future periods. completion of milestone as per the engagement
letter. Further Fee income in relation to public issues/
other securities is recognized based on mobilization
18.5 Significant accounting policies and intimation received from clients/intermediaries.
18.5.1 Revenue recognition
▲▲ Account opening income and other income is
Revenue is recognized to the extent it is probable that the recognized on accrual basis.
economic benefits will flow to the Group and the revenue
▲▲ Fee for subscription based services are recognized
can be reliably measured.
as earned on a pro rata basis over the term of the
▲▲ Interest income is recognized in the profit and loss plan.
account on accrual basis, except in the case of non-
▲▲ Management fees and income from investments are
performing assets and accounts under SDR / S4A.
accounted for on accrual basis in accordance with
Interest on non-performing assets and accounts
the investment management agreement and SEBI
under SDR / S4A is recognized as per the prudential
(Mutual Fund) Regulations, 1996.
norms of the RBI. Penal Interest is recognized upon
certainty of its realization. ▲▲ Trusteeship fees are accounted for an accrual basis
in accordance with the trust deed.
▲▲ Dividend income is recognized when the right to
receive payment is established. 18.5.2 Investments
▲▲ Commission on guarantees issued by the Bank Classification and valuation of the Bank’s investments are
is recognized as income over the period of the carried out in accordance with RBI Circular DBR.No.BP.
guarantee. BC.6/21.04.141/2015-16 dated 1 July 2015.
▲▲ Commission on Letters of Credit (‘LC’) issued by the
Accounting and Classification
Bank is recognized as income at the time of issue
of the LC. The Bank follows settlement date accounting for
Investments. In compliance with RBI guidelines, all
▲▲ Income on non-coupon bearing discounted
investments, are categorized as “Held for trading” (‘HFT’),
instruments is recognized over the tenure of the
“Available for sale” (‘AFS’) or “Held to maturity” (‘HTM’) at
instrument on a straight-line basis. In case of coupon
the time of its purchase. For the purpose of disclosure
bearing discounted instruments, discount income is
in the balance sheet, investments are classified as
recognized over the tenor of the instrument on yield
disclosed in Schedule 8 (‘Investments’) under six groups
basis.
(a) government securities (b) other approved securities
▲▲ In case of Bonds and Pass Through Certificates, (c) shares (d) bonds and debentures (e) subsidiaries and
premium on redemption, if any, is amortized over the joint ventures and (f) others.
tenure of the instrument on a yield basis.
a) Cost of acquisition
▲▲ Revenue from financial advisory services is
recognized in line with milestones achieved as per Costs such as brokerage pertaining to investments,
terms of agreement with clients which is reflective of paid at the time of acquisition and broken period
services rendered. interest are charged to the profit and loss account
as per the RBI guidelines.
▲▲ Facility fees and loan processing fees are recognized
when due and realizable.
b) Basis of classification
▲▲ Other fees and commission are accounted for as
Securities that are held principally for resale within
and when they became due.
90 days from the date of purchase are classified
▲▲ Brokerage income is recognized as per contracted under the HFT category. Investments that The
rate on execution of transaction on behalf of the Group intends to hold till maturity are classified
customers on the trade date and is net off related under the HTM category, or as per RBI guidelines.
sub brokerage expenses, service tax/GST and stock Securities which are not classified in the above
exchange expenses. categories are classified under the AFS category.

Schedules
c) Transfer between categories classified under HTM has taken place, suitable
provisions are made.
Reclassification of investments from one category
to the other, if done, is in accordance with RBI
Treasury Bills, Commercial Paper and Certificates of
guidelines. Transfer of scrips from AFS / HFT
deposit being discounted instruments, are valued
category to HTM category is made at the lower of
at carrying cost.
book value or market value. In the case of transfer
of securities from HTM to AFS / HFT category, the
Pass Through Certificates purchased for priority
investments held under HTM at a discount are
sector lending requirements are valued at Book
transferred to AFS / HFT category at the acquisition
Value in accordance with RBI guidelines.
price and investments placed in the HTM category
at a premium are transferred to AFS / HFT at the
The market/fair value applied for the purpose of
amortized cost.
periodical valuation of quoted investments included
in the AFS and HFT categories is the market price

Transfer of investments from AFS to HFT or
of the scrip as available from the trades/quotes on
vice-a-versa is done at the book value.
the stock exchanges and for Subsidiary General
Depreciation carried, if any, on such investments is
Ledger (‘SGL’) account transactions, the prices as
also transferred from one category to another.
periodically declared by Financial Benchmarks India
Pvt. Ltd. (FBIL).
d) Valuation

Investments categorized under AFS and HFT The market/fair value of unquoted government
categories are marked to market (MTM) on a securities included in the AFS and HFT category
periodical basis as per relevant RBI guidelines. is determined as per the prices published by FBIL.
Net depreciation, if any, in the category under the Further, in the case of unquoted bonds, debentures,
classification mentioned in Schedule 8 (‘Investments’) pass through certificates (other than priority sector)
is recognized in the profit and loss account. The net and preference shares, valuation is carried out
appreciation, if any, in the category under each by applying an appropriate mark-up (reflecting
classification is ignored, except to the extent of associated credit risk) over the Yield to Maturity
depreciation previously provided. The book value of (‘YTM’) rates of government securities. Such mark
individual securities is not changed consequent to up and YTM rates applied are as per the relevant
periodic valuation of investments. rates published by FIMMDA / FBIL.

Investments received in lieu of restructured The Bank undertakes short sale transactions in
advances scheme are valued in accordance Central Government dated securities in accordance
with RBI guidelines. Any diminution in value on with RBI guidelines. The short position is reflected
these investments is provided for and is not as the amount received on sale and is netted in the
used to set off against appreciation in respect Investment schedule. The short position is marked
of other performing securities in that category. to market and loss, if any, is charged to the Profit
Depreciation on equity shares acquired and held by and Loss account while gain, if any, is ignored.
The Group under restructuring scheme is provided Profit/Loss on settlement of the short position is
as per RBI guidelines. recognized in the Profit and Loss account.
Investments classified under the HTM category are Units of Venture Capital Funds (VCF) held under
carried at their acquisition cost and any premium AFS category are valued using the Net Asset Value
over the face value, paid on acquisition, is amortized (NAV) shown by VCF as per the financial statement.
on a straight-line basis over the remaining period The VCFs are valued based on the audited results
to maturity. Amortization expense of premia on once in a year. In case the audited financials are
investments in the HTM category is deducted from not available for a period beyond 18 months, the
interest income in accordance with RBI Circular DBR. investments are valued at `1 per VCF.
No.BP.BC.6/21.04.141/2015-16 dated July 1, 2015.
Where in the opinion of management, a diminution, Quoted equity shares are valued at their closing price
other than temporary in the value of investments on a recognized stock exchange. Unquoted equity

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shares are valued at the break-up value if the latest Non-Sovereign foreign currency Bonds are valued
balance sheet is available, else, at `1 per company, using either Composite Bloomberg Bond Trader
as per relevant RBI guidelines. (CBBT) price, Bloomberg Valuation Service (BVAL)
price, Bloomberg Generic price (BGN), Last available
At the end of each reporting period, security receipts CBBT pricing for the instrument or Proxy Bond
issued by the asset reconstruction company are Pricing from Bloomberg in the chronological order
valued in accordance with the guidelines applicable based on availability.
to such instruments, prescribed by RBI from time
to time. Accordingly, in cases where the cash Masala bonds are valued using either Composite
flows from security receipts issued by the asset Bloomberg Bond Trader (CBBT) price, Bloomberg
reconstruction company are limited to the actual Valuation Service (BVAL) price or as per FIMMDA
realization of the financial assets assigned to the guided valuation methodology for unquoted bonds
instruments in the concerned scheme, The Group in the chronological order based on availability.
reckons the net asset value obtained from the
asset reconstruction company from time to time, Special bonds such as oil bonds, fertilizer bonds,
for valuation of such investments at each reporting UDAY bonds etc. which are directly issued by
date. In case of investment in Security Receipts on Government of India (‘GOI’) is valued based on
or after April 1, 2017 which are backed by more FBIL valuation.
than 50% of the stressed assets sold by the bank,
provision for depreciation in value is made at higher Non-performing investments are identified and
of – provisioning rate required in terms of net assets depreciation/provision are made thereon based
value declared by Reconstruction Company (RC)/ on the RBI guidelines. Based on management
Securitization Company (SC) or the provisioning assessment of impairment, The Group additionally
rate as per the extant asset classification and creates provision over and above the RBI guidelines.
provisioning norms as applicable to the underlying The depreciation/provision on such non-performing
loans, assuming that the loan notionally continue investments are not set off against the appreciation
in the books of the Bank. All other investments in in respect of other performing securities. Interest on
the Security Receipts are valued as per the NAV non-performing investments is not recognized in the
obtained from issuing RC / SC. Profit and Loss account until received.
Investments in quoted Mutual Fund (MF) Units are e) Profit/Loss on sale of Investments
valued at the latest repurchase price/net asset
Profit/Loss on sale of Investments in the HTM
value declared by the mutual fund. Investments in
category is recognized in the profit and loss account
un-quoted MF Units are valued on the basis of the
and profit thereafter is appropriated (net of applicable
latest re-purchase price declared by the MF in respect
taxes and statutory reserve requirements) to Capital
of each particular Scheme.
Reserve. Profit/Loss on sale of investments in HFT
and AFS categories is recognized in the Profit
Investment in listed instruments of Real Estate
and Loss account.
Investment Trust (REIT)/Infrastructure Investment
Trust (INVIT) is valued at closing price on a recognized
f) Accounting for repos/reverse repos
stock exchange with the higher volumes. In case the
instruments were not traded on any stock exchange Securities sold under agreements to repurchase
within 15 days prior to date of valuation, valuation is (Repos) and securities purchased under agreements
done based on the latest NAV (not older than 1 year) to resell (Reverse Repos) including liquidity
submitted by the valuer. adjustment facility (LAF) with RBI are treated as
collateralized borrowing and lending transactions
Sovereign foreign currency bonds are valued using respectively in accordance with RBI master circular
Composite Bloomberg Bond Trader (CBBT) price No. DBR.No.BP.BC.6/21.04.141/2015-16 dated
or Bloomberg Valuation Service (BVAL) price or on July 1, 2015. The first leg of the repo transaction
Treasury curve in the chronological order based is contracted at the prevailing market rates.
on availability. The difference between consideration amounts of
first and second (reversal of first) leg reflects interest

Schedules
and is recognized as interest income/expense over exposure of the banking system to a specified borrower
the period of transaction. beyond Normally Permitted Lending Limit (NPLL) in
proportion to bank’s funded exposure to specified
Group also undertakes Repo and Reverse repo borrower. Such provisions are included in Schedule 5 –
transactions from IFSC Banking Unit in GIFT ‘Other liabilities & provisions – Others’.
City in Foreign currency Sovereign Securities
and accounting is similar to the domestic In respect of restructured standard and non-performing
repo transactions. advances, provision is made for the present value of
principal and interest component sacrificed at the time of
g) Investment fluctuation reserve restructuring the assets, based on the RBI guidelines.
With a view to building up of adequate reserves
Accounts are written-off in accordance with the Bank’s
to protect against increase in yields, RBI through
policies. Recoveries from bad debts written-off are
circular number RBI/2017-18/147 DBR.No.BP.
recognized in the Profit and Loss account and included
BC.102/21.04.048/2017-18 dated April 2, 2018,
under other income.
advised all banks to create an IFR with effect from
the FY 2018-19.
In case of loans sold to asset reconstruction company if
consideration is more than net book value, The Group
The amount transferred to IFR will be lower of
records the security receipts as investment at Net Book
the following (i) net profit on sale of investments
Value as per RBI guidelines.
during the year or (ii) net profit for the year less
mandatory appropriations, until the amount of IFR is
The Group has in place a Country Risk management
at least 2 percent of the HFT and AFS portfolio, on a
policy as part of its Board approved Credit policy, which
continuing basis.
is based on extant regulatory guidelines and addresses
the identification, measurement, monitoring and reporting
18.5.3 Advances
of country risk. Countries are categorized into seven risk
Accounting and classification categories, viz. Insignificant, Low Risk, Moderately Low
Risk, Moderate Risk, Moderately Risk, High Risk and Very
Advances are classified as performing and non-performing
High Risk. The Group calculates direct and indirect country
based on the relevant RBI guidelines. Advances are stated
risk in line with the policy requirements. Indirect exposure
net of specific provisions, interest in suspense, inter-bank
is reckoned at 50% of the exposure in case of countries
participation certificates issued and bills rediscounted.
where the net funded exposure exceeds 1% of the Bank’s
total assets. Further, if the net funded exposure of The
Provisioning
Group in respect of each country exceeds 1% of the
Provisions in respect of non-performing advances are Bank’s total assets, provisioning is required to be made
made based on management’s assessment of the on exposure to such countries. Depending on the risk
degree of impairment of the advances, subject to the category of the country, provisioning is done on a graded
minimum provisioning level prescribed in relevant scale ranging from 0.25% to 100% for exposures with
RBI guidelines. The specific provision levels for retail contractual maturity greater than or equal to 180 days.
non-performing assets are also based on the nature of In respect of short-term exposures with contractual
product and delinquency levels. Specific provisions in maturity less than 180 days, 25% of the normal provision
respect of non-performing advances are charged to the requirement is held.
Profit and Loss account and included under Provisions
and Contingencies. 18.5.4 Transactions involving foreign
exchange
As per the RBI guidelines a general provision is made on
Foreign currency income and expenditure items of
all standard advances, including provision for borrowers
domestic operations are translated at the exchange
having unhedged foreign currency exposure and for
rates prevailing on the date of the transaction.
credit exposures computed as per the current marked
Income and expenditure items of integral foreign
to market values of interest rate and foreign exchange
operations (representative offices) are translated at
derivative contracts. These also include provision for
the daily average closing rates and of non-integral
stressed sector exposures and provision for incremental

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foreign operations (foreign branches) at the monthly 18.5.5 Earnings per share
average closing rates.
The Group reports basic and diluted earnings per equity
share in accordance with Accounting Standard (AS) 20,
Premia/discounts on foreign exchange swaps, that are
“Earnings per Share” notified under Section 133 of the
used to hedge risks arising from foreign currency assets
Companies Act, 2013. Basic earnings per equity share
and liabilities, are amortized over the life of the swap.
have been computed by dividing net profit after tax for
the year by the weighted average number of equity
Monetary foreign currency assets and liabilities are
shares outstanding for the period.
translated at the balance sheet date at rates notified
by the Foreign Exchange Dealers’ Association of India
Diluted earnings per equity share have been computed
(‘FEDAI’). Foreign exchange contracts are stated at
using the weighted average number of equity shares and
net present value using LIBOR/SWAP curves of the
dilutive potential equity shares options outstanding during
respective currencies with the resulting unrealized gain or
the period except where the results are anti dilutive.
loss being recognized in the Profit and Loss Account and
correspondingly in other assets (representing positive
18.5.6 Accounting for derivative transactions
Mark-to-Market) and in other liabilities (representing
negative Mark-to-Market (MTM)) on a gross basis. Derivative transactions comprises forward rate
agreements, swaps and option contracts. The Group
In accordance with AS 11 ‘The Effects of changes in undertakes derivative transactions for market making/
Foreign Exchange Rates’, contingent liabilities in respect trading and hedging on-balance sheet assets and
of outstanding foreign exchange forward contracts, liabilities. All market making/trading transactions are
derivatives, guarantees, endorsements and other marked to market on a monthly basis and the resultant
obligations are stated at the exchange rates notified by unrealized gains/losses are recognized in the profit
FEDAI corresponding to the balance sheet date. and loss account.
Both monetary and non-monetary foreign currency Derivative transactions that are undertaken for hedging
assets and liabilities of non-integral foreign operations are accounted for on accrual basis except for the
are translated at closing exchange rates notified by FEDAI transaction designated with an asset or liability that is
at the Balance Sheet date and the resulting profit/loss carried at market value or lower of cost or market value
arising from exchange differences are accumulated in the in the financial statements, which are accounted similar to
Foreign Currency Translation Account until the disposal of the underlying asset or liability.
the net investment in the non-integral foreign operations.
Cross currency interest rate swaps which are used by
In accordance with the RBI clarification, The Group The Group to hedge its foreign currency borrowings have
does not recognise in the profit and loss account the been designated as cash flow hedges and are measured
proportionate exchange gains or losses held in the foreign at fair value. The corresponding gain or loss is recognized
currency translation reserve on repatriation of profits from as cash flow hedge reserve. Further to match profit/loss
overseas operations. on account of revaluation of foreign currency borrowing,
the corresponding amount is recycled from cash flow
Currency future contracts are marked to market daily using hedge reserve to Profit and Loss account.
settlement price on a trading day, which is the closing price
of the respective future contracts on that day. While the daily The Group follows the option premium accounting
settlement prices is computed on the basis of weighted framework prescribed by FEDAI SPL – circular dated
average price of such contract, the final settlement price December 14, 2007. Premium on option transaction
is taken as the RBI reference rate on the last trading day of is recognized as income/expense on expiry or early
the future contract or as may be specified by the relevant termination of the transaction. Mark-to-market (MTM)
authority from time to time. All open positions are marked gain/loss (adjusted for premium received/paid on option
to market based on the settlement price and the resultant contracts) is recorded under ‘Other Income’.
marked to market profit/loss is daily set.
The amounts received/paid on cancellation of option
contracts are recognized as realized gains/losses on
options. Charges receivable/payable on cancellation/

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termination of foreign exchange forward contracts and As per the RBI guidelines on ‘Prudential Norms for
swaps are recognized as income/expense on the date of Off-balance Sheet Exposures of Banks’ a general
cancellation/ termination under ‘Other Income’. provision is made on the current gross MTM gain of
the contract for all outstanding interest rate and foreign
Valuation of Interest Rate Futures (IRF) is carried out on exchange derivative transactions.
the basis of the daily settlement price of each contract
provided by the exchange. 18.5.7 Fixed assets
Fixed assets are stated at cost less accumulated
The requirement for collateral and credit risk mitigation
depreciation, amortization and accumulated impairment
on derivative contracts is assessed based on internal
losses. Cost comprises the purchase price and any cost
credit policy. Overdues if any, on account of derivative
attributable for bringing the asset to its working condition
transactions are accounted in accordance with extant
for its intended use. Subsequent expenditure incurred on
RBI guidelines.
assets put to use is capitalised only when it increases the
future benefit /functioning capability from/of such assets.
18.5.8 Depreciation
Depreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the
management, at the rates mentioned below-
Useful life of Assets as per Useful life of Assets as per

Class of asset
Companies Act, 2013 Bank’s Accounting Policy
Owned Premises 60 years 60 years
Office equipment 5 years 5 years
Computer hardware1 6 years 3 years
Computer software* 6 years 4 years
Vehicles1 8 years 5 years
Furniture and Fixtures 10 years 10 years
Automated Teller Machines (‘ATMs’)1 15 years 10 years
Leasehold improvements to premises - Over the lease period or 9
years whichever is less.
* As per RBI Guidelines.
1
ased on technical evaluation, the management believes that the useful lives as given above best represent the period over which management
B
expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II
of the Companies Act, 2013.
▲▲ Assets costing up to `5,000 are fully depreciated in amount is charged over the revised remaining useful
the year of purchase. life of the said asset.
▲▲ For assets purchased/sold during the year, ▲▲ The useful life of assets is based on historical
depreciation is being provided on pro rata basis by experience of the Bank, which is different from
the Bank. the useful life as prescribed in Schedule II to the
▲▲ Improvements to leasehold assets are depreciated
over the remaining period of lease. 18.5.9 Impairment of assets
▲▲ Reimbursement, if any, is recognized on receipt Assets are reviewed for impairment whenever events
and is adjusted to the book value of asset and or changes in circumstances indicate that the carrying
depreciated over the balance life of the asset. amount of an asset may not be recoverable. An asset’s
recoverable amount is the higher of an asset’s net selling
▲▲ Whenever there is a revision in the estimated useful
price and its value in use. If such assets are considered to
life of the asset, the unamortized depreciable
be impaired, the impairment is recognized by debiting the

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profit and loss account and is measured as the amount The defined gratuity benefit plans are valued by an
by which the carrying amount of the assets exceeds the independent actuary as at the Balance Sheet date using
recoverable amount of the assets. the projected unit credit method as per the requirement of
AS-15, Employee Benefits, to determine the present value
18.5.10 Employee benefits of the defined benefit obligation and the related service
costs. Under this method, the determination is based on
Employee Stock Option Scheme (‘ESOS’)
actuarial calculations, which include assumptions about
The Employee Stock Option Scheme (‘the Scheme’) demographics, early retirement, salary increases and
provides for the grant of options to acquire equity shares interest rates. Actuarial gain or loss is recognized in the
of The Group to its employees. The options granted to Profit and Loss account.
employees vest in a graded manner and these may be
exercised by the employees within specified periods. Provident fund
In accordance with law, all employees of The Group are
Measurement of the employee share-based payment
entitled to receive benefits under the provident fund, a
plans is done in accordance with the Guidance Note on
defined contribution plan in which both the employee and
Accounting for Employee Share-based Payments issued
The Group contribute monthly at a pre determined rate.
by Institute of Chartered Accountants of India (ICAI) and
Contribution to provident fund are recognized as expense
SEBI (Share Based Employee Benefits) Regulations,
as and when the services are rendered The Group has no
2014. The Group measures compensation cost relating to
liability for future provident fund benefits other than its
employee stock options using the intrinsic value method.
annual contribution.
Compensation cost is measured by the excess, if any, of
the fair market price of the underlying stock (i.e. the last
In February 2019, the honorable Supreme Court of India
in its judgment clarified that certain special allowances
the date of grant of stock options) over the exercise price.
should be considered to measure obligations under
The exercise price of the Bank’s stock option is the last
Employees' Provident Funds and Miscellaneous
Provisions Act, 1952 (the PF Act). The Group has been
the date of grant of stock options and accordingly there
legally advised that there are interpretative challenges on
is no compensation cost under the intrinsic value method.
the application of judgment retrospectively and as such
does not consider there is any probable obligations for
Compensated Absence
past periods. Due to imperative challenges, the Bank has
The employees of The Group are entitled to carry not disclosed contingent liability amount for past liability.
forward a part of their unavailed/unutilized leave subject
to a maximum limit. The employees cannot encash National Pension System (NPS)
unavailed/unutilized leave. The Group provides for
The NPS is a defined contribution retirement plan.
leave encashment/compensated absences based on an
The primary objective is enabling systematic savings and
independent actuarial valuation at the Balance Sheet
to provide retirees with an option to achieve financial
date, which includes assumptions about demographics,
stability. Pension contributions are invested in the pension
early retirement, salary increases, interest rates and
fund schemes. The Group has no liability for future fund
leave utilization.
benefits other than the voluntary contribution made by
employees who agree to contribute to the scheme.
Gratuity
The Group provides for gratuity, a defined benefit 18.5.11 Leases
retirement plan, covering eligible employees. The plan
Leases where the lessor effectively retains substantially all
provides for lump sum payments to vested employees
risks and benefits of ownership are classified as operating
at retirement or upon death while in employment or on
leases. Operating lease payments are recognized as an
termination of employment for an amount equivalent to
expense in the profit and loss account on a straight-line
15 days’ eligible salary payable for each completed year
basis over the lease term in accordance with Accounting
of service if the service is more than 5 years. The Group
Standard -19, Leases.
accounts for the liability for future gratuity benefits
using the projected unit cost method based on annual
actuarial valuation.

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18.5.12 Income taxes Contingent assets are not recognized in the financial
statements. However, contingent assets are assessed
Tax expense comprises current and deferred tax.
continually and if it is virtually certain that an inflow of
Current tax comprises of the amount of tax for the period
economic benefits will arise, the asset and related income
determined in accordance with the Income Tax Act, 1961
are recognized in the period in which the change occurs.
and the rules framed there under. Deferred income taxes
reflects the impact of current year timing differences
18.5.14 Cash and Cash equivalent
between taxable income and accounting income for the
year and reversal of timing differences of earlier years. Cash and cash equivalents include cash in hand, balances
Deferred tax assets and liabilities are recognized for the with RBI, balances with other banks and money at call
future tax consequences of timing differences between and short notice.
the carrying values of assets and liabilities and their
respective tax bases, and operating loss carry forwards. 18.5.15 Corporate social responsibility
Deferred tax assets and liabilities are measured using
Expenditure towards corporate social responsibility, in
the enacted or substantively enacted tax rates at the
accordance with Companies Act, 2013, are recognized in
balance sheet date.
the Profit and Loss account.
Deferred tax assets are recognized only to the extent
18.5.16 Debit and credit cards reward points
there is reasonable certainty that the assets can be
realized in future. In case of unabsorbed depreciation The Group estimates the probable redemption of debit
or carried forward loss under taxation laws, all deferred and credit card reward points and cost per point using
tax assets are recognized only if there is virtual certainty actuarial valuation method by employing an independent
of realization of such assets supported by convincing actuary, which includes assumptions such as mortality,
evidence. Deferred tax assets are reviewed at each redemption and spends.
balance sheet date and appropriately adjusted to
reflect the amount that is reasonably/virtually certain Provisions for liabilities on said reward points are made
to be realized. based on the actuarial valuation report as furnished by the
said independent actuary and included in other liabilities.
18.5.13 Provisions and contingent assets/
liabilities 18.5.17 Bullion
A contingent liability is a possible obligation that arises The Group imports bullion including precious metal
from past events whose existence will be confirmed by the bars on a consignment basis for selling to its customers.
occurrence or non-occurrence of one or more uncertain The imports are typically on a back-to-back basis and
future events not wholly within the control of The Group are priced to the customer based on a price quoted
or a present obligation that arises from past events that is by the supplier. The Group earns a fee on such bullion
not recognized because it is not probable that an outflow transactions. The fee is classified in other income.
of resources will be required to settle the obligation or a The Group also deals in bullion on a borrowing and
reliable estimate of the amount of the obligation cannot be lending basis and the interest paid/ received thereon is
made. The Group does not recognize a contingent liability classified as interest expense/ income respectively.
but discloses its existence in the financial statements
18.5.18 Share issue expenses
In accordance with AS 29, Provisions, Contingent
Share issue expenses are adjusted from Share
Liabilities and Contingent Assets, The Group creates a
Premium Account in terms of Section 52 of the
provision when there is a present obligation as a result
of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the
18.5.19 Segment information
amount of the obligation.
The disclosure relating to segment information is in
Provisions are reviewed at each balance sheet date and accordance with AS-17, Segment Reporting and as per
adjusted to reflect the current best estimate. If it is no guidelines issued by RBI.
longer probable that an outflow of resources would be
required to settle the obligation, the provision is reversed.

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18.5.20 Priority Sector Lending Certificates priority sector portfolio by selling or buying PSLC. There is
(PSLC) no transfer of risks or loan assets in these transactions.
The fee paid for purchase of the PSLC is treated as an
The Group, in accordance with RBI circular FIDD.CO.Plan.
‘Expense’ and the fee received from the sale of PSLCs is
BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in
treated as ‘Other Income’.
18.6 Capital
18.6.1 Equity Issue
During the financial year ended March 31, 2019, The Group has issued 12,065,794 shares pursuant to the exercise of
stock option aggregating to `953.47 million (previous year: `1,378.65 million)
Movement in Share Capital

(` in million)
As at As at
Share Capital
March 31, 2019 March 31, 2018
Opening Share Capital 4,605.93 4,564.86
Addition due to exercise of Stock Option 24.13 41.07
Addition due to shares issued to QIP – –
Closing Share Capital 4,630.07 4,605.93
18.6.2 Proposed Dividend be `5,582.01 million, including dividend tax (previous

year: `7,503.64 million). The actual dividend payout may
The Board of Directors of the bank has recommended
however change due to equity shares options exercised
a dividend of `2 per equity share for approval by
by employees between the end of the financial year and
shareholders at the 15th Annual General Meeting.
the dividend declaration date.
If approved, the total liability arising to The Group would
18.7 Income Taxes

Provisions made for Income Tax during the year
(` in million)
Particulars
March 31, 2019 March 31, 2018
Current income tax expense 23,009.69 22,439.16
Deferred income tax credit (16,612.30) (2,726.00)
TOTAL 6,397.39 19,713.16

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18.8 Staff retirement benefits

The following table sets out the funded status of the Gratuity Plan and the amounts recognized in the Group’s financial
statements as of March 31, 2019 and March 31, 2018:
a) Changes in present value of Obligations
(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
Present Value of Obligation at the beginning of the year 1,155.37 902.92
Past Service Cost - 0.41
Benefits Paid (83.96) (108.47)
Actuarial (gain)/loss on Obligation 26.07 36.01
Changes in the fair value of plan assets:

(` in million)
Particulars
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 1,155.29 885.95
Adjustment to Opening Balance - 4.25
Expected return on plan assets 80.78 61.93
Contributions - 321.34
Benefits paid (83.96) (108.47)
Actuarial gain/(loss) on plan assets (26.51) (9.71)
The Bank has entire contribution of Gratuity Fund as Investments with Insurance Companies.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled.
Net gratuity cost for the year ended March 31, 2019 and March 31, 2018 comprises the following components:
(` in million)
Particulars
March 31, 2019 March 31, 2018
Expected Return on plan assets (80.78) (61.93)
Net Actuarial gain recognized in the year 52.59 45.72
Past Service Cost 0.09 0.41
Expenses recognized 338.48 307.14

Schedules
Experience History:
(` in million)
For the For the For the For the For the
year ended year ended year ended year ended year ended
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015
(Gain)/Loss on obligation due to 57.48 (70.88) 48.37 15.18 33.86
change in assumption
Experience (Gain)/Loss on obligation (31.99) 113.80 32.76 (5.99) (51.26)
Actuarial Gain/(Loss) on plan assets (26.51) (5.21) 8.46 (18.68) (2.49)
The assumptions used in accounting for the gratuity plan are set out below:
(` in million)
Particulars
March 31, 2019 March 31, 2018
Discount Rate 7.05%~7.55% 7.4%~7.60%
Expected Return on Plan Assets 7.00% 7.00%~8.00%
Mortality IALM (2006-08) Ult IALM (2006-08) Ult
Future Salary Increases 10%~12.00% 12.00%
Disability - -
Attrition 8%-27% 6%-25%
Retirement 60 yrs 60 yrs
Actuarial assumption on salary increase also takes into consideration the inflation, seniority, promotion and other
relevant factors.
Position of plan asset/liability
(` in million)
Particulars
March 31, 2019 March 31, 2018
Plan asset/(liability) (338.49) (0.09)
The Group is yet to determine future contribution to Gratuity fund for Financial Year 2019-20.
National Pension Scheme

The Bank has contributed `20.82 million for the year ended March 31, 2019 (March 31, 2018: `15.22 million) to NPS
for employees who had opted for the scheme. The Bank has no liability for future fund benefits other than its annual
contribution for the employees who agree to contribute to the scheme.
Provident Fund (PF)

The Bank has recognised in the profit and loss account `823.71 million for the year ended March 31, 2019 (March 31,
2018: `730.44 million) towards contribution to the provident fund.
Compensated absence
The Bank has recognised `174.07 million in the profit and loss account for the year ended March 31, 2019 (March 31,
2018: `53.85 million) towards compensated absences.

Schedules
18.9 Segment Results

Pursuant to the guidelines issued by RBI on AS-17 (Segment Reporting) – Enhancement of Disclosures dated April 18,
2007, effective from period ending March 31, 2008, the following business segments have been reported.
▲▲ Treasury: Includes investments, all financial markets activities undertaken on behalf of the Bank's customers,
Proprietary trading, maintenance of reserve requirements and resource mobilisation from other banks and financial
institutions.
▲▲ Corporate/Wholesale Banking: Includes lending, deposit taking and other services offered to corporate customers.
▲▲ Retail Banking: Includes lending, deposit taking and other services offered to retail customers.
▲▲ Other Banking Operations: Includes para banking activities like third party product distribution, merchant
banking etc.
(` in million)
Corporate/
Other Banking
Operations
Banking
Segment Revenue 104,539.78 222,612.45 45,658.71 2,936.72 375,747.65
Result 35,460.35 14,183.39 (4,524.82) 884.69 46,003.61
Other Information:
Segment assets 1,302,564.99 1,979,830.69 486,554.09 2,939.84 3,771,889.61
Segment liabilities 1,081,751.87 1,411,265.34 947,394.05 2,112.79 3,442,524.05
March 31, 2019.

Schedules
(` in million)
Corporate/
Other Banking
Operations
Banking
Segment Revenue 65,927.05 166,354.92 29,728.16 2,662.90 264,673.03
Result 29,460.99 54,753.48 (5,907.63) 1,223.37 79,530.21
Other Information:
Segment assets 1,022,128.60 1,714,497.01 371,370.33 1,411.15 3,109,407.09
Segment liabilities 751,075.32 1,261,035.68 750,850.50 5,311.04 2,768,272.54
March 31, 2018.
Notes for segment reporting:

1. The business of the Bank is concentrated largely in India. Accordingly, geographical segment results have not been
reported in accordance with AS-17 (Segment Reporting).
2. In computing the above information, certain estimates and assumptions have been made by the Management and
have been relied upon by the auditors.
3. Income, expense, assets and liabilities have been either specifically identified with individual segment or allocated
to segments on a systematic basis or classified as unallocated.
4. The unallocated assets Includes tax paid in advance/tax deducted at source and deferred tax asset.
5. The unallocated liabilities include Share Capital, Reserves & Surplus and Tier I bond borrowings.
6.
Inter-segment transactions have been generally based on transfer pricing measures as determined by
the Management.

Schedules
18.10 Related Party Disclosures

The Group has transactions with its related parties comprising of subsidiary, key management personnel and the relative
of key management personnel
As per AS 18 “Related Party Disclosures”, notified under Section 133 of the Companies Act, 2013, read together with
paragraph 7 of the Companies (Accounts) Rules 2014, the Bank’s related parties for the year ended March 31, 2019
are disclosed below:
Individuals having significant influence:

Key Management Personnel (‘KMP’) (Whole-time Director)

Enterprise where relative of whole time director having significant influence

▲▲ BW Businessworld Media Private Limited and Apex Club India Private Limited
above-mentioned KMP during the year ended March 31, 2019:
(` in million)
Relatives of Enterprise
Whole-time
Whole-time where relative
directors / Maximum Maximum
Items/Related Party directors/ of whole time
individual having Balance during Balance during
Category individual having director having
significant the year the year
significant significant
influence
influence influence
Deposits 3.06* 15.62
Interest paid 0.52
Receiving of services 5.46
Dividend paid 270.00
* Represents outstanding as of March 31, 2019.

Schedules
During the year ended March 31, 2019, the Bank has contributed `537.86 million (previous year `452.13 million) to
YES Foundation. YES Foundation is an independent public charitable trust which undertakes social charitable activities.
YES Foundation does not qualify as Related Party, as defined under the Accounting Standard 18 - Related Party
Disclosure and RBI guidelines
above-mentioned KMP during the year ended March 31, 2018:
(` in million)
Relatives of Enterprise
Whole-time
Whole-time where relative
directors / Maximum Maximum
Items/Related Party directors/ of whole time
individual having Balance during Balance during
Category individual having director having
significant the year the year
significant significant
influence
influence influence
Deposits # # # #
Interest paid # #
Receiving of services # 6.02
Dividend paid #
# In Financial Year 2017-18 there was only one related party in the said category, hence the Bank has not disclosed the details of transactions in
accordance with circular issued by the RBI on March 29, 2003 “Guidance on compliance with the accounting standards by banks”.
18.11 Operating Leases

Lease payments recognized in the profit and loss account for the year ended March 31, 2019 was `3,651.58 million
(Previous year: `4,067.79 million). During the year ended March 31, 2019, the Group had paid minimum lease payment
`3,661.08 million (Previous year: `3,723.92 million).
The following table sets forth, for the period indicated, the details of future rental payments on operating leases.
(` in million)
As at As at
Lease obligations March 31, 2019 March 31, 2018
Not later than one year 3,501.92 3,711.47
Later than one year and not later than five years 9,817.78 14,691.30
Later than five years 12,418.84 16,627.33
TOTAL 25,738.54 35,030.10
The Group does not have any provisions relating to contingent rent.
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
There are no undue restrictions or onerous clauses in the agreements.

Schedules
18.12 Earnings Per Share (‘EPS’)

The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20, “Earnings
Per Share”. The dilutive impact is mainly due to stock options granted to employees by the Bank.
The computation of earnings per share is given below:
(` in million)
March 31, 2019 March 31, 2018
Basic (annualized)
Net profit/(loss) (`) 17,092.66 42,332.20
Basic earnings per share (`) 7.40 18.46
Diluted (annualized)
Net profit/(loss) (`) 17,092.66 42,332.20
Diluted earnings per share (`) 7.33 18.09
Nominal value per share (`) 2 2
The difference between weighted average number of ▲▲ YBL JESOP V/ PESOP II (Consisting of three sub
equity shares outstanding between basic and diluted schemes JESOP V/ PESOP II/ PESOP II -2010).
in the above mentioned disclosure is on account of
▲▲ YBL Employee Stock Option Scheme, 2018 (YBL
outstanding ESOPs.
ESOS 2018) [Consisting of YBL Joining Employee
Stock Option Plan, 2018 (JESOP 2018); YBL
Basic earnings per equity share has been computed by
Performance Employee Stock Option Plan, 2018
dividing net profit for the year attributable to the equity
(PESOP 2018); and YBL MD&CEO (New) Stock
shareholders by the weighted average number of equity
Option Plan, 2019 (MD&CEO Plan 2019)]
shares outstanding for the year. Diluted earnings per
equity share has been computed by dividing the net
Effective from June 13, 2018, all new options have been
profit for the year attributable to the equity shareholders
granted under the YBL ESOS 2018 (which inter-alia
by the weighted average number of equity shares and
consists of JESOP 2018, PESOP 2018 and MD & CEO
dilutive potential equity shares options outstanding
Plan 2019). The YBL ESOS 2018 and plans formulated
during the year, except where the results are anti-dilutive.
thereunder are in compliance with the SEBI (Share Based
The dilutive impact is on account of stock options granted
Employees Benefits) Regulations, 2014 as amended
to employees by the Bank. There is no impact of dilution
from time to time. Source of shares are primary in nature,
on the profits in the current year and previous year.
since the Bank has been issuing new equity shares upon
exercise of options.
18.13 ESOP Disclosures JESOP II and JESOP III were in force for employees
Statutory Disclosures Regarding Joining joining the Bank up to March 31, 2006 and March 31,
Stock Option Scheme: 2007 respectively. Grants under PESOP II had been
discontinued w.e.f. January 20, 2010. Grants under
The Bank has Five Employee Stock Option Schemes viz. JESOP IV/PESOP I and JESOP V/ PESOP II -2010 had
been discontinued w.e.f. June 12, 2018 pursuant to
▲▲ Joining Employee Stock Option Plan II (JESOP II),
coming into effect of YBL ESOS 2018. However, any
▲▲ Joining Employee Stock Option Plan III (JESOP III), options already granted under the abovementioned plans
would be valid in accordance with the terms & conditions
▲▲ YBL ESOP (consisting of two sub schemes JESOP
mentioned in the plans.
IV / PESOP I)

Schedules
In accordance with the various Employee Stock Option Plans/Schemes of the Bank as mentioned above, the Employees
can exercise the options granted to them from time to time:
JESOP/PESOP ESOP Scheme Exercise period

JESOP JESOP II 50% after 3 years and balance after 5 years from the Grant date
MD&CEO Plan 2019 20%, 30% & 50% each year, from end of 1st year from the Grant date
PESOP PESOP I 25% after each year from the Grant date
A summary of the status of the Bank’s stock option plans as on March 31, 2019 and March 31, 2018 is set out below:

PESOP JESOP PESOP JESOP
Options outstanding at the beginning of the year 46,257,335 15,963,100 64,802,165 20,614,950
Granted during the year 365,000 5,940,000 3,847,500 1,697,500
Exercised during the year 9,265,020 2,800,774 15,590,830 4,947,350
Forfeited/lapsed during the year 2,338,200 847,500 6,801,500 1,402,000
Options outstanding at the end of the year 35,019,115 18,254,826 46,257,335 15,963,100
Options exercisable 18,701,265 3,901,451 18,413,585 2,277,350
Weighted average exercise price (`) 70.84 106.08 64.76 74.59
Weighted average remaining contractual life of 1.50 1.86 1.78 1.82
outstanding option (yrs)
The group has charged Nil amount, being the intrinsic value of the stock options granted for the year ended March 31,
2019 and March 31, 2018. Had the Bank adopted the Fair Value method (based on Black-Scholes pricing model),
for pricing and accounting of options, net profit after tax would have been lower by `375.18 millions (Previous year:
`414.98 millions), the basic earnings per share would have been `7.24 (Previous year: `18.28) per share instead of
`7.40 (Previous year: `18.46) per share; and diluted earnings per share would have been `7.17 (Previous year: ` 17.92)
per share instead of `7.33 (Previous year: `18.09) per share.

Schedules
The following assumptions have been made for computation of the fair value of ESOP granted for the year ended
March 31, 2019 and March 31, 2018.

March 31, 2019 March 31, 2018
Risk free interest rate 6.29% – 9.23% 6.29% – 9.23%
Expected life 1.5 yrs – 7.5 yrs 1.5 yrs – 7.5 yrs
Expected volatility 25.01% – 48.72% 25.01% – 48.72%
Expected dividends 1.20% 1.20%
In computing the above information, certain estimates and assumptions have been made by the Management.
18.14 Deferred Taxation

The deferred tax asset of million `25,374.71 as at March 31, 2019 and `8,762.42 million as at March 31, 2018, is
included under other assets and the corresponding credits have been taken to the profit and loss account.
The components that give rise to the deferred tax asset included in the balance sheet are as follows:
(` in million)
As at As at
Particulars
March 31, 2019 March 31, 2018
Deferred tax asset
Depreciation 597.38 418.59
Provision for gratuity and unutilized leave 395.53 213.48
Provision for Non-performing Assets 9,779.42 2,930.53
Amortization of premium on HTM securities 1,035.72 1,025.76
Other Provisions 2,447.48 953.47
Deferred tax asset 25,374.70 8,762.42
18.15 Provisions and Contingencies

The breakup of provisions of the Bank for the year ended March 31, 2019 and March 31, 2018 are given below:
(` in million)
Particulars
March 31, 2019 March 31, 2018
Provision for taxation 6,397.39 19,713.16
Provision for investments 6,824.89 2,599.44
Provision made/write-off for non-performing advances 25,669.54 10,792.64
Others Provisions* 2,767.12 462.88
TOTAL 64,172.99 35,255.55
* Other Provisions includes provision made against other assets.

Schedules
18.16 Dues to Micro and Small 18.19 Disclosure on Complaints

Enterprises The Bank became aware in September 2018 through
Under the Micro, Small and Medium Enterprises communications from stock exchanges of an anonymous
Development Act, 2006 which came into force from whistleblower complaint alleging irregularities in the
October 2, 2006, certain disclosures are required to be Bank’s operations, potential conflicts of interests in
made relating to Micro, Small and Medium enterprises. relation to the former MD and CEO and allegations of
There have been `437.40 million worth bills which incorrect NPA classification. The Bank conducted an
were paid with delays to micro and small enterprises. internal enquiry of these allegations, which was carried
There have no demand of interest on these payments. out by management and supervised by the Board of
The above is based on the information available with the Directors. The enquiry resulted in a report that was
Bank which has been relied upon by the auditors. 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
18.17 Provision for Long-Term contracts to independently examine the matter. The Bank, at the
The Bank has a process whereby periodically all long- direction of the Audit Committee and with the assistance
term contracts (including derivative contracts) are of this external firm, is continuing to analyze the allegations
assessed for material foreseeable losses. At the year end, in the whistleblower complaint and work is currently
the Bank has reviewed and recorded adequate provision ongoing. Based on work done and findings till date, the
as required under any law / accounting standards for Bank has not identified any material financial statement
material foreseeable losses on such long term contracts implications. The Bank will consider the implications of
(including derivative contracts) in the books of account ongoing work in the next financial year as the examination
and disclosed the same under the relevant notes in the of this matter is completed.
18.20 Additional disclosure
18.18 Specified Bank Notes (SBN) Additional statutory information disclosed in the separate
The disclosures regarding details of specified bank financial statements of the Bank and subsidiaries having
notes held and transacted during November 8, 2016 to no material bearing on the true and fair view of the
December 30, 2016 has not been made in these financial consolidated financial statements and the information
statements since the requirement does not pertain to pertaining to the items which are not material have not
financial year ended March 31, 2019. been disclosed in the consolidated financial statement.
18.20.1 Credit/Debit card reward points

Provision for credit card and debit card reward points for the year ended March 31, 2019
Particulars ` in million
Opening provision 112.12
Provision made during the year 180.73
Utilised/Write-back of provision (59.18)
Closing provision 233.67
During financial year ending March 31, 2018, the Bank has expended `77.70 million for accumulated rewards points
on credit and debit card.
The valuation of credit card and debit card reward points is based on actuarial valuation method obtained from an
independent actuary.

Schedules
18.20.2 Corporate Social Responsibility (CSR)

a) Amount required to be spent by the Bank on CSR during the year `955.8 million (previous year: `772.21 million).
b) Amount spent towards CSR during the year and recognized as expense in the Profit and Loss account on CSR
related activities is `537.86 million (previous year: `452.13 million), which comprise of following –
(` in million)
March 31, 2019 March, 31 2018
Amt unpaid Amt unpaid
In cash Total In cash Total
/provision /provision
Construction/acquisition of any asset - - - - - -

On purposes other than (i) above 470.78 67.08 537.86 397.89 54.24 452.13
18.20.3 Un-hedged / Uncovered Foreign Currency Exposures of the Group

The Group’s foreign currency exposures as at March 31, 2019 that are not hedged/covered by either derivative
instruments or otherwise are within the Net Overnight Open Position limit (NOOP) and the Aggregate Gap limit, as
approved by the RBI. NOOP is `2,206.32 million as at March 31, 2019 (March 31, 2018 `1,354.82 million).
18.21 Description of contingent liabilities

1. Claims against the Bank not The Bank is a party to various legal and tax proceedings in the normal course
acknowledged as debts of business. The Bank does not expect the outcome of these proceedings to
have a material adverse effect on the Bank’s financial conditions, results of
operations or cash flows.
2. Liability on account of forward The Bank enters into foreign exchange contracts, currency options, forward
exchange and derivative contracts rate agreements, currency swaps and interest rate swaps with interbank
participants and customers. Forward exchange contracts are commitments to
buy or sell foreign currency at a future date at the contracted rate. Currency
swaps are commitments to exchange cash flows by way of interest/principal
in one currency against another, based on predetermined rates. Interest
rate swaps are commitments to exchange fixed and floating interest rate
cash flows. The notional amounts of financial instruments of such foreign
exchange contracts and derivatives provide a basis for comparison with
instruments recognized on the balance sheet but do not necessarily indicate
the amounts of future cash flows involved or the current fair value of the
instruments and, therefore, do not indicate the Bank’s exposure to credit
or price risks. The derivative instruments become favorable (assets) or
unfavorable (liabilities) as a result of fluctuations in market rates or prices
relative to their terms. The aggregate contractual or notional amount of
derivative financial instruments on hand, the extent to which instruments are
favorable or unfavorable and, thus the aggregate fair values of derivative
financial assets and liabilities can fluctuate significantly.
3. Guarantees given on behalf As a part of its commercial banking activities the Bank issues documentary
of constituents, acceptances, credit and guarantees on behalf of its customers. Documentary credits such
endorsements and other as letters of credit enhance the credit standing of the customers of the Bank.
obligations Guarantees generally represent irrevocable assurances that the Bank will
make payments in the event of the customer failing to fulfill its financial or
performance obligations.

Schedules

4. Other items for which the Bank is Purchase of securities pending settlement, capital commitments, amount
contingently liable deposited with RBI under Depositor Education Awareness Fund (DEAF), bill
re-discounting, Foreign Exchange Contracts (Tom & Spot).
5. PF Liability In February 2019, the honorable Supreme Court of India in its judgment
clarified that certain special allowances should be considered to measure
obligations under Employees’ Provident Funds and Miscellaneous Provisions
Act, 1952 (the PF Act). The Bank has been legally advised that there are
interpretative challenges on the application of judgment retrospectively and
as such does not consider there is any probable obligations for past periods.
Due to imperative challenges, the Bank has not disclosed contingent liability
amount for past liability
Refer Schedule 12 for amounts relating to contingent liability.
Prior period comparatives

Previous year’s figures have been regrouped where necessary to conform to current year classification.


Mumbai
April 26, 2019

FORM AOC - 1
Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
Part “A”: Subsidiaries
(Amount in ` '000)
1 Sl. No.
YES Securities YES Asset YES Trustee
2 Name of the subsidiary (India) Limited Management Limited
(India) Limited
Reporting period for the subsidiary concerned, if different NA NA NA

3
from the holding company’s reporting period
Reporting currency and Exchange rate as on the last date of NA NA NA
4
the relevant Financial year in the case of foreign subsidiaries
5 Share capital 800,000 745,000 5,000
6 Reserves & surplus 730,704 (206,789) (1,775)
7 Total assets 3,557,110 570,205 3,522
8 Total Liabilities 2,026,406 31,994 298
9 Investments - 300,000 -
10 Turnover 888,874 1,219 311
11 Profit / (Loss) before taxation 78,695 (161,001) (1,114)
12 Provision for taxation 26,709 - -
13 Profit / (Loss) after taxation 51,986 (161,001) (1,114)
14 Proposed Dividend - - -
15 % of shareholding 100% 100% 100%
1. Names of subsidiaries which are yet to commence operations NA NA NA

2. Names of subsidiaries which have been liquidated or sold during the year- Nil
Part “B”: Associates and Joint Ventures

Statement pursuant to section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Not Applicable
DISCLOSURES UNDER BASEL III CAPITAL REGULATIONS – PILLAR III

In accordance with RBI circular DBR.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’
requires banks to make applicable Pillar 3 disclosures including leverage ratio under Basel III Framework. The Pillar III
disclosures have not been subjected to review by the statutory auditors. The Bank has made these disclosures which
are available on its website at the following link.
https://www.yesbank.in/pdf/basel_iii_disclosure_mar_31_2019.pdf

Notes

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AWARDS AND RECOGNITIONS

Awards and Recognitions

Global winner - SME Bank of the Year – Golden Peacock

Selected in Best Implementation of

‘Best Bank in India’ for Payments, Blockchain Initiative,

View our Annual Report online

YES BANK is committed

Everything begins with an idea – Earl Nightingale.

Annual Report 2018-19 3

2019 3,80,826 2019 2,41,500 2019 2,27,610

5 year CAGR 28.4% 5 year CAGR 34.1% 5 year CAGR 25.1%

2019 33.1% 2019 26,904 2019 16.5%

5 year CAGR 35.7% 5 year CAGR 30.5%

GROSS NPA (In %) NET NPA (In %)

2019 3.22% 2019 1.86%

2019 9,809 2019 4,590 2019 1,720

5 year CAGR 29.3% 5 year CAGR 21.7%

2019 3.2% 2019 43.5% 2019 7.4

FY 2018-19 Core NIMs stable; headline Sustained investments in Branches,

2019 0.5% 2019 6.5%

Annual Report 2018-19 5

FY 2019-20 will be the year when

The year 2018 was a year of heavy

In order to support the growth in the

In YES BANK’s 15 years of institutional Bank comprises of 12 Directors, including

During the year, there have been some

Annual Report 2018-19 7

DEAR SHAREHOLDERS, Over the last year, the economic and

Annual Report 2018-19 9

MR. BRAHM DUTT MR. ASHOK CHAWLA MR. M. R. SRINIVASAN

MS. RADHA SINGH MR. S. L. KAPUR LATE MR. ASHOK KAPUR

Past Managing Director & CEO

MR. AJAI KUMAR MR. RANA KAPOOR

MR. BRAHM DUTT MR. AJAI KUMAR MR. ANIL JAGGIA

Annual Report 2018-19 13

AJAY RAJAN AMIT SUREKA AMIT KUMAR AMIT SANAN

ANUP PUROHIT ARUN AGRAWAL ASEEM GANDHI ASHISH AGARWAL

ASIT OBEROI DEODUTTA KURANE DEVAMALYA DEY JYOTI PRASAD RATHO

KAPIL JUNEJA KUMAR LATA PILLAI NAMITA VIKAS

NIKHIL SAHNI NIRAV DALAL PARAG PUNIT MALIK

R. RAVICHANDER RAJ AHUJA RAJAN PENTAL RAJAT MONGA

RITESH PAI SANJAY NAMBIAR SANJIV MISRA SHUBHADA RAO

SUMIT GUPTA VINEET DHAR VINOD BAHETY SHIVANAND

Annual Report 2018-19 15

YES BANK’s Triple Bottom Line Approach

Manufactured Capital Financial Capital

Intellectual Capital Human Capital

Social & Relationship

Annual Report 2018-19 17

Manufactured Financial Human

Indicators Indicators Indicators

FY 2018-19 FY 2018-19 FY 2018-19

 ajor consumption of natural

Intellectual Natural Social &

FY 2018-19 FY 2018-19 FY 2018-19

3 Knowledge-based approach to provide 4 Supports daily operations 5 Employer of choice

6 RE Financing 7 Avoiding emissions 8 Supports local outreach

Annual Report 2018-19 19

L380,826.17 crore L20,496.94 crore L1,720.28 crore 25 lakh

ajor consumption of natural

3 Knowledge-based approach to provide 4 Supports daily operations 5 Employer of choice

6 RE Financing 7 Avoiding emissions 8 Supports local outreach