Annual Report 2021 22 PDF

Embracing the New.
Shaping the NE T.
YES BANK LIMITED | Annual Report 2021-22

CONTENTS Embracing the new.
Shaping the next.
02-17 FY 2021-22 YES BANK has emerged on the other side of its transformation journey
CORPORATE OVERVIEW
At a glance 02
Key highlights with its market standing reinstated and is resolute and focused on its
forward path. Our differentiated approach to growth aims at growing
Products & services 03 existing businesses and diversifying our loan profiles. Digitization has
Our Strategy
Chairman’s Message
04
08
K 9,760 cr penetrated deep within our banking infrastructure, and our powerful
digital frontend is helping to break open the market within the Retail,
Total Net Income SME, Wholesale and Rural segments by extending both the ease and the
Message from Managing Director & CEO 12
reach of banking.
K 2,916 cr
Key performance indicators 16
The last twelve months has seen the Bank return to full year

18-53
net profitability of `1,066 crore, improved asset quality and
Operating Profit successfully grown deposits. Likewise, we have consolidated
OUR INTEGRATED APPROACH our lead in the new-age digital payments space. YES BANK
K 1,066 cr
holds the highest market share in UPI transactions. Clients
Responsible banking 18 have renewed their confidence in us, and we have won back
Environment 26 Net Profit accounts and increased our share of wallet. Our stringent
governance structures, oversight and accountability
Social 32 mechanisms and hard focus on recoveries have cumulatively
K 70,000 cr
Governance 44 helped to improve our GNPA ratios and led to more robust
collateral coverage and credit evaluation for new loans. Thus,
New Sanctions / the strategic foundations that we have laid as a part of our
54-183 Disbursements
reconstruction exercise are already bearing fruit.
STATUTORY REPORTS Our technology transformation has significantly contributed

to our revival and will power our future growth. Our API-first
4.5%
Management discussion and analysis 54
approach has already enhanced the microservices business
Directors’ report 88 architecture enabling faster integration with B2B customers
Net NPA and partners. Work is underway for a “Zero Operations”
Corporate governance report 116
journey, with data-led decisions enabled by AI/ML overlays.
Business responsibility report 171 Progressive cloud adoption will accelerate efficiency and
17.4% flexibility while reducing risk.
184-310 Capital Adequacy Ratio

We aggressively focus on talent management to fulfil
our ambitious growth agenda. Keeping sight of our ESG
FINANCIAL STATEMENTS commitments, we are leading the path to sustainability
31.1%
Standalone Financials 184 within the Indian banking industry. We are the first Indian
Bank to measure, and report financed emissions of our
Consolidated Financials 267
CASA ratio electricity generation loan exposure. We have also launched
the first green bond and green fixed deposit amongst the
Indian banks.
60% Several aspects of our transformation are converging to

build favourable traction on our growth journey while we
Share of Retail and continue to reimagine our business in view of the dynamic
MSME in Total Advances economic landscape.
YES BANK LIMITED | ANNUAL REPORT 2021-22 CORPORATE OVERVIEW OUR INTEGRATED APPROACH STATUTORY REPORTS FINANCIAL STATEMENTS
AT A GLANCE PRODUCTS & SERVICES
Milestones on the high-growth path Addressing diverse financial needs

YES BANK is a full-service commercial bank which offers a complete range of
products, services and technology-driven digital offerings to its Corporate, Retail
Branch Banking Debit Cards Digital Banking Spectrum
and MSME customers. YES BANK operates its investment banking, merchant banking Banking
Page 57 Page 58 Page 58
and brokerage businesses through YES Securities, a wholly-owned subsidiary of the D
Page 58
Bank. Service-focused and knowledge-driven, the Bank goes beyond the traditional
boundaries to offer financial solutions to the economy’s sunrise sectors and
underserved communities.
Headquartered in Mumbai, the Bank has a pan-India presence, including an IFSC Banking Unit at GIFT City, Yes Private YES First and YES Premia YES Prosperity
Gandhinagar, and a representative office in Abu Dhabi. Page 59 YES First Business Page 59 Page 60
Page 59
New Age Private Market leader Young and dynamic Pan-India presence
sector bank within payments workforce
YES Family Global Indian Retail Banking Rural and

Page 60 Banking Assets Inclusive
D Page 60 Page 61 Banking
Page 62
Credit Cards Merchant Fintech Small and Micro

Page 63 Acquiring Services Partnerships Enterprises
J 318,220 cr #1 24,346 1,122 Page 63 Page 64 D

Banking
Page 64
Total Assets in UPI P2M Employees Branches
transactions with
J 181,052 cr share of 43% 9 years Large Institutional and Emerging Local Transaction
Advances Average years of 1,244 Corporates Government Corporates Banking
#1 service for top ATMs / BNAs / CRMs

Page 65
D
Banking
Page 66
Page 67 Page 68
60% NEFT outward debit management

Share of Retail & MSME
in Advances
transactions
#2 Financial Stressed Asset
AEPS 18% Amongst Large-Sized D
Markets
Page 68
D
Management
Page 69
market share in Banks in the Best
transaction volume places to work in
(Basis off-us India 2021 awards by
40% transactions) AmbitionBox.com
Share of Corporate
in Advances
2 3
OUR STRATEGY
Building the foundations for To achieve the long-term strategic objectives, the Bank has laid out a
comprehensive Business Strategy for the next few years, which hinges
new age banking on three key pillars:
As the economy recovered from the blow of the COVID-19 pandemic,

FY 2021-22 was a year of steady, calibrated growth for the Bank. Inclusive, customer centric, digital &
Bigger analytics led growth
The early investments made in building our digital The Bank stays committed to executing its long- and Better • Granularizing the business model
capabilities, our broad-based distribution franchise term strategy of being a leading Universal Bank and • Deepen and widen our reach
and product suite and our focus on being a customer- strengthening its market-leading position as a Banker Universal
• Creating value across Business
focused bank positioned us well to ride these difficult to the ‘new age’ economy while steadily growing its Bank ecosystem & capturing flows
and evolving times. With the vaccination drive becoming Retail, SME and Wholesale businesses and diversifying
entrenched and demand coming back in the second half income streams. At the same time, the focus of the • Best in class ‘digical’ customer
of the year, the Bank swiftly changed gears and gained Bank’s management is to build an institution which experience
momentum in all business areas. This enabled the Bank has the highest standards of governance, strong risk • Tap incremental business opportunities
to end on a strong note – as seen from various business processes, and is financially strong and technologically in stressed assets space
metrics - deposits and advances growth, fee income, powered to deliver the best value to its customers and
digital product launches, stressed asset recoveries etc. all stakeholders.
The Bank’s positive financial performance reflects its
underlying solid fundamentals and growth potential.
Market Leadership through value
Banker to creation in the new age economy
Accordingly, the Bank’s key strategic objectives are as follows:

the new age • Infrastructure rails to digital players
• Banker to the new age businesses e.g.,
economy fintechs, startups
• Reimagining banking through
partnerships
Maintain Maintain
Grow and Digital the highest
granularize leadership and standards of risk
deposit invest in building management,
franchise analytics governance, and
function compliance
Continue Focus on
Continue to Responsible franchise supported by
successful
sustained and
resolution and
strengthen Be good, People, Technology & Data
calibrated responsible
growth of asset recovery of
franchise
Do good • Highest standards of business ethics
stressed assets and integrity
book image
pool • Embedding ESG across core business
functions
• Build a purpose driven organization and
strong employee value proposition
• Build muscle in Technology & Data
4 5
Our Strategy
‘Bigger and Better’ Banker to the new age Be good,

Universal Bank economy Do good
The Bank will continue to be a leading player in the The Bank has also been a strong Wholesale banking The Bank recognises an immense opportunity in Continuing to focus on People and making investments in
Indian banking industry. It will strive to become ‘Bigger player in the industry and will continue on this glide path relationship banking to the start-up, e-commerce and strengthening its Technology and Data infrastructure are
and Better’ through a holistic business model and by growing with a calibrated approach. Key pillars of the fintech ecosystem. The Bank aspires to be the Banker pivotal to achieving the Bank’s strategic objectives. The
granular balance sheet growth, led by a focus on the wholesale banking strategy have been to focus on client & of Choice to these new-age companies by providing Bank is future-proofing its technology platforms to further
Retail and SME segments. With customers at the centre sector-specific lending opportunities with an eye on new niche, customised banking solutions and selective debt the digital agenda of the Bank, with IT infrastructure
of its actions, the Bank aims to strengthen its customer customer onboarding, deepening product penetration and equity participation. The Bank also plans to grow its upgrades as required to cope with increased scale and
experience and service with greater empathy and digitize and cross-sell, liability growth and solutioning based Cash Management business further, primarily driven by volumes. At the same time, it is building new muscle
key asset and deposit journeys to build segmented focus on government banking and emerging local FinTechs and the E-commerce segment and has become through initiatives such as introducing the Garage concept
and personalized ‘digital first’ propositions. The Bank’s corporates. The Bank is making digital investments the preferred Banking Partner across India. At the same for in-house agile development & API banking hub. The
complete product suite has been utilized for banking the and focusing on knowledge sector-driven relationship time, the Bank will focus on growing its Trade Finance Bank is also strengthening its capabilities across data
entire life cycle of the customer. management to achieve this strategy while maintaining business through increasing non-credit flows and other management, analytics, and artificial intelligence to deliver
the highest governance and risk management standards. initiatives such as digital analytics based cash flow business value and growth.
The growth of retail distribution continues to be a core
The Bank is also targeting selective opportunities in the lending and supply chain financing.
part of the Bank’s strategy, driven by its pan-India branch The Bank is committed to best-in-class training and
infrastructure lending space that are likely to get a boost
network and strong digital capabilities and alliances. The The Bank continues to be a market leader in the digital capability building for its employees, focusing on ‘role
from enhanced business prospects in the economy and
Bank also recognizes the key role that Rural India will play payments space and has steadily invested in monetising and skill-specific training and certifications across all
government expenditure.
in India’s growth story and is fully committed to fulfilling these capabilities. The Bank processes nearly every levels. Additionally, the Bank has also launched the ‘APEX
its role in serving the Bharat ecosystem. The Bank has third digital transaction in the country which totals Leadership Program’ for top and senior management
placed a significant thrust on identifying emerging rural over 6 billion monthly. It has invested in the necessary leaders focused on the theme of ‘Conscious Leadership’.
markets to increase value growth and drive profitability. infrastructure to introduce new digital payment To build a steady stream of high-quality talent for the
solutions for the customers and partners, including Bank, innovative ‘train and hire’ programs have been
foraying into new areas such as Toll & Transit payments launched in FY 2021-22, including the YES PROFESSIONAL
and collections. The Bank has also implemented the first BANKER program and YES FORCE program. The Bank also
of its kind cloud-native module to act as a sponsor bank continued to invest in hiring top-end young talent from
for IPOs. It also foresees an opportunity in the Payment premier educational institutions through the flagship ‘YES
Aggregation (PA) space, wherein the Bank may provide a Professional Entrepreneurship Program’.
tech platform to fintech players to allow them to comply
Last but not least, the Bank recognizes that sustainable
with regulatory guidelines.
growth is inextricably linked with environmental
sustainability, social development, and good governance
and, therefore, continues to integrate ESG considerations
into its core business strategically.
6 7
CHAIRMAN’S MESSAGE
A new beginning with

unbounded opportunities
Dear Shareholders, EXTERNAL ENVIRONMENT

YES BANK has now traversed beyond FY 2021-22 has been a year of resurgence for the
economy, and our growth curve has gained from Balance Sheet crosses D3 lakh
two years on its extraordinary this upswing. After a year of contraction of 6.6% in crore during the year and GNPA
transformational journey post the 2020-21, the Indian economy is back on track in
ratio improves to 13.9% vs 15.4%
Bank’s Reconstruction in March 2020. FY 2021-22 and has grown by 8.7%. Agricultural growth
last year.
After deftly navigating a challenging remained in the positive territory through the period of
the COVID-19 restrictions. Manufacturing sector growth
macro scenario in the wake of was at 9.9% in FY 2021-22, after being in a contraction
COVID-19 and other extraneous zone in the previous year while Services sector growth
factors, your Bank is now well placed was strong at 8.4% in FY 2021-22, recovering from a 7.8% opportunities and extending full support and services to
to deliver accelerated solid growth contraction in FY 2020-21. the underserved.
into the future in an inclusive and The new fiscal has started with its challenges as the world
TRANSFORMATION YIELDING STRONG RESULTS
sustainable way. Despite several economy remains on edge against global inflationary
pressures and the unexpected Russia-Ukraine conflict The Bank’s transformation journey is now near complete,
challenges, the Bank turned a and its broader geopolitical implications. With oil and the restructuring is yielding strong results. While
significant corner and achieved a and commodity prices ratcheting up, India’s macro the year that followed the start of this transformation
historic milestone of returning to fundamentals are also likely to be under pressure, was about building more robust internal structures, risk
management mechanisms and growing public trust, this
robust profitability after a gap of especially as inflationary contagion worsens and
year’s focus has been on delivering on the promise and
external sector vulnerability increases. Consequential
two years. potential adverse impact and volatility of fixed income setting a definitive growth agenda for the future.
and capital markets will need to be closely monitored. Your Bank has performed successfully across several
To ensure seamless and quality growth from
However, as per estimates by multilateral agencies, India key parameters despite the COVID-19 pandemic and
hereon, our top priorities would be to extend the
would maintain its position among the fastest-growing other headwinds that slowed economic growth over
boundaries of safe and easy banking, establish
economies globally, with RBI holding adequate stock of the year. The Bank reported a net profit of `1,066 crore
new paradigms of customer satisfaction, sharpen
foreign exchange reserves to contain external sector in FY 2021-22 – this is the first full year of profitability
our operating performance, and foster innovation
vulnerabilities. Even with all these global uncertainties, reported since FY19. Strong growth is reflected across
and digitisation that will give strong momentum
we expect the government to continue its reforms total assets, advances, deposits, and the strategic
to our fast-emerging business evolution. Your
process and support robust economic growth through objective of our advances mix between Retail and MSME
Bank will continue to ensure that this quality and
calibrated public capital expenditure and continued to Corporate at 60:40 has been achieved. Our deposits
sustainable growth is achieved by maintaining
policy modifications for ease of doing business. growth has been leapfrogging ahead, with current
the highest standards of governance, compliance,
and risk assurance. Given the growing uncertainties over global and account deposits growing by 39% and savings accounts
domestic risks, your Bank will maintain a strong vigil deposits by 48% YoY. Our retail book has become more
for unexpected risks. Over the past two years, we diversified this year, and we continue to keep a hawk-eye
have steered through a very complex situation and focus on the quality and collections under this book. The
developed robust risk processes. Therefore, the Bank Bank’s balance sheet crossed `3 lakh crore for the first
remains confident of achieving its full potential in the time since September 2019. GNPA ratio has improved
current financial year by tapping into emerging growth to 13.9% vs 15.4% last year. These positive indicators
8 9
Chairman’s Message
customer experiences and service differentiation. REIMAGINING THE BANK

The interface intuitively transforms to create a service In conclusion, I am happy to report that the Bank
The next wave of digitisation experience and cross-sell opportunities that emanate The banking space in India is ripe continues to make confident strides within the domestic
from an intelligent and correlated understanding of
in banking will be catalysed by customers’ banking profiles, unique customer histories
for disruptions, big and small. banking industry while simultaneously charting a new
course of reimagining banking for India – and Bharat.
intelligent platforms that extend and demographics. Every customer is served with deep One kind of disruption is to bring Our strategy is to touch the future through the building
serviceability and unlock new knowledge, in lesser time and with a higher conversion unbanked customers into the fold blocks that we lay now. The Bank’s technologically solid
customer segments and business success. In this way, we are also transforming the sales – either through first-time access architecture has made us light on our feet, prescient
and customer handling functions, making them more
opportunities. Both our retail and intimate, client-focused, and available on tap.
or by making inroads through on trends and opportunities, and quicker to closure,
which is bearing fruit. YES BANK has restored market
wholesale businesses are designed synergistic service lines. Rural and confidence through its performance in recent years – a
to leverage this force multiplier. CUSTOMER SEGMENTS OF INTEREST semi-urban India holds enormous feat recognised by rating agencies with outlooks turning
The banking space in India is ripe for disruptions, big promise for driving value growth positive on our capabilities as we continue to build
and small. One kind of disruption is to bring unbanked and profitability. businesses for the future.
customers into the fold – either through first-time access
or by making inroads through synergistic service lines. OUR GRATITUDE
spotlight YES BANK’s transformation after the turbulence
Rural and semi-urban India holds enormous promise With lessons of the past now well integrated, we
of the recent years, and we are deeply grateful to all our
for driving value growth and profitability. We have have emerged as a more innovative and more robust
stakeholders for standing with us and demonstrating
been deepening our branch presence in rural regions organization that is keenly aware of what is next and
faith in us. We endeavour to deliver on our mission of
and strategically partnering with technology providers business generation and a steady growth within the how to get there. I remain grateful for the confidence you
being a customer-centric, service-driven bank catering to
for co-origination and cross-sell retail and SME assets, MSME segment. have shown both in the new leadership and in the Bank’s
the future needs of India. For tomorrow belongs to those
insurance, securities, and wealth offerings. We are also capabilities, and in your willingness to evaluate us on the
who shape it today.
working as an ecosystem co-creator and enabler. YES ENVIRONMENTAL, SOCIAL AND GOVERNANCE strength of our achievements. As we go on to discover
BANK’s Agri Infinity programme aims to co-developing (ESG) PERFORMANCE newer ways of creating value and consolidating our
RIDING THE TECH WAVE
digital financial solutions for the food and agriculture collective successes, I acknowledge and express gratitude
The next wave of digitisation in banking will be catalysed The Bank continues to reinforce its focus on ESG
ecosystem by mentoring entrepreneurial ventures in for the trust placed on us by our esteemed customers,
by intelligent platforms that extend serviceability performance and leadership. During the year, the Bank
the field. shareholders, regulators and all other stakeholders.
and unlock new customer segments and business constituted a Board level Corporate Social Responsibility
The MSME segment continues to remain attractive for and Environmental Social & Governance Committee to That has helped guide us on our extraordinary journey in
opportunities. Both our retail and wholesale businesses
us. The micro, small and medium businesses suffered strengthen ESG governance and enhance the integration rejuvenating your Bank over the last two years. All of this
are designed to leverage this force multiplier. A strong
the brunt of the COVID-19-related economic downturn. of environmental and social considerations into its would not have been possible without the exemplary
foundation has already been built with an extensive
But there are some strong positives in their favour. business. To align with India’s bold target of achieving commitment and conviction displayed by 24,346 YES
pan-India network of 1,122 branches. Our physical reach
They are also early and intensive users of tech-based net zero emissions by 2070, the Bank has pledged to BANKers, the enormous support of the regulators and
underpins the vast digital ecosystem that we carefully
banking. MSMEs have been able to pivot around reduce greenhouse gas emissions from its operations to my esteemed Board colleagues.
weld together as our digital frontend. The full-service
virtual front end includes the Loan in Seconds platform quickly with a helping hand from the government. net-zero by 2030. The Bank has also developed a carbon On behalf of YES BANK, I thank you for the opportunity
and automated service initiatives like YES Robot and the MSME business made up 24% of our advances base in intensity target mix for its renewable and non-renewable to serve you and wish you continued success.
CRM platform - YES Genie, resulting in lower turnaround FY 2021-22, and we see a huge potential for product energy generation portfolio to align with global
times and higher productivity. We are already witnessing volumes and customer size in this segment. 1.5-degree decarbonisation pathways. It also continues Best Regards,
the gains, and in FY 2021-22, 74% of our new CASA to build capacities toward climate risk measurement and
We are offering our entire product suite across all SUNIL MEHTA
accounts were sourced digitally. mitigation. YES BANK believes that financial institutions
customer segments - HNIs, affluent, NRIs, mass, rural Chairman
have a significant role in building a climate-resilient,
and inclusive banking, and retain the flexibility to roll
PRODUCT AND SERVICE DIFFERENTIATION sustainable economy. The Bank continues to engage with
out tailor-made solutions for specific customer groups.
stakeholders across the spectrum to create frameworks
A digitally advanced, feature-loaded frontend also This is easier with our tech-enabled functionalities and a
for mainstreaming sustainable finance and, in FY 2021-
requires a different perspective on products and services. fully loaded digital frontend. Self-assist digital tools like
22, co-led the workstream ‘Building Resilience in the
We enable this through our indigenously developed the MSME App, Trade-On-Net, and FX Online illustrate
Financial Sector’ as part of the Task Force on Sustainable
single banking interface Insights 2 Engage. It uses business the power of such customizability, helping internal
Finance, constituted by the Department of Economic
intelligence and analytics to generate personalized
Affairs, Ministry of Finance, Government of India.
10 11
MESSAGE FROM MANAGING DIRECTOR & CEO
Positive rebound,
confident growth
10 Lakh CASA accounts opened and 11 Lakh retail FD
accounts opened during the year. This uptick has been
Dear Shareholders,
Maximising market share growth achieved despite prevailing low-interest rates offered by
I am happy to report to you that the banking sector.
in the digital payments space has
the Bank has returned to full- been our concerted strategy in Retail assets continue to form a mixed portfolio spread
year profitability – a first since across secured business loans, auto loans, commercial
line with Digital India. In fact, the
FY 2018-19 with a net profit of vehicle loans, personal loans, construction equipment
Bank processes nearly every third loans, and credit cards. The Bank reported nearly
`1,066 crore. Reflecting back, digital transaction undertaken in `33,000 crore in new sanctions/disbursements in retail
I would like to thank all the 24,346 the country. assets in FY 2021-22.
YES BANKers, our shareholders, our
customers, and other stakeholders LEADERSHIP IN DIGITAL PAYMENT ECOSYSTEM
all leading indicators, YES BANK has closed the year with
who have supported us in this a first Full Year profit of `1,066 crore and continued its
Maximising market share growth in the digital payments
space has been our concerted strategy in line with
transformational journey. efforts to build businesses across all areas of banking. Digital India, the Government’s flagship programme
This positive performance has resulted from unwavering with a vision to transform India into a digitally
The first quarter of FY 2021-22 coincided with teamwork and a culmination of the YES family’s dedicated empowered society and knowledge economy. We are
the second wave of COVID-19 in India, which was efforts towards achieving service excellence. Every YES in a leadership position in UPI and AePS, with a market
more severe than the first wave. Having said that, BANKer has gone above and beyond in persevering to share of 43% and 18% in FY2021-22, respectively. In fact,
the relative downside to the economy was lower ensure that all vital business opportunities get realized the Bank processes nearly every third digital transaction
than during the first wave as the government did to enhance value for our stakeholders. undertaken in India. We also have a reasonable market
not go in for a blanket lockdown of the economy.
The Bank’s new leadership has been successful in share while processing payouts through NEFT (14%
Restrictions to economic activity were more
implementing positive changes and has delivered on the market share), IMPS (12% market share) and Micro ATMs
localised and selective. Economic momentum
priorities set out in the last fiscal. During this time, the (3rd largest player with 10% market share). In pursuit of
was seen to improve over the various quarters
work of reconstructing the Bank’s corporate governance, exploring newer areas, the Bank shall focus on digitising
of FY 2021-22, and real GDP growth stands at
accountability, monitoring and oversight and risk toll and transit areas. Annuity incomes continue to show
8.7% after a contraction of 6.6% in the previous
management structures was also put in place. Business strong growth from trade and cash management on the
financial year. Both the government and the
priorities have gained precedence on the foundation back of high API-led banking volumes. The Bank holds
monetary authorities continued their efforts to
of this robust and transparent governance framework. a leadership position in API banking, with 6,815 set-ups
stabilise the economy. RBI kept the policy rates
During the year, sustained growth was recorded across done for customers.
unchanged throughout the year and ensured
the availability of adequate liquidity to meet many key parameters, indicating the strengthening Our early adoption of cloud-based services and AI-led
credit requirements for different sectors. The fundamentals, and firming up public confidence. analytics has created this advantage, with the early
government also encouraged credit flows to leadership position enhancing our chances of growing
the MSME sector through its ECLGS scheme. GROWTH IN DEPOSITS, ADVANCES, revenues as platforms become ubiquitous. YES BANK is
The Union Budget announced in February 2022 AND RETAIL ASSETS deepening its presence and raising its service standards
signalled a fiscal correction for FY 2022-23 but At the end of the year, deposits stood at `197,192 crore, on such platforms while extending its reach at very low
kept the government’s capital expenditure marking a growth of 21% over last year. Advances too operating costs as part of the Government’s Digital India
push intact. demonstrated a significant upward trend closing at and Cashless India initiatives. Such a strategy also aligns
`181,052 crore for the year, an 8% increase over last with our growth strategy around rural banking, inclusive
In these uncertain times, the Bank was able to
year’s figures. A strong run-rate has been maintained banking, small and micro enterprises.
post one of its strongest annual and quarterly
in the numbers of accounts acquired, with a total of
results. Maintaining that early momentum across
13
Message from Managing Director & CEO
GRANULAR APPROACH IN WHOLESALE In the rural segment, our portfolio is spread across ~225 the organization and across its value chain. On the
BANKING AND EMERGING GROWTH AREAS districts in 14 states, and the total book size is `4,100 crore. portfolio front, the Bank continues to strengthen the
The Bank’s exposure to rural lenders is well distributed implementation of its Environment and Social Risk
A segmental approach with respect to the wholesale
across the value chain, with the largest share of loanees Management System through specialized training
YES BANK continues to be the only
banking clients delivered good results. Bifurcating the
clients into large corporate, institutional clients, emerging under joint liability group (48% share) and farmer financing modules and is proactively taking steps toward climate Indian Bank to measure and report
(35% share). NPA at <2% is one of the healthiest across the risk measurement and mitigation in its endeavour to align its financed emissions, targeting to
Bank’s entire loan portfolio. with the recommendations of the Task Force on Climate- align its electricity generation sector
India’s MSMEs contribute to Related Financial Disclosures. YES BANK continues to be
A similar strategy has been adopted for our MSME clients, exposure to the global 1.5-degree
nearly one-third of the country’s the only Indian Bank to measure and report its financed
where digital and analytics form the fulcrum of both new decarbonization pathways. During
GDP through their domestic acquisitions and seamless customer service. Analytics
emissions, targeting to align its electricity generation
sector exposure to the global 1.5-degree decarbonization the year, the Bank was recognized
and international commerce, is being used to drive prospective client identification,
pathways. During the year, the Bank was recognized for for its ESG and climate-related
and a large portion of them are while the AI-powered Early Warning Signals framework
its ESG and climate-related disclosures and performance
helps to flag off incipient sickness and support frontline disclosures with its inclusion as
onboarding onto digital modes with its inclusion as a constituent in Morgan Stanley
remedial management. a constituent in Morgan Stanley
of operation. The Bank reported Capital International’s (MSCI) ACWI ESG Universal Index
and ACWI Low Carbon Leaders Index, among others. The Capital International’s (MSCI) ACWI
nearly `18,000 crore in new UNWAVERING FOCUS ON RECOVERIES
Bank was also the only Indian Bank to be selected among ESG Universal Index.
sanctions/disbursement to the The Stressed Asset Management team of the Bank has the 100 Best Emerging Market Performers in ESG, as
SME segment in FY 2021-22. been instrumental in achieving cash recoveries and assessed by V.E, part of Moody’s ESG Solutions.
upgrades amounting to `7,290 crore in FY 2021-22, which
is on the back of `5,782 crore in FY2020-21. This has been As we consolidate on the growth momentum,
a focus area of the Bank over the past two years, and the organization-wide initiatives are being taken up to
corporate advances growth at 10% and Retail, SME and
team has more than achieved its guidance. The strong strengthen our long-term capabilities by ensuring critical
Medium Enterprises advances growth > 25%, Sustain CD
local corporates, and financial market players have push towards business generation has in no way taken skills in a diverse talent pool. Across the people hierarchy,
ratio < 100%, Recoveries and Upgrades > `5,000 crore
enabled the bank to address the specific needs of each away our focus on improving our loan book quality, with we are aligning our people capabilities to deliver on the
and ROA > 0.75%.
segment and provide tailor-made solutions with the the GNPA ratio improving to 13.9% and PCR, including strategic growth pillars identified by the organization.
active engagement of a dedicated relationship manager. technical write-offs, at 81.5%. We continue with our light-at-the-top disaggregated The horizon of India’s growth appears dynamic and
approach, with close to 21,000 of our 24,346 strong replete with promise, and we are invested in leveraging
STRATEGIC PUSH TOWARDS EMERGING RURAL ENVIRONMENTAL, SOCIAL AND GOVERNANCE workforce belonging to the junior management level. We this immense potential in ways that serve the country
MARKETS AND MSMEs (ESG) PERFORMANCE have instituted a dedicated capability building function and our stakeholders. I thank each one of you who has
We foresee high growth potential within emerging rural called the YES School of Banking for this very large group been a part of the YES BANK family for your valued
The Bank continues to deliver on its commitment to build
markets and MSMEs. Currently, India’s MSMEs contribute to provide specific role and skill-focused training and support and trust. I am confident that we will grow
a responsible franchise focused on sustainable growth.
to nearly one-third of the country’s GDP through their certifications. Simultaneously, we continue to stress the stronger together as we welcome a more prosperous
This year, the Bank announced a target to achieve net-
domestic and international commerce, and a large importance of making YES BANK a nurturing workplace tomorrow.
zero emissions from its operations by 2030. As a first
portion of them are onboarding onto digital modes of for our employees, with policies that provide creative and
step, it switched to sourcing renewable energy to power
operation. Industry data shows that Indian MSMEs are supportive solutions for various employee needs. Our Sincerely,
its headquarters in Mumbai. Ensuring that its branches
rapidly adopting digital payments over cash, with 72% hybrid and flexible working model are one such example;
and offices adhere to the highest environmental PRASHANT KUMAR
of payments done through the digital mode compared skill or goal-based employee training module is another.
performance standards, the Bank continued to monitor Managing Director & CEO
to 28% of cash transactions. Within the Bank, both these Our efforts to create a wholesome work environment
and enhance its Environmental Management System, YES BANK
segments continue to perform well on key indicators. have been recognized -- we have been ranked second
with 732 of its facilities maintaining their ISO 14001:2015
The Bank has seen steady growth in disbursements and among the large-sized banks in the Best Places to Work
certification for the ninth year in a row. Committed to
an enhancement in cross-sell metrics. The Bank reported in India 2021 awards, conducted by AmbitionBox.com.
building a diverse and inclusive workplace, the Bank is
nearly `2,500 crore new sanctions/disbursements in targeting to increase the participation of women to 30% Our constant endeavour is to deliver the best value to
rural and `18,000 crore new sanctions/disbursement of its workforce in the next five years and is in the process our stakeholders and to honour the trust they have
to the SME segment in FY 2021-22. YES BANK has taken of recruiting differently abled persons at select centres. placed in us. To strengthen our commitment to all our
a direct approach to these emerging growth areas stakeholders, we have shared our strategic objectives
with dedicated, high-quality front-end interactions, The Bank has also instituted important policies to
for FY 2022-23, which include CASA ratio at 35%, Retail
geographic spread and a diversified customer base with enhance employee work-life balance and emphasize
& MSME Advances Mix to further improve by > 400 bps
wide-ranging business and individual profiles. its commitment to respect human rights within
from the current 60:40, Advances YoY growth > 15% with
14 15
KEY PERFORMANCE INDICATORS

NET PROFIT (` in crore) DEPOSITS (` in crore) NET INTEREST MARGIN (%) COST OF DEPOSITS (%)
1,066 197,192 2.3 5.0

FY 2021-22 1,066 FY 2021-22 197,192 FY 2021-22 2.3 FY 2021-22 5.0
FY 2020-21 (3,462) FY 2020-21 162,947 FY 2020-21 2.8 FY 2020-21 6.0
FY 2019-20 (16,418) FY 2019-20 105,364 FY 2019-20 2.2 FY 2019-20 6.5
ADVANCES (` in crore) TOTAL ASSETS (` in crore) LIQUIDITY COVERAGE RATIO (%) CD RATIO (%)
181,052 318,220 126.8 91.6

FY 2021-22 181,052 FY 2021-22 318,220 FY 2021-22 126.8 FY 2021-22 91.6
FY 2020-21 166,893 FY 2020-21 273,543 FY 2020-21 122.3 FY 2020-21 102.4
FY 2019-20 171,443 FY 2019-20 257,827 FY 2019-20 37.0 FY 2019-20 162.7
CASA RATIO (%) RETAIL MSME: CORPORATE MIX (%) CAPITAL ADEQUACY RATIO (%) CET1 RATIO (%)
31.1 60.0 : 40.0 17.4 11.6

FY 2021-22 31.1 FY 2021-22 60.0 40.0 FY 2021-22 17.4 FY 2021-22 11.6
FY 2020-21 26.1 FY 2020-21 51.0 49.0 FY 2020-21 17.5 FY 2020-21 11.2
FY 2019-20 26.6 FY 2019-20 44.0 56.0 FY 2019-20 8.5 FY 2019-20 6.3
Retail MSME Corporate
GROSS NPA (%) NET NPA (%) RETURN ON EQUITY (%) RETURN ON ASSETS (%)
13.9 4.5 3.2 0.4

FY 2021-22 13.9 FY 2021-22 4.5 FY 2021-22 3.2 FY 2021-22 0.4
FY 2020-21 15.4 FY 2020-21 5.9 FY 2020-21 (11.4) FY 2020-21 (1.3)
FY 2019-20 16.8 FY 2019-20 5.0 FY 2019-20 (81.8) FY 2019-20 (5.1)
16 17
OUR INTEGRATED APPROACH
Responsible banking Our value creation model
YES BANK aims to embed integrated thinking into its business in order to RETA • Lending
ensure that all aspects of its value creation process coalesce around its goal of IL • Deposit taking
achieving sustainable growth. With a strong belief that financial performance, • Other services offered
BA
RY
ecological sustainability and social development go hand in hand, the Bank to retail customers
NK
TR E A SU
• Financial Market
continuously endeavours to harmonize its actions and assess its performance
ING
activities on behalf of
across the three areas with an objective to minimize negative impacts and customers
maximize positive impacts of its business. • Proprietary trading BUSINESS MODEL
• Maintenance of reserves
The Bank works and interacts with several forms of capital to create value in the course of its business
• Resource mobilization
activities. Through its work with different stakeholder groups, across capitals, the Bank strives to create
G
from other Banks and FIs
KI
N
value in a responsible and transparent manner, in line with the goals set forth by frameworks such as the
National Guidelines for Responsible Business Conduct (NGRBC), the UN Sustainable Development Goals WH N
(SDGs), the Paris Climate Agreement, and the Principles for Responsible Banking (PRB).
OLESALE BA • Lending
• Deposit taking
• Other services offered to
corporate customers
NATURAL HUMAN INTELLECTUAL FINANCIAL MANUFACTURED I SOCIAL &

CAPITAL CAPITAL CAPITAL CAPITAL CAPITAL RELATIONSHIP CAPITAL
Through its operations and Our employees are the brand YES BANK harnesses its in-house The Bank continues to improve With 11 major offices, 1,122 branches, The Bank continues to build social
physical presence in the form of ambassadors of the Bank and play a pool of diverse skills, sector-specific its financial performance through and 1,244 ATMs/ CRMs/BNAs, the value by delivering superior customer
branches and offices, the Bank pivotal role in helping the Bank prosper expertise, knowledge banking, and granularity of business and Bank continues to build a national experience, promoting sustainability
utilizes and contributes to natural in the face of evolving regulations, industry leading digital infrastructure diversification of income streams, footprint presence with a strong in its supply chain, driving access
ecosystems. YES BANK is cognizant technology and customer demand. to build a dynamic franchise, capable led by the retail and MSME business digital backbone. to finance at the bottom of the
of its environmental impact and They constantly strive to provide of capitalizing on new-age, emerging segments. The focus continues to be pyramid, and supporting vulnerable
responsibility towards climate action, best-in-class services to customers opportunities. on sustainable profitability through communities across India.
and continually endeavours to and are committed to nurturing faith a balanced earnings mix between
conserve natural resources, reduce and trust for the institution amongst retail and wholesale businesses while
its carbon footprint and disclose its all its stakeholders. The Bank has a remaining disciplined on costs and
environmental performance. high quality and robust talent pool capital.
with diverse skillsets, competencies,
creative abilities that give us a
sustained competitive advantage.
Read more Page 26 Read more Page 32 Read more Page 32 Read more Page 192 Read more Page 26 Read more Page 32
18 19
Our value creation model
Stakeholder Stakeholder
Natural Capital Ecosystems Biodiversity
Human Capital Employees
INPUT OUTPUT INPUT OUTPUT
Resources Emissions Employees Employees

• 57,455 MWh of grid electricity consumed • 44,284.5 tCO2e emissions from grid electricity • 24,346 full-time employees up from 22,270 • 9 years average vintage amongst Top Management
• 238,801.51 litres of diesel consumed consumption in the previous year • Employee engagement survey conducted with 79%
• 124.67 tons of paper consumed (A4 & A3) • 631.54 tCO2e emissions from diesel consumption • ‘VOICE of YES’ employee engagement survey with employee participation
• 557.82 tCO2e emissions from paper consumption Gallup
Conservation Diversity
Conservation Diversity • 18.77% Women participation in workforce
• Replaced 11,826 conventional fixtures and CFL
signages with LED units • 235.43 tCO2e of emissions avoided from LED • Diversity & Inclusion (D&I) Council in place
Training
• Digitized paper-based processes saving replacements • The Bank is aiming for a 30% gender diversity over the
• 136,700 training days attended by employees
3,510,000+ sheets of paper • 144.67 tCO2e of emissions avoided from paper saved next 5 years
• 5.61 average training-days, per executive
• Procured 100% recycled paper (A4) for internal • 9 th year of achieving ISO 14001:2015 Environmental Training
operations Management System certification for 732 facilities Health
• 5,817 training programs conducted
• Replaced 1,212 tonnage of ACs with energy • Assisted 31 employees through the COVID Relief Fund
Climate Health
efficient systems that use eco-friendly coolants • 234 female executives and 1,009 male executives
• Sectoral targets for aligning electricity generation • COVID Mediclaim Policy and hospitalization claim availed parental leave with 99.6% and 100% return to
Climate sector exposure, to global 1.5 degree reimbursements for employees work rate, respectively
• Target to achieve net zero emissions Renewables • COVID vaccination drives for employees and family
(Scope 1 & 2) by 2030 Rewards
• 562 MW of incremental renewable energy capacity members
• Only Indian Bank to measure and report financed • 9,000+ employees rewarded for professional
financed • COVID Relief Fund (employee contribution + matching
emissions of its electricity generation sector achievements
• 1,105 tCO2e emissions eliminated from YBH contribution by Bank) for assisting impacted
exposure colleagues
Renewables • Reimbursements on COVID-19 vaccination cost for
• Switched to sourcing renewable energy to power employees and dependents
head office, YES BANK House (YBH) in Mumbai • Parental leave (Maternity and Paternity) and adoption
• Installed 5 kVA solar power system at the Pune leave
Bund Garden Branch Rewards
• ‘YES LEAGUE OF EXCELLENCE’ rewards and recognition
platform
• Employee Volunteering Policy with paid time-off to
volunteer for a social cause
20 21
Stakeholder Stakeholder
Intellectual Capital Customers Government
Financial Capital Investors Industry Academia
INPUT OUTPUT INPUT OUTPUT
Digital Mandates Capital Advances

• Modern, scalable, and resilient digital • 28 new Advisory mandates across agriculture, infra, • `40,397 crore (Total CRAR at 17.4%) • `108,631 crore in Retail & MSME advances; 60% of
infrastructure food processing, fruit import, fisheries, meat, poultry, the advances mix
Borrowings
• Industry leading API Banking platform and spices, and dairy • `72,421 crore in Corporate advances
• `72,205 crore
technology stack Digital Disbursement
Deposits
Knowledge • Largest stack of APIs with 6,815 set ups done for • ~`53,500 crore in Retail & SME disbursements
customers so far • `197,192 crore up 21% YoY
• Specialized Food and Agribusiness Strategic • ~`16,000 crore in Wholesale banking disbursements
Advisory and Research (FASAR) unit • No.1 Bank for UPI payments with 43% market share Cost
Recoveries
• Specialized Corporate & Government Advisory • No.1 Bank for NEFT outward debit transactions • `3.32 crore were spent on energy conservation
(CGA) group with 14% market share including AC retrofitting, LED projects • `7,290 crore in total recoveries & upgrades
• Specialized Sustainable Finance Unit with • Loan in seconds (LIS) platform for end-to-end digital Renewables C/ D Ratio
strategic ESG focus loans • 91.8% down from 102% in previous year
• `1,769 crore in financing towards renewable energy
Knowledge projects in FY 2021-22 Liquidity
• Associated with the Task Force on Sustainable Finance, • 126.8% Liquidity Coverage Ratio
set up by the DoE, MoF and co-led development of a
whitepaper on ‘Building ESG Resilience within the Profit
Financial Sector’ • `1,066 crore in FY 2021-22 – First full year profit since
• Partnered ACMA on a study on ‘EV Landscape: FY 2018-19
Opportunities for India’s Auto Component Industry’
• Supported Ministry of Electronics & Information
Technology (MeitY) R&D program on technology
development in the Electric Vehicle Systems
• Developed Chandigarh’s Electric Vehicle Policy
• Developed knowledge report on Urban Rejuvenation:
Transition to a Smart and Sustainable Future
• Curated and co-created 9 knowledge events aimed
at the agriculture sector, food and agri value chain, in
partnership with government agencies and eminent
industry forums
• Partnered IIT Delhi to develop two research papers on
climate change impact across different climatic zones
in India.
22 23
Manufactured Capital
Stakeholder Social & Relationship Stakeholder
Customers Community
Capital Customers Supplies Community
INPUT OUTPUT
Inclusion Inclusion
• Strong network of Rural Branches including 95 BCBOs • 9.5 lakh women customers part of Self-Help Groups
• 1,320 Financial Literacy Camps conducted in FY22 (SHGs) and Joint Liability Groups
• `13,500 crore disbursed (cumulatively) to over 33
Suppliers
lakh families through YES LEAP (since inception)
• Diverse base of 10,500+ large, medium, and small
suppliers Suppliers
• Transacted with 6,800+ suppliers in FY 2021-22
CSR
• Pilot environmental and social assessment with select
• Target to provide job-oriented skill development to
strategic suppliers
1,00,000 youth by 2026
• Initiatives to enhance income generation, promoting CSR
INPUT OUTPUT nano enterprises in rural India • 10,000+ women and farmers in rural Gujarat, Haryana,
Maharashtra, Madhya Pradesh, Rajasthan, and Uttar
Presence The Bank has built a national footprint with a strong Pradesh underwent capacity building training in
• 1,122 branches digital infrastructure, with a retail front end that offers market linkages and productivity enhancement for
service differentiation. crops like maize, gram, and wheat
• 11 major offices
• 1,244 ATMs / CRMs / BNAs • Presence in 28 states and 8 Union Territories • 2,000 youth trained on service sector
• Presence in 707 cities across India job-oriented skill development
• 95 BC Managed Banking Outlets (BCBOs)
• 2,000+ employees contributed over
3,000 volunteering hours, reaching out to support
COVID patients, rural farmers, and underprivileged
youth
Customer
• Healthy increase in the Net Promoter Scores by
26 points in Branch Banking and 14 points in
Digital Channels
24 25
ENVIRONMENT
Leading the
SOURCES OF THE BANK’S SCOPE 1, SCOPE 2 AND SCOPE 3 GHG EMISSIONS
transition to green SCOPE 1
Emissions from diesel

SCOPE 2
Consumption of
SCOPE 3
Emissions from business

consumption in DG grid electricity air travel
sets
Emissions from paper
YES BANK aims to integrate environmental sustainability into Emissions from consumption including couriers
every aspect of its business. The Bank continually endeavours to refrigerant leakage
Emissions from employee
conserve natural resources, minimize the negative environmental from ACs
commute
impacts of its operations and lending activity, and mobilize finance Emission from external data
to spur growth in climate-aligned sectors. The Bank is also a centre
strong advocate for building awareness and sharing knowledge
In FY 2021-22, Scope Scope 2 emissions from Scope 3 emissions attributed to the
on environmental and climate issues. The Bank works with 1 emissions stood at electricity consumption Bank’s larger value chain decreased by
stakeholders across the spectrum, to develop ways to align its 3,217.14 tCO2e*. stood at 44,284.50 tCO2e*. 5.5% from FY 2020-21 to reach 72,815.80
business with global environmental and climate goals. tCO2e*.
For more details on the Bank’s GHG emissions,

please refer the Bank’s Sustainability Reports
OPERATIONS here.
As a public trust institution, YES BANK is highly cognizant of its dependence on natural
*Estimations for Scope 1,2,3 emissions for FY 2021-22 are unaudited
ecosystems and takes its responsibility towards environmental conservation, seriously.
The Bank monitors and tracks the key resources it uses in its operations, takes initiatives
to minimize consumption while enhancing resource efficiencies, and reports its impacts STEPS TOWARDS REACHING SOURCING RENEWABLE ENERGY TO REDUCE
and progress annually. Given its nature of business, the Bank’s highest environmental NET-ZERO EMISSIONS ENVIRONMENTAL FOOTPRINT
impact comes from its Scope 1, Scope 2 and Scope 3, Green House Gas emissions, as The Paris Climate Agreement sets forth a goal of limiting As a first step towards achieving its net zero emissions
part of operating a pan India physical and digital presence with 11 major offices, 1,122 global temperature rise to 1.5 degrees Celsius. According target, the Bank began sourcing renewable energy
branches, and 1,244 ATMs / CRMS & BNAs. to the Intergovernmental Panel on Climate Change (IPCC), to power its headquarters, YES BANK House (YBH) in
limiting global warming to 1.5°C, requires countries and Santacruz, Mumbai, from January 1, 2022. Emissions
businesses to bring down CO2 emissions to a net-zero from grid electricity consumption (Scope 2 emissions)
by the year 2050. YES BANK has always been conscious accounts for 93.27% of the Bank’s Scope 1 and Scope
of its climate related impacts. In order to align with the 2 emissions, with YBH’s electricity consumption
net zero pathways suggested by the IPCC, the Bank has representing approximately 9% of the annual Scope 2
pledged to reduce GHG emissions from its operations, emissions for FY 2021-22. YBH switching to renewable
across the country, to net zero by 2030. The Bank’s net energy has led to the elimination of a significant portion
zero emissions target covers its absolute Scope 1 and (approximately 1,105 tCO2e*) of the Bank’s Scope 2
Scope 2 emissions. emissions.
The Bank is also exploring the potential of using

NATURAL CAPITAL MANUFACTURED CAPITAL To meet the net-zero by 2030 target, YES BANK alternative sources of energy by installing a 5 kVA solar
is taking a multi-pronged route covering: power system at its Pune Bund Garden branch. YES
This section covers the Bank’s The section also covers the
BANK will continue to explore such alternative sources
interactions, initiatives, and Bank’s initiatives to minimize • Use of renewable energy to power its facilities
of energy in future.
performance in relation to its the negative environmental • Use of energy efficient light fixtures and office
natural capital, as part of its impacts of its tangible and equipment and appliances (with five-star ratings)
value creation journey. It also intangible infrastructure, such
• Exploring quality carbon sequestration offsets
includes the finance it mobilizes as its branches, offices, and
to promote climate action. operations.
26 27
Environment
Following ISO 14001: 2015 certified Environment Cutting back on energy use by adopting MANAGING E-WASTE
Management System energy-efficient options YES BANK is a technology-intensive
YES BANK has a well-defined Environmental Management In FY 2021-22, the Bank spent `3.32 crore towards bank, and end-of-life management
Policy, and under it has instituted a robust Environment energy conservation and energy efficiency initiatives. of our electronic equipment is a
Management System (EMS) to assess the environmental These included AC retrofitting, LED projects and signage primary environmental concern.
risks of its operations. In FY 2021-22, the Bank’s EMS replacements. The Bank has empanelled Pollution
covered 732 facilities (including five corporate offices, YES Control Board authorized third-
• As a part of the migration to LED fixtures over the
Securities and the Abu Dhabi Representative Office) and party e-waste handlers for disposal
current fiscal, 11,826 conventional fixtures and CFL
was certified ISO 14001:2015 compliant for the ninth year of its e-waste from its locations
signages have been replaced with LED units across 288
in a row. across India.
branches. Estimated savings are to the tune of 1,072.85
Systems and processes set up under the EMS and monitored GJ* of annual energy consumption. The estimated E-waste recycled: Responsibly
as per established performance metrics include: annual reduction in electricity consumption that may disposed of 35,675.10 kgs* of
be attributed to these LEDs is 2,98,015 kWh, helping e-waste, including desktops, printers
• Supervising, tracking, and reducing consumption
the Bank avoid 235.43 tCO2e emissions. and laptop hardware, UPS, and
of key resources
• The Bank is also in the process of phasing out air server hardware.
• Responsible collection, recycling, and disposal
conditioning systems that use ozone-depleting
of waste
coolants. In the current reporting cycle, 1,212
• Building awareness about environment-friendly tonnages* of R22 air conditioners across 141 branches
practices amongst employees have been replaced that are more than ten years old. In
• Ensuring that facilities comply with environmental their place, energy-efficient (star rated) systems using
regulations eco-friendly coolants have been installed.
RESOURCE YES UDAAN (Utility for SeVA (Service Value Added) Loan in Seconds E-Statement of Post-disbursal VAHAN Robotics
CONSERVATION, DigitAl The Bank introduced the SeVA In FY 2021–22, the Accounts and Income documents The Bank introduced a
DIGITIZATION AND Agreement and NACH) (Service Value Added), a digital Bank enhanced Tax (IT Certificates) go digital robotics platform for
BECOMING PAPER-FREE Through the YES UDAAN solution for accepting online its digital lending The Bank has developed YES BANK has launched vehicle loan customers
Several steps are already initiative, the Bank introduced post-loan disbursement capabilities with digital solutions for the YES PDD application, to download
underway towards becoming paperless banking and service requests from its Loan in seconds providing E-SOA and IT in collaboration with the vehicle registration
paper-free in our operations. developed digital solutions customers through the YES (LIS) platform Certificates. Bank’s outsourced partner, certificates through
This is primarily achieved for providing E-NACH and service portal. The initiative for end-to-end which helps to reduce the the government’s
by digitizing paper-based e-agreement along with eliminates the need for digital loans. use of paper used in post- VAHAN website. This
products and processes, e-stamping and e-sign physical interaction, use of disbursal documentation has reduced the
establishing strong digital Facilities. request forms, branch visits like registration turnaround time for
strategies to meet the and KYC documents. certificates, insurance, submitting vehicle
increasing demands of and invoice by digitizing registration certificates
digital customers, and the documentation and by 50%, from two days
implementing paperless verification process. to one day.
workflows. These moves have
also helped to enhance staff
productivity and customer Savings: 85,050+ Savings: Close to 55,610 Savings: 2,986,920 Savings: Close to Savings: Over 71,307 Savings: Approximately
delight significantly. The sheets of A4 paper in sheets of A4 paper in sheets of A4 paper 231,452 sheets of sheets of A4 paper in 36,467 A4 sheets of
specific initiatives were: FY2021-22 (equivalent to FY2021-22 (equivalent to (equivalent to A4 paper and 43,249 FY2021-22 (equivalent to papers (equivalent to
avoiding 11.73 GJ* energy avoiding 7.67 GJ* energy avoiding 412.09 GJ* envelopes. (Equivalent avoiding 9.84 GJ* energy avoiding 5.03 GJ* energy
consumption) consumption) energy consumption) to avoiding 37.9 GJ* consumption). consumption).
energy consumption).
*Estimated figures are unaudited
28 29
Environment
Building climate-
resilience
Climate-focussed knowledge and advocacy • Partnered Automotive Component Manufacturers
Association (ACMA) in conducting an Electric Vehicle
Climate change is pressing and unavoidable.
landscape study to identify opportunities for auto
However, YES BANK regards the climate adaptation
component manufacturers
as a significant opportunity for financial intuitions
to play a central role. The Bank continues to work • Partnered with IIT Delhi to develop two research
papers that were supported by a grant from YES
YES BANK takes a proactive approach towards responsible lending and climate with stakeholders across the spectrum to develop
FOUNDATION. The topics covered by the papers
frameworks and methodologies for addressing
adaptation. The Bank has been embedding environment and social considerations climate-related risks; build and share knowledge on were:
into its lending activity for several years. green financing opportunities and mobilize finance − Impact of the Similarity Functions of Surface
and attention towards climate-aligned sectors. Layer Parameterization on Climate Simulation
Initiatives undertaken by the Bank towards climate over the Indian Region – Captures the results
ENVIRONMENT AND SOCIAL POLICY CLEAN AND RENEWABLE ENERGY LENDING action include: of simulation studies conducted to assess the
YES BANK’s Environment and Social Policy (ESP), In FY 2021-22, financing solutions worth `1,769 crore were • Associated with the Task Force on Sustainable impact of climate change across different climatic
implemented in 2006, provides a structured approach made available for renewable energy projects totalling Finance (constituted by the Department of zones in India during winter and summer seasons.
toward responsible lending. The ESP sets out the about 562 MW. Projects were underwritten by the Bank Economic Affairs, Ministry of Finance, Government − Association of Climate Change of Himalaya-
overarching framework for identifying and managing (facilities amounting to ~`34,300 crore sanctioned of India) as a co-lead of the work stream ‘Building Tibetan Highland and Indian Summer
potential and/or existing Environmental & Social (E&S) towards ~7.0 GW since 2015). A healthy appetite exists in Resilience in the Financial Sector’. Monsoon – Investigates the association of the
risks commensurate with the nature and scale of the financing market for such projects, with a significant • The Bank through its Corporate & Government changing climate of Himalaya-Tibetan Highland
transactions and their potential impacts. Through this portion of the projects being successfully down-sold/ Advisory group has supported several states such and Indian Summer Monsoon (ISM) through
policy, the Bank integrates environmental and social refinanced. The Bank continues to explore growth as Telangana, Chandigarh, Goa, Punjab, Rajasthan numerical experimentations. The research also
risks into its overall credit risk assessment framework opportunities in this segment with strong promoter/ and West Bengal for the development of state’s involved support from the National Centre for
and continues to mainstream environment and social project/ counterparty comfort. Electric Vehicle Policies Atmospheric Research.
considerations across its lending.
• Only Indian Bank to be a member of Science
Based Targets Initiative (SBTi) Expert Advisory
SUPPORTING CLIMATE ACTION THROUGH Overall Clean Energy Portfolio as on Group providing inputs on methodologies for
LENDING PRIORITIES March 31, 2022 (MW)* target setting to align portfolio with global de-
The Bank has also accorded a high strategic priority carbonization pathways
to climate action and aims to proactively address
the potential climate risks and impacts of its lending
Wind 298
activity, limit its portfolio emissions, and support
2,237.80 Solar 1,788
climate-aligned sectors. The Bank is guided by SUSTAINABLE INVESTMENT BANKING (SIB) BOLD COMMITMENTS TOWARDS GLOBAL
the recommendations of the Task Force on MW Small Hydro 99
GOALS FOR CLIMATE ACTION
The Sustainable Investment Banking unit is a dedicated
Climate-Related Financial Disclosures (TCFD) and, in Gas 52.8
advisory investment banking practice residing within • Only Indian Bank to sign the UNEP FI Commitment to
FY 2021-22, is working towards institutionalizing a YES BANK’s wholly-owned subsidiary, YES Securities Climate Action, striving to align its business strategy
climate risk measurement framework for measuring (India) Limited. Climate change is a key pillar for SIB, with the Paris Agreement on Climate Change
and assessing climate-related physical and transition anchored on the principle of sustainability. During the
*Underwritten/Participation Basis • Only Indian Member of UNEP FI and Global Commission
risks. The Bank continues to be the only Indian Bank to reporting period, SIB successfully engaged as exclusive on Adaptation Physical Risk & Resilience Statement
measure and report its financed emissions, targeting to advisor on the following RE-focussed transactions:
align its electricity generation sector exposure to the YES BANK continues to be an accredited entity • Only Indian Bank to be a member of Science Based
global 1.5-degree decarbonization pathways. to the Green Climate Fund (GCF) and is exploring • Shapoorji Pallonji Infrastructure Capital for Targets Initiative’s Expert Advisory Group and is
potential project pipelines in climate change sectors divestment of its operating solar assets committed to develop emission reduction targets
like e-mobility, water and waste management, green • Sterling Agro for acquisition of solar assets in • Only India Bank to be a Founding Member and
real estate and energy efficiency, and climate-smart Karnataka signatory to the Principles for Responsible Banking
agriculture
30 31
SOCIAL
Working towards a Employees: Enabling a growth

ecosystem for our workforce
shared future YES BANK's employees remain at the
core of its strengths and capabilities as a
bank. They are also the ambassadors of
From its employees, partners and peers to its supply chain, the Bank's core values of trustworthiness,
customers and community, YES BANK interacts with a diverse transparency, integrity, accountability, and
set of stakeholders in the course of its business activities, collaboration. The Bank constantly attempts
who play an indispensable role in the Bank’s journey of to provide an environment that is accepting
value creation. The Bank also works with governments, of differences, encouraging, and enabling so
regulators, and the larger financial community to envision that its employees reach their full potential.
a financial ecosystem that is geared towards sustainability.
Key Data Points for

FY 2021-22
24,346 4,569
Employees Permanent women
employees
HUMAN CAPITAL INTELLECTUAL CAPITAL

136,700 18.8%
Training Days Women participation
This section covers the Bank’s The section also covers the Bank’s
interactions, initiatives and performance Intellectual Capital – collective in workforce
in relation to its human capital including knowledge base, thought
the competencies of its employees,
knowledge and experience and their
leadership, research, brand and
intellectual property. 5,817 100%
ability to innovate. Training Return to work rate
programmes after paternal leave
23,945 99.6%
SOCIAL & RELATIONSHIP CAPITAL Trained employees Return to work rate
The section also covers the Bank’s Social after maternity leave
& Relationship Capital –relationships
with customers, regulators, suppliers
Data points include Bank’s full-time employees
and community at large aimed at creating (India and Representative Office) and exclude fixed term
shared societal value. contractual staff (trainees, advisors, etc.).
32 33
Social
KEY D&I MEASURES

DIVERSITY & INCLUSION
YES BANK has taken several initiatives
to implement its diversity and inclusion
agenda within the organization.
The Bank ensures that there is no
discrimination against existing employees
and new recruits. The Bank has instituted an Equal- Diversity & Inclusion (D&I) Council to The Bank follows an employee
Opportunity policy that prevents identify and help accelerate the D&I compensation philosophy that is
discrimination on the grounds of initiatives. The Bank is aiming for a gender agnostic, and fully merit-
age, colour, disability, marital status, 30% gender diversity over the next focused, with parameters like role,
nationality, race, religion, sex, sexual 5 years experience, proficiency, level of
orientation. competency, relevant performance
assessment measures and so on,
being given due weightage.
PEOPLE DEMOGRAPHICS – DIVERSITY
FY 2021-22
Under 30 years 30-50 years Above 50 years
Management Band Total
Male Female Male Female Male Female
Top Management 0 0 27 6 30 2 65
Senior Management 0 0 196 20 36 6 258
Middle Management 4 0 2,600 377 62 6 3,049
Junior Management 5,306 2,179 11,497 1,970 19 3 20,974
Total 5,310 2,179 14,320 2,373 147 17 24,346
YES ‘EVE’OLUTION
The Bank has curated interventions through engaging webinars and workshops to propagate and embed
the message of gender inclusivity more effectively. During the year, initiatives were also taken to sensitize
employees on gender equality and how it works within the office environment. A few examples of
such initiatives include:
Ascend (for women leaders across junior to middle Transcend (for women leaders across middle to
management): Sensitized employees on how gender senior management): Demonstrated how women
stereotyping and career limiting beliefs hold women leaders could influence their careers by radiating
back in their careers. confidence, better exhibiting their own unique persona,
and enhancing their networking skills
34 35
Social
HEALTH AND WELLNESS TRAINING AND DEVELOPMENT

The Bank promotes good health and well-being of YES BANK has always emphasized on a knowledge- of their role. RMs are trained by external training
employees and recognizes its important role in improving driven approach for visualizing the future and focusing partners and internal SMEs on various aspects of
employee morale, engagement and productivity. During on developing capacity and capability to nurture the customer management and digital product sales.
the Covid-19 pandemic, the Bank took special measures brightest and best quality talent. Key Human Capital, • Several customized blended leadership and
for its employees and families to help them through organizational development, and learning initiatives at behavioural learning interventions including coaching
the health crisis. Some of the initiatives during the year YES BANK are domiciled under the aegis of YES SCHOOL for performance, design thinking, building high
include: OF BANKING (YSB). Institutionalized in 2007, YSB was performance teams, and improving one’s virtual
created with a vision to build a ‘Centre of Excellence’ presence, were conducted during the year.
for learning solutions in banking and related areas. YES
• Mediclaim: A comprehensive COVID Mediclaim SCHOOL OF BANKING is accredited (by Bureau Veritas) Leadership and Professional Development
policy covering hospitalization and home quarantine with the latest Risk-Based Thinking in its approach and LEADVANTAGE is YES BANK’s strategic talent development
for COVID positive employees, and their enrolled continues to ensure business satisfaction by creating strategy that focuses on addressing the learning needs of
dependents was provided. Immediate ex-gratia of and deploying learning solutions that meet stakeholder leaders at different management levels. This year’s focus
two months’ salary was provided to the families of requirements through sustained improvement in was on spearheading change, building a leadership pipeline,
deceased employees. employee knowledge, skills, and behaviour. and helping to create conscious, future-ready leaders. Some
• #YESSHIELD COVID Vaccination Drive: COVID • Wellness Webinars: A series of webinars were of the key training programs conducted were:
Learning Management System: ‘My Learning@YES’
vaccination drives were organized across major organized with experienced healthcare specialists (in partnership with ‘Cornerstone on Demand’)is the • APEX Leadership Program: YES BANK in partnership
YES BANK locations for employees and their family covering subjects like boosting immunity, heart Bank’s online Learning Management System (LMS) which with ‘The Art of Living’ Foundation, launched the
members health, anxiety management, dental health and supports digital learning and provides learners with ‘APEX’ Leadership Development Programme for all
• COVID Hospitalization Claim Reimbursement: hygiene, effective parenting, amongst others, to increased access to learning content (in-house courses top and senior management leaders under the theme
COVID hospitalization claim reimbursement was help YES BANKers adopt healthy dietary and lifestyle and externally integrated content partners) , learning of ‘Conscious Leadership’.
introduced to reimburse employees and enrolled changes. scorecards to measure actualization against learning • Leadership Acceleration Programme: A learning
dependents for COVID claims over and above the • LIVE Health and Fitness Sessions: The Bank launched paths. The system offers social learning, advanced intervention designed for middle management
Mediclaim eligibility. a host of LIVE virtual sessions on guided meditation, reporting & analytics, conducting and management leaders, that aims at developing an agile mindset by
• COVID Relief Fund: A platform was created where yoga, Zumba, and martial arts to encourage employees of classroom training, classroom attendance tracking, being innovative, taking initiative and adapting to
employees could contribute financial aid for COVID-19 to embrace a healthy workout regime and maintain and training schedule management. The LMS also has change. Driving ownership and accountability are the
impacted colleagues who needed financial help. their physical and mental well-being. a mobile first approach enabling learning on the go, other traits sought to be built.
The COVID Relief Fund set up through employee • Fitness Centre: The Bank has also set up a fitness allowing users to go through modules and appear for
• 360-Degree Feedback Exercise: The exercise
contributions and a matching contribution from the centres at the head office, fully equipped with all tests from the app ensuring better time utilization and
was conducted for all top and senior management
Bank was used to assist 31 impacted employees the modern amenities which employees can access higher learning engagement for employees.
leaders to help them identify their strengths and
during the year for free. Some of the key learning modules carried out by areas for improvement based on the feedback
• 24*7 Free Tele-Consultation Support: The Bank YSB during the year include: received from their team members, supervisors,
partnered with Healthspring, a leading primary care and other stakeholders
• Branch Capability Index (BCI): BCI is a seven-month
company to provide 24*7 health support across
long, role-based certification programme covering
the country, with comprehensive Covid-19 care University & School Relationship Management
WORK-LIFE BALANCE 13 critical roles of retail banking including service
solutions for employees and their families, including (USRM)
The Bank launched its policy of ‘Working from excellence, third party products, liability product
teleconsultations, online prescriptions, free home University & School Relationship Management
Anywhere’ which enables role-based hybrid working management, retail assets, and credit cards, and is
sample collections for RT-PCR test, ambulance program (USRM) is a structured, sustainable, and
models for employees. The employees get the designed for skilling Retail team members.
booking, hospital coordination, home isolation scalable engagement program to create and maintain
programs, medical equipment on rent, home flexibility to work from alternate locations, and • Executive Presence series: An interactive personality
a mindshare for YES BANK amongst students from top
healthcare support and so on. certain allowances are also provided towards internet development learning session that aims at enhancing
business schools of India, thereby positioning the Bank
expenses and workspace set-up, leading to a better executive presence through effective verbal and
• Medical facilities: The Bank has partnered with as a preferred employer.
overall work-life balance. nonverbal influencing skills; skills to improve trust
BsideU to provide medical services to employees at
quotient in client relationships and ways for effective YES BANK continued its long standing association with
four major centres (two in Mumbai, one in Chennai, Flexible Working: Employees working at the
client interaction. Premier Business Schools. Through our flagship campus
one in NCR). The centres are well equipped with an Corporate Office are provided an option to have
• RM Learning Roadmap: As a part of the RM initiatives, we hired 70 young YES BANKers under the
experienced general physician, nurse, and dietician. flexible work timings. Over 3000+ employees were
Development Framework all relationship managers YES Professional Entrepreneurship Program (Y-PEP)
Teleconsultations were made available during the given the option to avail flexi work timings.
go through a structured learning journey covering and 39 interns under the YES Emerging Professional
pandemic.
functional, behavioural and leadership aspects Entrepreneurship Program (Y-EPEP).
36 37
Social
EMPLOYEE ENGAGEMENT
YES BANK has a an employee engagement framework that caters to employees’ holistic all-round
Customers: Making new age banking accessible for all
well-being and growth. During the year, several engagement initiatives were carried out.
YES BANK is a customer-focused bank that continuously The size and volume of digital banking transactions done
works to enhance the banking experience through through YES BANK’s products and services continued to
better products and leveraging the latest technological scale up rapidly in FY 2021-22.
developments. Digitization now runs deep within its
product delivery platforms and has significantly added
to the ease and speed of banking for its customers.
Market leader in the digital payments
Unified Payment Interface Immediate Payment Aadhaar Enabled Payment

(UPI) Service (IMPS) Scheme (AePS)
Witnessed YoY growth of 118% in Witnessed a YoY growth of 94.25% Witnessed a YoY growth of 12.8% in
terms of volume and 111.7% in terms in transaction volumes and 104.5% transaction value, with
Employee Engagement Survey Samwad
of value. The Bank processed overall of transaction value. The Bank a total transaction value of `48,223
An employee engagement survey called ‘VOICE This is a quarterly employee communique that 1,974 crore transactions with value processed overall crore. Overall, the Bank processed
of YES’ was launched in partnership with the provides information on key employee related of `3,754,392 crore, capturing 43% 55.5 crore transactions with value 37 crore transactions through AePS
research firm Gallup. The results provided initiatives. The Bank also shares key matrices on market share in the ecosystem. of `4,23,630 crore in FY 2021-22 and notched up a market share of
insights into multi-level engagement scores at its financial performance. thereby achieving a market share 18%.
the workplace providing a holistic view of the of 12.15%.
whole organization.
Digital Channels:
YES BANK has been at the forefront of providing
Women’s Day YES Foundation Day
customers with a bouquet of digital channels and
To celebrate International Women’s Day, the The Bank celebrated its YES Foundation Day payment solutions to choose from:
Bank organized multiple offline experiential on March 21, 2022, to commemorate key
• YES ONLINE, the Bank’s internet banking platform,
workshops for women employees, like the achievements of the financial year. The event
offers a user-friendly, interactive and seamless Micro Automated Teller Machine (MATM)
Corporate Women Sports Challenge and also included ‘Y-Factor’ Talent Hunt competition
banking experience to its customers With a view to promoting ease of banking for
informative webinars on women’s general health rounds for employees and they could showcase
care. their talents in singing, dancing, solo acting, • YES MOBILE, the Bank’s mobile banking application, our rural, semi-urban customers, the Bank
photography and art and was broadcasted live witnessed 33% growth in registered user base, from went live with Micro Automated Teller Machine
the previous year (MATM) transactions through its YES Money
• YES ROBOT, a comprehensive, secure, AI-enabled Business Correspondent network. MATM plays a
Long Service Awards Rewards and Recognition personal banking assistant for customers on the vital role in facilitating cash withdrawal in rural
Bank’s website, Facebook messenger and WhatsApp geographies. The Bank achieved 10% market
YES BANK recognized all employees who had At YES BANK, rewards and recognition are
share in FY 2021-22.
successfully completed a key tenure milestone digitally driven through an online portal called Debit Card: The Bank has issued more than 7 Lakh
and rewarded them for their dedicated long the ‘YES League of Excellence’. In FY 2021-22, Debit Cards on the Visa network in the FY 2021-22 and
service and commitment. 9,000+ employees received rewards and 4,000+ introduced the YES Private Debit card, catering to the
appreciation messages/wishes were exchanged needs of super premium segment of the Bank.
through the Rewards and Recognition portal.
38 39
Social
FINANCIAL INCLUSION CUSTOMER SERVICE EXPERIENCE AND SATISFACTION

Extending banking to underserved segments is a • The Bank aims to enable women entrepreneurs in
As a customer-focused bank, YES BANK inculcates a ESG self-assessment tool among its suppliers that seeks
key strategic objective for YES BANK and reflects its rural India. The ISB division, through its flagship group-
culture that aspires to give service to create customer to help them assess their own performance against ESG
commitment to sustainable ‘inclusive growth’ and lending programme, ‘YES Livelihood Enhancement
delight. The Bank’s Customer Experience unit captures best practices and address areas of improvement.
national priorities. The Bank has taken a different Action Programme (YES LEAP)’, provides financial
the Voice of the Customer (VOC) and records customer
approach to provide financial services to our bottom- services to women Joint Liability Groups (JLGs) and In FY 2021-22, the Bank transacted with 6,800+ suppliers
satisfaction scores through transaction and engagement
of-the-pyramid (BOP) customers, focusing on frugal Self-Help Groups (SHGs) through corporates and MFIs to provide goods and services across all its offices and
feedback, administered via the digital platform, with
innovations and key partnerships. It also has a special acting as BCs branches.
performance assessment across key service drivers. The
focus on critical enablement segments like women • With an active customer base of 9.5 lakh women, Bank has institutionalized the Net Promoter Score (NPS)
entrepreneurs. YES BANK has contributed significantly to women as a key metric to drive superior service experience,
Government, regulators, industry
• Two dedicated divisions established – Inclusive and
empowerment in rural India. Since inception of customer loyalty and advocacy across its various partners, and peers: Allied for
the YES LEAP programme in 2011, the Bank has customer channels.
Social Banking (ISB) and Microfinance Banking (MFB) –
cumulatively disbursed over `13,500 crore to over positive change
for implementing focused segment-specific initiatives. The Bank is making steady progress in its commitment
33 lakh families, till date
• ISB and MFB businesses are aligned with its to customer service experience and satisfaction, as India faces many developmental challenges that can
• Penetrating deeper into the rural unbanked areas has
rural branch networks and also plugged into the demonstrated by the increase in promoters trends, only be addressed through the joint interventions of
been an ongoing priority. This year, the Bank’s 95 BC
existing distribution channels manned by Business resulting in improved Net Promoter Scores (NPS) both the public and private sectors. With its in-depth
Banking outlets (BCBOs), enabled it to extend its
Correspondent (BC) branches and BC managed across customer channels. During the year, based on sectoral expertise, policy research capabilities, and
reach and provide both asset and liability solutions to
Banking Outlets (BCBOs). the voice of the customers, several improvement actions strategic alliances, YES BANK works with governments,
over 26,000 customers in the rural segment
• On the wholesale side, the MFB division, extends and projects were undertaken to improve process and regulators, industry partners, and peers to execute key
term loans to Microfinance Institutions (MFIs) for customer journeys across channels. This has resulted in a mandates favouring national priorities.
onward lending to BoP customers, along with cash healthy increase in the Net Promoter Scores by 26 points
• Since the launch of the Smart Cities Mission by the
management services, rated capital market loan in Branch Banking and 14 points in Digital Channels.
Government of India, CGA has engaged with more
products like pool securitization and Pass-Through than 20 smart cities through various advisory,
Certificates (PTCs). Suppliers: Embedding sustainability banking and implementation support for project
within our value chain development. This fiscal, CGA launched its knowledge
report on “Urban Rejuvenation: Transition to a Smart
The Bank has a diverse supplier base comprising
and Sustainable” Future at the American Chamber of
10,500+ large, medium, and small suppliers who serve as
Commerce-India’s (AMCHAM) 29th AGM.
extensions of the Bank in areas and for segments where
full-service entities are not viable and enable the use of
key platforms and services on behalf of the Bank.
The Bank has formed strategic relationships with leading

Indian and global companies to widen the functionality
and security of its service platforms and lay the
foundation for a sustainable future. Local vendors are
being used to deliver products and services locally, with
almost all transactions and procurement being done
through domestic vendors.
Ensuring a sustainable supply chain is another important

consideration. As India’s first banking signatory to
the UN Global Compact, YES BANK abides by the ten
principles of the Compact, which include human rights,
labour, environment, and anti-corruption. In FY 2017-
18, YES BANK adopted its Supplier Code of Conduct,
which articulated and formalized the ESG parameters
that we wanted to build into its ecosystem, covering
its commitment to human rights, fair labour practices,
environmental progress, and anti-corruption policies.
In FY2021-22, the Bank has developed and promoted an
40 41
Social
• The Bank’s specialized Food and Agribusiness Strategic India, for organizing a national workshop on “Export Communities: Giving shape to our vision for change
Advisory and Research (FASAR) unit which houses potential for value added products in livestock
industry specialists with sectoral knowledge and sector” This year, the Bank launched its five‑year CSR strategy, employability and entrepreneurship opportunities for
experience in the food and agribusiness domain, aiming to inspire India’s youth to lead economic and social 100,000 youth by 2026.
2. Partnered with FICCI for the National Agri
works closely with corporates, MSMEs, multinationals, development by training themselves for market-oriented
Summit on “Envisioning Smart & and Sustainable Additionally, the Bank is engaged in several ways to
central government, and state governments to execute jobs and taking up enterprise while retaining a focus on
Agriculture” focusing on sustainable farmer provide sustainable livelihoods to rural and marginalized
multiple mandates on project advisory, strategic environmental sustainability.
income enhancement and innovations promoting communities. The Bank continues to monitor ongoing
advisory and policy advisory across diverse sub
sustainable agriculture. A FICCI-YES BANK knowledge This strategy is being implemented through the Bank’s projects and oversee its resource utilization vis-à-vis
sectoral and thematic areas. In FY 2021-22, FASAR
report titled “India beyond 75: Envisioning Smart & social development arm, YES Foundation (YF), to create goals achieved. A brief overview:
took up 28 new advisory mandates and executed
Sustainable Agriculture” was released during the
projects on Agri-infrastructure, export strategy, food
summit Employability
processing, industrial policy, fruit import, fisheries, YES Foundation, in partnership with Trust for Retailers and Retail Associates of India;
meat, poultry, spices, and dairy sub-segments, 3. Partnered FICCI for two more knowledge events, Friends Union for Energising Lives; Nudge LifeSkills Foundation and Tata Community
amongst others. As part of its advisory services, YES namely – National Conference on “Enhancing Export Initiative Trust, has trained over 2,000 youth for the service sector in FY2021-22. The
BANK partnered with SHEFEXIL, under the Ministry of Competitiveness of India’s Agricultural Exports” skills training covered work readiness modules, which were delivered by its employee
Commerce & Industries, for assessing and promoting and “India Maize Summit-2021”, during which volunteers via structured sessions.
the value-added export potential of India’s non-timber theme focused knowledge reports were released
Incubating With the objective of strengthening local economies and building capacity for import
forest products and other SHEFEXIL products with Knowledge Partner to AMCHAM for a session
micro-enterprises substitution, YES Foundation has partnered with Jagriti Sewa Sansthan for incubating
the objective of conserving indigenous resources, on “Positioning India in the Global Food Chain”.
over 50 micro enterprises over the next three years. In FY2021-22, the project successfully
promoting biodiversity and exponentially, yet A knowledge report on the theme was released
incubated 19 micro enterprises from districts in eastern Uttar Pradesh.
sustainably, increasing India’s exports. during their AGM.
Promoting Nano Through YES Foundation, the Bank has partnered with Watershed Organisation Trust, N M
To demonstrate YES BANK’s strong intent to contribute 4. Partnered the Confederation of Indian Industry to
Enterprises Sadguru Water and Development Foundation; Development of Humane Action Foundation,
to development of the agriculture sector and support conduct a national seminar and publish a knowledge
Mahashakti Foundation, Humana People to People India and Society of Indian Institute for
stakeholders across the food and agri value chain, FASAR report on “Indian Dairy Beyond 75”, focused on
Rural Development to promote nano enterprises with a focus on women and farmers. During
curated and co-created 9 knowledge events in FY 2021- the role of digitization and technology in the dairy
the year, over 10,000 community members from rural Gujarat, Haryana, Maharashtra,
22 in partnership with Government agencies and various supply chain
Madhya Pradesh, Rajasthan, and Uttar Pradesh underwent capacity building training in
eminent industry forums, these include:
5. Partnered ASSOCHAM and released a knowledge market linkages and productivity enhancement for crops like maize, gram, and wheat. The
1. Partnered the Agricultural and Processed Food paper on “Emerging North East: Unlocking the Food benefitting farmers adopted climate resilient farming practices that are supported with soil
Products Export Development Authority (APEDA), Processing Opportunities” conservation and water management technologies.
Ministry of Commerce & Industry, Government of
YES BANK’s employees have always been dedicated HUMAN RIGHTS

supporters of its community development efforts and YES BANK is committed to respecting the human rights
participate enthusiastically. of its workforce, communities and all its stakeholders.
Employee Volunteering: The Bank launched its The Bank has instituted a Human Rights Policy that
Employee Volunteering Virtual Experience (EVOLVE) highlights its commitment to the United Nations
initiative in FY 2021-22 to enable its employees to Guiding Principles on Business and Human Rights.
contribute towards social causes and community The Policy emphasizes the Bank’s focus on developing
development. Two thousand employees contributed a culture that values diversity and inclusion; promotes
nearly 3,000 volunteering hours, reaching out to support equal employment opportunities; provides a safe and
COVID patients, rural farmers, and underprivileged healthy workplace with zero tolerance towards sexual
youth. The Bank has instituted an employee volunteering harassment; and prohibits child labour, forced labour
policy though which employees are enabled to access and human trafficking, across its value chain. The Bank’s
paid time-off to volunteer for a social cause. human rights policy is applicable to all employees and
stakeholders, including its suppliers and clients. The
Bank expects all its stakeholders to respect human
rights in their own operations and maintain positive
legal compliance with applicable constitutional and
regulatory human rights requirements and conformance
to fundamental labour principles.
42 43
GOVERNANCE
Raising the bar with strengthened The Bank has instituted a number of critical policies to promote a culture of compliance and to ensure that
governance and disclosures the organization conforms to highest standards of ethics and integrity
Code of Conduct The Bank has adopted an Employee Code of Conduct that applies to
YES BANK is committed to achieve the highest standards of governance in all aspects all executives. Comprehensive employee trainings are conducted
of its business. The Bank has strengthened its disclosure practices and continues to be on the Code, followed by a mandatory certification test. More
on a progressive path to nourish its corporate governance practices, making it more details click here: https://www.yesbank.in/regulatory_policies
effective from a regulatory and market perspective.

Code of Business Conduct The Board has also formulated and adopted the Code of Conduct
and Ethics for the Board and Ethics that the Board of Directors and Senior Management
of Directors and Senior must adhere to. More details available here: https://www.yesbank.
Management in/about-us/corporate-governance
Enhanced
accountability
to shareholders Anti-Bribery and The Bank has implemented a group-wide Anti-Bribery and
and other Anti-Corruption Policy Anti-Corruption policy which defines what constitutes bribery/
stakeholders corruption (including facilitation payments) and outlines the
corruption control and reporting mechanisms. A summary of the
policy can be accessed at: https://www.yesbank.in/pdf?name=ybl_
Based on regulatory and business
Timely abac_policy.pdf
requirements, YES BANK has
Maintain high implementation
standards of of all plans and designed a corporate governance
Anti-Money Laundering The Board-approved KYC/ AML policy provides a broad framework
business ethics accurate disclosure structure that provides a
of all material Policy (AML) for adherence to national and local regulatory requirements
and integrity comprehensive framework to
matters related to Know Your Client/ Anti-Money Laundering/ Combating
address four main areas
Financing of Terrorism directives.
Dealing fairly Whistle Blower Policy In compliance with the provisions of SEBI (Listing Obligations and
with shareholders Disclosure Requirements, 2015) and other applicable laws and in
and other accordance with principles of good corporate governance, the Bank
stakeholder
has developed and implemented a Vigil Mechanism, in the form of
interests
its ‘Whistle Blower Policy’. The details of the Whistle Blower Policy
are available here: https://www.yesbank.in/about-us/corporate-
governance
BOARD COMPOSITION
Corporate Social The Bank has a Corporate Social Responsibility Policy aligned with
YES BANK’s Board comprises eminent personalities from the Reserve Bank of India as Additional Directors and Section 135 of The Companies Act, 2013 and in accordance with the
Responsibility Policy
diverse fields and extensive banking experience. The Three Non-Executive Directors co-opted pursuant to Companies Rules, 2014. The CSR policy is available here: https://
composition of the Board of Directors represents the Clause 5(5) of the Scheme read with Memorandum and www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy
optimal mix of professionalism, qualification, knowledge, Articles of Association of the Bank.
skill sets, track record, integrity, expertise and diversity of The Bank has instituted a Board approved tax strategy that
Committed to adhere to the highest standard of ethics, Tax Strategy
experience as required in the Banking Business. incorporates good corporate practices in tax management and tax
integrity and transparency and to protect the interest of all
During the Financial Year 2021-22 the Board of Directors its stakeholders, the Bank’s Board is focused on ensuring transparency and responsibly balances the interests of its various
consisted of Eleven Directors including One Non- both the corporate governance and risk controls of the stakeholders, including our clients, shareholders, employees, and
Executive Chairman, One Managing Director & Chief Bank. Over the past 2 years, the Bank has strengthened the society at large. Details of the Bank’s tax strategy are available
Executive Officer, Two Non-executive Directors as its governance, compliance and underwriting frameworks on the Bank’s website at https://www.yesbank.in/pdf?name=yes_
named under the Yes Bank Limited Reconstruction by demarcating roles and responsibilities and enhancing bank_tax_strategy_pdf.pdf
Scheme, 2020 (“the Scheme”), Two Directors nominated independence and accountability.
by the State Bank of India, Two Directors appointed by
44 45
Governance
ESG GOVERNANCE ESG DISCLOSURES AND ACHIEVEMENTS

YES BANK takes its Environmental, Social and Governance YES BANK continues to make quality ESG disclosures • YES BANK has also been included in several of
objectives very seriously and its ESG strategies are well YES BANK’S ESG GOVERNANCE and report its sustainability performance in Morgan Stanley Capital International’s (MSCI)
aligned with its business objectives. The Bank has set up FRAMEWORK alignment with international disclosure frameworks flagship global equity indices aligned with
a robust ESG governance structure to enable a smooth like the Global Reporting Initiative (GRI) standards, worldwide ESG benchmarks. As of December 2021,
integration of ESG and climate considerations with its Board Oversight Integrated Reporting (IR) framework and Taskforce the Bank featured in the MSCI ACWI’s ESG Universal
business operations. Senior leadership oversight helps on Climate-related Financial Disclosures (TCFD) Index, MSCI ACWI Low Carbon Leaders Index, MSCI
Corporate Social Responsibility and
to give greater importance to ESG compliance within recommendations. The Bank’s ESG initiatives and ACWI Low Carbon Target Index, MSCI ACWI Climate
Environmental Social & Governance
internal hierarchies, with the Bank’s Chief Financial disclosures have earned it a place in prestigious global Change Index, and MSCI ACWI Climate Paris Aligned
Committee
Officer (CFO) heading the Sustainable Finance team and ESG rankings and Indices Index, among others.
responsible for the Bank’s sustainability strategy. Management Oversight • Rated ‘B’ (Management Band) by Carbon Disclosure
• In FY 2021-22, YES BANK was selected among
The Bank has also constituted an Executive-level the 100 Best Emerging Market Performers by Project for its 2021 Climate Change disclosures.
Sustainability Council chaired by the
Sustainability Council chaired by the Managing Director Managing Director & CEO V.E, which is a part of Moody’s ESG Solutions. The For more information on YES BANK’s ESG performance
& CEO, which oversees the implementation of the Bank’s July 2021 ranking consisted of the top 100 best & sustainability disclosures, please access the Bank’s
sustainability agenda. The Council sets long-, medium Business Unit (BU) Level performing companies listed from developing Sustainability Reports here: https://www.yesbank.in/
and short-term sustainability targets and evaluates markets, with the most advanced scores in social about-us/sustainability-at-yes-bank/esg-disclosures/
The Sustainable Finance team
the Bank’s ESG performance. In FY 2021-22, the Bank responsibility, human rights, employment practices, sustainability-reports
headed by the Bank’s CFO, works
further strengthened its ESG governance by constituting environmental protection, corporate governance,
with BUs across the Bank to integrate
a Board-level Corporate Social Responsibility and business ethics and contributions to social and
ESG into the business
Environmental Social & Governance Committee to economic development in their areas of operation.
oversee the Sustainability Council and guide the Bank’s • YES BANK is the only Indian Bank recognized in
overall ESG agenda. such rankings.
46 47
Governance
Board of Directors
Mr. Sunil Mehta Mr. Prashant Kumar Mr. Mahesh Krishnamurti Mr. Atul Bheda
Non-Executive Part Time Chairman Managing Director & Non-Executive Director Non-Executive Director
Chief Executive Officer
Mr. R. Gandhi Mr. Ananth Narayan Mr. V. S. Radhakrishnan Mr. Ravindra Pandey
Additional Director Gopalakrishnan Non-Executive Director Non-Executive Director
Appointed by RBI Additional Director SBI Nominee Director SBI Nominee Director
Appointed by RBI
Ms. Rekha Murthy 1 Mr. Atul Malik1 Mr. Sharad Sharma2 Notes :
Non-Executive Director Non-Executive Director Non-Executive Director Detailed profiles of all Directors are given in the
Corporate Governance Report.
1. Appointed w.e.f. August 30, 2021
2. Appointed w.e.f. November 01, 2021
48 49
Governance
Management Team
Mr. Prashant Kumar Mr. Rajan Pental Mr. Ravi Thota Mr. Niranjan Banodkar Mr. Anurag Adlakha Ms. Anita Pai
Managing Director & Global Head, Country Head, Large Chief Financial Officer Chief Human Chief Operating Officer
Chief Executive Officer Branch and Retail Banking Corporates Resources Officer
Mr. Arun Agrawal Mr. Gaurav Goel Mr. Ajay Rajan Mr. Rakesh Arya Mr. Sandeep Mehra Mr. Sumit Gupta1
Country Head, Institutional Country Head, Emerging Country Head, Chief Credit Risk Officer Chief Vigilance Officer Chief Risk Officer
& Govt Banking Local Corporates Transaction Banking
Mr. Amit Sureka Mr. Akash Suri Mr. Indranil Pan Mr. Ashish Chandak 2 Mr. Kapil Juneja2 Mr. Shivanand Shettigar3
Country Head, Country Head, Stressed Chief Economist Chief Compliance Officer Chief Internal Auditor Company Secretary
Financial Markets Asset Management
Notes:
1. Reports directly to the Risk Management Committee of the Board.
2. Reports directly to the Audit Committee of the Board.
3. Reports directly to the Chairman of Board.
50 51
CORPORATE INFORMATION
AUDIT COMMITTEE IT STRATEGY COMMITTEE CUSTOMER SERVICE COMMITTEE CAPITAL RAISING COMMITTEE
Mr. Atul Bheda Ms. Rekha Murthy Mr. Sharad Sharma Mr. Sunil Mehta
Chairman Chairperson Chairman Chairman
Mr. R Gandhi Mr. Atul Malik Mr. Atul Bheda Mr. Mahesh Krishnamurti
Member Member Member Member
Mr. Ananth Narayan Gopalakrishnan Mr. Mahesh Krishnamurti Mr. V S Radhakrishnan Mr. V S Radhakrishnan
Mr. Atul Malik Mr. Ravindra Pandey Mr. Atul Malik Mr. Prashant Kumar
Ms. Rekha Murthy Mr. Prashant Kumar Mr. Atul Malik
Member Member Member
FRAUD, WILLFUL DEFAULTERS AND
Mr. Sharad Sharma NON-COOPERATIVE BORROWERS
Member MONITORING COMMITTEE BOARD CREDIT COMMITTEE
STAKEHOLDERS RELATIONSHIP COMMITTEE
Mr. Prashant Kumar Mr. Sunil Mehta
NOMINATION & Ms. Rekha Murthy
Chairman Chairman
REMUNERATION COMMITTEE Chairperson
Mr. Atul Bheda Mr. Mahesh Krishnamurti
Mr. Mahesh Krishnamurti Mr. Mahesh Krishnamurti
Member Member
Chairman Member
Mr. V S Radhakrishnan Mr. V S Radhakrishnan
Mr. Sunil Mehta Mr. Atul Bheda
Member Member
Member Member
Mr. Ravindra Pandey Mr. Atul Malik
Mr. Atul Bheda Mr. V S Radhakrishnan
Member Member
Member Member
Mr. Sharad Sharma Mr. Prashant Kumar
Mr. Ravindra Pandey Mr. Ravindra Pandey
Member Member
Member Member
Ms. Rekha Murthy Mr. Sunil Mehta

CORPORATE SOCIAL RESPONSIBILITY AND
Member Member
ENVIRONMENTAL SOCIAL & GOVERNANCE
COMMITTEE
RISK MANAGEMENT COMMITTEE
Mr. Sharad Sharma
Mr. Atul Malik Chairman
Chairman
Ms. Rekha Murthy
Mr. Sunil Mehta Member
Member
Mr. Atul Bheda
Mr. V S Radhakrishnan Member
Member
Mr. Mahesh Krishnamurti
Mr. Ravindra Pandey Member
Member
Mr. Ravindra Pandey
Mr. Prashant Kumar Member
Member
Mr. Sunil Mehta
Mr. Sharad Sharma Member
Member
52 53
MANAGEMENT DISCUSSION
AND ANALYSIS
Executive overview A strong and well-functioning financial sector fortifies

the foundations of growth and development. During
disruptions that cause a larger pass-through of input
cost pressures to output prices in the event of stronger
the pandemic, the RBI accorded the highest priority demand conditions and global financial market volatility
MACROECONOMIC AND INDUSTRY OVERVIEW
to preserving financial stability by taking quick and arising from faster normalisation of monetary policy by
The economic recovery taking hold during the second decisive steps to ease liquidity constraints, ensuring advanced economies. The downside risk arises from the
half of FY 2020–21 was disrupted by the second wave adequate credit flows to the production sector and early mending of supply chains, which will cause muted
of COVID-19 in early FY 2021–22. This wave was more restoring market confidence. The RBI also strengthened pass-through of output prices and a correction in global
virulent than the first and severely tested the country’s the regulatory and supervisory framework for both commodity prices. The RBI’s inflation projection for
health infrastructure. However, the wave receded banking and non-banking financial sectors to proactively FY2022-23 is placed at 6.7% with Q1FY23 at 7.5%, Q2 at
rapidly and had a relatively limited impact on aggregate identify, assess and deal with vulnerabilities. Thus, 7.4%, Q3 at 6.2% and Q4 at 5.8%.
demand. The strategies used to prevent the spread of despite pandemic-induced bouts of volatility, the Indian
the virus were more localised and region-specific than India is also likely to see downside effects on growth
financial system remains resilient and is now in a better
those employed during the first wave of the pandemic. due to higher commodity prices. On the one hand, the
position to meet credit demands as recovery takes hold
According to the Reserve Bank of India (RBI), the loss of RBI’s calculations assume crude oil will be 10% above the
and private investment activity picks up. According to
output was 40% less than in the first wave. baseline of USD100 per barrel, and domestic growth is
the RBI’s Financial Stability Report (December 2021),
likely to weaken by 20 bps. On the other hand, if crude
Central Statistics Office estimated the real gross Scheduled Commercial Banks (SCBs) continued to bolster
prices fall below the baseline by 10%, this could boost
domestic product (GDP) to have risen by 8.7% in their capital, with a capital-to-risk assets ratio (CRAR) of
growth by 20 bps. Rabi has good prospects that should
FY 2021–22. Official data also indicates that the private 16.6% in September 2021. Banks’ asset qualities also
lift rural demand, and the ebbing of the pandemic risk is
final consumption expenditure increased by around 8% improved, with gross non-performing asset (GNPA)
likely to bolster the contact-intensive services sector. The
compared to FY 2020-21. The value-added figures for the and net non-performing asset (NNPA) ratios declining
government has also taken significant initiatives to boost
manufacturing sector was up by 9.9% while the value- to 6.9% and 2.3%, respectively. The provision coverage
private investments; for example, the Production Linked
added for the services sector rose by 8.4% in FY 2021-22. ratio (PCR) increased from 67.6% in March 2021 to 68.1%
Incentive Scheme (PLI). With capacity utilisation levels
High global commodity prices and domestic inflation, in September 2021. The RBI’s macro-stress tests for
now reported at 72.4% for Q3FY22 and with corporate
coupled with the withdrawal of easy monetary policy credit risks indicate that SCBs’ GNPA ratio may increase
balance sheets deleveraged, expectations are strong for
by the RBI are likely to serve as headwinds to growth in to 8.1% by September 2022, but banks can still comply
private sector capacity building. The downside risks to
FY 2022-23. with minimum capital requirements under severe stress
growth emanate from the surge in input costs, continued
scenarios.
Consumer price index (CPI) inflation moderated close supply tightness of essential components, the tightening
to the target of 4% in April 2021 but remained volatile The assessment of macro conditions into FY 2022–23 will of global financial conditions and weakening global trade.
thereafter. In May and June 2021, CPI inflation breached critically depend on the longevity of the current geopolitical
The government’s capital expenditures are likely to
the upper tolerance level of 6%, with a sharp pickup in problems and their impact on commodity prices. Brent
continue to be important for the economy in maintaining
food, fuel and core inflation. However, food inflation crude oil prices showed an almost 70% increase by the
its growth prospects by crowding in private investments.
then ebbed, and headline CPI inflation decreased to end of March 2022 compared to the end of March 2021.
The budgeted capital expenditure of the Centre is `7.5
4.4% by September 2021. Subsequently, in February Faced with the rude shock of inflation, larger central banks
trillion for FY 2022–23, a sharp rise of 36% over the revised
2022, another rise in food inflation led to an increase will continue to tighten and normalise relevant monetary
estimates (RE) for FY 2021–22. The multiplier effects of
in headline CPI inflation up to 6.1%. The final March policies. Sovereign bond yields have hardened globally
capital expenditures are much higher, at 1.29, than those
reading for FY 2021–22 was 7%, caused by a trade while emerging market economies are likely to see a spate
for revenue expenditures, at 0.37. More importantly, the
shock due to increased global crude oil and edible oil of capital outflows and a weakening of their currencies. The
impulse response of capital expenditures (the number
prices. Global supply chains were disrupted as a result World Trade Organisation recently reduced its forecasts
of years the impact of a rise in expenditures is felt) is
of the pandemic; therefore, major global central banks for global trade, indicating that the geopolitical crisis could
at 3.56 in the fourth year of incurring the expenditure.
considered inflation transitory and hoped that supply lead to food shortages in poorer countries, and 3% growth
Even as near-term growth is poised for a moderation RBI
chains would improve when the effects of the pandemic is expected in 2022 (down from the earlier expectation of
estimates real growth at 7.2% for FY 2022–23, domestic
eased. However, recently, the geopolitical crisis between 4.7%).
growth drivers are expected to improve considerably
Russia and Ukraine and the increase in virus cases in As per the RBI’s assessment, inflation will increase in the longer term, supported by the government’s
China have once again disrupted supply chains, leading by 30 bps if oil is higher than the baseline of USD100 infrastructure push.
to fears that elevated global inflation is likely to continue per barrel by 10%, or vice-versa. Inflation risks also
for a longer term. emanate from longer-than-expected supply chain
54 55
Management Discussion and Analysis

1,122
Branches & 1,244
THE IMPACT OF COVID-19 As a result of the RBI’s rebalancing operations, daily
average absorption under the fixed rate reverse repo
ATMs / CRMs / BNAs
The COVID-19 pandemic has delivered a once-in-a-
moderated sharply since August 2021 when rebalancing
century crisis, with a health shock morphing into a
started. However, overall system liquidity remains in
macroeconomic and financial shock. The RBI undertook
a large surplus. Reflecting the migration of surplus
several measures to deal with such an exceptional
liquidity from the overnight window to longer tenors,
situation. Borrowing costs fell to their lowest levels in
the effective reverse repo rate – the weighted average
decades and spreads narrowed across rating cohorts.
rate of the fixed rate reverse repo and the VRRRs of
Record levels of government securities, corporate
longer maturity, increased from 3.37% at the end of
bonds and debentures were issued. Corporate entities
August 2021 to 3.87% at February 4, 2022. With pressure
deleveraged seamlessly and reduced high-cost debt
building up as a result of inflation, the RBI says that it
while improving profitability and retaining earnings for
will remain focused on “withdrawal of accommodation”
future capex. Overall, the financial sector has remained
and has already raised the repo rate by a cumulative 90
fully functional and helped anchor the recovery process,
bps in May and June, 2022. The RBI has also instituted a
while the RBI’s policy actions have yielded the desired
Standing Deposit Facility (SDF), which is now the lower
results in a smooth and orderly manner.
end of the Liquidity Adjustment Facility (LAF) corridor.
As these objectives are achieved on an ongoing basis, the SDF rate now stands at 4.65%.
RBI has turned its attention to dynamically rebalancing
In the forex market, the Indian rupee (`) is resilient in
liquidity while maintaining adequate liquidity in support
the face of global spillovers, even relative to emerging
of its accommodative stance. This rebalancing has
market economy peers. The sustainability of India’s
involved two sets of operations. The first focuses on RETAIL BANKING bolster the presence in areas where the Bank would
external sector is anchored by high FX reserve buffers
rebalancing liquidity from the overnight fixed-rate like to be present and offer its comprehensive suite of
amid a rise in the current account deficit (CAD). The Retail business faced extremely challenging
reverse repo towards the 14-day variable rate reverse liability and asset products. The Bank follows Cluster
In H1FY22, the CAD was 0.1% of the GDP and was circumstances in the first half of the year, with normalcy
repo (VRRR) auction as the main operation, which is Hub, Hub and Spoke model.
underpinned by robust exports of goods and services. returning in the second half. The business is directly linked
supported by fine-tuning auctions of varying tenors.
The merchandise trade deficit has widened in recent to consumption, which slowed down during the second Simultaneously, the Bank also continues to embrace
The second involves conducting repo auctions of one
months, partly due to elevated crude oil prices and a wave of the pandemic but has since normalised. Retail the ever-evolving digital landscape with capabilities to
to three-day maturities to meet transient liquidity
rise in non-oil imports in line with domestic economic advances increased by 30% YoY, and CASA + retail term optimally acquire and provide superior customer service.
mismatches and shortages.
recovery. Consequently, the CAD/GDP widened to deposits increased by 29% YoY. YES BANK performed The Bank has launched and enhanced many initiatives
2.7% in Q3FY22 and is expected to stay at this level in well across deposits and retail asset products, providing during the year to simply the customer journeys e.g.
FY 2022–23 if oil prices average at USD100 per barrel. customers with personalised solutions. using scorecards for swift and efficient underwriting and
Given the tightening of global monetary policy, there collections, paperless onboarding, new and improved
is a balance of payment deficit for FY 2022–23 that Branch Banking
YES BANK mobile app and YES Service portal. As a part of
could comfortably be managed by the RBI with its large During FY 2021-22, YES BANK expanded its geographical its drive to enhance the digital experience of customers,
FX surplus. footprint to 1,122 branches and 95 Business the Bank has introduced multiple initiatives toward
Correspondent Banking Outlets spread across more deposit mobilisation and customer service:
The stability of the economy and a focus on growth
than 750 locations with 1,244 ATMs and Bunch Note
enable YES BANK to report advances growth of 8% YoY
Acceptor/Recycler. The Bank has added 52 branches
and deposits growth of 21% YoY, along with 44% growth
during the year primarily in West and South India to
in CASA. These figures indicate that the Bank has strong
business momentum, and it is on track to achieve its
strategic objectives.
H
H H
H
YES Genie YES MSME Biz Connect YES Online Instant fixed
deposits (FD)
56 57
Digital Banking • Acquisition & Onboarding POS Merchants and also designed a proprietary portfolio analysis technique
YES BANK has invested significantly in new-age and digital Business Banking Customers in addition to Virtual that will bring never-seen-before insights to customers.
technologies to achieve heightened customer engagement Relationship Management of these Customers.
Ensuring service experience remains superlative for this
and experience. The Bank continues to partner with • Deepening credit card customer relationships by affluent segment of customers, the programs launched a
various fintechs and corporates, and it is a leader in new- offering term products such as EMIs and unsecured Priority Service Desk that would be dedicated to resolve all
age digital payments, including UPI, AEPS, NEFT, IMPS and loans & increasing stickiness by offering card non-financial requests through a single channel in a matter
micro-ATMs at 43%, 18%, 14%, 12% and 10% market share, upgrades , limit enhancements and card protection of hours.
respectively. YES BANK processes nearly every 3rd digital plan
transactions in the country which totals over 6 bn monthly. During the festive season this year, YES FIRST and YES FIRST
To grow digital volumes, the Bank has implemented cloud- YES Private Business programs launched their edition of the Family
native UPI, IMPS processors and alternate AEPS processors YES Private is an exclusive programme with a perfect banking program for affluent families along with the BANK-
to build resilience. blend of expertise and tailored services crafted to suit wide YES Family launch. The programs put together an
the business, wealth and lifestyle needs of YES BANK’s enriched proposition with superior lifestyle and wellness
During the year, the Bank forayed into toll and transit
HNI/ the ultra HNI clients. YES Private’s expert team partnerships to focus on increasing family relationships.
payments as well as collections and implemented a
offers curated solutions for business, personal wealth The programs partnered with one of the world’s largest
first-of-its-kind, cloud-native module to act as a sponsor
management and succession planning. The programme health-care service providers to provide a comprehensive
bank for initial public offerings (IPOs). Further, the Bank
aims to be a growth partner in building and preserving Health and wellness package for new family relations as
is closely looking at opportunities stemming out of new
legacy. The proposition offers some of the best-in-class well as make available an opportunity to enjoy a fine dining
payment aggregator guidelines and getting ready to
lifestyle benefits on debit and credit cards, including or immersive retail therapy experience with the family
service this space.
air travel, lounges, cruises, hotels and resorts, golf
The Bank’s mission is to further develop its technology and YES Premia
privileges, dining experiences, movies and events, and
continue its decade-long journey with YES Money and has insurance coverage. YES Premia is a programme that offers customised
onboarded one million outlets. As part of this service, the premium banking solutions to mass affluent segment
Bank achieves simple transactional needs of its customers YES Private is an invitation-only programme for clients which focus on making banking seamless and enjoyable
YES BANK processes for domestic money transfers and Aadhar based cash who maintain an average monthly balance (AMB) plus for our customers. It is carefully curated to provide
nearly every 3rd digital withdrawals. fixed deposit balances of `3 crore or a total relationship customised banking solutions that complement the
transaction in the country value of `5 crore at a family level. lifestyles and expectations of different customer
Spectrum Banking segments. YES Premia provides customers with a ‘Truly
YES First and YES First Business
Spectrum Banking is the Bank’s new-age channel that Yours’ proposition, offering a wide range of targeted
manages the entire Customer Life Cycle ranging from YES FIRST and YES FIRST BUSINESS are the Bank’s flagship products, services, benefits and partnerships, making it
Debit Cards acquisition, onboarding, relationship management, wealth management and business banking programs a truly customised solution. YES Premia was relaunched
customer value management, activation and service across curated for High Net-worth Individuals- for their personal in December 2020 and has seen a growth of > 50% in
YES BANK has a complete suite of debit card products
the entire suite of retail products (viz. liabilities, retail assets, and business banking needs. These niche programs look customer numbers and liability book in FY 2021-22. The
across three networks (Mastercard, Visa and RuPay),
credit cards, business banking, merchants and third-party at the customer segment in a holistic manner and bring YES Premia proposition focuses on four pillars:
which cater to the varied needs of customers.
products) virtually through spectrum of voice, chat, email. together a proposition that not just curates the best
Segmented across its flagship customer segments, 1. Priority servicing: A dedicated Relationship
The channel undertakes the following activities: products, services and relationship pricing on all things
YES Private, YES First, YES Premia and YES Prosperity Manager offering a wide range of banking services
banking, but also presents a wide array of lifestyle, wealth
are designed and customised to fit the specific needs of • Acquisition and onboarding of liability customers, management and elegant service solutions that are 2. Products and preferential pricing: A
debit card customers. The cards offer unique benefits, upgrading limited ‘know your customer’ (KYC) to full designed to bring delight to the customer comprehensive suite of products and solutions with
including reward points on all spending, NFC-enabled KYC and managing business facilitator distribution
contactless payments, complimentary lounge access In order to elevate the Wealth and Knowledge positioning, special programme-based pricing and discounts
• Customer value management and remotely managing
at domestic airports on select debit cards, MasterCard this year the YES FIRST program focused on an array of 3. Privileges: Special benefits and offers across YES
relationships with YES First, YES First Business, YES
golf lessons on YES First and YES Premia range of initiatives ranging from high profile Webinars with the most Premia debit and credit cards, and a YES Rewardz
Premia, Yes Prosperity, Corporate Salary Account and
debit cards. Customers have also been provided with respected names in the Wealth Management industry programme
Global Indian Banking (GIB) customers
YES InControl, which allows them to manage their card before or following major market or economic events
spending and control card security parameters. The • Acquisition & Onboarding of retail assets, business to differentiated Wealth content marketing to arranging 4. Powerful digital banking platforms and solutions
Bank has also created its own brand of seven E-series banking and credit cards hyper local focused events with product leaders to present
YES Prosperity
debit cards – Element, Engage, Explore, Elevate, Emerge, • Cross Sell of Insurance, Investment, trade forex and and discuss flagship products with key customers. YES
Eclectic and YES Private debit card – for different cash management products to existing customers of FIRST also launched the flagship design-thinking based YES Prosperity is the Bank’s mass retail programme,
client segments. the Bank Wealth Management approach that not just changes the offering services for customers’ individual banking needs.
way traditional wealth management was conducted but Under YES Prosperity, the Bank has a feature-packed
58 59
exclusive segmented savings account proposition for senior is complemented by a multi-channel servicing capability
citizens, women and regular customers. Furthermore, and benefits that extend beyond banking.
YES Prosperity offers Edge Business, Prime Business and
The GIB programme offers comprehensive and superior
Exclusive Business current account variants, a first-of-its
experiential banking services for NRIs and persons
kind three-tier product suite for business clients with an
of Indian origin (PIOs). It facilitates financial solutions
auto-upgrade and -downgrade facility to ensure the right
for NRIs, including deposits, remittances and wealth
product fit at every stage of the business life cycle.
management products. The liability product suite
YES Family comprises savings, fixed and recurring deposit offerings
denominated in INR, and foreign currency (FCY)
During FY 2021–22, the Bank launched the YES Family
denominated fixed deposits in eight global currencies.
programme, which is a feature-packed proposition that
The Bank offers deposit-linked structured products
offers wide-ranging services and rewards to meet the
(premium rupee/FCY plans) that provide NRIs with
financial needs of the entire family. Packed with unique
higher returns on their deposits while availing maturity
benefits and exclusive offerings, YES Family has been
proceeds in INR or FCY. The Bank’s in-house YES Remit
thoughtfully curated to make banking more convenient,
platform facilitates efficient digital cross-border money
offer more attractive products and solutions, and reward
transfers for NRIs residing in Singapore, Switzerland and (FCNR) deposits to be booked online in real-time; YES seen strong growth in secured business loans, auto
the usage of cards and digital platforms. YES Family allows
the UAE. Additionally, the Bank offers best-in‑class NRI BANK is the first institution to offer this facility. loans, personal loans and commercial vehicle loans. The
customers to care for the financial and overall well-being of
FX rates to credit NRI accounts held with the Bank. The Bank has preferred finance agreements with the leading
everyone in their family. The proposition is available across For more value-added services, the Bank introduced a
portfolio investment scheme (PIS) enables customers automobile manufacturers of cars, commercial vehicles
the YES First, YES Premia and YES Prosperity programmes. curated product offering for NRIs and foreign nationals
to invest in the Indian equity market. To fulfil wealth and construction equipment, thereby enabling access
through its International Financial Services Centre (IFSC)
Global Indian Banking enhancement and safety goals, the Bank also offers a to the wholesale and retail businesses of manufacturers
banking unit (IBU), offering savings and fixed deposit
host of investment and insurance solutions to NRIs for and dealers across the country. The Bank offers retail
YES BANK’s Global Indian Banking (GIB) programme is accounts across five foreign currencies with the key
themselves and their families in India. products across 579 locations in 1,004 branches, and it
a power-packed customised offering providing multiple proposition of short-term liquidity at higher interest
aims to increase the size of its retail advances book to
avenues for non-resident Indians (NRIs) to create wealth In FY 2021–22, the Bank’s GIB proposition witnessed a rates. This provides customers with high-interest
`100k crore by FY 2023–24 (including credit card and rural
in India across product categories, with in-person and host of enhancements, including an acceleration of its deposit options versus the minimal rates offered in their
banking assets).
digital fulfilment models. This comprehensive product digital interface to allow foreign currency non-resident host country.
In FY 2021–22, the Bank enhanced its digital lending
In line with the strategy to create segmented offerings for
capabilities with the ‘loan in seconds’ platform as well
its clients, the Bank launched the Mariners proposition,
as front-end automation initiatives using YES Robot to
Retail Banking Assets with relevant benefits and features for seafarers and
provide customers with lower turnaround time and
their families in India.
sanctioned/disbursed higher productivity. This has enabled the Bank to enhance
D 33,000 crore in FY22 To enhance the customer service experience, the Bank new sanctions/disbursements which stood at `33,000
introduced a global service desk to act as a centralised crore in FY 2021-22. With an eye on future retail-led
customer and resource-facing one-stop shop, facilitating growth ambitions and the need for a strong technology
seamless processing of financial and non‑financial backbone, the Bank has invested in Salesforce – World’s
transactions for NRIs with minimal manual intervention. leading CRM Platform to build a next-generation cloud-
The desk handled 50,000 requests and queries from NRI based loan origination system that enables concurrent
customers during the year. processing, real-time credit decisions and industry-best
turnaround time. The Bank’s diversified retail book
Retail Banking Assets concentrates on book quality and collections and aims to
The Bank’s customers can select from a wide range of build analytics-based collection scorecards to augment
retail loan products which include home loans, affordable field force performance and enhance collection cost
home loans, car loans, superbike loans, commercial efficiencies. Collection efficiency was at 96.7% for
vehicle loans, construction equipment loans, loans Q4FY22, which is above pre-COVID levels.
against securities, gold loans, personal loans, secured
business loans, health care finance, printing equipment Rural and Inclusive Banking
finance and working capital, under one roof. A diversified The Rural and Inclusive Banking division of the Bank caters
retail banking assets book across all of the Bank’s to the financial requirements of rural India through a
products has seen total retail advances increasing to basket of offerings targeting the entire agri value chain as
36.0% versus 30.0% in FY 2020–21. The Bank has also
61
well as the underserved and unserved, while also ensuring 9.5 lakh. Since inception of the programme, a cumulative
that the Bank meets its Priority Sector requirements. This disbursement of over `13,500 crore has been done,
division houses three Business Units. reaching out to over 33 lakh families till date. Further,
towards helping the customers in unfortunate times,
Rural Banking Assets the Bank offers optional insurance products like a
The Rural Banking Assets unit addresses the financial customised loan cover life insurance product and a new
requirements of the farmers for crop production and tailored hospital cash product for the rural and semi
ancillary activities through issue of Kisan Credit Cards. urban segment, to help them reduce their out of pocket YES BANK Payment
In order to cater to the specific needs of farmers across hospitalisation expenses. The Bank currently has 95
specialised agri clusters, it offers variants under its BC Banking outlets (BCBOs) which enabled the Bank to
acceptance devices
flagship crop loan product. It also takes care of the farm provide both Asset and Liability solutions to over 26,000 across
1 lakh
mechanisation needs of the progressive farmers by customers in the rural segment.
financing purchase of tractors as primary asset class,
Agribusiness Product Management
along with harvesters and agri implements. The unit merchants in India
also finances small business entities, self-employed The Bank has a specialised vertical viz. Agribusiness
professionals and entrepreneurs in rural areas for their Product Management (APM), which houses industry end to end process is carried out on digital platforms for YES BANK introduced fully digital customer onboarding
business requirements. The unit is catering to the needs and banking professionals with the relevant domain faster customer service and superior experience. Within platform which is designed to provide a seamless
of the farmers in eight States currently, with dedicated knowledge and skill sets. The team closely interacts APM, a specialised team closely monitors the commodity customer experience with video-KYC to meet regulatory
manpower present in these geographies. with Food and Agri clients to create customised lending pledge financing portfolio and mitigates the inherent requirements. Nearly 70% of new credit card issuances
propositions for agri value chain participants – farmers, risks through mark to market of commodity prices and in Q4FY22 were processed digitally. Alongside a strong
Inclusive & Social Banking MSMEs as well as corporates, and facilitates building of in-depth data analysis using various tools & techniques. distribution strategy, YES BANK credit cards focus on
In line with its commitment towards sustainable ‘inclusive banking opportunities in the agri value chain through incremental customer engagement backed by strong
growth’ in the rural and semi urban segment, YES BANK has suitable financial products while mitigating credit risk. The Credit Cards alliances and partnerships, resulting in higher card
always focused on frugal innovations and key partnerships team is also responsible for ensuring that the Bank meets YES BANK credit card boasts of a customer-first spending, activation rates and growing wallet size.
to create and promote viable business models, while the regulatory Priority Sector Lending (PSL) norms, in approach, strong product suite, evolved distribution
providing ‘access to finance’ to the bottom-of-the-pyramid collaboration with the other Business Units that generate strategy and superior customer service, complemented Merchant Acquiring Services
customers. It has a two-pronged strategy involving units PSL assets. by robust risk management systems. With 11.95 lakh YES BANK is one of the leading Merchant Acquiring
– Inclusive and Social Banking (ISB) and Microfinance cardholders and 49% YoY growth in the outstanding services provider in the country, with a best-in-class
As a part of agri value chain financing, the Bank has
Institutions Group (MFIG) – for implementation of various FY 2021–22 book, the business continues to scale up and product suite backed by high service standards and
created a granular portfolio against pledge of agri
financial inclusion initiatives, albeit in a profitable manner. is supported by significant investments in its platform, a robust technological infrastructure. Merchant
commodities while ensuring adequate risk mitigation. The
Further, to provide comprehensive services, the Bank has people and technology. Acquiring services cater to close to one lakh merchant
aligned the ISB & MFIG businesses with its rural branches establishments and currently deploys more than 10,000
and has also deepened the distribution channel through The current product suite consists of 16 products
payment acceptance devices monthly. Close to 80%
Business Correspondent (BC) branches and BC managed across consumer, small and medium-sized enterprise
of the current deployments are processed digitally via
Banking Outlets (BCBOs). (SME) and commercial cards. In October 2021, the Bank
YES Insta app.
launched the Finbooster credit card in partnership with
The Bank promotes microfinance as an important asset BankBazaar, and in December 2021, the NPCI/RuPay- The merchant acquiring service focuses on managing
class within its core business. On the wholesale side, branded credit card was introduced. merchant relationships via a dedicated relationship
the Bank, through its MFIG unit, extends Term Loans to officer in the field and virtual relationship officers,
Microfinance Institutions (MFIs) for on-lending, provides In terms of products, YES BANK’s most rewarding loyalty
thus continuously working towards developing overall
cash management services and caters to their other platform allows customers to (1) share reward points, (2)
engagement.
banking & transactional requirements. On the retail adjust reward points against statement outstanding, (3)
side, the Bank’s ISB unit, through its flagship group- redeem reward points and pay the differential amount, The Bank continually invests in new products, enhanced
lending programme ‘YES Livelihood Enhancement Action if any, (4) collect reward points that do not expire, and services and advanced digital processes. Merchant
Programme (YES LEAP)’, provides financial services (5) redeem reward points for travel bookings or choose acquiring services offer state-of-the-art Android‑based
to Joint Liability Groups (JLGs) of women borrowers products from a wide-ranging merchandise catalogue. To point of sale (POS) devices, same-day and holiday
through Business Correspondents. As 100% of these further enhance customer activation and engagement, settlements, and an array of other value-added services,
groups are women centric, YES LEAP has been able to the Bank offers spend-based fee reversal on new cards, including SMS Pay, EMI, dynamic currency conversions
contribute significantly towards strengthening women moving away from lifetime-free cards. (DCC) and best-in-class solutions for BQR/UPI payments.
empowerment in remote areas of India. As on March 31,
2022, the Bank has an active women customer base of
62 63
Fintech Partnerships • Protect: Comprehensive insurance solutions to to large corporate clients, including those in the
YES BANK engages with multiple fintech partners to protect entity/promoter interest infrastructure and core industry segments. The Bank’s
enable the acquisition of incremental new-to-bank (NTB) professional relationship experts forge value-based, long-
With the shift towards digital transactions, YES BANK has
customers across liabilities, assets and credit cards. term affiliations with the top management and promoters
curated a digital platform, especially for SMEs and self-
Partner selection is a well-thought-out strategy with a of almost all large corporate houses in India.
employed customers to enable them to undertake their
segmental-based focus to ensure differentiated product business banking transactions digitally and instantly. The Bank offers comprehensive client-focused
offerings and value-creating propositions. By leveraging YES MSME is an industry-first solution which provides a services comprising working capital finance, term
unique propositions with fintech’s superior UI/UX and a single interface for all banking needs of MSMEs, including loans, transaction banking products, trade finance
robust application programming interface (API)-based cash flow management, credit limits and utilisation, and cash management services, debt capital markets,
technology stack, YES BANK aims to offer future‑ready certain credit document submission, bulk payments etc. Treasury Services (Foreign Exchange Risk Management),
products to benefit its valued customers. By collaborating Investment Banking Solutions (M&A Advisory, IPOs),
with select partners, the Bank is building a sustained and Additionally, the Bank has successfully launched YES Aim
Foreign Currency Loans & Overseas financing (via
scalable low-cost acquisition model. for digital account opening, E-sign and E-Stamp facilities
IBU in Gift City) and Liquidity Management Solutions,
to facilitate faster loan fulfillment. The Bank’s Digital
among others. With the theme of Ecosystem Banking
SME Banking Lending Platform is under testing phase and will be
and service-centric approach, YES BANK focuses on
The Small and Micro Enterprises Banking (SME) business launched soon to ensure customers journeys are made
the ecosystem of the customer by catering to dealers,
units cater to the entire spectrum of SME’s. The Bank has seamless. With the launch of this solution, customers
vendors and customers of corporates, thus ensuring
dedicated RMs for business origination and relationship would be able to undertake self-onboarding. This would
seamless service to the customers.
deepening across trade, forex, retail cross-sell through lead to ease of application and have a major impact on
coverage in 700 branches. Along with RMs, product customer experience. The Bank remains committed to continuous improvement
specialists and industry experts focus on providing Digital & Analytics solutions are enhancing customer Wholesale Banking in service, risk management and product portfolio through
research, benchmarking and client orientation.
continuous support and solutions to customers. experience and improving productivity with: new sanctions/
Majority business origination is from internal channels
with parametrized as well discretionary lending enabling • Analytics driven prospective client identification disbursements of The Bank has product teams with sectoral knowledge
across key sectors like roads, renewable power, ports,
faster credit decisioning. • Digital Lending Platform D16,000 crore in FY22 airports, refineries, metals etc. thereby helping facilitate
The Bank is also using internal and external channels • Seamless customer approval experience underwriting of exposures across other corporate
to facilitate in gaining market share. Dedicated efforts • Self-assist digital tools – MSME App, Trade-On-Net, FX segments for the Bank. The products team also
commercial vehicle financing to urban waste collectors
in building partnerships in the Supply Chain Finance, Online, etc. engages with other key stakeholders to deepen their
and processors; financing equipment manufacturers of
Co‑lending have been undertaken. understanding of the sector, market conditions and
• Robust EWS framework – early identification of Effluent Treatment Plant/Sewage Treatment Plants and
industry developments and help devise a sector‑wise
The Bank made a pivotal shift from being a lender to incipient sickness & support frontline in remedial supporting the Electric Vehicle ecosystem by financing
strategy. This distinctive approach translates into mutually
a solutions provider under the revamped “Power of 5” management auto ancillaries/charging infrastructure players.
beneficial relationships with clients in knowledge-driven
customer value proposition. Power of ‘5” is packed with On the trade side, the focus has been on customer This differentiated positioning, along with customised sectors such as life sciences & healthcare, information
a lot of industry first initiatives and is well appreciated engagement for increasing penetration on ‘Smart Trade’ solutions, dedicated relationship team, knowledge- technology, food & agribusiness, manufacturing,
by our customers. Bank tied up with several trade application. Smart Trade/FX on-line are secure platforms banking experts and an extensive network delivers infrastructure, hospitality & education.
associations across the country to promote its revamped for the initiation of online trade/FX transactions, through unmatched one-stop service to SME’s, addressing their
customer value proposition. With the goal of offering One-stop solution to Corporate
which customers can place transaction request, which end-to-end requirements.
relationships, the Large Corporates Group also synergises
• Borrow: Incubation to growth stage – Credit solutions will automatically flow to the Bank for digital processing.
with Retail Banking to offer meaningful personal banking
for start-up entities to well-established MSME’s WHOLESALE BANKING
In line with our strategy to institutionalise the ‘Knowledge services such as Savings account, Credit Cards and retail
• Save: Investments/ advisory solutions to the Banking’ approach, the Bank has partnered and inked As YES BANK accelerates along its transformational assets to the corporate workforce.
promoters on wealth management/ tax & succession MoUs with various trade and industry associations journey, its strategic focus on sustainable growth will
planning including the Government sponsored bodies to conduct develop and drive liability franchises and strengthen its Institutional and Government Banking
banking knowledge events, conduct MSME cluster asset business with strong governance and compliance YES BANK’s Institutional and Government Banking team
• Simplify: Increase transaction convenience with the
development programmes in RBI defined clusters and as well as prudent risk management. To further develop is divided into seven segments: Government Banking,
objective of ensuring customer delight.
business carnivals to provide easy and inclusive financial these objectives, the Wholesale Banking Group continues Multinational Corporate Banking, Indian Financial
• Partner: API integrations with SME’S focused to play a key and pivotal role for the Bank.
assistance, ensuring that the customers have access to Institutions Banking, International Banking, Corporate
technology partners to provide automated solutions
best-in-class schemes and benefits. The Bank continues & Government Advisory, Food & Agribusiness Strategic
for receivables, payment solutions Large Corporates
to explore targeted products aimed at green financing Advisory and Research and International Banking Unit. This
such as offering loans for the adoption of roof-top YES BANK’s large corporates division provides group provides government entities, financial institutions
solar amongst MSMEs; offering bank guarantee and comprehensive financial and risk management solutions and multinational companies with comprehensive client-
64 65
focused services comprising liquidity management connected with foreign banks and overseas branches of to the Bank’s clients to meet their foreign currency of existing relationships. The team already present at 31
solutions, treasury risk management solutions, Indian banks to avail foreign currency borrowings and banking requirements in cross-border trade offerings, locations is planning to add 15 new locations in FY 2022-23
transaction banking products, trade finance and cash trade credit. external commercial borrowings and foreign currency which will further strengthen regional coverage. The team
management services, supply chain finance, working loan syndications. In line with the requirements of will continue to build the portfolio with focus to increase
The international banking segment maintains
capital finance and term loans. the International Financial Services Centres Authority fee contribution by NTB led X-Sell through synergies with
relationships with an extensive network of international
(IFSCA), the Bank has formed a Governing Body Transaction Banking, Digital Banking, YES Securities,
Government Banking segment addresses the financial banks, financial institutions and exchange houses, and
comprising of senior executives of the Bank to oversee FASAR, Treasury and Branch Banking. Branch Banking will
and banking needs of the Central and State governments it provides a complete suite of products and solutions,
the overall affairs of the IBU. help in adding CASA accounts, Investment products and
and their affiliates. Over the years, the Bank has provided including trade finance, treasury services, investment
Credit cards.
financial and advisory services to ministries under the banking solutions, remittance solutions, financial Emerging Local Corporates (ELC)
Union Government, State Government, Central and advisory and global Indian banking, for its partner ELC is also deeply entrenched in New-Age Entrepreneurship
The Emerging Local Corporates (‘ELC’) team focuses
State public sector undertakings, Boards and other institutions and internal stakeholders. It consistently ecosystem emerging across India, by providing bespoke
on corporates with turnover between `100 crore and
affiliates. The Bank delivers innovative, structured and delivers unique and first-to-market offerings by digital solutions, incubation and networking platforms
`1,500 crore. ELC aptly lives up to the ‘local’ name by
comprehensive solutions, and it has accomplished several leveraging its global alliances. to E-commerce, Fintech, and Agritech businesses. The
remaining closer to its customers, developing a thorough
landmark transactions with Maharatnas, Navratnas, Mini- Bank has a dedicated team providing innovative banking
To further YES BANK’s commitment to India’s holistic and understanding of their banking needs and delivering
Ratnas and other apex institutions. solutions for the unique requirements of the startups.
inclusive growth, the corporate and government advisory tailored solutions across the spectrum of banking
Over 800 top startups, including 55 unicorns, in India have
YES BANK has deployed innovative collection and segment works across emerging sectors of India’s services. The foundation pillars of ELC are regional
placed their trust with YES BANK. Working in unison with
payment mechanisms with customised digital solutions economy by executing knowledge and advisory mandates presence, granular asset & liability book, robust risk
Digital Banking, Transaction Banking, Liability Products,
for State Development and Procurement Agencies of social and economic importance. The group leverages management, strong digital penetration, structured cash
Food & Agri Advisory, & Retail teams of the Bank, this
and provided support to educational, religious and its in-depth sectoral expertise, research skills and apex- & trade solutions and sustainable growth.
team has been instrumental in delivering ‘Industry First’
sporting institutions across India via unique transaction level relationship capital across government and industry
ELC uses its USP “Knowledge Banking” approach to cater solutions like API Banking, Prepaid instruments, Fastag,
banking offerings aimed at streamlining working ecosystems to assist clients, including Central and State
to the requirements of focus sectors, including Auto Payment Escrow & Digital Wallets to various e-commerce
capital management. YES BANK partners with the State governments, multi-lateral bodies, industry chambers
components, Food & Agri-processing, Gems & Jewellery, & technology platforms.
Government through the public financial management and private sector players, in their development and
Media & Entertainment, Pharmaceuticals, Specialty
system mode of payment to ensure seamless tracking of growth agenda. Focused sector‑oriented approaches, Transaction Banking Group
Chemicals, New Age & Technology businesses and offers
last-mile beneficiary disbursement. such as Smart Cities and urban infrastructure, mean
customised suite of financial products including Term The Transaction Banking Group (TBG) at YES BANK is a
that e-mobility has continued to create new banking
Multinational Corporate Banking segment has focused Loans, Funded & Non-Funded Working Capital Facilities, specialised product group that provides trade finance,
opportunities and facilitate the deepening of relationships
on emerging as a preferred host country and payments Cash Management Solutions, API Banking, Digital Banking cash management and supply chain financing services to
with key customer segments.
bank to global counterparts. As a result, an increasing and Trade & Treasury Products by leveraging cutting-edge corporates, governments and financial institutions. The
number of institutions have elected to utilise the Bank’s YES BANK’s specialised food and agribusiness strategic technology. TBG also engages with strategic business influencers to
network for their India-linked businesses. The Bank advisory and research (FASAR) unit houses industry provide customised solutions for them and their clients
Exhibiting a book growth of 34% in FY 2021-22, ELC is
has established strong relationships with multinational specialists with sectoral knowledge and experience via its B2B2C approach.
poised to double its book by FY 2025. The team is planning
corporates across key trade corridors, increasing its in the food and agribusiness domain. FASAR rolls out
to achieve the same through a two pronged approach by
share of India-bound remittances. strategic initiatives and generates banking opportunities
acquisition of New to Bank (NTB) clients, and deepening
on the back of knowledge banking services and focuses
The Indian Financial Institutions Banking segment offers
on exploring innovative banking opportunities, acquiring ELC also known as Medium
correspondent banking solutions to domestic banks and
NTB clients and consolidating banking relationships
various financial institutions. The Bank has successfully
with existing clients. The unit works closely with
Enterprises - 34% book
deployed API banking, a technology that has emerged
corporates, MSMEs, multinationals and Central and State growth in FY22
as a key service, to integrate and streamline the
governments, and it has executed multiple mandates on
transaction processing cycle to offer real-time instant
project, strategic and policy advisories across diverse
banking facilities to cooperative banks, mutual funds,
sub-sectoral and thematic areas. FASAR also regularly
stock brokers, non-banking finance companies (NBFCs),
publishes reports and research papers on key trends
payment aggregators, regulated payment operators and
and developments in the food and agriculture sector.
other financial institutions.
YES BANK was the first bank in India to commence
The Bank has engaged with the National Bank for
operations at the IFSC in GIFT City, Gujarat, in October
Agriculture and Rural Development (NABARD), the
2015. Customer advances and investments at the
Small Industries Development Bank of India (SIDBI),
Bank’s IBU were approximately USD1.08 billion on
the Export–Import Bank of India (EXIM Bank) and the
March 31, 2022. IBU provides comprehensive solutions
National Housing Bank (NHB) to avail refinance. It has also
66 67
group effectively drives digitisation in the entire financial • Primary dealership: YES BANK is one of 21 primary Stressed Asset Management
supply chain of businesses across sectors, leveraging its dealers (PDs) designated by the RBI to actively trade, YES BANK’s Stressed Asset Management (‘SAM’) team
flagship API banking, fintech partnerships and product underwrite and bid for government securities, T-bills leads management of distressed and non-performing
knowledge base through its product and sales teams. and State Government bonds in auctions, thus assets originating from the Corporate Segments of
providing a complete suite of sovereign debt. PDs have the Bank. The Group provides effective solutions for
Since its introduction in September 2015, YES BANK’s
dedicated sales personnel who deal with mutual funds, resolution of these assets by leveraging its rehabilitation,
API banking includes 450+ API-related services, resulting
insurance companies, Foreign Portfolio Investors regulatory and recovery understanding. Over the
in 6,815 set ups. TBG’s supply chain unit works with
(FPIs), cooperative banks, provident funds and retail past 3 years, the team of 100 employees has gained
its strategic corporate clients to harness their supply
customers. The PD desk has been at the forefront significant market knowledge and has applied the same
chain linkages to provide critical liquidity solutions to
in adopting new market instruments, for instance, in resolution of stressed cases of varying degrees of
their MSME partners. These solutions are provided by
government security STRIPS. nuance & complexity. During the financial year, the SAM
leveraging cutting-edge technology, including artificial
intelligence (AI), blockchain and API banking. • Debt capital market (DCM): This business originates team has also received ISO 9001:2015 certification, which
and distributes onshore non-convertible debentures reiterates the high level of standards and processes
TBG also has a specialised and niche vertical for corporate (NCDs), commercial papers and other structured followed by the team.
Top client management, which is an exclusive service- finance products. The Bank’s clientele includes large
The SAM team employs multi-pronged resolution
3 bullion
oriented unit managing implementation and client and mid-market corporates, PSUs, Central and State
service activities for all transaction banking products strategies, including operational and financial
Government entities and NBFCs. On the distribution
and solutions. This unit works on a ‘phygital’ model to restructuring, identifying strategic investors for the
importing banks front, the DCM desk has developed strong affiliations
provide a superior post-sales customer experience that takeover of stressed assets, resolving issues through the
across various investor segments, including mutual
creates heightened customer stickiness through its insolvency and bankruptcy framework, negotiating with
YES Transact is TBG’s comprehensive product suite that funds, insurance companies, provident and pension
differentiated service proposition. borrowers for one-time settlements, recovering security
caters to the working capital and liquidity management funds, FPIs, banks, private wealth managers and
interest by enforcing the Securitisation Act and selling
requirements of businesses across sectors as well as the NBFCs. The DCM desk has successfully executed deals
Financial Markets non-performing assets (NPAs) to asset reconstruction
spectrum of its retail and wholesale client segments. ranging from vanilla transactions to highly structured
The financial markets segment offers a full range companies (ARCs) or other investors to optimise
The product suite includes: debt solutions, including a renewable asset pooling
of products and services to large corporates, recovery outcomes (both in terms of recovery value, as
structure, securitisation of infrastructure assets, lease
• Cash management services for managing receivables MSMEs, government, retail and institutional clients. well as timelines for recovery). In addition, businesses
rental discounting and InvIT bonds. YES BANK’s DCM
and payables Whether providing comprehensive advisory services, of select stressed borrowers adversely impacted due to
team has garnered a spot in prestigious league table
macroeconomic research or debt capital market the pandemic were also provided with apt support to
• Customised and innovative digital solutions, including rankings and won several awards and accolades over
services, its focus is always on client relationships and revive their operations for turnaround of the business
market-leading API banking solutions the years.
their growth. Over 100 professionals serve client needs and value creation for all the stakeholders.
• Digital solutions for correspondent banking and NBFCs • Balance Sheet Management Group (BSMG): The
at branches in various parts of the country. During FY 2021–22, the team was extensively involved
• Specialised products and solutions for government Bank’s BSMG team is the custodian of the Bank’s cash,
• FX sales: The Bank offers customised solutions for liquid assets and government securities portfolio. It in negotiating with global distressed debt funds to
entities, including Central and State bodies
FX risk management to more than 25,000 clients pan manages day-to-day liquidity within the centralised find a suitable partner for the Bank’s ARCs. The SAM
• Fiduciary services, e.g. escrow, nodal and RERA team enabled the Bank to achieve cash recoveries and
India, including large and midsize corporates, PSUs, treasury function with governance oversight by the
• Capital market-related products, including settlement MNCs, banks and private equity funds. The Bank’s Asset Liability Management Committee (ALCO). The upgrades totalling `7,290 crore during the year.
and custodian services well-developed retail franchise for FX business caters BSMG team is responsible for the management of
• Curated solutions for trusts, associations, societies to SMEs, HNIs and NRIs, among others, and provides liquidity risk and interest rate risk exposures within
and clubs (TASC) spot and derivative products for the efficient hedging the Bank’s balance sheet and also provides guidance
• Trade finance, e.g. letters of credit, bank guarantees, of foreign currency and interest rate exposures for on funds transfer pricing based on the movement
export and import credit, and remittances the Bank’s institutional, corporate, SME and retail of funds in the Bank, which is an essential input for
customers. Products include FX advisory for trade flows, pricing all of the asset and liabilities products offered
• Structured trade and supply chain solutions
foreign direct investments (FDIs), capital flows, external to the Bank’s customers.
• Foreign exchange services, e.g. cross-border commercial borrowing (ECBs), American depositary • Bullion: The Bank imports bullion (gold and silver
remittances for exchange houses/authorised dealers receipts (ADRs) and hedging solutions for currency and bars) on a back-to-back consignment basis to meet
and foreign currency notes interest rate exposures. Each account has a dedicated the outright purchase and gold loan requirements of
• Bullion sales and gold metal loans Treasury Sales Manager who provides key personal bullion dealers and jewellery manufacturers. The Bank
services such as timely market insights and sector has emerged as a dominant player in the Indian bullion
The TBG leverages product and technology expertise to
expertise. The Bank also offers electronic execution market and has established itself among the top three
offer innovative digital solutions by designing, developing
in various forms as well as hedging solutions to clients bullion importing banks in India.
and co-creating products with corporate clients, fintech/
outside India through the IFSC in GIFT City, Gujarat.
technology partners, banks and exchange houses. The
68 69
SUPPORT FUNCTIONS executives. In line with its responsible banking objectives

and to ensure that employees have a say in making YES THE GAMUT OF KEY RISKS FACED BY THE BANK INCLUDE
Human Capital Management
BANK a trusted and successful institution, the Bank
Having a people-first culture is a truly sustainable undertook the ‘Voice of YES Employee Survey’ during
competitive advantage for any bank. It not only helps FY 2021–22. Furthermore, to build a steady stream of
with attracting and retaining the best talent but also high-quality talent, the Bank launched innovative ‘train
drives more equitable outcomes. YES BANK enjoys and hire’ programmes in FY 2021–22, including the YES
a culture that promotes meritocracy and career Professional Banker and the YES Force programmes. Credit risk Market risk Operational risk ALM risk
enhancement, and it currently has 24,346 employees, The Bank continues to invest in hiring top-end, young
with 2,076 new employees joining in the past year. YES talent from premier educational institutions through its
BANK’s 5C engagement model (culture, communication, flagship YES Professional Entrepreneurship programme.
connect, career and care) provides a consistent and
enhanced employee experience. To make the world of Risk Management Compliance risk Climate risk Cyber security and Reputation risk Attrition risk
work equitable, dynamic and more fulfilling, the YES A bank’s long-term financial security and success are built data risk
School of Banking focuses on building skills for the on its risk management framework. Risk management at
future through sustained learning initiatives focused on YES BANK is based on three lines of defence: business
building capacity and capability. units, independent credit and control functions and
internal audit. The Bank’s Board of Directors have Credit risk a one-time restructuring of accounts. The Bank was
The Bank was ranked second among large-sized banks
overall responsibility for risk management, and the risk prudent and adaptive in ensuring higher risk standards
in the Best Places to Work in India in 2021, awarded
management architecture is overseen by four Board- and proactively reviewed risk thresholds with the impact
by AmbitionBox.com. The Bank offers developmental Credit risk is defined as potential losses associated
level committees that have implemented specific policies, of the COVID-19 pandemic in mind. The Bank assessed
initiatives for its top and senior management leaders, with diminution in the credit quality of borrowers or
frameworks and systems for effectively managing the the potential stress impact of the pandemic on its credit
including the APEX Leadership programme, which counterparties. Losses stem from outright default
Bank’s various risks, as illustrated below. profile based on available information, accompanied by
focuses on conscious leadership and a 360-degree or a reduction in portfolio value. The Bank has a
assumptions and judgemental overlay. On March 31,
feedback exercise. To create an organisation that distinct architecture of policies, procedures and
2022, the Bank’s GNPA ratio improved to 13.9% vs 15.4%
is diverse, equitable and inclusive, the Bank’s ‘EVE’ systems for managing credit risk in both its retail and
last year and Net NPA ratio improved to 4.5% vs 5.9% last
initiative focuses on upskilling and developing its women wholesale businesses. Wholesale lending is managed
year. The Bank has a conservative and prudent policy
on an individual and portfolio basis. In contrast, retail
for specific provisions on NPAs that is higher than the
lending, given the granularity of individual exposures,
minimum regulatory requirements and adheres to the
is managed largely on a portfolio basis across various
regulatory norms for standard assets.
products and customer segments. For both categories,
robust front-end and back-end systems are in place to Driven by rapid advancements in technology, digitalisation
ensure credit quality and minimise loss from defaults. is becoming a key differentiator for customer retention
The factors considered when sanctioning retail loans and service delivery in the banking sector. Digital lending
include income, demographics, credit history, loan tenor enables customers to secure loans at the click of a button
Risk Management Audit Fraud, Wilful Defaulters Board Credit
and banking behaviour. Furthermore, multiple credit in a matter of minutes, if not seconds. However, attendant
Committee (RMC) Committee and Non-Cooperative Committee (BCC)
risk models are used to appraise and score different risks are associated with this, and the Bank has put
(AC) Borrowers Monitoring
customer segments based on portfolio behaviour. In appropriate checks and balances in place to manage these
Committee
wholesale loans, credit risk is managed by capping risks. Such loans are sanctioned primarily to the Bank’s
exposures based on borrower groups, industry, credit existing customers who often avail of multiple products,
rating grades and country, among others. This is backed thus, allowing the Bank ready access to their credit history
In general, the Bank is exposed to three Pillar 1 risks in the course of its business: credit risk, market risk, and by portfolio diversification, stringent credit approval and risk profile. This facilitates the evaluation of their loan
operational risk. Given the evolving banking landscape, liquidity and cyber security risks are also vital concerns. processes and periodic post-disbursement monitoring eligibility, and most of the credit checks and scores used
These risks not only have a bearing on the Bank’s financial strength and operations but also on its reputation. and remedial measures. The Bank has been able to by the Bank involve process-based underwriting, which is
Keeping this in mind, the Bank has implemented a Board-approved risk strategy and policies that are supervised ensure strong asset quality on incremental lending replicated for digital loans. The Bank has an independent
by the RMC. The Committee monitors the compliance of risk parameters and aggregate exposures and ensures post-March 2020, despite volatile times in the lending validation unit that minutely assesses the models used
that frameworks are established for assessing and managing the various risks faced by the Bank. Systems have environment, by stringently adhering to prudent norms to generate credit scores for such loans. These models
been developed to relate risk to the Bank’s capital level, and methods are in place for monitoring compliance with and institutionalised processes. are monitored, reviewed periodically, back tested, and
internal risk management policies and processes. The Committee ensures that these are adequate and appropriate corrective action is taken when needed.
to changing business conditions, the structure and needs of the Bank, and its risk appetite. During the COVID-19 pandemic, the Bank followed the
RBI’s directions and granted loan moratoriums backed
by government-guaranteed schemes, and it carried out
70 71
systems or external events. For management of Confidentiality and Security standards, Vendor Selection, In addition to LCR, the Bank also has been maintaining
Market risk Operational Risk, the Bank has put in place a framework Categorisation, Empanelment guidelines. etc. net stable funding ratio (NSFR) which was effective from
that is commensurate with its size, nature of business October 1, 2021 as per RBI guidelines. The NSFR seeks to
activities and complexity of operations. The framework The Bank acknowledges and recognises the importance ensure that the Bank maintains a stable funding profile in
Market risk arises largely from the Bank’s Investments
includes a proactive, forward looking approach, with of ensuring resiliency in its business operations and relation to the composition of its assets and off-balance
and trading activity in interest rates and the currency
adoption of industry best practices to enable operational maintaining the trust and confidence of its stakeholders, sheet activities.
market. YES BANK’s market risk management is governed
resilience and minimal operational risk events and including customers, regulators, employees, and public at
by comprehensive Board-approved policies, including
losses. The Bank promotes a culture of risk awareness, large. To minimise impact to its activities during disasters/
market risk, investment, hedging, stress testing, Compliance risk
continuous control improvement and risk mitigation, and disruptions, the Bank has put in place a Business
derivative, derivative appropriateness policy,. These
encourages its employees to promptly identify, escalate, Continuity Plan (BCP) for ensuring resiliency in its business
policies have been benchmarked with industry-best
report and resolve operational risk events. operations. The implementation of this plan is overseen Compliance risk is defined as the risk of impairing the
practices and the RBI’s regulations. They ensure that risks
by the Operational Risk Management Committee, chaired Bank’s integrity, resulting in damage to its reputation,
underwritten across business activities are within the
Operational Risk Management is supervised by the by the CRO. The Banks business continuity plan is ISO legal or regulatory sanctions, or financial loss as a
stipulated risk appetite of the Bank and that similar risks
Operational Risk Management Committee (ORMC) at the 22301 certified result of a failure (or perceived failure) to comply with
are aggregated.
management level, and by the RMC at the Board level. An applicable laws, regulations and standards. YES BANK’s
independent Operational Risk Management Unit (ORM) is compliance policy ensures the highest standards of
These policies cap the risks on different desks or
responsible for enabling and ensuring the development ALM risk compliance. A dedicated team of subject matter experts
various securities through risk limits or triggers. The
and implementation of policies, procedures, tools and in the compliance department works with business
risk measures include position limits, tenor restrictions,
techniques to identify, measure, evaluate, monitor, report ALM risk arises on account of Liquidity risk and and operations teams to ensure active compliance
rating thresholds. sensitivity limits (e.g. PV01), the
and control/mitigate operational risks. The business line interest rate risk. Liquidity risk is the risk that a bank may risk management and monitoring. The team also
modified duration and option Greeks. Value-at-risk and
(including support units and operations) are ultimately not be able to meet its short-term financial obligations provides advisory services on regulatory matters and
stop-loss trigger levels are monitored on an end-of-day
responsible for managing operational risk in their due to an asset-liability mismatch or interest rate focuses on identifying and reducing risk by rigorously
basis. Additionally, FX open positions, currency option
respective units. This includes identification of risks and fluctuations. Further, asset liability mismatch also lead testing products and putting robust internal policies
delta and interest rate sensitivity limits are computed
implementation of policies, procedures and internal to interest rate risk to the Bank. The Bank has an asset– in place. Products that adhere to regulatory norms are
and monitored on an intraday basis and supplemented
controls in managing the day-to-day activities. Examples of liability management policy for liquidity and interest rate tested after rollout, and shortcomings, if any, are fully
by a Board-approved stress testing policy and framework
some prevalent controls include the traditional four-eyes risk management that is implemented, monitored and addressed until the product stabilises. Internal policies
that simulate various market risk scenarios to measure
principle, effective segregation of business and support periodically reviewed by the Asset Liability Committee are reviewed and updated periodically as per the agreed
losses and initiate remedial measures. The Bank’s market
functions, segregation of duties, call back processes, ALCO. frequency or based on market actions or regulatory
risk capital charge is computed daily using a standardised
reconciliation and exception, and periodic management guidelines. The compliance team also seeks regular
measurement method that applies regulatory factors. As part of this process, the Bank has various
information system (MIS) reporting. Controls are tested feedback on regulatory compliance from the product,
as part of the control testing framework. Board‑approved limits for both liquidity and interest business and operation teams through self-certification
The Bank has an integrated, straight-through processing rate risks. While maturity gap and stock ratio limits and monitoring.
and state-of-the-art treasury system to enable better help manage liquidity risk, net interest income and
The Bank has a whistle blower and vigilance policy
risk management. It measures currency and interest rate market value impacts help mitigate interest rate risk.
as well as a central vigilance team that oversees
risks via various metrics based on regulatory guidelines This is reinforced by a comprehensive Board-approved
the implementation of fraud prevention measures. Climate risk
or using internal risk models. The Bank also conducts stress testing programme covering liquidity and interest
The identified frauds are investigated to identify the root
regular stress testing to monitor its vulnerability to rate risk.
cause, and relevant corrective steps are taken to prevent YES BANK recognises climate risk as a significant risk and
plausible or unfavourable shocks. The Bank monitors and
a recurrence. A Fraud Monitoring Committee at senior The Bank conducts various studies to assess the refers to the Financial Stability Board’s (FSB) Taskforce
controls its risks using various internal and regulatory risk
management and Board level also deliberate on material behavioural pattern of non-contractual assets and on Climate related Disclosures (TCFD) recommendations
limits, which are set according to several criteria, including
fraud events and provide advice on preventive actions. liabilities and embedded options available to customers for adoption of best practices around managing and
economic scenarios, business strategy, peer analysis and
Periodic reports are submitted to the Board and senior that are used while managing maturity gaps. The Bank disclosing climate risk. YES BANK broadly categorises
the Bank’s risk appetite. The risk reporting mechanism
management committees. also has the necessary framework to manage intraday climate risks into physical and transitional risks. Physical
comprises disclosures and reporting to ALCO and Board
level committees. liquidity risk. risks are a consequence of direct physical impacts of
The Bank has put in place an Outsourcing Risk Management climate change and range from acute risks (such as
Framework, under the aegis of the Outsourcing policy, The liquidity coverage ratio (LCR) is a global standard
extreme weather events) to chronic risks (like gradual
which sets forth details around Oversight and Governance used to measure the Bank’s liquidity position. LCR
Operational risk rise in sea level and temperature). Transition Risks
Structure, Minimum Standards applicable to Due seeks to ensure that the Bank has an adequate stock of
arise from external efforts to address climate change
Diligence, Risk Management, Monitoring and Reporting, unencumbered high-quality liquid assets (HQLA) that
including, but not limited to, regulatory and policy
Operational Risk is the risk of loss resulting from Contingency Planning, Customer Grievance Redressal, can be easily and immediately converted into cash to
changes, technological advancement or shifts in investor
inadequate or failed internal processes, people and meet its liquidity needs under a 30-day calendar liquidity
sentiment and consumer behaviour.
stress scenario.
72 73
The Bank considers climate risk as a material Pillar II risk in The Bank is compliant with ISO 27001:13, ISO22301:19 guidelines, failure to deliver on commitments, lack of position/capital adequacy. The ICAAP framework is
its Internal Capital Adequacy Assessment Process (ICAAP) and PCI DSS standards. customer-friendly services and fair market practices, guided by the Board-approved ICAAP policy. The Bank
document and in it details its overall governance and low or inferior service quality, unreasonably high costs, also has in place Board approved Risk appetite statement
Recently, the financial sector has witnessed a significant
control framework. From a governance point of view, the a service style that does not harmonize with market for key risks identified under the ICAAP. The Bank has put
increase in adoption of and investment in digitisation,
Bank’s CSR and ESG Committee provide oversight of its circumstances or customer expectations, inappropriate in place internal policies and frameworks to ensure that
which has led to the implementation of cutting-edge
sustainability strategy that includes climate change and business conduct or unfavorable authority opinion and the Bank operates within its risk appetite thresholds.
technologies. However, with the rise in digitisation,
Risk Management Committee covers the entire gamut of actions, increased customer litigation, poor financial
security risks can occur due to breaches of confidentiality, The Bank implements a Board-approved stress testing
risk management for the organisation as outlined in its performance, high employee attrition rates, etc.
integrity and the availability of classified data such as policy and framework that forms an integral part
ICAAP. In FY 2020-21, Bank instituted an executive level
customers’ personal and financial information. Customer Reputation Risk threats and incidents shall be of high of ICAAP. Stress testing involves the use of various
Committee, Sustainability Council to provide management
information is of critical importance to YES BANK, and it is priority to be responded to urgently, addressing the techniques to assess the Bank’s potential vulnerability to
oversight on performance and implementation of Bank’s
committed to protecting privacy through its information concerns of all stakeholders. Escalating reputation risk extreme but plausible stressed business conditions. The
sustainability strategy including focus on climate change.
security unit, which sits under the risk management unit. threats on a day-to-day basis shall be the responsibility changing levels of Pillar I and select Pillar II risks, along
Further, pertinent aspects of climate risks are also
The Bank has put a governance structure in place, and a of the individuals/units. with changes in the on- and off-balance sheet positions
covered in various other committees, based on relevance.
Board-level committee provides guidance and direction of the Bank are assessed under assumed stressed
The Bank has established an Enterprise Risk, Reputation
on information security. The Bank also has a Security scenarios and sensitivity factors. Typically, these relate
The Bank has adopted appropriate policies, procedures Risk and Model Assessment Committee (ERMC) to review
Council, which is a management-level committee that to the impact on the Bank’s profitability and capital
and controls across the entire organisation to ensure Reputation Risk Profile and manage Reputation Risk in
is constituted with cross-functional representation at adequacy. The Bank also conducts event-based stress
effective management of climate-related risks. These the Bank. The Bank also has in place a comprehensive
the leadership level and meets quarterly to review the testing as an when required.
include instituting of a robust Business Continuity Plan Reputation Risk Management policy framework for
implementation of the information security management
and Disaster Recovery Plan, mitigating greenhouse gas tracking reputational risk indicators and an exhaustive Internal Audit
system in the Bank. The Bank has adopted Global
emissions of its operations, accelerating climate finance, scorecard for assessing the reputational risk across the
Information Security Standard ISO 27001:2013 and The Bank’s Internal Audit Department (IAD), which
maintaining a well-diversified portfolio, broadening of Bank.
implemented Board-approved information security and is ISO 9001:2015 certified (Quality Management
environment and social risk management of the Bank’s
cyber security policies to protect its information assets. System), provides independent, objective assurance
lending to include climate risk aspects, measuring and
The Bank implements a multi-layered defence to protect Attrition risk and consulting services to add value and improve the
reducing financed emission of carbon intensive sectors
against cyber-attacks and adopts a cyber security- Bank’s risk and control environment. The IAD monitors
in line with decarbonisation scenarios, community
resilient framework to manage cyber security risk. The the adequacy, effectiveness and adherence to internal
action on environmental sustainability, and thought YES Bank runs an attrition risk which is the reduction
framework rides on four pillars: protect, detect, respond, controls, processes and procedures instituted by the
leadership and policy advocacy at national and global in employee numbers that occurs due to retirement or
and recover. To monitor cyber security risks, the Bank’s Bank’s management and extant regulations.
level. The Bank has aligned its annual disclosures to resignation, which is a phenomena across the banking
Security Operations Centre (SOC) maintains vigilance
TCFD recommendations since FY 2018-19. industry. Given the transformational journey of the Bank The IAD reports to the Audit Committee (‘AC’)of the Board
over actionable threat intelligence and suspicious
over the past 2 years and with stability in the financial for audit planning, reporting and review, and the Head of
network traffic and events to detect any anomalies and
performance, the Bank is seeing a gradual reduction the IAD reports directly to the AC of the Bank’s Board of
Cyber security and data risk help respond to potential incidents promptly. The Bank
in this risk. However, the Bank continues to undertake Directors. The IAD has unlimited and unrestricted access
raises awareness of global cyber security threats among
many employee friendly measures and initiatives to to all relevant data, systems, personnel and information
employees, customers and other stakeholders, and
The risk of cyber-attacks on the Bank’s systems via contain this risk, for eg. first Bank to implement a formal to achieve its objectives. The IAD is staffed with qualified
issues guidance on using digital platforms safely and
hacking, phishing, ransomware or other means, could ‘Working from Anywhere Policy’ effective July 2021 for team members with relevant certifications, and its
securely.
result in the disruption of its services or the theft or leak flexibility and well-being of employees, job rotation and training programme ensures that all team members are
of sensitive internal data or customer information. Every larger responsibilities have been provided to employees upskilled at frequent intervals.
specific cyber threat, including data privacy, is assessed basis role fitment, alumni outreach initiatives have
Reputation risk The IAD has adopted a risk-based approach to internal
based on a framework (identify, prevent/protect, detect, been implemented to re-hire ex-YES BANKers, various
auditing as per regulatory guidelines and internationally
respond and recover), and controls that include firewalls, employee engagement initiatives such as Unplugged,
Reputation Risk is the current or prospective indirect risk established best practices. A risk-based audit plan (RBAP)
anti-malware, anti-advance persistent threats, data Y-Factor, sports events, online fitness sessions, wellbeing
to earnings and capital arising from adverse perception is prepared annually and is duly approved by the AC. The
loss prevention, Red Teaming, intrusion prevention/ webinars etc. have been conducted for better health and
of the Bank on the part of stakeholders, viz. customers, IAD audits various businesses, operations, information
detection, digital rights management, 24/7 security camaraderie of employees.
counterparties, shareholders, investors or regulators. security/systems and support units as per the RBAP.
operation centre and forensics solutions have been put
Reputation Risk has an indirect impact on capital and ICAAP The IAD prepares a report for each audit, recommends
in place. The General Data Protection Regulation (GDPR)
profitability. Its effect mainly materializes in the form of YES BANK has a structured management framework mitigation plans for the risks identified and ensures
has also been implemented across relevant operations.
deterioration of goodwill and lost earnings. in the Internal Capital Adequacy Assessment Process compliance with all the recommendations. The AC
(ICAAP) to identify, assess and manage all risks that may monitors the progress of the RBAP, at least quarterly.
Reputation Risk may originate due to lack of compliance
have a material adverse impact on its business/financial
with industry service standards and regulatory
74 75
The Bank also subjects its operations to concurrent compliance reviews and delivers training to employees YES BANK is aware of its environmental impacts and YES BANK is committed to achieving the highest
auditing by reputed audit firms to complement its internal on compliance aspects. The Bank has also put in place responsibility towards climate action, and it continually standards of governance in all aspects of its business
auditing function. Concurrent auditing covers core KYC and anti-money laundering policies approved by endeavours to conserve its use of natural resources and conforming to global standards of ethics, integrity
activities, including operations (including credit), financial the Board of Directors as well as transaction monitoring and reduce its greenhouse gas (GHG) emissions. In and transparency. Going beyond compliance, the Bank
markets, data centres and branches in compliance with procedures as per the regulatory guidelines. FY 2021–22, the Bank announced a target to reduce intends to address key ESG issues around diversity,
regulatory guidelines. All audit reports are circulated to its GHG emissions to net-zero by 2030 and began human rights and climate change, and make voluntary
the relevant management teams and the AC. Sustainable Finance sourcing renewable energy to power its head office, disclosures on how it integrates sustainability into its
The Sustainable Finance team co-develops and YES BANK House (YBH) in Mumbai, thereby eliminating operations and governance structures. During FY 2021-
Compliance implements YES BANK’s sustainability strategy. The approximately 1,105 tCO2e of emissions during the year. 22, The Bank committed to achieve 30% gender diversity
Ensuring compliance with regulatory requirements, team works to integrate environmental, social and The Bank has adopted an environment and social policy over the next 5 years. The Bank also developed policies
promoting compliance culture among YES BANKers and governance (ESG) considerations into the Bank’s core (ESP) based on the International Finance Corporation’s on work-from-anywhere options for employees, human
building trust among all stakeholders is an overarching business, focusing on building resilience against ESG- (IFC) performance standards to assess and address rights and responsible tax practices.
consideration at YES BANK. The dedicated Compliance related risks and mainstreaming sustainable finance. potential environmental and social risks associated with
To enable employees to contribute to community
Department strives to be at the forefront of regulatory The team aligns the Bank’s business to the objectives its lending activities. In FY 2021–22, the Bank launched
development, the Bank launched its Employee
changes and continues to work closely with all of the of the National Guidelines for Responsible Business a specialised training module to upskill RMs and
Volunteering Virtual Experience (EVOLVE) initiative
Bank’s businesses and operations to be compliant with Conduct (NGRBC), Sustainable Development Goals strengthen the implementation of its ESP.
in FY 2021-22, through which over 2,000 employees
existing and new requirements. To further this objective, (SDGs), the Paris Climate Agreement and the Principles
The Bank aims to address the potential climate risks contributed nearly 3,000 volunteering hours, reaching
the Chief Compliance Officer at the Bank reports directly for Responsible Banking (PRB). The Bank’s executive-
and impacts of its lending activity, limit its portfolio out to support COVID patients, rural farmers and
to the AC. The key functions of this department align with level Sustainability Council is chaired by the MD and
emissions and support sustainable sectors by adopting underprivileged youth. The Bank also instituted a
various RBI guidelines, including the RBI circular dated CEO; it oversees the implementation of the Bank’s
TCFD recommendations, and developing a climate risk volunteering policy where employees could access paid
September 11, 2020, which includes identifying effective sustainability agenda, sets long-, medium- and short-
measurement framework for measuring and assessing time off to volunteer for a social cause.
procedures, corresponding controls to support the Bank’s term sustainability targets, and evaluates the Bank’s ESG
climate-related physical and transition risks. The Bank
business divisions and the dissemination of key regulatory performance. In FY 2021–22, the Bank strengthened its In FY 2021-22, YES BANK was the only Indian bank to
continues to be the only Indian Bank to measure and
updates affecting the Bank’s various businesses. The ESG governance by constituting a Board-level Corporate be selected among the ‘100 Best Emerging Market
report its financed emissions and is targeting the
department also reviews new products and processes Social Responsibility (CSR) and ESG Committee to Performers’ in social responsibility, human rights,
alignment of its electricity generation sector exposure to
from a regulatory compliance perspective, provides oversee the Sustainability Council and guide the Bank’s employment practices, environmental protection,
global 1.5-degree decarbonisation pathways. In FY 2021–
guidance on compliance-related matters, conducts overall ESG agenda. corporate governance, business ethics and contributions
22, the Bank began identifying and defining green and
to social and economic development, as assessed
social activities as part of its internal sustainable finance
by VE, part of Moody’s ESG Solutions. In light of its
taxonomy. The Bank continues to develop targeted
climate action initiatives and ESG performance, YES
products for green financing; for example, offering
BANK was a constituent in several of Morgan Stanley
Target to reduce GHG loans to MSMEs for the adoption of roof-top solar
Capital International’s (MSCI) flagship global equity
panels, promoting solar water pumps for farming under
emissions to net zero the PM Kusum Scheme, offering bank guarantees and
indices aligned with worldwide ESG benchmarks. As of
by 2030 December 2021, the Bank is featured in the MSCI ACWI’s
commercial vehicle financing to urban waste collectors
ESG Universal Index, MSCI ACWI Low Carbon Leaders
and processors, financing equipment manufacturers of
Index, MSCI ACWI Low Carbon Target Index, MSCI ACWI
effluent treatment and sewage treatment plants, and
Climate Change Index and MSCI ACWI Climate Paris
supporting the electric vehicle ecosystem by financing
Aligned Index.
auto ancillaries and charging infrastructure players.
More information on the Bank’s ESG initiatives can be found in the
The Bank continues to work with stakeholders across the ‘Integrated Approach’ section of this report on Page 18.
spectrum as a leading voice for sustainability and climate
transition. In FY 2021–22, YES BANK was inducted as a
Corporate Social Responsibility (CSR)
core member of the Task Force on Sustainable Finance,
set up by the Department of Economic Affairs, and co- The Bank implements various programmes to enhance
led the development of a white paper on ‘Building ESG and create shared value through unique, scalable and
Resilience within the Financial Sector’. The Bank also sustainable models to achieve its CSR. The Bank delivers
worked with the Indian Institute of Technology in Delhi internal and external positive socio‑environmental
to develop two research papers aimed at assessing the impacts by following a unique approach that focuses on:
impact of climate change across different climatic zones
in India.
76 77
• Promoting principles of social responsibility and Tata Community Initiative Trust, over 2,000 young Entrepreneurship Development Institute of India and Business and Digital Technology Solutions
inclusive growth through awareness and support people have already been trained for the service sector the Society of Energy Engineers & Managers, the project (BDTS)
• Investing in socially and environmentally responsible in FY 2021-22. Skills training included work readiness has grown and now covers 17 MSME sectors. The BDTS team helps accelerate business growth with
activities to create a positive impact modules, which were delivered by employee volunteers the most appropriate technology and partners while
Since its inception, the initiative has supported over
during structured sessions. keeping the customer experience as a central point of
• Engaging with stakeholders to further the 55,000 MSMEs and benefited more than 100,000 workers
sustainability agenda of the Bank and empower them across 57 cluster locations. The initiative has also focus. The BDTS team achieves its objectives with the
Entrepreneurship
with knowledge helped MSMEs reduce carbon emissions and improve following:
To strengthen local economies, develop newly
• Collaborating with like-minded institutions and forging occupational health and safety systems via multifaceted • API/microservices-based architecture: Business
commercialised technologies and build capacity for
partnerships to address the needs of stakeholders interventions including: scale requires speed and security, and the API/
import substitution, YES Foundation has partnered
with several non-profit organisations to incubate micro- • Workshops on promoting energy efficiency, renewable microservices architecture provides the best business/
This unique, multi-pronged approach has enabled
enterprises and promote nano-enterprises with a energy and clean technology tech model with the right framework for monetising
the Bank to forge meaningful associations with its
distinct focus on empowering women in rural areas. In services and penetrating new marketplaces.
stakeholders, including community groups, non-profit • Energy audits of MSMEs
organisations, governments, corporate peers and FY 2021-22, 19 micro-enterprises from districts in Eastern • AI and machine learning (ML): With continual
• Structured occupational health and safety
civil society while delivering exponential impact and Uttar Pradesh were incubated in partnership with Jagriti investment in AI and ML and the development of a
interventions, including health camps, first-aid
concentrating on the SDGs. Sewa Sansthan. During the year, in partnership with the Centre of Excellence (COE), the Bank is creating new
training and safety training
Watershed Organisation Trust, NM Sadguru Water and learning and growth. Credit scoring, virtual financial
During FY 2021-22, the Bank launched its five-year CSR Development Foundation, Development of Humane • Empowering MSMEs through financial literacy camps assistance, anti-money laundering and next-best
strategy, aiming to inspire India’s youth to lead economic Action Foundation, Mahashakti Foundation, Humana action are some of the top assets being developed
To tap into the transformative potential that drives
and social development by training themselves for People to People India and Society of Indian Institute and programmed at the AI and ML COE.
positive social change, it is vital that diverse groups in
market-oriented jobs and taking up enterprise while for Rural Development, YES Foundation engaged 10,000 larger communities are included and encouraged to • Platforms: The industry will move towards a
retaining a focus on environmental sustainability. community members from rural areas across six states participate in the process. This collaborative, all-round more open banking architecture, and the Bank is
This strategy is implemented via the Bank’s social in nano-enterprises via training and capacity building approach enables the Bank to forge lasting associations continuously developing more robust and enhanced
development arm, YES Foundation, and will catalyse sessions, market linkage modules and productivity with all of its stakeholders, including communities, platforms that contribute to the Company’s customer
employment and entrepreneurship opportunities for enhancement initiatives for multiple crops. non‑profit organisations, governments, corporate onboarding journey and open banking outlook.
100,000 young people by 2026.
peers and civil society, creating a broad network of • Partner ecosystem: The Bank is growing, and it needs
Environmental Sustainability
Employability relationships that multiplies the impact. differentiated partners to create the best ecosystem of
YES BANK leverages its CSR initiatives to contribute
The Bank aims to capitalise on the demographic support; hence, the organisation is deeply connected to
positively towards environmental protection. Under Central Data Analytics Group (CDAG)
advantage India has in its younger generations. Through creating value-based partnerships with various players
the Ministry of Road Transport and Highways’ ‘Adopt The Bank continues to invest in the analytics function
the YES Foundation and in partnership with Trust for that will support diversity and inclusivity to manage its
a Green Highway’ initiative, YES Foundation adopted a and there is a continuous focus in driving value through
Retailers and Retail Associates of India, Friends Union depth of technical knowledge. This will help scale the
40-kilometre stretch along the Mumbai-Nashik Highway. data driven decisions. During the year the Bank’s captive
for Energising Lives, Nudge LifeSkills Foundation and cloud and adopt low code-no code practices, hyper-
This endeavour will contribute towards achieving India’s analytics group has been successful in: automation frameworks and new-age technology
environmental sustainability commitment to creating an
• Building a unified underwriting framework across support on the doorstep.
additional carbon sink of 2.5 to 3 billion tonnes of CO2
equivalent by 2030. An endline assessment done for the all sourcing channels to create a unique customer • Data and analytics: Keeping the data-driven
project, through a third party, reported 41,441 newly experience decision-making aspiration in mind, the Bank infuses
planted plants. The assessment pegged the survival rate • Moving away from judgemental models to machine its business strategy with data and analytics, which
at 97.75%, higher than the targeted 90%. In comparison to learning approach in customer assessment to helps accelerate the Company’s digital plans. The
the Baseline Report, the avenue of plantation increased increase the relevance of cross-sell offers to the Bank is making a relentless effort to focus on business
from 30,813 to 37,630. In air testing, it was found that Bank’s customers as well as mitigate risk in a more value by linking all data and analytics initiatives to
the levels were within the limits prescribed. In the soil robust way overall enterprise business strategy and stakeholder
test it was found out that nutritional value of the soil has objectives.
• Investing and partnering with credit information
increased from the baseline, in all parameters. companies to launch credit education for customers During FY 2021-22, systems were upgraded to the latest
Through YES Foundation, the Bank works on enabling on our digital platforms wherein customers can versions to support the growing needs of the Bank, and
MSMEs to integrate sustainability into their operations, simulate their credit score and influence their credit several new initiatives were completed successfully,
reduce overall carbon footprint, enhance global track record positively including:
competitiveness in terms of output and efficiency and • Create analytics as a service wherein offers to both • Traydstream: a project to automate the scrutiny of
contribute to India’s ‘Zero Defect, Zero Effect’ vision. In customers/prospects on our digital platform can be trade finance documents
partnership with the Foundation for MSME Clusters, the served real-time on the fly
78 79
• Oracle Financial Services Analytical Applications YSIL is registered with the Securities and Exchange Board Wealth Broking and Investment Advisory Supported by an experienced leadership team and robust
(OFSAA): an application to automate various of India (SEBI) as a stockbroker holding membership of the During FY 2021–22, YSIL’s Investment Advisory and Wealth processes and risk management, the broking business is
regulatory liquidity and interest rate risks in banking National Stock Exchange (NSE), Bombay Stock Exchange Broking business continued to strengthen its position as poised to continue to achieve new milestones.
book reports (BSE), Multi Commodity Exchange (MCX) and the a knowledge-driven investment solutions provider. YSIL Institutional Broking
• eNPA system: NPA classification and automation National Commodity & Derivatives Exchange (NCDEX). offers a comprehensive web, mobile, desktop and dealer-
Despite being a recent market entrant, the Company’s
YSIL is also a SEBI-registered Category I Merchant based investing experience supported by YES BANK’s
• Complinity: manages regulatory submissions by Institutional Broking division continues to gain
Banker, Investment Adviser and Research Analyst, a 3-in-1 account and a basket of products across all asset
the Secretarial team recognition. The team offers incisive research and
Sponsor and Investment Manager of the Alternative classes and customer segments. Strong research and a
• Transaction Processing Hub: high throughputs for proficient sales trading capabilities to leading
Investment Fund, Category III (YSL Alternates), and a customer-first culture drive product development and
our payments processing, consolidated visibility and institutional investors, including asset management
mutual fund distributor. engagement as the Company believes in partnering with
control across multiple payment channels– Bank is companies, insurance companies, family offices, banks,
customers in their wealth creation journey. The range
already processing nearly 1 out of every 3 transactions corporate treasuries, and domestic and foreign private
of products caters to all types of investors, including
digitally with highest success rate equity and portfolio investors. During the FY 2021-22,
market novices, seasoned traders, HNIs, family offices
despite early pandemic-related limitations, YSIL added
• YES Genie & Salesforce Comprehensive CRM: and corporates.
31 new institutions as clients and is now empanelled
analytical tools curating front-to-back customer data
FY 2021–22 was a record year for new client acquisition, with 70+ institutions.
to suggest NBA (next best action) to our front line
Wealth Broking as the business added nearly 70,000 new accounts,
• YES Mobile Nxt: will bring all services and solutions YSIL’s 30-member research team has a combined 265+
& Investment doubling the prevailing client base at the start of the
on the mobile to our Retail customers for managing Advisory years of equity research experience, with analysts
financial year. This was a direct result of the Company’s
their day-to-day operations along with insights & cash actively covering 115+ companies across key industry
new online account opening system that allowed YES
flow analytics sectors. The team is well-recognised for its ability to spot
BANK customers to effortlessly open a Demat and
high conviction midcap ideas, contra-to-market ideas
• YES Connect: our API marketplace provides YSIL trading account from their PC or mobile without
and develop deep corporate relationships. Research is
comprehensive one-stop for ‘banking and beyond the need for physical documentation. The Company
YES backed by a robust sales and execution setup to ensure
banking’ solutions to our Business users is working on further enhancements that will allow
Merchant Securities Institutional that client servicing standards remain consistent and
complete onboarding within minutes for YES BANK and
YES BANK’s subsidiary company Banking Broking that clients’ execution experience is prompt and precise.
non-YES BANK customers. During the year, the business
YES Securities (India) Limited also made several enhancements to its trading engine The Company continues to make astute investments in
to meet the dynamic regulatory environment and deliver augmenting the team’s knowledge leadership position
YES Securities (India) Limited (YSIL) is a wholly-owned
new features and products to customers. and technical capabilities.
subsidiary of the Bank that completed nine years of
operations in FY 2021–22. YSIL is a full-scale capital In 2021, the capital markets continued to be buoyant, Investment Banking
markets intermediary that offers retail, HNIs, corporate Investment witnessing an unprecedented surge in retail investor
Banking The Investment Banking team provides advisory-based
and institutional customers a comprehensive range participation. YSIL witnessed brokerage and interest financial and strategic transaction services to large and
of products and services encompassing broking, fund income rise by 72% YoY backed by over 90% growth in mid-market corporate and financial sponsor clients with
management, investment banking (including a dedicated the active client base and sizeable growth in transaction a focus on M&A advisory and private equity/structured
sustainable investment banking practice), merchant volumes. The business also witnessed robust growth in debt fundraising.
banking, research and institutional equities sales and income earned from products and value propositions [up
trading. 35% YoY in FY 22] which is testament to YSIL’s expertise YSIL’s highly experienced teams offer expertise across
and understanding of customers’ investment needs a variety of sectors, including food and agribusiness,
across income groups, life stages and risk profiles. chemicals, pharma and healthcare, technology, media,
telecoms, renewable energy, consumer markets,
The strategy for upcoming years focuses on creating infrastructure, transportation and logistics, defence,
scale by expanding acquisition coverage, growing the real estate, banking, financial services and insurance
authorised partner network and improving the platform, environmental services and industrials.
products and service delivery. The Company remains
strongly committed to investing in technology to help During FY 2021–22, despite market conditions, YSIL’s
scale the business and strengthen its proposition. Investment Banking division continued to secure deal
mandates from several large and emerging corporate
80 81
relationships. Some of the successfully closed of products, including initial public offerings, qualified OPERATING PERFORMANCE
transactions of the year included: institution placements, rights issues, open offers,
Key Ratios
buyback, delisting and other advisory services.
• Exclusive advisor to Shapoorji Pallonji Group for
FY 2021-22 FY 2020-21
the sale of its 20 MW solar assets to Sterling Agro During FY 2021–22, the team engaged with leading
Return on average equity (%) 3.2% (11.4%)
Industries Indian companies as a trusted advisor to successfully
Return on average assets (%) 0.4% (1.3%)
• Exclusive advisor to Orient Craft for the sale of its close eight capital market transactions. Some notable
EPS – Basic (`) (not annualised) (FV `2) 0.43 (1.63)
industrial unit in Manesar, Haryana mandates included:
EPS – Diluted (`) (not annualised) (FV `2) 0.43 (1.63)
• Exclusive advisor to YES BANK LIMITED for the sale • Book Running Lead Manager to the `27.68 billion IPO
Net interest Margin (%) 2.3% 2.8%
of its subsidiaries, YES Asset Management (India) of Aditya Birla Sunlife AMC
Book value per share (`) (FV `2) 13.5 13.2
Limited and YES Trustee Limited to White Oak • Book Running Lead Manager to the `38.50 billion IPO Cost to income 70.1% 55.5%
Capital Management of Chemplast Sanmar
Yield on advances 8.1% 8.8%
Merchant Banking • Book Running Lead Manager to the `25.00 billion IPO Cost of funds 5.3% 6.3%
YSIL’s Merchant Banking section concentrates on capital of Macrotech Developers (Lodha) Capital Adequacy Ratio Basel III
market activities offering a comprehensive bouquet • Book Running Lead Manager to the `16.50 billion QIP CET 1 11.6% 11.2%
of Indian Bank Tier - I 11.6% 11.3%
• Book Running Lead Manager to the `14.47 billion QIP Tier - II 5.8% 6.2%
of Union Bank of India Gross non performing advances (NPA) % to Total Advances 13.9% 15.4%
• Book Running Lead Manager to the `18.00 billion QIP Net NPA % to Total Advances 4.5% 5.9%
of Punjab National Bank CASA ratio to % of total deposits 31.1% 26.1%
The Company’s investment banking and merchant

The Bank has CASA ratio of 31.1%. The Bank shareholder returns with basic and diluted EPS `0.43 and `0.43
banking businesses continue to build a market position
respectively. The book value was `13.5.
among leading merchant bankers and as advisors
across sectors, including renewables and clean tech, Operating Performance
environmental services, education, media, food and (` in million)
agribusiness. Going forward, the business envisages Particulars FY 2021-22 FY 2020-21 % change
further broadening of its advisory and deal-making
Interest income 190,235.11 200,418.35 (5.1%)
capabilities across coverage sectors.
Interest expense 125,256.58 126,132.34 (0.7%)
Net Interest Income 64,978.54 74,286.02 (12.5%)
Non-interest Income 32,624.69 30,116.94 8.3%
Operating Revenue 97,603.23 104,402.96 (6.5%)
Operating expenses 68,443.94 57,920.15 18.2%
Operating Profit 29,159.29 46,482.81 (37.3%)
Provisions and contingencies 14,800.81 93,833.55 (84.2%)
Profit before tax 14,358.48 (47,350.74) 130.3%
Provision for tax 3,696.36 (12,728.47) 129.0%
Net Profit/(Loss) 10,662.12 (34,622.26) 130.8%
YES Securities successfully Net Profit for FY 2021-22 is `10,662 million as compared to loss of `34,622.27 million for the FY 2020-21. However the
closed several investment Bank’s operating profit decreased by 37.3% YoY on back of NII contraction and higher operating expenses. Further
banking and merchant the Bank has provided `15,088.98 million towards non performing investments and non performing advances
banking transactions during the year.
Net Interest income (NII) of the Bank decreased by 12.5% to `64,978.54 million during FY 2021-22 as compared to
`74,286.02 million during FY 2020-21. The Net Interest Margin (NIM) was 2.3% in FY 2021-22. Non-interest income
consists of fee, trade income and gain on sale of securities. Non-interest income increased by 8.3% from `30,116.94
million in FY 2020-21 to `32,624.69 million in FY 2021-22.
82 83
Operating expenses increased by 18.2% from `57,920.15 million in FY 2020-21 to `68,443.94 million in FY 2021-22. Operating expenses primarily include employee expenses, depreciation on assets and other administrative expenses.
The employee cost increased from `24,303.78 million in FY 2020-21 to `28,556.91 million in FY 2021-22. Operating expenses increased by 18.2% from `57,920 million in FY 2020-21 to `68,444 million in FY 2021-22.
Other operating cost increased by 18.65% from `33,616.37 million in FY 2020-21 to `39,887.03 million in FY 2021‑22. Employee costs increased by 17.5% from `24,303.78 million in FY 2020-21 to `28,556.91 million in FY 2021-22. Also,
the number of employees has increased from 22,270 at March 31, 2021 to 24,346 at March 31, 2022. Employee costs
Provisions and contingencies (excluding provision for taxes) decreased by 84.2% from `93,833.55 million in FY 2020-
accounted for 41.7% of our operating expenses for the FY 2021-22 compared to 42.0% for the FY 2020-21. Other
21 to `14,800.81 million in FY 2021-22 mainly due to reduction in provision for non-performing advances as compared
administrative expenses also increased by 19.3% to `35,903.41 million in FY 2021-22. Number of branches have
to provisions made in FY21. Please refer to the section on Financial and Operating Performance in the Management
increased to 1,122 as on March 31, 2022 from 1,070 as on March 31, 2021.
Discussion and Analysis for a detailed analysis of financial data.
Provisions and contingencies (including provision for tax)
Net interest income
Provisions and contingencies decreased by 77.2%from `81,105.07 million to `18,497.17 million. The key components
The following table sets forth, for the periods indicated, the net interest income and spread analysis:
of provisions are Provisions for NPAs of `7,185.19 million (FY 2020-21: `70,447.66 million), provision for taxation of
(` in million) `3,696.36 million (FY 2020-21 `(12,728.47) million), and provision for Standard Assets `(251.53) million (FY 2020-21:
Particulars FY 2021-22 FY 2020-21 % change `6,895.36 million) and Provision on investments of `7,903.78 million (FY 2020-21: `14,073.35 million).
Interest income 190,235.11 200,418.35 (5.1%)
The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by
Interest expense 125,256.58 126,132.34 (0.7%)
localised lockdowns in areas with a significant number of COVID-19 cases. In FY 2022, India witnessed two more waves
Net Interest Income 64,978.54 74,286.02 (12.5%)
of the COVID-19 pandemic and the re-imposition of localised/regional lock-down measures in certain parts of the
Net interest margin 2.3% 2.8%
country. Currently, while the number of new COVID-19 cases have reduced significantly and the Government of India
has withdrawn most of the COVID-19 related restrictions, however, the extent to which the COVID-19 pandemic will
Net Interest income (NII) of the Bank decreased by 12.5% to `64,978.54 million during FY 2021-22 as compared to continue to impact the Bank’s results will depend on ongoing as well as future developments, which are uncertain.
`74,286.02 million during FY 2020-21.
FINANCIAL CONDITION
Non-Interest income
(` in million) Assets
Particulars FY 2021-22 FY 2020-21 % change (` in million)
Commission, exchange and brokerage 16,380.44 12,352.34 32.6% As at As at
Particulars % change
March 31, 2022 March 31, 2021
Profit on the sale of investments (net) 2,594.60 11,080.03 (76.6%)
Assets
Profit/(Loss) on the revaluation of investments (net) 307.30 (2,092.09) (114.7%)
Cash and bank balances 466,395.89 293,087.32 59.1%
Profit/(Loss) on sale of land, building and other assets (125.88) (34.60) 263.8%
Cash and balances with RBI 90,672.67 68,127.90 33.1%
Profit on exchange transactions (net) 6,008.16 4,845.89 24.0%
Balances with banks and money at call and short notice 375,723.23 224,959.43 67.0%
Income earned by way of dividends etc. from subsidiaries, companies - - 0.0%
and/or joint ventures abroad/in India Investments 518,955.56 433,191.48 19.8%
Miscellaneous income 7,460.08 3,965.37 88.1% SLR investments* 437,084.56 334,737.62 30.6%
Total 32,624.69 30,116.94 8.3% Non-SLR investments* 81,871.00 98,453.85 (16.8%)
Advances 1,810,519.91 1,668,929.94 8.5%
Non-interest income consists of commission and fee income, trade income, derivative and foreign exchange In India 1,733,086.38 1,570,330.75 10.4%
income, gain on sale of securities and other income. Non-interest income of the Bank increased by 8.3% to Outside India 77,433.53 98,599.18 (21.5%)
`32,624.69 million during FY 2021-22 as compared to `30,116.94 million during FY 2020-21. Fixed assets 21,331.27 21,485.30 (0.7%)
Other assets 364,999.62 318,733.61 14.5%
Operating expenses Total 3,182,202.25 2,735,427.65 16.3%
The following table sets forth, for the periods indicated, the principal components of Operating expenses.
*Includes investment in government securities, Banks in India are required to maintain a specified percentage, 18.00% as at
(` in million) March 31, 2022, of their net demand and time liabilities by way of liquid assets like cash, gold or approved unencumbered securities
Particulars FY 2021-22 FY 2020-21 % change
Total assets of the Bank increased by 16.3% from `2,735,427.65 million at March 31, 2021 to `3,182,202.25 million at
Payments to and provisions for employees (A) 28,556.91 24,303.78 17.5%
March 31, 2022, primarily due to increase in advances and investments.
Other operating expense (B) 39,887.03 33,616.37 18.7%
Depreciation on own property (including non-banking assets) 3,983.62 3,532.33 12.8% Cash and cash equivalents
Other administrative expenses 35,903.41 30,084.04 19.3%
Cash and cash equivalents include cash in hand and balances with RBI and other banks, including money at call and
Operating expenses (A)+(B) 68,443.94 57,920.15 18.2%
short notice. Cash and cash equivalents increased from `293,087.32 million at March 31, 2021 to `466,395.89 million
Cost to income ratio 70.1% 55.5% - at March 31, 2022 primarily due to a increase in balances with banks and money at call and short notice.
84 85
Investments Movement in Share Capital

Total investments increased by 19.8% from `433,191.48 million at March 31, 2021 to `518,955.56 million at (` in million)
March 31, 2022. As at As at

Share Capital
March 31, 2022 March 31, 2021
SLR investments increased by 30.6% from `334,737.62 million in FY 2020-21 to `437,084.56 million in Opening Share Capital 50,109.81 25,100.94
FY 2021-22. Non SLR investments decreased by 16.8% from `98,453.85 million in FY 2020-21 to `81,871.00 million in Addition due to exercise of Stock Option 0.09 -
FY 2021-22. Addition due to shares issued for QIP/FPO - 25,008.87
Addition due to shares issued under Reconstruction scheme - -
Advances
Closing Share Capital 50,109.90 50,109.81
During FY 2021-22, the Bank recorded addition of 8.5% in its loan book with advances increasing to 1,810,519.91 million.
Corporate Banking reduced from 49% as on March 31, 2021 to 40% of the Advances portfolio as on March 31, Deposits
2022. Net advances of IFSC Banking Unit (IBU) in GIFT City decreased from `98,599.18 million at March 31, 2021 to
Deposits increased by 21.0% from `1,629,466.42 million at March 31, 2021 to `1,971,917.33 million at March 31, 2022.
`77,434.53 million at March 31, 2022.
Term deposits increased by 12.9% from `1,203,594.89 million at March 31, 2021 to `1,358,321.45 million at March 31,
Fixed assets and other assets 2022, savings account deposits increased by 48.2% from `235,898.65 million at March 31, 2021 to `349,704.73 million
at March 31, 2022 and current account deposits increased by 38.9% from 189,972.87 million at March 31, 2021 to
Net Fixed Assets is `2,1331.27 million as at March 31, 2022. Increase during the Q4 FY22 in net block of fixed assets
`263,891.16 million at March 31, 2022. The current and savings account (CASA) deposits increased from `425,871.53
was `191.47 million mainly driven by addition of `406.83 million due to Desktop `220.20 million, CWIP `118.60 million,
million at March 31, 2021 to `613,595.88 million at March 31, 2022. Total deposits at March 31, 2022 constituted
Vehicles `64.17 million and deletion of `215.44 million is due to Computer Hardware `94.36 million, Office Equipment
73.20% of the funding (i.e., deposits and borrowings). The Bank’s CD ratio stood at 91.82% as at March 31, 2021.
`56.39 million, Owned premises `44.41 million and Computer Software `15.22 million balance due to Photocopy
Printers (`2.64 million), Communication Equipment (`1.84 million) and Furniture (`0.60 million). Borrowings
Liabilities Borrowings increased by 12.9% from `639,490.85 million at March 31, 2021 to `722,045.84 million at March 31, 2022.
(` in million)
The increase in borrowing is primarily due to CCIL TREPS borrowings.
As at As at
Particulars
March 31, 2022 March 31, 2021
% change Other liabilities
Liabilities Other liabilities increased by 12.1% from `134,507.10 million at March 31, 2021 to `150,820.31 million at March 31, 2022.
Capital 50,109.91 50,109.81 0.0%
Regulatory capital
Reserves and Surplus 287,308.87 281,853.47 1.9%
Deposits 1,971,917.33 1,629,466.42 21.0% In line with the RBI circular on Basel III Capital Regulations, currently for computing capital requirement, YES BANK
Current deposit accounts 263,891.16 189,972.87 38.9%
has adopted the standardised approach for credit risk, standardised duration approach for market risk and Basic
indicator approach for operational risk. The Bank has also put in place a Board approved policy on Internal Capital
Saving Account 349,704.73 235,898.65 48.2%
Adequacy Assessment Process (ICAAP) which defines and sets processes to review and improve the techniques used
CASA 613,595.88 425,871.53 44.1%
for identification, measurement and assessment of all material risks and resultant capital requirements.
Term Deposit 1,358,321.45 1,203,594.89 12.9%
Borrowings 722,045.84 639,490.85 12.9% As at As at
Capital Adequacy Ratios
Borrowing in India 614,830.87 540,040.77 13.8% March 31, 2022 March 31, 2021
Borrowings outside India 107,214.97 99,450.07 7.8% Total capital ratio (CAR) out of the above 17.4% 17.5%
Other liabilities and provisions 150,820.31 134,507.10 12.1% - CET1 11.6% 11.2%
Total 3,182,202.25 2,735,427.65 16.3% - Tier I Capital 11.6% 11.3%
Equity Capital and Reserve and surplus Subsidiary Performance

The Bank has issued 47,000 shares pursuant to exercise of stock options during FY 2021-22. On November 1, 2021, the Bank has completed the sale of its entire stake in its wholly owned subsidiaries YES Asset
Management (India) Limited and YES Trustee Limited to GPL Finance and Investments Limited. The net positive
impact to the financial results post this sale, including reversal of the impairment provision was `149.4 million.
During FY 2021-22 YSIL reported a net profit of `52.60 million. Total revenue from operations of YSIL increased
by 57.02% from 1,009.58 million in FY 2020-21 to 1,585.29 million in FY 2021-22. YAMC has made a loss of
`72.98 million with total income of `9.43 million for period ended October 31, 2021 and YTL has made a loss of
`1.20 million with total revenue from operations of `0.06 million for period ended October 31, 2021.
As at March 31, 2022, the total capital infused and outstanding is `1,490.0 million in YSIL.
86 87
DIRECTORS’ REPORT
TO, • Kickstarted and/or implemented many key initiatives BUSINESS OUTLOOK
THE MEMBERS, in customer personalisation using Chatbots, data • Corporate credit growth trajectory is expected to have an upshift on the back of significant increase in capex
analytics, innovation in Cloud platforms, intelligent outlay in Union Budget with a sharp focus on public infrastructure as well as Production Linked Incentives (PLI)
Your Director’s are pleased to present the Eighteenth automation through robotics etc.
Annual Report on the business and operations of the scheme announced for 13 key sectors by the government.
Bank together with the audited financial statements • Committed to reduce green-house gas emissions to • Improved resilience of the banking system is likely to support stronger credit growth to MSME’s and retail
(standalone as well as consolidated) for the financial year net zero by 2030 segments. Home Loans will be a major driver of credit growth as demand for residential purchases is expected
ended March 31, 2022. • Ranked No. 2 amongst Large-Sized Banks in the Best to continue growing. Unsecured Lending is also expected to see improvement as the segment will continue to be
places to work in India 2021 awards, conducted by attractive on a risk-adjusted return basis.
BUSINESS OVERVIEW AmbitionBox.com • Overall, the Indian Banking Sector is well positioned to fund faster credit growth, with healthy capital buffers, high
FY 2021-22 was the second year of the new journey of • Among the 100 Best Emerging Market Performers as profitability metrics, and waning asset quality pressures. These factors together with a strong deposits growth
YES Bank under the new management post the Yes Bank assessed by VE, part of Moody’s ESG augur well for the Banking sector.
Limited Reconstruction Scheme, 2020 (“Scheme”) which • While, the above-mentioned are positive for the sector, there are also certain risks that could impact the sector,
was implemented in March 2020. The first year was the The Bank continued its efforts towards building a
stronger retail franchise with contribution of retail such as a fresh surge in COVID-19 cases on the back of new variants, continued geopolitical tensions that could
year of rebuilding the Bank while this year has been the impact many downstream sectors (some of which are already under pressure because of increased commodity
year of growing the Bank. The Directors are pleased to advances compared to total advances, increased to 36%
in FY 2021‑22 compared to 30% in FY 2020-21. Digitisation prices); and, finally higher-than-expected slowdown in private consumption.
inform the shareholders that the Bank’s Total Assets
in FY 2021-22 crossed ` 3 lakh Crore, deposits at nearly remains the Bank’s key pillar to grow the Retail, MSME CHANGE IN THE NATURE OF BUSINESS
` 2 lakh Crore and CASA ratio at 31%. and the Transaction Banking businesses. The Wholesale
Bank has seen new sanctions/disbursements of ` 16,000 During the year under review, there has been no change in the nature of business of the Bank.
The Bank is on a transformation journey and has emerged crore in FY2021-22 with focus on working capital
as a re-energised, recapitalised and recalibrated financing to higher rated corporates. The Bank has FINANCIAL PERFORMANCE (STANDALONE)
organisation, by leveraging on a unique opportunity to significant presence within the new-age payments space (` in million)
learn from past challenges and become stronger, while with the highest market share of 43% in UPI transactions April 01, 2021 to April 01, 2020 to
Particulars Change
continuing to fulfill its unwavering commitment towards (by volume) in FY 2021-22.
March 31, 2022 March 31, 2021
its customers and stakeholders. The Bank is on track to Deposits 1,971,917.33 1,629,466.42 342,450.91
achieve its Strategic Objectives and none of this would Borrowings 722,045.84 639,490.85 82,554.99
STATE OF THE AFFAIRS OF THE BANK
have been possible without the confidence reposed of Advances 1,810,519.91 1,668,929.94 141,589.97
the Bank’s customers, depositors and investors. The The Bank’s fundamentals have strengthened and it Total Assets/Liabilities 3,182,202.25 2,735,427.65 446,774.60
confidence of stakeholders has not only been seen has emerged from the crisis as a financially sound, well Net Interest Income 64,978.54 74,286.02 (9,307.48)
through the improving financial performance of the Bank capitalised, well governed institution, with customer Non Interest Income 32,624.69 30,116.94 2,507.75
during the last year, but also through external validation centricity and digital at the heart of its strategy. The Bank Operating profit 29,159.29 46,482.81 (17,323.52)
in the form of Credit Rating upgrades, successful client remains focused on its priorities and looks to continue Provisions and Contingencies 14,800.81 93,833.55 (79,032.74)
win-backs and acquisition strategy, re-inclusion of the this momentum onwards and upwards so that it can Profit before Tax 14,358.48 (47,350.74) 61,709.22
stock in marquee indices amongst others. deliver on its strategic objectives while creating superior Provision for taxes 3,696.36 (12,728.47) 16,424.83
value for all its stakeholders. NET PROFIT 10,662.12 (34,622.27) 45,284.39
The Bank undertook multiple initiatives to grow the Add: Surplus/(Deficit) brought forward from last period (108,719.60) (68,973.88) (39,745.72)
Bank’s business and launched tailored propositions for Strategic Objectives for FY23 and Medium Term Amount available for appropriation (98,057.48) (103,596.15) 5,538.67
its customers - Appropriations
1. CASA ratio at 35% for FY23 and > 40% in the
Statutory Reserve under Section 17 of the Banking Regulation Act, 1949 2,665.53 - 2,665.53
• Continued to deepen customer relationship and medium term
Capital Reserve 108.31 4,969.76 (4,861.45)
wallet share for existing Bank customers, while 2. Granular Advances: Retail/MSME to further improve Investment Reserve 34.30 153.70 (119.40)
focusing on attractive tailored propositions for new by > 400 bps in FY23 Investment Fluctuation Reserve 1,347.89 - 1,347.89
customers such as the newly launched Yes Private & 3. Advances Growth of > 15% in FY23 of which Surplus carried to Balance Sheet (102,213.50) (108,719.60) 6,506.10
YES Family programmes Corporate growth of 10% and Medium Enterprises, Key Performance Indicators
• Enhanced digital customer sales and servicing model SME and Retail to grow > 25% Net Interest Margin 2.3% 2.8%
and enable remote interactions for key processes Return on Annual Average Assets 0.36% (1.30%)
4. Focused Stressed Assets Recoveries and Upgrades
such as the launch of video KYC for account opening, Return on Equity 3.19% (11.42%)
> ` 5,000 crore in FY23 Cost to Income Ratio 70.1% 55.5%
WhatsApp Banking, remote payment service
for merchants. 5. ROA > 0.75% in FY23 and Medium term target of Net Profit for FY 2021-22 is ` 10,662 million as compared to loss of ` 34,622.27 million for the FY 2020-21. However the
1%‑1.5% Bank’s operating profit decreased by 37.3% YoY on back of NII contraction and higher operating expenses. Further
88 89
Directors’ Report
the Bank has provided ` 15,088.98 million towards non TRANSFER OF EQUITY SHARES, UNPAID/ RISK MANAGEMENT FRAMEWORK − Compliance: The Compliance unit is
performing investments and non performing advances UNCLAIMED DIVIDEND TO THE INVESTOR The Bank’s Enterprise Risk Management framework responsible for tracking implementation of all
during the year. EDUCATION AND PROTECTION FUND encompasses the following: regulatory circulars/communication, review
Net Interest income (NII) of the Bank decreased by 12.5% In accordance with the applicable provisions of the of new products & processes from regulatory
to ` 64,978.54 million during FY 2021-22 as compared to Companies Act, 2013 read with Rules made thereunder, • Risk Governance Framework: The Bank has perspective, conducting compliance reviews to
` 74,286.02 million during FY 2020-21. The Net Interest during the FY 2021-22, the Bank has transferred to the implemented an Enterprise Risk Governance ensure adherence to regulatory guidelines and
Margin (NIM) was 2.3% in FY 2021-22. Non interest income credit of the Investor Education and Protection Fund framework to ensure non-silo based management monitoring progress in rectification of significant
consists of fee, trade income and gain on sale of securities. (‘IEPF’) administered by the Central Government, 27,588 and oversight of Risk. The Bank’s Risk Management deficiencies (if any) pointed out by regulators in
Non interest income increased by 8.3% from ` 30,116.94 number of equity shares and unpaid dividend amount of philosophy is guided by the Three Lines of Defence: inspection reports as well as implementation of
million in FY 2020-21 to ` 32,624.69 million in FY 2021-22. ` 1,881,000 which had remained unclaimed/ unpaid for a recommendations made therein. This ensures
period of seven (7) consecutive years. − First Line of Defence - Business Management: that the overall Compliance Risk of the Bank is
Operating expenses increased by 18.2% from ` 57,920.15 Each business segment of the Bank has risk managed and mitigated.
million in FY 2020-21 to ` 68,443.94 million in FY 2021-22. ownership and is responsible for assessment
The employee cost increased from ` 24,303.78 million in CAPITAL RAISING & CAPITAL ADEQUACY RATIO − FCU & AML: The Fraud Containment Unit (FCU)
(CAR) and management of risks and has the overall is responsible for prevention and detection
FY 2020‑21 to ` 28,556.91 in FY 2021-22. Other operating responsibility of the management and mitigation
cost increased by 18.65% from ` 33,616.37 million in During FY 2021-22 the Bank has not raised any capital. of internal and external frauds in the areas of
of the Risk. The segments are required to Liabilities, Product and Support functions. The
FY 2020-21 to ` 39,887.03 million in FY 2021-22. The Bank has not issued any equity shares with implement appropriate procedures to fulfil their unit conducts transaction monitoring, forensic
Provisions and contingencies (excluding provision for differential voting rights during the year. risk governance responsibilities. scrutiny, employee awareness trainings and
taxes) decreased by 84.2% from ` 93,833.55 million in During the year under review, the Bank has issued 47000 − Second Line of Defence - Independent functions: vulnerability assessments to help achieve the
FY 2020-21 to ` 14,800.81 million in FY 2021-22 mainly equity shares of face value ` 2 each pursuant to the The Bank’s independent oversight functions, said objective. The Anti Money Laundering Unit
due to reduction in provision for non-performing exercise of stock options aggregating to ` 94,000/-. such as, Risk Management, Credit Underwriting, (AML) is responsible for identifying and reporting
advances as compared to provisions made in FY 2020‑21. Compliance, Legal, Fraud Containment Unit, etc. of suspicious transactions and other regulatory
Please refer to the section on Financial and Operating Post allotment of aforesaid equity shares, the issued,
subscribed and paid up share capital of the Bank stands set standards for management and oversight of reports such as Cash Transaction Report, Cross
Performance in the Management Discussion and risks, including compliance with applicable laws, Border Wire Transfer Report, Not for Profit
Analysis for a detailed analysis of financial data. at ` 50,109,905,962 comprising of 25,054,952,981 equity
shares of ` 2 each as on March 31, 2022. regulatory requirements and policies. Organisation Transaction report etc. as prescribed
− Risk Management: Risk Management team under PMLA Act/Regulators, across all Business
DIVIDEND segments of the Bank. The AML unit is equipped
Movement in Share Captial & Capital Adequacy Ratio reporting into the Chief Risk Officer establishes
During FY 2021-22, the Bank had not declared any (CAR) policies and guidelines for risk assessment with qualified, trained and experienced staff,
dividend on equity shares. RBI vide circular dated April 22, and management and contributes to controls which monitors various transactions undertaken
(` in million)
2021 allowed banks to pay dividend for the financial and tools to manage, measure and mitigate by customers with a view to combat financial
As at As at
year ended March 31, 2021, subject to the quantum of Share Capital crimes and prevents misuse of the accounts for
March 31, 2022 March 31, 2021 risks faced by the Bank. Risk Management
dividend being not more than fifty percent of the amount Opening Share Capital 50,109.81 25,100.94 comprises units such as Enterprise Risk Market money laundering.
determined as per the dividend payout ratio prescribed Addition due to exercise of 0.09 - Risk, Operational Risk, Legal Risk, Information − Third Line of Defence – The Bank’s Internal Audit
in the RBI guidelines. However, during FY 2020-21, the Stock Option Security, Portfolio Analytics, Retail, SME & Department independently reviews activities of
Bank had reported a loss and as a consequence to that Addition due to shares issued - 25,008.87 Rural Policy, Risk Secretarial Unit, etc which are the first two lines of defence based on a risk-based
the Bank had not declared any dividend. for QIP/FPO
responsible for independent review, monitoring audit plan and methodology approved by the Audit
Addition due to shares issued - - Committee of the Board. Internal Audit Department
and reporting of all risk control parameters and
TRANSFER TO RESERVES under Reconstruction scheme
taking appropriate corrective actions where provides independent assurance to the Audit
As per requirement of RBI regulations, the Bank has necessary. These units also ensure compliance Committee of the Board, top management and
transferred the following amounts to various reserves Capital Adequacy Ratio of your Bank stood at 17.4% as to internal policies and regulatory guidelines. regulators regarding the effectiveness of the Bank’s
during Financial Year ended March 31, 2022: at March 31, 2022 as compared to 17.5% as at March 31, − Credit Underwriting: The Credit Risk team governance and controls framework designed for
Amount in
2021. CET-1 /Tier I Capital Ratio at 11.6% and Tier II Capital reporting into the Chief Credit Risk Officer risk mitigation.
Amount transferred to
` million Ratio was 5.8% as at March 31, 2022. ensures an independent assessment of credit The Board of Directors of the Bank has overall
Statutory Reserve 2,665.53 proposals and is responsible for monitoring
MANAGEMENT DISCUSSION AND ANALYSIS responsibility for Risk Management. The Board oversees
Capital Reserve 108.31 the credit quality of the Bank’s portfolio and the Bank’s Risk and related control environment, reviews
Investment Reserve 34.30 The Management Discussion and Analysis Report for undertaking portfolio reviews. The Credit Risk and approves the policies designed as part of overseeing
Investment Fluctuation Reserve 1,347.89 the year under review as stipulated in SEBI (Listing team is a specialised function that is well staffed the Risk Management practices. The Board ensures that
Obligations and Disclosure Requirements) Regulations, with individuals having the necessary experience comprehensive policies, systems and controls are in place
2015 (‘Listing Regulations’) is presented in a separate as well as skillsets to provide a balanced view of to identify, monitor and manage material risks at a Bank-
section forming part of the Annual Report. credit proposals to the sanctioning authorities.
90 91
Directors’ Report
wide level, with clearly defined risk limits. The Board has 19. Governing Body for IBU (IFSC Banking Unit) • Most Innovative Working Capital Solution in COVID-19 and services, encompassing Wealth Broking, Investment
laid down Risk Appetite Statement which articulates the These Committees review various aspects / key risks - Global Transaction Banking Innovation Awards 2021 Advisory, Investment Banking (including a dedicated
quantum of risk the Bank is willing and able to assume and ensure that the best-in-class frameworks are in • Best Cloud Adoption in Medium Bank Category by IBA Sustainable Investment Banking practice), Merchant
in its exposures and business activities in pursuit of its place to oversee day-to-day management of underlying Banking, Research and Institutional Equities services.
strategic objectives and desired returns. The Board has • Best IT Risk Management and Cyber Security Initiatives YSIL is a SEBI registered Securities Broker holding
business activities, transactions and associated risks in Medium Bank Category by IBA
also established policies governing risk management, while dealing with internal and external stakeholders. membership of National Stock Exchange (NSE), Bombay
such as, Credit Policy, Asset Liability Management Policy, Further, Risk events, potential threats, performance • India Domestic Transaction Banking Initiative of the Stock Exchange (BSE), Multi Commodity Exchange (MCX)
Operational Risk Management Policy, Information of the Bank vis-à-vis Risk Limits and Risk Appetite, Risk Year award organised by Asian Banking and Finance & National Commodity & Derivatives Exchange (NCDEX).
Security Policy, Enterprise Risk Management Policy, Profile dashboard covering key risk indicators, etc. are YSIL is also registered with SEBI as Category I Merchant
Group Risk Management Policy, Model Risk & Governance Included in the 100 Best Emerging Market Performers Banker, Investment Adviser, Research Analyst as well as
presented to these Committees, with periodic trends Ranking for its ESG practices, as assessed by V.E, part of
Policy, Risk Based Pricing Policy, Stress Testing Policy, highlighted along with level and direction of risk. The Depository Participant with CDSL.YSIL is also Sponsor &
etc. which establish the Risk Appetite Framework within Moody’s ESG Solutions Investment manager to YSL Alternates Alpha plus Fund
Bank also conducts a detailed Internal Capital Adequacy
the overall Risk Appetite Statement. Assessment Policy (‘ICAAP’) review exercise at least on which is a SEBI registered Category III AIF.
DIVERGENCE IN ASSET CLASSIFICATION AND
The Board has put in place four Board level Committees an annual basis to identify its Risk universe, review its PROVISIONING FOR NPAs The Consolidated Financial Statements of the Bank
which inter-alia pertain to Risk Management, viz. Risk Risk appetite in line with its business strategy as well as and its Subsidiary company for the Financial Year
Management Committee (RMC), Audit Committee assess its internal controls and mitigation measures in Based on the condition mentioned in RBI circular, no ended March 31, 2022 prepared in accordance with the
(AC), Fraud, Willful Defaulters and Non Co-operative place for the risks and capital requirements. The ICAAP disclosure on divergence in asset classification and requirement of Section 129(3) of the Companies Act,
Borrowers Monitoring Committee (FWD & NCBMC) document is approved by the RMC and the Board. provisioning for NPAs is required with respect to RBI’s 2013 shall be laid before the ensuing AGM and it forms
and Board Credit Committee (BCC) to deal with risk supervisory process for the year ended March 31, 2021. part of this Annual Report.
Additionally, in line with best Risk Governance practices,
management practices, policies, procedures and to have the Bank has segregated credit underwriting and Pursuant to the provisions of Section 129(3) of the
adequate oversight on the risks faced by the Bank. SUBSIDIARY, ASSOCIATE AND JOINT VENTURE
risk management verticals. The underwriting vertical COMPANIES AND CONSOLIDATED FINANCIAL Companies Act, 2013, a statement containing salient
The Board Committees have set up various Executive consisting of Credit Units is headed by the Chief Credit STATEMENTS features of Financial Statements of subsidiary company
level committees for oversight over specific risks. Risk Officer (CCRO) and the risk controls and policy of the Bank in Form AOC-1 forms part of the Annual
vertical consisting of various independent control As on March 31, 2022, the Bank had one wholly-owned Report. The Financial Statements of the subsidiary
1. Apex Management Committee subsidiary, YES Securities (India) Limited (‘YSIL’).
units is headed by the Chief Risk Officer (CRO). The of the Bank are available on the website of the Bank
2. Enterprise Risk, Reputation Risk and Model CRO reports to the Risk Management Committee while During the year under review, the Bank divested its 100% (www.yesbank.in). Financials of Bank and its subsidiary
Assessment Committee the CCRO reports to the Managing Director & Chief stake in YES Asset Management (India) Limited (‘YAMIL’) shall also be available for inspection by members or
3. Management Credit Committee Executive Officer. and YES Trustee Limited (‘YTL’), the wholly owned trustees of the holders of any debentures/bonds of the
4. Executive Credit Committee subsidiaries of the Bank to GPL Finance and Investments Bank at its Registered office.
DEPOSITS Ltd (“GPL”), pursuant to share purchase agreement dated
5. Asset & Liability Committee August 21, 2020. White Oak Investment Management Pvt INTERNAL FINANCIAL CONTROL SYSTEMS AND
Being a banking company, the disclosures required as
6. Operational Risk Management Committee per Rule 8(5)(v) & (vi) of the Companies (Accounts) Rules, Ltd. owns 99% of GPL. The ultimate beneficial owner of THEIR ADEQUACY
7. Standing Committee on Customer Service 2014, read with Sections 73 and 74 of the Companies Act, the GPL is Mr. Prashant Khemka who owns 99.99% of the The Bank has implemented adequate procedures
2013 are not applicable to your Bank. White Oak Investment Management Pvt Ltd. and internal controls which provide reasonable
8. Fraud & Suspicious Transaction Monitoring
Committee Accordingly, YAMIL and YTL ceased to be the Subsidiaries assurance regarding reliability of financial reporting
AWARDS AND RECOGNITION of the Bank effective from November 1, 2021. and preparation of financial statements. The Bank also
9. Committee for Classification of Wilful Defaulters & ensures that internal controls are operating effectively.
Non-Cooperative Borrowers During the year under review, the Bank was recognised The Bank does not have any material subsidiary, associate
in various ways/by various institutions and some of the and joint venture company. There were no entities which There is utmost attention accorded to Internal Financial
10. Accountability Review Committee key awards presented to the Bank are listed below: became the Bank’s Subsidiaries, associates or joint Controls at both, the highest levels at Management as
11. Whistle Blower, Disciplinary and Internal Committee ventures during the year. well as the Audit Committee of the Board. There is no
• Best Cash Management Project in India by the Asian material weakness in the Bank’s framework with respect
12. Steering Committee for IFRS (IndAS) Banker Banker’s Choice Awards Performance and Financial Position of YSIL is given in to Internal Financial Controls over Financial Reporting
13. Product Process Approval Committee Management Discussion & Analysis which forms part of and the Bank shall continue to review its overall control
• CIO Circle of Excellence by CNBC TV18 this Annual Report.
14. IT Steering Committee framework on an ongoing basis to ensure robustness
• Best ERP Integration Initiative - Global Transaction The brief details about business of the subsidiary is and effectiveness of its controls.
15. Security Council Banking Innovation Awards 2021 as under:
16. Stressed Asset Monitoring Committee • Most Innovative Transaction Banking Solution
17. Sustainability Council for Liquidity Management in COVID-19 - Global YES Securities (India) Limited (YSIL)
Transaction Banking Innovation Awards 2021 YES Securities (India) Limited (YSIL) offers retail, HNI and
18. Fraud Identification Committee
corporate customers a comprehensive range of products
92 93
Directors’ Report
MATERIAL CHANGES AND COMMITMENT into individually or taken together with the previous However, given the present composition of the Board, mandatorily comply with the stipulated procedure of
AFFECTING FINANCIAL POSITION OF THE BANK transactions during the financial year with related wherein presently there are six Non- Executive Directors viz. Performance Evaluation for FY 2021-22. However, as a
There are no material changes and commitments, parties, which were not in the ordinary course of business Mr. Sunil Mehta, Mr. Mahesh Krishnamurti, Mr. Atul Bheda, matter of good governance, the Board has carried out the
affecting the financial position of the Bank which has of the Bank, nor were there any transactions with related Mr. Atul Malik, Ms. Rekha Murthy and Mr. Sharad Sharma Performance Evaluation of the Directors, excluding the
occurred between the end of the financial year of the parties, which were not at arm’s length basis. Accordingly, appointed/co-opted pursuant to the Scheme, not holding Additional Directors appointed by RBI and the SBI Nominee
Bank i.e. March 31, 2022 and the date of the Directors’ the disclosure in Form AOC-2 is not applicable to the any substantial interest in the share capital nor having any Directors, for the Financial Year 2021-22, in an appropriate
Report i.e. May 06, 2022. Bank for the year under review. Suitable disclosure as pecuniary relationship with the Bank and meet the criteria manner. The Board has also carried out performance
required by the Accounting Standards (AS-18) has been of independence, accordingly necessary declarations were evaluation of Board as Whole and its Committees.
ESTIMATION OF UNCERTAINTIES RELATING TO made in the notes to the Financial Statements. obtained from them, confirming that they meet the criteria
THE GLOBAL HEALTH PANDEMIC FROM COVID-19 Prior omnibus approval for normal banking transactions of independence as required under the relevant provisions POLICY ON APPOINTMENT OF DIRECTORS
is also obtained from the Audit Committee for the related of Companies Act, 2013 and Listing Regulations. The Board of Directors of the Bank had formulated and
The outbreak of the COVID-19 pandemic had led to
a nation-wide lockdown in April-May 2020. This was party transactions which are repetitive in nature as well adopted policy on “Board Diversity and Fit & Proper
as for the normal banking transactions which cannot be STATEMENT REGARDING OPINION OF THE BOARD Criteria and Succession Planning” for appointment of
followed by localised lockdowns in areas with a significant WITH REGARD TO INTEGRITY, EXPERTISE AND
number of COVID-19 cases. In FY 2021-22, India witnessed foreseen and accordingly the required disclosures are Directors on the Board of the Bank and succession
made to the Committee for their approval. EXPERIENCE (INCLUDING THE PROFICIENCY) planning. The details of the same have been included
two more waves of the COVID-19 pandemic and the re- OF THE INDEPENDENT DIRECTORS APPOINTED
imposition of localised/regional lock-down measures in The policy on dealing with Related Party Transactions in the Report on Corporate Governance forming part of
DURING THE YEAR this Annual Report.
certain parts of the country. Currently, while the number as approved by the Audit Committee and the Board of
of new COVID-19 cases have reduced significantly and Directors is uploaded on the website of the Bank and can None of the Directors appointed under the Scheme
the Government of India has withdrawn most of the be accessed at https://www.yesbank.in/pdf/policies_ are designated as Independent Directors, therefore REMUNERATION POLICY
COVID-19 related restrictions, however, the extent to pdf6. furnishing of the statement regarding opinion of the The Board of Directors of the Bank had formulated
which the COVID-19 pandemic will continue to impact the board with regard to integrity, expertise and experience and adopted policies for Remuneration of Directors
Bank’s results will depend on ongoing as well as future DIRECTORS & KEY MANAGERIAL PERSONNEL (including the proficiency) of the independent directors including the Chairman of the Bank. The details of the
developments, which are uncertain. is not applicable. same are made available on the Bank’s website and can
During the FY 2021-22, the Bank co-opted Mr. Atul Malik
and Ms. Rekha Murthy as Non-Executive Directors be accessed at https://www.yesbank.in/ pdf/board_
RATINGS OF VARIOUS DEBT INSTRUMENTS NUMBER OF MEETINGS OF THE BOARD AND IT’S kmp_sr_mgmt_remuneration_policy_pdf.
(‘NEDs’) with effect from August 30, 2021 and Mr. Sharad VARIOUS COMMITTEES
The Credit Rating and change/revision in the Credit Sharma as NED with effect from November 1, 2021 in Further, the Bank has a separate Total Rewards Policy
Ratings for various debt instruments issued by the accordance with Clause 5 (5) of the Scheme read with The details of Meetings of Board and Committees held articulated in line with relevant RBI guidelines which
Bank from time to time are provided in the Corporate Memorandum and Articles of Association of the Bank. during the year, attendance of Directors at the meetings interalia deals with the Compensation & Benefits of the
Governance Report forming part of the Annual Report. and constitution of various Committees of the Board Managing Director & CEO and the Whole-time Directors.
Further, pursuant to the powers conferred under are included separately in the Corporate Governance
sub‑section (1) of Section 36AB of the Banking Regulation Report, which forms part of the Annual Report.
LOANS, GUARANTEES OR INVESTMENTS IN Act, 1949 the Reserve Bank of India has vide its order EMPLOYEE REMUNERATION
SECURITIES dated March 17, 2022 extended the term of appointment (a) The statement containing particulars of employees
PERFORMANCE EVALUATION OF THE BOARD
Pursuant to Section 186(11) of the Companies Act, 2013, of Mr. Rama Subramaniam Gandhi and Mr. Ananth as required under Section 197(12) of the Companies
loans made, guarantees given or securities provided Narayan Gopalakrishnan as Additional Directors on The Bank has laid down, criteria for performance Act, 2013 read with Rule 5(3) of the Companies
or acquisition of securities by a Banking company in the Board of the Bank for a period of one-year w.e.f. evaluation of the Directors including Chairman, Managing (Appointment and Remuneration of Managerial
the ordinary course of its business are exempted from March 26, 2022 to March 25, 2023 or till further orders, Director & CEO, Board Level Committees and Board as Personnel) Rules, 2014 forms part of this report. In
disclosure requirements under Section 134(3) (g) of the whichever is earlier. a whole as well as the evaluation process for the same, terms of Section 136 of the Companies Act, 2013,
Companies Act, 2013. in line with the provisions of the Companies Act, 2013, the same would be available for inspection during
During the FY 2021-22, there have been no changes in Listing Regulations and SEBI Guidance Note on the Board
the Directors and Key Managerial Personnel of the Bank working hours at the Registered Office of the Bank
CONTRACTS OR ARRANGEMENTS WITH RELATED Evaluation dated January 05, 2017. The present Board till the date of Annual General Meeting. A copy of
other than the above. of Directors of the Bank was constituted in accordance
PARTIES this statement may be obtained by the Members by
with the Scheme, wherein two Board Members are the writing to the Company Secretary of the Bank.
There were no materially significant transactions with STATEMENT ON DECLARATION BY INDEPENDENT Additional Directors appointed by the RBI pursuant to
related parties including directors, key managerial DIRECTORS Section 36AB of Banking Regulation Act, 1949. As per (b) The ratio of the remuneration of each Director
personnel, subsidiaries or relatives of the Directors Pursuant to the Scheme through which the existing the RBI letter No. DoR.PSBD.No. 325/16.05.004/ 2020-21 and employees of the Bank as required under the
during the financial year which could lead to a potential Board has been constituted, none of the Directors are dated August 24, 2020, Additional Directors appointed provisions of Section 197(12) of the Companies
conflict of interest between the Bank and these parties. designated as Independent Directors. Hence, the Bank is by RBI are not subject to performance evaluation and Act, 2013 read with Rule 5(1) of the Companies
The details of the transactions with related parties, if not required to obtain declarations under Section 149(6) the SBI Nominee Directors also have opted out from (Appointment and Remuneration of Managerial
any, were placed before the Audit Committee from time and 149(7) of the Companies Act, 2013 and Regulation the process. Given the present composition of the Personnel) Rules, 2014 is attached as Annexure 1
to time. There were no material transactions entered 16(1)(b) and Regulation 25(8) of the Listing Regulations. Board under the Scheme, the Bank was not required to to the Report.
94 95
Directors’ Report
EMPLOYEES STOCK OPTION SCHEME CORPORATE SOCIAL RESPONSIBILITY MAINTENANCE OF COST RECORDS Markets Green Bond issue in the world. The bonds
Your Bank has instituted Stock Option Plans to enable its In compliance with Section 135 of the Companies Act, 2013 Being a Banking Company, the Bank is not required to are for a tenor of 10 years. IFC paid for the placement
employees to participate in your Bank’s future growth read with the Companies (Corporate Social Responsibility maintain cost records as per sub-section (1) of Section using the proceeds from the first Green Masala
and financial success. Your Bank provides its employees a Policy) Rules, 2014, the Bank has constituted Corporate 148 of the Companies Act, 2013. Bond programme, that aimed at raising capital in the
platform for participating in important decision making and Social Responsibility (‘CSR’) Committee and statutory offshore rupee market
instilling long term commitment towards future growth of disclosures with respect to the CSR Committee and Annual REPORTING OF FRAUDS BY THE AUDITORS • December 2016: YES BANK has raised ` 330 Crore,
the Bank by way of rewarding them through Stock Options. Report on CSR Activities forms part of this Report as During the Financial Year 2021-22, pursuant to Section through an issue of a 7-year Green Infrastructure
In terms of Total Rewards Policy of the Bank, employees Annexure 2. The CSR Policy is available on the website of 143(12) of the Companies Act, 2013, neither the Statutory Bonds to FMO, the Dutch Development Bank, on a
are granted options as part of Annual Performance Review the Bank and can be accessed at https://www.yesbank.in/ Auditors nor the Secretarial Auditors of the Bank have private placement basis. This is FMO’s 1st investment
process based on their performance as well as to ensure pdf/ybl_corporate_social_responsibility_policy. reported any instances of frauds committed in the Bank in a Green Bond issued by a bank in India. FMO has
their retention, and to hire the best talent for its senior by its officers or its employees. paid for the placement using the proceeds from their
management and key positions. The detailed disclosures AUDITORS & REPORTS OF THE AUDITORS sustainability bonds issued in 2015
as stipulated under Regulation 14 of the Securities and A. Statutory Auditors BUSINESS RESPONSIBILITY REPORT
Exchange Board of India (Share Based Employee Benefits The amount raised is used to finance Green Infrastructure
In terms of the Guidelines issued by the Reserve As stipulated in Listing Regulations, the Business Projects as per ‘Eligible Projects’ outlined in the Bank’s
and Sweat Equity) Regulations, 2021 is hosted on the Bank of India (‘RBI’) vide Circular No. DoS.CO.ARG/
website of the Bank at https://www.yesbank.in/about-us/ Responsibility Report describing the initiatives internal guidelines that are in adherence to the Green
SEC.01/08.91.001/2021-22 dated April 27, 2021, the undertaken by the Bank from environmental, social and Bond Principles (GBP). For FY 2021-22, KPMG, India
corporate-governance. Members of the Bank at the 17th Annual General governance perspective is separately attached as part of has provided limited assurance on conformity of the
Meeting held on August 27, 2021 had approved the the Annual Report. use of proceeds, process for evaluation and selection
CORPORATE GOVERNANCE amendment in the tenure and terms of appointment of projects, management of proceeds and reporting of
The Bank is committed to follow best Corporate Governance of M/s. M. P. Chitale & Co., Chartered Accountants SIGNIFICANT AND MATERIAL ORDERS PASSED these green bonds to GBP 2021.
practices and adheres to the Corporate Governance (ICAI Firm Registration No. 101851W) to hold office BY REGULATORS
requirements set by the Regulators under the applicable from the conclusion of the Sixteenth Annual General The GBP are voluntary guidelines, developed by the
laws/regulations. In line with the foregoing, the Bank has Meeting until the conclusion of the Nineteenth Annual During the year under review, no significant and material International Capital Markets Association, for broad
adopted a Code of Corporate Governance which acts as a General Meeting of the Bank to be held in the year orders were passed by the regulators or courts or use by the market that recommend transparency and
guide to the Bank and the Board on the best practices in 2023 who shall act as Joint Auditors of the Bank for the tribunals impacting the going concern status and Bank’s disclosure, and promote integrity in the development of
the Corporate Governance. remainder of the revised term, and also approved the operation in future. the Green Bond market. They have the following four key
appointment of M/s. Chokshi & Chokshi LLP, Chartered components and the bank showcases its adoption below:
A separate section on Corporate Governance standards DISCLOSURES UNDER GREEN INFRA BONDS
followed by the Bank and the relevant disclosures, as Accountants, (ICAI Firm Registration No. 101872W/ • Use of Proceeds: The proceeds raised by the bank
stipulated under Listing Regulations, Companies Act, W100045), as Joint Statutory Auditors of the Bank to Green Bonds have emerged as a mainstream financing are used in eligible project categories and include all
2013 and rules made thereunder forms part of the hold office from the conclusion of the Seventeenth mechanism for providing structured finances to vital clean projects funded in whole, or in part, in the fields of
Annual Report. Annual General Meeting until the conclusion of the energy and are playing a pivotal role in realisation of India’s renewable and clean energy projects including Wind,
Twentieth Annual General Meeting of the Bank to be renewable energy potential. Since the maiden issuance by Solar, Biomass, Hydropower and other such projects
A Certificate from M/s. Bhandari & Associates, Practicing held in the year 2024 subject to approval by RBI on an YES BANK, the Green Bonds market has witnessed a steady
Company Secretaries, conforming compliance by the annual basis. growth, with isuuances of USD 6.8 billion in 2021, alone. • Process for Evaluation and Selection of Eligible
Bank to the conditions of Corporate Governance as Driven by the commitment of mobilising USD 5 billion Projects: The Bank’s process starts with interactions
stipulated under Listing Regulations, is annexed to the There were no qualifications, reservation or adverse with potential borrowers to understand the overall
remarks made by the Statutory Auditors in the towards climate action by 2020, as taken during Paris
Report on Corporate Governance, which forms part of the Accord, YES BANK has issued three green bonds: aspects of the project and a preliminary confirmation
Annual Report. Auditor’s Report for Financial Year 2021-22. against the eligibility criteria. The evaluation moves
• February 2015: YES BANK issued India’s first-ever to risk assessment for confirmation of the eligibility,
VIGIL MECHANISM /WHISTLE- BLOWER POLICY B. Secretarial Auditors and Secretarial Audit Report post which further documentation is sought as per
Green Infrastructure Bonds, raising an amount of
In line with the provisions of Listing Regulations, Pursuant to Section 204 of the Companies Act, 2013, ` 1,000 crore. This 10 year tenor bond witnessed the Bank’s policies and GBP
the Companies Act, 2013 and the principles of good M/s. Bhandari & Associates, Practicing Company strong demand from leading investors including • Management of Proceeds: Green Bond allocations
governance, the Bank has devised and implemented a Secretaries, Mumbai were appointed as Secretarial Insurance companies, Pension & Provident Funds, to eligible projects are tracked by the Bank through
vigil mechanism, in the form of ‘Whistle-Blower Policy’. Auditors of the Bank to conduct the secretarial audit Foreign Portfolio Investors, New Pension Schemes an MIS based asset tagging system. The unallocated
The policy devised is also aligned to the recommendations for the FY 2021-22. The Bank provided all assistance and Mutual Funds proceeds, if any, are placed in liquid instruments
of Protected Disclosure Scheme for Private Sector and and facilities to the Secretarial Auditors for conducting
their audit. The Report of Secretarial Auditors for the • August 2015: YES BANK raised ` 315 crore through the • Reporting: The bank’s communication to investors
Foreign Banks, instituted by RBI. Detailed information on issue of Green Infrastructure Bonds to International through an annual update includes:
the Vigil Mechanism of the Bank is provided in the Report FY 2021-22 is annexed to this report as Annexure 3.
There are no observations, reservations or adverse Finance Corporation on a private placement basis
on the Corporate Governance which forms part of the which is the first investment by IFC in an Emerging
Annual Report. remarks in the Secretarial Audit Report for FY 2021-22.
96 97
Directors’ Report
− List of projects to which proceeds have been Impacts Baseline Database for the Indian Power Sector User Guide Version on the policy under the ambit of ‘Gender Respect and
17.0 dated October 2021’ (published by the Central Electricity
allocated to, with brief description including Through financing solar and wind power plants, these Commitment to Equality’ (GRACE) programme.
Authority of India) along with other relevant factors such as project
amounts disbursed, installed capacity bonds strengthen India’s energy security while reducing PLF/CUF estimates, installed project capacity, resultant annual unit The Bank has complied with provisions relating to the
generation etc.
− Summary of Environment and Social (E&S) impacts fossil fuel dependency. These bonds have been crucial constitution of Internal Committee under the Sexual
associated with projects, if any in financing climate change mitigation with avoidance The temporary unallocated proceeds (` 315 Cr of ` 315 Cr bond Harassment of Women at Workplace (Prevention,
of emissions of CO2, SO2, NOx and other air pollutants issued in August 2015) are allocated in Government Securities and Prohibition and Redressal) Act, 2013 (POSH).
− Information on investment of unallocated proceeds will be allocated back to eligible projects, when available.
in liquid instruments associated with fossil fuel based energy generation. Number of cases filed and their disposal under Section
Estimated CO2 emission reductions are shared along The assurance statement issued by KPMG India is 22 of the POSH is as follows:
with project details. attached herewith as Annexure 4
Particulars No. of Complaints
CONSERVATION OF ENERGY, TECHNOLOGY Number of complaints carried forward 01

List of projects against which green bonds proceeds have been allocated as on March 31, 2022 is provided below: from last year
ABSORPTION AND FOREIGN EXCHANGE
Number of complaints filed during the 15
Proceeds Utilisation Against Bond Issuance Size EARNINGS AND OUTGO
financial year
Estimated*
The disclosures required to be made under Section 134(3) Number of complaints disposed of during 15
Total Fund Based
positive E&S Known (m) of the Companies Act, 2013 read with Rule 8(3) of the the financial year
Utilisation,
Sr. Project impacts - CO2 significant Companies (Accounts) Rules, 2014 on the conservation Number of complaints pending as on the 01*
Description Proceeds utilisation against ` Crore
No Location Emission negative E&S
(as on
Reduction Impacts of energy, technology absorption and Foreign exchange end of the financial year
March 31, 2022)
(tCO2 / yr) earnings and outgo are given as Annexure 5. *The case is being investigated within the stipulated timeline.
1 Telangana 42 MW solar energy Bond Issuance Size of ` 1,000 114.50 65,641.78 None
project crore (February 2015) ANNUAL RETURN DIRECTORS’ RESPONSIBILITY STATEMENT
2 Karnataka 40 MW solar energy Bond Issuance Size of ` 1,000 131.59 77,734.02 None
project crore (February 2015)
Pursuant to Section 92(3) and Section 134(3)(a) of the Pursuant to the requirement under Section 134(5) of the
Companies Act, 2013, the Bank has placed a copy of Companies Act, 2013, it is hereby confirmed that:
3 Telangana 48 MW solar energy Bond Issuance Size of ` 1,000 38.69 83,571.28 None
project crore (February 2015) the Annual Return in the prescribed Form MGT-7 as at
March 31, 2022 on its website at https://www.yesbank. (a) in the preparation of the annual accounts, the
4 Delhi NCR 3.26 MW rooftop solar Bond Issuance Size of ` 1,000 5.14 3,444.26 None
in/about-us/investors-relation/financial-information/ applicable accounting standards had been
installation across 9 crore (February 2015)
locations annual-reports. followed along with proper explanation relating to
5 Maharashtra 15 MW wind energy Bond Issuance Size of ` 1,000 3.46 22,802.61 None material departures;
project crore (February 2015) COMPLIANCE WITH SECRETARIAL STANDARDS (b) the directors had selected such accounting
6 Maharashtra 10 MW wind energy Bond Issuance Size of ` 1,000 18.27 11,061.00 None policies and applied them consistently and made
project crore (February 2015) The Board of Directors affirm that the Bank has complied
with the applicable Secretarial Standards issued by the judgements and estimates that are reasonable and
7 Gujarat 8.75 MW wind energy Bond Issuance Size of ` 1,000 38.22 5,862.66 None prudent so as to give a true and fair view of the state
project crore (February 2015) Institute of Companies Secretaries of India SS-1 and
SS-2 respectively relating to Meetings of the Board, its of affairs of the Bank at the end of the financial year
8 Maharashtra 9 MW wind energy Bond Issuance Size of ` 1,000 2.81 14,092.38 None
project Committees and the General Meetings. and of the profit of the Bank for that period;
crore (February 2015)
9 Andhra 105 MW wind energy Bond Issuance Size of ` 1,000 214.13 227,522.41 None (c) the directors had taken proper and sufficient
Pradesh & project in Andhra crore (February 2015) PREVENTION OF SEXUAL HARASSMENT OF care for the maintenance of adequate accounting
Rajasthan Pradesh and 50.4 MW WOMEN AT THE WORKPLACE records in accordance with the provisions of the
in Rajasthan
The Bank has Zero tolerance towards any act on the part Companies Act, 2013 for safeguarding the assets
10 Maharashtra 50 MW solar energy Bond Issuance Size of ` 1,000 171.86 92,514.63 None
project of any executive which may fall under the ambit of ‘Sexual of the Bank and for preventing and detecting fraud
crore (February 2015)
Harassment’ at workplace and is fully committed to and other irregularities;
11 Rajasthan 300 MW solar energy Bond Issuance Size of ` 1,000 261.33 699,361.68 None
project crore (February 2015) uphold and maintain the dignity of every women executive (d) the directors had prepared the annual accounts on
12 Gujarat 30 MW wind energy Bond Issuance Size of ` 330 33.41 52,623.30 None working in the Bank. The Policy regarding Prevention & a going concern basis;
project crore (December 2016) Prohibition of Sexual Harassment at Workplace provides (e) the directors, had laid down internal financial
13 Maharashtra 6.25 MW wind energy Bond Issuance Size of ` 330 8.53 5,761.79 None for protection against sexual harassment of women at
project
controls to be followed by the Bank and that such
crore (December 2016) workplace and for prevention and redressal of complaints. internal financial controls are adequate and were
14 Karnataka 9.6 MW wind energy Bond Issuance Size of ` 330 8.65 9,820.41 None Also, in its endeavour to spread awareness on the
project crore (December 2016) operating effectively; and
aforementioned policy and ensure compliance by all the
15 Rajasthan 300 MW solar energy Bond Issuance Size of ` 330 2.23 701,073.40 None
executives, the Bank has implemented a plan of action (f) the directors had devised proper systems to ensure
project crore (December 2016) compliance with the provisions of all applicable
to disseminate the information and train the executives
* The total CO2 emission reduction for individual projects have been calculated based on the methodology outlined in the document ‘CO2
laws and that such systems were adequate and
operating effectively.
98 99
Directors’ Report ANNEXURE 1

ACKNOWLEDGMENT Your Directors would like to express a deep sense The Details of Managerial Remuneration and Employee Remuneration Under Section 197(12) of The Companies
Your Directors take this opportunity to express their of appreciation for the commitment shown by the Act, 2013
deep and sincere gratitude to the customers of the Bank employees in supporting the Bank. We would also like to The ratio of the remuneration of each director to the median employee’s remuneration and other details in terms of
for their confidence and patronage, as well as to the thank all our valued partners, vendors and stakeholders sub-section 12 of Section 197 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Reserve Bank of India, Securities and Exchange Board who have played a significant role in continuing to Personnel) Rules, 2014:
of India, Government of India, and other Regulatory support the Bank.
Requirements Disclosure
Authorities for their cooperation, support and guidance.
The ratio of the remuneration of each director to the median Chairman - Sunil Mehta 3.28x
remuneration of the employees for the financial year Managing Director & CEO - Prashant Kumar 32.54x
The percentage increase in remuneration of each director, CFO, CFO – Niranjan Banodkar* NA
For and on behalf of the Board of Directors CEO, CS in the financial year CS – Shivanand R. Shettigar** -13.9%
YES BANK LIMITED
Managing Director & CEO - Prashant Kumar 35.5%
Chairman - Sunil Mehta*** -1.6%
Prashant Kumar Sunil Mehta
Notes:
Place: Mumbai Managing Director & CEO Chairman
*The current CFO was designated w.e.f. January 01, 2021. Thus his
Date: May 06, 2022 (DIN : 07562475) (DIN : 00065343)
remuneration as CFO for FY 2022 is not comparable with FY 2021.
** The remuneration of CS for FY 2022 is not comparable with FY
2021 owing to salary restructuring that was carried out in FY 2021
in line with RBI Guidelines.
*** The Non-Executive Chairman of the Bank was appointed on
March 26, 2020. The payment of his remuneration for FY 2020 (i.e.
for 6 days) was made in FY 2021 post receipt of RBI approval for
payment of his remuneration. Thus the remuneration for FY 2022
is not comparable with FY 2021.
None of the Directors of the Bank, except Chairman of the Bank
and Managing Director & CEO are in receipt of any remuneration,
except the Sitting fees.
The percentage increase in the median remuneration of The median remuneration of the employees in the financial year
employees in the financial year was increased by 7%. The calculation of % Increase in Median
Remuneration is done based on comparable employees. For
this we have excluded employees who were not eligible for any
increment.
The number of permanent employees on roll of the Bank There were 24,346 employees as on March 31, 2022
Average percentile increase already made in the salaries of Average remuneration increase for non-managerial personnel of
employees other than the managerial personnel in the last the Bank during the financial year 2021-22 was 7.10% and average
financial year and its comparison with the percentile increase in remuneration increase for managerial personnel of the Bank
the managerial remuneration and justification thereof and point during the financial year 2021-22 was 0%.
out if there are any exceptional circumstances for increase in the
managerial remuneration
Affirmation that the remuneration is as per the remuneration Yes, it is confirmed
policy of the Bank
GENERAL NOTES:
(1) Remuneration in case of Managing Director & CEO is regulated by RBI guidelines.
(2) The Remuneration for the purpose of this table is defined as “Total Cost to the Company (TCC) + Approved
Bonus” for all the employees except for KMP’s. KMP’s remuneration is as per the Form 16 (on an annualised
basis) excluding stock option exercised since it does not form part of TCC.
100 101
ANNEXURE 2
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES 2.
COMPOSITION OF CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL SOCIAL &
1.
A BRIEF OUTLINE OF THE BANK’S CSR POLICY, INCLUDING OVERVIEW OF PROJECTS OR GOVERNANCE COMMITTEE (CSR&ESG):
PROGRAMMES PROPOSED TO BE UNDERTAKEN: The nomenclature of the Committee was changed from “Corporate Social Responsibility Committee” to
YES BANK’S CSR POLICY: “Corporate Social Responsibility and Environmental Social & Governance Committee” with effect from November
23, 2021 due to increasing significance of ESG goals.
YES BANK aims to contribute towards nation building and make a meaningful and measurable impact in
Number of meetings of Number of meetings of
people’s lives. Sl.
Name of Director Designation / Nature of Directorship CSR&ESG Committee held CSR&ESG Committee attended
No.
YES BANK undertakes CSR initiatives to promote principles of social responsibility and inclusive growth through during the year during the year
awareness and support, strengthen the trust of its stakeholders, including society at large and establish the 1 Mr. Sharad Chairman, Non-Executive 3 1
Sharma* Director
Bank as a responsible corporate citizen.
2 Mr. Mahesh Member, Non-Executive 3 3
Through its Corporate Social Responsibility ethos, YES BANK has created stakeholder value by implementing
Krishnamurti Director
projects based on unique models with scalable and sustainable impact. Guided by its Corporate Social
Responsibility (‘CSR’) Policy, the Bank has delivered internal and external positive socio-environmental impact 3 Mr. Atul Bheda* Member, Non-Executive 3 3
by following a unique approach. Director
4 Mr. Ravindra Member, Director nominated by State 3 2
Pandey Bank of India
APPROACH TOWARDS CSR:
5 Ms. Rekha Member, Non-Executive 3 1
• Promote principles of social responsibility and inclusive growth through awareness and support. Murthy* Director
• Invest in socially and environmentally responsible activities to create positive impact. 6 Mr. Sunil Member, Non-Executive Director 3 1
Mehta**
• Engage with stakeholders to further the sustainability agenda of the Bank and empower them with knowledge.
• Collaborate with likeminded institutions and forge partnerships towards addressing the needs of * Ms. Rekha Murthy was inducted as a Chairperson w.e.f. September 13, 2021 in place of Mr. Atul Bheda who ceased as Chairman,
the stakeholders. however, he continued as a member of the Committee. Further, w.e.f November 23, 2021 Mr. Sharad Sharma was inducted as a
member & Chairman in place of Ms. Rekha Murthy who ceased to be a Chairperson w.e.f the said date, however, she continued to be
• Monitor the environmental and social investment of YES BANK through structured governance and transparent a member of the said committee.
performance indicators. ** Mr. Sunil Mehta inducted as member of the Committee w.e.f November 23, 2021.
YES BANK’S FOCUS AREAS UNDER CSR:

3. PROVIDE THE WEB-LINK WHERE COMPOSITION OF CSR &ESG COMMITTEE, CSR POLICY AND CSR
• Promote education and livelihood enhancement PROJECTS APPROVED BY THE BOARD ARE DISCLOSED ON THE WEBSITE OF THE COMPANY
• Promote gender equality a) For composition of the Committee: https://www.yesbank.in/about-us/our-team
• Ensure environmental sustainability b) For Policy: https://www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy
• Promote rural development c) For CSR Projects: As the Bank had negative average net profit as per Section 135(5) for the financial year
2021-22, therefore the Bank was not required to approve any projects under Rule 9 of the Companies (CSR
Policy) Rules, 2014.
4. PROVIDE THE DETAILS OF IMPACT ASSESSMENT OF CSR PROJECTS CARRIED OUT IN PURSUANCE
OF SUB- RULE (3) OF RULE 8 OF THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY)
RULES, 2014, IF APPLICABLE (ATTACH THE REPORT)
The Bank had negative average net profit as per Section 135(5) for the financial years 2020-21 and 2021-22, and
accordingly did not have any CSR obligation and /or CSR projects during the last two financial years. Therefore,
the impact assessment requirement is not applicable to the Bank’s CSR projects. However, as a best practice,
a third-party impact assessment was conducted for the Bank’s project on providing access to safe and clean
drinking water to over 1000 rural households in Maharashtra. A detailed report, along with the outcomes of the
study is disclosed on the Bank’s website: (https://www.yesbank.in/pdf?name=Impact_Assessment_study_of_
YES_Bank_Swades_Foundations_access_to_safe_and_clean_drinking_water.pdf)
102 103
Annexure 2
5. DETAILS OF THE AMOUNT AVAILABLE FOR SET OFF IN PURSUANCE OF SUB-RULE (3) OF RULE 7 G. Excess amount for set off, if any:
OF THE COMPANIES (CORPORATE SOCIAL RESPONSIBILITY POLICY) RULES, 2014 AND AMOUNT Sl.
Particular Amount
REQUIRED FOR SET OFF FOR THE FINANCIAL YEAR, IF ANY: No.
NA 1 Two percent of average net profit of the Company as per Section 135(5) NA
2 Total amount spent for the Financial Year NA
6. AVERAGE NET PROFIT OF THE COMPANY AS PER SECTION 135(5): LOSS OF ` (7,924.95) CRORE 3 Excess amount spent for the financial year [2 - 1] NA
4 Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if NA
7. (a) Two percent of average net profit of the Company as per Section 135(5): NIL any
5 Amount available for set off in succeeding financial years [3 - 4] NA
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NIL
(c) Amount required to be set off for the financial year, if any: NIL 9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount transferred to any fund specified under Schedule VII as per Section 135(6), if any.
(d) Total CSR obligation for the financial year (7a+7b+7c): NIL
Amount transferred Amount spent
8. Sl.
Preceding
to Unspent CSR in the reporting Name of Amount
Amount remaining to
Financial Date of transfer. be spent in succeeding
No. Account under Financial Year the Fund (in `)
A. CSR amount spent or unspent for the financial year: Year.
Section 135 (6) (in `) (in `)
financial years. (in `)
Amount Unspent (in `) 1. NA NA NA NA NA NA NA

Total Amount spent Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as (b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
for Financial year Account as per Section 135(6). per second proviso to Section 135(5)
Amount. Date of transfer Name of the Fund Amount Date of transfer 1 2 3 4 5 6 7 8 9
Nil Nil NA NA Nil NA Cumulative

Financial Year Total amount Amount spent on Status of
amount spent
Sl. Name of the in which the Project allocated the project in the the project -
Project ID. at the end of
No. Project. project was duration. for the project reporting Financial Completed /
B. Details of CSR amount spent against ongoing projects for the financial year: commenced (in `). Year (in `)
reporting Financial
Ongoing.
Year. (in `)
1 2 3 4 5 6 7 8 9 10 11
1 NA NA NA NA NA NA NA NA
Amount Mode of
Item from Amount
transferred Implementation 10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
the list of Location of the Amount spent
Local project to Unspent Mode of - Through through CSR spent in the financial year: (asset-wise details)
Name activities allocated in the
Sr. area Project CSR Account Implementation Implementing
of the in for the current Agency (a) Date of creation or acquisition of the capital asset(s): NA
No (Yes/ duration for the - Direct (Yes/
Project Schedule project financial
No). project as No). CSR
VII to the (in `). Year (b) Amount of CSR spent for creation or acquisition of capital asset: NA
State Districts per Section Name Registration
Act. (in `).
135(6) (in `). number. (c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
1. NA NA NA NA NA NA NA NA NA NA NA NA their address etc.: NA
C. Details of CSR amount spent against other than ongoing projects for the financial year: (d) Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset): NA
1 2 3 4 5 6 7 8
11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per Section
Mode of Implementation
Location of the 135(5): NA
Item from the - Through Implementing
Local area project Amount spent Mode of Agency
Sl. Name of the list of activities
(Yes/ for the project Implementation -
No. Project in Schedule VII to CSR
No). (in `) Direct (Yes/No).
the Act. State Districts Name Registration Prashant Kumar Sharad Sharma
number.
Managing Director & CEO Chairman of Committee
1. NA NA NA NA NA NA NA NA NA
(DIN : 07562475) (DIN : 05160057)
D. Amount spent in Administrative Overheads: NA
E. Amount spent on Impact Assessment, if applicable: NA
F. Total amount spent for the Financial Year (8B+8C+8D+8E): NA
104 105
ANNEXURE 3
MR-3 The list of Acts, Laws and Regulations specifically operations of the Bank to monitor and ensure compliance
SECRETARIAL AUDIT REPORT applicable to the Bank are given below: with applicable laws, rules, regulations and guidelines.
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2022 i. The Banking Regulation Act, 1949; We further report that during the audit period, the
ii. The Yes Bank Limited Reconstruction Scheme, 2020 Bank has undertaken following events/ actions: –
[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] (‘the Scheme’) notified vide gazette no. G.S.R. 174(E) I. Securities and Exchange Board of India (“SEBI”) had
dated March 13, 2020 issued a show cause notice dated October 28, 2020
We have also examined compliance with the applicable to the Bank and its Officials in terms of Rule 4 of the
To, v. The following Regulations and Guidelines prescribed clauses of the following: SEBI (Procedure for Holding Inquiry and Imposing
under the Securities and Exchange Board of India Penalties by Adjudicating Officer) Rules, 1995 read
The Members, i. Secretarial Standards issued by The Institute of with Section 151 of SEBI Act and to inquire into and
Act, 1992 (‘SEBI Act’):- Company Secretaries of India.
YES BANK Limited adjudge under Section 15HA of the SEBI Act 1992
a. The Securities and Exchange Board of India ii. The Securities and Exchange Board of India for the alleged violation of the provisions of Section
CIN: L65190MH2003PLC143249 (Substantial Acquisition of Shares and (Listing Obligations and Disclosure Requirements) 12A (b) and 12A (c) of the SEBI Act and Regulation
We have conducted the Secretarial Audit of the Takeovers) Regulations, 2011; Regulations, 2015 [“Listing Regulations”]. 3(a), 3(c), 3(d), 4(1), and 4 (2) (s) of SEBI (Prohibition
compliance of applicable statutory provisions and the b. The Securities and Exchange Board of of Fraudulent and Unfair Trade Practices relating
adherence to good corporate practices by YES BANK During the period under review, the Bank has complied
India (Prohibition of Insider Trading) with the provisions of the Act, Rules, Regulations, to Securities Market) Regulations, 2003 read with
Limited (hereinafter called “the Bank”). Secretarial Audit Regulations, 2015; Explanation (1) to Regulation 4 (2) of said regulations
was conducted in a manner that provided us a reasonable Guidelines, Standards, etc. mentioned above, to the
c. The Securities and Exchange Board of India extent applicable. for the alleged mis-selling of Additional Tier 1 Bonds
basis for evaluating the corporate conducts/statutory (“AT-1 Bonds”) in the secondary market. SEBI vide
compliances and expressing our opinion thereon. (Issue of Capital and Disclosure Requirements)
Regulations, 2018; We further report that - its Order dated April 12, 2021 imposed a penalty
Based on our verification of the Bank’s books, papers, of ` 25 Crore against the Bank under Section 15 HA
minute books, forms and returns filed and other records d. The Securities and Exchange Board of India Pursuant to the YES Bank Limited Reconstruction of SEBI Act, 1992 for the same. Aggrieved by the
maintained by the Bank and also the information (Share Based Employee Benefits and Sweat Scheme, 2020 (‘the Scheme’), notified by the Ministry SEBI order, the Bank & the other noticees preferred
provided by the Bank, its officers, agents and authorised Equity) Regulations, 2021; of Finance, Government of India on March 13, 2020, a separate Appeal(s) before the Securities Appellate
representatives during the conduct of Secretarial e. The Securities and Exchange Board of India new Board was constituted on March 26, 2020 as per Tribunal (“SAT”). After the hearing, SAT was pleased
Audit, we hereby report that in our opinion, the Bank (Issue and Listing of Non-Convertible Securities) the composition mentioned in the scheme, which is to stay the effect and operation of the SEBI order
has, during the audit period covering the financial year Regulations, 2021; not in line with the applicable requirements of Listing dated April 12, 2021, subject to an undertaking to
ended on March 31, 2022 complied with the statutory Regulations and the Companies Act, 2013 and the be submitted to SEBI that the Bank shall honour
f. The Securities and Exchange Board of India Banking Regulation Act, 1949. However, the said Scheme
provisions listed hereunder and also that the Bank has (Registrars to an Issue and Share Transfer the payment of the Bank and other Appellant(s),
proper Board-processes and compliance mechanism has an overriding effect to all other applicable laws, rules if the Appeal(s) fail. The matter is now pending for
Agents) Regulations, 1993 regarding the and regulations in respect of the matters specified in the
in place to the extent, in the manner and subject to the Companies Act and dealing with client; final hearing.
reporting made hereinafter: Scheme. The changes in the composition of the Board of
g. The Securities and Exchange Board of India Directors that took place during the period under review II. There was an instance of bouncing of Subsidiary
We have examined the books, papers, minute books, (Delisting of Equity Shares) Regulations, were carried out in compliance with the provisions of General Ledger for ` 50 Crore on July 20, 2021. RBI
forms and returns filed and other records maintained by 2021#; and the Scheme. vide letter dated August 02, 2021 imposed a penalty
the Bank for the financial year ended on March 31, 2022 of ` 500,000 on this matter.
according to the provisions of: h. The Securities and Exchange Board of India Adequate notice was given to all directors to schedule the
(Buyback of Securities) Regulations, 2018#; Board Meetings, agenda and detailed notes on agenda III. Members’ approval was obtained at the 17th Annual
i. The Companies Act, 2013 (‘the Act’) and the rules were sent at least seven days in advance for meetings General Meeting of the Bank held on August 27,
made thereunder; i. The Securities Exchange Board of India 2021, inter alia for borrowing/ raising funds in
(Merchant Bankers) Regulation, 1992; other than those held at shorter notice, and a system
ii. The Securities Contracts (Regulation) Act, 1956 exists for seeking and obtaining further information and Indian/ foreign currency by issue of debt securities,
(‘SCRA’) and the Rules made thereunder; j. The Securities and Exchange Board of India clarifications on the agenda items before the meeting on private placement basis or otherwise, as deemed
(Bankers to an Issue) Regulations, 1994; and for meaningful participation at the meeting. fit by the Board of Directors as per the structure
iii. The Depositories Act, 1996 and the Regulations and and within the limits permitted by the RBI upto
Bye-laws framed thereunder; k. The Securities and Exchange Board of During the period under review, decisions were carried
India (Depositories and Participants) an amount of ` 10,000 crore, in domestic and/or
iv. Foreign Exchange Management Act, 1999 and the through unanimously and no dissenting views were overseas market, during a period of one year from
Regulations, 2018. observed, while reviewing the minutes.
rules and regulations made thereunder to the the date of passing of this resolution, within the
extent of Foreign Direct Investment and External # The Regulations or Guidelines, as the case may be were not
We further report that there are adequate systems and overall borrowing limits of the Bank.
Commercial Borrowings. The Bank does not applicable for the period under review. processes in the Bank commensurate with the size and
have any Overseas Direct Investment during the
financial year.
106 107
Annexure 3
IV. SEBI passed a settlement order vide Order No. SO/ VII. Members’ approval was obtained on March 31, 2022 ‘ANNEXURE A’
SM/DD/2021-22/6436-6442 dated September 14, through postal ballot authorising raising of Capital To,
2021 pertaining to NIL Divergence reporting and a through the issuance of equity shares or other
settlement amount of ` 16,537,500/- (Rupees One securities by way of a public issue, preferential The Members,
crore Sixty Five lakh and Thirty Seven Thousand and issue, qualified institutions placement, private YES BANK LIMITED
Five Hundred only) was paid by the Bank in respect placement or a combination thereof of equity CIN: L65190MH2003PLC143249
of the same. shares of the Bank having face value of ` 2 (Rupees
Two only) each for an amount aggregating up to Our Secretarial Audit Report for the Financial Year ended on March 31, 2022 of even date is to be read along with
V. On August 21, 2020, the Bank had executed a this letter.
definitive agreement for the sale of 100% of the ` 10,000 crore (Rupees Ten Thousand crore only), in
equity shareholding of YES Asset Management (India) one or more tranches, at such price or prices, at the 1. Maintenance of secretarial record is the responsibility of the management of the Bank Our responsibility is to
Limited (“YESAMC”) and YES Trustee Limited (“YTL”), Board’s discretion. express an opinion on these secretarial records based on our audit.
both wholly owned subsidiaries of the Bank, to GPL VIII. During the financial year ended March 31, 2022, 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
Finance and Investments Limited (“Purchaser”). the Bank redeemed total bonds aggregating to the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure
The Bank completed the transaction for sale of ` 1410.50 crore. that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed
stake in YESAMC and YTL to the Purchaser and the For Bhandari & Associates provide a reasonable basis for our opinion.
transfer of shares from the Bank to the Purchaser Company Secretaries 3. We have not verified the correctness and appropriateness of financial records and Books of Account of the Bank.
on November 01, 2021. Therefore, YESAMC and YTL Firm Registration No: P1981MH043700
ceased to be subsidiaries of the Bank on and with 4. Wherever required we have obtained the Management representation about the compliance of laws, rules and
effect from November 01, 2021. regulations and happening of events etc.
S. N. Bhandari
VI. RBI vide letter dated December 29, 2021 approved Partner 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
the early redemption of certain Basel II compliant FCS No: 761; C P No.: 366 responsibility of management. Our examination was limited to the verification of procedures on test basis.
Lower Tier II & Upper Tier II Bond instruments Mumbai | May 06, 2022 6. The Secretarial Audit report is neither an assurance as to the future viability of the Bank nor of the efficacy or
aggregating to ` 2609.80 crore. Thereafter, the ICSI UDIN: F000761D000266191 effectiveness with which the management has conducted the affairs of the Bank.
Capital Raising Committee of the Bank in its meeting This report is to be read with our letter of even date
held on February 11, 2022, considered and approved which is annexed as Annexure ‘A’ and forms an integral
the proposal for seeking an approval from the For Bhandari & Associates
part of this report. Company Secretaries
investors for early redemption of the said bonds.
Firm Registration No: P1981MH043700
S. N. Bhandari
Partner
FCS No: 761; C P No.: 366
Mumbai | May 06, 2022
ICSI UDIN: F000761D000266191
108 109
ANNEXURE 4
Assurance Statement By KPMG India For Green Bond
INDEPENDENT ASSURANCE STATEMENT • Provide assurance on information outside the defined • Recalculated estimated carbon dioxide emission ensuring that Issuer complies with laws and regulations
To the management of Yes Bank Limited, YES BANK reporting boundary and period reductions from projects using information collected applicable to its activities.
House, Off Western Express Highway, Santacruz (East), • Verify the Issuer’s financial statements & by the Issuer.
Mumbai - 400055, Maharashtra, India. economic performance Conclusions Our responsibility
• Verify the Issuer’s statements that describe The following conclusion is based on the work performed Our responsibility is to report in the form of an
Introduction expression of opinion, belief, aspiration, expectation, and evidence obtained, and the scope of our assurance independent limited assurance conclusion in relation to
KPMG Assurance and Consulting Services LLP was aim or future intention and national or global socio- engagement described above. the above scope based on the procedures performed
engaged by Yes Bank Limited (‘Issuer’) to undertake an economic and environmental aspects provided by and the evidence obtained. We conducted our
Nothing has come to our attention to suggest that the engagement with a multidisciplinary team which included
independent review of the following green bonds: the Issuer green bonds issued in February 2015, August 2015 and professionals with suitable skills and experience in
Work undertaken December 2016 by the Issuer and the accompanying auditing environmental, social and economic information
• Green bonds for ` 1,000 crore issued on report “Disclosures under Green Infrastructure Bonds”
February 24, 2015 We planned and performed our work to obtain in line with the requirements of ISAE 3000 standard.
selected evidence, information and explanations are not, in all material respects, conforming to the
• Green bonds for ` 315 crore issued on August 05, 2015 requirements of the Green Bond Principles, 2021, during This assurance report is made solely to Issuer in
that we considered necessary to obtain a meaningful accordance with the terms of our engagement, which
• Green bonds for ` 330 crore issued on level of assurance in relation to the above scope. The the period April 01, 2021- March 31, 2022.
include agreed arrangements for disclosure. Our
December 29, 2016 procedures we performed, which are set out in detail work has been undertaken so that we might state to
below, were based on our professional judgement Independence
Our responsibility was to provide “limited assurance” Issuer those matters we have been engaged to state
and included, as appropriate, inquiries, observation The assurance was conducted by a multidisciplinary in this assurance report and for no other purpose. Our
on conformance of the aforementioned green bonds of processes performed, inspection of documents, team including professionals with suitable skills and
and the accompanying report “Disclosures under Green assurance report should not be regarded as suitable
analytical procedures, evaluating the appropriateness experience in auditing environmental, social and to be used or relied on by any party wishing to acquire
Infrastructure Bonds” with the Green Bond Principles, of quantification methods and reporting policies and economic information in line with the requirements
2021 for the period April 01, 2021- March 31, 2022. rights against us other than Issuer for any purpose or
agreement or reconciliation with underlying records. We of ISAE 3000 standard. Our work was performed in in any context. Any party other than Issuer who obtains
believe that the procedures we have performed and the compliance with the requirements of the IFAC Code of access to our assurance report or a copy thereof and
Assurance Standards evidence we have obtained are sufficient and appropriate Ethics for Professional Accountants, which requires, chooses to rely on our assurance report (or any part
We conducted our engagement in accordance with to provide a basis for our limited assurance conclusion. among other requirements, that the members of thereof) will do so at its own risk. To the fullest extent
requirements of ‘Limited Assurance’ as per ‘International the assurance team (practitioners) as well as the permitted by law, we accept or assume no responsibility
Federation of Accountants’ (IFAC) International Standard To reach our conclusion we: assurance firm (assurance provider) be independent and deny any liability to any party other than Issuer for
on Assurance Engagements [ISAE 3000 (Revised), • Checked the Issuer’s Green Bond Framework that of the assurance client, in relation to the scope of this our work, for this independent limited assurance report,
Assurance Engagements Other than Audits or Reviews includes processes, systems and controls in place for assurance engagement. The Code also includes detailed or for the conclusions we have reached. We expressly
of Historical Financial Information]. management of bond proceeds; investment areas for requirements for practitioners regarding integrity, disclaim any liability or co- responsibility for any decision
green bond proceeds and intended types of temporary objectivity, professional competence and due care, a person or entity would make based on this assurance
Assurance scope and level of assurance investment instruments for the management of confidentiality and professional behaviour. We have statement. Our assurance statement is released to Yes
Our scope of assurance included information on unallocated proceeds; systems and processes in place to monitor compliance Bank Limited on the basis that it shall not be copied,
material aspects of the green bond during April 01, 2021- with the Code and to prevent conflicts regarding referred to or disclosed, in whole or in part, without
• Read sections of the bond disclosure documentation independence. We apply ISQC 1 and comply with the
March 31, 2022 based on the requirements of the Green that also support the objects of the green bond our prior written consent. By reading this assurance
Bond Principles, 2021 as listed below: applicable independence and other ethical requirements statement, stakeholders acknowledge and agree to the
issue, investment areas for proceeds and intended of the IESBA code.
types of temporary investment instruments for the limitations and disclaimers mentioned above.
• Use of Proceeds management of unallocated proceeds; Management’s responsibility Apurba Mitra
• Process for Project Evaluation and Selection • Conducted interviews with management and key staff The Management of the Issuer is responsible for ensuring Associate Partner
• Management of Proceeds responsible for the green bond to understand how that the Issuer and their green bond complies with the
the processes, systems and controls defined in the KPMG Assurance and Consulting Services LLP
• Reporting requirements of the Green Bond Principles, 2021. This April 11, 2022
Green Bond Framework have been implemented in responsibility includes designing, implementing and
Specific limitations and exclusions the financial year; maintaining systems and processes relevant for the
Our assurance process was subject to the following • Checked the list of projects to which bond proceeds management of green bond proceeds.
limitations as we have not been engaged to: have been allocated in the financial year and their The Management of the Issuer is also responsible for
• Determine which, if any, recommendations should conformance with the criteria defined in the Green preventing and detecting fraud and for identifying and
be implemented Bond Framework; and
110 111
ANNEXURE 5
A. CONSERVATION OF ENERGY upgraded to latest versions to support the growing degree of automation for valuation, corporate 2) ABF (Asian Banking & Finance) Wholesale
1. The steps taken or impact on conservation of needs of the Bank. The key Bank-wide projects actions processing, client report productions, Banking Awards 2021- India Domestic
energy: completed during FY 2021-22 were: settlements and such effort intensive core Transaction Banking Initiative of the Year
functions of back office. The said solution is for iGTB
• The Bank has been migrating to LED lighting in • Traydstream: Traydstream is a project offered to client categories such as AIF, PMS &
phases. In the current financial year, the Bank 3) 17th Annual IBA’s Banking Technology
introduced by YES BANK to automate scrutiny Mutual Fund Entities. FA is a fee-based revenue Conference & Awards 2022- Best
replaced 11,826 conventional fixtures and CFL of Trade finance documents. Trade Digitisation model and offered as a value-added service along
signages with LED units across 288 branches Cloud Adoption
has been our key strategic objective in order to with custody offering to become a ‘one- stop-
• The Bank is in the process of phasing out air enhance our existing trade flow business. With shop’ service provider in the market. 4) The TechOPS 2022 Award- Best Storage
conditioning systems that use ozone depleting this objective in mind, the Bank has engaged • Easy N Sure: The Bank has adopted, ‘Open 5) Citirix IT Conclave 2022- IT Excellence Award-
coolants. In the current reporting cycle, the Bank with Traydstream – a Global Trade Finance Architecture’ for servicing of insurance policies, Digital Strategy & Citrix champions Award
replaced 1,212 tonnage of R22 air conditioners Fintech. Based on advanced OCR and Machine as the Bank suggests all the insurance partner’s App Delivery & Security adoption.
(in 141 branches) that are more than 10 years Learning (ML) processes, the solution envisaged, products available with the Bank to customer.
old with energy efficient (star rated) systems has enabled the Bank to automate the manual This application serves this need of distribution II. Proposed New Projects
that use eco-friendly coolants, thus reducing its scrutiny of trade finance documentation at NOC. towards third-party insurance products through There is a diverse list of upcoming initiatives, which
environmental footprint Trade finance transactions being paper intensive digital platforms (Web portal, Tablets, Mobile will enable YES BANK to service customers efficiently
2.
The steps taken by the bank for utilising has various processing challenges. There is heavy Site). This is designed as end-to-end journey that and enhance their banking experience.
alternate sources of energy: dependency on physical transfer of documents, facilitates sales of insurance products for Life and
and manual scrutiny thereafter resulting in a General insurance with an option to The Bank’s • Digital Onboarding & Service Digitalisation:
• From January 01, 2022, the Bank began sourcing high turnaround time. This solution has ensured
renewable energy to power its head office, customers to choose products from multiple YES RAPIDO facilitates customer onboarding
operational efficiency. Insurance companies. and banking services on a single platform. The
YES BANK House (YBH), thereby eliminating
approximately 1,105 tCO2e of emissions in • Oracle Financial Services Analytical • eNPA system: NPA classification and provisioning customer onboarding covers savings account
FY 2021-22. The Bank procured renewable energy Applications (OFSAA): The Bank has purchased automation basis for collateral information is an onboarding which is scheduled to be launched
partly through open access, Power Purchase OFSAA application to automate various important requirement according to regulatory in the first quarter of FY 2022-23. YES RAPIDO
Agreements (PPAs) with renewable energy regulatory liquidity risk and IRRBB reports. The policies. Corporate Collateral data ingestion into service digitisation provides customer self-service
producers along with subscribing to Green Power application also provides a robust fund transfer ENPA system, Configuration of Provision Masters portal across Retail Asset, Retail Liability, Credit
Tariff programmes pricing module for computation of FTP and for Corporate Borrowers, Provision calculation Cards & Demat for initiating the particular service
IFRS module which can help to automate INDAS on Corporate collateral data, Timely and Quick without customer login. Most of the services are
• YES BANK has also explored the potential use of accounting standard. By using this application for straight through processing (STP) without manual
rooftop solar (as a pilot), by installing a 5 KVA solar registration of the corporate collateral in ENPA
computing liquidity risk, market value, FTP, ECL as system thereby avoiding penalty to the Bank and intervention. Service List available to customers
power system at its Pune Bundh garden branch part of standard product offering by the bank and are in Retail Assets, Retail Liabilities & Credit Card.
Ease of use as the input file for capturing data is
3. The capital investment on energy conservation submission of regulatory reports to RBI from the prepared in a pre-formatted excel file which gives • YES IRIS: YES IRIS is the next generation mobile
equipment: system will reduce manual intervention. convenience to the user for data entry banking platform of the bank which is built as
• ` 3.32 Crore was spent during the current • DIGI Hub Govt Banking Platform: A single window • Complinity: This project is compliance a future-ready solution while leveraging the
financial year on energy conservation platform for government entities to manage management system was a project in which a synergies available from APIs, Microservices and
including AC retrofitting, LED projects and entire fund flow starting from budget allocation product namely ‘Complinity’ was implemented workflows created for existing digital platforms
signage replacements at corporate offices and --> workflow management --> payments --> for the CS unit. This product takes care of all within the bank like YES Genie, YES Online, YES
branch locations reporting. The Bank is now equipped to onboard the regulatory submissions pertaining to the Mobile, Loan in Seconds etc. This platform is a
Government bodies (departments/ autonomous department. Tasks get created by the vendor in critical foundation stone for building a B2C Digital
B. TECHNOLOGY ABSORPTION bodies) responsible for implementation & Business franchise covering the entire customer
I. Efforts Toward Technology Absorption the application related to any submissions due
management of central schemes. The Bank now and those are assigned to the respective owner lifecycle from onboarding, servicing and cross-
The Bank’s customer base is growing and to service can also facilitate disbursement of funds through in the CS team for completion. sell of a wide bouquet of products/propositions
these customers flawlessly, we are constantly PFMS (Public Fund Management System). including deposits, retail assets, credit cards,
innovating and adopting new technologies. The • Award and Accolades: The bank won the payments, third party products, rewards,
• Fund Accounting: Fund Accounting (FA) solution following awards this year:
Bank’s focus is on becoming India’s best digital bank is a comprehensive and modular platform merchant ecosystem etc.
thus ensuring we cater to customers’ needs with covering the back-office and various others 1) CISCO CIO Circle of Excellence 2021 - WFH • Co-lending/ Direct Assignment: Inorganic
lighting speed. functions, which enables valuation, accounting Tools incorporated by CISCO advances like direct assignment & co-lending
During FY 2021-22 several new initiatives were and facilitates reconciliation of values across are identified as the key enablers to achieve the
completed successfully, as well as systems were related reports. FA solution also enables a high portfolio growth in Retail Assets. Lower acquisition
112 113
Annexure 5
costs, low incremental opex & appropriately • Upgrade of Video KYC: Video KYC Solution is III. IN CASE OF IMPORTED TECHNOLOGY (IMPORTED DURING THE LAST THREE YEARS RECKONED FROM THE
priced yields are counted as advantages of these used to complete KYC of the customer through BEGINNING OF THE FINANCIAL YEAR):
approaches. CredAvenue platform has been digital channel. The upgrade is done to manage if not fully absorbed, areas
Whether the
deployed for hosting the direct assignment deals increasing business volumes as more products where absorption has not
Details of Technology Imported Year of Import Technology been
& continue the servicing of deals. Disbursement are being supported for Video KYC. This upgrade taken place, and the reasons
fully absorbed
thereof
processing, Payout report & Pool account will also remove dependency on a single vendor,
Palo Alto Firewall Feb-19 Yes NA
maintenance, Processing Monthly payout reports as we are adding on a second vendor. Post
Adobe Omni Channel Marketing Platform Feb-19 Yes NA
are some of the functionalities delivered. implementation, Video KYC would be routed
between the two solutions based on products. FICO Blaze Dec-19 No This is under UAT phase
• Account Aggregator: The Account Aggregator
The final approach would be to have an intelligent Logi Analytics HA & DR Upgrade Jan-19 Yes NA
framework, introduced by the RBI, aims to
routing mechanism between these 2 solutions to IS - Morphisec EP protection June-19 Yes NA
make financial data more accessible by creating
manage all Video KYC Cases. Murex Southeast Asia Pte Ltd – AMC ID’s Jan-19 Yes NA
data intermediaries called Account Aggregators
Swift Alliance Implementation Aug-19 Yes NA
(AA) will collect and share the user’s financial • DarwinBox2- HR Tech Transformation-:
Technology Nexus Secured Business Solutions AB, Portwise Apr-19 Yes NA
information from a range of entities that hold The Bank reviewed the existing HCM Oracle
Upgrade Project
consumer data called Financial Information system and came to conclusion that the system
Providers (FIPs) to a range of entities that are can be enhanced with various features and In FY 21-22 the Bank utilised all its available technology resources and refrained from investing in any
requesting consumer data called Financial functionalities. We therefore started evaluating new technology.
Information Users (FIUs) after obtaining the competitors like Adrenalin, Darwinbox, Stratemis,
consent of the consumer. Info- Track, Cyberedge, Sumtotal and narrowed C. FOREIGN EXCHANGE EARNINGS AND OUTGO
• Buy Now Pay Later (BNPL): BNPL is a product down on Darwin Box & Adrenalin as the two The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during
which is unique in its proposition and is fast vendors which are competitive in terms of pricing the year in terms of actual outflows.
becoming a medium for acquiring customers who and having a good UI/UX, mobile responsive, and During the year ended March 31, 2022 the Bank earned ` 4,779.57 million and spent ` 4,915.98 million in
are looking at the conveniences of Simplicity, Low micro services architecture. foreign currency. This does not include foreign currency cash flows in derivatives and foreign currency
Cost, Quick real-time funds, Alternative in case • Loan-Origination System: The Bank has exchange transactions.
of New to Credit. We intend to launch the BNPL collaborated with a global cloud-based software
product to be part of the competition and capture platform for ease of internal & external
the market with its unique product offering. BNPL integrations through API’s and agility in new For and on behalf of the Board of Directors
is a short-term credit offered to customers at no developments on the platform. Further this YES BANK Limited
cost for up to 15/30 day’s / short term period will also simplify the IT architecture of the Bank
EMI. Customers can opt to make the payment by eliminating all peripherals platform. This Prashant Kumar Sunil Mehta
in full or carry forward the payment by paying technology platform which has built capacity Place: Mumbai Managing Director & CEO Chairman
a fee. There would be an option to convert the of the Bank to handle the higher volumes while Date: May 06, 2022 (DIN: 07562475) (DIN: 00065343)
outstanding amount into 3 months / longer term ensuring industry’s best TAT and customer
EMIs. Introduction of BNPL will help the Bank to experience. This project will allow for concurrent
offer the product to its existing customers and processing of data, seamless integration with
to acquire New To Bank (NTB) customers in the internal and external platforms ensuring
BNPL industry. elimination of manual activities, maximising
• MSME Transformation: MSME transformation efficiencies and minimum TAT.
is a critical project which will cover the scope of • Early Warning Systems: The RBI has mandated
bringing all functionalities from onboarding to that all banks track Early Warning Signals (EWS) on
prelimit setting into one single system. Currently, an ongoing basis for their loan accounts. Thus, the
MIB and SEB business segments are using various Risk Management Committee with an aim to have
systems in the Bank for different processes which access to real-time external information advised
lead to duplication of data entry and thereby to undertake the EWS project immediately and
increasing the TAT. This project will enhance and fast-track the project to complete this within
build new functionality in the system. a year.
114 115
CORPORATE GOVERNANCE REPORT

(The Report on Corporate Governance for the year ended March 31, 2022)
In compliance with Regulation 34(3) and Clause (C) of Environmental, Social & Governance Rating Solutions. The ranking, as of July 2021, comprised Reserve Bank of India as Additional Directors. Out
Schedule V of the Securities and Exchange Board of Environmental, Social and Governance (ESG) the top 100 performing companies listed in of the Five Non-executive Directors, Two were co-
India (Listing Obligations and Disclosure Requirements) performance refers to the non-financial performance developing markets with the most advanced scores opted on August 30, 2021 and One was co-opted on
Regulations, 2015 (“SEBI LODR”), a Report on of an organisation on crucial issues such as climate in social responsibility, human rights, employment November 01, 2021.
Corporate Governance for the Financial Year 2021-22 is change, environmental sustainability, social practices, environmental protection, corporate Accordingly, the Bank has eminent personalities
presented below: responsibility, ethics, institutional frameworks, and governance, business ethics and contributions to from diverse fields and long banking experience
transparency, amongst others. social and economic development in areas where as the Directors on its Board. The composition of
1.
BANK’S PHILOSOPHY ON CODE OF they operate. YES BANK continues to be the only Board of Directors represents the optimal mix
GOVERNANCE Globally, there is an emerging awareness that an Indian Bank in the ranking (It was first included
organisation’s overall performance is linked to of professionalism, qualification, knowledge,
YES BANK, now re-build and backed by rich legacy in the V.E ranking from December 2017-June 2019 skill sets, track record, integrity, expertise and
non-financial, yet financially material issues, which period). YES BANK was included as a constituent in
of fair, ethical, and transparent governance practice pose significant material risks to long term returns. diversity of experience as required in the Banking
of India’s best Public Sector Bank, is committed to a number of Morgan Stanley Capital International’s Business. The responsibilities of the Board inter-
This has led to the emergence of ESG, a set of non- (MSCI) flagship global equity indices aligned with
achieve higher standards of Corporate Governance financial metrics or parameters, which along with alia include ensuring adequate capitalisation,
and has successfully re-gained the trust and faith worldwide ESG benchmarks. As of December 2021, formulation of overall strategy for the Bank, taking
financial metrics, provide a holistic assessment of the Bank featured in the MSCI ACWI’s ESG Universal
of the stakeholders by strengthening its governance an organisation’s impact on three fronts – profits, new initiatives, formulating policies, performance
and disclosure practices. Index, MSCI ACWI Low Carbon Leaders Index, MSCI review, monitoring of plans, pursuing of policies
people and planet. ACWI Low Carbon Target Index, MSCI ACWI Climate
Effective Corporate Governance is the interaction and procedures.
YES BANK views the emergence of ESG as an Change Index, and MSCI ACWI Climate Paris Aligned
between various participants (Shareholders, important development for the corporate sector Index, among others. The Bank was also rated ‘B’ With regard to qualification for being Director
Board of Directors, and Bank’s Management) in both from an ethical and a financial perspective. (Management Band) by CDP for its 2021 Climate and composition of the Board, Clause 5(6) of the
shaping Bank’s performance. Transparency and The Bank has always endeavoured to integrate Change disclosures. YBL Reconstruction Scheme provides that “The
Accountability are the fundamental principles to ESG principles into its core business strategy appointment of the directors shall have effect,
sound Corporate Governance, which ensures that The Bank’s sustainability disclosures can be notwithstanding non-fulfilment of any requirement
and adopt global best practices in ESG. The Bank accessed here: https://www.yesbank.in/about-
the organisation is managed and monitored in a continuously strives to align its business to global as to minimum shareholding, qualification,
responsible manner for ‘creating and sharing value’. us/sustainabilit y-at-yes-bank /esg-disclosures/ experience or any other condition, for being a
frameworks on sustainability such as the United sustainability-reports.
With a view to bring in more transparency and Nation’s Sustainable Development Goals (SDGs), director of the reconstructed bank.” Further, Clause
accountability, the Bank upgrades its systems and the Paris Climate Agreement, and the Principles for 5 (7) states that “The members of the Board, other
Governance Structure than the additional directors, so appointed shall
policies regularly, to meet the requirements of Responsible Banking (PRB). The Bank has constituted
dynamic and challenging business environment an Executive level Sustainability Council chaired by YES BANK’s Corporate Governance Structure continue in office for a period of one year, or until
and to provide reasonable assurance with regards the Managing Director & CEO which oversees the has been designed keeping in view of the an alternate Board is constituted by reconstructed
to maintaining of proper internal controls and implementation of the Bank’s sustainability agenda, regulatory and business requirements, which bank in accordance with the procedure laid down
monitoring of operations. YES BANK’s Board is sets long, medium & short-term sustainability provides a comprehensive framework to (i) in its memorandum and articles of association,
committed to adhere to highest standard of ethics, targets and evaluates the Bank’s ESG performance. enhance accountability to shareholders and other whichever is later.”
transparency, disclosures and governance and In FY 2021-22, the Bank strengthened its ESG stakeholders, (ii) ensure timely implementations of Accordingly, the provisions of SEBI LODR on Board
to protect the interest of all its stakeholders. The governance by change in nomenclature of a Board the plans and accurate disclosures of all material composition with regard to minimum number of
Board is focused on ensuring both the Corporate level, Corporate Social Responsibility Committee to matters, (iii) deal fairly with shareholders and Independent Directors, Committee composition with
Governance and Risk Controls of the Bank. Corporate Social Responsibility and Environmental other stakeholder interests, and (iv) maintain high respect to Nomination & Remuneration Committee,
Social & Governance Committee to oversee the standards of business ethics and integrity. Audit Committee, Risk Management Committee,
YES BANK’s Corporate Governance framework
ensures that timely disclosures are made and Sustainability Council and guide the Bank’s overall Stakeholder Relationship Committee, Corporate
ESG agenda. 2. BOARD OF DIRECTORS Social Responsibility Committee, Committee
accurate information is shared regarding the (a) Composition and Category of Directors:
financial performance, operations as well as the YES BANK continues to disclose its ESG performance of Independent Directors are in abeyance, till
leadership and governance of the Bank. in line with international benchmark disclosure During the FY 2021-22, the Board of Directors the new Board of the Bank is constituted as per
frameworks such as Global Reporting Initiative (GRI) consisted of Eleven Directors including One Non- Memorandum and Articles of Association of the
During the past years, several Corporate Governance Executive Chairman, One Managing Director & Chief Bank and applicable Acts/Regulations regarding
issues were raised by Stakeholders and Regulators. Standards, Integrated Reporting (IR) Framework
and Taskforce on Climate-related Financial Executive Officer, Five Non-Executive Directors Board Composition. The Reserve Bank of India
Taking a positive note of such observations, the were named/co-opted under the Yes Bank Limited as well as the Stock Exchanges viz. National Stock
Bank has worked effortlessly to strengthen its disclosures (TCFD) recommendations. The Bank has
consequently earned a place in prestigious global Reconstruction Scheme, 2020 (“YBL Reconstruction Exchange of India Limited and BSE Limited had
governance and disclosure practices and promises Scheme”), Two Directors nominated by the State confirmed the above view of the Bank through an
to continue to be on the progressive path to nourish ESG rankings and Indices. In FY 2021-22, YES BANK
was selected among the 100 Best Emerging Market Bank of India and Two Directors appointed by the e-mail communication.
Corporate Governance practices to make it more
effective from regulatory and market perspective. Performers as assessed by V.E, part of Moody’s ESG
116 117
Corporate Governance Report
The details of the Board of Directors, category and changes amongst them during FY 2021-22 are as follows: Aircraft Leasing. He was on the Board of all AIG recommendations for resolution of stressed assets.
Name & DIN of the Director Category Details of Change
Companies in India and on the Board of IDFC Ltd. Mr. Mehta is a Graduate from Shri Ram College
for several years. Prior to joining AIG, he worked of Commerce, Delhi University. He is a Fellow
Mr. Prashant Kumar Managing Director & Appointment - March 26, 2020
with Citibank for over 18 years where he held Member of the Institute of Chartered Accountants
(DIN: 07562475) Chief Executive Officer
various senior positions covering operations, sales of India and an Alumni of the Wharton School of
Mr. Sunil Mehta Non- Executive Chairman Appointment - March 26, 2020
& risk process re-engineering, risk management, Management, University of Pennsylvania, USA.
(DIN: 00065343)
public sector business and corporate banking.
Mr. Mahesh Krishnamurti Non-Executive Director Appointment - March 26, 2020
His last assignment was Corporate Bank Head for Mr. Mahesh Krishnamurti
(DIN: 02205868)
Citibank India and Senior Credit Officer. In addition, (Appointed as Non-Executive Director of the Bank
Mr. Atul Bheda Non-Executive Director Appointment - March 26, 2020 he is a Senior Advisor to notable international/
(DIN: 03502424) w.e.f. March 26, 2020)
domestic corporations amongst his other business
Mr. Rama Subramaniam Gandhi Additional Director appointed by Appointment - March 26, 2020
responsibilities at SPM Capital Advisers Pvt. Ltd. Mr. Mahesh Krishnamurti has extensive experience
(DIN: 03341633) Reserve Bank of India in partnering closely with senior leadership teams
Mr. Mehta is also on the Global Advisory Board of
Mr. Ananth Narayan Gopalakrishnan Additional Director appointed by Appointment - March 26, 2020
A T Kearney. He was a Non-Executive Chairman of in some of the most dynamic companies in the
(DIN: 05250681) Reserve Bank of India world. In December 2018, he left RGP, a leading
Punjab National Bank from March 2017 till February
Mr. Vadalur Subramanian Radhakrishnan Nominee Director appointed by Appointment - July 31, 2020 2020. He was an Independent Director on the Board Nasdaq-listed global consultancy (“RECN”), where
(DIN: 08064705) State Bank of India he had been India MD & Country head and member
of State Bank of India from June 2014 to March
Mr. Ravindra Pandey Nominee Director appointed by Appointment - November 03, 2020 2017. He is presently a Board Member of ACC Ltd of the Global Leadership Team since 2007. He was
(DIN: 07188637) State Bank of India
(A subsidiary of Holcim Group), Sashakt India Asset selected by the Board to establish and lead RGP
Mr. Atul Malik Non-Executive Director Appointment – August 30, 2021 Management Ltd., Welmo Fintech Pvt. Ltd. and India and relocated to Mumbai from New York in
(DIN: 07872539) Bodytronix Fitness Pvt. Ltd. He was on the Board of 2007. At RGP, Mr. Krishnamurti advised large MNCs
Ms. Rekha Murthy Non-Executive Director Appointment – August 30, 2021 IL&FS group companies and a startup digital non- on operational and strategic initiatives. Prior to
life insurance company - Acko General Insurance his India assignment, Mr. Krishnamurti’s career in
(DIN: 07825183)
Ltd. He is closely engaged with various Think Tanks the US variously covered senior operational, sales,
Mr. Sharad Sharma Non-Executive Director Appointment – November 01, 2021
and Chambers of Commerce. He is the founding finance, planning, entrepreneurial, and consultancy
(DIN:05160057)
Board Member of the Asia Society India Centre and a roles at Digital Equipment Corporation, Symbol
Profile of Board of Directors as on March 31, 2022: Mr. Sunil Mehta Past Chairman of American Chamber of Commerce Technologies, Goldman Sachs, Worth Media,
Mr. Prashant Kumar (Appointed as Non-Executive Chairman of the Bank (AMCHAM India). He is currently on the India and RGP.
(Appointed as Managing Director & Chief Executive w.e.f. March 26, 2020) Advisory Board of US India Strategic Partnership He is a Limited Partner with Arka Venture Labs, a
Officer of the Bank w.e.f. March 26, 2020) Mr. Sunil Mehta has over forty-five years of Forum (USISPF). He has strong interests in building cross-border, B2B deep-tech seed fund focused
proven leadership experience in banking, financial sustainable communities and is the immediate Past on supporting early-stage technology ventures
Mr. Prashant Kumar joined State Bank of India (‘SBI’) Chairman of Action for Ability Development and in India and transitioning them to the Silicon
in 1983 as Probationary Officer and since then he services, insurance and investments with leading
global and domestic financial institutions namely Inclusion (Formerly the Spastics Society of North Valley ecosystem.
held various important portfolios in the Bank. He India). He is actively engaged as the founding Board
has over 35 years of experience in the Banking Citibank, AIG, SBI, PNB. He left AIG in 2013 where As an Impact Advisor, he is steeped in Sustainability,
he was the Country Head & CEO for AIG India Trustees of United Way India and Mumbai. He was and Environmental, Social, Governance (ESG)
field. In his long service in the Bank, he had the the Chairman of both these organisations and also
opportunity to work in various areas of banking since 2000. Subsequently, he started SPM Capital challenges. He is Advisor with BuzzOnEarth, a fast-
Advisers Pvt. Ltd. Mr. Mehta is the Chairman and member of the Global Transition Board of United growing online platform with a global audience
such as Credit, Retail Banking, Human Resources & Way Worldwide.
Strategic Training and Finance. Managing Director of SPM Capital Advisers Pvt. that engages the masses and actively influences
Ltd., a leading boutique business advisory and He was asked to Chair the Committee on them towards positive action on Sustainability
He held the position of General Manager in Mumbai consulting firm in India. As Country Head & CEO Resolution of Stressed Assets by the Honorable Development Goals.
and Chief General Manager of Kolkata Circle in SBI. for AIG in India, Mr. Mehta was responsible for Finance Minister of India. Other Members of the
After elevation to the position of Deputy Managing Mr. Krishnamurti is also a senior Advisor on ESG and
all AIG businesses in India covering Insurance, Committee included the Chairman of State Bank international operations with Vaco, LLC in the US,
Director, he held the position of Chief Operating Financial Services, Real Estate, Asset Management of India, Managing Director of Bank of Baroda and
Officer, Corporate Development Officer (HR) and and select social impact and technology start-ups.
and Investments amongst other businesses. He Deputy Managing Director of SBI. The Committee
Chief Financial Officer of SBI at its Corporate Office set up AIG’s insurance JVs with Tatas and was also presented the Sashakt Report on Resolution of He has been Chairman, American Chamber of
in Mumbai. responsible for expanding AIG’s presence across Stressed Assets to the Finance Minister on July Commerce, India Western Region; Committee
He is a Science graduate and a law graduate from ten businesses in India which included Life & Non- 2, 2018. The report is under implementation and Member, Policy Research & Development, Bombay
Delhi University. Life Insurance, Private Equity, Asset Management, made significant progress with adoption of the Chamber of Commerce; BIMTECH Advisory Council
Real Estate, Home Finance, Consumer Finance, Inter Creditor Agreement (ICA) by the Regulator Member; He is currently a Charter Member of TiE
Software Development, Mortgage Guaranty and and all major Banks/NBFC’s in addition to other (The Indus Entrepreneurs), and a Rotarian.
118 119
Mr. Krishnamurti holds a B.Sc. (Economics) from the Mr. Rama Subramaniam Gandhi Ltd., Southern Ridges Macro Fund (Cayman Islands), Retail Network. He has worked as General Manager
London School of Economics and Political Science, (Additional Director appointed by Reserve Bank of Southern Ridges Master Macro Fund (Cayman & Regional Head, CAG, New Delhi and Chief General
and an MBA (Finance) from NYU, Stern School of India w.e.f. March 26, 2020) Islands) and Advisor with Max Life Insurance Ltd. Manager (CAG), SBI Corporate Centre, Mumbai.
Business. He has attended management programs He is a member of SEBI’s Mutual Fund Advisory Presently he is posted as Deputy Managing Director,
at the Wharton School, and MIT, Sloan School of Mr. Gandhi is a financial sector policy expert and Committee, FICCI’s Capital Markets Committee, Commercial Client Group at State Bank of India,
Management. Having lived, grown up, studied, and adviser. He is on the Board of several financial sector RBI’s Financial Markets Consultative Committee Corporate Centre, Mumbai.
worked in five different countries spanning Asia, entities like bank, market infrastructure, accounts and Kerala Infrastructure Fund Management Ltd.’s
Europe, and US, he is innately multicultural with aggregator, information utility as Fintech amongst Investment Committee. He has over 24 years of Mr. Ravindra Pandey
capabilities in several languages.. other. He is prolific speaker and covers wide range experience in Banking and Financial Markets – with
of subjects. He served as a Deputy Governor of the (Nominee Director appointed by State Bank of India
Standard Chartered Bank, Deutsche Bank and w.e.f. November 03, 2020)
Mr. Atul Bheda Reserve Bank of India for three years from 2014 Citibank. Till December 2017, he was MD & Regional
to 2017. With 37 years of experience, he has been Head of Financial Markets, ASEAN & South Asia with Mr. Ravindra Pandey, Deputy Managing Director
(Appointed as Non-Executive Director of the Bank a seasoned and accomplished central banker. He & CIO, State Bank of India is a career banker and
w.e.f. March 26, 2020) Standard Chartered Bank. Previously, he was SCB’s
had a three year secondment to the Securities and Head of Financial Markets & Co-Head of Wholesale brings more than 3 decades of experience with deep
Mr. Atul Bheda is a practicing Chartered Accountant Exchange Board of India (SEBI), the capital market Banking for South Asia between 2012-2015, and domain expertise and leadership experience in
with a degree in law and Information Systems regulator. He also held the charge of Director of the Managing Director, Head of FX, Rates & Credit Retail Banking, SME Credit, Digital Transformation,
Audit (ISA). He is in practice since 36 years. He has Institute for Development and Research in Banking Trading South Asia, between 2009-2012. Digital Strategy, International Banking, etc.
experience in the areas of Tax, Bank and other Technology (IDRBT), Hyderabad. In his current role as DMD& CIO , SBI , he leads the
Audits, Computer Software Development, Finance, Prior to Standard Chartered Bank he was with
Mr. Gandhi has been associated with various Citibank till 2005 (Director, Fixed Income & Currencies entire IT ecosystem of the Bank including running
Corporate laws and various other professional committees, working groups and task forces, both of the Bank’s Core banking system, Digital Channels
assignments etc. Trading, India), and with Deutsche Bank (Managing
domestic and international. He was one of the initial Director, Global Rates, South Asia – till 2009). He etc. He is also responsible implementing future
He has been a Member of the Central Council of members of the Monetary Policy Committee (MPC) served as the Chairman of the board of Standard technologies like AI, ML, Blockchain etc.
the Institute of Chartered Accountants of India and was a member of the Basel Committee on Chartered Nepal Limited between 2016–2017. He In the immediate past, he was DMD (Strategy) & chief
(ICAI) from 2007 to 2013 and has been contributing Banking Supervision (BCBS) and the Committee on was Vice Chairman on the board of Fixed Income Digital Officer and his repertoire of skills include
to the ICAI by chairing various committees like Global Financial Systems (CGFS), Basel. At present, Money Markets Dealer’s Association (FIMMDA) – Digital Transformation, Digital and Transaction
Information Technology (IT), Indirect Tax (IDTC), he advises banks, finance companies and fintech and Foreign Exchange Dealers Association of India Banking Solutions, Government Business
Ethical Standards Board (ESB), and the Expert entities payment systems entities, investors and (FEDAI), between 2012 and 2017. Relationships and Strategy & Business development.
Advisory Committee (EAC) and earlier was also part funds on subjects ranging from financial regulation
of Disciplinary Committee and Exam Committee and Indian economy. He was on the Board of Central Depository In the past Mr. Ravindra Pandey was Chief General
and Board of Study of ICAI. He has represented Services Ltd. and Standard Chartered Securities Manager, Rajasthan ; Chief General Manager
Mr. Gandhi has a master’s degree in Economics India Ltd. between 2012 and 2017. He has been a (Payments & Special Projects); General Manager
ICAI on committees of SEBI, RBI, IRDA and XBRL from the Annamalai University, in Tamil Nadu,
International. He is a member of the Core group of part of various RBI committees (including the one (Andhra Pradesh); General Manager (Merchant
India. He completed post graduate level certificates that launched FX Options in India, Interest Rate Acquiring Business); Chief Executive Officer, State
chamber of tax consultants Mumbai and the Bombay in Management Information System from the
Chartered Accountant Society. He was a member of Futures, Financial Benchmarks etc). He has chaired Bank of India, Paris, etc.
American University, Washington DC, USA and in various SEBI working groups (including liquidity
Accounting Standards Board, Corporate Laws and Capital Market from the City University of New York, Mr. Pandey is also a Member of High Level Group on
Corporate Governance Committee, Internal Audit risk management of debt funds, Fund Inter-scheme Digitalisation and Innovation of World Savings and
New York, USA. His technical education includes Transfers and Fund total expense ratios). He has a B.
Standards Board, Committee on Banking, Insurance a certificate course in System Programming from Retail Banking Institute (WSBI), Brussels; Director on
& Pension, Auditing and Assurance Standards Board Tech (Electrical) from IIT Bombay and a PGDM from the Board of C-Edge Technologies Limited, Member,
the IBM Education, Sydney, Australia. He also has a IIM Lucknow.
of ICAI. certificate in Gandhian Thoughts from the Madurai FInTECH Advisory Board , IIM, Udaipur etc..
He has been the founder director of XBRL Limited in University, Tamil Nadu, India. Mr. Vadalur Subramanian Radhakrishnan
India. He was Chairman of Taxonomy Development Mr. Atul Malik
and Review Committee of XBRL India. Mr. Ananth Narayan Gopalakrishnan (Nominee Director appointed by State Bank of India (Appointed as Non-Executive Director of the Bank
w.e.f. July 31, 2020) w.e.f. August 30, 2021)
He was the Chairman of The Western India Regional (Additional Director appointed by Reserve Bank of
Council (WIRC of ICAI) which is the largest Regional India w.e.f. March 26, 2020) Mr. V. S. Radhakrishnan joined State Bank of India Mr. Atul Malik is a veteran banker with more than 30
Council of The Institute of Chartered Accountants of as Probationary Officer in 1988. He has served years of widespread experience.
Mr. Ananth Narayan Gopalakrishnan is an Associate Bank in various geographical locations both in India
India (ICAI). Professor, SPJIMR and Senior India Analyst, Mr. Malik is currently a Senior Advisor to TPG for
and abroad. He has rich experience in Corporate
Observatory Group LLC. He is a Director on the Banking and worked in both Corporate Accounts their financial services portfolio. He represents TPG
boards of SBI Capital Markets Ltd., Dvara Research, Group (CAG) and Commercial Client Group (CCG) as the Chairman of UBC, one of the largest private
Clearcorp Dealing Systems (India) Ltd., CARE Ratings verticals of the Bank, apart from Forex treasury and sector banks in Sri Lanka.
120 121
Previously, he was a Senior Advisor to General Ms. Murthy is an alumna of Harvard Business He has a Bachelor of Arts degree and is also a Certified Associate of the Indian Institute of Bankers. He has
Atlantic for their financial services portfolio. School and Indian Institute of Management, attended senior / top management level training programs at IIMs (Ahmedabad & Lucknow), Duke University
Prior to joining General Atlantic, he was the CEO of Bangalore and holds a Bachelor’s degree in and Booth School, University of Chicago.
Maritime Bank, one of the largest private banks in Engineering, Electronics and Telecommunications
Vietnam, from 2012 to 2015 and a Senior Advisor to from Bangalore University. (b) Board Meetings, Attendance & Committee Memberships:
Asia Capital & Advisors, a boutique private equity The Board of Directors of the Bank has decided to conduct at least Six meetings in a year instead of minimum
firm, from 2011 to 2012. Mr. Sharad Sharma Four quarterly meetings as a good governance practice. In view of business requirements, Fifteen Meetings of
Between 2007 and 2011, he was the Managing (Appointed as Non-Executive Director of the Bank the Board were held during the Financial Year ended March 31, 2022 i.e. on April 30, 2021, May 11, 2021, June 10,
Director/Regional Head Asia – Private and Business w.e.f. November 01, 2021) 2021, June 28, 2021, July 23, 2021, July 28, 2021, August 16, 2021, August 30, 2021, September 13, 2021, October
Clients of Deutsche Bank with operations covering Mr. Sharad Sharma is a career banker with over 22, 2021, November 01, 2021, November 22, 2021, December 21, 2021, January 22, 2022 and March 11, 2022. The
India, China and Vietnam. During this period, he forty years of banking experience. He was Managing maximum gap between any two Board meetings was less than One Hundred and Twenty days.
was also a member of the DB Asia Pacific Executive Director of State Bank of Mysore, from August, 2012 The composition of the Board, their status, their attendance at the Board Meetings and the last Annual General
Committee and the Global Private and Business to April, 2016, where he was seconded from State Meeting (AGM), number of other Directorships and Committee membership(s)/chairmanship(s) of each Director
Clients (PBC) Executive Committee, and was Bank of India (SBI). He joined Union Bank of India as as on March 31, 2022 are as under:
nominated as the Non-Executive Director of DB Probationary Officer (PO) in 1975 before joining SBI Number of other
No. of Board Number of
China Ltd. in September, 1977. meetings
Attendance Directorships Committee Directorship in other
at AGM held
Name attended/ held Of Indian memberships Listed Entity
During his 20-year-long career at Citibank that He has held various assignments across all fields during their
on August Of other (Chairmanship) in & Category
27, 2021 Public Limited
commenced in 1988 with Citibank India, Mr. Malik of a banking organisation, including exposure to Tenure Companies
Companies# other companies*
held a variety of senior roles, the last of which was international banking, when he was posted in SBI’s Mr. Sunil Mehta 15 / 15 Yes 2 4 2(1) ACC Limited -
as the Chief Executive Officer of Citibank Hong Kong 100%-owned Canadian banking subsidiary. His Independent Director
(2004 to 2007). major interest has been primarily in the corporate Mr. Mahesh Krishnamurti 15 / 15 Yes - - - -
Mr. Malik holds a Master’s Degree in Business and retail banking (Personal & SME segments). Mr. Atul Bheda 15 /15 Yes - - - -
Administration from the Rice University, USA (1987) He headed the Project Finance SBU of State Bank Mr. Rama Subramaniam 15 / 15 Yes 4 4 3(0) -
and B Tech Degree from IIT Bombay (1985). of India from 2005 - 2006, with key focus on Gandhi
infrastructure and wholesale lending. He also Mr. Ananth Narayan 13 / 15 Yes 5 3 5 (1) CARE Ratings Limited
Gopalakrishnan - Independent
Ms. Rekha Murthy headed SBI’s Global Markets Unit during 2009 to
Director
(Appointed as Non-Executive Director of the Bank 2010, dealing with the mid- and back-office functions
Mr. Vadalur Subramanian 13 / 15 Yes - - - -
w.e.f. August 30, 2021) / correspondent banking of the Bank’s forex Radhakrishnan
operations. He drove policy-level intervention in the Mr. Ravindra Pandey 10/ 15 Yes 1 - - -
Ms. Rekha Murthy has nearly 30 years of extensive Risk Management area for SBI, where he headed the
global experience in the Technology sector across Mr. Atul Malik1 7/7 NA - 2 - -
Risk Management Department, during 2010 - 2011,
India, Asia Pacific and the USA. Her professional Ms. Rekha Murthy2 7/7 NA - - - -
at the corporate level. As Chief General Manager,
experience spans a successful career in cross- Mr. Sharad Sharma3 4/4 NA 2 1 2(0) B L Kashyap and Sons
Chennai he primarily drove the Personal and SME Limited - Nominee
functional operations, P&L oversight, global sales, businesses for SBI’s Tamil Nadu and Puducherry Director
new market development, strategic marketing operations during 2011- 2012. Mr. Prashant Kumar 15 /15 Yes 1 - - -
and distribution. She has held senior and country
leadership roles at leading global companies such In his nearly 4 years’ role as MD, State Bank of Notes:
as IBM, Harvard Business School Publishing, Wyse Mysore, his key learning had been managing the
external environment, through interface with the 1. Mr. Atul Malik appointed as Director w.e.f. August 30, 2021.
Technology, SAP, PeopleSoft, Digital Equipment
Corporation and Korn Ferry International. regulatory, social sector and State & Central Govt 2. Ms. Rekha Murthy appointed as Director w.e.f. August 30, 2021.
agencies. As the functional head of the Bank’s Board, 3. Mr. Sharad Sharma appointed as Director w.e.f. November 01, 2021.
She is currently engaged with start-ups in an he was directly responsible for maintaining a high
advisory role and as a mentor. level of corporate governance, policy formulation 4. # Includes directorship(s) held in Foreign Companies, Private Limited Companies and Companies under
Her areas of interest are building leadership and and improved P&L of the Bank. Section 8 of the Companies Act, 2013.
management skills, global strategy, business Mr. Sharma had been active in the banking industry, 5. * Includes membership(s) of Audit Committee and Stakeholders Relationship Committee of all Indian Public
and technology transformation and change being in the Managing Committee of the Indian Limited Companies; figures in brackets indicate number of Committee Chairmanship(s) as per Regulation
management. She has extensive experience in Banks Association, besides the Governing Board of 26 of the SEBI LODR.
advising and providing technology solutions to large Indian Institute of Banking & Finance.
enterprises across industries.
122 123
6. None of the Directors on the Board is a roles, rights, responsibilities in the Bank, nature Special Knowledge / Practical (h)
Terms and Conditions for Appointment of
member of more than ten (10) Committees and of the Banking Industry, Business Model, Financial Name of the Director Experience / Skills / Expertise / Independent Directors:
Competencies
Chairperson of more than five (5) Committees Management, Risk Management System and A formal Letter of Appointment is addressed
Mr. Sunil Mehta Banking, Financial Services,
across all public companies in which he/she is a Technology Architecture of the Bank for the to the Independent Director(s) at the time of
Accountancy, Risk Management,
Director. All the Directors have made necessary purpose of contributing significantly towards the Financial Services, Insurance, their appointment. The terms and conditions of
disclosures regarding Committee positions growth of the Bank so as to help them contribute Real Estate, Investments and Appointment of Independent Directors have been
occupied by them in other companies. significantly during the deliberations in the Board/ Asset Management.
disclosed on the website of the Bank at https://
Committee meetings. Mr. Mahesh Economics, Information
7. Due to business exigencies, few resolutions Krishnamurti Technology, Risk Management,
www.yesbank.in/about-us/corporate-governance.
were passed through Circulation and the said During FY 2021-22, Certification programme by the Business Management, Finance, As already mentioned under para 2(a) of this report,
resolutions have been noted at the subsequent Institute of Development and Research in Banking Human Resources, Financial the current composition of the Board does not entail
Board meetings. Technology (‘IDRBT’), established by Reserve Bank Services, Strategy, Environment, Independent Director on the Board of the Bank.
Social & Governance and
8. Quorum was present in all the Board Meetings. of India was attended by the Directors of the Consultancy.
Bank. The presentation was useful to the Board of (i) Policy on Appointment of Directors:
Mr. Atul Bheda Accountancy, Finance, Law,
(c)
Disclosure of relationships between Directors Directors in understanding various aspects relating Audit, Tax and Consultancy. The Bank has a Board approved ‘Policy on Board
inter-se: to Principles of Cyber Security, IT/Cyber Security Mr. Rama Subramaniam Banking, Economics, Finance, Diversity and Fit & Proper Criteria and Succession
Governance, IT/Cyber Risk , Cyber Risk Mitigation , Gandhi Information Technology, Planning’ (‘Fit & Proper Policy’) which comprises
None of the present Directors are having any Cyber Security Operation Centre, Cyber Insurance, Payment & Settlement System,
inter-se relationship and each one of them are Risk Management, Financial of diversity of Board Composition, succession
Monitoring Cyber Security Preparedness at the planning and the detailed process for appointment
Independent to each other, except that Nominee Markets.
Board Level and Internal Audit framework. of Directors including the required skill sets,
Directors of State Bank of India are representing the Mr. Ananth Narayan Banking and Financial Markets
same organisation. Further, the Bank had arranged training cum Gopalakrishnan experience, qualification, etc. as required under the
Induction programme for Non-Executive Directors co- Mr. Vadalur Corporate Banking, Business Companies Act, 2013, SEBI LODR, the BR Act and
opted during the year to familiarise them with various Subramanian Management, Resolution of other regulatory and business requirements. The
(d)
Number of shares held by Non-Executive Radhakrishnan Stressed Assets, Forex Treasury
Directors: departments and functions of the Bank and the Nomination & Remuneration Committee is being
and Retail Network
activities performed by them for growth of the Bank. guided by the said policy while recommending
The details of shareholding of Non-Executive Mr. Ravindra Pandey Banking, Small Scale Industry,
The programmes undertaken for familiarising the Information Technology, appointment of Directors. As per the Fit & Proper
Directors as on March 31, 2022 is as under: Policy of the Bank, Bank ensures that not less than
Non-Executive Directors who meet the criteria Payment & Settlement Systems,
Name of the Director No. of Shares held Digital Transformation, Digital 51% of the total number of members of the Board of
of Independence are displayed on the website of Strategy, Retail Banking, SME
Mr. Sunil Mehta 192,000
the Bank and the web link thereto is https://www. Directors shall have special knowledge or practical
Credit, International Banking
Mr. Mahesh Krishnamurti NIL
yesbank.in/about-us/corporate-governance. experience in (i) accountancy, (ii) agriculture and
Mr. Atul Malik Banking, Finance, Risk
Mr. Atul Bheda 15,150
Management, Technology and
rural economy, (iii) banking, (iv) co-operation, (v)
Mr. Rama Subramaniam Gandhi 15,000
(f)
A chart or a matrix setting out the skills/ Business Management. economics, (vi) finance, (vii) law, (viii) small-scale
Mr. Ananth Narayan Gopalakrishnan 15,000 expertise/competence of the Board of Directors: Ms. Rekha Murthy Information Technology, industry, (ix) Information Technology (x) Payment &
Mr. Vadalur Subramanian NIL Human Resources, Business Settlement Systems (xi) Human Resources (xii) Risk
Radhakrishnan The Board of Directors have identified the following Management, Small-Scale Management (xiii) Business Management (xiv) any
Mr. Ravindra Pandey NIL core skills / expertise / competencies / special Industry and Marketing.
other skill/ special knowledge/ practical experience
Mr. Atul Malik NIL knowledge or practical experience, as required in Mr. Sharad Sharma Risk Management, Banking, as may be specified by RBI from time to time.
the context of the Bank’s business and sector(s) for Small Scale Industry and Global
Ms. Rekha Murthy NIL
Markets/ Forex Operations.
Mr. Sharad Sharma NIL it to function effectively. The same are in line with (j)
Criteria for Appointment of Independent
the relevant provisions of the Banking Regulation Mr. Prashant Kumar Banking, Credit, Retail Banking,
The Bank does not have any convertible instruments. Human Resources & Strategic Directors:
Act, 1949 (“the BR Act”) and relevant circulars issued Training and Finance, Agriculture
Accordingly, none of the non-executive directors of by the Reserve Bank of India from time to time. The Nomination & Remuneration Committee
& Rural Economy
the Bank hold any convertible instrument of the while considering the proposal for appointment of
Bank as on March 31, 2022. The Board shall have special knowledge or practical Independent Directors also considers the criteria
experience in (i) accountancy, (ii) agriculture and (g) Confirmation about Independence:
of independence prescribed under the Companies
(e)
Familiarisation Programme for Independent rural economy, (iii) banking, (iv) co-operation, (v) As already mentioned under para 2(a) of this report, Act, 2013 and SEBI LODR.
Director: economics, (vi) finance, (vii) law, (viii) small-scale the current composition of the Board does not entail
industry, (ix) Information Technology (x) Payment & Independent Director on the Board of the Bank. For The current composition of the Board of Directors
In compliance with the requirement of the Settlement Systems (xi) Human Resources (xii) Risk more details refer para “Statement on Declaration of Bank is governed under the YBL Reconstruction
SEBI LODR, the Bank had conducted various Management (xiii) Business Management (xiv) any by Independent Directors“ on page 94. Scheme and till the alternate Board is formed in
familiarisation programmes during the financial other skill/ special knowledge/ practical experience accordance with the Articles of Association of the
year for the Directors of the Bank, about their as may be specified by RBI from time to time. Bank, the requirement of composition of the Board
124 125
as per the criteria laid down in Companies Act, 2013 meetings till the closure of such decisions and a During the year, the nomenclature of the Corporate Social Responsibility Committee was changed to “Corporate
and SEBI LODR is in abeyance. report on ongoing actionable (Action Taken Report) Social Responsibility & Environmental Social and Governance Committee” with effect from November 23, 2021
are being placed before the meeting of the Board/ due to increasing significance of ESG goals.
(k) Information Supplied / Available to the Board: Committees of the Board from time to time. Action These Board Level Committees play a key role in the governance and focus on specific areas and make informed
The Directors are presented with important/critical Taken Report on the decisions taken in a meeting is decisions within the delegated authority. Each Committee is guided by its Terms of Reference, which provides
information on the operations of the Bank as well placed at the succeeding meeting(s) of the Board/ for the scope, powers and duties and responsibilities. The recommendation and/or observations and decisions
as information which requires deliberations at the Board Level Committees. are placed before the Board for information or approval. The Chairman of respective Committee updates the
highest level. The Board has complete access to all Board regarding the discussions held and decisions taken at the Committee Meeting.
the relevant information within the Bank and also (m) Succession Planning:
The Company Secretary, acts as the Secretary to all the Board Level Committees.
has access to the Top Management of the Bank and The Bank has adopted a robust and structured
any additional information to make informed and process of identifying critical roles and potential The Ten Board Level Committees are briefly described below:
timely decisions. All Board and Committee meetings successors for the critical positions under Succession
are governed by structured Agenda Notes which Planning activity. The list of positions and potential a) Audit Committee:
are backed by comprehensive background papers successors on parameters such as strategic impact, 3.a.1 Constitution & Composition:
along with relevant annexures. talent criticality, business continuity and potential The constitution and composition of the Audit Committee during the year was as under:
Since 2016, as a part of green initiative by the Bank, to take on higher responsibilities is reviewed
Date of Appointment
all relevant agenda papers pertaining to the Board/ periodically for keeping it relevant to the Bank’s Name of Member Position Category Date of Cessation
to the Committee
Committee are being circulated well in advance to future needs and context.
Mr. Atul Bheda Chairman Non-Executive Director March 26, 2020 N.A.
the Board of Directors through web- based portal to Mr. Rama Subramaniam Member Additional Director appointed by March 26, 2020 N.A.
facilitate easy access of agenda on iPad which would (n) Directors and Officers Insurance (‘D&O’): Gandhi Reserve Bank of India
provide sufficient time to the Board for reading and In line with the requirements of Regulation 25(10) Mr. Ananth Narayan Member Additional Director appointed by March 26, 2020 N.A.
understanding the proposals placed in a meeting. of the SEBI LODR, the Bank has taken D&O for all Gopalakrishnan Reserve Bank of India
The Board was presented with the information its Directors and Officers for such quantum and for Mr. Ravindra Pandey Member Nominee Director of State Bank of India November 12, 2020 November 23, 2021
on various important matters of capital raising such risks as determined by the Board of Directors. Mr. Atul Malik Member Non-Executive Director September 13, 2021 N.A.
activity, operations, risk management and business, Ms. Rekha Murthy Member Non-Executive Director September 13, 2021 N.A.
new initiatives in business, budgets, financial 3. COMMITTEES: Mr. Sharad Sharma Member Non-Executive Director November 23, 2021 N.A.
results, update on corporate social responsibility In order to focus on strategic and key financial
activities, Environmental Social and Governance, issues, the Bank is required to have certain Board Notes: e) The Chief Internal Auditor attends all the Audit
minutes of Board and Committees of the Board, Level Committees. The Companies Act, 2013, a) As per RBI Notification No. RBI/2021-22/24 DOR. Committee Meetings as far as possible and brief
appointment and remuneration of the Senior SEBI LODR and BR Act mandates for constitution GOV.REC.8/29.67.001/2021-22 dated April 26, the Committee on all the points covered in the
Management, appointment/ cessation of Key of certain Board Level Committees. The Bank, 2021 on Corporate Governance in Banks - Internal Audit Report as well as the other related
Managerial Personnel, information on subsidiaries, post reconstruction scheme has Ten Board Level Appointment of Directors and Constitution of issues that come up during the discussions.
sale of investments, assets which are material in Committees constituted in compliance with the Committees of the Board the Chairman of the f) During the year under review, the
nature and not in the normal course of business, aforesaid regulatory requirements and as per the Board, Mr. Sunil Mehta is not a member of Audit representatives of the Statutory Auditors have
foreign exposure and non-compliance, if any, with requirement of the business with specified terms Committee and Mr. Atul Bheda, Chairman of attended all the Audit Committee meetings,
regulatory or statutory guidelines of SEBI and RBI of reference of each of the Committees. The Board the Audit Committee is not a member of Board where Financial Results were approved, and
Regulations/ circulars, etc., and other matters which Level Committees focus on specific areas and take Credit Committee of the Bank. Direct and Indirect Tax matters were reviewed.
are required to be placed before the Board in terms informed decisions on the specific businesses b) The Chief Financial Officer is permanent invitee g) The Chairman of the Audit Committee, Mr. Atul
of the Companies Act, 2013, SEBI LODR and Theme assigned to them in the best interest of the Bank. The for all meetings of the Audit Committee. Bheda was present at the last AGM.
Based Review agenda as prescribed by RBI, etc. The Committees also make specific recommendations
Board and other Committees also approve various to the Board on various matters whenever required. c) The Managing Director & CEO attends the h) The quorum was present in all the Audit
business proposals and regulatory approvals All observations, recommendations and decisions meetings of the Audit Committee only during Committee Meeting held during the FY 2021-22
through circulations. of the Committees are placed before the Board for the discussion on Financials Results of the i) In order to get the inputs and opinions of
information or for approval. All the Committees Bank. The Company Secretary acts as Secretary the Statutory Auditors, the Committee also
(l)
Post Meeting Communication / Follow up were re-constituted due to Co-option of Non - to the Audit Committee. held four separate one-to-one meetings
System: Executive Directors on the Board of Bank pursuant d) All members of the Audit Committee have on April 29, 2021, July 22, 2021, October 21,
The Bank has an effective post meeting follow up to the YBL Reconstruction Scheme. ability to read and understand financial 2021 and January 21, 2022 with the Statutory
procedure. The Bank has a mechanism to track statements and Chairman of the Committee Auditors without the presence of the
important decisions taken at the Board/Committee possesses requisite accounting and financial management representatives.
management expertise.
126 127
3.a.2 Terms of Reference: 10. To engage with internal and external auditors 15. To review and approve transactions including 27. To review Bank’s Compliance to various
The terms of reference of the Audit Committee and others on comments and observations material related party transactions with related Inspection Reports issued by various regulators
covers all the areas mentioned under Section 177 on IFC; parties including omnibus transactions and any (RBI, SEBI, NSDL, CDSL etc.);
of the Companies Act, 2013 and Regulation 18 11. To review the results / financial statements subsequent material modification(s) thereto; 28. To Review and approve the Conflict of Interest
read with Part C of Schedule II of SEBI LODR. The (quarterly, half yearly, annual) standalone as 16. To review and approve related party transaction Policy with respect to Merchant Banking,
terms of reference of the Audit Committee include well as consolidated along with the Auditors’ to which the subsidiary of the Bank is a party Banker to Issue, Depository Participant,
the following report thereon and analyse performance of but the Bank is not a party, if the value of such Custodian of Securities and Designated
1. To provide directions and oversee the the Bank, along with the Management and transaction whether entered into individually Depository Participants in line with the SEBI
operation of the total audit function in the recommend the same to the Board with or taken together with previous transactions Circular dated August 27, 2013;
Bank (internal as well as external) and issue primary focus on: during a financial year exceeds ten per cent of 29. Review of compliance on directives issued by
whenever necessary suitable directions and a. matters required to be included in the the annual consolidated turnover, as per the ACB / Board / RBI;
timely completion of audit; Director’s Responsibility Statement to be last audited financial statements of the Bank;
30. Review report on compliance of corporate
2. To oversee the Bank’s financial reporting process included in the Board’s report in terms of 17. To review the financial statements, in governance requirements as per SEBI (Listing
and disclosure of its financial information to Section 134(3)(c) of the Companies Act, particular, the investments made by the Obligations and Disclosure Requirements)
ensure that the financial statements are true, 2013 and rules made thereunder; unlisted subsidiary; Regulations, 2015 and other guidelines issued
fair, sufficient and credible; b. accounting policies and practices and 18. To review, with the management, the statement by SEBI from time to time;
3. To create an open avenue for communication changes, if any, with reasons for the same; of uses / application of funds raised through an 31. Review report on compliance of regulatory
between the Board of Directors, Internal c. compliance with accounting standards; issue (public issue, rights issue, preferential requirement of Regulators in Host Countries in
Auditors, Statutory Auditors and all issue, etc.) including statement of deviation, if respect of overseas branches;
d. major accounting entries involving any, and making appropriate recommendations
other Auditors; estimates based on the exercise of 32. To institute special investigation teams with
to the Board to take up steps in this matter;
4. To recommend the appointment including judgement by management; complete access to all records, information and
terms of appointment and removal of statutory, 19. To approve and recommend to the Board personnel of the Bank, if necessary;
e. significant adjustments made in the the appointment of CFO after assessing the
internal, concurrent, tax and secretarial financial statements arising out of 33. To review all cases of frauds and attempted
Auditors, fixation of audit fees and also to qualifications, experience & background, etc.
audit findings; of the candidate; frauds involving amounts of ` 1 Crore and
approve payment for other services; above;
f. compliance with listing and other 20. To review the Whistle blower policy and Vigil
5. To appoint and determine the scope of the legal requirements relating to 34. To review the minutes of the quarterly,
Concurrent auditors; Mechanism for Directors and Employees and
financial statements; functioning of the Whistle Blower Mechanism; Apex Management Committee and Staff
6. To review adequacy of internal audit function, g. disclosure of any related party transactions; Accountability Committee meetings;
its policies, its structure viz. staffing and 21. To deal with Whistle Blower complaints in time
h. modified opinion(s) in the draft audit bound manner; 35. To investigate into any matter in relation to the
seniority of the official heading the department, items specified or referred to it by the Board
coverage and frequency of internal audits; report; and 22. To review and monitor Vigilance function, and for the said purpose shall have the power
7. Review of internal audit reports relating i. Company’s earnings press releases, as its policies and implementation of Vigilance to obtain professional advice from external
to internal control weaknesses and review well as financial information and earnings Framework of the Bank; sources and have full access to information
important concurrent audit findings; guidance, if any provided to analysts and 23. To review and monitor compliance function, contained in the records of the Bank;
rating agencies. its policies and Implementation of Compliance
8. To evaluate the adequacy and operational 36. To review utilisation of loans and/or advances
effectiveness of Internal Financial Control 12. To review Annual Tax Audit statement and Frameworks of the Bank; from/investment by the holding company in
(IFC) of the Bank and Subsidiaries and also auditors’ report thereon; 24. Review of Bank’s Compliance in respect to the subsidiary exceeding ` 100 Crore or 10%
to evaluate Risk Management Systems of 13. To review Annual Long Form Audit Report as Reports (Risk Assessment Report, Inspection of the asset size of the subsidiary, whichever
the Bank; prepared by the Statutory Auditors along with Report, Major Area of Non Compliance and is lower including existing loans/ advances/
9. To discuss with statutory auditors, the nature Management response and updates on closure Risk Mitigation Plan) issued by RBI under Risk investments existing as on the date of coming
and scope of audit as well as post-audit of the same; Based Supervision; into force of this provision;
discussion to ascertain any area of concern 14. To appoint legal auditor and review the 25. To review the implementation of RBI guidelines 37. To review and monitor the auditor‘s
w.r.t. financial statements and the IFC; information in respect of legal audits of title on KYC / AML and approve the changes in independence and performance, effectiveness
deeds and other documents for credit exposure KYC Policy; of audit process;
of ` 50 MM and above; 26. To review and approve the changes in Risk and 38. Reviewing, with the management, performance
Compliance Culture Policy and oversight on of statutory and internal auditors, adequacy of
fostering the Compliance culture in the Bank; the internal control systems;
128 129
39. Valuation of undertakings or assets of the 52. Review of exposure to sensitive sectors i.e. 3.a.3 Meetings & Attendance:
Bank, wherever necessary; capital market & real estate; During the FY 2021-22, Seven Meetings of Audit Committee were held on April 29, 2021, June 09, 2021, July 22,
40. To look into the reasons for substantial defaults 53. Review of information on violations by 2021, October 21, 2021, November 23, 2021, January 21, 2022, and March 10, 2022 with an interval of less than
in the payment to the depositors, debenture various functionaries in the exercise of one hundred and twenty days between two consecutive meetings. The participation of the Members at the
holders, shareholders (in case of non-payment discretionary powers; meetings of the Committee held during the year is as under:
of declared dividends) and creditors; 54. Information in respect of equity share holdings No. of Meetings
Name of Member
41. To review, at least once in a financial in borrower companies more than 30% of their Held Eligible to attend@ Attended
year, compliance of the provisions of SEBI paid up capital; Mr. Atul Bheda 7 7 7
(Prohibition of Insider Trading) Regulations, 55. Review report on fraudulent transactions Mr. Rama Subramaniam Gandhi 7 7 7
2015 (“PIT”) and to verify that the systems for relating to Internet Banking through Mr. Ananth Narayan Gopalakrishnan 7 7 7
related internal control are adequate and are phishing attacks pointing out in particular Mr. Ravindra Pandey 7 5 3
operating effectively; the deficiencies in the existing systems and Mr. Atul Malik 7 4 4
42. To review on quarterly basis reports provided steps taken by the IT department to prevent Ms. Rekha Murthy 7 4 4
by compliance officer on violations and such cases; Mr. Sharad Sharma 7 2 2
remedial/punitive action for the same; 56. Review of the bank’s financial @ Number of meetings held during the tenure of the Director as a Member/Chairperson of the Committee
43. To review the system of storage and retrieval, management policies;
display or printout of books of account 57. Review penalties imposed / penal action taken Note: Due to business exigencies, few resolutions were passed through Circulation and the said resolutions
maintained in electronic mode during the against bank under various laws and statutes have been noted at the subsequent committee meetings.
required period under law; and action taken for corrective measures;
44. Review of housekeeping - particularly balancing 58. Review the management discussion and b) Nomination & Remuneration Committee:
and reconciliation of long outstanding entries analysis of financial condition and results 3.b.1 Constitution & Composition:
Suspense / Sundries / Drafts payable / paid / of operations;
Funds in Transit / Clearing / SGL / CSGL accounts; The constitution and composition of the Nomination & Remuneration Committee during the year was as under:
59. Review of Management letters / letters of Date of Appointment to Date of
45. Review of report on Revenue leakage detected internal control weaknesses issued by the Name of Member Position Category
the Committee Cessation
by Internal / External Auditors and status of statutory auditors; Mr. Mahesh Krishnamurti Chairman Non-Executive Director March 26, 2020 N.A.
recovery thereof - reasons for undercharges
60. Scrutiny of inter-corporate loans Mr. Sunil Mehta Member Non-Executive Director March 26, 2020 N.A.
and steps taken to prevent revenue leakage;
and investments; Mr. Atul Bheda Member Non-Executive Director March 26, 2020 N.A.
46. Review the findings of any internal investigations Mr. Ravindra Pandey Member Nominee Director of State Bank of India November 12, 2020 N.A.
by the internal auditors into matters where 61. To conduct meeting of Credit Rating Agencies
with the Committee at least once in a year, Ms. Rekha Murthy Member Non-Executive Director September 13, 2021 N.A.
there is suspected fraud or irregularity or a
failure of internal control systems of a material to discuss issues including related party Note:
nature and reporting the matter to the board; transactions, internal financial control and a. As per RBI Notification No. RBI/2021-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021 on
other material disclosures made by the Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board,
47. To review and approve the Internal Audit Policy management, which have a bearing on rating
(IAP) and amendments thereto (IS Audit policy one member of Risk Management Committee is a member of Nomination & Remuneration Committee.
of the listed NCDs;
embedded in the IAP) for undertaking risk- b. The Chairman of the Bank, Mr. Sunil Mehta is a member of Nomination & Remuneration Committee and
based internal audit and to review and approve 62. Consider and comment on rationale, cost- does not hold Chairmanship of the Committee.
risk based internal audit plan; benefits and impact of schemes involving
merger, demerger, amalgamation etc., on the c. The Chairman of the Nomination & Remuneration Committee, Mr. Mahesh Krishnamurti was present at the
48. Review of Internal Audit plan and status of Bank and its shareholders; last AGM.
achievement thereof; d. The Managing Director & Chief Executive Officer is a permanent invitee to all Nomination & Remuneration
63. To perform any other functions, duty as
49. Review System Audit as per RBI Internal stipulated by the Companies Act, Reserve Bank Committee meetings. The Company Secretary acts as Secretary to the Committee.
Control Guidelines; of India, Securities & Exchange Board of India, e. The quorum was met in all the Nomination & Remuneration Committee Meeting held during the FY 2021-22.
50. To approve the concurrent audit policy; Stock Exchanges, and any other regulatory
51. KYC / AML Guidelines - Review of compliance authority or under any applicable laws, as
of concurrent audit reports with respect to prescribed from time to time and also to review
adherence to KYC / AML guidelines at branches; the findings by regulatory agencies.
130 131
3.b.2 Terms of Reference: of the Guidelines issued by the RBI or other b. relationship of remuneration to The participation of the Members at the Meetings of
The terms of reference of the Nomination & regulatory authorities; performance is clear and meets the Committee held during the year is as under:
Remuneration Committee covers all the areas 9) To develop and recommend to the Board appropriate performance benchmarks; No. of Meetings
mentioned under Section 178 of the Companies Act, Corporate Governance guidelines applicable to c. remuneration to Whole time directors, Name of Member Eligible to
Held Attended
2013 and Regulation 19 read with Part D of Schedule the Bank for incorporating best practices; key managerial personnel and senior attend@
II of SEBI LODR. The terms of reference of the 10) To implement policies and processes relating to management involves a balance between Mr. Mahesh Krishnamurti 10 10 10
Nomination & Remuneration Committee includes Corporate Governance principles; fixed and incentive pay reflecting short Mr. Sunil Mehta 10 10 10
the following: and long- term performance objectives Mr. Atul Bheda 10 10 9
11) To formulate the criteria for determining appropriate to the working of the Company
1) To review the current Board composition, its Mr. Ravindra Pandey 10 10 7
qualifications, positive attributes and and its goals ; and
governance framework and determine future Ms. Rekha Murthy 10 2 2
independence of a director;
requirements and making recommendations d. Recommend to the board all @ Number of meetings held during the tenure of the Director
to the Board for approval; 12) Evaluate the balance of skills, knowledge and remuneration, in whatever form, payable as a Member/Chairperson of the Committee
experience on the Board and on the basis of to senior management.
2) To examine the qualification, knowledge, skill such evaluation, prepare a description of the Note: Due to business exigencies, several
sets and experience of each director vis-a- vis role and capabilities required of an independent 17) To consider grant of Stock Options to employees resolutions were passed through Circulation and the
the Bank’s requirements and their effectiveness director. The person recommended to the and administer and supervise the Employee said resolutions have been noted at the subsequent
to the Board on a yearly basis and accordingly Board for appointment as an independent Stock Option Plans; committee meetings.
recommend to the Board for the induction of director shall have the capabilities identified in 18) To function as the Compensation Committee
new Directors; such description. For the purpose of identifying as prescribed under the SEBI (Share Based 3.b.4
Board Level Performance Evaluation Criteria
3) To review the composition of the existing suitable candidates, the Committee may: Employee Benefits and Sweat Equity) including for Independent Directors:
Committees of the Board and to examine a. use the services of an external agencies, Regulations, 2021 and is authorised to allot The Bank has in place a Board Evaluation
annually whether there is any need to have if required; shares pursuant to exercise of Stock Options Framework setting out the process and the criteria
a special committee of directors to meet by employees; for the Performance Evaluation. The said process
the business requirements of the Bank and b. consider candidates from a wide range
of backgrounds, having due regard to 19) To review the Human Capital Capacity Planning is in line with the provisions of the Companies Act,
accordingly recommend to the Board for on annual basis; 2013, Regulations 17 & 19 of the SEBI LODR and
formation of a special committee; diversity; and
20) To review the list of risk takers on annual basis; SEBI guidance note on the Board Evaluation dated
4) To scrutinise nominations for Independent/ c. consider the time commitments of January 05, 2017, which provides for carrying out the
Non-Executive Directors with reference the candidates. 21) To review the Succession Planning; Performance Evaluation of the Individual Directors
to their qualifications and experience and 13) To devise a Policy on Board diversity; 22) To review the HCM Policies and provide including Independent Directors, Non-Independent
making recommendations to the Board for 14) To recommend to the Board a policy relating suitable guidance for additions/ modification/ Directors, Managing Director & CEO and Chairman,
appointment/filling of vacancies; to, the remuneration for the directors, key deletions, if any; Committees of the Board and the Board as a whole.
5) To identify persons who are qualified to managerial personnel and other employees 23) To perform any other functions or duties as The framework is monitored, reviewed and updated
become directors and who may be appointed including performance/achievement bonus, stipulated by the Companies Act, Reserve Bank by the Board as and when required, in consultation
in senior management in accordance with the perquisites, retirals, sitting fee, etc.; of India, Securities and Exchange Board of India, with the Nomination & Remuneration Committee
criteria laid down, recommend to the Board 15) To review the Bank’s overall compensation Stock Exchanges and any other regulatory (NRC), based on need and new compliance
their appointment and removal; structure and related polices with a view to authority or under any applicable laws as may requirements, if any.
6) To Formulate/review the criteria for attract, motivate and retain employees and be prescribed from time to time. The existing Board of the Bank has been constituted
performance evaluation and carry out the review compensation levels vis-à-vis other in accordance with the YBL Reconstruction Scheme,
performance evaluation of independent Banks and the industry in general; 3.b.3 Meetings & Attendance: pursuant to which, till the time an alternate Board
directors and the members of the Board 16) To ensure the following while formulating the During FY 2021-22, Ten Meetings of Nomination & is reconstituted by the Bank in accordance with the
of Directors; policy on the below matters: Remuneration Committee were held on April 14, procedure laid down in its Memorandum and Articles
7) Whether to extend or continue the term of 2021, April 27, 2021, May 06, 2021, June 09, 2021, of Association of the Bank, the Board shall continue
a. the level and composition of remuneration August 05, 2021, August 19, 2021, August 30, 2021, irrespective of any breaches of the aforesaid
appointment of the independent director on is reasonable and sufficient to attract,
the basis of report of performance evaluation September 09, 2021, November 01, 2021 and provisions. Accordingly, the present Board is not
retain and motivate directors, key November 10, 2021. subject to comply with the stipulated procedure of
of independent directors; managerial personnel and senior Performance Evaluation for FY 2021-22.
8) To validate ‘fit and proper’ status of all management of the quality required to
Directors on the Board of the Bank in terms run the Company successfully; However, as a matter of good governance, the
Board Performance Evaluation for the FY 2021-22
was carried out as per below process:
132 133
• A structured questionnaire for evaluation which Regulation 19 of the SEBI LODR and Guidelines business) and other benefits like Provident Fund and Gratuity are provided in accordance with the
covered aspects of the Board’s functioning such / Circular issued by RBI, in this regard, from respective regulation and Rules of the Bank.
as adequacy of the composition of the Board and time to time. The criteria for evaluation of performance of MD is based on the evaluation criteria duly approved by
its committees, Board culture, execution and The Remuneration Policy of the Bank is the Board.
performance of specific duties, obligations and available on the website of the Bank at www.
governance, attendance and level of participation As per the terms and conditions defined in the appointment letter, the notice period is 90 days. There
yesbank.in/about-us/corporate-governance. is no clause or condition related to severance fees in the appointment letter.
at meetings of the Board/Committees,
independence of judgement exercised by The remuneration contract of the Executive
Directors, interpersonal relationship, etc. was Director i.e. Managing Director & CEO has ii) Non-Executive Directors:
sent out to Directors. malus or clawback provisions in respect of All the Non-Executive Directors and the Chairperson receive remuneration by way of sitting fees for
variable pay. each meeting of the Board and its various Committees. No stock options are granted to any of the Non-
• The responses received to the questionnaires
on evaluation of the Board and its Committees Executive Directors.
(b) Directors’ Remuneration:
were placed before the meeting of the NRC The Board at its Meeting held on May 06, 2022, approved payment of fixed remuneration of an
for consideration. The details of the remuneration paid to the amount not exceeding ` 20,00,000 per annum with effect from April 01, 2021 to each Non-Executive
Executive Directors during FY 2021-22 are Director of the Bank (other than part-time Chairman and Managing Director & Chief Executive Officer)
• The NRC reviewed the report on the performance given below:
evaluation of all the Directors, including the to commensurate with an individual director’s responsibilities and demands on time and which are
Managing Director & CEO and the Chairman and considered sufficient to attract qualified competent individuals, subject to the approval of Members.
i) Executive Directors: The said payment of fixed remuneration is being proposed in the Notice of the forthcoming AGM
made necessary recommendations to the Board.
(Amount in `) through item no. 5.
• The Board basis the self-assessment on Mr. Prashant Kumar
the performance of each of the Board level Name of the Director (Managing Director The details of the remuneration paid to the Non-Executive Directors during FY 2021-22 are given below:
& CEO) (Amount in `)
Committees, submitted by the Chairman of
Salary 21,275,000 Name of the Director Salary #Perquisites Others Sitting Fees Total
each of the Committees and report and rating
Stock Options - Mr. Sunil Mehta 2,500,000 80,558 - 4,750,000 7,330,558
of individual Directors on the Peer Review,
Performance Evaluation of the Managing Performance linked - Mr. Mahesh Krishnamurti - - - 4,650,000 4,650,000
incentives Mr. Atul Bheda - - - 3,350,000 3,350,000
Director & CEO and the Chairman and the rating
Value of perquisites u/s 3,401,512 Mr. Vadalur Subramanian - - - 2,850,000 2,850,000
of individual Directors on the performance of the 17(2) Income-tax Act, 1961 Radhakrishnan
Board as a whole and basis recommendation of
Others 540,000 Mr. Ravindra Pandey - - - 2,000,000 2,000,000
NRC, took appropriate steps including providing
Commission for FY 2021-22 - Mr. Atul Malik - - 2,750,000 2,750,000
necessary feedback to the concerned directors
Total 25,216,512 Ms. Rekha Murthy - - - 1,250,000 1,250,000
by the Chairman of NRC.
Commission for FY 2020-21 - Mr. Sharad Sharma - - - 950,000 950,000
It may be noted that as per RBI letter dated August No sitting fees was paid to Mr. Prashant #Perquisites of Mr. Sunil Mehta (evaluated as per Income Tax Rules, 1962 wherever applicable and at actual cost to the
24, 2020. Additional Directors appointed by RBI i.e. Kumar, Managing Director & CEO for Bank otherwise) including Free use of Bank’s cars with driver, fuel and maintenance expenses etc. on actual basis.
Mr. Rama Subramaniam Gandhi and Mr. Ananth attending meetings of the Board and/ or its
Narayan Gopalakrishnan are not subject to iii) Other Directors (Additional Directors appointed by RBI):
Committees. Further, Mr. Prashant Kumar,
performance evaluation. Managing Director & CEO of the Bank does The details of the remuneration paid to the Additional Directors appointed by RBI during FY 2021-22
Further, Mr. Ravindra Pandey and Mr. Vadalur not receive any remuneration or commission are given below:
Subramanian Radhakrishnan, the 2 (two) Nominee from the subsidiary of the Bank. (Amount in `)
Directors appointed by the State Bank of India had Name of the Director Salary Others Sitting Fees Total
Perquisites (evaluated as per Income Tax
opted out from the said process. Mr. Rama Subramaniam Gandhi - - 1,850,000 1,850,000
Rules, 1962 wherever applicable and at
Mr. Ananth Narayan Gopalakrishnan - - 1,650,000 1,650,000
actual cost to the Bank otherwise) such
3.b.5 Remuneration of Directors: as benefit of the Bank’s Furnished and Notes:
(a) Remuneration Policy: Maintained accommodation, Furniture/ a) The Non-Executive Directors were paid sitting fees of ` 100,000 for attending each meeting of the
The Bank has formulated and adopted a White goods, Free use of two Bank’s Board of Directors and ` 50,000 for attending Board Level Committee meetings for FY 2021-22.
Remuneration Policy for its Directors, Key cars with Driver for Official purposes & Sitting fees of SBI Nominee Director are paid directly to SBI and not to the Directors.
Managerial Personnel, Senior Management, Private purposes, Gas, Electricity & Water,
Residence Telephone, Life Insurance/ b) The Bank did not pay any amount to Directors by way of salary and perquisites except to the
Chairman and other employees of the Bank, Managing Director & CEO and Non- Executive Chairman.
in terms of Section 178 of the Companies Act, Personal Accident Insurance and Club
2013, the relevant Rules made thereunder, Memberships - 2 clubs (1 social and 1 c) The Bank does not grant any Stock Options to any Non-Executive Directors of the Bank.
134 135
d) The remuneration of the Chairperson of the Bank has been approved by the Reserve Bank of India. 7) To review the engagements with various Note:
e) There were no other pecuniary relationships or transactions of Non-Executive Directors vis-à- Stakeholders (mentioned above) including Due to business exigencies, several resolutions
vis the Bank during FY 2021-22 (except normal banking transactions in the ordinary course of communication and feedback received from were passed through Circulation and the said
business and on arm’s length basis). them. Further, recommend steps for improving resolutions have been noted at the subsequent
engagement with the Stakeholders; committee meetings.
c) Stakeholders Relationship Committee:
8) To review of measures taken for effective
3.c.1 Constitution & Composition: exercise of voting rights by shareholders; 3.c.4 Status of Shareholders’ Complaints/Requests:
The composition of Stakeholders Relationship Committee during the year was as under: 9) To review Bank’s perception amongst Shareholders’ Complaints during FY 2021-22:
Name of Member Position Category
Date of Appointment to Date of Cessation Stakeholders, which are not covered under No. of
the Committee of membership Particulars
the scope of Terms of Reference of any Complaints
Ms. Rekha Murthya Chairperson Non-Executive Director September 13, 2021 N.A. other Committee, including but not limited Shareholders complaints pending as at 22
Mr. Mahesh Krishnamurtib Member Non-Executive Director October 23, 2020 N.A. to Shareholders, Debenture holders/ April 01, 2021
Mr. Atul Bheda Member Non-Executive Director October 23, 2020 N.A. Bondholders, Other Security holders, Strategic Shareholders complaints received during the 1298
Mr. Vadalur Subramanian Member Nominee Director of State October 23, 2020 N.A. Investors, Analysts and Brokers, Rating year ended on March 31, 2022
Radhakrishnan Bank of India
Agencies, International Lenders, Proxy Advisory Shareholders complaints resolved during the 1315
Mr. Ravindra Pandey Member Nominee Director of State November 12, 2020 N.A. year ended March 31, 2022
Bank of India Firms, Depositories etc, and Regulators like
Ministry of Corporate Affairs, Reserve Bank of Shareholders complaints pending as on 5
Mr. Sunil Mehta Member Non-Executive Director November 23, 2021 N.A. March 31, 2022
India , Securities and Exchange Board of India,
Notes: Stock Exchanges, etc.; and
a. Ms. Rekha Murthy was appointed as Member and Chairperson w.e.f. September 13, 2021. Shareholders’ Requests during FY 2021-22:
10) To perform any other functions as stipulated by
No. of
b. Mr. Mahesh Krishnamurti ceased to be Chairman but continued as Member w.e.f. September 13, 2021. Ministry of Corporate Affairs, Reserve Bank of Particulars
Requests
c. The Chairperson of the Stakeholders Relationship Committee, Ms. Rekha Murthy is a Non-Executive Director. India, Securities and Exchange Board of India,
Shareholders requests pending as at 119
Stock Exchanges, and any other regulatory April 01, 2021
d. The then Chairman of the Stakeholders Relationship Committee, Mr. Mahesh Krishnamurti was also present authority through any applicable Acts/Laws/
at the last AGM held on August 27, 2021 to answer shareholder queries. Shareholders requests received during the 6186
Rules/Regulations/Notifications/Circulars etc., year ended on March 31, 2022
e. Mr. Shivanand R. Shettigar, Company Secretary acts as Secretary to the Committee. as amended from time to time. Shareholders requests resolved during the 6301
year ended March 31, 2022
f. The quorum was met in all the Meetings of Stakeholders Relationship Committee held during the FY 2021-22.
3.c.3 Meetings & Attendance: Shareholders requests pending as on 4
March 31, 2022
3.c.2 Terms of Reference: During FY 2021-22, four meetings of Stakeholders
The terms of reference of the Stakeholders Relationship Committee includes the following: Relationship Committee were held on May 12, The Bank receives investor complaints through
2021, September 08, 2021, December 08, 2021 and various sources and informs the Stakeholders
1) To review mechanisms adopted by the Bank to redress the complaints received from various security holders March 08, 2022. The participation of the Members Relationship Committee of the Board on the
such as shareholders, debenture holders and any other stakeholders such as non-receipt of dividend, non at the meetings of the Committee held during the resolution and redressal of the complaints, and also
- receipt of interest on debentures, annual report, transfer/transmission of shares or debentures, issue of year is as under: to the Board on quarterly basis. The Bank receives
new/duplicate share / debenture certificates, general meeting etc. including those received through SEBI investor complaints from Stock Exchanges, SEBI
No. of Meetings
Scores platform, NSE and BSE; Complaints Redress System (SCORES), Registrar of
Name of Member Eligible to
2) To review of the various measures and initiatives taken by the Bank for reducing the quantum of unclaimed Held Attended Companies, Mumbai, through the Bank’s Registrar
attend@
dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices like Annual Ms. Rekha Murthy 4 2 2 and Transfer Agents, directly from investors’
General Meeting /Extra-Ordinary General Meeting/ Postal Ballot Notice etc. by the shareholders of the Bank; Mr. Mahesh Krishnamurti 4 4 4 correspondence and from the investors personal
3) To oversee and review all matters connected with transfer, transmission, name deletion, transposition, visits to the Bank. None of the complaints remained
Mr. Sunil Mehta 4 2 2
dematerialisation, rematerialisation, splitting/subdivision, consolidation of securities issued by the Bank unsolved to the satisfaction of the shareholders as
Mr. Atul Bheda 4 4 4
and transfer of unclaimed dividend/shares to Investor Education and Protection Fund (IEPF); on March 31, 2022.
Mr. Vadalur Subramanian 4 4 1
4) To review of movements in shareholding and ownership structure of the Bank; Radhakrishnan The Bank has designated Email ID namely
Mr. Ravindra Pandey 4 4 1 [email protected] for equity investors and
5) To oversee and review the performance and service standards adopted by the Bank in respect of various [email protected] for bond holders for
@ Number of meetings held during the tenure of the Director
services being rendered by the Registrar and Share Transfer Agent and recommends measures for overall reporting complaints/grievances. The said Email IDs
as a Member/Chairperson of the Committee
improvement in the quality of Investor services; are also displayed on the website of the Bank.
6) To review the key highlights/developments pertaining to various Stakeholders including equity shareholders,
debenture holders, multilateral lenders, rating agencies etc.;
136 137
3.c.5 Details of Compliance Officer: 3.d.3 Meetings & Attendance:

Mr. Shivanand R. Shettigar, Company Secretary, acts as the Compliance Officer of the Bank as per SEBI LODR. During FY 2021-22, four meetings of Customer Service Committee were held on June 18, 2021 September 08,
2021, December 08, 2021 and February 10, 2022. The participation of the Members at the meetings of the
d) Customer Service Committee Committee held during the year is as under:
3.d.1 Constitution & Composition: No. of Meetings
The constitution and composition of Customer Service Committee during the year was as under: Name of Member Eligible to
Held Attended
attend@
Date of Appointment to Date of Cessation of
Name of Member Position Category Mr. Mahesh Krishnamurti 4 2 2
the Committee membership
Mr. Sharad Sharmaa Chairman Non-Executive Director November 23, 2021 N.A. Mr. Atul Bheda 4 4 4
Mr. Mahesh Krishnamurtia Chairman Non-Executive Director October 23, 2020 November 23, 2021 Mr. Vadalur Subramanian Radhakrishnan 4 4 3
Mr. Atul Bheda Member Non-Executive Director October 23, 2020 N.A. Mr. Ravindra Pandey 4 2 1
Mr. Vadalur Subramanian Member Nominee Director of State October 23, 2020 N.A. Mr. Atul Malik 4 2 2
Radhakrishnan Bank of India Mr. Sharad Sharma 4 2 2
Mr. Atul Malik Member Non-Executive Director September 13, 2021 N.A. @ Number of meetings held during the tenure of the Director as a Member/Chairman of the Committee.
Mr. Ravindra Pandey Member Nominee Director of State November 12, 2020 September 13, 2021
Bank of India e) Risk Management Committee:
Note:
3.e.1 Constitution & Composition:
a. Mr. Sharad Sharma was appointed as member and Chairman w.e.f. November 23, 2021 and Mr. Mahesh Krishnamurti ceased to be
Chairman and Member w.e.f. the said date. The constitution and composition of the Risk Management Committee during the year was as under:
b. The Company Secretary acts as Secretary to the Committee. Name of Member Position Category Date of Appointment Date of Cessation
c. The quorum was present in all the Meetings of Customer Service Committee held during the FY 2021-22. Mr. Atul Malika Chairman Non-Executive Director September 13, 2021 N.A.
Mr. Sunil Mehtaa Member Non-Executive Director March 26, 2020 N.A.
3.d.2 T
erms of Reference: Mr. Atul Bheda Member Non-Executive Director March 26, 2020 November 23, 2021
The terms of reference of Customer Service Committee includes the following: Mr. Vadalur Subramaniam Member Nominee Director of State Bank of August 07, 2020 N.A.
Radhakrishnan India
1) Review product approval process with a view to suitability and appropriateness;
Mr. Ravindra Pandey Member Nominee Director of State Bank of November 12, 2020 N.A.
2) Formulation and review of comprehensive deposit policy; India
Mr. Sharad Sharma Member Non-Executive Director November 23, 2021 N.A.
3) Review of customer feedback gathered through annual customer satisfaction survey of depositors and
Mr. Prashant Kumar Member Executive Director (Managing Director March 26, 2020 N.A.
other customers and suggest action for improvement;
& Chief Executive Officer)
4) Review of measures taken for enhancing the quality of customer service; Notes:
5) Review the findings of tri-enniel audit on customer service; a. Mr. Atul Malik was appointed as member and Chairman w.e.f. September 13, 2021 and Mr. Sunil Mehta ceased to be Chairman but
continued as Member w.e.f. the said date.
6) Review of branding, marketing and customer engagement activities of the bank;
b. The Company Secretary acts as Secretary to the Committee.
7) Review of activities undertaken to promote digital payments; c. The quorum was present in all the Meetings of Risk Management Committee held during the FY 2021-22.
8) Update on the Agenda, Minutes and Actionable of “Standing Committee of Customer Service”; d. A s per RBI Notfication No. RBI/2021-22/24 DOR.GOV.REC.8/29.67.001/2021-22 dated April 26, 2021 on Corporate Governance in
Banks - Appointment of Directors and Constitution of Committees of the Board, the chair of the Risk Management Committee does
9) Update on the activities undertaken for promotion of digital products; not hold chairmanship in other Committees of the Bank
10) Update on Customer Liability Cases - (Customer Protection – Limiting Liability of Customers in Unauthorised 3.e.2 Terms of Reference:
Electronic Banking Transactions);
The terms of reference of the Risk Management Committee includes the following:
11) Update on Internal Ombudsman activities & analysis of cases referred;
1) Integrate risk management into the Bank’s goals and compensation structure;
12) Control measure for ATMs;
2) Review and approve the changes in Risk and Compliance Culture Policy and oversight on fostering the Risk
13) Understanding the broad trends and concentration in the growth of customer grievances and their culture in the Bank;
resolution including mis-selling, particularly third-party products;
3) Assess that the Risk universe (internal as well as external) for the Bank has been adequately identified.
14) Appropriateness of products to different customer segments; Monitor risk profile of the Bank [including credit risk, market risk, liquidity risk, IRRBB, operational risk,
15) Reconciliation of transactions at ATMs failure – time limit; and model risk, reputation risk, information /cyber security related risk, attrition risk, financial risk, sustainability
16) To review customer complaints addressed to the members of the Board.
138 139
(particularly ESG related risks) etc.] within the Bank of India, Securities and Exchange Board f) Corporate Social Responsibility & Environmental Social and Governance Committee:
Board approved overall Risk Appetite of the of India, Stock Exchanges and any other 3.f.1 Constitution & Composition:
Bank as outlined in the ICAAP document; regulatory authority or Board of Directors of
the Bank or under any applicable laws as may The nomenclature of the Committee was changed from “Corporate Social Responsibility Committee” to
4) Evaluate the adequacy of the risk management “Corporate Social Responsibility & Environmental Social and Governance Committee” with effect from November
function, the qualifications and background of be prescribed from time to time;
23, 2021 due to increasing significance of ESG goals.
senior risk officials and review the adequacy of 14) To review the appointment, removal and terms
the staffing of the Risk Management function to of remuneration of the Chief Risk Officer; The constitution and composition of the Corporate Social Responsibility & Environment, Social and Governance
perform its role appropriately; Committee during the year was as under:
15) To seek information from any employee, obtain
5) Oversee the Bank’s Enterprise Risk Management outside legal or other professional advice and Name of Member Position Category Date of Appointment Date of Cessation
framework, covering risk identification, secure attendance of outsiders with relevant Mr. Sharad Sharmaa Chairman Non-Executive Director November 23, 2021 N.A.
measurement, monitoring and mitigation; expertise, if necessary; Ms. Rekha Murthya Member Non-Executive Director September 13, 2021 N.A.
6) Review, approve and recommend for the Board 16) To keep the board of directors informed about Mr. Atul Bhedaa Member Non-Executive Director March 26, 2020 N.A.
risk management policies, systems, processes the nature and content of its discussions, Mr. Mahesh Krishnamurti Member Non-Executive Director March 26, 2020 N.A.
& risk management framework at least once recommendations and actions to be taken; Mr. Ravindra Pandey Member Nominee Director of State November 12, 2020 N.A.
in two years, by considering the changing Bank of India
17) To conduct Meeting of Chief Risk Officer with
industry dynamics and evolving complexity. Mr. Sunil Mehtab Member Non-Executive Director November 23, 2021 N.A.
the Committee in accordance with RBI Circular
Review and assess the effectiveness of the No.DBR.BP.BC.No.65/21.04.103/2016-17 dated Notes:
policies, processes and framework including April 27, 2017; a. Ms. Rekha Murthy was inducted as a Chairperson w.e.f. September 13, 2021 in place of Mr. Atul Bheda who ceased as Chairman,
business continuity plan address deficiencies however, he continued as a member of the Committee. Further, w.e.f November 23, 2021 Mr. Sharad Sharma was inducted as a
and recommend improvements to ensure 18) To review on quarterly basis, the risk member & Chairman in place of Ms. Rekha Murthy who ceased to be a Chairperson w.e.f the said date, however, she continued to
presentation made by the Wholly Owned be a member of the said committee.
internal control of the identified risks;
Subsidiary company (WOS) of the Bank. b. Mr. Sunil Mehta inducted as member of the Committee w.e.f November 23, 2021.
7) Review, assess and approve setting up of Bank’s
c. The Company Secretary acts as Secretary to the Committee.
Risk Appetite and limits. Monitor compliance of 3.e.3 Meetings & Attendance:
risk limits and recommend appropriate actions 3.f.2 Terms of Reference: c. The list of CSR projects or programmes
in cases of breaches; During FY 2021-22, Eight meetings of the Risk
Management Committee were held on April 29, A. CORPORATE SOCIAL RESPONSIBILITY (CSR) that are approved to be undertaken in
8) Review, assess and approve setting up of stress 2021, July 22, 2021, July 28, 2021, October 20, 2021, areas or subjects specified in Schedule VII
testing scenarios as well as review breaches On the CSR matters, the Terms of Reference of the of the Act;
December 9, 2021, January 20, 2022, February 28, CSR & ESG Committee shall include the following:
therein; suggest remedial actions if any; 2022 and March 09, 2022. d. The manner of execution of such projects
9) Monitoring compliance as well as critically 1) To formulate and recommend to the Board, a or programmes as specified;
The participation of the Members at the meetings of Corporate Social Responsibility Policy which
analysing various risk parameters and the Committee held during the year is as under: e. The modalities of utilisation of funds and
providing direction for corrective action shall indicate the activities to be undertaken
by the Bank as specified in Schedule VII of the implementation schedules for the projects
wherever necessary; or programmes;
No. of Meetings during the year Companies Act, 2013;
10) Review of the Bank’s portfolio and providing Name of Member Eligible f. Monitoring and reporting mechanism for
necessary guidance to Management; Held to Attended 2) To recommend the amount of expenditure to
attend@ be incurred on CSR activities as indicated in the projects or programmes; whenever
11) To review the minutes of Executive level Mr. Atul Malik 8 5 5 the CSR Policy to the Board in accordance with required in pursuance of Corporate Social
Committees such as Asset Liability Committee the provisions of the Companies Act, 2013 and Responsibility Policy.
(ALCO), Operational Risk Management rules made thereunder; 5) To ensure that:
Mr. Atul Bheda 8 4 4
Committee (ORMC), Security Council Meeting,
Mr. Vadalur Subramaniam 8 8 4 3) To monitor the CSR Policy of the Bank from a. The administrative overheads do
Enterprise Risk, Reputation Risk and Model Radhakrishnan
Assessment Committee (ERMC) and any other time to time; not exceed five percent of total CSR
Mr. Ravindra Pandey 8 8 2 expenditure of the Company for the
risk related committees as applicable; 4) To formulate and recommend to the Board:
Mr. Sharad Sharma 8 4 4 financial year;
12) To review the Products and the Processes Mr. Prashant Kumar 8 8 6 a. An annual action plan and status of fund
(new and existing) which has been approved utilisation, whenever required; b. The funds disbursed have been utilised
@ Number of meetings held during the tenure of the Director
the Product and Process Approval Committee for the purposes and in the manner as
as a member/Chairperson of the Committee. b. Details of need and impact assessment,
(PPAC); approved by it and the Chief Financial
Note: Due to business exigencies, few resolutions were if any, for the projects undertaken by Officer or the person responsible for
13) To perform any other function or duty as passed through Circulation and the said resolutions have the Company;
been noted at the respective subsequent committee meeting. financial management shall certify to
stipulated by the Companies Act, Reserve this effect;
140 141
6) To consider and recommend the Annual CSR 5) Oversee and guide the Bank’s efforts to g) Board Credit Committee:
Report to the Board for approval; capitalise on ESG related opportunities and 3.g.1 Constitution & Composition:
7) To perform any other function or duty as align its business to low carbon transition;
The constitution and composition of the Board Credit Committee during the year was as under:
stipulated by the Companies Act, Reserve Bank 6) Oversee and guide the Bank’s efforts to
of India, Securities and Exchange Board of India, integrate ESG considerations into its operations
Date of
Stock Exchanges and any other regulatory including, alignment of executive performance Name of Member Position Category Date of Cessation
Appointment
authority or under any applicable laws, as may to ESG targets, improvement in eco-efficiency, Mr. Sunil Mehta Chairman Non-Executive Director March 26, 2020 N.A.
be prescribed from time to time; and transition to sustainable supply chains; Mr. Mahesh Krishnamurti Member Non-Executive Director March 26, 2020 N.A.
8) To formulate and recommend to the Board, the 7) Review and recommend to the Board Mr. Vadalur Subramaniam Member Nominee Director of State Bank of India August 07, 2020 N.A.
BANK’s Donation Policy which shall indicate the policies created from time to time for the Radhakrishnan
donations made by the Bank in accordance with implementation of the ESG strategy; Mr. Atul Malik Member Non-Executive Director September 13, 2021 N.A.
RBI Guidelines issued on December 21, 2005; 8) Oversee and review the alignment of the
Mr. Prashant Kumar Member Executive Director (Managing Director March 26, 2020 N.A.
& Chief Executive Officer)
9) To review and recommend to the Board, the Bank’s ESG disclosures to global best practices,
Third-Party Assurance provider for assurance including the requirements of eminent ESG 3.g.2 Terms of Reference: decision making and remaining directors
services on non-financial reporting; rating agencies/ indices; may accordingly discuss the proposal. In
The broad terms of reference of the Board Credit
10) To get updates, if any, from CSR 9) Oversee and guide the Bank’s work at Committee include the following: absence of quorum, the proposal may be
Implementation Partners; mainstreaming ESG across its stakeholder referred to the Board for approval. All such
spectrum through knowledge and advocacy, 1) To approve / review credit proposals that sanctioned proposals would be reported
B. ENVIRONMENTAL, SOCIAL & GOVERNANCE including internal capacity building initiatives. are beyond the approval authority of the to the Board on a quarterly basis;
(ESG) Management Credit Committee (MCC);
b. Financing acquisition of shares in an
On the ESG matters, the Terms of Reference of the 3.f.3 Meetings & Attendance: 2) To approve any other aspects of credit proposals; existing company, which is engaged
CSR & ESG Committee shall include the following: During FY 2021-22, Three meetings of the Corporate 3) To approve Investment proposals beyond in implementing or operating an
1) Oversee and review the decisions of the Social Responsibility & Environmental, Social and limits / thresholds delegated to Asset Liability infrastructure project in India adhering to
Bank’s Sustainability Council and make Governance Committee were held on May 24, 2021, Management Committee (ALCO); specific conditions pertaining to extent of
recommendations to the Board on the Bank’s September 08, 2021 and February 10, 2022. The 4) To approve resolution plans and any other financing, security of shares to be obtained
overall ESG strategy and performance; participation of the Members at the meetings of the matters for stressed assets that are beyond and tenor;
Committee held during the year is as under: the approval authority of the Stressed Asset c. Exception approval of additional 5% of the
2) Provide guidance and recommendations on
the integration of ESG considerations into the No. of Meetings during the year Management Committee (SAMC), including but Bank’s eligible capital base (over and above
Bank’s business, in line with macro-level trends
Name of Member Eligible to not limited to proposals for settlement of debt; limit of 20% of the Bank’s eligible capital
Held Attended
attend@ base) for Single Counterparty Limit. Such
and peer banks commitment on ESG; global ESG 5) To review specific cases that might need special
Mr. Sharad Sharma 3 1 1 exceptions will be reported to the Board;
policy developments; regulatory requirements; attention as and when recommended by MCC /
Ms. Rekha Murthy 3 1 1
3) Review and monitor the Bank’s progress ALCO/SAMC; d. Approval for sale of stressed financial
Mr. Atul Bheda 3 3 3 assets, either basis list identified by the Bank
and alignment with key global sustainability- 6) To approve/review aspects and proposals
Mr. Mahesh Krishnamurti 3 3 3 at the beginning of year as recommended
led frameworks including the Sustainable that are specifically delegated to the Board
Mr. Ravindra Pandey 3 3 2 by Stressed Asset Management Committee
Development Goals (SDGs) and Principles Credit Committee by the Board or as also
Mr. Sunil Mehta 3 1 1 (SAMC), or basis periodic review (on a semi-
for Responsible Banking and make recommended by RBI from time to time:
recommendations on the Bank’s long term ESG annual basis) of all NPAs above a threshold
@ Number of meetings held during the tenure of the Director a. Loans and advances, aggregating ` 25 of ` 25 Cr, or for sale of a stressed asset
objectives and targets; as a member/Chairperson of the Committee lakh and above to the ‘relatives’ of the outside of these lists.
4) Oversee and review the Bank’s governance Bank’s Chairman/ Managing Director
frameworks and practices to monitor, assess or to Directors of other banks and their 7) To approve/review credit proposals/
and mitigate ESG related risks and climate risks; relatives or any firm in which any of such transactions entered between the Bank as
‘relatives’ is interested as a partner or a holding company and its wholly owned
guarantor or any company in which such subsidiary; also to approve/review credit
‘relatives’ hold substantial interest as a proposals where the terms & conditions of such
director or guarantor. In case where any transactions with group entities are inconsistent
Bank’s Director is an interested person with the terms & conditions/benchmarks/
or has any conflict of interest, then he/ credit standards for similarly rated non-group
she may recuse themselves from the entities, subject to sufficient justification;
142 143
8) To approve/ratify any exceptions to the Board 15, 2021, September 22, 2021, October 06, 2021, 4) To obtain outside legal or professional advice;
approved Credit and Investment Policy, October 13, 2021, October 23, 2021, October 27, 5) To secure attendance of outsiders with relevant 19) To oversee the aggregate funding of IT at a bank-
where such exceptions are within the overall 2021, November 09, 2021, November 24, 2021, expertise, if it considers necessary; level, and ascertaining if the management has
Regulatory Framework and guidelines. The December 01, 2021, December 15, 2021, December resources to ensure the proper management
reporting framework must ensure that such 22, 2021, January 05, 2022, January 12, 2022, 6) To work in partnership with other Board
committees and Senior Management to of IT risks;
exceptions are subsequently highlighted to the January 20, 2022, January 24, 2022, February 02,
RMC/Board; 2022, February 16, 2022, February 23, 2022, provide input, review and amend the aligned 20) To review IT performance measurement and
March 02, 2022, March 16, 2022, March 23, 2022 and corporate and IT strategies; contribution of IT to businesses (i.e., delivering
9) To review the minutes of MCC and SAMC; and the promised value);
March 28, 2022. 7) To approve IT strategy and policy documents;
10) To perform any other function or duty as 21) To approve the Cyber Security Policy and Cyber
stipulated by the Companies Act, Reserve The participation of the Members at the Meetings of 8) To review that the management has put an
the Committee held during the year is as under: effective strategic planning process in place; Crisis Management Plan;
Bank of India, Securities and Exchange Board
of India, Stock Exchanges and any other No. of Meetings during the year 9) To ratify the IT strategy in alignment with the 22) To be aware of the global cyber security
regulatory authority or Board of Directors of Name of Member business strategy; threat landscape and provide guidance on its
Eligible to
Held Attended applicability to the Bank;
the Bank or under any applicable laws, as may attend@
10) To provide guidance on the IT organisational
be prescribed from time to time. Mr. Sunil Mehta 38 38 37
structure to complements the business model; 23) To review the implementation of cyber security
Mr. Mahesh Krishnamurti 38 38 33 tools and processes in line with the approved
3.g.3 Meetings & Attendance: 11) To review whether the management has policies and regulatory directives;
Mr. Vadalur Subramanian 38 38 19
Radhakrishnan implemented processes and practices that
During the FY 2021-22, Thirty Eight Meetings of ensure that the IT delivers value to the business; 24) To perform any other functions or duties as
the Board Credit Committee were held on April 07, Mr. Atul Malik 38 22 22 stipulated by the Companies Act, Reserve Bank
2021, April 15, 2021, April 20, 2021, May 05, 2021, Mr. Prashant Kumar 38 38 35 12) To review that IT & Security tools investments of India, Securities and Exchange Board of India,
May 21, 2021, May 27, 2021, June 02, 2021, June @ Number of meetings held during the tenure of the Director
& budgets represent a balance of risks and Stock Exchanges and any other regulatory
16, 2021, June 23, 2021, July 7, 2021, July 14, 2021, as a member/Chairman of the Committee. benefit and that budgets are acceptable; authority or under any applicable laws as may
July 20, 2021, August 04, 2021, August 11, 2021, Note: Due to business exigencies, few resolutions were passed 13) To monitor the method that management be prescribed from time to time;
August 18, 2021, September 01, 2021, September through Circulation and the said resolutions have been noted uses to determine the IT resources needed to
at the subsequent committee meetings. 25) Annual Review of Prepaid Instruments
achieve strategic goals and provide high-level Security Policy;
direction for sourcing and use of IT resources;
h) IT Strategy Committee: 26) Uptime Threshold for the ATMs;
14) To review whether there is a proper balance of
3.h.1 Constitution & Composition: IT investments for sustaining bank’s growth; 27) Digital Channels & Payment Products – Key
The constitution and composition of the IT Strategy Committee during the year was as under: Achievements & Metrics for Financial Year;
15) To become aware about exposure towards IT
Name of Member Position Category Date of Appointment Date of Cessation risks and controls and evaluating effectiveness 28) Disaster Recovery Readiness;
Ms. Rekha Murthya Chairperson Non-Executive Director September 13, 2021 N.A. of management’s monitoring of IT risks; 29) Central Data and analytics advisory/updates by
Mr. Mahesh Krishnamurti Member Non-Executive Director March 26, 2020 N.A. 16) To assess Senior Management’s performance CDAG team.
Mr. Sunil Mehta Member Non-Executive Director March 26, 2020 September 13, 2021 in implementing IT strategies;
Mr. Prashant Kumar Member Executive Director (Managing Director & March 26, 2020 N.A. 3.h.3 Meetings & Attendance:
17) To issue high-level policy guidance (e.g. related
Chief Executive Officer) During FY 2021-22, Five meetings of the IT Strategy
to risk, funding, or sourcing tasks);
Mr. Ravindra Pandey Member Nominee Director of State Bank of India November 12, 2020 N.A. Committee were held on May 12, 2021, July 15,
Mr. Atul Malik Member Non-Executive Director September 13, 2021 N.A. 18) To confirm whether IT or business architecture 2021, September 09, 2021, November 11, 2021
is to be designed, so as to derive the maximum and February 09, 2022. The participation of the
Notes:
business value from IT; Members at the Meetings of the Committee held
a. Ms. Rekha Murthy was appointed as member and Chairperson w.e.f. September 13, 2021 and Mr. Mahesh Krishnamurti ceased to
be Chairman w.e.f. the said date, however he continued to be a Member of the said Committee. during the year is as under:
b. The Company Secretary acts as the Secretary to the Committee.
3.h.2 Terms of Reference:

The broad terms of reference of the IT Strategy Committee includes the following:
1) To perform oversight functions over the IT Steering Committee (at a senior management level);
2) To investigate activities within this scope;
3) To seek information from any employee;
144 145
No. of Meetings during the year 2) To review update on Forensic Audit of ‘Red Securities & Exchange Board of India, Stock
Name of Member Eligible to Flagged Accounts’ (RFAs), Non-Performing Exchanges, and any other regulatory authority,
Held Attended
attend@ Assets (NPAs) and Suspected Fraud as prescribed from time to time;
Ms. Rekha Murthy 5 2 2 (SF) Accounts; 10) Noting of the minutes of Executive Committee
Mr. Mahesh Krishnamurti 5 5 5 3) To review electronic banking frauds; for Classification of Willful Defaulter & Non-
Mr. Sunil Mehta 5 3 3 Cooperative Borrowers.
4) To review and confirm the order of the
Mr. Prashant Kumar 5 5 5
Committee for Classification of borrowers
Mr. Ravindra Pandey 5 5 3 3.i.3 Meeting and attendance:
as “Non-Cooperative Borrowers” or “Wilful
Mr. Atul Malik 5 2 2
Defaulter”; During FY 2021-22, Six Meetings of Fraud, Willful
@ Number of meetings held during the tenure of the Director as a member/Chairman of the Committee
5) To review the status of “Non-Cooperative Defaulters and Non-Cooperative Borrowers
Note: Due to business exigencies, few resolutions were passed through Circulation and the said resolutions have been noted at the Borrowers” or “Wilful Defaulters” at least on Monitoring Committee were held on April 16, 2021,
subsequent committee meetings. half yearly or at such other intervals as may be July 15, 2021, September 21, 2021, October 14,
required by RBI; 2021, January 13, 2022 and March 08, 2022. The
i) Fraud, Willful Defaulters and Non-Cooperative Borrowers Monitoring Committee: participation of the Members at the Meetings of the
6) To decide on removal of the names from the Committee held during the year is as under:
3.i.1 Constitution & Composition: list of “Non-Cooperative Borrowers” or “Wilful
The Constitution and Composition of Fraud, Willful Defaulters and Non-Cooperative Borrowers Monitoring Defaulters” as reported to Central Repository
No. of Meetings during the year
Committee during the year was as under: of Information of Large Credits (CRILC); Name of Member Eligible to
Held Attended
Name of Member Position Category Date of Appointment Date of Cessation 7) To review, note and decide on any matter attend@
Mr. Prashant Kumar Chairman Executive Director (Managing Director & March 26, 2020 N.A. pertaining to “Non-Cooperative Borrowers” or Mr. Prashant Kumar 6 6 6
Chief Executive Officer) “Wilful Defaulters”. Mr. Atul Bheda 6 6 6
Mr. Atul Bheda Member Non-Executive Director March 26, 2020 N.A. 8) To review/ consider publication of the Mr. Vadalur Subramanian 6 6 3
Mr. Vadalur Subramanian Member Nominee Director of State Bank of India August 07, 2020 N.A. photographs of borrowers, including Radhakrishnan
Radhakrishnan Mr. Mahesh Krishnamurti 6 2 2
proprietors/ partners/directors/ guarantors
Mr. Mahesh Krishnamurti Member Non-Executive Director November 12, 2020 September 13, 2021
of borrower firms/ companies, who have Mr. Ravindra Pandey 6 6 1
Mr. Ravindra Pandey Member Nominee Director of State Bank of India November 12, 2020 N.A. been declared as willful defaulters and Non- Mr. Atul Malik 6 2 2
Mr. Atul Malik Member Non-Executive Director September 13, 2021 November 23, 2021 cooperative borrowers; and Mr. Sharad Sharma 6 2 2
Mr. Sharad Sharma Member Non-Executive Director November 23, 2021 N.A.
9) To perform any other act, duties as stipulated @ Number of meetings held during the tenure of the Director
Note: by the Companies Act, Reserve Bank of India, as a member/Chairman of the Committee.
a. The Company Secretary acts as the Secretary to the Committee.

j) Capital Raising Committee:
3.i.2 Terms of Reference: 3.j.1 Constitution & Composition:
The terms of reference of the Fraud, Willful Defaulters and Non-Cooperative Borrowers Monitoring Committee The constitution and composition of the Capital Raising Committee during the year was as under:
includes the following: Name of Member Position Category Date of Appointment Date of Cessation
1) To monitor and review in detail all frauds, involving an amount of ` 1 Crore and above so as to: Mr. Sunil Mehta Chairman Non-Executive Director March 26, 2020 N.A.
Mr. Mahesh Krishnamurti Member Non-Executive Director March 26, 2020 N.A.
a) Identify the systematic lacunae, if any, that facilitate perpetration of the fraud and put in place
Mr. Atul Bheda Member Non-Executive Director March 26, 2020 September 13, 2021
measures to plug the same;
Mr. Prashant Kumar Member Executive Director (Managing March 26, 2020 N.A.
b) Identify reasons for delay in detection and reporting of frauds to top management of the Bank and the Director & Chief Executive
Reserve Bank of India/SFIO, etc.; Officer)
Mr. Vadalur Subramanian Member Nominee Director of September 13, 2021 N.A.
c) Monitor progress of the investigations by Police/Central Bureau of Investigation/ Economic Offences Radhakrishnan State Bank of India
Wing or any other similar organisation in respect of the cases and recovery position thereof; Mr. Ravindra Pandey Member Nominee Director of November 12, 2020 September 13, 2021
State Bank of India
d) Ensure that staff accountability is examined at all levels in the cases of frauds and action against staff,
Mr. Atul Malik Member Non-Executive Director September 13, 2021 N.A.
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 Note:
of internal control environment; a. The Company Secretary acts as the Secretary to the Committee.
146 147
3.j.2 Terms of Reference: 3.j.3 Meetings & Attendance: the Companies Act, 2013, in form AOC-2. Suitable In the matter of disclosure to the exchanges regarding
The broad terms of reference of the Capital Raising During FY 2021-22, Four Meetings of the Capital disclosure as required by the Accounting Standards Nil Divergences in the Bank’s Assets classification
Committee includes the following: Raising Committee were held on September 28, (AS-18) has been made in the notes to the Financial and provisioning from the RBI norms the Bank
2021, January 10, 2022, January 24, 2022 and Statements. Further, the Bank has submitted along with other noticees, without admitting the
1) To analyse various options for infusion of disclosure with the Stock Exchanges on Related guilt, filed Settlement Application(s) under SEBI
capital and funds by issue of various securities February 11, 2022. The participation of the Members
at the Meetings of the Committee held during the Party Transactions, on consolidated basis, drawn in (Settlement Proceedings) Regulations, 2018 with
including equity shares, preference shares, accordance with applicable accounting standards the Settlement Division of SEBI on April 21, 2021
debentures, bonds, BASEL III compliant Tier I & year is as under:
as per the requirements of Regulation 23(9) of SEBI (online) and April 29, 2021 (hard copy). After further
Tier II Instruments, other debt securities, etc.; No. of Meetings during the year
LODR for the half year ended September 30, 2021 proceedings, SEBI vide e-mail dated August 23,
Name of Member Eligible to
2) To approve issue of securities in one or more Held Attended and March 31, 2022 respectively. 2021 directed the Bank along with other Noticees to
attend@
tranches to various potential Investors within The Board of Directors have formulated a policy make payment of the Settlement Amount on joint
the overall limit as approved by the Board / on materiality of Related Party Transactions and or several liability basis, within 30 days. The Bank
Mr. Mahesh Krishnamurti 4 4 4
Shareholders and determine price/price range also on dealing with Related Party Transactions had made payment of the Settlement Amount of
for the securities; Mr. Vadalur Subramanian 4 4 1 ` 16,537,500/- on August 27, 2021. Thereafter, SEBI
Radhakrishnan pursuant to the provisions of the Companies Act,
3) To approve early redemption of bond/ 2013 and SEBI LODR. The same is displayed on the vide order dated September 14, 2021, was pleased
Mr. Atul Malik 4 4 4
debenture/ Medium term note and other website of the Bank at https://www.yesbank.in/ to dispose of the adjudication proceedings initiated
Mr. Prashant Kumar 4 4 4
securities which represent debt on the Bank; pdf?name=policies_pdf6.pdf. against the Bank and other noticees vide SCN dated
@ Number of meetings held during the tenure of the Director October 26, 2020.
4) To engage/appoint agencies related to capital as a member/Chairman of the Committee
and fund raising exercise and early redemption (b) Strictures and Penalties by statutory authority
Note: Due to business exigencies, several resolutions were
for last three financial years: For FY 2020-21:
of bond/debenture/ Medium term note and passed through Circulation and the said resolutions have
other securities which represent debt on the been noted at the subsequent committee meetings. For FY 2021-22 During the year no penalties or strictures were
Bank as the case may be; imposed on the Bank by Reserve Bank of India.
During the year, in the matter of alleged mis-selling
5) To authorise / approve necessary expenditure k) Meeting of the Independent Directors: of AT1 Bonds, SEBI vide order dated April 12, 2021 However, SEBI had issued a show cause notice dated
relating to capital and fund raising exercise and The current composition of Board of Directors of the imposed a penalty of ` 25 crore on the Bank. The October 28, 2020 to the Bank and its Officials in
early redemption of bond/debenture/ Medium Bank does not comprise of Independent Director(s) Bank has filed an appeal against the said order terms of Rule 4 of the SEBI (Procedure for Holding
term note and other securities which represent as it is governed under the YBL Reconstruction before the Securities Appellate Tribunal (SAT) Inquiry and Imposing Penalties by Adjudicating
debt on the Bank; Scheme, 2020 notified by the Government of India. on May 18, 2021 and allowed stay on SEBI order Officer) Rules, 1995 read with Section 15I of SEBI Act
dated April 12, 2021. The Appeals are listed on June and to inquire into and adjudge under Section 15HA
6) To authorise the Management to approach of the SEBI Act 1992 for the alleged violation of the
the Regulators/ bondholders/ debenture 4. DISCLOSURES: 28, 2022.
(a) Related Party Transactions: provisions of Section 12A (b) and 12A (c) of the SEBI
trustee/ Stock Exchange for obtaining consent With respect to the Limited Purpose Inspection (LPI) Act and Regulation 3(a), 3(c), 3(d), 4(1), and 4 (2) (s)
in connection with such early redemption During the year, the Bank has entered into conducted by NSE Clearing Limited (NCL) wherein the of SEBI (Prohibition of Fraudulent and Unfair Trade
(whether through buyback and extinguishment transactions with the related parties in the ordinary books of YES BANK were inspected in the matter of Practices relating to Securities Market) Regulations,
or direct redemption); course of business. The Bank has not entered into Action Financial Services India Limited, the Member 2003 read with Explanation (1) to Regulation 4
7) To perform all activities with regard to any materially significant transactions with the and Core Settlement Guarantee Fund Committee (2) of said regulations with regard to Additional
fund raising by various methods/means/ related parties including Directors, Key Managerial (MCSGFC) of NCL vide order dated May 03, 2021 Tier 1 Bonds (“AT-1 Bonds”) . Subsequent to audit
options under the authority of Board and Personnel, Subsidiaries or Relatives of the Directors, had directed the Bank to reinstate the securities period, SEBI vide its Order dated April 12, 2021 has
Shareholders; and which could lead to a potential conflict of interest with respect to client securities then amounting imposed a penalty of ` 25 crore against the Bank
between the Bank and these parties. The details of to ` 1.95 crore as mentioned in Annexure B of the under Section 15 HA of SEBI Act, 1992 for the alleged
8) To do all such acts, deeds as the Board may the transactions with related parties, were placed said order within 15 calendar days from the receipt
delegate in connection with the capital and mis-selling of AT-1 Bonds in the secondary market.
before the Audit Committee from time to time. of the order. Further, considering the said violation Further, the Bank had made an appeal against the
fund raising exercise and early redemption of There were no material individual transactions and for maintaining the integrity of the settlement
bond/debenture/ Medium term note and other SEBI Order and on May 21, 2021 Securities Appellate
with related parties, which were not in the ordinary system of the Capital Market, Committee also Tribunal (SAT) has issued a stay order against the
securities which represent debt on the Bank course of business of the Bank, nor were there any levied a penalty of ` 1.95 lakh (1% of ` 1.95 crore).
(whether through buyback and extinguishment SEBI order.
transactions with related parties, which were not This penalty shall be payable by the Bank within a
or direct redemption) and take all steps which on arm’s length basis. There are no Related Party period of 15 days from the date of this order. The Further, SEBI had issued a show cause notice dated
are incidental and ancillary in this connection. Transactions to be reported under Section 188(1) of Bank has filed an appeal against the said order with October 26, 2020 to the Bank and its Officials in
Securities Appellate Tribunal (SAT), Mumbai and SAT terms of Rule 4 of the SEBI (Procedure for Holding
passed the Stay Order on May 17, 2021. The matter Inquiry and Imposing Penalties by Adjudicating
has been adjourned to July 5, 2022. Officer) Rules, 1995 read with Section 15I of SEBI
148 149
Act and to inquire into and adjudge under Section to raise concerns relating to reportable matters (as B. Shareholder Rights: A half-yearly declaration Board of Directors of the Bank on Quarterly basis,
15HA of the SEBI Act 1992 the alleged violation of elucidated in the said policy) such as non-adherence of financial performance including summary for their review.
the provisions of Section 12A (c) of the SEBI Act to the Code of Conduct, Suspected/actual fraud, of the significant events in last six-months
and Regulation 3(a), 3(d), 4(1) 4 (2) (k) and 4 (2) (r) corruption, misuse of office, criminal offences, though are not being sent to each household (f)
Disclosure of commodity price risks and
of SEBI (Prohibition of Fraudulent and Unfair Trade financial irregularities etc., without fear of reprisals of shareholders, the same are presented commodity hedging activities:
Practices relating to Securities Market) Regulations, and to provide for independent investigation. The to Investors/Analysts in their meeting and Information on the commodity price risk or
2003 committed by the Bank and its Officers with framework of the policy endeavours to simplify issued as a press release to reach out to the foreign exchange risk and hedging activities in
regard to disclosure to the exchanges regarding ‘Nil’ and smoothen the process for Whistle Blower and general public. The copy of the presentation the Bank:
Divergence in Asset Classification and Provisioning foster responsible reporting, a Whistle Blower is also made available on Bank’s website for
for Position as on March 31, 2018. cannot resort to the Whistle Blower Policy to shareholders information. The Bank has Board approved Market Risk policy
report his/ her personal grievances. The concerns which defines risk control framework for undertaking
C. M
odified opinion(s) in audit report: The any Commodity price risk and Foreign exchange
For FY 2019-20: can be raised through ‘Corporate Whistle Blower financial statements of the Bank for FY 2021-22
Initiative’ (CWI) portal, which is an independent risk. Vide Market Risk policy, Board of the Bank has
During the year, Reserve Bank of India (“RBI”) vide are with unmodified audit opinion. defined overall Net Overnight Open Position (NOOP)
its Speaking Order dated April 22, 2019 imposed a online reporting service aimed at facilitating
a secure communication between the Whistle D.
Reporting of Internal Auditor: The Chief Limit, Stop Loss Limit, Aggregate Gap limit (AGL),
penalty of `1,125,000/- (Rupees Eleven lakh Twenty Internal Auditor of the Bank reports directly to Value at Risk (VaR) limit to control the Commodity
Five Thousand only) under Section 30(1) of the Blower and independent Whistleblower Committee
constituted by the Bank. The policy has provisions the Audit Committee. Price / Foreign exchange risk within its risk control
Payment and Settlement Systems Act, 2007 on framework. The Bank has not undertaken any
the Bank. to safeguard Whistle Blower against victimisation. E.
Separate posts of Chairperson and the
As a responsible and vigilant organisation, the Bank Managing Director or the Chief Executive commodity price risk during the period. The Bank
The Bank had also paid fine of ` 159,300 (Rupees encourages responsible and fearless reporting of Officer: The Bank has separate persons to has undertaken all commodity transactions on back
One lakh Fifty Nine Thousand Three Hundred Only) genuine concerns or grievances and also provides the post of the Chairperson and the Managing to back basis. Further, the Bank has not exceeded
(including applicable taxes) to BSE Limited and for direct access to the Chairperson of the Audit Director and CEO. Further, the Chairperson of any of its Board approved risk limit framework with
National Stock Exchange of India Limited for delay Committee, in exceptional cases. The functioning the Bank is Non-Executive Director and not respect to Foreign Exchange Risk during the period.
in publishing financial results for the quarter and of the Vigil Mechanism is reviewed by the Audit related to the Managing Director and CEO of The Bank uses Derivatives including Forwards &
nine months ended December 31, 2019 in terms of Committee regularly. None of the Whistle Blowers the Bank. swaps for hedging its currency risk in its balance
the provisions of SEBI Standard Operating Process. have been denied access to the Audit Committee. sheet, customer offerings and proprietary trading
The delay in filing the financial results was due to The details of the Whistle Blower Policy are available (e) Subsidiary Companies: in compliance with overall risk limit and control
the capital raising activities being undertaken by on the website of the Bank at https://www.yesbank. framework. The management of these products
the Bank and a detailed reason was filed with the The Bank did not have any material subsidiary
in/pdf/ whistleblowerpolicy. during the FY 2021-22. The Bank has formulated and businesses is governed by Board approved
Exchanges for delay. Market Risk Policy, Investment Policy, Derivatives
a policy for determining ‘material’ subsidiaries
Further the Bank had paid a settlement amount of (d)
Compliance with Mandatory Requirements of pursuant to the provisions of the SEBI LODR and Policy, Hedging Policy and ALM policy of the Bank.
` 5,160,000 (Rupees Fifty One lakh and Sixty Thousand the SEBI LODR & Adoption of Non-mandatory the same is displayed on the website of the Bank Whether the commodity price risks and commodity
only) and a sum of ` 1,445,000 (Rupees Fourteen Requirements of the SEBI LODR: at https://www.yesbank.in/pdf?name=Policy_for_ hedging activities are disclosed to the shareholders
lakh and Forty Five Thousand only) was paid by the The Board of Directors review the compliance of Determining_Material_Subsidiaries.pdf. / publicly:
Compliance Officer of the Bank in a matter regarding all applicable laws every quarter. The Bank has
disclosure of Nil divergence to Stock Exchange. The The Bank has one Wholly Owned Subsidiary as of
in place a compliance framework for adherence March 31, 2022 viz. YES Securities (India) Limited The Bank has not undertaken any commodity
amount was paid in terms of Securities and Exchange to the mandatory requirements of Corporate price risk during the period. The Bank has
Board of India (Settlement proceeding) Regulations, (‘YSIL’). Further, YES Asset Management (India)
Governance norms as specified in Regulations 17 to Limited (‘YAMIL’) and YES Trustee Limited (‘YTL’) undertaken all commodity transactions on back
2018 without admitting or denying the guilt. 27 and clauses (b) to (i) and [(t)] of sub-regulation to back basis.
have ceased to be Wholly Owned Subsidiary of the
(2) of Regulation 46 of the SEBI LODR to the extent Bank w.e.f. November 1, 2021.
(c) Vigil Mechanism / Whistle Blower Policy: applicable to the Bank. (g)
Details of utilisation of funds raised through
In compliance with the provisions of Companies The Audited Annual Financial Statements of the Qualified Institutions Placement as specified
In addition to the mandatory requirements, the subsidiary was placed before the Audit Committee under Regulation 32 (7A) of SEBI LODR:
Act, 2013 and SEBI LODR and other applicable laws Bank has also adopted the following non- mandatory
and in accordance with principles of good corporate of the Bank in particular, the investments made by During the FY 2021-22 no funds were raised
requirements as suggested Part E of Schedule II the unlisted subsidiary. Further, the minutes of the
governance, the Bank has devised and implemented read with Regulation 27(1) of the SEBI LODR: through FPO, rights issue, preferential issue,
a Vigil Mechanism, in the form of ‘Whistle Blower meetings of the Board of subsidiary companies were qualified institutions placement, private placement
Policy’. The policy devised is also aligned to the A. The Board: The Bank has a non-executive placed in the meetings of the Board of Directors or a combination thereof or issuance of GDRs,
recommendations of Protected Disclosure Scheme chairperson who is entitled to maintain an of the Bank on Quarterly basis for their review. ADRs, FCCBs, fully convertible debentures/
for Private Sector Banks and Foreign Banks, office at the Bank’s expense and also allowed Statement of significant transactions/ arrangements partly convertible debentures/ non-convertible
instituted by RBI. This policy enables a Whistle Blower reimbursement of expenses incurred in entered into by the unlisted subsidiary companies debentures with warrants, with a right exercisable
performance of his duties. of the Bank were also placed at the meetings of the
150 151
by the warrant holder(s) to exchange the said warrants with Equity Shares / any other securities (other than (m) C
ompliance Certificate for the Corporate instances of significant frauds, if any, which they
warrants), which are convertible into or exchangeable with equity shares, whether rupee denominated or Governance: were aware. The said certificate is annexed and
denominated in foreign currency (hereinafter collectively referred to as the “Securities”) or any combination The Bank has obtained a certificate affirming the forms part of this Annual Report.
of Securities. compliance of conditions of Corporate Governance
from M/s. Bhandari & Associates, Practicing (p)
Code of Conduct for Prevention of Insider
(h) Certificate under Regulation 34(3) of SEBI LODR: Company Secretaries, Mumbai which forms part Trading:
The Bank has obtained a Certificate pursuant to the Regulation 34(3) read with Schedule V of the SEBI LODR, from of this report. M/s. Bhandari & Associates has The Bank has formulated the Code of Conduct for
M/s. Bhandari & Associates, Practicing Company Secretaries, Mumbai, confirming that none of the Directors on confirmed that the Bank has complied with the Prevention of Insider Trading (“Bank’s Code”), in
the Board of the Bank have been debarred or disqualified from being appointed or continuing as Directors of conditions of Corporate Governance as prescribed accordance with the SEBI (Prohibition of Insider
the Companies either by Securities and Exchange Board of India or the Ministry of Corporate Affairs or any other under SEBI LODR with exception reported therein. Trading Regulations) 2015 (the “PIT Regulations”),
Statutory Authorities. The said certificate forms part of this report. as amended from time to time, to regulate,
(n)
Disclosures with respect to Demat Suspense monitor and report trading by the Designated
(i) Recommendation of Committee not accepted by Board: Account/ Unclaimed Suspense Account: Persons specified therein and their Immediate
There are no recommendations of the Committees that are not accepted by the Board of Directors. • Aggregate number of shareholders and the Relatives in securities of Yes Bank (the “Bank”),
outstanding shares in the suspense account lying and for dealing in securities listed or proposed to
(j) Fees paid to Statutory Auditors: at the beginning of the year - Nil be listed (other than securities of the Bank), by the
The total fees incurred by the Bank and its subsidiaries on a consolidated basis, for services rendered by Designated Persons specified therein and their
• Number of shareholders who approached listed Immediate Relatives, and enumerating practices
Statutory Auditors is given below: entity for transfer of shares from suspense
Amount in (`) and procedures for Fair Disclosure of Unpublished
account during the year - Nil Price Sensitive Information.
Out of Pocket
Company Audit Fee Certification Fee Total
Expenses • Number of shareholders to whom shares were Thus, Bank endeavours to preserve the
YBL 30,000,000 3,282,820 557,839 33,840,659 transferred from suspense account during the confidentiality of un-published price sensitive
Subsidiaries year - Nil information and to prevent misuse of such
YSIL 3,00,000 - 1,000 301,000 • Aggregate number of shareholders and the information. The Bank is committed to transparency
YAMIL* 100,000 - - 100,000 outstanding shares in the suspense account lying and fairness in dealing with all stakeholders and in
YTL* 37,500 - 8,000 45,500 at the end of the year - Nil ensuring adherence to all laws and regulations.
Notes: • That the voting rights on these shares shall Accordingly, the Bank’s Code ensures that the
» No services have been availed from network firm of statutory auditor. remain frozen till the rightful owner of such unpublished price sensitive information is not
» Above numbers does not include taxes which are paid on actual basis. shares claims the shares - N.A communicated except in furtherance of legitimate
* Ceased to be subsidiary w.e.f. November 1, 2021.
(o) Managing Director & CEO / CFO Certification: purposes, performance of duties or discharge of
legal obligations. The Bank’s Code also ensure
(k) Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and The Managing Director & CEO and the Chief curbing of fraudulent and unfair practices relating
Redressal) Act, 2013: Financial Officer have issued certificate pursuant to securities market.
to the provisions of Regulation 17(8) of the SEBI
Particulars No. of Complaints LODR, for the FY 2021-22 and the same was placed The Bank under the Code maintains a structured
Number of Complaints carried forward from last year 1 before the Board of Directors at its meeting held on digital database containing the nature of
April 30, 2022. unpublished price sensitive information, names
Number of Complaints filed during the Financial Year 15
of such persons who have shared the information
Number of Complaints disposed of during the Financial Year 15 The Certificate certifies that the Financial Statements along with names of such persons or entities, as
Number of Complaints pending as on the end of the Financial Year 1* do not contain any materially untrue statement and the case may be, with whom information is shared
these statements represent a true and fair view of under this Code. Additionally, for the ease of
* The case is being investigated within the stipulated timeline.
the Company’s affairs. They also certify that, to the convenience of the Designated Persons and as a
(l) Code of Conduct and Ethics: best of their knowledge and belief, no transactions part of Bank’s digitisation initiative, the reporting
entered into during the year were fraudulent, illegal mechanism/ process which facilitates designated
The Board has formulated and adopted Code of Conduct and Ethics for the Board of Directors and Senior or violative of the code of conduct of the Bank, they
Management. The said code has been reviewed and approved by the Board at its meeting held on March 11, person in reporting of transactions in Securities of
are responsible for establishment and maintenance the Bank and seeking of pre-clearance for trading in
2022 and also has been hosted on the website of the Bank at https://www.yesbank.in/pdf?name=Code_of_ of the Internal Financial Controls for financial
Business_Conduct_Ethics_for_the_Board_of_Directors_and_Senior_Management.pdf. other securities was automated by the Bank, which
reporting and they have indicated to the auditors can be accessed by the designated person through
The Declaration signed by the Managing Director & CEO of the Bank stating that the members of Board of and the Audit Committee about any significant intranet. The system allows employees to submit
Directors and Senior Management Personnel have affirmed compliance with the Code of Conduct of Board of changes in internal control over financial reporting, online disclosures while dealing in the Securities
Directors and Senior Management is annexed and forms part of this Report. significant changes in the accounting policies and
152 153
of the Bank, i.e. submission of initial disclosures, for the year in line with the policy. The said Policy has 5. GENERAL SHAREHOLDERS INFORMATION:
obtaining of pre-clearances and submission of been hosted on the Bank’s website under Corporate (a) General Body Meetings:
periodic declarations and to obtain pre-clearance Governance Section and can be accessed at the The details of General Body Meeting(s) for the previous three financial years held and the Special Resolutions
for trading in any other securities. Thus, enabling the link https://www.yesbank.in/pdf?name=dividend_ passed therein:
Compliance Officer in monitoring of transactions, for policy_pdf.pdf.
Meeting Type and Day, Date and time Special Resolution
certain acts of omissions/ commissions on the part
of the Designated person and to take appropriate (r) Integrated Reporting: *17th Annual General Meeting – 1. To authorise capital raising through issuance of
Friday, August 27, 2021 at 11.00 a.m. debt securities.
actions as per the PIT Regulations and Bank’s Code. SEBI issued a circular dated February 06, 2017 on *16th Annual General Meeting - 1. To approve Alteration of the Articles of Association of
Further, based on the Board approved penalty ‘Integrated Reporting by Listed Entities’ advising Thursday, September 10, 2020 at 11.00 a.m. the Bank.
matrix all identified violations are being reported top 500 listed entities, which are required to 2. To approve amendments to Employee Stock Options Scheme
to the Disciplinary Committee for its action(s) which prepare Business Responsibility Report, to adopt – ‘YBL ESOS – 2018’.
may result into monetary implications depending Integrated Reporting (‘IR’) on a voluntary basis #Extra-Ordinary General Meeting – 1. To Authorise Capital Raising Through Issuance of Equity
on the instance and nature of violation. from the FY 2017-18 onwards. Since FY 2015-16, the Friday, February 07, 2020 at 11:00 a.m. Shares or Other Convertible Securities
#15th
Annual General Meeting – 1. Re-appointment of Mr. Brahm Dutt (DIN: 05308908) as an
Also, the Bank reports to the Stock Exchanges, Bank has adopted key elements of the International
Integrated Reporting Council’s Integrated Reporting Wednesday, June 12, 2019 at 11.00 a.m. Independent Director for the second term.
violations by the Designated Persons as concluded 2. Authorisation for capital raising through an issuance of debt
by Disciplinary Committee of the Bank in the format (IR) framework. The Bank’s Annual Report for
instruments.
as prescribed under the Regulations. FY 2021-22 continues to follow key elements of the
3. Authorisation for capital raising through issuance of Equity
IR framework. Shares or other convertible securities.
The Bank from time to time creates awareness
through webinars, quiz, e-mails, mandatory (s) Accounting Treatment: *In compliance with the provisions of the Ministry of Corporate Affairs (“MCA”) General Circular No. 20/2020 dated May 05, 2020
declaration amongst the Designated Persons on the
The financial statements have been prepared in read together with MCA General Circular Nos. 14 & 17/2020 dated April 08, 2020 and April 13, 2020 respectively, and Securities and
compliance and obligation requirements under the Exchange Board of India (“SEBI”) Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020, the Company conducted the
PIT Regulations read with the Bank’s Code. accordance with requirements prescribed under
AGM through Video Conferencing /Other Audio Visual Means (“VC”/“OAVM”).
the Third Schedule (Form A and Form B) of the
urther, in accordance with the Secretarial Standard-2 on General Meetings issued by the Institute of Company Secretaries of India
F
(q) Dividend Distribution Policy: Banking Regulation Act, 1949 and the guidelines
(“ICSI”) read with Clarification/Guidance on applicability of Secretarial Standards - 1 and 2 dated April 15, 2020 issued by the ICSI,
issued by the Reserve Bank of India (RBI) from the proceedings of the AGM are deemed to be conducted at the Registered Office of the Bank being the deemed venue of the AGM.
In terms of the provisions of Regulation 43A of the time to time. The accounting and reporting policies The above Meetings were held at Hall of Culture, Ground Floor, Nehru Centre, Discovery of India, Dr. A. B. Road, Worli,
#
SEBI LODR, the Board of Directors of the Bank has of the Bank used in the preparation of these Mumbai – 400 018.
formulated and approved the Dividend Distribution financial statements conform to Generally Accepted
Policy with the objective of providing clarity to its Accounting Principles in India (Indian GAAP), the (b) Passing of Resolution through Postal Ballot:
stakeholders on the profit distribution strategies of guidelines issued by the Reserve Bank of India (RBI)
the Bank. The policy is in line with the parameters During the previous three Financial Years, the Bank approached the Shareholders/Bondholders through Postal
from time to time, the accounting standards notified Ballot. The details of the Postal Ballot exercise for the last three financial years are as follows:
prescribed thereunder for payment / distribution of under Section 133 of the Companies Act, 2013 and
dividend to the shareholders. Companies (Accounting Standards) Amendment A. Resolutions approved by Shareholders:
The dividend policy of the Bank states that the Rules, 2016 to the extent applicable and practices
bank shall recommend first dividend payout post generally prevalent in the banking industry in India. (i) Date of Postal Ballot Notice: February 28, 2022
moratorium only after the Bank has demonstrated The Bank follows the accrual method of accounting Voting period: March 02, 2022 at 10:00 a.m. to March 31, 2022 at 5:00 p.m.
profitability for a continuous period of three and the historical cost convention, unless otherwise
successive financial years. Since the Bank has stated by RBI guidelines. Date of declaration of result: March 31, 2022
returned to profitability for the first-time post Date of approval: March 31, 2022
moratorium, recommending dividend is not allowed Vote cast in favour Vote cast in against
Type of No. of votes
Name of resolution
resolution polled No. of votes % No. of votes %
To authorise raising of Capital through Special 11,987,452,199 11,783,704,200 98.300 203,747,999 1.700
the issuance of equity shares or other Resolution
securities
To approve material related party Ordinary 5,515,158,696 5,477,327,292 99.314 37,831,404 0.686
transactions with State Bank of India Resolution
(ii) Date of Postal Ballot Notice: January 22, 2021

Voting period: January 31, 2021 at 10:00 a.m. to March 01, 2021 at 5:00 p.m.
Date of declaration of result: March 02, 2021
154 155
Date of approval: March 01, 2021 (c) Procedure for Postal Ballot: members at a common venue. Moreover, in terms
Vote cast in favour Vote cast in against Equity shares: of the General Circulars, the Bank had sent Postal
Type of No. of Votes
Name of resolution
resolution polled Ballot Notice by e-mail to all its members who have
No. of votes % No. of votes % In compliance with Sections 108 and 110 of the registered their e-mail addresses with the Bank
To authorise raising of Capital through Special 13,772,746,537 13,604,677,323 98.780 168,069,214 1.220 Companies Act, 2013 read with Rules 20 and 22 of
the issuance of equity shares or other Resolution
or Depository/ Depository Participants and the
the Companies (Management and Administration) communication of assent/ dissent of the members
securities
Rules, 2014 and Regulation 44 of the SEBI LODR, the were taken place through the remote e-voting
(iii) Date of Postal Ballot Notice: April 21, 2020 Bank provides e-voting facility to all its Members to system. The Postal Ballot exercise was accordingly
Voting period: April 23, 2020 at 10:00 a.m. to May 22, 2020 at 05:00 p.m. enable them to cast their votes electronically on the in compliance with the General Circulars.
matters included in Postal Ballot Notice, instead of
Date of declaration of result: May 22, 2020 dispatching the Postal Ballot Form by post. E-voting The Postal Ballot Notice was sent to all those
Date of approval: May 22, 2020 is optional and all Members are eligible to vote by Members whose names appear on the Register
completing and dispatching the Postal Ballot Form of Members / Statements of Beneficial Holders
Vote cast in favour Vote cast in against
Name of resolution
Type of No. of Votes
by post, or through e-voting. provided by the Depositories as on the cut-off date.
resolution polled No. of votes % No. of votes %
The Bank had engaged the services of National The Bank had also published a notice in the newspaper
To Authorise Capital Raising through Special 7,055,911,706 7,039,910,208 99.7732 16,001,498 0.2268
Issuance of Equity Shares or Other Resolution Securities Depository Limited for Postal Ballot declaring the details of completion of dispatch and
Convertible Securities held in January 2021 and March 2022 and KFIN other requirements as mandated under the aforesaid
Technologies Limited for Postal Ballot held in April, provisions of the Act and the said Rules.
B. Resolutions approved/dis-approved by Bondholders: 2020 respectively for the purpose of providing Voting rights were reckoned on the paid-up value of
Date of Postal Ballot Notice: March 09, 2022 remote e-voting facility to all its Members. the shares registered in the names of the Members
Voting period: March 11, 2022 at 9:00 a.m. To April 09, 2022 at 5:00 p.m. The Board of Directors of the Bank appointed as on the said cut-off date. Members desiring to
Scrutiniser for conducting the Postal Ballot process exercise their votes were requested to exercise their
Date of declaration of result: April 11, 2022 vote using the remote e-voting facility before the
in a fair and transparent manner. The Postal Ballot
Date of approval: April 09, 2022 exercise was conducted in accordance with the close of business hours on the last date of e-voting
Vote cast in Vote cast in provisions of Section 110 of the Companies Act, 2013 as set out in the Postal Ballot Notice.
No. of favour against
Name of resolution
Type of Resolution
Votes read with Rule 22 of the Companies (Management The Scrutiniser had submitted his report to the
resolution Status No. of No. of
polled % % & Administration) Rules, 2014, as amended and Chairman, after verification of the records and
votes votes
General Circular No. 14/2020 dated April 08, 2020, thereafter the consolidated results of the voting
To consider and approve early redemption of Unsecured Special Passed 1 1 100.00 0 0.00
General Circular No. 17/2020 dated April 13, 2020, were declared by any one of the Directors of the
Upper Tier II Bonds in the nature of Debentures bearing Resolution
ISIN INE528G08253 General Circular No. 22/2020 dated 15 June, 2020, Bank, duly authorised by the Board of Directors, in
To consider and approve early redemption of Unsecured Special Passed 1 1 100.00 0 0.00 General Circular No. 33/2020 dated September 28, this regard.
Redeemable Non Convertible Lower Tier II Subordinated Resolution 2020 General Circular No. 39/2020 dated 31 Subsequently, the said results alongwith the
Bonds in nature of Debentures bearing ISIN INE528G08220 December, 2020, General Circular No. 10/2021 dated report of the Scrutiniser were disclosed to the
To consider and approve early redemption of Unsecured Special Passed 3 3 100.00 0 0.00 June 23, 2021 and General Circular No. 20/2021 Stock Exchanges within 2 working days of such
Redeemable Non Convertible Lower Tier II Subordinated Resolution dated December 08, 2021, (“General Circulars”)
Bonds in nature of Debentures bearing ISIN INE528G08238 declaration, in terms of Regulation 44(3) of the
issued by the Ministry of Corporate Affairs (the SEBI LODR and uploaded on the website of the
To consider and approve early redemption of Unsecured Special Not 66 4 16.17 62 70.27
“MCA”) for seeking the approval of the Members. Bank. The resolutions passed by requisite majority
Redeemable Non Convertible Lower Tier II Subordinated Resolution Passed
Bonds in nature of Debentures bearing ISIN INE528G08246 In view of the extraordinary circumstances due to were deemed to have been passed on the last date
To consider and approve early redemption of Unsecured Special Not 5 4 66.67 1 16.67 COVID-19 pandemic requiring social distancing, specified by the Bank for receipt of duly completed
Upper Tier II Bonds in the nature of Promissory Notes Resolution Passed MCA in terms of its General Circulars, had advised postal ballot forms or e-voting.
bearing ISIN INE528G09103
the companies to take all decisions of urgent nature
To consider and approve early redemption of Unsecured Special Not 13 8 27.20 5 65.00
requiring members ‘approval, other than items of Debenture/Bonds:
Upper Tier II Bonds in the nature of Promissory Notes Resolution Passed
bearing ISIN INE528G09111 ordinary business or business where any person has In compliance with Sections 108 and 110 of the
To consider and approve early redemption of Unsecured Special Not 2 0 0.00 2 100.00 a right to be heard, through the mechanism of Postal Companies Act, 2013 read with Rules 20 and 22 of
Redeemable Non Convertible Lower Tier II Subordinated Resolution Passed Ballot/E-Voting in accordance with the provisions of the Companies (Management and Administration)
Bonds bearing ISIN INE528G09129 the Act and Rules made thereunder, without holding Rules, 2014 and Regulation 59 of the SEBI LODR,
To consider and approve early redemption of Unsecured Special Not 18 11 21.82 7 27.56 a general meeting that requires physical presence of
Upper Tier II Bonds in the nature of Promissory Notes Resolution Passed
bearing ISIN INE528G09137
No special resolution is proposed to be passed through postal ballot.
156 157
the Bank provided e-voting facility to all the were taken place through the remote e-voting website of the Bank at https://www.yesbank. (7) The Bank has established systems and
Bondholders of Basel II compliant Lower Tier II system. The Postal Ballot exercise was accordingly in /about- us / inves tor- relations / f inancial - procedures to disseminate relevant information
& Upper Tier II Bond instruments bearing ISINs : in compliance with the General Circulars. information/financial-results. to its stakeholders, including shareholders,
INE528G08220, INE528G08238, INE528G09129, The Postal Ballot Notices were sent to all Bondholders (3) Financial Results are published in Financial analysts, suppliers, customers, employees and
INE528G08246, INE528G09103, INE528G09111, of Basel II compliant Lower Tier II & Upper Tier II Express and Navshakti Newspaper. the society at large. It also conducts earning
INE528G08253 and INE528G09137 to enable them Bond instruments bearing ISINs : INE528G08220, calls with analysts and investors.
to cast their votes through Postal Ballot by way (4) The presentations made to Institutional
INE528G08238, INE528G09129, INE528G08246, Investors and Financial Analysts on the (8) Documents like Notices of General Meetings,
of remote electronic voting (E-voting) only on the INE528G09103, INE528G09111, INE528G08253 and Annual Reports, Electronic Clearing System
matters included in Postal Ballot Notice. Company’s Financial Results are displayed on
INE528G09137 whose names appear on the Register the website of the Bank at https://www.yesbank. (ECS) advises for Dividends, etc. are sent to
The Bank had engaged the services of National of bondholders provided by the Depositories as on in /about- us / inves tor- relations / f inancial - the shareholders at their e-mail address, as
Securities Depository Limited in March 2022 for the cut-off date as on Friday, March 04, 2022. information/financial-results. The Bank also registered with their Depository Participants /
above Postal Ballot process for the purpose of The Bank had also published a notice in the informs the Schedule of meeting with the Company / Registrar & Transfer Agents (RTA).
providing e-voting facility to the Bondholders. newspaper declaring the details of completion of Institutional Investors and Financial Analysts This helps prompt delivery of document,
Axis Trustee Private Limited, the Debenture Trustee dispatch and other requirements as mandated to the Stock Exchanges. No unpublished reduce paper consumption, save trees and
for the Bonds issued by the Bank appointed under the aforesaid provisions of the Act & the price sensitive information is discussed in the avoid loss of documents in transit.
Scrutiniser for conducting the Postal Ballot process said Rules. presentation made to Institutional Investors (9) SEBI Complaints Redress System (SCORES):
in a fair and transparent manner. The Postal Ballot The Resolutions shall be considered as passed upon and Financial Analysts. The investor complaints are processed in a
exercise was conducted in accordance with the receipt of the consent/assent of the holders of at (5) The Financial and other information filed by centralised web-based complaints redress
provisions of Section 110 of the Companies Act, 2013 least three-fourth of the outstanding amount of the the Bank from time to time is also available on system. The salient features of this system
read with Rule 22 of the Companies (Management Bonds registered in the names of the Bondholders the websites of the Stock Exchanges, i.e., BSE are centralised database of all complaints,
& Administration) Rules, 2014, as amended and as on the said cut-off date.. Limited (BSE) at www.bseindia.com and the online upload of Action Taken Reports (ATRs)
General Circular No. 14/2020 dated April 08, 2020, National Stock Exchange of India Limited (NSE) by concerned companies and online viewing by
General Circular No. 17/2020 dated April 13, 2020, The Scrutiniser had submitted his report to the investors of actions taken on the complaint and
Chairman of the Meeting, the Trustee, after at www.nseindia.com.
General Circular No. 22/2020 dated June 15, 2020, its current status.
General Circular No. 33/2020 dated September 28, verification of the records and thereafter the (6) Filings are also made to the London Stock
consolidated results of the voting were declared. Exchange, Singapore Stock Exchange and India (10) Periodically reminders to the shareholders are
2020 and General Circular No. 39/2020 dated sent for claiming unclaimed dividend.
December 31, 2020 General Circular No. 10/2021 Subsequently, the said results alongwith the International Exchange (IFSC) Limited.
dated June 23, 2021 and General Circular No. 20/ report of the Scrutiniser was disclosed to the Stock
2021 dated December 08, 2021, (“General Circulars”) Exchanges within 48 hours of such declaration (e) Changes in Equity Share Capital of the Bank:
issued by the Ministry of Corporate Affairs (the and, uploaded on the website of the Bank. The As on March 31, 2022 the paid-up equity share capital of the Bank was comprising of 25,054,952,981 (Two
“MCA”) for seeking the approval of the Bondholders. resolutions, passed on April 09, 2022 (being the Thousand Five Hundred Five Crore Forty Nine lakh Fifty Two Thousand Nine Hundred And Eighty One) equity
In view of the extraordinary circumstances due to last date of e-voting) by requisite majority of three- shares of ` 2 each aggregating to ` 50,109,905,962 (Rupees Five Thousand And Ten Crore Ninety Nine lakh Five
COVID-19 pandemic requiring social distancing, fourth of value of the holder(s) of the Bond(s) for the Thousand Nine Hundred And Sixty Two Only).
MCA in terms of its General Circulars, had advised series having ISINs: INE528G08220, INE528G08238, The table below gives details of equity evolution of the Bank during the year under review:
the companies to take all decisions of urgent nature and INE528G08253.
No. of Equity Shares Cumulative Equity Share Capital
Date of Allotment Type of Issue Face Value (in `)
requiring members ‘approval, other than items of Allotted (No. of Shares)
ordinary business or business where any person has (d) Means of Communication:
February 01, 2022 ESOP 32,250 2.00 25,054,938,231
a right to be heard, through the mechanism of Postal The Bank has provided adequate and timely February 21, 2022 ESOP 14,750 2.00 25,054,952,981
Ballot/E-Voting in accordance with the provisions of information to its members inter-alia through the
the Act and Rules made thereunder, without holding following means: (f) Dividend:
a general meeting that requires physical presence of (1) Quarterly Results are announced through During FY 2021-22, the Bank had not declared any dividend on equity shares.
members at a common venue. Moreover, in terms a Press Conference and/or a Press Release
of the General Circulars, the Bank had sent Postal sent to leading media publications as well as
Ballot Notice by e-mail to all its members who have regulatory notice advertisement.
registered their e-mail addresses with the Bank
or Depository/ Depository Participants and the (2) The Financial Results, Official News Releases
communication of assent/ dissent of the members and Presentations are also displayed on the
158 159
(g) Unclaimed Dividend and Transfer of Dividend and Shares to IEPF:

Intimation to the Investors for claiming of or a combination thereof or issuance of GDRs,
In terms of the provisions of Section 124(5) of the Companies Act, 2013 read with the Investor Education and Dividends: ADRs, FCCBs, fully convertible debentures/
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’), as amended from time During the year under review the Bank has partly convertible debentures/ non-convertible
to time, the Bank is statutorily required to transfer to the Investor Education & Protection Fund (‘IEPF’), established undertaken the following initiatives to reduce the debentures with warrants, with a right exercisable
by the Central Government, all dividends remaining unpaid / unclaimed for a period of 7 years, thereon, from the quantum of unpaid/unclaimed dividend: by the warrant holder(s) to exchange the said
date of transfer of such Dividend to the Unpaid Dividend Account. Once such amounts are transferred to IEPF, no warrants with Equity Shares/any other securities
claim of the shareholder shall lie against the Bank. However, the shareholders may claim their unclaimed amount • annual reminders to the concerned shareholders (other than warrants), which are convertible into
as per the procedures/ guidelines issued by the MCA. Unpaid/ Un-claimed Dividends amounting to `1,881,000 for to claim dividend; and or exchangeable with equity shares, whether
Financial Year ended March 31, 2014 have already been transferred to the IEPF and Dividend for the Financial Year • direct credit of unpaid/unclaimed dividend to rupee denominated or denominated in foreign
ended March 31, 2015 shall be liable to transferred to IEPF after the due date i.e. July 05, 2022. those shareholders’ accounts, who have updated currency (hereinafter collectively referred to as the
their bank account details with the Bank/ “Securities”) or any combination of Securities.
The details of Unclaimed Dividend for the Financial Year ended March 31, 2015 onwards and the last date for
claiming such Dividends are given below: Depository Participant.
(j) Policies of the Bank:
Dividend for the year ended Date of Declaration of Dividend Last date of claiming Dividend Procedure to claim Unclaimed Dividends/Shares: As a part of good Corporate Governance, the Bank
March 31, 2015 June 06, 2015 July 05, 2022
The Shareholders whose dividend/shares have been has from time to time adopted various policies/
March 31, 2016 June 07, 2016 July 06, 2023
March 31, 2017 June 06, 2017 July 05, 2024
transferred to IEPF can claim the dividend and/or codes which are hosted on the website of the Bank
March 31, 2018 June 12, 2018 July 11, 2025 shares after following the procedure prescribed by at https://www.yesbank.in/about-us/corporate-
March 31, 2019 June 12, 2019 July 11, 2026 the MCA which is available on the website of IEPF at governance.
http://www.iepf.gov.in/IEPF/refund.html.
Shareholders who have not encashed their Dividend shares shall remain frozen till the rightful owner The Bank on receipt of the complete set of prescribed 6. GENERAL SHAREHOLDERS INFORMATION:
Warrants relating to the Unclaimed Dividends as claims the shares. documents shall submit its e-verification report to (a)
Date, time & venue of the Annual General
specified above are advised to send their request the IEPF Authority within the timeline prescribed Meeting:
In this connection, the Bank had sent intimation
letter to KFIN Technologies Limited (Formerly known letter(s) to members in respect of the shares on under the IEPF Rules. Upon submission of the The date, time and venue of the 18th Annual General
as KFin Technologies Private Limited) mentioning which dividend had remained unpaid or unclaimed e-verification report by the Bank, the corresponding Meeting of the Bank is as under:
the relevant Folio number(s)/ DP ID and Client ID, for seven consecutive years or more, requesting action shall solely be at the discretion of the Date: 15/07/2022 Time: 10.30 a.m.
with updated Bank account details enabling Bank them to claim such dividend so as to avoid the IEPF Authority.
to remit the unclaimed dividend via electronic bank Venue: Through Video Conferencing (VC)/Other
corresponding shares being transferred to the Audio Visual Means (OAVM) the deemed venue of
transfer. The details of unpaid/unclaimed dividends IEPF Authority. Simultaneously, an advertisement (h) Queries at Annual General Meeting:
are available on the website of the Bank at https:// the meeting is the Registered Office of the Bank
to this effect was published in leading English and Shareholders who wish to ask questions/express situated at YES BANK House, Off Western Express
w w w.yesbank.in/about-us/inves tors-relation/ Vernacular newspapers. their views on the items of the businesses to be
shareholder-information/ir-regulations. Highway, Santacruz East, Mumbai – 400 055,
In compliance with the IEPF Rules, in September transacted at the meeting are requested to write Maharashtra, India.
2021, the Bank transferred 27,588 equity shares of to the Bank’s investor e-mail-id: [email protected]
Transfer of ‘Underlying Shares’ in respect of with regard to the accounts at least 48 hours before
which Dividend has not been claimed for seven ` 2/- each corresponding to the unclaimed dividend (b) Financial Year:
for the Financial Year ended March 31, 2014 to IEPF. the time fixed for the AGM mentioning their name,
consecutive years or more, to the IEPF: demat account number/folio number, e-mail ID, The Financial Year of the Bank starts on April 01 and
The aforesaid Rules also prescribe the procedure to ends on March 31 of next year.
In terms of Section 124 (6) of the Companies Act, be followed by a shareholder to claim the Shares / mobile number etc. The queries may be raised
2013 read with Investor Education and Protection Dividend amount transferred to IEPF. Shares which precisely and in brief to enable the Bank to answer
Fund Authority (Accounting, Audit, Transfer and the same suitably depending on the availability of (c) Cut-off Date:
are transferred to the IEPF Demat Account can be
Refund) Rules, 2016 (‘IEPF Rules’), as amended from claimed back by the shareholder from IEPF Authority time at the AGM. The Cut Off Date for determining shareholders
time to time, members are requested to note that by following the procedure prescribed under the who will be entitled to vote electronically on the
the shares in respect of which dividends have been aforesaid Rules. (i) Details of utilisation of funds: resolutions mentioned in the Notice convening the
unpaid or unclaimed for seven consecutive years or During the FY 2021-22 no funds were raised by Annual General Meeting by remote e-Voting and
more shall be credited to the IEPF Demat Account The information pertaining to unpaid / unclaimed also vote on AGM date at the appointed time is
dividends for last seven years and the details of such way of a FPO, rights issue, preferential issue,
maintained with Depositories. Upon transfer of qualified institutions placement, private placement mentioned in the AGM Notice.
such shares, all benefits (e.g. bonus, spilt etc.), if any, members whose unclaimed dividend / shares have
accruing on such shares shall also be credited to the been transferred to IEPF Authority is also available
IEPF Demat Account and the voting rights on such on the Bank’s website at https://www.yesbank.
in /ab o u t- us / inve s tor s - re la t ion /share h ol der-
information/ir-regulations.
160 161
(d) Dividend Payment Date: (g) Performance of the Bank’s Equity Shares as compared with Indices:
The Bank has not proposed any Dividend for the FY 2021-22. YBL via-a-vis SENSEX - FY 2021-22
(e) Listing on Stock Exchanges, ISIN & Stock Code:

60000 15.00
The Securities of the Bank are listed on following Stock Exchanges.
14.00
Domestic Listing – New ISIN-INE528G01035 | Old ISIN-INE528G01027 (Equity)
55000
(Equity Shares) (Equity Shares & Debt Securities) 13.00
National Stock Exchange of India Limited BSE Limited 12.00
Exchange Plaza, Plot No. C - 1, Block G, Phiroze Jeejeebhoy Towers, Dalal Street, 50000
Bandra-Kurla Complex, Bandra (E), Mumbai – 400 001. 11.00
Mumbai – 400 051.
Stock Code: YESBANK Stock Code: 532648 45000 10.00
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Notes:
(1) Listing Fees for the FY 2021-22 has been paid to the above-mentioned Stock Exchanges.
(2) The Security 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)
S&P BSE Sensex YBL Closing Price (BSE)
The Singapore Exchange Securities Trading Ltd. The London Stock Exchange International Securities Market
2, Shenton Way #02-02, 10, Paternoster Square, London, EC4M 7LS,
YBL via-a-vis NIFTY - FY 2021-22
SGX Centre 1, United Kingdom.
Singapore – 068804.
India International Exchange (IFSC) Limited 20000 15.00
1stFloor, Unit No. 101, The Signature, Building No. 13B, Road 1C, Zone 1, GIFT SEZ, 14.00
GIFT City, Gandhinagar, Gujarat – 382 355, India. 18000
13.00
(f) Market Price Data: High, Low during each month in last financial year: 16000
12.00
NSE BSE 14000
Month 11.00
High (`) Low (`) Volume High (`) Low (`) Volume
Apr-21 15.95 13.90 1,524,657,115 15.95 13.90 184,752,081 12000 10.00
May-21 14.15 12.85 2,463,028,252 14.15 12.60 402,230,548
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Jun-21 15.55 13.30 2,950,570,848 15.51 13.33 472,491,156
Jul-21 14.10 12.70 1,989,734,369 14.05 12.72 397,777,899
Aug-21 12.95 10.50 1,864,250,240 12.95 10.51 480,430,664
Sep-21 15.05 10.75 4,465,928,061 15.04 10.75 746,689,407 NSE Nifty 50 YBL Closing Price (NSE)
Oct-21 14.65 12.40 2,858,237,845 14.62 12.40 571,322,496
Nov-21 13.60 12.10 1,346,561,917 13.55 12.09 300,053,885 (h) Registrar and Share Transfer Agents:
Dec-21 14.95 12.15 3,035,829,680 14.93 12.17 600,550,890 EQUITY DEBT
Jan-22 14.95 13.20 2,454,434,521 14.94 13.22 542,591,251 KFIN Technologies Limited Link Intime India Private Limited
Feb-22 14.35 12.50 1,932,191,548 14.34 12.50 386,933,839
Selenium Building, Tower B, Plot 31 & 32, C 101, 247 Park, L B S Marg,
Mar-22 13.45 12.10 2,776,055,822 13.45 12.11 442,045,484
Financial District, Nanakramguda, Serilingampally, Vikhroli West, Mumbai 400 083.
Hyderabad, Rangareddi, Telangana - 500032 Tel No: +91 22 4918 6000
Phone No: 040- 6716 2222 Fax: +91 22 4918 6060
Fax No: 040-2300 1153 Contact Person: Mr. Ganesh Jadhav
Contact Person: Ms. Shobha Anand/Mr. Sridhar B E-mail: [email protected]
E-mail: [email protected]
MEDIUM-TERM NOTE
The Hongkong and Shanghai Banking Corporation Limited
Level 30, HSBC Main Building,
1 Queen’s Road Central, Hong Kong.
162 163
(i) Share Transfer System: submitting a duly filled and signed Form ISR – 4, (j) Distribution of Shareholding as on March 31, 2022:
The Board has delegated the authority for approving the format of which is available on the Company’s Amount %
No. of
transfer, transmission, etc. of the Bank’s securities website under the link at https://www.yesbank.in/ Category
shareholders
% Total Shares
in ` of Amount
in physical form to the Managing Director & CEO pdf ?name=normsforprocessinginvestorservice_
pdf.pdf Members holding equity shares of the 1-5000 4,072,985 88.20 1,661,117,176 3,322,234,352 6.63
and the Company Secretary.
Company in physical form are requested to kindly get 5001- 10000 249,652 5.41 922,121,370 1,844,242,740 3.68
The Bank’s shares are traded under compulsory their equity shares converted into demat/ electronic 10001- 20000 146,360 3.17 1,079,237,418 2,158,474,836 4.31
dematerialised mode. A half-yearly certificate of form to get inherent benefits of dematerialisation 20001- 30000 55,911 1.21 705,178,982 1,410,357,964 2.81
compliance with the share transfer formalities and also considering that physical transfer of equity
as required under Regulation 40(9) of the SEBI 30001- 40000 27,431 0.59 486,583,115 973,166,230 1.94
shares/ issuance of equity shares in physical form
LODR is obtained from the Company Secretary in have been disallowed by SEBI.
40001- 50000 15,403 0.33 350,414,119 700,828,238 1.40
Practice and a copy of the certificate is filed with the 50001- 100000 28,921 0.63 1,029,316,201 2,058,632,402 4.11
Stock Exchanges. Nomination facility for shareholding: 100001& Above 21,362 0.46 18,820,984,600 37,641,969,200 75.12
As per the provisions of Section 72 of the Companies Total 4,618,025 100.00 25,054,952,981 50,109,905,962 100.00
Updation of Permanent Account Number (PAN)
and Bank Details: Act, 2013 facility for making nomination is available
for the members in respect of shares held by them. Shareholding Pattern as on March 31, 2022:
The Bank had sent individual letters to all the Members holding shares in physical form may obtain Sr. % To Total
Members holding shares of the Bank in physical form a nomination form (Form SH-13), from the Bank’s RTA No.
Category of Shareholders No. of Shares
Share Capital
for furnishing their PAN, KYC details and Nomination or download the same from the Company’s website I Promoter & Promoter Group 0 0.00
pursuant to the SEBI/HO/MIRSD/MIRSD_RTAMB/P/ through the weblink at https://www.yesbank.in/ II Other Institutions: 4,186,737,644 16.71
CIR/2021/655, November 03, 2021 and SEBI/HO/ pdf ?name=normsforprocessinginvestorservice_
MIRSD/MIRSD_RTAMB/P/CIR/2021/687, December (a) Mutual Funds /UTI 117,987,989 0.47
pdf.pdf. Members holding shares in dematerialised
14, 2021. The aforesaid communication is available form should contact their Depository Participants (b) Alternate Investment Funds 5,134,681 0.02
on the website of the Bank. Attention of the Members (DP) in this regard. (c) Foreign Portfolio Investors: 2,749,144,462 10.97
holding shares of the Bank in physical form is invited (i) Amansa Holding Private Limited 290,219,786 1.20
to go through the said important communication Reconciliation of Share Capital Audit: (d) Qualified Institutional Buyer: 1,314,243,114 5.25
under the web link at https: https://www.yesbank.
in/pdf?name=normsforprocessinginvestorservice_ Reconciliation of Share Capital Audit, as mandated (i) Life Insurance Corporation of India 1,248,365,988 4.98
pdf.pdf. by SEBI, has been carried out by Company Secretary (e) Foreign Corporate Bodies 227,398 0.00
in Practice on quarterly basis, and reports on the
Members may please note that SEBI vide its III Financial Institutions /Banks: 9,587,677,451 38.27
reconciliation of total issued and listed capital
Circular No. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/ with that of total share capital admitted/ held in
(a) ICICI Bank Ltd 750,150,770 2.99
CIR/2022/8 dated January 25, 2022 has mandated dematerialised form with NSDL and CDSL and those (b) State Bank of India 7,516,666,000 30.00
the Listed Companies to issue securities in demat held in physical form. (c) Axis Bank Limited 491,311,025 1.96
form only while processing service requests viz.
The Report in this regard has been duly submitted (d) Bandhan Bank Limited 300,000,000 1.20
Issue of duplicate securities certificate, claim from
Unclaimed Suspense Account; Renewal/ Exchange to Stock Exchanges viz., National Stock Exchange of (e) IDFC First Bank Limited 288,627,680 1.15
of securities certificate; Endorsement; Sub-division/ India Limited and BSE Limited on a quarterly basis (f) Other Financial Institutions /Banks 240,921,976 0.96
Splitting of securities certificate; Consolidation and being placed before the Board of Directors of
IV Other Non-Institutions: 1,992,371,731 7.95
of securities certificates/folios; Transmission the Bank for its review.
(a) Bodies Corporates 1,854,579,757 7.40
and Transposition. Accordingly, Shareholders
(b) NBFCs Registered with RBI 61,275,861 0.24
are requested to make service requests by
(c) I E P F 191,659 0.00
(d) Trusts 724,867 0.00
(e) Clearing Members 75,599,587 0.30
164 165
Sr.
Category of Shareholders No. of Shares
% To Total • In the month of August 2021, CRISIL upgraded same was reaffirmed in January 2021 & October
No. Share Capital
“CRISIL BBB+” ratings towards Basel III Tier II 2021 and maintained as on March 31, 2022. CARE
V Individuals: 9,288,166,155 37.07 Bonds and Infrastructure bonds respectively upgraded the ratings for Basel II Lower Tier II
(a) Individuals holding nominal share capital up to ` 2 lakh 6,576,721,606 26.25 from “CRISIL BBB” in August 2020 and the same Bonds and Infrastructure Bonds to “CARE BBB” in
(b) Individuals holding nominal share capital in excess of ` 2 lakh 1,992,897,760 7.95 was maintained as on March 31, 2022. Further November 2020 from “CARE B” in June 2020, the
(c) H U F 242,859,489 0.97 CRISIL upgraded to “CRISIL A1” rating towards same was reaffirmed in January 2021 & October
(d) Non-Resident Indians 286,902,761 1.15 Certificate of Deposit programme in August 2021 2021 and maintained as on March 31, 2022. CARE
(e) Non-Resident Indian Non-Repatriable 106,262,437 0.42 from “CRISIL A2+” in August 2020 and the same upgraded the ratings for Basel III Tier II Bonds to
(f) Employees 82,240,703 0.33 was maintained as on March 31, 2022. “CARE BBB” in November 2020 from “CARE C” in
(g) Foreign Nationals 9,209 0.00 • India Ratings reaffirmed the ratings for Bank’s June 2020, the same was reaffirmed in January
(h) Directors 272,190 0.00 Infrastructure Bonds, Basel III Tier II Bonds to 2021 & October 2021 and maintained as on
Total 25,054,905,981 100.00 “IND BBB” and “IND BBB-“ respectively in August March 31, 2022.
2021 and the same were maintained as on • As on March 31, 2022, Outlook maintained by
Shareholding Pattern (in %) (l)
Outstanding GDRs/ ADRs/ Warrants or any March 31, 2022. CRISIL, India Ratings, ICRA is “Stable” and by Care
Convertible instruments, conversion date and is “Positive”
likely impact on equity: • ICRA reaffirmed the Ratings in September 2021
% To Total Share Capital
for Basel II Lower Tier II bonds and Infrastructure • The Bank’s FCY ratings was upgraded to “B2”
The Bank does not have any Outstanding bonds at “ICRA BBB” and same was maintained as in November 2021 from “B3” and same was
GDRs/ ADRs/ Warrants or any other Convertible on March 31, 2022. ICRA reaffirmed the Ratings maintained as on March 31, 2022 and outlook
instrument as on date. in September 2021 for Basel III Compliant Tier II was positive.
bonds at “ICRA BBB-“ and Basel III Additional Tier I (q) Debenture Trustee:
(m) Commodity Price Risk or Foreign Exchange Risk Bonds at “ICRA C” and same were maintained
and Hedging activities: as on March 31, 2022. Ratings for Basel II Tier I Axis Trustee Services Limited
The information on the Commodity Price Risk or Bonds and Upper Tier II Bonds were reaffirmed The Ruby, 2nd Floor, 29, Senapati Bapat Marg,
Foreign Exchange Risk and Hedging activities is at “ICRA BB+” in September 2021 and same were Dadar (West), Mumbai – 400 028
explained elsewhere in this report. maintained as on March 31, 2022. Contact Person – Mr. Anil Grover
Email Id – [email protected]
• CARE upgraded the ratings for Basel II Upper Tier Contact November 2020 – 62300451
(n) Plant Locations: II Bonds and Basel II Tier I Bonds to “CARE BB+” in
16.71% Other Institutions:
Being a Banking Company, the Bank operates its November 2020 from “CARE D” in June 2020, the
38.27% Financial Institutions / Banks
7.95% Other Non-Institutions:
business through a network of 1122 Branches; 95
37.07 Individuals
BC Banking Outlets located across India and 1,244 For and on behalf of the Board of Directors
NIL holding of promoter & Promoter Group
ATMs and Bunch Note Acceptor/Recycler. The
YES BANK Limited
details of the Branch Addresses are available on the
(k) Dematerialisation of shares and liquidity: website of the Bank.
Prashant Kumar Sunil Mehta
The equity shares of the Bank are to be compulsorily (o) Address for Correspondence for investors: Place: Mumbai Managing Director & CEO Chairman
traded on the floor of the stock exchanges in Date: May 06, 2022 (DIN: 07562475) (DIN: 00065343)
electronic form by all investors. Mr. Shivanand R. Shettigar, Company Secretary
As on March 31, 2022, out of total paid-up YES BANK House, Off Western Express Highway,
equity share capital of the Bank, 99.998% is held Santacruz East, Mumbai – 400 055. Tel: +91 (22) 5091
in dematerialised form and 0.002% is held in 9800, +91 (22) 6507 9800, Fax : +91 (22) 2619 2866
physical form. Email: [email protected]
Shareholders are requested to convert their physical
holdings into electronic holdings which will negate (p)
Credit Ratings and Change/Revisions in Credit
risks associated with physical certificates. Ratings for Debt Instruments:
• Yes Bank’s Senior Unsecured Domestic Ratings
are below the minimum requirement of “A-”.
166 167
COMPLIANCE WITH CODE OF CONDUCT AND ETHICS CERTIFICATE ON CORPORATE GOVERNANCE

I confirm that all the Directors and Members of the Senior Management have affirmed compliance with YES BANK’s To, We further state that such compliance is neither an
Code of Business Conduct and Ethics for the Board of Directors and Senior Management. The Members, YES Bank Limited assurance as to the future viability of the Bank nor the
We have examined the compliance of conditions of efficiency or effectiveness with which the Management
For YES BANK LIMITED Corporate Governance by YES BANK Limited (“the Bank”) has conducted the affairs of the Bank.
for the year ended on March 31, 2022, as stipulated in Notes:
Prashant Kumar Chapter IV of The Securities and Exchange Board of • Pursuant to the YES Bank Limited Reconstruction
Managing Director & CEO Place: Mumbai India (Listing Obligations and Disclosure Requirements) Scheme, 2020 (‘the Scheme’), notified by the Ministry
(DIN: 07562475) Date: May 06, 2022 Regulations, 2015 [“Listing Regulations”]. of Finance, Government of India on March 13, 2020,
The compliance of conditions of Corporate Governance is a new Board was re-constituted on March 26, 2020
the responsibility of the Management. Our examination and the said Board has been constituted as per the
was limited to procedures and implementation thereof, composition mentioned in the scheme which is not in
adopted by the Bank for ensuring compliance with the line with the requirement of Securities and Exchange
Board of India (Listing Obligations and Disclosure
CEO / CFO CERTIFICATION conditions of Corporate Governance. It is neither an audit
nor an expression of opinion on the Financial Statements Requirements) Regulations, 2015. The said Scheme
of the Bank. has overriding effect to all other applicable laws, rules
We, Prashant Kumar, Managing Director & CEO and c. We accept responsibility for establishing and and regulations in respect of the matters specified in
Niranjan Banodkar, Chief Financial Officer, of YES Bank maintaining internal controls for financial reporting In our opinion and to the best of our information and the Scheme. The changes in the composition of the
Limited (the “Bank”) hereby certify that: and that we have evaluated the effectiveness of according to the explanations given to us, we certify that Board of Directors that took place during the period
internal control systems of the Bank pertaining the Bank has complied with the conditions of Corporate under review were carried out in compliance with the
a. We have reviewed financial statements and the cash Governance as specified in the Listing Regulations.
flow statement for the year ended March 31, 2022 to financial reporting and have disclosed to the provisions of the Scheme.
of the Bank and that to the best of our knowledge Auditors and Audit Committee, deficiencies in the
and belief: design or operation of such internal controls, if any, For Bhandari & Associates
of which we are aware and the steps we have taken Company Secretaries
i. these statements do not contain any materially or proposed to take to rectify these deficiencies.
untrue statement or omit any material
fact or contain any statements that might d. We have indicated, to the Auditors and the S. N. Bhandari
Audit Committee: Partner
be misleading; FCS No: 761; C P No.: 366
ii. these statements together present a true i. significant changes in internal control over Place: Mumbai
financial reporting during the year; Date: May 06, 2022
and fair view of the Bank’s affairs and are in ICSI UDIN: F000761D000266422
compliance with existing accounting standards, ii. significant changes in accounting policies during
applicable laws and regulations. the year and that the same have been disclosed
b. There are, to the best of our knowledge and belief, in the notes to the financial statements; and
no transactions entered into by the Bank during the iii. instances of significant fraud of which we have
year which are fraudulent, illegal or violative of the become aware and the involvement therein, if
Bank’s Code of Conduct. any, of the management or an employee having
significant role in the Bank’s internal control
system over financial reporting.
Yours faithfully
For YES BANK LIMITED For YES BANK LIMITED
Prashant Kumar Niranjan Banodkar

Place: Mumbai Managing Director & CEO Chief Financial Officer
Date: April 30, 2022 (DIN: 07562475)
168 169
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS BUSINESS RESPONSIBILITY REPORT (BRR)

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure SECTION A: GENERAL INFORMATION ABOUT THE COMPANY
Requirements) Regulations, 2015] 1. Corporate Identity Number (CIN) of the Company: L65190 MH 2003 PLC 143249
To, 2. Name of the Company: YES BANK Limited
The Members,
YES BANK Limited, 3. Registered address: YES BANK House, Off Western Express Highway, Santacruz East, Mumbai 400055,
YES BANK House, Maharashtra, India
Off Western Express Highway, 4. Website: www.yesbank.in
Santacruz East, 5. E-mail id: [email protected]
Mumbai – 400055
6. Financial Year reported: FY 2021-22
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
YES BANK Limited having C.I.N. - L65190MH2003PLC143249 and having Registered Office at Yes Bank House, Off 7. Sector(s) that the Company is engaged in (industrial activity code-wise):
Western Express Highway, Santacruz East, Mumbai, Maharashtra -400055 (hereinafter referred to as ‘the Bank’), As per India’s National Industrial Classification 2008 (NIC-2008):
produced before us by the Bank for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read Section K – Financial and Insurance Activities
with Schedule V Para-C clause 10(h)(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. Division 64 - Financial service activities, except insurance and pension funding
In our opinion and to the best of our information and according to the verifications (including Directors Identification 8. List three key products/services that the Company manufactures/provides (as in balance sheet):
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by a) Retail Banking
the Bank & its officers, we hereby certify that none of the Directors on the Board of the Bank as stated below for b) Corporate Banking
the Financial Year ending on March 31, 2022 have been debarred or disqualified from being appointed or continuing
as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such c) Treasury
other Statutory Authority.
9. Total number of locations where business activity is undertaken by the Company
Date of
Sr.
Name of Director DIN appointment in a. Number of International Locations (Provide details of major 5)
No.
the Bank
Two – The Bank has a representative office in Abu Dhabi. The Bank also operates an IFSC Banking Unit (IBU)
1. Mr. Sunil Mehta 00065343 26/03/2020
in Gujarat International Finance Tec-City (GIFT)
2. Mr. Prashant Kumar 07562475 26/03/2020
3. Mr. Mahesh Krishnamurti 02205868 26/03/2020
b. Number of National Locations
4. Mr. Rama Subramaniam Gandhi 03341633 26/03/2020
The Bank has 1,122 branches, 11 Major Offices and 1,244 ATMs/CRMs/BNAs – (292 ATMs, 929 CRMs & 23
5. Mr. Atul Chunilal Bheda 03502424 26/03/2020
BNAs), as on March 31, 2022.
6. Mr. Ananth Narayan Gopalakrishnan 05250681 26/03/2020
7. Mr. Radhakrishnan Subramanian Vadalur 08064705 31/07/2020
10. Markets served by the Company – Local/State/National/International/
8. Mr. Ravindra Pandey 07188637 03/11/2020
9. Mr. Atul Malik 07872539 30/08/2021 YES BANK is a pan-India Bank, with branches and ATMs in all states. It has a representative office in Abu Dhabi
(UAE) to promote & market its services and an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City
10. Ms. Rekha Murthy 07825183 30/08/2021
(GIFT) which is akin to a foreign branch and caters to the requirements of clients based in overseas and domestic
11. Mr. Sharad Sharma 05160057 01/11/2021
jurisdictions, as permitted by RBI/ IFSCA from time to time.
Ensuring the eligibility of / for the appointment / continuity of every Director on the Board is the responsibility of
the management of the Bank. Our responsibility is to express an opinion on these based on our verification. This SECTION B: FINANCIAL DETAILS OF THE COMPANY
certificate is neither an assurance as to the future viability of the Bank nor of the efficiency or effectiveness with 1. Paid up Capital (`): 5,010.99 crore
which the management has conducted the affairs of the Bank.
2. Total Turnover (`): 22,285.98 crore
For Bhandari & Associates 3. Total profit after taxes (`): 1,066.21 crore
Company Secretaries
4. Total Spending on Corporate Social Responsibility (CSR) as percentage of profit after tax (%):
Nil (% calculated based on average net profits of previous 3 financial years calculated as per Section 198 of the
S. N. Bhandari
Companies Act, 2013)
Partner
FCS No: 761; C P No.: 366 5. List of activities in which expenditure in 4 above has been incurred: Not Applicable
Place: Mumbai
Date: May 06, 2022
ICSI UDIN: F000761D000266411
170 171
Business Responsibility Report (BRR)
SECTION C: OTHER DETAILS 2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
1. Does the Company have any Subsidiary Company/ Companies? S.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
As on March 31, 2022 Bank has only one subsidiary namely Yes Securities (India) Limited. During FY 2021-22 the No.
Bank had three subsidiaries. However, w.e.f. November 1, 2021, Yes Asset Management (India) Limited and Yes 1. Do you have a policy/policies for.... Y Y Y Y5 Y Y Y Y9 Y1
Trustee Limited ceased as subsidiaries of the Bank. 2. Has the policy being formulated in consultation with the relevant Y Y Y Y Y Y Y Y Y
stakeholders?
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, 3. Does the policy conform to any national /international standards? If Y* Y* Y* Y* Y* Y* Y* Y* Y*
yes, specify? (50 words)
then indicate the number of such subsidiary company(s):
4. Has the policy being approved by the Board? Y Y Y Y N Y Y Y Y
One subsidiary namely Yes Securities (India) Limited participates in some BR activities of YES BANK If yes, has it been signed by MD/owner/CEO/appropriate Board
Director?
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, 5. Does the Company have a specified committee of the Board/ Y Y Y Y Y Y Y Y Y
participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/ Director/Official to oversee the implementation of the policy?
entities? [Less than 30%, 30-60%, More than 60%] 6. Indicate the link for the policy to be viewed online? Y1 Y3 N4 Y5 Y7 Y7 Y8 Y5 Y1
No 7. Has the policy been formally communicated to all relevant internal Y1 Y3 Y4 Y Y2 Y Y Y Y
and external stakeholders?
8. Does the Company have in-house structure to implement the Y Y Y Y Y Y Y Y Y
SECTION D: BR INFORMATION policy/policies.
1. Details of Director/Directors responsible for BR
9. Does the Company have a grievance redressal mechanism related Y1 Y Y Y Y Y Y Y Y
a) Details of the Director/Director responsible for implementation of the BR policy/policies to the policy/policies to address stakeholders’ grievances related to
the policy/policies?
DIN Number: 07562475
10. Has the Company carried out independent audit/evaluation of the N2 Y2 Y Y Y2 Y2 Y2 Y Y2
Name: Mr. Prashant Kumar working of this policy by an internal or external agency?
Designation: Managing Director and CEO

* All policies of the Bank have been developed as a result of detailed consultations & research on best practices adopted by banks
and organisations, in line with national and international industry norms, and as per the requirements of the Bank.
b) Details of the BR head
S.
Particulars Details 1. The Code of Conduct for employees and certain policies, including the Citizen’s Charter, Charter of
No.
Customer Rights, Grievance Redressal and Banking Practice Code are available on the website at https://
1. DIN Number (if applicable) N/A
www.yesbank.in/regulatory_policies
2. Name Niranjan Banodkar
3. Designation Chief Financial Officer 2. Yes, for certain policies and procedures
4. Telephone number +91-22-65077147 3. The Bank has in place an Environment & Social Policy, which integrates environmental and social risks into its
5. e-mail id [email protected] overall credit risk assessment framework. The Summary of the Policy is available at https://www.yesbank.in/
pdf?name=ybl_esp_summary_pdf.pdf. The Bank has an Environmental Management Policy which focuses
on achieving greater environmental sustainability within the Bank’s operations. The Policy is accessible at
https://www.yesbank.in/pdf?name=yes_bank_environmental_management_policy_summary_pdf.pdf.
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 marginalised 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/footer/regulatory-policies/
banking-practice-code.
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.
172 173
7. The Bank’s Environmental Management Policy is available on the Bank’s website at https://www.yesbank.in/ SECTION E: PRINCIPLE-WISE PERFORMANCE Principle 2
pdf?name=yes_bank_environmental_management_policy_summary_pdf.pdf. The Bank’s Human rights Policy Principle 1 1. List up to three of your products or services whose
is available on the Bank’s website at https://www.yesbank.in/pdf?name=human_rights_policy_yes_bank.pdf. 1. Does the policy relating to ethics, bribery and design has incorporated social or environmental
Bank’s CSR Policy is accessible at https://www.yesbank.in/pdf/ybl_corporate_social_responsibility_policy. The corruption cover only the Company? Yes/ No. concerns, risks and/or opportunities.
Bank’s complete response to its environmental priorities and commitments, through business activities, CSR, Does it extend to the Group/Joint Ventures/
and other activities, is available in its sustainability disclosures, accessible at https://www.yesbank.in/about-us/ i.
Inclusive and Social Banking – YES LEAP,
Suppliers/Contractors/NGOs /Others? YES Joint Liability Group, Micro Individual
sustainability-at-yes-bank/esg-disclosures/sustainability-reports.
The Bank is committed towards conducting Business Loan, Micro Insurance, Hospital Cash
8. The Bank aims to take a leadership position in influencing public policy and discourse by hosting and participating business and dealing with all its stakeholders, with Insurance, Asset & Liability services through
in thought platforms and through knowledge research. Details can be accessed at https://www.yesbank.in/ highest ethical standards and in compliance with BC Managed Banking Outlets (BCBOs), digital
beyond-banking. For additional details, please refer to the responses to Principle 7 in this BRR. all applicable laws and regulations. All employees interventions include onboarding of customers
9. In addition to the Bank’s business activities focusing on inclusive growth, and equitable and sustainable of the Bank are expected to abide by the Bank’s through M-Keys, digital field reporting in
development, highlighted in Point 5 above, the Bank creates a positive impact through its CSR activities. The Employee Code of Conduct. Microsoft Kaizala, digital training modules,
activities and impact are included in the Sustainability Disclosures that is a part of this Annual Report. The Bank has implemented a group-wide Anti- semi-automated loan management system
Bribery and Anti-Corruption policy which defines (Ganaseva), cashless disbursements
2a. If answer to S.No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options) – Not applicable and prohibits bribery/ corruption of any kind ii. Digital Banking – YES MONEY, YES PAY, Transit
S.
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
(including facilitation payments) and outlines the & Toll Collection, Aadhar Enabled Payment
No. corruption control and reporting mechanisms. Scheme (AEPS), Micro ATMs, Yuva Pay solution
1. The Company has not understood the Principles
The Anti-Bribery and Anti-Corruption Policy iii.
Corporate & Government Advisory –
2. The Company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
is implemented to all the agents, associates, Leveraging its expertise in the e-mobility
consultants, advisors, contractors, sub-contractors, sector, the unit is working closely with several
3. The Company does not have financial or manpower resources
available for the task suppliers of goods and/or services, representatives state governments in policy development,
4. It is planned to be done within next 6 months or intermediaries engaged by the Bank. These implementation, project structuring and
5. It is planned to be done within the next 1 year entities shall also be required to follow the Policy investment promotion. The team has
while carrying on their assignments with the Bank. supported several States such as Punjab,
6. Any other reason (please specify)
Further, the Bank shall in all respects be within Rajasthan, Telangana, Chandigarh and Goa for
3. GOVERNANCE RELATED TO BR its rights to inspect the books of account and the development of the state’s EV Policy. CGA
a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess other documents of all such agents, associates, has leveraged its strong ecosystem connects
the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year consultants, advisors, contractors, sub-contractors, to support various Government schemes such
suppliers of goods and/or services, representatives as the Ministry of Electronics & Information
Management Level or intermediaries, as part of an investigation in Technology (MeitY) R&D programme on
The Bank has an Executive-level Sustainability Council chaired by the Managing Director & CEO which alleged/identified case(s) of corruption/bribery. development of Electric Vehicle Systems. CGA
reviews the Bank’s BR performance. The Council meets once in 6 months. is actively supporting the private sector in
2.
How many stakeholder complaints have been their growth and expansion plans through
Board Level received in the past financial year and what customised studies, facilitating strategic
The Sustainability Council is overseen by the Corporate Social Responsibility and Environment, Social and percentage was satisfactorily resolved by the partnerships, scheme advisory assistance and
Governance Committee (CSR & ESGC) of the Board, which meets at least twice in a year. management? If so, provide details thereof, in industry intelligence. CGA also works closely
about 50 words or so. with municipal administration and urban
b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this The Bank received 9 corruption-related complaints authorities to develop smart city ecosystem
report? How frequently it is published? during the period between April 01, 2021 to March 31, through advisory and implementation
2022, of which 6 complaints are under investigation. support for technological solutions and digital
YES BANK publishes its Sustainability Disclosures aligned to the Global Reporting Initiative (GRI) standards, banking products
UN Principles for Responsible Banking and Taskforce on Climate-related Financial Disclosures in its annual The Bank received 18 whistle-blower cases during
Sustainability Reports which can be accessed at https:// https://www.yesbank.in/about-us/sustainability- FY 2021-22, of which 44.4% cases were resolved as iv. Sustainable Investment Banking and Infra
at-yes-bank/esg-disclosures/sustainability-reports on March 31, 2022. Product & Loan Syndication – Lending and
advisory in clean energy
174 175
2.
For each such product, provide the following incidence of paper usage and travel among its the Business Correspondent (BC) model that enrols 2. Please indicate the Total number of employees
details in respect of resource use (energy, water, customers. The impact achieved through related local small business owners as BC Agents (BCA) to hired on temporary/contractual/casual basis.
raw material etc.) per unit of product (optional): initiatives is included in the Environment section provide digital financial services to local community. Fixed Term Contract/
i.
Reduction during sourcing/production/ (Page 26), as a part of this Annual Report. These BCAs are trained about basic banking services Financial Year ending Employees (Trainee/
and related operations. Advisor, etc.)
distribution achieved since the previous year
3. Does the Company have procedures in place for Head Count as on March 31, 2020 25
throughout the value chain? In addition to the Bank’s procurement carried out
sustainable sourcing (including transportation)? centrally through the Strategic Procurement Unit,
Head Count as on March 31, 2021 18
On account of the nature of its services, the Head Count as on March 31, 2022 42
major resources consumed at the Bank are i. If yes, what percentage of your inputs was the Bank also has branches in all states and Union
grid electricity and paper. During the reporting sourced sustainably? Also, provide details Territories in India, and procures locally for daily
thereof, in about 50 words or so. use items and services such as stationary, food 3.
Please indicate the Number of permanent
period, the Bank has launched several key women employees.
initiatives and achieved significant traction on Given that the Banking sector’s primary and beverages and local transport. It works with
on-going initiatives, towards achieving internal product offering is financial services, the Bank most local vendors to align them with the Bank’s The Bank had 4,569 permanent women employees
resource efficiencies, focused on product does not have any raw material requirements. procurement requirements and standards. The on March 31, 2022.
and process digitisation, greater employee The primary resources consumed for its day- Bank has defined Procurement Policy and practices
awareness, reduction in waste generation, and to-day operations are paper, grid electricity, which govern such engagement models. 4.
Please indicate the Number of permanent
improved waste management. water and diesel for DG sets in locations with employees with disabilities
erratic availability of electricity. Such DG 5.
Does the Company have a mechanism to The Bank, being an Equal Opportunity Employer,
YES BANK has instituted a robust Environment recycle products and waste? If yes, what is the
Management System (EMS), covering 732 sets are procured centrally based on request makes no distinction between employees based
from the projects teams, and negotiated by percentage of recycling of products and waste on disabilities and the Bank had 5 permanent
facilities (including 5 corporate offices, YES (separately as <5%, 5-10%, >10%).
Securities and the Abu Dhabi Representative the Strategic Procurement Unit. The Bank employees with disabilities as of March 31, 2022.
Office) and which was certified ISO 14001:2015 strives to achieve greater transparency, Also, provide details thereof, in about 50 words

compliant for the 9 th year in a row in FY 2021-22. compliance and adoption of environmental or so. 5.
Do you have an employee association that is
The certification highlights the Bank’s efforts and labour best practices in its procurement Yes. As the Banking sector’s primary product offering recognised by management?
at conserving natural resources, improving process. YES BANK has switched to procuring is financial services, majority of its waste is related The Bank does not have an employee association.
key resource efficiencies, and reducing its recycled paper (A4) for internal operations and to paper, municipal waste, and electronic waste.
carbon footprint. back-end processes, across India. Recycled The Bank has strong policies and practices in place 6. What percentage of your permanent employees
paper accounts for 96% of the Bank’s paper for responsible disposal of all such waste through is members of this recognised employee
ii.
Reduction during usage by consumers consumption. From January 01, 2022, the Bank authorised third-party vendors. For waste paper association?
(energy, water) has been achieved since the began sourcing renewable energy to power disposal, the Bank has local authorised vendors
its head office, YES BANK House (YBH), which Not applicable as the Bank does not have an
previous year? to ensure recycling of waste paper in all corporate employee association.
represents approximately 9% of the Bank’s locations across India and branches in Mumbai.
Given that the Bank’s primary product offerings overall electricity consumption and Green
are financial services, resource consumption For e-waste handling, the Bank has a national 7.
Please indicate the Number of complaints
House Gas emissions (Scope 2). authorised vendor for centralised collection and
during usage by consumers is not a significant relating to child labour, forced labour,
material issue for the banking sector in general. The Bank procured renewable energy partly handling of e-waste to ensure >10% of its e-waste is involuntary labour, sexual harassment in the
YES BANK has instituted a robust Environment through open access, Power Purchase responsibly disposed/ recycled. last financial year and pending, as on the end of
Management System (EMS) designed to Agreements (PPAs) with renewable energy The Bank’s waste management practices are the financial year.
conserve the use natural resources, improve producers along with subscribing to Green included in the Environment section (Page 26), as No of No of
key resource efficiencies, and reduce its carbon Power Tariff programmes. part of this Annual Report. complaints complaints
S.
footprint. The Bank’s EMS covering 732 facilities Category filed during pending as
No.
4.
Has the Company taken any steps to procure the financial on end of the
(including 5 corporate offices, YES Securities Principle 3 year financial year
and the Abu Dhabi Representative Office) was goods and services from local & small producers,
including communities surrounding their place 1. Please indicate the Total number of employees. 1. Child labour/forced Nil Nil
certified ISO 14001:2015 compliant for the 9 th labour/involuntary
year in a row in FY 2021-22. of work? YES BANK had 24,346 employees as on labour
If yes, what steps have been taken to improve
March 31, 2022. 2. Sexual harassment 15 01*
The Bank is rapidly adopting technology to
digitise its operations and product offerings their capacity and capability of local and 3. Discriminatory Nil Nil
small vendors? employment
and has witnessed a strong growth in adoption
of mobile banking, online banking, payment Yes. The Bank’s award-winning product for the * The case is being investigated within the stipulated timeline
apps and chatbot banking, thus reducing the Bottom of the Pyramid – YES MONEY, is based on
176 177
8.
What percentage of your under mentioned 3.
Are there any special initiatives taken by the 2.
How many stakeholder complaints have been 2. Does the Company have strategies/ initiatives
employees were given safety & skill upgradation Company to engage with the disadvantaged, received in the past financial year and what to address global environmental issues such as
training in the last year? vulnerable and marginalised stakeholders? If so, percent was satisfactorily resolved by the climate change, global warming, etc.? Y/N
a) Permanent Employees provide details thereof, in about 50 words or so. management? Yes
The Bank, through a dedicated team, YES Yes. The Bank engages with such stakeholders in The Bank did not receive any complaint related If yes, please give hyperlink for webpage etc.
SCHOOL OF BANKING, provides training on multiple ways. Through its focused Business Units such to child labour/ forced labour and discriminatory
as Inclusive and Social Banking, Digital Banking, Agri employment. Complaints related to sexual YES BANK is cognisant of its environmental
skill and personality development. The Bank’s impacts and responsibility towards addressing
training programmes are divided into 5 broad Banking and Rural Banking, the Bank offers financial harassment are covered separately under
products and services to diverse stakeholders in rural Principle 3. climate action. The Bank continually endeavours
categories: Behavioural and Leadership Skills, to conserve natural resources and support climate
Employee Induction, Mandatory Policies and and urban India. Details on the Bank’s business units
can be accessed in the Management Discussion & Principle 6 action through initiatives that are aimed at greening
Compliance, Process Training and Product its core operations, minimising environmental
Training. In the reporting period, 89% (21,688) Analysis in this Annual Report. 1. Does the policy related to Principle 6 cover only and climate impacts of the Bank’s portfolio, and
employees were trained under 5,817 live digital With ‘Nil’ CSR budget, while there were no new the Company or extends to the Group/ Joint mobilising finance to spur growth in climate-
and classroom-based training programmes. spends for CSR, the Bank continued to monitor Ventures/ Suppliers/ Contractors/ NGOs/ others. aligned sectors.
ongoing positive impact projects initiated in The Bank has multiple policies that directly and
b) Permanent Women Employees previous years and to oversee the utilisation of In FY 2021-22, the Bank announced a target of
indirectly communicate its support and adherence reducing greenhouse gas (GHG) emissions from its
4,439 women employees were imparted Live corpus donations made in previous years to YES of Principle 6.
Foundation. Through its Employee Volunteering operations, across the country, to net zero by 2030.
digital training, E-Learning & classroom-based The Bank has adopted an Environmental From January 01, 2022, the Bank began sourcing
training during the year, which is 97% of the Virtual Experience (EVOLVE) initiative, the Bank
enabled its employees to contribute towards Management Policy that guides the Bank towards, renewable energy to power its head office, YES BANK
Bank’s total women employees. achieving internal resource efficiency, creating House (YBH), thereby eliminating approximately
community development. This year, more than
2,000 YES BANKers contributed nearly 3,000 employee awareness, and communicating positive 1,105 tCO2e of emissions in FY 2021-22.
c) Casual/Temporary/Contractual Employees environmental action among its stakeholders.
volunteering hours towards social causes. The The Bank has instituted a robust Environment
The Bank provides training on the Bank’s objective of employee volunteering activities was The Bank has instituted an Environment & Social Management System (EMS) designed to conserve
policies and process to advisors, trainees etc. to reach out and support COVID patients, rural Policy (ESP) to address Environment and Social the use of natural resources, improve key resource
as and when required. farmers, and underprivileged youth. Details are issues related to its lending operation, integrating efficiencies, and reduce its carbon footprint. The
available in the Management Discussion & Analysis these to overall credit risk appraisal process. Bank’s EMS covering 732 facilities (including 5
d) Employees with Disabilities section and Annexure 3 of this Annual Report. The policy identifies activities which are highly corporate offices, YES Securities and the Abu Dhabi
The Bank, being an Equal Opportunity detrimental to environment and society as an Representative Office) was certified ISO 14001:2015
Employer, makes no distinction between Principle 5 exclusion list, which the Bank does not finance. compliant for the 9 th year in a row in FY 2021-22.
employees based on disabilities. All employees 1. Does the policy of the Company on human rights The policy guides the Bank in engaging with clients The Bank also mitigates environmental issues
are imparted training basis their training cover only the Company or extend to the Group/ towards adopting best practices for environment in its lending through the implementation of its
requirements & profile. Joint Ventures/Suppliers/Contractors/NGOs/ and social impact mitigation. Environment and Social Policy (ESP). The Bank
Others? The CSR Policy of the Bank includes Environmental is also committed to aligning its business to the
Principle 4 Sustainability as one of its focus areas. The Bank Paris Climate Agreement’s goal of limiting global
YES Bank’s Human Rights Policy highlights its
1.
Has the Company mapped its internal and commitment to the United Nations Guiding continues to strengthen and monitor ongoing temperature rise, starting with definitive actions
external stakeholders? Principles on Business and Human Rights and CSR initiatives that aims at creating positive towards measuring and reporting its financed
Yes is applicable to all employees and stakeholders direct environmental impact or towards creating emissions and developing targets to align with
(including suppliers and clients). The Bank awareness among stakeholders. sectoral decarbonisation pathways.
2. ut of the above, has the Company identified
O recognises the valuable role that businesses can play The Bank also has in place a Supplier Code of YES BANK is one of the founding member banks and
the disadvantaged, vulnerable & marginalised in the longer-term protection of human rights and Conduct that promotes ESG best practices among signatory of the UNEP FI Principles for Responsible
stakeholders? is committed to respecting the human rights of its its supplier base. Banking and is also a signatory of the Collective
The under-banked and unbanked population in workforce, communities and all stakeholders, in line Commitment to Climate Action.
rural, semi- urban and urban India, which is still with internationally recognised frameworks. The Details of the Bank’s climate and environmental
not entirely integrated into India’s mainstream Bank expects all its stakeholders to respect human strategy and initiatives are published in its annual
economy, can be vulnerable to socio-economic rights in their own operations and maintain positive Sustainability Reports which can be accessed at
exploitation. The Bank focuses on financial inclusion legal compliance with applicable constitutional https://www.yesbank.in/about-us/sustainability-at-
as a key business priority to positively impact this and regulatory human rights requirements and yes-bank/esg-disclosures/sustainability-reports
stakeholder group. conformance to fundamental labour principles.
178 179
3. Does the Company identify and assess potential are included in the Environment section (Page 26) of Principle 8 4. What is your Company’s direct contribution to
environmental risks? Y/N this Annual Report. 1. Does the Company have specified programmes/ community development projects- Amount in
es. The Bank has instituted an Environment
Y initiatives/projects in pursuit of the policy INR and the details of the projects undertaken.
and Social Risk Management System (ESMS) to 6.
Are the Emissions/Waste generated by the related to Principle 8? If yes details thereof. In FY 2021-22, YES BANK’s CSR Budget was Nil as
assess and mitigate Environment and Social (E&S) Company within the permissible limits given by per the CSR Rule of Companies Act 2013. The Bank
CPCB/SPCB for the financial year being reported? The Inclusive and Social Banking unit has a range of
Risk in its financing activities, centred around its financial products and services targeting the Bottom continued to monitor projects initiated in previous
Environment and Social Policy which integrates Yes, The Bank’s primary wastes - paper and of the Pyramid in rural, semi-urban and urban India. years and oversaw the utilisation of corpus donations
E&S risks management into its overall credit electronic waste, are recycled to the maximum Additionally, the Bank also undertakes Financial made in previous years to YES Foundation.
risk assessment framework. The Bank has also extent possible through third party vendors. The Literacy initiatives for the underserved. The Bank
adopted an Environmental Management Policy Bank’s emissions and waste are within permissible has designed customised modules in vernacular 5.
Have you taken steps to ensure that this
and instituted a robust Environment Management limits of the laws applicable. At the branches, where languages and over 8.6 lakh ISB customers have community development initiative is
System (EMS) designed to assess environmental the Bank uses Diesel generator sets due to erratic been provided basic financial literacy training successfully adopted by the community? Please
risks of its operations, conserve the use natural electricity supply, operation and maintenance of through these modules till date (2.5 lakh in this FY). explain in 50 words, or so.
resources, improve key resource efficiencies, and DG sets is carried out as per proper procedures, Besides, over 1,320 Financial Literacy Camps have YES BANK’s community development initiatives
reduce its carbon footprint. including periodic stack emission and noise testing. also been conducted this year by the Rural Branches are driven by its five-pronged approach towards
of the Bank. CSR – Promote, Invest, Engage, Collaborate and
4. Does the Company have any project related to 7. Number of show cause/ legal notices received Monitor. The Bank’s CSR Policy guides the Bank in
Clean Development Mechanism? If so, provide from CPCB/SPCB which are pending (i.e. not Through its CSR mandate, the Bank is driving key
initiatives in livelihood and water security, skill ensuring that its initiatives are mapped to the focus
details thereof, in about 50 words or so. Also, resolved to satisfaction) as on end of Financial areas and are relevant, effective and replicable. All
if Yes, whether any environmental compliance Year. development and environmental sustainability,
among others. projects have clear feedback mechanisms weaved,
report is filed? There were two notices issued by the Chandigarh with a focus on long term sustainability and active
There is no project funded by the Bank which is linked Pollution Control Committee (CPCC) against the 2.
Are the programmes/projects undertaken community ownership.
to Clean Development Mechanism (CDM) / availing Bank regarding the renewal of authorisation for through in-house team/own foundation/ One of the myriad ways in which the Bank assesses
Certified Emission Reduction (CER) certificates. the DG Sets at Manimajra and Sector 35B branches external NGO/government structures/any other sustainability and community ownership of its
respectively. These were resolved as the Bank organisation? projects is through an impact assessment study.
5.
Has the Company undertaken any other obtained the renewal certificates for the same. This year, impact assessment study for drinking
initiatives on – clean technology, energy Hence, no show cause/legal notices are pending as The Bank’s products and services catering to the
Bottom of the Pyramid and digital banking services water project in Raigad district of Maharashtra
efficiency, renewable energy, etc. Y/N. on end of the Financial Year. was conducted. The study, undertaken by an
are driven directly by the Banking units, which may
If yes, please give hyperlink for web page etc.
partner with Business Correspondents, technology independent third party, concluded that the project
Principle 7 met its objective of providing safe drinking water
The Bank’s clean technology portfolio in debt providers, and others, to drive the projects on-
and advisory is included in Environment section 1.
Is your Company a member of any trade and ground. to 1,600 rural households, raised awareness on
(Page 26) of this Annual Report. chamber or association? If Yes, Name only those waterborne diseases and enabled the community
major ones that your business deals with: The Bank’s CSR initiatives are driven primarily to save electricity costs through installation of solar
In FY 2021-22, the Bank announced a target of through eligible organisations, including YES panels. The Social Return on Investment calculated
reducing greenhouse gas (GHG) emissions from its FICCI, ASSOCHAM, CII, FIMMDA, FEDAI Foundation, for ensuring impact on ground. for this project was that for every ` 1 invested in
operations, across the country, to net zero by 2030. the project, ` 10.17 of social value was generated.
As a first step, the Bank began sourcing renewable 2.
Have you advocated/lobbied through 3. Have you done any impact assessment of your
above associations for the advancement or The study also concluded that the project was
energy to power its head office, YES BANK House initiative? sustainable since 99% of the respondents knew
(YBH), thereby eliminating approximately 1,105 improvement of public good? Yes/No;
The Bank conducted an impact assessment study whom to contact in case of repairs and 85% of
tCO2e of emissions. The Bank procured renewable If yes specify the broad areas (drop box: of its drinking water project in Raigad district the respondents were confident that the water
energy partly through open access, Power Purchase Governance and Administration, Economic of Maharashtra. The study, undertaken by an structures will be regularly maintained through the
Agreements (PPAs) with renewable energy Reforms, Inclusive Development Policies, Energy independent third party, concluded that the project water committees formed.
producers along with subscribing to Green Power security, Water, Food Security, Sustainable met its objective of providing safe drinking water to
Tariff programmes. Business Principles, Others) 1,600 rural households.
YES BANK has also explored the potential use of The Bank, through broad level actions and initiatives,
rooftop solar (as a pilot), by installing a 5 KVA solar actively works towards policy advocacy and driving
power system at its Pune Bundh garden branch. industry action on pertinent causes such as climate
Details of the Bank’s initiatives related to clean action, natural capital, sustainable finance, digital
technology, energy efficiency, renewable energy economy, amongst others.
180 181
Principle 9 without admitting the guilt/accusations made and Unfair Trade Practices relating to Securities Please also refer to page 240 of this Annual
1.
What percentage of customer complaints/ by SEBI. The said settlement application(s) Market) Regulations, 2003. Report for Section 17.5.44 - Disclosure of
consumer cases are pending as on the end of were allowed, and SEBI vide order dated Thereafter, SEBI vide its order dated April 12, Penalties imposed by RBI. Please refer to page
financial year. September 14, 2021, was pleased to dispose of 2021 imposed a penalty of ` 25 Crore on the 107 and 108 for show cause notices issued
the proceedings initiated against the Bank and Bank under Section 15 HA of SEBI Act, 1992 by SEBI.
Please refer to page number 263 (17.5.71 Disclosure other noticee(s) on payment of ` 16,537,500/-
of complaints) in this Annual Report. for the alleged mis-selling of AT-1 Bonds in the
(Rupees One Crore Sixty Five lakh and Thirty secondary market. SEBI also imposed penalties 4.
Did your Company carry out any consumer
Seven Thousand and Five Hundred Only). on other noticee(s). survey/consumer satisfaction trends?
2. Does the Company display product information
on the product label, over and above what is Aggrieved by the above-mentioned SEBI Yes, we have a robust Customer Experience
B. Show Cause Notice issued by SEBI on October Framework wherein we measure customer
mandated as per local laws? Yes/No/N.A. / 28, 2020: order, the Bank and other noticee(s) preferred
Remarks (additional information) separate Appeal(s) before the Hon’ble feedback post their interactions across channels.
The Bank issued Additional Tier 1 Bonds (“AT- Securities Appellate Tribunal, Mumbai (“SAT”). We measure The Net Promoter score (NPS) across
Yes. The Bank follows the highest standards of 1 Bonds”) in three tranches (issued in the year channels like Branch Banking, Digital channels,
product and service responsibility, in complete SAT heard the Appeal(s) and was pleased to
2013, 2016 and 2017) in compliance with the stay the effect and operation of the SEBI order Call Centers, Relationship Managers etc and share
compliance with all the regulations set by the applicable laws/regulations. customer insights with the teams across the Bank.
Reserve Bank of India. dated April 12, 2021. The said Appeal(s) are
On March 05, 2020, RBI invoked Section 45 of pending final hearing.
3. Is there any case filed by any stakeholder the Banking Regulation Act, 1949 (“BR Act”),
against the Company regarding unfair trade and imposed a moratorium on the Bank.
practices, irresponsible advertising and/or anti- Further, RBI in exercise of its powers conferred
competitive behaviour during the last five years under Section 36ACA of the BR Act superseded
and pending as on end of financial year. If so, the Board of Directors and appointed an
provide details thereof, in about 50 words or so. Administrator to manage the affairs of the Bank.
There are two Show Cause Notices issued by the Clause 2.15 of Annex 16 of the Master Circular
Securities and Exchange Board of India (“SEBI”) - Basel III Capital Regulations dated July 1, 2015
against the Bank, inter alia, regarding unfair trade issued by the RBI, provides that “If the relevant
practices during the last five years. Out of the said authorities decide to reconstitute a bank or
two Show Cause Notices, one has been disposed of amalgamate a bank with any other bank under the
and one is pending at the end of financial year. Section 45 of BR Act, such a bank will be deemed
as non-viable or approaching non-viability and
A. Show Cause Notice issued by SEBI on October both the pre-specified trigger and the trigger at the
26, 2020: point of non-viability for conversion / write-down
of AT1 instruments will be activated. Accordingly,
SEBI has issued a Show Cause Notice dated the AT1 instruments will be converted /written-
October 26, 2020, to the Bank and few down before amalgamation/reconstitution in
employees/ex-employees of the Bank, in accordance with these rules.”
relation to alleged violation of SEBI (Prohibition
of Fraudulent and Unfair Trade Practices Accordingly, the Administrator, on behalf of
relating to Securities Market) Regulations, the Bank was constrained to write down two
2003 and SEBI Act, 1992 (collectively “the said tranches of the AT-1 Bonds, i.e., AT-1 Bonds
Regulations”). SEBI observed that a disclosure issued in 2016 and 2017 in accordance with the
made by the Bank to the Stock Exchange(s) RBI guidelines/regulations and the relevant
in connection with the assessment made by provisions in the Information Memorandum(s)
Reserve Bank of India (“RBI”) that there was of the said AT-1 Bonds, to protect the interests
‘Nil’ divergence in the Non-Performing Assets of the Bank and its depositors.
(“NPAs”) as against Bank’s own self-assessment SEBI issued a Show Cause Notice dated October
of NPAs, was in violation of the said Regulations. 28, 2020 to the Bank and other noticee(s)
Thereafter, the Bank and other noticee(s), (ex-employees of the Bank) alleging violation
filed settlement application(s) under SEBI of provisions of SEBI (Prohibition of Fraudulent
(Settlement Proceedings) Regulations, 2018,
182 183
INDEPENDENT AUDITORS’ REPORT

To the Members of Key Audit Matters Auditor’s Response
Income Recognition and Asset Classification of Advances and Investments (IRAC) and Provisioning as per regulatory norms
YES BANK Limited
Please refer to schedule 5, schedule 8, schedule 9, read with Our audit approach included testing the design, operating effectiveness
Note nos. 17.5.11, 17.5.19 and 17.5.13(ii) relating to provisions of internal controls and substantive audit procedures in respect of income
REPORT ON THE AUDIT OF THE STANDALONE Basis of opinion and contingencies, Asset Quality in respect of movement of recognition, asset classification and provisioning pertaining to advances
FINANCIAL STATEMENTS We conducted our audit in accordance with the Non-Performing Assets (NPAs) and related provisions and and investments. In particular:
disclosures with regard to Non Performing Investments (NPI)
Opinion Standards on Auditing (‘SAs’) specified under Section • we have evaluated the Bank’s internal control system in adhering to the
respectively.
143 (10) of the Act. Our responsibilities under those SAs relevant RBI guidelines regarding income recognition, asset classification
We have audited the standalone financial statements As required under prudential norms issued by the Reserve and provisioning pertaining to advances and investments;
of YES BANK Limited (‘the Bank’), which comprise the are further described in the ‘Auditor’s Responsibilities Bank of India (RBI) in respect of income recognition, asset
for the Audit of the Standalone Financial Statements’ • we have tested key IT systems/applications used and their design
Balance Sheet as at March 31, 2022, the Profit and Loss classification and provisioning pertaining to advances as well
and implementation as well as operational effectiveness of relevant
Account and the Cash Flow Statement for the year then section of our report. We are independent of the Bank as those pertaining to investments, “Resolution framework for
controls, including involvement of manual process and manual controls
in accordance with the Code of Ethics issued by the COVID-19 related Stress” (the “Resolution Framework”) issued
ended, and notes to the standalone financial statements, in relation to income recognition, asset classification viz. standard,
by the RBI on August 06, 2020 and May 05, 2021 and relevant
including a summary of the significant accounting Institute of Chartered Accountants of India (‘the ICAI’) other circulars, notifications and directives issued by the RBI
sub-standard, doubtful and loss with reference to their days-past-due
together with the ethical requirements that are relevant (DPD) status (including consideration of non-financial parameters of
policies and other explanatory information. which were collectively considered by the Bank till March 31,
NPA, restructuring guidelines, the Regulatory Package and Resolution
to our audit of the standalone financial statements under 2022, classifies advances into performing and non-performing
framework) and provisioning pertaining to advances and investments;
In our opinion and to the best of our information and the provisions of the Act, and the Rules thereunder, advances (NPA) which consists of Standard, Sub-standard,
according to the explanations given to us, the aforesaid Doubtful and Loss and makes appropriate provisions. • we have test checked advances to examine the validity of the recorded
and we have fulfilled our other ethical responsibilities amounts, loan documentation, examined the statement of accounts,
standalone financial statements give the information in accordance with these requirements and the Code The Bank, as per its governing framework, made the
indicators of impairment, impairment provision for non‑performing
required by the Section 29 of the Banking Regulation Act, performing and non-performing advances provisions based
of Ethics. We believe that the audit evidence we have assets, and compliance with income recognition, asset classification
on Management’s assessment of the degree of impairment of
1949 as well as the Companies Act, 2013 (the ‘Act’) and obtained, is sufficient and appropriate to provide a basis the advances subject to and guided by minimum provisioning
and provisioning pertaining to advances in terms of applicable RBI
circulars and guidelines issued by the Reserve Bank of guidelines;
for our opinion on the standalone financial statements. levels prescribed under RBI guidelines.
India, in the manner so required for banking companies • we have selected restructured accounts on sample basis and tested
The Classification, Provisioning and Write off of Advances
and give a true and fair view in conformity with the Key Audit Matters their compliance with relevant RBI guidelines;
including Investments is a Key Audit Matter as the Bank has
accounting principles generally accepted in India, significant credit risk exposure to a large number of borrowers • For the selected non-performing advances, we assessed Management’s
Key audit matters are those matters that, in our
across various sectors, products, industries and geographies forecast and inputs of recoverable cash flows, borrower’s audited
including the Accounting Standards prescribed under professional judgement, were of most significance in the and there is a high degree of complexity, uncertainty and financial statements, valuation of underlying security and collaterals,
Section 133 of the Act, read with rules made thereunder, audit of the standalone financial statements of the current judgment involved in recoverability of advances, nature estimation of recoverable amounts on default and other sources of
of the state of affairs of the Bank as at March 31, 2022, year. These matters were addressed in the context of our of transactions and estimation of provisions thereon and repayment;
and its profit, and its cash flows for the year ended on identification of accounts to be written off and the current • Reviewed Bank’s policy including Standard Operating Procedures
audit of the standalone financial statements as a whole,
that date. processes at the Bank which are not fully automated, with respect to implementation of Regulatory package and Resolution
and in forming our opinion thereon, and we do not management estimates and judgement. framework (‘guidelines’) and tested sample to ascertain the
provide a separate opinion on these matters. We have implementation of those guidelines by the Bank.
determined the matters described below to be the key
Provisions for advances:
audit matters to be communicated in our report: • Tested the Bank’s processes for making provision on advances for
compliance with RBI regulations and internally laid down policies for
Key Audit Matters Auditor’s Response
provisioning;
Recognition and Measurement of Deferred Tax Asset
• Tested the completeness and accuracy of data transferred from
The Bank has recognised a net deferred tax asset of ` 918,420 Our audit procedures involved gaining an understanding of the underlying source systems used for computing collective provision;
lakh as on March 31, 2022, including net decrease of ` 36,964 applicable tax laws and relevant regulations applicable to the Bank.
We performed the following audit procedures as part of our controls • We had undertaken the walk-through for the new automated E-NPA
lakh during the year.
testing: deployed in the current financial year and tested the core functionality
Besides objective estimation, recognition and measurement for selected sample considering the audit universe;
of deferred tax asset is based on the judgement and • evaluation of the policies used for recognition and measurement
numerous estimates regarding the availability and visibility • Validated the parameters used to calculate collective provisions with
of deferred tax assets in accordance with AS 22 Accounting for
of profits in the future and also considering probable impact reference to IRAC norms, and Regulatory Package;
Taxes on Income.
of COVID-19 pandemic. • Tested provision created for fraud accounts as at March 31, 2022 as per
• assessed the probability of the availability of future taxable
The amount of deferred tax assets recognised presumes profits based on assumptions and other parameters used by the the RBI circular;
availability and forecasting of profits over an extended Management including the probable impact of COVID-19 pandemic • Re-performed, for a sample of retail and corporate portfolios, the
period of time thus increasing uncertainty and the inherent against which the Bank will be able to use this deferred tax asset calculation of provisions, to determine the accuracy of the same;
risk of inappropriate recognition of the said asset. in the future with reference to forecast as noted by the Board of (Collective for standard portfolio and case specific for non- performing
Directors while adopting the standalone financial statements. portfolio)
• assessed the method for determining the Deferred Tax Asset • Reviewed the Bank’s process for granting moratorium to borrowers
with reference to applicable tax rates and tested the arithmetical as per the Regulatory Package announced by the RBI. We tested the
accuracy. completeness and accuracy of the data used for computing general
provision in line with Regulatory package updates issued by RBI.
• Assessed the adequacy of disclosures against the RBI Guidelines.
184 185
Independent Auditors’ Report
Key Audit Matters Auditor’s Response required to communicate the matter to those charged conducted in accordance with SAs will always detect a
IT Systems and Controls over financial reporting with governance. material misstatement when it exists. Misstatements
The Bank’s key financial accounting and reporting processes • We have planned, designed and carried out the desired audit can arise from fraud or error and are considered
are highly dependent on Core Banking and Treasury Solutions procedures and sample checks, taking into consideration the Management’s and Board of Director’s Responsibility material if, individually or in the aggregate, they could
and other supporting software and hardware controls. The IT systems of the Bank. As part of our IT controls testing, we for the Standalone Financial Statements
reasonably be expected to influence the economic
volume of transactions processed and recorded is huge. have tested ITGC as well as ITAC. The focus of testing of ITGCs The Bank’s management and Board of Directors are decisions of users taken on the basis of these standalone
Moreover, a transaction may be required to be recorded was based on the various parameters such as Completeness,
responsible for the matters stated in Section 134(5) of the financial statements.
across multiple applications depending upon the process Validity, Identification/Authentication, Authorisation, Integrity and
and each application has different rules and a different set Accountability. On the other hand, focus of testing automated Act with respect to the preparation of these standalone
of user access and authority matrix. These applications are controls from applications was whether the controls prevent or financial statements that give a true and fair view of the As part of an audit in accordance with SAs, we exercise
interlinked using different technologies so that data transfer detect unauthorised transactions and support financial objectives financial position, financial performance and cash flows professional judgement and maintain professional
happens in real time or at a particular time of the day; in including completeness, accuracy, authorisation and validity of Skepticism throughout the audit. We also:
of the Bank in accordance with the accounting principles
batches or at a transaction level and in an automated manner transactions. The procedures adopted by us are, in our opinion,
or manually. The Core Banking Solution (CBS) itself has many adequate to provide reasonable assurance on the adequacy of IT generally accepted in India, including the Accounting
interfaces, such that there exists a risk that gaps in the IT controls in place. Towards this end, we obtained an understanding Standards specified under Section 133 of the Act, • Identify and assess the risks of material misstatement
control environment could result in the financial accounting of Bank’s IT environment. provisions of Section 29 of the Banking Regulation Act, of the standalone financial statements, whether due
and reporting records being materially misstated. The Bank to fraud or error, design and perform audit procedures
• In ITGC testing, on sample basis, we reviewed control areas such 1949 and the circulars and guidelines issued by Reserve
has a process for identifying the applications where the responsive to those risks, and obtain audit evidence
as User Management, Change Management, Systems Security, Bank of India (‘RBI’) from time to time, as applicable to
controls are embedded. It also has a process to ensure that
cyber security, interface testing, deployment of new applications, that is sufficient and appropriate to provide a basis
systems, processes and controls remain relevant. The Bank’s the Bank. This responsibility also includes maintenance
Incident Management, Physical & Environmental Security, Backup
IT control framework includes automated, semi-automated of adequate accounting records in accordance with for our opinion. The risk of not detecting a material
and Restoration, Business Continuity and Disaster Recovery,
and manual controls designed to address identified risks. IT misstatement resulting from fraud is higher than for
Service Level Agreement. the provisions of the Act and the RBI Guidelines
controls are stated in Entity Level Controls (ELC), IT General one resulting from error, as fraud may involve collusion,
Controls (ITGC) and IT Application Controls (ITAC). Such • For ITAC, we carried out on sample basis, compliance tests of for safeguarding of the assets of the Bank and for
controls contribute to risk mitigation of erroneous output system functionality in order to assess the accuracy of system preventing and detecting frauds and other irregularities; forgery, intentional omissions, misrepresentations, or
data. calculations. We also carried out procedures such as validations selection and application of appropriate accounting the override of internal control.
and limit checks on data entered into applications, approvals,
We have identified IT Controls Framework as a Key Audit
process dependencies and restriction on time period in which
policies; making judgements and estimates that are • Obtain an understanding of internal control relevant
Matter as the Bank’s business is highly dependent on reasonable and prudent; and design, implementation to the audit in order to design audit procedures
transactions may be recorded.
technology, the IT environment is complex and the design
• We tested the control environment using various techniques and maintenance of adequate internal financial controls that are appropriate in the circumstances. Under
and operating effectiveness of IT controls have a direct
impact on its financial reporting process. Review of these such as inquiry, walk-throughs in live environment, review of that were operating effectively for ensuring the accuracy Section 143(3)(i) of the Act, we are also responsible
controls allows us to provide assurance on the integrity documentation/ record/ reports, observation and re‑performance. and completeness of the accounting records, relevant for expressing our opinion on whether the bank has
and completeness of data processed through various IT We had taken adequate samples of instances for our tests to the preparation and presentation of the standalone adequate internal financial controls with reference
applications which are used for the preparation of financial considering the audit universe.
financial statements that give a true and fair view and to financial statements in place and the operating
reports. • Wherever deviations were noted either the same were explained
are free from material misstatement, whether due to effectiveness of such controls.
to our satisfaction or we tested compensating controls and
performed alternate procedures, where necessary, to draw fraud or error. • Evaluate the appropriateness of accounting policies
comfort. used and the reasonableness of accounting estimates
In preparing the standalone financial statements, the
• In addition, we have also relied on IS audit conducted by internal Management and Board of Directors are responsible and related disclosures in the standalone financial
audit department, and also the audit of Internal Financial Control statements made by the Management and Board
over Financial Reporting conducted by the Operational Risk for assessing the Bank’s ability to continue as a going
Management department of the Bank. concern, disclosing, as applicable, matters related to of Directors.
going concern and using the going concern basis of • Conclude on the appropriateness of the Management
Information other than the standalone financial Our opinion on the standalone financial statements does accounting unless the Board of Directors either intends and Board of Directors use of the going concern
statements and Auditor’s Report thereon to liquidate the Bank or to cease operations, or has no basis of accounting and, based on the audit evidence
not cover the other information and we do not express
The Bank’s management and Board of Directors are any form of assurance conclusion thereon. realistic alternative but to do so. obtained, whether a material uncertainty exists related
responsible for the Other Information. The other to events or conditions that may cast significant doubt
In connection with our audit of the standalone financial Those Board of Directors are also responsible for
information comprises the Management Discussion on the Bank’s ability to continue as a going concern.
statements, our responsibility is to read the Other overseeing the Bank’s financial reporting process.
and Analysis, Directors’ Report, including Annexures to If we conclude that a material uncertainty exists, we
Directors’ Report and the Pillar III Disclosures under the Information identified as above when it becomes are required to draw attention in our Auditor’s Report
Auditor’s Responsibilities for the Audit of the
New Capital Adequacy Framework (Basel III disclosures) available and, in doing so, consider whether the Other Standalone Financial Statements to the related disclosures in the standalone financial
(collectively called as “Other Information”) but does Information is materially inconsistent with the standalone statements or, if such disclosures are inadequate, to
Our objectives are to obtain reasonable assurance about
not include the standalone financial statements and financial statements or our knowledge obtained in the modify our opinion. Our conclusions are based on the
whether the standalone financial statements as a whole
our auditor’s report thereon. The other information is audit or otherwise appears to be materially misstated. audit evidence obtained up to the date of our Auditor’s
are free from material misstatement, whether due to
expected to be made available to us after the date of this When we read the other information, if we conclude fraud or error, and to issue an Auditor’s Report that Report. However, future events or conditions may
auditor’s report. that there is a material misstatement therein, we are includes our opinion. Reasonable assurance is a high cause a Bank to cease to continue as a going concern.
level of assurance, but is not a guarantee that an audit
186 187
• Evaluate the overall presentation, structure and (a) we have obtained all the information and financial statements of the Bank and the (ii) The management of the Bank has
content of the standalone financial statements, explanations which, to the best of our operating effectiveness of such controls, refer represented that, to the best of its
including the disclosures, and whether the standalone knowledge and belief, were necessary for the to our separate Report in ‘Annexure A’. knowledge and belief, other than as
financial statements represent the underlying purpose of our audit and have found them to disclosed in the notes to accounts
4. With respect to the other matters to be included
transactions and events in a manner that achieves be satisfactory; (Refer note no. 17.5.37) no funds have
in the Auditor’s Report in accordance with Rule
fair presentation. (b) the transactions of the Bank, which have come been received by the Bank from any
11 of the Companies (Audit and Auditors) Rules,
to our notice, have been within the powers of person(s) or entity(ies), including foreign
2014, as amended in our opinion and to the best
We communicate with those charged with governance the Bank; and entities (“Funding Parties”), with the
of our knowledge and belief and according to the
regarding, among other matters, the planned scope understanding, whether recorded in
(c) since the key operations of the Bank are information and explanations given to us:
and timing of the audit and significant audit findings, writing or otherwise, the Bank shall,
automated with the key applications integrated (a) the Bank has disclosed the impact of pending
including any significant deficiencies in internal control whether, directly or indirectly, lend
to the core banking systems, the audit is carried litigations as at March 31, 2022 on its financial
that we identify during our audit. or invest in other persons or entities
out centrally as all the necessary records and position in its standalone financial statements identified in any manner whatsoever by or
We also provide those charged with governance with data required for the purposes of our audit - Refer Note 17.5.78 to the standalone on behalf of the Funding Party (‘Ultimate
a statement that we have complied with relevant are available therein. Nevertheless, during the financial statements; Beneficiaries’) or provide any guarantee,
ethical requirements regarding independence, and to course of our audit we have visited 30 branches
(b) the Bank has made provision, as required security or the like on behalf of the
communicate with them all relationships and other to examine the records maintained at such
under the applicable law or accounting Ultimate Beneficiaries, and
matters that may reasonably be thought to bear on our branches for the purpose of our audit.
standards, for material foreseeable losses, if (iii) Based on such audit procedures that were
independence, and where applicable, related safeguards.
3. A s required by Section 143(3) of the Act, we any, on long-term contracts including derivative considered reasonable and appropriate in
From the matters communicated with those charged report that: contracts - Refer Note 17.5.76 to the standalone the circumstances, nothing has come to
with governance, we determine those matters that financial statements; our notice that has caused us to believe
(a) we have sought and obtained all the
were of most significance in the audit of the standalone (c) there has been no delay in transferring that the representations under sub‑clause
information and explanations which to the best
financial statements of the current year and are amounts, required to be transferred, to the (i) and (ii) of Rule 11(e) contain any
of our knowledge and belief were necessary for
therefore the key audit matters. We describe these Investor Education and Protection Fund by the material misstatement.
the purposes of our audit;
matters in our auditor’s report unless law or regulation Bank - Refer Note 17.5.65 to the standalone
(b) in our opinion, proper books of account as (e) No dividend has been declared or paid during
precludes public disclosure about the matter or when, financial statements.
required by law have been kept by the Bank the year by the Bank.
in extremely rare circumstances, we determine that
so far as it appears from our examination of (d) (i) The management of the Bank has
a matter should not be communicated in our report 5. With respect to the matter to be included in the
those books; represented that, to the best of its
because the adverse consequences of doing so would Auditors’ Report under Section 197(16) of the Act:
knowledge and belief, other than as
reasonably be expected to outweigh the public interest (c) the standalone balance sheet, the standalone
disclosed in the notes to accounts (Refer
benefits of such communication. profit and loss account, and the standalone The Bank is a banking company as defined under
note no.17.5.37), no funds have been
cash flow statement dealt with by this Report Banking Regulation Act, 1949. Accordingly, the
Other Matters advanced or loaned or invested (either
are in agreement with the books of account; requirements prescribed under Section 197 of
from borrowed funds or share premium
One of the current Joint Statutory Auditors has carried (d) in our opinion, the aforesaid standalone the Companies Act, 2013 do not apply by virtue of
or any other sources or kind of funds)
out audit of the standalone financial statements of the financial statements comply with the Section 35B(2A) of the Banking Regulation Act, 1949.
by the Bank to or in any other person(s)
Bank for the year ended March 31, 2021 and issued an Accounting Standards specified under Section or entity(ies), including foreign entities
unmodified opinion vide their report dated April 30, 2021. 133 of the Act, to the extent they are not For M P Chitale & Co. For Chokshi & Chokshi LLP
(“Intermediaries”), with the understanding,
Our opinion on the standalone financial statements is inconsistent with the accounting policies whether recorded in writing or otherwise, Chartered Accountants Chartered Accountants
not modified in respect of this matter. prescribed by RBI; that the Intermediary shall, whether, (Firm Regn. No. 101851W) (Firm Regn. No. 101872W/W100045)
(e) on the basis of the written representations directly or indirectly lend or invest in Anagha Thatte Vineet Saxena
Report on other legal and regulatory requirements received from the directors as on other persons or entities identified in any Partner Partner
1. The balance sheet and the profit and loss account March 31, 2022 taken on record by the Board of manner whatsoever by or on behalf of the
(Membership No. 105525) (Membership No. 100770)
have been drawn up in accordance with the Directors, none of the directors is disqualified Bank (‘Ultimate Beneficiaries’) or provide
UDIN: 22105525AIJUYD4233 UDIN: 22100770AILAIH9870
provisions of Section 29 of the Banking Regulation as on March 31, 2022 from being appointed any guarantee, security or the like on
Act, 1949 and Section 133 of the Act and relevant as a director in terms of Section 164 (2) of the behalf of the Ultimate Beneficiaries; Place: Mumbai Place: Mumbai
rules issued thereunder. Act; and Date: April 30, 2022 Date: April 30, 2022
2. As required by sub-section (3) of Section 30 of the (f) with respect to the adequacy of the internal
Banking Regulation Act, 1949, we report that: financial controls with reference to standalone
188 189
ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

of even date on the standalone financial statements of YES BANK Limited
for the year ended March 31, 2022 3. provide reasonable assurance regarding prevention Opinion
(Referred to in paragraph 3(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent or timely detection of unauthorised acquisition, In our opinion, the Bank has maintained, in all respects,
Auditor’s Report of even date to the members of YES BANK Limited on the standalone financial statements use, or disposition of the Bank’s assets that an adequate internal financial control system with
for the year ended March 31, 2022) could have a material effect on the standalone reference to standalone financial statements and such
financial statements. internal financial controls with reference to standalone
Report on the Internal Financial Controls with established and maintained and whether such controls financial statements were operating effectively as at
reference to the aforesaid standalone financial Inherent Limitations of Internal Financial Controls
operated effectively in all material respects. with Reference to Financial Statements March 31, 2022, based on internal control with reference
statements under Clause (i) of sub-section 3 of
Section 143 of the Companies Act, 2013 (“the Act”) to financial statements criteria established by the Bank
Our audit involves performing procedures to obtain Because of the inherent limitations of internal financial
considering the essential components of internal control
We have audited the internal financial controls with audit evidence about the adequacy of the internal controls with reference to standalone financial
stated in the Guidance Note.
reference to standalone financial statements of YES financial controls with reference to financial statements statements, including the possibility of collusion or
BANK Limited (“the Bank”) as of March 31, 2022 in and their operating effectiveness. Our audit of internal improper management override of controls, material
For M P Chitale & Co. For Chokshi & Chokshi LLP
conjunction with our audit of the standalone financial financial controls with reference to standalone financial misstatements due to error or fraud may occur and
statements included obtaining an understanding of Chartered Accountants Chartered Accountants
statements of the Bank for the year ended on that date. not be detected. Also, projections of any evaluation
internal financial controls with reference to standalone of the internal financial controls with reference to (Firm Regn. No. 101851W) (Firm Regn. No. 101872W/W100045)
Management’s Responsibility for Internal Financial financial statements, assessing the risk that a material standalone financial statements to future periods are
Controls Anagha Thatte Vineet Saxena
weakness exists, and testing and evaluating the design subject to the risk that the internal financial control with
The Bank’s management and Board of Directors are and operating effectiveness of internal control based reference to standalone financial statement become Partner Partner
responsible for establishing and maintaining internal on the assessed risk. The procedures selected depend inadequate because of changes in conditions, or that the (Membership No. 105525) (Membership No. 100770)
financial controls with reference to standalone financial on the auditor’s judgement, including the assessment degree of compliance with the policies or procedures UDIN: 22105525AIJUYD4233 UDIN: 22100770AILAIH9870
statements based on the criteria established by the Bank of the risks of material misstatement of the standalone may deteriorate.
considering the essential components of internal control financial statements, whether due to fraud or error. Place: Mumbai Place: Mumbai
stated in the Guidance Note on Audit of Internal Financial
We believe that the audit evidence we have obtained Date: April 30, 2022 Date: April 30, 2022
Controls Over Financial Reporting (‘the Guidance Note’)
issued by the Institute of Chartered Accountants of is sufficient and appropriate to provide a basis for our
India (‘the ICAI’). These responsibilities include the audit opinion on the Bank’s internal financial controls
design, implementation and maintenance of adequate with reference to standalone financial statements.
internal financial controls that were operating effectively
Meaning of Internal Financial Controls with Reference
for ensuring the orderly and efficient conduct of its to Financial Statements
business, including adherence to the Bank’s policies, the
A Bank’s internal financial controls with reference to
safeguarding of its assets, the prevention and detection
standalone financial statements is a process designed
of frauds and errors, the accuracy and completeness
to provide reasonable assurance regarding the reliability
of the accounting records, and the timely preparation
of financial reporting and the preparation of standalone
of reliable financial information, as required under the
financial statements for external purposes in accordance
Companies Act, 2013 (“the Act”).
with generally accepted accounting principles. The Bank’s
Auditors’ Responsibility internal financial control with reference to financial
statement includes those policies and procedures that
Our responsibility is to express an opinion on the Bank’s
internal financial controls with reference to standalone 1. pertain to the maintenance of records that, in
financial statements based on our audit. We conducted reasonable detail, accurately and fairly reflect
our audit in accordance with the Guidance Note and the transactions and dispositions of the assets of
the Standards on Auditing (‘the Standards’), issued by the Bank;
the ICAI and deemed to be, prescribed under Section
2. provide reasonable assurance that transactions
143(10) of the Act, to the extent applicable to an audit of
are recorded as necessary to permit preparation of
internal financial controls over financial reporting, both
standalone financial statements in accordance with
issued by the ICAI. Those Standards and the Guidance
generally accepted accounting principles, and that
Note require that we comply with ethical requirements
receipts and expenditures of the Bank are being
and plan and perform the audit to obtain reasonable
made only in accordance with authorisations of
assurance about whether adequate internal financial
management and directors of the Bank; and
controls with reference to financial statements were
190 191
STANDALONE BALANCE SHEET STANDALONE PROFIT AND LOSS

as at March 31, 2022 for the period ended March 31, 2022
(` in thousands) (` in thousands)
As at As at For the year ended For the year ended
Schedule Schedule
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
CAPITAL AND LIABILITIES I. INCOME
Capital 1 50,109,906 50,109,812 Interest earned 13 190,235,113 200,418,353
Reserves and surplus 2 287,308,864 281,853,472 Other income 14 32,624,693 30,116,944
Deposits 3 1,971,917,331 1,629,466,422 TOTAL 222,859,806 230,535,297
Borrowings 4 722,045,835 639,490,848 II. EXPENDITURE
Other liabilities and provisions 5 150,820,314 134,507,099 Interest expended 15 125,256,577 126,132,337
Operating expenses 16 68,443,940 57,920,152
TOTAL 3,182,202,250 2,735,427,653
Provisions and contingencies (Refer note 17.5.11) 18,497,165 81,105,072
ASSETS
TOTAL 212,197,682 265,157,561
Cash and balances with Reserve Bank of India 6 90,672,666 68,127,898
III. PROFIT / (LOSS)
Balances with banks and money at call and short notice 7 375,723,228 224,959,426
Net profit/(loss) for the year 10,662,124 (34,622,264)
Investments 8 518,955,557 433,191,476 Profit/(loss) brought forward (108,719,603) (68,973,880)
Advances 9 1,810,519,910 1,668,929,938 TOTAL (98,057,479) (103,596,144)
Fixed assets 10 21,331,268 21,485,304 IV. APPROPRIATIONS
Other assets 11 364,999,621 318,733,611 Transfer to Statutory Reserve 2,665,531 -
TOTAL 3,182,202,250 2,735,427,653 Transfer to Capital Reserve 108,307 4,969,760
Contingent liabilities 12 6,801,462,379 4,596,422,189 Transfer to Investment Reserve 34,300 153,699
Bills for collection 49,919,078 22,140,477 Transfer to Investment Fluctuation Reserve 1,347,886 -
Significant Accounting Policies and Notes to Accounts forming part of financial 17 Transfer to Revenue and other Reserves (Refer note 17.5.8) 4,752,161 -
statements Dividend paid - -
Balance carried over to balance sheet (106,965,664) (108,719,603)
The Schedules referred to above form an integral part of the Standalone Balance Sheet. TOTAL (98,057,479) (103,596,144)
Significant Accounting Policies and Notes to Accounts forming part of financial 17
The Balance Sheet has been prepared in conformity with Form A of the Third Schedule to the Banking Regulation
statements
Act, 1949.
Earning per share (Refer Sch. 17.5.42)
As per our report of even date attached. Basic (`) 0.43 (1.63)
Diluted (`) 0.43 (1.63)
For M P Chitale & Co. For and on behalf of the Board of Directors
Chartered Accountants YES BANK Limited (Face Value of Equity Share is `2/-)
Firm's Registration No. 101851W
The Schedules referred to above form an integral part of the Standalone Profit and Loss Account
Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda
The Profit and Loss Account has been prepared in conformity with Form B of the Third Schedule to the Banking
Partner Managing Director & CEO Chairman Director
Membership No. 105525 (DIN: 07562475) (DIN: 00065343) (DIN: 03502424) Regulation Act, 1949.
As per our report of even date attached.
For Chokshi & Chokshi LLP
Chartered Accountants
Firm's Registration No. 101872W/W100045
Chartered Accountants YES BANK Limited
Vineet Saxena Mahesh Krishnamurti Niranjan Banodkar Shivanand R. Shettigar
Partner Director Chief Financial Officer Company Secretary
Membership No. 100770 (DIN: 02205868)
Membership No. 105525 (DIN: 07562475) (DIN: 00065343) (DIN: 03502424)
Mumbai
April 30, 2022

Mumbai
April 30, 2022
192 193
STANDALONE CASH FLOW STATEMENT STANDALONE CASH FLOW STATEMENT

for the year ended March 31, 2022 for the year ended March 31, 2022
Year ended Year ended Year ended Year ended
Cash flow from/(used in) Operating Activities Cash and cash equivalents as at April 1st 293,087,324 83,830,009
Net profit before taxes 14,358,481 (47,350,739) Cash and cash equivalents as at March 31st 466,395,894 293,087,324
Adjustment for: Notes to the Cash flow statement:
ESOP Compensation Expense 82,420 - Cash and cash equivalents includes the following:
Depreciation for the year 3,983,619 3,532,333 Cash and Balances with Reserve Bank of India 90,672,666 68,127,898
Amortisation of premium on investments 3,400,038 1,785,855 Balances with Banks and Money at Call and Short Notice 375,723,228 224,959,426
Impairment/Revaluation on Investments 7,596,484 16,165,437 Cash and cash equivalents as at March 31st 466,395,894 293,087,324
Provision for standard advances (251,526) 6,895,356
Provision/write-off of non-performing advances 21,157,827 71,158,190 As per our report of even date attached.
Other provisions (2,190) 2,904,826
(Profit)/Loss on sale of subsidiaries (149,403) - For M P Chitale & Co. For and on behalf of the Board of Directors
(Profit)/Loss on sale of land, building and other assets 125,884 34,601 Firm's Registration No. 101851W
(i) 50,301,634 55,125,859
Adjustments for: Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda
Increase/(Decrease) in Deposits 342,450,909 575,826,988
Increase/(Decrease) in Other Liabilities 8,126,433 (29,280,403)
(Increase)/Decrease in Investments 44,367,908 (18,471,961) For Chokshi & Chokshi LLP
(Increase)/Decrease in Advances (162,747,799) (38,052,715)
(Increase)/Decrease in Other assets (45,294,296) 17,142,679
(ii) 186,903,155 507,164,588 Vineet Saxena Mahesh Krishnamurti Niranjan Banodkar Shivanand R. Shettigar
Payment of direct taxes (iii) (971,711) (8,013,982) Partner Director Chief Financial Officer Company Secretary
Net cash generated from/(used in) operating activities (A) (i+ii+iii) 236,233,078 554,276,465
Cash flow from (used in) investing activities Mumbai
Purchase of fixed assets (4,065,749) (2,660,219) April 30, 2022
Proceeds from sale of fixed assets 110,282 96,390
Investment in subsidiaries (30,000) (203,000)
Proceeds from sale of subsidiaries 844,578 -
(Increase)/Decrease in Held To Maturity (HTM) securities (141,793,687) 6,680,453
Net cash generated/(used in) from investing activities (B) (144,934,576) 3,913,624
Cash flow from/(used in) financing activities
Increase/(decrease) in Borrowings 96,683,237 (483,088,554)
Innovative Perpetual Debt (paid)/raised - (3,070,000)
Tier II Debt repaid during the year (14,128,250) (12,064,000)
Proceeds from issue of Share Capital (net of share issue expense) 635 148,802,131
Dividend paid during the year - -
Net cash generated from/(used in) financing activities (C) 82,555,622 (349,420,423)
Effect of exchange fluctuation on translation reserve (D) (545,554) 487,649
Net increase in cash and cash equivalents (A+B+C+D) 173,308,570 209,257,315
194 195
SCHEDULES SCHEDULES
forming a part of Standalone Balance Sheet forming a part of Standalone Balance Sheet
As at As at As at As at
SCHEDULE 1 – CAPITAL VIII. ESOP Compensation Reserve
Authorised Capital Opening balance - -
30,000,000,000 equity shares of `2/- each 60,000,000 60,000,000 Additions during the year (Refer Sch 17.5.7) 82,420 -
20,000,000 preference shares of `100/- each 2,000,000 2,000,000 Deductions during the year - -
Closing balance 82,420 -
Issued and subscribed capital (Refer Sch 17.5.1) IX. Balance in Profit and Loss Account (106,965,664) (108,719,603)
25,054,952,981 equity shares of `2/- each 50,109,906 50,109,812 TOTAL 287,308,864 281,853,472
(March 31, 2021: 25,054,905,981 equity shares of `2/- each) (` in thousands)
TOTAL 50,109,906 50,109,812 As at As at
March 31, 2022 March 31, 2021
(` in thousands)
SCHEDULE 3 – DEPOSITS
As at As at
March 31, 2022 March 31, 2021 A. I. Demand Deposits
SCHEDULE 2 – RESERVES AND SURPLUS i) From Banks 21,632,926 13,696,165
I. Statutory Reserves ii) From others 242,258,230 176,276,709
Opening balance 48,934,100 48,934,100 II. Savings Bank Deposit 349,704,727 235,898,654
Additions during the year 2,665,531 - III. Term Deposits
Deductions during the year - - i) From Banks 128,534,720 164,737,144
Closing balance 51,599,631 48,934,100 ii) From others (incl. CD's issued) 1,229,786,728 1,038,857,750
II. Share Premium TOTAL 1,971,917,331 1,629,466,422
Opening balance 322,949,240 199,155,977
B. I. Deposits of branches in India 1,971,567,528 1,629,028,160
Additions during the year (Refer Sch 17.5.1) 541 125,068,632
II. Deposits of branches outside India 349,803 438,262
Deductions during the year - 1,275,369
TOTAL 1,971,917,331 1,629,466,422
Closing balance 322,949,781 322,949,240
III. Capital Reserve (` in thousands)
Opening balance 17,159,844 12,190,084 As at As at
Additions during the year (Refer Sch 17.5.3) 108,307 4,969,760 March 31, 2022 March 31, 2021
Deductions during the year - - SCHEDULE 4 – BORROWINGS
Closing balance 17,268,151 17,159,844 A. Borrowing in India
IV. Investment Reserve i) Reserve Bank of India1 70,600,000 54,150,000
Opening balance 533,829 380,130
ii) Other banks 24,948,125 21,752,150
Additions during the year (Refer Sch 17.5.4) 34,300 153,699
iii) Other institutions and agencies 1 & 2 359,432,742 295,643,624
Deductions during the year - -
iv) Innovative Perpetual Debt Instruments (IPDI) 2,800,000 2,800,000
Closing balance 568,129 533,829
V. Foreign Currency Translation Reserve v) Tier II Borrowings 157,050,000 165,695,000
Opening balance 465,018 (22,630) TOTAL (A) 614,830,867 540,040,774
Additions during the year (545,554) 487,648 B. Borrowings outside India
Deductions during the year - - i) Borrowings outside India3 107,214,968 93,966,824
Closing balance (80,536) 465,018 ii) Innovative Perpetual Debt Instruments (IPDI) - -
VI. Cash Flow Hedge Reserve iii) Tier II Borrowings - 5,483,250
Opening balance (8,020) (40,856) TOTAL (B) 107,214,968 99,450,074
Additions during the year (Refer Sch 17.5.5) 8,020 32,836 TOTAL (A+B) 722,045,835 639,490,848
Closing balance - (8,020) (1) Secured borrowings are ` 126,362,748 thousands (March 31, 2021 : ` 54,150,000 thousands).
VII. Investment Fluctuation Reserve
(2) ` 265,869,994 thousands of refinance borrowing (March 31, 2021: ` 257,843,624 thousands) ` 16,450,000 thousands (March 31 2021:
Opening balance 539,066 539,066 ` 16,450,000 thousands) of Green Infrastructure Bonds raised to fund ‘Green Projects’ and ` 21,350,000 thousands (March 31, 2021:
Additions during the year (Refer Sch 17.5.6) 1,347,886 - ` 21,350,000 thousands) of Long Term Infrastructure Bonds raised to finance affordable housing and infrastructure projects.
Deductions during the year - - (3) Bonds of ` 36,143,131 thousands (March 31, 2021: `34,839,972 thousands) of Medium Term Notes issued in earlier year by IFSC
Closing balance 1,886,952 539,066 Banking Unit (IBU) in GIFT city Gujarat.
196 197
SCHEDULES SCHEDULES
SCHEDULE 5 – OTHER LIABILITIES AND PROVISIONS SCHEDULE 8 – INVESTMENTS (Net of provisions)

I. Bills payable 7,317,200 5,686,395 A. Investments in India
II. Inter-office adjustments (net) - - i) Government Securities* 437,084,560 334,737,624
ii) Other approved securities - -
III. Interest accrued 17,847,891 15,304,090
iii) Shares 214,321 241,978
IV. Others (including provisions) iv) Debentures and bonds 53,921,028 66,924,747
- Provision for standard advances 19,241,018 19,492,544 v) Subsidiaries and/or joint ventures 1,490,000 2,155,176
- Country risk provision 103,851 69,400 vi) Others (CPs, CDs, Security Receipts, Pass through certificates, MFs, VCF etc.) 21,541,552 24,523,848
- Others 106,310,354 93,954,670 TOTAL (I) 514,251,461 428,583,373
B. Investments outside India
- Income Tax Provision - -
i) Government Securities 3,030,418 2,924,350
TOTAL 150,820,314 134,507,099
ii) Shares 6,243 10,401
iii) Debentures and bonds - -
(` in thousands)
iv) Others (MFs) 1,667,435 1,673,352
As at As at
March 31, 2022 March 31, 2021
TOTAL (II) 4,704,096 4,608,103
TOTAL (I+II) 518,955,557 433,191,476
SCHEDULE 6 – CASH AND BALANCES WITH RESERVE BANK OF INDIA
I. Cash in hand (including foreign currency notes) 7,929,037 7,903,956 * Includes securities of face value `135,100,288 thousands (Previous year `66,333,080 thousands) pledged for clearing facility and margin
requirements.
II. Balances with Reserve Bank of India
(` in thousands)
- In current account 82,743,629 60,223,942
As at As at
- In other account - - March 31, 2022 March 31, 2021
TOTAL 90,672,666 68,127,898 SCHEDULE 9 – ADVANCES (Net of provisions)
A. i) Bills purchased and discounted 31,753,105 23,281,200
(` in thousands)
ii) Cash credit, overdrafts and loans repayable on demand 427,745,858 339,366,705
As at As at
March 31, 2022 March 31, 2021 iii) Term loans 1,351,020,947 1,306,282,033
TOTAL 1,810,519,910 1,668,929,938
SCHEDULE 7 – BALANCES WITH BANKS AND MONEY AT CALL AND SHORT NOTICE
B. i) Secured by tangible assets3 1,349,680,924 1,317,749,179
I. In India
ii) Covered by Bank/Government guarantees 28,727,222 14,232,450
Balances with banks- iii) Unsecured 1 & 2 432,111,764 336,948,309
i) In current accounts 2,571,584 1,431,658 TOTAL 1,810,519,910 1,668,929,938
ii) In other deposit accounts 2,615,052 3,019,052 (1) Includes at March 31, 2022 advances of `36,761,150 thousands (March 31, 2021: `80,805,626 thousands) for which security
Money at call and short notice documentation is either being obtained or being registered.
i) With Banks - - (2) Includes at March 31, 2022 advances amounting to `14,363,265 thousands (March 31, 2021: `1,588,072 thousands) has been
secured by intangible securities such as charge over the rights, licenses, authority, etc.
ii) With other institutions - -
(3) Includes advances secured by book debts of ` 91,079,788 thousands (March 31, 2021: ` 63,017,987 thousands) pertaining to
iii) Lending under reverse repo (RBI & Banks) 343,850,000 173,960,000
NBFC & Service Sector, factoring exposure and dealer financing loans to customer.
TOTAL (I) 349,036,636 178,410,710 C. I. Advances in India
II. Outside India i) Priority sectors 634,489,440 500,119,882
i) In current account 25,246,534 45,159,626 ii) Public sector 62,480 234,014
ii) In other deposit account - - iii) Banks 7,751,064 1,223,832
iii) Money at call and short notice 1,440,058 1,389,090 iv) Others 1,090,783,392 1,068,753,027
TOTAL (II) 26,686,592 46,548,716 TOTAL (I) 1,733,086,377 1,570,330,755
II. Advances outside India
TOTAL (I+II) 375,723,228 224,959,426
i) Due from Banks 336,186 146,219
ii) Due from Others 77,097,347 98,452,964
(a) Bills purchased and discounted - -
(b) Syndicated loans 7,108,155 14,236,912
(c) others 69,989,192 84,216,052
TOTAL (II) 77,433,533 98,599,183
TOTAL (I+II) 1,810,519,910 1,668,929,938
198 199
SCHEDULES SCHEDULES
SCHEDULE 10 – FIXED ASSETS SCHEDULE 12 – CONTINGENT LIABILITIES
I. Premises I. Claims against the bank not acknowledged as debts 1,208,279 612,500
At cost as on March 31st of preceding year 12,480,561 378,031 II. Liability for partly paid investments - -
Additions during the year - 12,102,530 III. Liability on account of outstanding forward exchange contracts 3,421,931,086 2,021,391,776
Deductions during the year - - IV. Liability on account of outstanding derivative contracts
Accumulated depreciation to date (219,207) (41,583) (a) Single currency Interest Rate Swap 2,294,845,134 1,574,827,703
TOTAL (I) 12,261,354 12,438,978 (b) Others 314,403,390 355,127,777
II. Other Fixed Assets (including furniture and fixtures and software) V. Guarantees given on behalf on constituents
At cost as on March 31st of preceding year 25,492,391 20,704,250 (a) In India 399,862,550 393,303,132
Additions during the year 3,443,719 5,270,062 (b) Outside India - -
Deductions during the year (1,932,888) (481,921) VI. Acceptances, endorsement and other obligations 148,184,168 131,798,720
Accumulated depreciation to date (19,174,133) (17,064,860) VII. Other items for which the bank is contingently liable
TOTAL (II) 7,829,089 8,427,531 (a) Purchase of securities pending settlement 4,995,690 849,834
TOTAL (I+II) 20,090,443 20,866,509 (b) Capital commitment 2,811,655 3,797,311

(c) Amount deposited with RBI under Depositor Education and Awareness Fund (DEAF) 119,099 77,756
Capital work-in-progress (net of provision) 1,240,825 618,795
(d) Foreign exchange contracts (Tom & Spot) 211,190,532 113,029,721
TOTAL 21,331,268 21,485,304
(e) Custody 1,910,795 1,605,959
(` in thousands) (f) Bills Rediscounting - -
As at As at (g) Undrawn partial credit enhancement facilities - -
March 31, 2022 March 31, 2021
(h) When Issued (‘WI’) securities - -
SCHEDULE 11 – OTHER ASSETS TOTAL 6,801,462,379 4,596,422,189
I. Interest Accrued 17,761,146 15,058,370
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as on March 31, 2022
II. Advance tax and tax deducted at source (net of provision) 6,035,353 5,064,254 includes notional amount of `2,760,893,820 thousands and `750,794,782 thousands (March 31, 2021: `1,592,382,517 thousands and
III. Deferred tax asset (Refer Sch 17.5.54) 91,842,076 95,538,433 `318,138,617 thousands) guaranteed by CCIL representing 80.68% and 32.72% (March 31, 2021: 78.78% and 20.20%) of total outstanding
IV. Stationery and stamps 5,544 4,915 forward exchange contracts and single currency interest rate swaps respectively.
V. Non-Banking assets acquired in satisfaction of claims 353,000 353,000

VI. Others* 249,002,502 202,714,639
TOTAL 364,999,621 318,733,611
*Includes deposits placed with NABARD/ SIDBI/ NHB, etc. of `172,696,815 thousands (Previous year `133,437,163 thousands) on account
of shortfall in priority sector targets.
200 201
SCHEDULES STANDALONE FINANCIAL STATEMENTS

forming a part of Standalone Profit and Loss Account for the year ended March 31, 2022
(` in thousands) 17. SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE ACCOUNTS FOR THE
For the year ended For the year ended YEAR ENDED MARCH 31, 2022
March 31, 2022 March 31, 2021
17.1 Background
SCHEDULE 13 – INTEREST EARNED
ES BANK is a publicly held bank engaged in providing a wide range of banking and financial services. YES BANK is a
Y
I. Interest/ discount on advances/ bills 150,949,108 166,419,712
banking company governed by the Banking Regulation Act, 1949. The Bank was incorporated as a limited company
II. Income on investments (including dividend) 28,780,909 26,800,743
under the Companies Act, 1956 on November 21, 2003. The Bank received the licence to commence banking operations
III. Interest on balances with Reserve Bank of India and other inter-bank funds 7,020,739 3,320,253
from the Reserve Bank of India (‘RBI’) on May 24, 2004. Further, YES BANK was included to the Second Schedule of
IV. Others 3,484,357 3,877,645
the Reserve Bank of India Act, 1934 with effect from August 21, 2004. Also, the Bank has a branch at International
TOTAL 190,235,113 200,418,353
Financial Services Centre (‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies transactions undertaken by IBU as
(` in thousands) overseas operation.
For the year ended For the year ended
March 31, 2022 March 31, 2021 17.2 Basis of preparation
SCHEDULE 14 – OTHER INCOME he financial statements have been prepared in accordance with requirements prescribed under the Third Schedule
T
I. Commission, exchange and brokerage 16,380,441 12,352,338 (Form A and Form B) of the Banking Regulation Act, 1949. The accounting and reporting policies of the Bank used in
II. Profit/(Loss) on the sale of investments (net) 2,594,601 11,080,030 the preparation of these financial statements conform to Generally Accepted Accounting Principles in India (Indian
III. Profit/(Loss) on the revaluation of investments (net) 307,297 (2,092,086) GAAP), the guidelines issued by the Reserve Bank of India (RBI) from time to time, the accounting standards notified
IV. Profit/(Loss) on sale of land, building and other assets (125,884) (34,601) under Section 133 of the Companies Act, 2013 and Companies (Accounting Standards) Amendment Rules, 2016 to
V. Profit on exchange transactions (net) 6,008,156 4,845,890 the extent applicable and practices generally prevalent in the banking industry in India. The Bank follows the accrual
VI. Income earned by way of dividends etc. from subsidiaries, companies and/or joint - - method of accounting and the historical cost convention, unless otherwise stated by RBI guidelines.
ventures abroad/in India
VII. Miscellaneous income 7,460,082 3,965,373 17.3 Use of estimates
TOTAL 32,624,693 30,116,944
he preparation of financial statements requires the management to make estimates and assumptions that are
T
(` in thousands) considered while reporting amounts of assets and liabilities (including contingent liabilities) as of the date of the
For the year ended For the year ended financial statements and income and expenses during the reporting period. Management believes that the estimates
March 31, 2022 March 31, 2021 used in the preparation of the financial statements are prudent and reasonable. Actual results could differ from
SCHEDULE 15 – INTEREST EXPENDED these estimates. The impact of any revision in these estimates is recognised prospectively from the period of change.
I. Interest on deposits 84,574,353 76,662,398 he outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by
T
II. Interest on Reserve Bank of India/ inter-bank borrowings/ Tier I and Tier II debt 40,705,478 52,366,790 localised lockdowns in areas with a significant number of COVID-19 cases. In FY2022, India witnessed two more waves
instruments
III. Others* (23,254) (2,896,851)
*includes reversal of provision created for penalty on SLR breach of `3,344,384 in thousands has withdrawn most of the COVID-19 related restrictions, however, the extent to which the COVID-19 pandemic will
in March 2021.
continue to impact the Bank’s results will depend on ongoing as well as future developments, which are uncertain.
TOTAL 125,256,577 126,132,337
(` in thousands) Significant Accounting Policies

For the year ended For the year ended 17.4.1 R
evenue recognition
March 31, 2022 March 31, 2021
evenue is recognised to the extent it is probable that the economic benefits will flow to the Bank and the revenue
R
SCHEDULE 16 – OPERATING EXPENSES
can be reliably measured.
I. Payments to and provisions for employees 28,556,914 24,303,780
II. Rent, taxes and lighting 3,948,022 4,404,592
• Interest income is recognised in the profit and loss account on accrual basis, except in the case of non-performing
III. Printing and stationery 310,977 297,330
assets. Interest on non-performing assets is recognised as per the prudential norms of the RBI. Penal Interest for
IV. Advertisement and publicity 243,645 363,209 covenant breach is recognised upon certainty of its realisation. Late payment penalty on retail loans is recognised
V. Depreciation on Bank's property 3,983,619 3,532,333 on cash basis.
VI. Directors' fees, allowances and expenses 44,410 28,102
• Dividend income is recognised when the right to receive payment is established.
VII. Auditors' fees and expenses 34,501 37,339
VIII. Law charges 401,314 190,286 • C
ommission on Guarantees and Letters of Credit (‘LC’) issued by the Bank is recognised as income over the period
IX. Postage, telegrams, telephones, etc. 447,379 448,327 of the Guarantee and LC respectively.
X. Repairs and maintenance 364,063 321,327 • Income on non-coupon bearing discounted instruments is recognised over the tenure of the instrument on a
XI. Insurance 2,009,943 1,357,814 straight line basis. In case of coupon bearing discounted instruments, discount income is recognised over the
XII. Other expenditure 28,099,153 22,635,713 tenor of the instrument on yield basis.
TOTAL 68,443,940 57,920,152
202 203
STANDALONE FINANCIAL STATEMENTS STANDALONE FINANCIAL STATEMENTS

• In case of Bonds and Pass Through Certificates (PTC), premium on redemption, if any, is amortised over the tenure Investments received in lieu of restructured advances scheme are valued in accordance with RBI guidelines.
of the instrument on a yield basis. Any diminution in value on these investments is provided for and is not used to set off against appreciation in
• R
evenue from financial advisory services is recognised in line with milestones achieved as per terms of agreement respect of other performing securities in that category. Depreciation on equity shares acquired and held by the
with clients which is reflective of services rendered. Bank under restructuring scheme is provided as per RBI guidelines.
• Facility fees and loan processing fees are recognised when due and realisable. Investments classified under the HTM category are carried at their acquisition cost and any premium over the
• Other fees and commission are accounted for as and when they became due. face value, paid on acquisition, is amortised on a straight line basis over the remaining period to maturity.
Amortisation expense of premium on investments in the HTM category is deducted from interest income in
17.4.2 Investments accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated August 25, 2021. Where in the opinion
of management, a diminution, other than temporary in the value of investments classified under HTM has
lassification and valuation of the Bank’s investments are carried out in accordance with RBI Circular DOR.
C
taken place, suitable provisions are made. Profit/loss on sale of investments in the ‘Held to Maturity’ category
MRG.42/21.04.141/2021-22 dated August 25, 2021.
is recognised in the profit and loss account and profit is thereafter appropriated (net of applicable taxes and
statutory reserve requirements) to Capital Reserve.
Accounting and Classification
he Bank follows settlement date accounting for Investments. In compliance with RBI guidelines, all investments,
T Equity investments in subsidiaries/joint ventures are classified under ‘Held to Maturity’. The Bank assesses
are categorised as “Held for trading” (‘HFT’), “Available for sale” (‘AFS’) or “Held to maturity” (‘HTM’) at the time of its these investments for any permanent diminution in value and appropriate provisions are made.
purchase. For the purpose of disclosure in the balance sheet, investments are classified as disclosed in Schedule 8 Treasury Bills, Commercial Paper and Certificates of deposit being discounted instruments, are valued at
(‘Investments’) under six groups (a) government securities (b) other approved securities (c) shares (d) bonds and carrying cost.
debentures (e) subsidiaries and joint ventures and (f) others.
Pass Through Certificates purchased for priority sector lending requirements are valued in accordance with
a) Cost of acquisition RBI guidelines.
Costs such as brokerage pertaining to investments, paid at the time of acquisition and broken period interest The market/fair value applied for the purpose of periodical valuation of quoted investments included in the AFS
are charged to the profit and loss account as per the RBI guidelines. and HFT categories is the market price of the scrip as available from the trades/quotes on the recognised stock
exchanges and for Subsidiary General Ledger (‘SGL’) account transactions, the prices as periodically declared by
b) Basis of classification Financial Benchmarks India Pvt. Ltd.(FBIL).
Securities that are held principally for resale within 90 days from the date of purchase are classified under the The market/ fair value of unquoted government securities included in the AFS and HFT category is determined as
HFT category. Investments that the Bank intends to hold till maturity are classified under the HTM category, per the prices published by FBIL. Further, in the case of unquoted bonds, debentures, pass through certificates
or as per RBI guidelines. Securities which are not classified in the above categories are classified under the (other than priority sector) and preference shares, valuation is carried out by applying an appropriate mark-up
AFS category. (reflecting associated credit risk) over the Yield to Maturity (‘YTM’) rates of government securities. Such mark up
and YTM rates applied are as per the relevant rates published by FIMMDA / FBIL.
c) Transfer between categories
The Bank undertakes short sale transactions in Central Government dated securities in accordance with RBI
Reclassification of investments from one category to the other, if done, is in accordance with RBI guidelines.
guidelines. The short position is reflected as the amount received on sale which is categorised under HFT
Transfer of scrips from AFS / HFT category to HTM category is made at the lower of book value or market value.
category and is netted in the Investment schedule. The short position is marked to market and loss, if any,
In the case of transfer of securities from HTM to AFS / HFT category, the investments held under HTM at a
is charged to the Profit and Loss account while gain, if any, is ignored. Profit/Loss on settlement of the short
discount are transferred to AFS / HFT category at the acquisition price/book value and investments placed in the
position is recognised in the Profit and Loss account.
HTM category at a premium are transferred to AFS/ HFT at the amortised cost.
Units of Venture Capital Funds (VCF) held under AFS category are valued using the Net Asset Value (NAV) shown
On transfer from HTM to AFS / HFT category, securities are immediately revalued and resultant depreciation, if
by VCF as per the financial statement. The VCFs are valued based on the audited results once in a year. In
any, is provided.
case the audited financials are not available for a period beyond 18 months, the investments are valued at ` 1
Transfer of investments from AFS to HFT or vice- a- versa (in exceptional circumstances and with the approval of per VCF.
the Board of Directors/ ALCO/Investment Committee) is done at the book value. Depreciation carried, if any, on
Quoted equity shares are valued at their closing price on a recognised stock exchange. Unquoted equity shares
such investments is also transferred from one category to another.
are valued at the break-up value if the latest balance sheet is available, else, at ` 1 per company, as per relevant
RBI guidelines.
d) Valuation
Investments categorised under AFS and HFT categories are marked to market (MTM) on periodical basis as per At the end of each reporting period, security receipts issued by the asset reconstruction company are valued in
relevant RBI guidelines. Net depreciation, if any, in the category under the classification mentioned in Schedule accordance with the guidelines applicable to such instruments, prescribed by RBI from time to time. Accordingly,
8 (‘Investments’) is recognised in the profit and loss account. The net appreciation, if any, in the category under in cases where the cash flows from security receipts issued by the asset reconstruction company are limited
each classification is ignored, except to the extent of depreciation previously provided. The book value of to the actual realisation of the financial assets assigned to the instruments in the concerned scheme, the Bank
individual securities is not changed consequent to periodic valuation of investments. reckons the net asset value obtained from the asset reconstruction company from time to time, for valuation
of such investments at each reporting date. In case of investment in Security Receipts on or after April 01, 2017
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which are backed by more than 50% of the stressed assets sold by the bank or 10% of the stressed asset sold by g) Investment fluctuation reserve
the bank post April 01, 2018, provision for depreciation in value is made at higher of - provisioning rate required With a view to building up of adequate reserves to protect against increase in yields, RBI through circular number
in terms of net assets value declared by Reconstruction Company(RC)/Securitisation Company(SC) or the RBI/2017-18/147 DBR.No.BP.BC.102/21.04.048/2017-18 dated April 02, 2018, advised all banks to create an IFR
provisioning rate as per the extant asset classification and provisioning norms as applicable to the underlying with effect from the FY 2018-19.
loans, assuming that the loan notionally continue in the books of the Bank. All other investments in the Security
Receipts are valued as per the NAV obtained from issuing RC / SC. Transfer to IFR will be lower of the following (i) net profit on sale of investments during the year or (ii) net profit
for the year less mandatory appropriations; until the amount of IFR is at least 2 percent of the HFT and AFS
Investments in quoted Mutual Fund (MF) Units are valued at the latest repurchase price/net asset value declared portfolio, on a continuing basis.
by the mutual fund. Investments in un-quoted MF Units are valued on the basis of the latest re-purchase price
declared by the MF in respect of each particular Scheme. 17.4.3 Advances
Investment in listed instruments of Real Estate Investment Trust (REIT)/Infrastructure Investment Trust (INVIT) Accounting and classification
is valued at closing price on a recognised stock exchange with the higher volumes. In case the instruments were dvances are classified as performing and non-performing based on the relevant RBI guidelines. Advances are
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not traded on any stock exchange within 15 days prior to date of valuation, valuation is done based on the latest stated net of specific provisions, interest in suspense, inter-bank participation certificates issued, direct assignment
NAV (not older than 1 year) submitted by the valuer. and bills rediscounted.
Sovereign foreign currency bonds are valued using Composite Bloomberg Bond Trader (CBBT) price or Bloomberg ssets transferred through direct assignment of cash flows are de-recognised in the Balance Sheet when they are
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Valuation Service (BVAL) price or on Treasury curve in the chronological order based on availability. sold (true sale criteria being fully met with) and consideration is received by the Bank.
Non- Sovereign foreign currency Bonds are valued using either Composite Bloomberg Bond Trader (CBBT) price,
Bloomberg Valuation Service (BVAL) price, Bloomberg Generic price (BGN) , Last available CBBT pricing for the Provisioning
instrument or Proxy Bond Pricing from Bloomberg in the chronological order based on availability. rovisions in respect of non-performing advances are made based on management’s assessment of the degree of
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impairment of the advances, subject to the minimum provisioning level prescribed in relevant RBI guidelines. The
Masala bonds are valued using either Composite Bloomberg Bond Trader (CBBT) price, Bloomberg Valuation
specific provision levels for retail non-performing assets are also based on the nature of product and delinquency
Service (BVAL) price or as per FIMMDA guided valuation methodology for unquoted bonds in the chronological
levels. Specific provisions in respect of non-performing advances are charged to the Profit and Loss account and
order based on availability.
included under Provisions and Contingencies. In relation to non-performing derivative contracts, as per the extant
Special bonds such as oil bonds, fertiliser bonds, UDAY bonds etc. which are directly issued by Government of RBI guidelines, the Bank makes provision for the entire amount of overdue and future receivables relating to positive
India (‘GOI’) is valued based on FBIL valuation. marked to market value of the said derivative contracts.
Equity shares in the Banks demat account, acquired through exercise of pledge, is not accounted as investments. he Bank considers an account as restructured, where for economic or legal reasons relating to the borrower’s
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Upon sale of the pledged shares, the proceeds are utilised to offset the borrower’s liability. financial difficulty, the Bank grants concessions to the borrower, that the Bank would not otherwise consider. The
moratorium granted to the borrowers based on RBI guidelines is not accounted as restructuring of loan. The RBI
Non-performing investments are identified and depreciation/provision are made thereon based on the RBI
guidelines on ‘Resolution Framework for COVID-19-related Stress’ provide a prudential framework for resolution
guidelines. Based on management assessment of impairment, the Bank additionally creates provision over
plan of certain loans. The borrowers where resolution plan was implemented under these guidelines are classified
and above the RBI guidelines. The depreciation/provision on such non-performing investments are not set off
as standard restructured.
against the appreciation in respect of other performing securities. Interest on non-performing investments is
not recognised in the Profit and Loss account until received in cash. In respect of non-retail loans reported as fraud to RBI the entire amount, is provided for over a period not exceeding
four quarters starting from the quarter in which fraud has been detected. In respect of non-retail loans where
e) Profit/Loss on sale of Investments there has been delay in reporting the fraud to the RBI or which are classified as loss accounts, the entire amount is
Profit/Loss on sale of Investments in the HTM category is recognised in the profit and loss account and profit provided immediately. In case of fraud in retail accounts, the entire amount is provided immediately.
thereafter is appropriated (net of applicable taxes and statutory reserve requirements) to Capital Reserve. he Bank makes additional provisions as per RBI guidelines for the cases where viable resolution plan has not been
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Profit/Loss on sale of investments in HFT and AFS categories is recognised in the Profit and Loss account. implemented within timelines prescribed by RBI, from the date of default. These additional provisions are written
back on satisfying the conditions for reversal as per RBI guidelines.
f) Accounting for repos/ reverse repos/ targeted long-term repo operations (TLTRO)
s per the RBI guidelines a general provision is made on all standard advances, including provision for borrowers
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Securities sold under agreements to repurchase (Repos) and securities purchased under agreements to resell
having unhedged foreign currency exposure and for credit exposures computed as per the current marked to market
(Reverse Repos) including liquidity adjustment facility (LAF) with RBI are treated as collateralised borrowing
values of interest rate and foreign exchange derivative contracts. The general provision also includes provision for
and lending transactions respectively in accordance with RBI Circular DOR.MRG.42/21.04.141/2021-22 dated
stressed sector exposures and provision for incremental exposure of the banking system to a specified borrower
August 25, 2021. The first leg of the repo transaction is contracted at the prevailing market rates. The difference
beyond Normally Permitted Lending Limit (NPLL) in proportion to bank’s funded exposure to specified borrower.
between consideration amounts of first and second (reversal of first) leg reflects interest and is recognised as
Further, provision requirement under various Restructure scheme of RBI also forms part of general provision. Such
interest income/expense over the period of transaction.
provisions are included in Schedule 5 – ‘Other liabilities & provisions - Others’.
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In respect of restructured standard and non-performing advances, provision is made for the present value of In accordance with the RBI clarification, the Bank does not recognise in the profit and loss account the proportionate
principal and interest component sacrificed at the time of restructuring the assets, based on the RBI guidelines. exchange gains or losses held in the foreign currency translation reserve on repatriation of profits from
overseas operations.
s per requirement of RBI guideline, any interest accrued and due if converted into a loan (i.e. Funded Interest Term
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Loan) then such income will be reversed and will be recognised on cash basis. urrency future contracts are marked to market daily using settlement price on a trading day, which is the closing
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price of the respective future contracts on that day. While the daily settlement prices is computed on the basis of
ccounts are written-off in accordance with the Bank’s policies. Recoveries from bad debts written-off are recognised
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weighted average price of such contract, the final settlement price is taken as the RBI reference rate on the last trading
in the Profit and Loss account and included under Provisions and Contingencies.
day of the future contract or as may be specified by the relevant authority from time to time. All open positions are
In case of loans sold to asset reconstruction company, if consideration is more than net book value, the Bank records marked to market based on the settlement price and the resultant marked to market profit/loss is daily set.
the security receipts as investment at Net Book Value as per RBI guidelines.
17.4.5 Earnings per share
he Bank has in place a Country Risk management policy as part of its Board approved Credit policy, which is based
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on extant regulatory guidelines and addresses the identification, measurement, monitoring and reporting of country he Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20,
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risk. Countries are categorised into seven risk categories, viz. Insignificant, Low Risk, Moderately Low Risk, Moderate “Earnings per Share” notified under Section 133 of the Companies Act, 2013. Basic earnings per equity share have
Risk, Moderately Risk, High Risk and Very High Risk. The Bank calculates direct and indirect country risk in line with been computed by dividing net profit after tax for the year by the weighted average number of equity shares
the policy requirements. Indirect exposure is reckoned at 50% of the exposure in case of countries where the net outstanding for the period.
funded exposure exceeds 1% of the Bank’s total assets. Further, if the net funded exposure of the Bank in respect iluted earnings per equity share have been computed using the weighted average number of equity shares and
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of each country exceeds 1% of the Bank’s total assets, provisioning is required to be made on exposure to such dilutive potential equity shares options outstanding during the period except where the results are anti-dilutive.
countries. Depending on the risk category of the country, provisioning is done on a graded scale ranging from 0.25%
to 100%. 17.4.6 Accounting for derivative transactions
erivative transactions comprises forward rate agreements, swaps and option contracts. The Bank undertakes
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17.4.4 Transactions involving foreign exchange
derivative transactions for market making/trading and hedging on-balance sheet assets and liabilities. All market
oreign currency income and expenditure items of domestic operations are translated at the exchange rates
F making/trading transactions are marked to market on a monthly basis and the resultant unrealised gains/losses are
prevailing on the date of the transaction. Income and expenditure items of integral foreign operations are translated recognised in the profit and loss account.
at the daily average closing rates and of non-integral foreign operations (foreign branches) at the monthly average
closing rates. erivative transactions that are undertaken for hedging are accounted for on accrual basis except for the transaction
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designated with an asset or liability that is carried at market value or lower of cost or market value in the financial
remia/discounts on foreign exchange swaps that are used to hedge risks arising from foreign currency assets and
P statements, which are accounted similar to the underlying asset or liability.
liabilities are amortised over the life of the swap.
ross currency interest rate swaps which are used by the Bank to hedge its foreign currency borrowings have been
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onetary foreign currency assets and liabilities are translated at the balance sheet date at rates notified by the
M designated as cash flow hedges (effective hedges) and are measured at fair value. The corresponding gain or loss is
Foreign Exchange Dealers’ Association of India (‘FEDAI’). Foreign exchange contracts are stated at net present value recognised as cash flow hedge reserve. Further to match profit/loss on account of revaluation of foreign currency
using risk-free rates (‘RFRs’)/SWAP curves of the respective currencies with the resulting unrealised gain or loss borrowing, the corresponding amount is recycled from cash flow hedge reserve to Profit and Loss account.
being recognised in the Profit and Loss Account and correspondingly in other assets (representing positive Mark-to-
Market) and in other liabilities (representing negative Mark-to-Market (‘MTM’)) on a gross basis. he Bank follows the option premium accounting framework prescribed by FEDAI SPL- circular dated Dec 14, 2007.
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Premium on option transaction is recognised as income/expense on expiry or early termination of the transaction.
Financial conduct authority (‘FCA’) of the United Kingdom has phased out London interbank offered rate (‘LIBOR’) on Mark to market (MTM) gain/loss (adjusted for premium received/paid on option contracts) is recorded under ‘Other
December 2021, replacing it by Alternate Reference rate (‘ARR’). Libor was used by the Bank as benchmark for funded Income’.
as well as Non-funded exposure. Accordingly, MIFOR (derived with LIBOR and forward premium in forex markets) has
also been replaced by Modified MIFOR. he amounts received/ paid on cancellation of option contracts are recognised as realised gains/ losses on options.
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Charges receivable/ payable on cancellation/ termination of foreign exchange forward contracts and swaps are
RBI vide the press release CO.FMRD.DIRD.S39/14.02.001/2021-22 on July 08, 2021 has encouraged the Banks to recognised as income/ expense on the date of cancellation/ termination under ‘Other Income’.
cease entering into new financial contracts that has reference LIBOR/MIFOR as a benchmark and instead use widely
accepted ARR. Bank has started offering new transaction based on ARR curve w.e.f Jan 1, 2022 except existing aluation of Interest Rate Futures (IRF) is carried out on the basis of the daily settlement price of each contract
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underlying transactions linked to LIBOR/MIFOR as permissible by the regulations. provided by the exchange.
In accordance with AS 11 ‘The Effects of changes in Foreign Exchange Rates’, contingent liabilities in respect of he requirement for collateral and credit risk mitigation on derivative contracts is assessed based on internal credit
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outstanding foreign exchange forward contracts, derivatives, guarantees, endorsements and other obligations are policy. Overdue if any, on account of derivative transactions are accounted in accordance with extant RBI guidelines.
stated at the exchange rates notified by FEDAI corresponding to the balance sheet date. s per the RBI guidelines on ‘Prudential Norms for Off-balance Sheet Exposures of Banks’ a general provision
A
oth monetary and non-monetary foreign currency assets and liabilities of non-integral foreign operations are
B is made on the current gross MTM gain of the contract for all outstanding interest rate and foreign exchange
translated at closing exchange rates notified by FEDAI at the Balance Sheet date and the resulting profit/loss arising derivative transactions.
from exchange differences are accumulated in the Foreign Currency Translation Account until the disposal of the net he Bilateral Netting of Qualified Financial Contracts Act, 2020 (the Act), has been notified by the Government of
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investment in the non-integral foreign operations. India and subsequent to this the RBI through circular dated March 30, 2021 allowed netting of the Qualified Financial
208 209

Contracts (QFC). The Bank shall work progressively on classification of multiple permissible transactions into a easurement of the employee share-based payment plans is done in accordance with the Guidance Note on
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netting set which may result in reduction in capital requirement due to these transactions over the period. Accounting for Employee Share-based Payments issued by Institute of Chartered Accountants of India (ICAI) and SEBI
(Share Based Employee Benefits) Regulations, 2014. RBI, vide its clarification dated August 30, 2021 on Guidelines
17.4.7 Fixed assets on Compensation of Whole time Directors/ Chief Executive Officers/Material Risk Takers and Control Function Staff,
ixed assets are stated at cost less accumulated depreciation, amortisation and accumulated impairment losses.
F advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense
Cost comprises the purchase price and any cost attributable for bringing the asset to its working condition for its for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its
intended use. Subsequent expenditure incurred on assets put to use is capitalised only when it increases the future accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted
benefit / functioning capability from/ of such assets. after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-
Scholes model is recognised as compensation expense over the vesting period.
17.4.8 Depreciation ptions granted till March 31, 2021, the Bank measures compensation cost relating to employee stock options using
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epreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the
D the intrinsic value method. Compensation cost is measured by the excess, if any, of the fair market price of the
management, at the rates mentioned below: underlying stock (i.e. the last closing price on the stock exchange on the day preceding the date of grant of stock
options) over the exercise price. The exercise price of the Bank’s stock option is the last closing price on the stock
Useful life of Assets as per Useful life of Assets as per
Class of asset
Companies Act, 2013 Bank’s Accounting Policy exchange on the day preceding the date of grant of stock options and accordingly there is no compensation cost
Owned Premises 60 years 60 years under the intrinsic value method.
Office equipment 5 years 5 years
Computer hardware1 6 years 3 years Compensated absence
Computer software * 6 years 4 years he employees of the Bank are entitled to carry forward a part of their unavailed/unutilised leave subject to a
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Vehicles1 8 years 5 years maximum limit. The employees cannot encash unavailed/unutilised leave. The Bank provides for leave encashment
Furniture and Fixtures 10 years 10 years /compensated absences based on an independent actuarial valuation at the Balance Sheet date, which includes
Leasehold improvements to premises - Over the lease period or 9 assumptions about demographics, early retirement, salary increases, interest rates and leave utilisation.
years whichever is less.
Gratuity
* As per RBI Guidelines.
he Bank provides for gratuity, for all employees. The Gratuity is payable to an employee as per Payment of Gratuity
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1 Based on technical evaluation, the management believes that the useful lives as given above best represent the period over which
management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Act. The Bank accounts for the liability for future gratuity benefits using the projected unit cost method based on
Part C of Schedule II of the Companies Act, 2013. annual actuarial valuation.
he defined gratuity benefit plans are valued by an independent actuary as at the Balance Sheet date using the
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• A sset costing up to ` 5,000 are fully depreciated in the year of purchase.
projected unit credit method as per the requirement of AS-15, Employee Benefits, to determine the present value
• For assets purchased/sold during the year, depreciation is being provided on pro rata basis by the Bank. of the defined benefit obligation and the related service costs. Under this method, the determination is based on
• Improvements to leasehold assets are depreciated over the remaining period of lease. actuarial calculations, which include assumptions about demographics, early retirement, salary increases and
• R
eimbursement, if any, is recognised on receipt and is adjusted to the book value of asset and depreciated over interest rates. Actuarial gain or loss is recognised in the Profit and Loss account.
the balance life of the asset.
Provident fund
• W
henever there is a revision in the estimated useful life of the asset, the unamortised depreciable amount is
charged over the revised remaining useful life of the said asset. ll employees of the Bank are covered under the Employees Provident Fund, a defined contribution plan in which
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both the employee and the Bank contribute monthly. Contribution to provident fund are recognised as expense
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he useful life of assets is based on historical experience of the Bank, which is different from the useful life as
as and when the services are rendered. The Bank has no liability for future provident fund benefits other than its
prescribed in Schedule II to the Companies Act, 2013.
annual contribution.
17.4.9 I mpairment of assets

National Pension System (NPS)
he Bank assesses at each Balance Sheet date whether there is any indication that an asset may be impaired.
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he NPS is a defined contribution retirement plan. The primary objective is enabling systematic savings and to
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Impairment loss, if any, is provided in the Profit and Loss Account to the extent the carrying amount of assets exceeds
provide retirees with an option to achieve financial stability. Pension contributions are invested in the pension fund
their estimated recoverable amount.
schemes. The Bank has no liability for future fund benefits other than the voluntary contribution made by employees
who agree to contribute to the scheme.
17.4.10 Employee benefits
Employee Stock Option Scheme (‘ESOS’) 17.4.11 Leases
he Employee Stock Option Scheme (‘the Scheme’) provides for the grant of options to acquire equity shares of the
T eases where the lessor effectively retains substantially all risks and benefits of ownership are classified as operating
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Bank to its employees. The options granted to employees vest in a graded manner and these may be exercised by leases. Operating lease payments are recognised as an expense in the profit and loss account on a straight line basis
the employees within specified periods. over the lease term in accordance with Accounting Standard –19, Leases.
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17.4.12 Income taxes 17.4.17 Bullion

ax expense comprises of current and deferred tax. Current tax comprises of the amount of tax for the period
T he Bank imports bullion (gold and silver bars) on a consignment basis for selling to its customers. The imports are
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determined in accordance with the Income-tax Act, 1961 and the rules framed there under. Deferred taxes reflect typically based on a request of the client and are settled based on a back to back price fixing with supplier and client.
the impact of timing differences between taxable income and accounting income for the current year and reversal The Bank earns a fee on such bullion transactions. The fee is classified in other income. The Bank also deals in gold
of timing differences of earlier years and carry forward losses. Deferred tax assets and liabilities are recognised for borrowing and lending and the interest paid/received thereon is classified as interest expense/income respectively.
the future tax consequences of timing differences between the carrying values of assets and liabilities and their
respective tax bases, and operating loss carry forwards. Deferred tax assets and liabilities are measured using the 17.4.18 Share issue expenses
enacted or substantively enacted tax rates at the balance sheet date. The impact of changes in deferred tax assets Share issue expenses are adjusted from Share Premium Account in terms of Section 52 of the Companies Act, 2013.
and liabilities is recognised in the profit and loss account.
Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in 17.4.19 Segment information
future. Deferred tax assets in case of unabsorbed depreciation/ losses are recognized only if there is virtual certainty he disclosure relating to segment information is in accordance with AS-17, Segment Reporting and as per guidelines
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that such deferred tax asset can be realized against future taxable profits. Deferred tax assets are recognized and issued by RBI.
reassessed at each balance sheet date based upon management’s judgement and appropriately adjusted to reflect
the amount that is reasonably certain to be realized. 17.4.20 Priority Sector Lending Certificates (PSLC)
he Bank, in accordance with RBI circular FIDD.CO.Plan.BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in priority
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17.4.13 Provisions and contingent assets/liabilities sector portfolio by selling or buying PSLCs. There is no transfer of risks or loan assets in these transactions. The fee
In accordance with AS 29, Provisions, Contingent Liabilities and Contingent Assets, the Bank creates a provision when paid for purchase of the PSLCs is treated as an ‘Expense’ and the fee received from the sale of PSLCs is treated as
there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable ‘Other Income’ and the same is amortised on a straight line basis over the life of the certificate.
estimate can be made of the amount of the obligation.
17.4.21 Related Party Transactions
rovisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer
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probable that an outflow of resources would be required to settle the obligation, the provision is reversed. he Bank has formulated a policy on dealing with Related Party Transactions in terms of the provisions of Section 188
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of the Companies Act, 2013 and Regulation 23 of LODR Regulations, and the same is placed on the Banks website.
contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
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occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Bank or 17.5 Capital
a present obligation that arises from past events that is not recognised because it is not probable that an outflow 17.5.1 Equity Issue
of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot
F Y 2021-22
be made. The Bank does not recognise a contingent liability but discloses its existence in the financial statements.
uring FY 2021-22, the Bank has issued 47,000 equity shares of face value of `2 each pursuant to the exercise of stock
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ontingent assets are not recognised in the financial statements. However, contingent assets are assessed continually
C options by employees under the approved stock option schemes.
and if it is virtually certain that an inflow of economic benefits will arise, the asset and related income are recognised
in the period in which the change occurs. F Y 2020-21
On July 23, 2020, the Bank issued 12,504,433,750 equity shares of face value of `2 each for cash pursuant to FPO
17.4.14 Cash and Cash equivalents
aggregating to `14,872 crore (Accreted `12,371 crore as share premium net of share issue expenses). The Issue was
ash and cash equivalents include cash in hand, balances with RBI, balances with other banks and money at call and
C made through book building process in accordance with regulation 129(1) of the SEBI ICDR Regulations. The Bank has
short notice. issued ‘Nil’ shares pursuant to the exercise of stock options.
17.4.15 Corporate social responsibility Movement in Share Capital

xpenditure towards corporate social responsibility, in accordance with Companies Act, 2013, are recognised in the
E (` in million)
Profit and Loss account. As at As at
Share Capital
March 31, 2022 March 31, 2021
17.4.16 Debit and credit cards reward points Opening Share Capital 50,109.81 25,100.94
he Bank estimates the probable redemption of debit and credit card reward points and cost per point using actuarial
T Addition due to exercise of Stock Option 0.09 -
valuation method by employing an independent actuary, which includes assumptions such as mortality, redemption Addition due to shares issued for QIP / FPO - 25,008.87
and spends. Addition due to shares issued under Reconstruction scheme - -
rovisions for liabilities on said reward points are made based on the actuarial valuation report as furnished by the
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said independent actuary and included in other liabilities.
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17.5.2 P
roposed Dividend 17.5.9 Capital Adequacy Ratio
During FY 2021-22, the Bank had not declared any dividend on equity shares. RBI vide circular dated April 22, 2021 Capital Adequacy Ratio as per RBI guidelines as at March 31, 2022 and March 31, 2021 are given below:
allowed banks to pay dividend for the financial year ended March 31, 2021, subject to the quantum of dividend (` in million)
being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in the RBI Sr.
Particulars Current Year Previous Year
guidelines. However, during FY 2020-21, the Bank had reported a loss and as a consequence to that the Bank had not No.
declared any dividend. i) Common Equity Tier 1 capital (CET 1) (net of deductions,if any) 268,806.67 257,330.42
ii) Additional Tier 1 capital * - 2,800.00
17.5.3 Capital Reserve iii) Tier 1 capital (i + ii) 268,806.67 260,130.42
iv) Tier 2 capital 135,137.76 143,075.29
rofit on sale of investments in the Held to Maturity (HTM) category is credited to the Profit and Loss Account and
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v) Total capital (Tier 1+Tier 2) 403,944.44 403,205.71
thereafter appropriated to capital reserve (net of applicable taxes and transfer to statutory reserve requirements).
vi) Total Risk Weighted Assets (RWAs) 2,317,659.08 2,307,492.34
During the year `108.31 million (net of applicable taxes and transfer to statutory reserve requirements) (previous
vii) CET 1 Ratio (CET 1 as a percentage of RWAs) 11.6% 11.2%
year: `4,969.76 million) was transferred to Capital Reserve.
viii) Tier 1 Ratio (Tier 1 capital as a percentage of RWAs) 11.6% 11.3%
ix) Tier 2 Ratio (Tier 2 capital as a percentage of RWAs) 5.8% 6.2%
17.5.4 Investment Reserve x) Capital to Risk Weighted Assets Ratio (CRAR) (Total Capital as a percentage of RWAs) 17.4% 17.5%
he Bank has transferred ` 34.30 million to Investment Reserve (Previous year: ` 153.70 million) (net of applicable
T xi) Leverage Ratio 7.0% 7.9%
taxes and transfer to statutory reserve requirements) on provisions for depreciation on investments credited to xii) Percentage of the shareholding of Nil Nil
Profit and Loss Account. a) Government of India
b) State Government (specify name)
17.5.5 Cash Flow Hedge Reserve c) Sponsor Bank
xiii) Amount of paid-up equity capital raised during the year 0.09 25,008.87
he Bank has utilised ` 8.02 million to Cash Flow Hedge Reserve (Previous year: utilised ` 32.84 million) on cross
T
xiv) Amount of non-equity Tier 1 capital raised during the year Nil Nil
currency interest rate swaps which were used by the Bank to hedge its foreign currency borrowings has been expired
xv) Amount of non-equity Tier 2 capital raised during the year Nil Nil
and hence the Cash Flow Hedge Reserve has been nullified.
The Bank had issued Additional Tier-I capital of ` 2,800 million in Dec 2013, however the same has not been considered for regulatory
*
capital for FY 2022 basis guidance received from RBI.
17.5.6 Investment Fluctuation Reserve (IFR)
he Bank has transferred ` 1,347.89 million (net of applicable taxes and transfer to statutory reserve requirements)
T 17.5.10 T
ier I and Tier II Capital
to Investment Fluctuation Reserve during the year ended March 31, 2022 (Previous year: ` ‘Nil’).
uring the financial year ended March 31, 2022 and March 31, 2021, the Bank has not issued any Tier I or Tier
D
II instruments.
17.5.7 Employee Stock Option Plan (ESOP) Compensation Reserves
he Bank has transferred ` 82.42 million to ESOP Compensation Reserves during the year ended March 31, 2022
T Write Down of AT1 Bonds
(Previous year: ` ‘Nil’).
he Bank issued Additional Tier 1 Bonds (“AT-1 Bonds”) in three tranches (issued in the year 2013, 2016 and 2017) in
T
compliance with the applicable laws/regulations.
17.5.8 Transfer to Revenue and other Reserves
ith respect to three borrower accounts classified as fraud during Q4 FY22, the Bank has transferred ` 4,752.16 million
W n March 05, 2020, RBI invoked Section 45 of the Banking Regulation Act, 1949 (“BR Act”), and imposed a moratorium
O
to Revenue and other Reserves on account of unamortised fraud provision in terms of RBI circular DOR.No.STR. on the Bank. Further, RBI in exercise of its powers conferred under Section 36ACA of the BR Act superseded the
REC.55/21.04.048/2021-22 dated October 01, 2021 during the year ended March 31, 2022 (Previous year: ` ‘Nil’). Board of Directors and appointed an Administrator to manage the affairs of the Bank.
lause 2.15 of Annex 16 of the Master Circular - Basel III Capital Regulations dated July 01, 2015 issued by the RBI,
C
provides that “If the relevant authorities decide to reconstitute a bank or amalgamate a bank with any other bank
under the Section 45 of the BR Act, such a bank will be deemed as non-viable or approaching non-viability and both the
pre-specified trigger and the trigger at the point of non-viability for conversion/ write-down of AT1 instruments will
be activated. Accordingly, the AT1 instruments will be converted/written-down before amalgamation/reconstitution
in accordance with these rules.”
ccordingly, the Administrator, on behalf of the Bank was constrained to write down two tranches of the AT-1 Bonds,
A
i.e. AT-1 Bonds issued in 2016 and 2017 in accordance with the RBI guidelines/regulations and the relevant provisions
in the Information Memorandum(s) of the said AT-1 Bonds, to protect the interests of the Bank and its depositors.
214 215

he Axis Trustee Services Limited (Trustee on behalf of the bondholders of AT 1 Bonds) and other bondholders filed
T
(65,959.18)
(0.42)
(50,207.70)
(15,751.90)
Total
Investments
439,088.17
-
439,088.17
-
133,425.58
67,466.39
12,401.41
12,400.99
584,915.16
-
518,955.56
(` in million)
various writ petition(s) and consumer complaint(s) across India challenging the decision of the Bank to write down
the AT 1 Bonds. The same is pending adjudication. The Bank based on the legal opinion of its external independent
legal counsel is of the view that the Bank’s decision to write down the AT 1 Bonds is in accordance with the contractual
terms for issuance of AT 1 Bonds.
Total
Investments
outside
India
-
-
4,704.10
-
4,704.10
-
-
-
4,704.10
-
4,704.10
eparately, Securities and Exchange Board of India (“SEBI”) issued a Show Cause Notice dated October 28, 2020
S
to the Bank and other noticee(s) (ex-employees of the Bank) alleging violation of provisions of SEBI (Prohibition of
Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003. Thereafter, SEBI vide its order
Investments outside India
Others
-
-
- 1,673.68
- 1,673.68
-
- 1,673.68
-
-
- 1,673.68
dated April 12, 2021 imposed penalty of `25 Crore on the Bank under Section 15 HA of Securities and Exchange Board
of India Act, 1992 for the alleged mis-selling of AT-1 Bonds in the secondary market. SEBI also imposed penalties on
other noticee(s). Aggrieved by the above-mentioned SEBI order, the Bank and other noticee(s) preferred separate
securities Subsidiaries
(including and/or joint
ventures
-
-
-
-
-
Appeal(s) before the Hon’ble Securities Appellate Tribunal, Mumbai (“SAT”). SAT heard the Appeal(s) and the effect
and operation of the SEBI order dated April 12, 2021 has been stayed. The said Appeal(s) are pending final hearing.
Interest on Additional Tier I Capital (Unsecured, Non-Convertible, Tier I Subordinated Perpetual Bonds in the nature
Government
local
authorities)
-
-
3,030.42
3,030.42
-
3,030.42
-
-
3,030.42
of Promissory Notes issued under Basel II guidelines) amounting to ` 84.0 million which was not cumulative was not
paid by Bank during FY 2019-20 as the regulatory Capital Adequacy ratio of the Bank were lower than the minimum
prudential requirement. However, post capital raise (FPO), the Bank exercised the call option with approval of RBI
and repaid the Bonds along with interest for FY 2020-21.
(65,959.18)
(0.42)
(50,207.70)
(15,751.90)
Total
Others investments
in India
439,088.17
439,088.17
128,721.48
-
62,762.30
12,401.41
12,400.99
580,211.07
514,251.46
17.5.11 P
rovisions and Contingencies
The breakup of provisions of the Bank for the year ended March 31, 2022 and March 31, 2021 are given below:
(23,226.53)
(8,972.77)
(14,253.76)
-
36,412.20
-
13,185.68
8,355.87
-
8,355.87
44,768.08
21,541.55
(` in million)
Composition of Investment Portfolio as at March 31, 2022 is given below:

For the year For the year
Particulars ended ended
March 31, 2022 March 31, 2021
Provision for taxation 3,696.36 (12,728.47)
Subsidiaries
and/or joint
ventures
1,490.00
1,490.00
-
1,490.00
-
-
-
1,490.00
Provision for investments# 7,903.78 14,073.35
Provision for standard advances (251.53) 6,895.36
Provision made/write-off for non-performing advances# 7,185.19 70,447.66
(41,410.33)
(0.42)
(40,365.20)
(1,045.55)
Investments in India
Debentures
and Bonds
19,370.10
19,370.10
74,561.26
-
33,150.93
1,400.42
1,400.00
95,331.78
53,921.03
Other Provisions*# (36.64) 2,417.18
TOTAL 18,497.17 81,105.07
#In compliance with the RBI circular dated August 30, 2021 (further updated on November 15, 2021), on Master Direction on Financial
Statements-Presentation and Disclosures, the Bank has regrouped/reclassified provision for depreciation on investments, Foreign
(996.38)
(869.73)
(126.65)
Shares
- 1,210.70
-
214.32
- 1,210.70
-
-
214.32
Currency Translation Reserve (FCTR) and bad debt recovery from written off accounts. Though there is no change in the net profit/loss for
the previous periods, the previous period figures regrouped/reclassified wherever necessary to conform to current period classification.
Composition of Investment Portfolio

* Other Provisions includes provision made against other assets.
-
-
-
-
-
Other
Approved
Securities
(325.94)
(325.94)
Government
Securities
418,228.07
418,228.07
16,537.31
-
16,211.37
2,645.11
-
437,410.50
2,645.11
437,084.56
17.5.12 Investments
depreciation and NPI

Total Investments
Available for Sale
Less: Provision for
Less: Provision for
Less: Provision for
Less: Provision for
Less: Provision for

Held to Maturity
investments (NPI)
Held for Trading

non-performing
non-performing
investments
Gross
Gross
Gross
Net
Net
Net
Net
I)
216 217

II) Movement of Provisions for Depreciation and Investment Fluctuation Reserve
(437.82)
(69,384.45)
(60,667.17)
(9,155.10)
(` in million)
Total
Investments
300,921.88
301,359.70
183,356.61
113,972.17
18,297.43
-
18,297.43
503,013.75
433,191.48
(` in million)
As at As at
Particulars
March 31, 2022 March 31, 2021
i) Movement of provisions held towards depreciation on investments
(2,735.98)
(2,800.91)
Total
Investments
outside
India
-
-
7,344.08
4,608.10
-
-
-
7,344.08
64.93
4,608.10
a) Opening balance 69,822.27 75,317.25
b) Add: Provisions made during the year 9,459.71 22,081.34
c) Less: Write-off/write back of excess provisions during the year 13,322.38 27,576.32
- (2,735.98)
- (2,800.91)
Others
-
-
- 4,419.73
- 1,683.75
-
-
-
- 4,419.73
64.93
- 1,683.75
d) Closing balance 65,959.61 69,822.27
ii) Movement of Investment Fluctuation Reserve
a) Opening balance 539.07 539.07
Investments outside India
securities Subsidiaries
(including and/or joint
ventures
-
-
-
-
-
b) Add: Amount transferred during the year 1,347.89 -
c) Less: Drawdown - -
d) Closing balance 1,886.95 539.07
iii) Closing balance in IFR as a percentage of closing balance of net investments in 2.36% 0.41%
Government
local
authorities)
2,924.35
-
-
2,924.35
-
-
-
2,924.35
-
2,924.35
AFS and HFT/Current category
III) Sales and transfers of securities to/from Held to Maturity (HTM) category
(437.82)
(66,648.47)
(57,866.26)
(9,220.03)
During the year ended March 31, 2022, the Bank has not sold and transferred securities from HTM category
Total
Others investments
in India
300,921.88
301,359.70
176,012.54
109,364.06
18,297.43
-
18,297.43
495,669.67
428,583.37
exceeding 5% of the book value of investment held in HTM category at the beginning of the year. The book
value of HTM investment sold exceeding 5%, during the year ended March 31, 2022 was ` Nil. Hence, in line with
RBI guidelines, specific disclosures on book value, market value, and provisions if any, relating to such sale and
(16,634.76)
(8,972.77)
(7,661.99)
transfers are not made.
-
39,162.31
-
-
22,527.55
1,996.29
-
1,996.29
41,158.61
24,523.85
During the year ended March 31, 2021, the Bank has sold and transferred securities from HTM category exceeding
Composition of Investment Portfolio as at March 31, 2021 is given below:
5% of the book value of investment held in HTM category at the beginning of the year. The book value of HTM
investment sold during the year ended March 31, 2021 was ` 87,170.72 million. The market value of investments
(437.82)
(437.82)
Subsidiaries
and/or joint
ventures
2,155.18
2,593.00
-
-
-
-
-
2,593.00
-
2,155.18
(excluding investments in subsidiaries) under HTM category was `300,195.82 million and was higher than the
book value thereof as at March 31, 2021.
*Includes provision due to permanent diminution in value of Investments.
The 5% threshold referred to above does not include onetime transfer of securities to/from HTM category with
(48,339.30)
(47,597.33)
(741.97)
Investments in India
Debentures
and Bonds
5,920.19
105,343.85
5,920.19
-
57,004.55
4,000.00
-
4,000.00
115,264.05
66,924.75
the approval of Board of Directors permitted to be undertaken by banks as per extant RBI guidelines, sale of
securities under pre-announced Open Market Operation (OMO)/switch operations auction to the RBI and sale
of securities or transfer to AFS / HFT consequent to the reduction of ceiling on SLR securities under HTM.
- (1,471.93)
- (1,296.16)
(175.77)
Shares
- 1,685.10
-
-
213.17
28.81
-
28.81
- 1,713.91
241.98
IV) Repo Transactions (in face value terms)

The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2022:
Other
Approved
Securities
-
-
-
-
-
(` in million)
Minimum Maximum Daily average
As at
outstanding outstanding outstanding
March 31, 2022
during the year during the year during the year
(202.48)
(202.48)
292,846.51
29,821.27
292,846.51
29,618.78
-
12,272.33
-
12,272.33
334,940.11
-
334,737.62
Government
Securities
Securities sold under repos

i) Government Securities 52,289.68 166,952.19 88,450.41 123,681.96
ii) Corporate debt securities - - - -
iii) Any other securities - - - -

Total Investments
Security purchased under reverse repo

investments (NPI) *
Available for Sale

Less: Provision for
Less: Provision for
Less: Provision for
Less: Provision for
Less: Provision for

Held to Maturity
Held for Trading

non-performing
non-performing
i) Government Securities 79,280.32 351,423.05 180,435.25 351,423.05

investments
ii) Corporate debt securities - - - -

Gross
Gross
Gross
Net
Net
Net
Net
218 219

The details of securities sold and purchased under repos and reverse repos during the year ended March 31, 2021: Issuer composition of Non-SLR investments as at March 31, 2021 is given below:
(` in million) (` in million)
Minimum Maximum Daily average Extent of ‘below Extent of Extent of

As at Extent of private
outstanding outstanding outstanding Sr. investment ‘unrated’ ‘unlisted’
March 31, 2021 Issuer Amount placement
during the year during the year during the year No. grade’ securities securities # securities*
(a)
(b) (c) (d)
Securities sold under repos
i) PSUs 4,000.00 4,000.00 - - -
i) Government Securities 3,841.87 115,474.96 20,015.95 52,380.58 ii) Financial Institutions 94,030.67 85,022.25 52,321.77 3,180.07 9,366.34
ii) Corporate debt securities - - - - iii) Banks - - - - -
iii) Any other securities - - - - iv) Private Corporates 31,227.73 30,435.73 20,162.95 1,952.52 6,248.86
Security purchased under reverse repo v) Subsidiaries/Joint ventures 2,593.00 2,593.00 - - 2,593.00
i) Government Securities 250.00 189,424.06 77,960.26 174,328.27 vi) Others 36,222.24 33,297.89 - - 34,722.31
ii) Corporate debt securities - - - - vii) Provision held towards (69,619.79)
depreciation**
Total 98,453.85 155,348.87 72,484.72 5,132.59 52,930.51
The above tables represents the face value of securities sold and purchased under repos, triparty repos (TREPS), reverse repos with
interbank counterparties. It also includes securities sold and purchased under Liquidity Adjusted Facility (LAF) with RBI. * Investments amounting to ` 49,380.51 million are exempted from applicability of RBI prudential limit for Unlisted Non-SLR securities.
#E
xcludes investment in equity shares and units, non-Indian government securities of IBU and non-SLR government of India
17.5.13 Non-SLR Investment Portfolio securities.
i. Issuer composition of Non-SLR investments ** Includes a provision of ` 60,667.17 million held for non-performing investments.
Issuer composition of Non-SLR investments as at March 31, 2022 is given below: Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive.
(` in million)
Extent of ‘below Extent of Extent of
ii. Non-Performing Investments
Extent of private
Sr. investment ‘unrated’ ‘unlisted’ (` in million)
Issuer Amount placement
No. grade’ securities securities # securities*
(a) Particulars March 31, 2022 March 31, 2021
(b) (c) (d)
Opening Balance 65,859.67 92,223.76
i) PSUs - - - - -
Additions during the year 563.82 1,331.23
ii) Financial Institutions 84,067.03 84,067.03 42,321.77 - 9,734.08
Reductions during the year 13,748.29 27,695.32
iii) Banks - - - - -
Closing Balance 52,675.20 65,859.67
iv) Private Corporates 29,578.51 28,994.96 9,033.41 1,955.20 8,133.37
Total Provision Held 50,207.70 60,667.17
v) Subsidiaries/Joint ventures 1,490.00 1,490.00 - - 1,490.00
vi) Others 32,369.12 29,106.87 - - 29,106.87
17.5.14 Derivatives
vii) Provision held towards (65,633.66)
depreciation** Forward Rate Agreement/Interest Rate Swap
Total 81,871.00 143,658.85 51,355.18 1,955.20 48,464.32 The details of Forward Rate Agreements/Interest Rate Swaps outstanding as at March 31, 2022 is given below:
* O f the investments disclosed ` 44,914.32 million are exempted from applicability of RBI prudential limit for Unlisted Non-SLR (` in million)
securities. Sr. As at As at
Items
No March 31, 2022 March 31, 2021
# Excludes investment in equity shares & units, non-Indian government securities by IBU and non-SLR government of India securities.
i) The notional principal of swap agreements 2,294,845.13 1,574,827.70
** Includes a provision of ` 50,207.70 million held for non-performing investments.
ii) Losses which would be incurred if counterparties failed to fulfill their obligations under 2,958.74 3,034.62
Amounts reported under columns (a), (b), (c) and (d) above are not mutually exclusive. the agreements1
iii) Collateral required by the bank upon entering into swaps - -
iv) Concentration of credit risk arising from the swaps
[Percentage Exposure to Banks] 1 6.73% 15.48%
[Percentage Exposure to PSUs] 1 84.05% 28.06%
v) The fair value of the swap book 2 (198.27) (459.64)
- INBMK (867.23) (1,023.45)
- MIBOR 214.74 10.52
- MIFOR (372.76) (538.35)
- FCY IRS 826.97 1,091.64
1 Losses and Credit risk concentration are measured as net receivable under swap contracts
2 Fair values represent mark-to-market including accrued interest.
220 221

The nature and terms of the Rupee IRS as on March 31, 2022 are set out below: 17.5.15 Net Overnight Open Position (NOOP)
(` in million)
The Net Overnight Open Position (NOOP) as at March 31, 2022 is ` 1,868.11 million (March 31, 2021: ` 2,743.24 million).
Nature Nos. Notional Principal Benchmark Terms
Trading 6 9,000.00 INBMK Fixed Payable V/S Floating Receivable 17.5.16 Exchange Traded Interest Rate Derivatives
Trading 1147 371,361.44 MIBOR Fixed Payable V/S Floating Receivable
The following table sets forth, for the period indicated, the details of exchange traded interest rate derivatives:
Trading 62 28,908.00 MIFOR Fixed Payable V/S Floating Receivable (` in million)
Trading 6 3,200.00 MOD MIFOR Fixed Payable V/S Floating Receivable Sr. As at March 31, As at March 31,
Particulars
Trading 1171 373,746.46 MIBOR Fixed Receivable V/S Floating Payable No. 2022 2021
Trading 71 31,537.76 MIFOR Fixed Receivable V/S Floating Payable 1 Notional Principal amount of exchange traded interest rate derivatives undertaken
during the year:
Trading 24 10,200.00 MOD MIFOR Fixed Receivable V/S Floating Payable
-6.45% Government Securities 2029 - 21,113.00
The nature and terms of the FCY IRS as on March 31, 2022 are set out below: -5.77% Government Securities 2030 - 19,392.00
(` in million) -5.85% Government Securities 2030 3,251.20 2,900.00
Nature Nos. Notional Principal Benchmark Terms -7.95% Government Securities 2032 750.00 1,250.00
Hedging 1 32,211.81 USD LIBOR Fixed Receivable V/S Floating Payable -7.57% Government Securities 2033 700.00 2,100.00
2 Notional principal amount of exchange traded interest rate derivatives outstanding as
Trading 955 466,373.48 USD LIBOR Fixed Payable V/S Floating Receivable
on 31st March 2022 (instrument-wise)
Trading 893 435,406.35 USD LIBOR Fixed Receivable V/S Floating Payable -7.95% Government Securities 2032 - 750.00
Trading 104 148,310.76 USD LIBOR Floating Payable V/S Floating Receivable -7.57% Government Securities 2033 - 700.00
Trading 396 171,572.75 USD SOFR Fixed Receivable V/S Floating Payable -5.85% Government Securities 2030 - -
Trading 412 180,178.25 USD SOFR Fixed Payable V/S Floating Receivable 3 Notional Principal amount of exchange traded interest rate derivatives outstanding and NA
Trading 20 2,993.41 EURIBOR Fixed Payable V/S Floating Receivable not “highly effective”
4 Mark-to-Market value of exchange traded interest rate derivatives outstanding and not NA
Trading 47 3,364.45 EURIBOR Fixed Receivable V/S Floating Payable
“highly effective”
Trading 2 421.10 EUR ESTR Fixed Payable V/S Floating Receivable
Trading 1 522.14 GBP LIBOR Fixed Payable V/S Floating Receivable 17.5.17 Currency Futures
Trading 13 11,582.53 GBP SONIA Fixed Receivable V/S Floating Payable The Bank had dealt in exchange traded currency forwards (Futures) during the financial year ended March 31, 2022 and
Trading 17 13,894.56 GBP SONIA Fixed Payable V/S Floating Receivable March 31, 2021. As at March 31, 2022, the open contracts on the exchange were `4.26 million and at March 31, 2021 the
Trading 1 59.87 AUD LIBOR Fixed Receivable V/S Floating Payable open contracts on the exchange were ‘Nil’.
The nature and terms of the Rupee IRS as on March 31, 2021 are set out below: 17.5.18 Disclosures on risk exposure in derivatives
(` in million)
Nature Nos. Notional Principal Benchmark Terms
As per RBI Master circular DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021, the following disclosures
are being made with respect to risk exposure in derivatives of the Bank:
Trading 6 9,000.00 INBMK Fixed Payable V/S Floating Receivable
Trading 422 159,139.69 MIBOR Fixed Payable V/S Floating Receivable a) Purpose: The Bank uses Derivatives including Forwards & swaps for various purposes including hedging its
Trading 410 149,363.23 MIBOR Fixed Receivable V/S Floating Payable currency and interest rate risk in its balance sheet, customer offerings and proprietary trading. The management
Trading 205 76,882.40 MIFOR Fixed Payable V/S Floating Receivable of these products and businesses is governed by Market Risk Policy, Investment Policy, Derivatives Policy,
Trading 153 59,011.00 MIFOR Fixed Receivable V/S Floating Payable Derivatives Appropriate ness Policy, Hedging Policy and ALM policy.
The nature and terms of the FCY IRS as on March 31, 2021 are set out below: b) Structure: The Board of Directors of the Bank have constituted a Board level sub-committee, the Risk
(` in million) Management Committee (‘RMC’) and delegated to it all functions and responsibilities relating to the risk
Nature Nos. Notional Principal Benchmark Terms management policy of the Bank and its supervision thereof.
Hedging 1 31,071.75 USD LIBOR Fixed Receivable V/S Floating Payable c) As part of prudent business and risk management practice, the Bank has also instituted a comprehensive
Trading 727 407,866.87 USD LIBOR Fixed Payable V/S Floating Receivable limit and control structure encompassing Value-at-Risk (VAR), Sensitivity, Greeks, Stop loss & credit limits for
Trading 693 406,046.23 USD LIBOR Fixed Receivable V/S Floating Payable derivative transactions including suitability and appropriateness framework. The Bank has an internal reporting
Trading 154 231,059.04 USD LIBOR Floating Payable V/S Floating Receivable mechanism providing regular reports to the RMC as well as to the management of the Bank. Such a structure
Trading 27 3,128.26 EURIBOR Fixed Payable V/S Floating Receivable helps the Bank to monitor and mitigate market risk across FX and interest rates.
Trading 52 4,588.46 EURIBOR Fixed Receivable V/S Floating Payable
d) The Bank has an independent Middle Office and Market Risk functions, which are responsible for monitoring,
Trading 1 6,304.60 SGD SOR Fixed Payable V/S Floating Receivable
measurement, and analysis of derivative related risks, among others. The Bank has a Credit Risk Management
Trading 14 12,714.97 GBP LIBOR Fixed Payable V/S Floating Receivable
unit which is responsible for setting up counterparty limits and also a treasury operation unit which is responsible
Trading 15 18,569.69 GBP LIBOR Fixed Receivable V/S Floating Payable
for managing operational aspects of derivatives including settlement of transactions. The Bank is subject to a
Trading 1 81.52 AUD LIBOR Fixed Receivable V/S Floating Payable 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.
222 223

e) In addition to the above, the Bank independently evaluates the potential credit exposure on account of all Notes:
derivative transactions, wherein risk limits are specified separately for each product, in terms of both credit 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
exposure and tenor. As mandated by the Credit Policy of the Bank, the Bank has instituted an approval structure capture the off-setting exposures between interest rate and currency derivatives.
for all treasury/derivative related credit exposures. Wherever necessary, appropriate credit covenants are 2. PV01 exposures reported above may not necessarily indicate the interest rate risk the Bank is exposed to, given that PV01 exposures
stipulated as trigger events to call for collaterals or terminate transaction and contain the risks. in Investments (which may offset the PV01 reflected above) do not form part of the above table.
f) The Bilateral Netting of Qualified Financial Contracts has been notified by the RBI through circular dated 3. The notional principal amount of foreign exchange contracts classified as trading at March 31, 2022 amounted to `3,414,165.71
million (previous year: `2,004,598.80 million). For these trading contracts, as on March 31, 2022, marked to market position was
March 30, 2021. The Bank has computed capital adequacy as well as exposure on account of these contracts asset of `14,614.09 million (Previous year: `10,075.82 million) and liability of `16,937.80 million (Previous Year: `10,163.47 million).
as per Current Exposure method considering each transaction as separate netting set on conservative basis. The notional principal amount of foreign exchange contracts classified as hedging at March 31, 2022 amounted to `7,765.38 million
The Bank shall work progressively over the period on classification of multiple permissible transactions into a (previous year: `16,792.97 million). Credit exposure on forward exchange contracts at March 31, 2022 was `142,555.85 million
netting set which may result in reduction in capital requirement and exposure due to these transactions. (Previous Year: `58,733.82 million) of which exposure on CCIL is `1,18,448.02 million (Previous Year: `40,822.85 million).
g) The Bank reports all trading positions to the management on a daily basis. The Bank revalues its trading position Asset Quality
on a daily basis for Management and Information System (‘MIS’) and control purposes and records the same in 17.5.19 Non-Performing Advances
the books of account on a monthly basis.
Classification of advances and provisions held for the year ended March 31, 2022
h) For derivative contracts in the banking book designated as hedge, the Bank documents at the inception of the (` in million)
relationship between the hedging instrument and the underlying exposure, the risk management objective for Standard Non-Performing Total
undertaking the hedge and the ALCO monitors all outstanding hedges on a periodical basis. Further the Bank’s Total Standard
Total Non
Substandard Doubtful Loss Performing
‘Hedging Policy’ has stipulated conditions to ensure that the Hedges entered into are effective. Advances
Advances
The details of derivative transactions as at March 31, 2022 and March 31, 2021 are given below: Gross Standard Advances and
NPAs
(` in million)
Opening Balance 1,570,796.35 108,271.56 155,952.66 21,871.06 286,095.29 1,856,891.64
Currency derivatives1 Interest rate derivatives 4
Sr.
Particular
Add: Additions during the year 57,953.92
No As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Less: Reductions during the year 64,289.44
i) Derivatives (Notional Principal Amount) Closing balance 1,728,474.59 28,382.81 187,522.96 63,853.99 279,759.76 2,008,234.36
a) For hedging 0.00 2,340.00 32,211.81 31,071.75 Reductions in Gross NPAs due to:
b) For trading 314,403.39 351,224.31 2,262,633.32 1,545,319.42 i) Upgradation 35,904.78
ii) Marked to market positions2 ii) Recoveries (excluding recoveries 18,675.53
a) Asset (+) 10,186.55 10,861.02 24,561.93 22,406.46 from upgraded accounts)
b) Liability (-) 11,585.66 11,350.40 25,169.63 24,342.95 iii) Technical/ Prudential Write-offs -
iii) Credit exposure3 32,668.55 37,537.03 52,632.15 38,418.71 iv) Write-offs other than those 9,709.13
iv) Likely impact of one percentage change in under (iii) above
interest rate (100*PV01) (Refer Note 1&2 below) Provisions (excluding Floating
a) on hedging derivatives 0.00 18.15 165.22 487.98 Provisions)
b) on trading derivatives 308.35 458.31 715.98 958.62 Opening balance of provisions held 19,492.54 38,863.57 127,227.07 21,871.06 187,961.71 207,454.25
v) Maximum and minimum of 100*PV01 observed Add: Fresh provisions made during 46,247.29
during the year (Refer Note 1&2 below) the year
a) on hedging Less: Excess provision reversed/ 36,494.55
Write-off loans
Maximum 17.48 70.90 576.53 1,047.67
Minimum 0.00 17.85 0.00 483.69 Closing balance of provisions held 19,241.02 7,968.69 127,776.70 61,969.06 197,714.45 216,955.47
b) on trading Net NPAs
Maximum 560.79 948.03 1,276.41 1,434.48 Opening Balance 69,407.99 28,725.59 - 98,133.58
Minimum 279.34 449.68 268.61 701.02 Add: Fresh additions during the year 11,706.63
Less: Reductions during the year 27,794.90
1 Currency derivatives includes options purchased and sold, cross currency interest rate swaps and currency futures. Closing Balance 20,414.12 59,746.27 1,884.93# 82,045.32 82,045.32
2 Trading portfolio including accrued interest. Floating Provisions
3 Mark to Market for credit exposure includes accrued interest. Opening Balance - -
4 Add: Additional provisions made - -
Interest rate derivatives include Interest Rate Swaps, forward rate agreements and exchange traded interest rate derivatives.
during the year
Less: Amount drawn down during - -
the year
224 225

(` in million) (` in million)
Standard Non-Performing Total Standard Non-Performing Total
Total Non Total
Total Standard
Substandard Doubtful Loss Performing Total Standard Non
Advances Substandard Doubtful Loss
Advances Advances -Performing
Advances
Closing balance of floating - -
provisions Floating Provisions
Technical write-offs and the Opening Balance - -
recoveries made thereon Add: Additional provisions made - -
during the year
Opening balance of Technical/ 172,084.30 172,084.30
Prudential written-off accounts Less: Amount drawn down during - -
the year
Add: Technical/ Prudential write-offs - -
during the year Closing balance of floating - -
provisions
Less: Recoveries made from 9,060.12 9,060.12
Technical write-offs and the
previously technical/ prudential
recoveries made thereon
written-off accounts during the year
Opening balance of Technical/ 63,580.60 63,580.60
Closing balance 163,024.18 163,024.18
Prudential written-off accounts
# The amount pertains to unamortised fraud cases. Add: Technical/Prudential write-offs 108,642.53 108,642.53
during the year
Less: Recoveries made from 138.83 138.83
Classification of advances and provisions held for the year ended March 31, 2021
previously technical/prudential
(` in million)
written-off accounts during the year
Standard Non-Performing Total
Closing balance 172,084.30 172,084.30
Total
Total Standard Non * Auditors have relied upon the information presented by management as above.
Substandard Doubtful Loss
Advances -Performing
Advances
Ratios (in percentage terms) 31-Mar-22 31-Mar-21
Gross Standard Advances and NPAs
Gross NPA to Gross Advances 13.93% 15.41%
Opening Balance 1,628,195.15 187,142.11 70,642.82 70,990.95 328,775.88 1,956,971.03
Net NPA to Net Advances 4.53% 5.88%
Add: Additions during the year 120,347.89
Provision coverage ratio 70.67% 65.70%
Less: Reductions during the year 163,028.47
Closing balance 1,570,796.35 108,271.56 155,952.66 21,871.06 286,095.29 1,856,891.64
17.5.20 Divergence in Asset Classification and Provisioning for NPAs
Reductions in Gross NPAs due to:
i) Upgradation 7,773.10 In terms of the RBI circular no. DBR.BP.BC.No.32/21.04.018/2018-19 dated April 01, 2019 banks are required to
ii) Recoveries (excluding recoveries 32,853.93 disclose the divergences in asset classification and provisioning consequent to RBI’s annual supervisory process in
from upgraded accounts) their notes to accounts to the financial statements, wherever either or both of the following conditions are satisfied:
iii) Technical/ Prudential Write-offs - (a) the additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions
iv) Write-offs other than those 122,401.44 and contingencies for the reference period and (b) the additional Gross NPAs identified by RBI exceed 15 per cent of
under (iii) above the published incremental Gross NPAs for the reference period.
Provisions (excluding Floating
Based on the condition mentioned in RBI circular, no disclosure on divergence in asset classification and provisioning
Provisions)
for NPAs is required with respect to RBI’s supervisory process for FY 2020 and FY 2021.
Opening balance of provisions held 12,597.19 116,232.17 55,314.97 70,990.95 242,538.09 255,135.28
Add: Fresh provisions made during 80,603.85
the year 17.5.21 Disclosure as per requirement of Prudential Framework for Resolution of Stressed Assets
Less: Excess provision reversed/ 135,180.23 As per requirement of RBI circular on Prudential Framework for Resolution of Stressed Assets dated June 07, 2019,
Write-off loans below mentioned are details as of March 31, 2022 and March 31, 2021 respectively.
Closing balance of provisions held 19,492.54 38,863.57 127,227.07 21,871.06 187,961.71 207,454.25
Aggregate Loan
Net NPAs Sr.
Description of Resolution Plan (RP) No. of cases Outstanding
No.
Opening Balance 70,909.93 15,327.86 - 86,237.79 (` in million)
Add: Fresh additions during the year 39,744.03 1 Payment of overdues by the borrower (deemed implementation of RP as per RBI circular) 43 69,487.26
Less: Reductions during the year 27,848.24 2 Restructuring/change in ownership outside IBC 3 295.59
Closing Balance 69,407.99 28,725.59 - 98,133.58 98,133.58 3 Resolution pursued under IBC 4 -
4 Assignment of debt/recovery proceedings 1 -
226 227
4
3
2
1
Sr.
228
No.
Sector
Textile
Particulars
e) Others
e) Others
lending
Total (A+B)
c) Services
c) Services
b) Industry
activities
activities
Sub-Total (B)
Sub-Total (A)
Construction
d) Personal Loans
d) Personal Loans
A) Priority Sector
Gems and Jewellery
B) Non-Priority Sector
Electricity (generation-
a) Agriculture and Allied
a) Agriculture and Allied
Commercial Real Estate

eligible as priority sector
transmission and distribution)

b) Advances to industries sector
Tourism, Hotel and Restaurants
17.5.23 Unsecured advances

Resolution pursued under IBC
Total unsecured advances of the bank

for the year ended March 31, 2022
Description of Resolution Plan (RP)
Estimated value of such intangible securities

Assignment of debt/recovery proceedings
76,907.66
218,985.68
2,008,234.36
-
8,287.82
646,615.30
64,911.99
-
285,809.97
24,720.46
22,096.76
1,361,619.06
277,126.59
101,168.95
69,886.33
121,242.94
358,451.30
70,506.73
616,584.40
Advances
Gross
the rights, licenses, authority, etc. have been taken

Restructuring/change in ownership outside IBC
YES BANK LIMITED | ANNUAL REPORT 2021-22
17.5.22 Sector-wise Advances and Gross NPAs
9,144.49
935.99
3,039.03
279,759.76
-
20,718.18
1,936.30
-
6,598.36
227.04
254.09
259,041.58
4,687.97
670.22
13,193.59
66,725.30
116,515.97
52,431.36
136,231.43
Gross NPAs
As at March 31, 2022
11.89%
1.15%
1.39%
13.93%
11.29%
3.20%
2.98%
-
2.31%
0.92%
19.02%
1.69%
0.66%
-
18.88%
55.03%
32.51%
74.36%
22.09%
that sector
Advances in
NPAs to Gross
% of Gross
Out of the above, amount of advances for which intangible securities such as charge over
Payment of overdues by the borrower (deemed implementation of RP as per RBI circular)
130,440.08
84,669.33
1,856,891.64
1,339,458.89
217,998.75
59,389.78
78,567.03
156,118.60
393,257.26
64,036.29
79,968.66
663,000.05
5,813.05
517,432.75
37,180.68
-
265,142.66
15,765.32
25,426.07
Advances
Gross
The details of Unsecured Advances as at March 31, 2022 and March 31, 2021 are given below:
STANDALONE FINANCIAL STATEMENTS
26,640.28
14,363.27
432,111.76
2022
As at March 31,
2
10
3
116
No. of cases
3,101.48
9,693.95
286,095.31
259,877.79
5,788.51
1,192.19
16,650.24
68,138.98
119,645.98
5,918.33
56,354.22
132,654.60
596.51
26,217.52
1,881.73
-
11,540.36
258.27
536.96
Gross NPAs
As at March 31, 2021
(` in million)
(` in million)
2.38%
11.45%
15.41%
19.40%
2.66%
2.01%
30.42%
21.19%
43.65%
9.24%
70.47%
20.01%
10.26%
5.07%
5.06%
-
4.35%
1.64%
2.11%
4,255.52
1,588.07
336,948.30
2021
As at March 31,
61.96
-
895.85
115,085.36
that sector
Advances in
NPAs to Gross
% of Gross
(` in million)
Outstanding
Aggregate Loan
The details of Sector-wise Gross Advances and Gross NPAs as at March 31, 2022 and March 31, 2021 are given below:
17.5.24 Restructured Accounts

The details of accounts Restructured during the year ended March 31, 2022 are given below:
(` in million)
Restructured Advances ceases to
Restructured Accounts Restructured Accounts
Type of Re- Fresh restructuring/Additional Downgradations of restructured Upgradations to restructured stand- be shown as restructured standard Write-offs/sale/recovery of restruc-
No. as on April 1 of the FY as on March 31 of the FY
structuring sanction during the year accounts during the FY ard category during the FY advances at the beginning of the tured accounts during the FY
(opening figures) (Closing figures)
next year
Asset No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision
Classification borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon
1 CDR
Standard - 0.00 0.00 - 0.00 0.00
Substandard - (0.00) (0.00) - (0.00) (0.00)
Doubtful - - - - - -
Loss 1.00 66.63 66.63 (1.00) (66.63) (66.63) - (0.00) 0.00

Total 1.00 66.63 66.63 - - - - - - - - - - - - (1.00) (66.63) (66.63) - (0.00) 0.00
CORPORATE OVERVIEW
2 SME - - -
Standard - - -
Substandard - - -
Doubtful - - -
Loss - - -
Total - - - - - - - - - - - - - - - - - - - - -
3 Others
Standard - 0.00 0.00 - 0.00 0.00
Substandard - 0.00 0.00 - 0.00 0.00
Doubtful 1.00 57.49 57.49 - (42.00) (42.00) 1.00 15.49 15.49
Loss 2.00 252.60 252.60 - (4.40) (4.40) 2.00 248.21 248.21

Total 3.00 310.10 310.10 - - - - - - - - - - - - - (46.40) (46.40) 3.00 263.70 263.70
4 Grand Total
Standard - 0.00 0.00 - - - - - - - - - - - - - - - - 0.00 0.00
Substandard - 0.00 0.00 - - - - - - - - - - - - - - - - 0.00 0.00
Doubtful 1.00 57.49 57.49 - - - - - - - - - - - - - (42.00) (42.00) 1.00 15.49 15.49
Loss 3.00 319.23 319.23 - - - - - - - - - - - - (1.00) (71.02) (71.02) 2.00 248.21 248.21
Total 4.00 376.73 376.73 - - - - - - - - - - - - (1.00) (113.02) (113.02) 3.00 263.70 263.71
STATUTORY REPORTS
Notes:
1. There have been no accounts upgraded from restructured advances during the year ended March 31, 2022.
2. The outstanding amount and number of borrowers as at March 31, 2022 is after considering recoveries and sale of assets during the year.
3. The above table pertains to advances and does not include investment in shares which are fully provided for.
4. The provision in the above table includes Non-Performing Advances Provision held on the restructured advances.
5. 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.
6. For the purpose of arithmetical accuracy, the 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.
FINANCIAL STATEMENTS
229
The details of accounts Restructured during the year ended March 31, 2021 are given below:
230
(` in million)
Restructured Advances ceases
Restructured Accounts Write-offs/sale/recovery of Restructured Accounts
Type of Fresh restructuring/Additional Downgradations of restructured Upgradations to restructured to be shown as restructured
No. as on April 1 of the FY restructured accounts as on March 31 of the FY
Restructuring sanction during the year accounts during the FY standard category during the FY standard advances at the
(opening figures) during the FY (Closing figures)
beginning of the next year
Asset No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision No. of Amount Provision
Classification borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon borrowers outstanding thereon
1 CDR
Standard - 0.00 0.00 - 0.00 0.00
Substandard - (0.00) (0.00) - (0.00) (0.00)
Doubtful - - - - - -
Loss 2.00 242.97 242.97 (1.00) (176.34) (176.34) 1.00 66.63 66.63
Total 2.00 242.97 242.97 - - - - - - - - - - - - (1.00) (176.34) (176.34) 1.00 66.63 66.63
2 SME - - -
Standard - - -
Substandard - - -
Doubtful - - -
Loss - - -
Total - - - - - - - - - - - - - - - - - - - - -
3 Others
Standard - 0.00 0.00 - 0.00 0.00
Substandard - 0.00 0.00 - 0.00 0.00
Doubtful 2.00 416.79 416.79 (1.00) (359.30) (359.30) 1.00 57.49 57.49
Loss 2.00 265.10 265.10 - (12.50) (12.50) 2.00 252.60 252.60
Total 4.00 681.90 681.90 - - - - - - - - - - - - (1.00) (371.80) (371.80) 3.00 310.10 310.10
4 Grand Total
Standard - 0.00 0.00 - - - - - - - - - - - - - - - - 0.00 0.00
Substandard - 0.00 0.00 - - - - - - - - - - - - - - - - 0.00 0.00
Doubtful 2.00 416.79 416.79 - - - - - - - - - - - - (1.00) (359.30) (359.30) 1.00 57.49 57.49
Loss 4.00 508.07 508.07 - - - - - - - - - - - - (1.00) (188.84) (188.84) 3.00 319.23 319.23
Total 6.00 924.87 924.87 - - - - - - - - - - - - (2.00) (548.14) (548.14) 4.00 376.73 376.73
Notes:
1. There have been no accounts upgraded from restructured advances during the year ended March 31, 2021.
2. The outstanding amount and number of borrowers as at March 31, 2021 is after considering recoveries and sale of assets during the year.
3. The above table pertains to advances and does not include investment in shares which are fully provided for.
4. The provision in the above table includes Non Performing Advances Provision held on the restructured advances.
5. 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.
6. For the purpose of arithmetical accuracy, the 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.
Total
Others
Particulars
Personal Loans
Of which, MSME’s
Type of borrower
Corporate Person’s*
Amount (` in million)
2022 are given below:
No. of accounts restructured

CORPORATE OVERVIEW
53,220.53
7,759.98
2,960.50
44,191.38
1,269.17
(A)
previous half-year
at the end of the
plan - Position as
of resolution
implementation
consequent to
as Standard
classified
to accounts
Exposure
(A)
17.5.27 Disclosure under COVID-19 Regulatory Package

17.5.25 Resolution Framework for COVID-19 related Stress
810.31
238.69
158.42
508.42
63.20
half-year
into NPA during
debt that slipped
Of (A), aggregate
(B)
(Previous year: ` 1,202.68 million) to Micro Small and Medium Enterprises.

17.5.26 Restructuring of Advances - Micro Small and Medium Enterprises.
132.25
122.54
6.64
6.64
3.07
the half-year
written off during
Of (A), amount
(C)
* Includes Non-Fund Based Exposure amounting to ` 9,738.59 million as at the end of this half-year.
STATUTORY REPORTS
11,455.24
4,950
2,047.92
870.20
419.17
1,149.17
28.54
March 31, 2022

As at
the half-year
borrowers during
paid by the
Of (A), amount
(D)
continue to impact the Bank’s results will depend on ongoing as well as future developments, which are uncertain.
(` in million)
1,202.68
365
49,867.81
6,684.71
2,158.50
42,008.75
1,174.35
March 31, 2021

As at
half-year
at the end of this
(E)
plan - Position as
of resolution
implementation
consequent to
as Standard
classified
to accounts
Exposure
has withdrawn most of the COVID-19 related restrictions, however, the extent to which the COVID-19 pandemic will
localized lockdowns in areas with a significant number of COVID-19 cases. In FY2022, India witnessed two more waves
During the year ended March 31, 2022, the Bank has restructured advances amounting to ` 11,455.24 million
circular dated August 6, 2020 (Resolution Framework 1.0) and May 5, 2021 (Resolution Framework 2.0) at March 31,
Details of resolution plans implemented under the Resolution Framework for COVID-19 related stress as per RBI
The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by
231

FY 2020-21 b) Details of Investments held as Security Receipts received by sale of NPA to Securitisation/Reconstruction
As per requirement of RBI circular RBI/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated April 17, 2020 Company as at March 31, 2022 and March 31, 2021 are as follows-
on COVID-19 Regulatory Package - Asset Classification and Provisioning, below mentioned are details of where (` in million)
moratorium / deferment was extended as of March 31, 2020 and corresponding position as of March 31, 2021 as per Backed by NPAs* sold by other
Backed by NPAs* sold by the banks/ financial institutions/
above circular. Bank as underlying non‑banking financial companies
Total
Particulars as underlying
RBI issued guidelines on COVID-19 Regulatory Packages under which, the Bank granted a moratorium of three
As at As at As at As at As at As at
months (further extended by three months) on the payment of all instalments and / or interest, as applicable, falling March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
due between March 1, 2020 and August 31, 2020. For all such accounts where the moratorium was granted, the asset
Net Book value 7,174.83 14,207.87 - - 7,174.83 14,207.87
classification remained stand still during the moratorium period (i.e. the number of days past-due shall exclude the of investments in
moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and security receipts
Provisioning norms) and the same had been retained based on the overdue status as at February 29, 2020.
* 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.
Asset Classification and Income Recognition following the expiry of COVID-19 regulatory package:
In accordance with the instructions in the RBI circular DOR.STR.REC.4/21.04.048/2021-22 dated April 07, 2021, the c) Details of ageing of Investments held as Security Receipts as at March 31, 2022 are as follows-
Bank shall refund/adjust ‘interest on interest’ to all borrowers including those who had availed of working capital (` in million)
facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, SRs issued more
or not availed. Pursuant to these instructions, the methodology for calculation of the amount of such ‘interest on SRs issued within than 5 years ago SRs more than
past 5 years but within past 8 years ago
interest’ finalised by the Indian Banks Association (IBA) in consultation with other industry participants/bodies. The 8 years
Bank based on the instructions/methodology from IBA, recognised a charge of ` 1,444.6 million in its Profit and Loss (i) Book Value of SRs backed by NPAs* sold by the Bank as 13,043.65 7,723.46 489.11
Account for the year ended March 31, 2021. underlying
Provision held against (i) 11,316.74 2,275.54 489.11
17.5.28 Financial assets sold to Securitisation Company/Reconstruction Company for Asset Reconstruction (ii) Book value of SRs backed by NPAs* sold by other banks/ - - 122.40
a) Details of Financial assets sold to Securitisation/Reconstruction Company during the year ended March 31, 2022 financial institutions/ non-banking financial companies as
underlying
are as follows-
Provision held against (ii) - - 122.40
(` in million)
Total (i) + (ii) 13,043.65 7,723.46 611.50
Year ended Year ended
Particulars
March 31, 2022 March 31, 2021 * 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
(i) No. of accounts - - dated February 26, 2014.
(ii) Aggregate principal value (net of specific provisions) of accounts sold to SC / RC - -
(iii) Aggregate consideration received in Cash - - Details of ageing of Investments held as Security Receipts as at March 31, 2021 are as follows-
(iv) Additional consideration realised in respect of accounts transferred in earlier - - (` in million)
years SRs issued more
SRs issued within than 5 years ago SRs more than
(v) Aggregate gain / (loss) over net book value* - - past 5 years but within past 8 years ago
8 years
* A s per the extant RBI guidelines, the Bank has not recognised 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 (i) Book Value of SRs backed by NPAs* sold by the Bank as 20,662.38 871.68 -
of sale. underlying
Provision held against (i) 6,876.15 450.04 -
(ii) Book value of SRs backed by NPAs* sold by other banks / - - 141.99
financial institutions / non-banking financial companies as
underlying
Provision held against (ii) - - 141.99
Total (i) + (ii) 20,662.38 871.68 141.99
* 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.
232 233

17.5.29 Non-performing financial assets purchased/ sold from/ to other bank 17.5.33 Asset Liability Management
The Bank has not purchased/sold any non-performing financial assets from/to another bank during the year ended The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2022.
March 31, 2022 and March 31, 2021. (` in million)
Maturity Investment
Loans & Advances Deposits Borrowings FCY Assets FCY Liabilities
17.5.30 Transfer of Loan Exposure Buckets Securities
Details of loans transferred/acquired for the period October 01, 2021 to March 31, 2022 under the RBI Master 1 Day 2,430.87 59,396.64 8,368.36 - 26,861.55 252.51
Direction on Transfer of Loan Exposures dated September 24, 2021 are given below: 2-7 days 6,787.63 8,074.21 109,436.97 55,767.42 2,453.09 773.28
8-14 Days 13,447.17 8,153.91 50,194.56 42.05 5,765.22 1,217.54
(i) The Bank has not transferred/acquired any non-performing assets (NPAs).
15-30 Days 25,978.29 31,129.22 96,238.21 4,178.04 9,751.72 2,281.46
(ii) The Bank has not transferred/acquired any Special Mention Account (SMA) and loan not in default. 1-2 Months 30,413.88 10,818.76 72,471.03 98.13 16,080.59 7,899.37
2-3 Months 28,849.42 16,058.29 103,392.11 11,030.26 23,037.16 5,634.92
(iii) Details of loans not in default acquired through assignment are given below: 3-6 Months 58,996.52 30,723.81 181,537.59 37,287.61 15,159.48 8,339.19
Aggregate amount of loans acquired (` in million) 11,589.91 6-12 Months 102,340.79 59,364.40 325,454.73 181,713.05 17,495.81 90,769.51
Weighted average residual maturity (in years) 11.55 1-3 Years 815,190.81 145,691.97 358,505.64 240,561.19 29,412.84 37,618.41
Weighted average holding period by originator (in years) 0.75 3-5 Years 341,628.27 91,601.53 650,382.94 73,831.62 7,261.12 15,940.56
Retention of beneficial economic interest by the originator (in %) 14.23% Over 5 Years 384,456.26 57,942.81 15,935.18 117,536.47 19,823.16 17,301.55
Tangible security coverage (in %) 90.19% TOTAL 1,810,519.91 518,955.56 1,971,917.33 722,045.83 173,101.74 188,028.30
In the above table, the loans acquired are unrated. * Auditors have relied upon the information presented by management as above on maturity buckets.
(iv) The Bank has not transferred/acquired any stressed loan.

The following table sets forth the maturity pattern of assets and liabilities of the Bank as on March 31, 2021.
17.5.31 Provisions for Standard Assets (` in million)
Provision on standard advances for the year FY 2021-22 was ` 19,241.02 million. Provision on standard advances for Maturity Investment
Loans & Advances Deposits Borrowings FCY Assets FCY Liabilities
Buckets Securities
the year FY 2020-21 was ` 19,492.54 million.
1 Day 6,920.72 35,147.33 8,011.45 294.06 47,500.44 192.57
2-7 days 12,605.78 8,842.95 57,515.15 - 1,617.97 690.50
17.5.32 Business ratios
8-14 Days 13,787.77 14,135.01 35,883.23 - 1,647.69 1,383.97
As at As at 15-30 Days 35,525.02 27,553.48 68,811.71 4,647.00 6,995.28 1,301.72
Business Ratios
March 31, 2022 March 31, 2021
1-2 Months 43,095.28 11,554.99 80,743.98 - 8,755.67 1,441.53
i) Interest income as a percentage to working funds1 6.8% 8.3%
2-3 Months 53,897.84 11,151.96 78,457.61 7,030.40 12,029.91 1,293.97
ii) Non-interest income as a percentage to working funds1 1.2% 1.4%
3-6 Months 53,832.75 42,325.14 2,69,859.74 37,407.08 11,542.60 3,331.05
iii) Cost of Deposits 5.0% 6.0%
6-12 Months 78,678.81 47,838.63 2,53,028.46 89,522.96 10,347.29 53,121.12
iv) Net Interest Margin 2.3% 2.8%
1-3 Years 6,86,288.86 1,21,176.77 3,92,853.88 2,97,228.83 39,824.73 73,522.85
v) Operating profit as a percentage to working funds1 1.0% 2.0%
3-5 Years 3,38,887.62 75,752.56 3,75,090.12 57,030.38 30,837.53 16,863.45
vi) Return on assets1 0.4% (1.4)%
155.84 136.00 Over 5 Years 3,45,409.49 37,712.66 9,211.09 1,46,330.14 22,592.12 19,462.25
vii) Business (deposits + net advances) per employee2 (` in million)
TOTAL 1,668,929.94 433,191.48 1,629,466.42 639,490.85 193,691.23 172,604.98
viii) Profit per employee2 (` in million) 0.46 (1.51)
* Auditors have relied upon the information presented by management as above on maturity buckets.
1Working funds represents the average of total assets as reported in Return Form X to RBI under Section 27 of the
Banking Regulation Act, 1949. Classification of assets and liabilities under the different maturity buckets is based on the same estimates and
2 For the purpose of computation of business per employee and profit per employee (deposits plus advances), assumptions as used by the Bank for compiling the return submitted to the RBI.
interbank deposits have been excluded and average employees have been considered. Maturity profile of foreign currency assets and liabilities is excluding Off Balance Sheet item.
234 235

(` in million)
17.5.34 Exposures
Sr. As at As at
The Bank has lending to sectors, which are sensitive to asset price fluctuations. Such sectors include capital market Particulars
No. March 31, 2022 March 31, 2021
and real estate. vii) Financing for acquisition of equity in overseas companies/financing for acquisition of 4,073.29 4,136.25
equity in Indian companies
Exposure to Real Estate Sector viii) Bridge loans to companies against expected equity flows/issues; - -
The exposure, representing the higher of funded and non-funded limits sanctioned or outstanding to real estate ix) Underwriting commitments taken up by the banks in respect of primary issue of shares - -
sector, is given in the table below: or convertible bonds or convertible debentures or units of equity oriented mutual
funds;
(` in million)
x) Financing to stockbrokers for margin trading; - -
Sr. As at As at
Particulars xi) All exposures to Venture Capital Funds (both registered and unregistered) 233.17 205.82
No. March 31, 2022 March 31, 2021
Total Exposure to Capital Market 47,705.47 36,342.19
i) Direct exposure
Residential Mortgages 112,357.36 81,623.15 Capital market exposure is reported in line with Para 2.3 of RBI’s Master Circular on Exposure Norms dated July 1,
Of total Residential Mortgages- Individual housing loans eligible for inclusion in priority 38,181.69 27,265.08 2015 (DBR.No.Dir.BC.12/13.03.00/2015-16).
sector advances
Fund based 38,181.69 27,265.08 * E xposure of Stock Broker comprises Fund-based & Non-fund based portfolio and the Consolidated Exposure is inclusive of ‘YES
Securities Ltd.’
Non fund based - -
* Out of the above `2,708.97 million is exposure to YES Securities (India) Limited, which is a subsidiary of the Bank.
Commercial Real Estate* 181,981.80 204,767.75
Of total Commercial Real Estate-outstanding as advances 162,005.55 183,392.04
17.5.35 Risk Category wise Country Exposure
Investments in Mortgage Backed Securities (MBS) and other securitized exposures
- Residential 1,691.30 2,247.45
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. As at March 31, 2022, the net funded country exposure (direct) of the
- Commercial Real Estate - -
Bank as a percentage of total funded assets for United States of America was 1.19% (for previous year March 31, 2021
ii) Indirect exposure
Singapore was 1.01%). As the net funded exposure to United States of America exceeded 1.0% of total funded assets,
Fund based and non fund based exposures on National Housing Board and Housing 54,697.06 63,096.41
Finance Companies the Bank held a provision of ` 103.85 million on country exposure (direct and indirect) at March 31, 2022 (March 31,
Total Exposure to Real Estate Sector 350,727.52 351,734.76
2021: ` 69.38 million) based on RBI guidelines.
(` in million)
* Commercial real estate exposure classification is based on RBI circular DBOD.BP.BC.No. 42/08.12.015/2009-10 dated September 09, 2009.
Exposure (net) Provision held Exposure (net) Provision held
Risk Category as at as at as at as at
Exposure to Capital Market March 31, 2022 March 31, 2022 March 31, 2021 March 31, 2021
The exposure representing the higher of funded and non-funded limits sanctioned or outstanding to capital market Insignificant 141,336.68 103.85 147,316.64 69.38
sector is given in the table below: Low 36,325.76 - 49,104.14 -
Moderately Low 4,980.68 - 5,184.19 -
(` in million)
Sr. As at As at
Moderate 7.15 - 134.00 -
Particulars
No. March 31, 2022 March 31, 2021 Moderate High - - - -
i) Direct investment in equity shares, convertible bonds, convertible debentures and 68.25 59.41 High - - - -
units of equity-oriented mutual funds the corpus of which is not exclusively invested in Very High - - - -
corporate debt;
TOTAL 141,336.68 103.85 201,738.98 69.38
ii) Advances against shares/ bonds/ debentures or other securities or on clean basis 7,755.58 6,060.73
to individuals for investment in shares (including IPOs / ESOPs), convertible bonds,
convertible debentures, and units of equity-oriented mutual funds; 17.5.36 Details of factoring exposure
iii) Advances for any other purposes where shares or convertible bonds or convertible - - The factoring exposure of the Bank outstanding as on March 31, 2022 is ` 2,581.17 million (Previous year: ` 385.62
debentures or units of equity oriented mutual funds are taken as primary security; million).
iv) Advances for any other purposes to the extent secured by the collateral security of 16,522.38 8,966.02
shares or convertible bonds or convertible debentures or units of equity oriented Miscellaneous
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 17.5.37 Disclosure on borrowing and lending activities
advances; The Bank, as part of its normal banking business, grants loans and advances, makes investments, provides guarantees
v) Secured and unsecured advances to stockbrokers and guarantees issued on behalf of 8,490.97 6,484.58 to and accept deposits and borrowings from its customers, other entities and persons. These transactions are part
stockbrokers and market makers;*
of the Bank’s normal banking business and are undertaken in accordance with the guidelines prescribed by the
vi) Loans sanctioned to corporate against the security of shares/ bonds/ debentures or 10,561.83 10,429.38 Reserve Bank of India.
other securities or on clean basis for meeting promoter’s contribution to the equity of
new companies in anticipation of raising resources;
236 237

17.5.42 Earnings Per Share (‘EPS’)

Other than the transactions described above, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Bank to or in any other persons The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20,
or entities, including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or “Earnings Per Share”. The dilutive impact is mainly due to stock options granted to employees by the Bank.
otherwise, that the Intermediary shall lend or invest in other persons or entities identified by or on behalf of the The computation of earnings per share is given below:
Bank (Ultimate Beneficiaries) or provide any guarantee, security or like on behalf of the Ultimate Beneficiaries.
(` in million)
The Bank has also not received any fund from any persons or entities, including foreign entities (‘Funding Party’) Particulars
with the understanding, whether recorded in writing or otherwise, that the Bank shall whether, directly or indirectly March 31, 2022 March 31, 2021
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party Basic (annualised)
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries. Weighted average no. of equity shares outstanding 25,054,915,063 21,183,670,327
Net profit/(loss) (` ) 10,662.12 (34,622.27)
17.5.38 Concentration of Deposits Basic earnings per share (` ) 0.43 (1.63)
The below table represents the deposits of top 20 depositors (excluding certificate of deposits, which are tradable Diluted (annualised)
instruments) as at March 31, 2022 and March 31, 2021. Weighted average no. of equity shares outstanding 25,057,565,654 21,186,000,617
(` in million) Net profit/(loss) (` ) 10,662.12 (34,622.27)
As at As at Diluted earnings per share (` ) 0.43 (1.63)
Particulars
March 31, 2022 March 31, 2021
Nominal value per share (`) 2 2
Total deposits of the twenty largest depositors 279,595.80 285,237.23
Percentage of deposits of twenty largest depositors to total deposits of the bank 14.18% 17.50% 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.
17.5.39 Concentration of Advances Basic earnings per equity share has been computed by dividing net profit/(loss) for the year attributable to the equity
(` in million) shareholders by the weighted average number of equity shares outstanding for the year. Diluted earnings per equity
As at As at share has been computed by dividing the net profit/(loss) for the year attributable to the equity shareholders by the
Particulars
March 31, 2022 March 31, 2021
weighted average number of equity shares and dilutive potential equity shares options outstanding during the year,
Total advances to the twenty largest borrowers 342,575.79 381,576.76
except where the results are anti-dilutive. The dilutive impact is on account of stock options granted to employees by
Percentage of advances to twenty largest borrowers to total advances of the bank 9.77% 11.77%
the Bank. There is no impact of dilution on the profits in the current year and previous year.
For this purpose, advance is computed as per definition of Credit Exposure in RBI Master Circular on Exposure Norms DBR.No.Dir.
BC.12/13.03.00/2015-16 dated July 1, 2015. 17.5.43 Income Taxes
Provisions made for Income Tax during the year
17.5.40 Concentration of Exposures (` in million)
(` in million) For the year ended For the year ended
Particulars
As at As at March 31, 2022 March 31, 2021
Particulars
March 31, 2022 March 31, 2021
Current income tax expense - -
Total exposure to the twenty largest borrowers/customers 370,734.79 418,476.21 Deferred income tax credit 3,696.36 (12,728.47)
Percentage of exposures to the twenty largest borrowers/ customers to the total exposure 10.15% 12.27% Total 3,696.36 (12,728.47)
of the bank on borrowers/ customers
Exposure is computed as per definition of Credit and Investment Exposure in RBI Master Circular on Exposure Norms DBR.No.Dir.
BC.12/13.03.00/2015-16 dated July 1, 2015.
17.5.41 Concentration of NPAs

(` in million)
As at As at
Particulars
March 31, 2022 March 31, 2021
Total Exposure to the top twenty NPA accounts 175,607.90 173,424.39
Percentage of exposures to the twenty largest NPA exposure to total Gross NPAs. 56.93% 54.79%
238 239

17.5.44 Disclosure of penalties imposed by RBI 17.5.49 Credit default swaps

During the financial year ended March 31, 2022, following are the list of penalties imposed on the Bank by RBI. The Bank has not transacted in credit default swaps during the year ended March 31, 2022 (Previous year: ‘Nil’).
SI
no.
Date Topic Detail Amount (`) 17.5.50 Credit/Debit card reward points
1. August 02, 2021 SGL Bounce There was an instance of bouncing of SGL for ` 500 million on July 20, 2021. 5,00,000 Provision for credit card and debit card reward points for the year ended March 31, 2022
The Bank had immediately intimated this SGL Bounce instance to RBI vide (` in million)
email dated July 20, 2021. RBI vide letter dated July 23, 2021 had sought
explanation in detail of the circumstances which led to the shortfall. The Particulars
March 31, 2022 March 31, 2021
Bank had submitted its response to the RBI vide email dated July 28, 2021
providing explanation leading to the shortfall and requested RBI to condone Opening provision 451.99 342.86
the error. Provision made during the year 235.27 144.35
Subsequently, RBI vide letter dated August 02, 2021 had imposed a penalty Utilised/Write-back of provision (157.81) (35.22)
of ` 5,00,000 on this matter. The penalty has been paid by the Bank on
Closing provision 529.45 451.99
August 4, 2021.
2. November Irregularities RBI has imposed a penalty of `550/- on November 30, 2021 and a penalty 750 The valuation of credit card and debit card reward points is based on actuarial valuation method obtained from an
30, 2021 and observed in of `200/- on December 13, 2021 on account of irregularities observed in the independent actuary.
December 13, the soiled note soiled note remittance received from Yes Bank, Chembur Currency Chest.
2021 remittance The same was informed to the Bank vide emails dated December 01, 2021
received from and December 13, 2021 respectively. 17.5.51 Corporate Social Responsibility (CSR)
Currency Chest a) Amount required to be spent by the Bank on CSR during the year was ‘Nil’ (Previous year: ` ‘Nil’).
3. February 22, Irregularities RBI vide email dated February 23, 2022 has informed that a penalty of 500
2022 observed in `500 has been levied on February 22, 2022 on account of the irregularities Amount spent towards CSR during the year and recognised as expense in the Profit and Loss account on CSR
the soiled note observed in the soiled note remittance received on November 26, 2021 related activities is ‘Nil’ (Previous year: ` ‘Nil’)
remittance from Yes Bank Chembur Currency Chest.
17.5.52 Staff retirement benefits
During the financial year ended March 31, 2021, there were no penalties imposed on the Bank by RBI.
The following table sets out the funded status of the Gratuity Plan and the amounts recognised in the Bank’s financial
17.5.45 Fees/Remuneration received from Bancassurance statements as of March 31, 2022 and March 31, 2021 which is as per AS-15 Employee Benefits (Revised):
Bank has earned `1,785.54 million from bancassurance business during year ended March 31, 2022 (previous year: a) Changes in present value of Obligations:
`1,301.96 million). The following table sets forth, for the periods indicated, the break-up of income derived from (` in million)
bancassurance business: Particulars
As at As at
March 31, 2022 March 31, 2021
(` in million)
Present Value of Obligation at the beginning of the year 1,649.44 1,553.76
Particulars Interest Cost 98.90 93.16
March 31, 2022 March 31, 2021
Current Service Cost 289.17 303.68
Income from selling life insurance policies 1,464.65 1,146.70 Past Service Cost - -
Income from selling non-life insurance policies 320.90 155.26 Benefits Paid (261.67) (164.10)
TOTAL 1,785.54 1,301.96 Actuarial (gain)/loss on Obligation (99.70) (137.06)
Present Value of Obligation at the end of the year 1,676.14 1,649.44
17.5.46 Overseas Assets, NPAs and Revenue b) Changes in the fair value of plan assets:
The below table shows total assets, NPAs and revenue for the overseas branch (IBU) of the Bank. (` in million)
(` in million) For the year ended For the year ended

Particulars
March 31, 2022 March 31, 2021
Particulars Fair value of plan assets at the beginning of the year 1,454.95 1,215.46
March 31, 2022 March 31, 2021
Total assets 153,159.65 130,299.26 Adjustment to Opening Balance - -
Expected return on plan assets 87.24 72.88
Total NPAs 10,710.36 10,331.29
Contributions - 300.50
Total revenue 3,725.25 4,985.72
Benefits paid (261.67) (164.10)
Actuarial gain/( loss) on plan assets 34.28 30.21
17.5.47 Repatriation of profits Fair value of plan assets at the end of the period 1,314.80 1,454.95
The Bank has not repatriated any profit from overseas branch during the FY 2021-22 and FY 2020-21.
The Bank has entire contribution of Gratuity Fund as Investments with Insurance Companies which are invested
17.5.48 Sponsored SPVs primarily in debt instruments as approved by IRDA.
The Bank has not sponsored any SPV and hence there is no consolidation due to SPVs in Bank’s books.
240 241

Estimated rate of return on plan assets is based on the expected average long-term rate of return on investments National Pension Scheme
of the Fund during the estimated term of the obligations. The Bank has contributed ` 39.12 million for the year ended March 31, 2022 (March 31, 2021: ` 29.76 million) to NPS
Net gratuity cost for the year ended March 31, 2022 and March 31, 2021 comprises the following components: 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.
(` in million)
Particulars
March 31, 2022 March 31, 2021 Provident Fund (PF)
Current Service Cost 289.17 303.68 The Bank has recognised in the profit and loss account ` 1,019.73 million for the year ended March 31, 2022 (March 31,
Interest Cost 98.90 93.17 2021: ` 933.66 million) towards contribution to the provident fund.
Expected Return on plan assets (87.24) (72.88)
Net Actuarial gain recognised in the year (133.99) (167.27) Compensated absences
Past Service Cost - -
The Bank has recognised ` 76.61 million in the profit and loss account for the year ended March 31, 2022 (March 31,
Expenses recognised 166.85 156.70 2021: ` 17.72 million) towards compensated absences.
Experience History: 17.5.53 Segment Results

(` in million) Pursuant to the guidelines issued by RBI on AS-17 (Segment Reporting) – Enhancement of Disclosures dated April 18,
For the year ended For the year ended For the year ended For the year ended For the year ended
Particulars
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2018
2007, effective from period ending March 31, 2008, the following business segments have been reported.
(Gain)/Loss on obligation due to (26.74) - (249.13) 63.57 (70.88) • Treasury: Includes investments, all financial markets activities undertaken on behalf of the Bank’s customers,
change in assumption
proprietary trading, maintenance of reserve requirements and resource mobilisation from other banks and
Experience (Gain)/Loss on (126.45) (137.06) 47.68 (29.59) 113.80
financial institutions.
obligation
Actuarial Gain/(Loss) on plan assets 34.28 30.21 (26.95) (26.25) (5.21) • 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.
The assumptions used in accounting for the gratuity plan are set out below:
• Other Banking Operations: Includes para banking activities like third party product distribution, merchant
Particulars
For the year ended For the year ended banking etc.
March 31, 2022 March 31, 2021
Discount Rate 5.85% 6.00% Segmental results for the year ended March 31, 2022 are set out below:
Expected Return on Plan Assets 5.85% 6.00%
(` in million)
Mortality 100% of IALM IALM
Corporate/
2012-14 (2012-14) Ult Other Banking
Business Segments Treasury Wholesale Retail Banking Total
Operations
Future Salary Increases 11.00% 9.00% Banking
Disability Segment Revenue 62,669.63 95,080.75 78,567.39 3,454.81 239,772.58
Attrition 20%-35% 13%-25% Less: Inter-segment (16,912.77)
Retirement 60 Years 60 Years Revenue net of inter- segment 222,859.81
Result 6,468.75 20,293.64 30.76 1,761.25 28,554.41
Actuarial assumption on salary increase also takes into consideration the inflation, seniority, promotion and other
Unallocated Expenses (14,195.92)
relevant factors.
Operating Profit 14,358.48
Position of plan asset/liability Income Taxes 3,696.36

(` in million) Extra-ordinary Profit/(Loss) -
For the year ended For the year ended Net Profit 10,662.12
Particulars
March 31, 2022 March 31, 2021 Other Information:
Fair value of plan assets at the end of the period 1,314.80 1,454.95 Segment assets 1,215,583.94 1,012,785.30 842,931.13 501.82 3,071,802.19
Present Value of Obligation at the end of the year 1,676.14 1,649.44 Unallocated assets 110,400.06
Plan asset/(liability) (361.34) (194.49) Total assets 3,182,202.25
Segment liabilities 833,963.78 1,062,702.10 942,695.72 617.01 2,839,978.62
The Bank is yet to determine future contribution to Gratuity fund for Financial Year 2022-23.
Unallocated liabilities 342,223.63
Total liabilities 3,182,202.25
242 243

Other banking operations includes income from bancassurance business ` 1,785.54 million during year ended 17.5.54 Deferred Taxation
March 31, 2022. The deferred tax asset of `91,842.08 million as at March 31, 2022 and `95,538.43 million as at March 31, 2021, is
Segmental results for the year ended March 31, 2021 are set out below: included under other assets and the corresponding credits have been taken to the profit and loss account.
(` in million) The components that give rise to the deferred tax asset included in the balance sheet are as follows:
Corporate/
Other Banking As at As at
Business Segments Treasury Wholesale Retail Banking Total Particulars
Operations March 31, 2022 March 31, 2021
Banking
Segment Revenue 118,488.54 123,920.95 58,677.74 2,486.03 303,573.26 Deferred tax asset
Less: Inter-segment (69,747.70) Depreciation 670.86 569.12
Revenue net of inter- segment 233,825.56 Provision for gratuity and unutilized leave 429.29 367.57
Result 43,945.50 (53,900.85) (25,222.88) 1,264.77 (33,913.46) Provision for Non-Performing Assets 49,668.84 47,645.19
Unallocated Expenses (13,437.27) Amortization of premium on HTM securities 77.17 126.01
Operating Profit (47,350.73) Business Loss 19,309.20 23,947.84
Income Taxes (12,728.47) Unabsorbed Depreciation 914.39 914.39
Extra-ordinary Profit/(Loss) - Provision for standard advances 4,795.27 4,858.57
Net Profit (34,622.26) Other Provisions 15,977.06 17,109.74
Other Information: Deferred tax asset 91,842.08 95,538.43
Segment assets 908,331.40 1,050,155.79 662,044.76 432.45 2,620,964.40
During the year ended March 31, 2022, the Bank has reported net profit of `10,662.12 million. The Bank continues to
Unallocated assets 114,463.25 carry such deferred tax asset in its Balance Sheet, as basis financial projections approved by the Board of Directors,
Total assets 2,735,427.65 there is reasonable certainty of having sufficient taxable income to enable realisation of the said deferred tax asset
Segment liabilities 766,327.76 867,469.99 757,132.49 682.00 2,391,612.24 as specified in Accounting Standard 22 (Accounting for Taxes on Income). The Bank has opted to exercise the option
Unallocated liabilities 343,815.41 permitted under section 115BAA of the Income-tax Act, 1961. Accordingly, the Bank has recognised Provision for
Total liabilities 2,735,427.65 Income Tax basis the rate prescribed in the aforesaid section.
Other banking operations includes income from bancassurance business ` 1,301.96 million during year ended
17.5.55 Related Party Disclosures
March 31, 2021.
The Bank has transactions with its related parties comprising of subsidiary, key management personnel and the
Notes for segment reporting: relative of key management personnel.
1. The business of the Bank is concentrated largely in India. Accordingly, geographical segment results have not As per AS 18 “Related Party Disclosures”, notified under Section 133 of the Companies Act, 2013, read together with
been reported in accordance with AS-17 (Segment Reporting). paragraph 7 of the Companies (Accounts) Rules 2014, the Bank’s related parties for the year ended March 31, 2022
are disclosed below:
2. In computing the above information, certain estimates and assumptions have been made by the Management
and have been relied upon by the auditors.
Subsidiary
3. Income, expense, assets and liabilities have been either specifically identified with individual segment or • YES Securities (India) Limited
allocated to segments on a systematic basis or classified as unallocated.
• YES Asset Management (India) Limited (till November 1, 2021)
4. The unallocated assets Includes tax paid in advance/tax deducted at source and deferred tax asset. • YES Trustee Limited (till November 1, 2021)
5. The unallocated liabilities include Share Capital and Reserves & Surplus.
Individuals having significant influence:
6. Inter-segment transactions have been generally based on transfer pricing measures as determined by
• Mr. Prashant Kumar, Managing Director & CEO
the Management.
Investing Company
• Investing party – State Bank of India Limited (SBI)
Key Management Personnel (‘KMP’) (Whole time Director)

244 245

The following represents the significant transactions between the Bank and such related parties including relatives (` in million)
of above mentioned KMP during the year ended March 31, 2022: Relatives Enterprise
Whole
of whole where
time
Maximum Maximum Maximum time Maximum relative of
Relatives Enterprise directors/
Items/Related Investing Balance Subsidiaries Balance Balance directors/ Balance whole time
Whole time of whole where individual
Party Category party 1 during the 2,3 during the during the individual during the director
Maximum Maximum directors/ Maximum time Maximum relative of having
year year year having year having
Items/Related Investing Balance Balance individual Balance directors/ Balance whole time significant
Subsidiaries 2 significant significant
Party Category party 1 during the during the having during the individual during the director influence
influence influence
year year significant year having year having
influence significant significant Deposits # # 1,020.46* 2,028.69 # #
influence influence Advances (Overdraft) 881.33* 237.50
Deposits # # 1,291.57* 1,760.08 # # Investment # # 2,593.00* 2,593.00
Advances 929.81* 1,295.04 Interest received # 25.53
(Overdraft)
Interest paid # 23.01 #
Investment # # 1,490.00* 2,593.00
Reimbursement of 23.89
Interest received # 57.99 Cost incurred
Interest paid # 57.42 # Receiving of services 0.80
Reimbursement of 40.81 Payable # 6.96
Cost incurred
Receivable # 10.42
Receiving of 1.06 #
Sale of Assets 10.94
services
Funded/Non-Funded # 2,000.00
Payable # -
Exposure
Receivable # 9.17
Remuneration paid #
Sale of Assets -
Funded/Non- # 2950.00 # s per RBI Circular, where there is only one entity in any category of related party, banks need not disclose any details pertaining to that
A
Funded Exposure related party other than the relationship with that related party.
Remuneration paid # * Represents outstanding as of March 31, 2021.
# s per RBI Circular, where there is only one entity in any category of related party, banks need not disclose any details pertaining to that
A 1 s per Accounting Standard 18 - Related Party Disclosure, State Bank of India Limited (SBI) is an investing company for YES Bank Limited
A
related party other than the relationship with that related party. and YES BANK is associate of SBI.
*Represents outstanding as of March 31, 2022. 2 uring the year, Bank has made investment in YES Asset Management (India) Limited for ` 200 million and ` 0.30 million in Yes Trustee
D
1 s per Accounting Standard 18 – Related Party Disclosure, State Bank of India Limited (SBI) is an investing company for YES Bank Limited
A Limited.
and YES BANK is associate of SBI. 3 s per the RBI master circular on Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks, the Bank
A
2 n November 01, 2021, the Bank has completed the sale of its entire stake in its wholly-owned subsidiaries YES Asset Management (India)
O has provided `437.8 million for impairment of investment in subsidiaries.
Limited and YES Trustee Limited to GPL Finance and Investments Limited. The net positive impact to the standalone financial results post 4 he Bank has entered into a definitive agreement to sell its entire stake in YES Asset Management (India) Limited and YES Trustee Limited
T
this sale, including reversal of the impairment provision was ` 149.40 million. to GPL Finance and Investments Limited. The transaction is subject to requisite regulatory approvals.
During the year ended March 31, 2022, the Bank has contributed ` ‘Nil’ (Previous year: ` Nil million) to YES During the year ended March 31, 2021, the Bank has contributed `Nil’ (Previous year: ` 405.42 million) to YES
Foundation. YES Foundation is an independent public charitable trust which undertakes social charitable activities. 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 YES Foundation does not qualify as Related Party, as defined under the Accounting Standard 18 - Related Party
Disclosure and RBI guidelines. Disclosure and RBI guidelines.
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, 2021: 17.5.56 Operating Leases
Lease payments recognised in the profit and loss account for the year ended March 31, 2022 was ` 3,378.62 million
(Previous year: ` 3,892.44 million). During the year ended March 31, 2022, the Bank paid minimum lease payment
` 3,335.19 million (Previous year: ` 3,903.91 million).
The following table sets forth, for the period indicated, the details of future rentals payment on operating leases:
246 247

(` in million)
Summary of the status of the Bank’s stock option plans as on March 31, 2022 and March 31, 2021 is set out below:
As at As at
Lease obligations
March 31, 2022 March 31, 2021 As at March 31, 2022 As at March 31, 2021
Not later than one year 2,945.23 3,347.63 PESOP JESOP PESOP JESOP
Later than one year and not later than five years 10,181.06 10,250.40 Options outstanding at the beginning of the year 54,717,740 9,787,677 36,696,790 14,514,052
Later than five years 11,433.36 12,661.96 Granted during the year 71,479,000 525,000 34,663,500 42,500
TOTAL 24,559.65 26,259.99 Exercised during the year 47,000 - - -
The Bank does not have any provisions relating to contingent rent. Forfeited/lapsed during the year 15,568,510 2,133,150 16,642,550 4,768,875
Options outstanding at the end of the year 110,581,230 8,179,527 54,717,740 9,787,677
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements.
Options exercisable 16,986,335 5,663,277 12,952,555 6,318,927
There are no undue restrictions or onerous clauses in the agreements.
Weighted average exercise price (`) 13.50 - - -
Weighted average remaining contractual life of 1.62 1.73 1.95 1.60
17.5.57 ESOP disclosures
outstanding option (years)
The Bank has three Employee Stock Option Plans Schemes in operation viz:
The Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-
(i) YBL JESOP V/PESOP II (Consisting of three sub schemes JESOP V/ PESOP II/PESOP II -2010); and linked instruments granted beginning from April 01, 2021. The fair value of the stock-based compensation is estimated
(ii) YBL Employee Stock Option Scheme, 2020 (YBL ESOS 2020) which is consisting of YBL Joining Employee on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period.
Stock Option Plan, 2018 (JESOP 2018), YBL Performance Employee Stock Option Plan, 2018 (PESOP 2018), YBL As a result, ‘Employees cost’ for the year ended March 31, 2022 is higher by ` 82.4 million and ‘Nil’ for the year ended
Performance Employee Stock Option Plan, 2020 (PESOP 2020) and YBL MD&CEO Stock Option Plan, 2020 March 31, 2021. The Bank has adopted the Fair Value method (based on Black-Scholes pricing model), for pricing and
(MD&CEO Plan 2020). Effective September 10, 2020 nomenclature of the scheme was changed from YBL ESOS – accounting of options for the year ended March 31, 2022. If the Bank had adopted the Fair Value for all the options
2018 to YBL ESOS -2020 and all the plans under the said scheme continue to be valid. All new options have been granted till March 31, 2021, the net profit after tax would have been lower by ` 175.95 million (the net loss after tax
granted under the YBL ESOS 2020 (which inter-alia consist of JESOP 2018, PESOP 2018, PESOP 2020 and MD & would have been higher by ` 338.86 million in previous year), the basic earnings per share would have been ` 0.42
CEO Plan 2020. YBL ESOS 2020 and plans formulated thereunder are in compliance with the SEBI (Share Based (Previous year: ` (1.65)) per share instead of ` 0.43 (Previous year: ` (1.63)) per share; and diluted earnings per share
Employees Benefits) Regulations, 2014 as amended from time to time. Source of shares are primary in nature, would have been ` 0.42 (Previous year: ` (1.66)) per share instead of ` 0.43 (Previous year: ` (1.65)) per share.
since the Bank has been issuing new equity shares upon exercise of options. The following assumptions have been made for computation of the fair value of ESOP granted for the year ended
Grants under JESOP V/ PESOP II -2010 had been discontinued w.e.f. June 12, 2018 pursuant to coming into effect of March 31, 2022 and March 31, 2021:
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. March 31, 2022 March 31, 2021
In accordance with the various Employee Stock Option Plans/ Schemes of the Bank as mentioned above, the Risk free interest rate 4.06%-6.75% 3.73%-6.21%
Employees can exercise the options granted to them from time to time: Expected life 1.5 years-7.5 years 1.5 years - 7.5 years
Expected volatility 41.73%-60.75% 43.18%-77.70%
JESOP / PESOP ESOP Scheme Exercise period
Expected dividends 1.10% 1.10%
JESOP JESOP V 50% after 3 years and balance after 5 years from the Grant date
JESOP 2018 50% after 3 years and balance after 5 years from the Grant date In computing the above information, certain estimates and assumptions have been made by the Management.
PESOP PESOP II – 2010 30%, 30% & 40% each year, from end of 3rd year from the Grant date
Other Disclosures
PESOP 2018 30%, 30% & 40% each year, from end of 3rd year from the Grant date
17.5.58 Disclosure on Remuneration
PESOP 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date
MD & CEO Plan MD & CEO plan 2020 25% will vest at the end of 12, 24, 36, 42 months from the grant date (a) Composition of the N&RC of the Bank as on March 31, 2022 is as follows:
Mr. Mahesh Krishnamurti Non-Executive Director (Chairman)
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. Mr. Sunil Mehta Non-Executive Director
Mr. Atul Bheda Non-Executive Director
Mr. Ravindra Pandey Nominee Director of State Bank of India
Ms. Rekha Murthy Non-Executive Director
248 249

The roles and responsibilities of the N&RC are as under – 16. To ensure the following while formulating the policy on the below matters:
1. To review the current Board composition, its governance framework and determine future requirements (a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate
and making recommendations to the Board for approval; directors, key managerial personnel and senior management of the quality required to run the
Company successfully;
2. To examine the qualification, knowledge, skill sets and experience of each director vis-a- vis the Bank’s
requirements and their effectiveness to the Board on a yearly basis and accordingly recommend to the (b) relationship of remuneration to performance is clear and meets appropriate performance
Board for the induction of new Directors; benchmarks; and
3. To review: (c) remuneration to Whole time directors, key managerial personnel and senior management involves
a balance between fixed and incentive pay reflecting short and long-term performance objectives
(a) the composition of the existing Committees of the Board and to examine annually whether there is
appropriate to the working of the Company and its goals.
any need to have a special committee of directors to meet the business requirements of the Bank and
accordingly recommend to the Board for formation of a special committee. (d) Recommend to the board all remuneration, in whatever form, payable to senior management.
4. To scrutinise nominations for Independent/Non-Executive Directors with reference to their qualifications 17. To consider grant of Stock Options to employees and administer and supervise the Employee Stock
and experience and making recommendations to the Board for appointment/filling of vacancies; Option Plans;
5. To identify persons who are qualified to become directors and who may be appointed in senior management 18. To function as the Compensation Committee as prescribed under the SEBI (Share Based Employee Benefits
in accordance with the criteria laid down, recommend to the Board their appointment and removal; and Sweat Equity) Regulations, 2021 and is authorised to allot shares pursuant to exercise of Stock Options
by employees;
6. To Formulate/review the criteria for performance evaluation and carry out the performance evaluation of
independent directors and the members of the Board of Directors; 19. To review the Human Capital Capacity Planning on annual basis;
7. Whether to extend or continue the term of appointment of the independent director on the basis of report 20. To review the list of risk takers on annual basis;
of performance evaluation of independent directors;
21. To review the Succession Planning;
8. To validate ‘fit and proper’ status of all Directors on the Board of the Bank in terms of the Guidelines issued
22. To review the HCM Policies and provide suitable guidance for additions/ modification/ deletions, if any;
by the RBI or other regulatory authorities;
23. To perform any other functions or duties as stipulated by the Companies Act, Reserve Bank of India,
9. To develop and recommend to the Board Corporate Governance guidelines applicable to the Bank for
Securities and Exchange Board of India, Stock Exchanges and any other regulatory authority or under any
incorporating best practices;
applicable laws as may be prescribed from time to time.
10. To implement policies and processes relating to Corporate Governance principles;
(b) Information relating to the design and structure of remuneration processes and the key features and
11. To formulate the criteria for determining qualifications, positive attributes and independence of a director;
objectives of remuneration policy.
12. Evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, The design and structure of remuneration process for MD & CEO/ WTDs/ MRTs is in line with the guidelines stated
prepare a description of the role and capabilities required of an independent director. The person in the RBI circular dated November 04, 2019 (Ref. RBI/2019-20/89, DOR.APPT. BC. No. 23/29.67.001/2019-20). The
recommended to the Board for appointment as an independent director shall have the capabilities remuneration for MD & CEO/ WTDs/ MRTs is adjusted for all types of risk, symmetrical with risk outcomes as
identified in such description. For the purpose of identifying suitable candidates, the Committee may: well as sensitive to the time horizon of risk. Further, the compensation in all forms is consistent with the risk
(a) use the services of an external agencies, if required; alignment taking into account the adherence to statutory requirements and industry practices.
(b) consider candidates from a wide range of backgrounds, having due regard to diversity; and The Compensation components comprise the following:
(c) consider the time commitments of the candidates. i. Fixed Pay and perquisites: Fixed Compensation includes components as Basic Salary, Supplementary
Allowance, Dearness allowance, Superannuation/retirals and the perquisites including monetary value of
13. To devise a Policy on Board diversity; reimbursements which have a monetary ceiling.
14. To recommend to the Board a policy relating to, the remuneration for the directors, key managerial ii. Variable Pay: The Variable Pay for MD & CEO/ WTDs/ MRTs comprises Performance Bonus and Share
personnel and other employees including performance/achievement bonus, perquisites, retirals, sitting Linked Instrument. The proportion of Variable pay to the remuneration, the composition of variable pay
fee, etc.; between Performance Bonus and Share Linked Instruments, and the deferral arrangements for payment
15. To review the Bank’s overall compensation structure and related polices with a view to attract, motivate are in line with the RBI Guidelines.
and retain employees and review compensation levels vis-à-vis other Banks and the industry in general;
250 251

An overview of the key features and objectives of remuneration policy – (e) A discussion of the Bank’s policy on deferral and vesting of variable remuneration and a discussion of the
The Bank’s Human Capital philosophy focuses on acquiring top quality Human Capital and empowering them Bank’s policy and criteria for adjusting deferred remuneration before vesting and after vesting.
to push their boundaries beyond their comfort zones, inculcating the right mind-set based on a deep sense The variable remuneration (cash and non-cash), above certain threshold, for the Senior Executives of the Bank
of organisational commitment and ownership. This promotes a deepening of the mind share of stakeholders is subject to a deferral arrangement as per the RBI guidelines. An assessment of individual/ Business Unit/ Bank
through superior outcomes which in turn enhances the market share and drives sustainable growth. performance as well as identification of cases with negative or adverse outcomes is done prior to payout of the
deferred component. The payment of the same is subject to malus and claw-back clauses defined in the Bank’s
In line with the above, the “Total Rewards Policy” of the Bank has the following objectives:
Total Rewards Policy.
• Attracting and retaining top class talent
• Creating and reinforcing a strong meritocracy-based performance culture (f) Description of the different forms of variable remuneration (i.e. cash and types of share-linked instruments)
that the bank utilises and the rationale for using these different forms.
• Reinforcing employee behaviours aligned with organisational values, which include adherence to the best
Governance practices, prudent risk taking and delivering superior outcomes to stakeholders. In line with the guidelines in the RBI circular, Variable Remuneration for MD & CEO/ WTDs/ MRTs at YES BANK
comprise Performance Bonus Plan and Share Linked Instruments as prescribed in the guidelines.
(c) Description of the ways in which current and future risks are taken into account in the remuneration For Senior and Top management employees (other than MRTs) at Bank, the variable remuneration includes
processes. It should include the nature and type of the key measures used to take account of these risks. Performance Bonus and Share Linked Instruments.
Our current remuneration process/Policy considers the current and future risks in the following steps:
For the rest of employees at Bank, the variable remuneration includes, Performance Bonus or Sales Incentives.
1. Defined Performance measures of each employee in accordance with overall target of their operating Additionally, remuneration of select employees in Middle management also includes Share Linked Instruments.
units, which is determined basis the stated risk appetite of the Bank and reflects the applicable Risk profile
here were 10 meetings of the N&RC held during the year ended March 31, 2022. The Bank had paid a remuneration
T
and tolerance.
of ` 1.9 million to the members of the N&RC for attending the meetings of the N&RC.
2. Defined Key Performance Indicators (KPI) which comprise factors such as Risk Management, Superior & (` in million except No. of employees)
Consistent customer service, Cost Management, Strengthening Systems, Controls & Processes and Human For the year ended For the year ended
No. of employees No. of employees
Capital. Thus, the performance assessment is an outcome of measuring the performance holistically. March 31, 2022 March 31, 2021
a) (i) Number of employees having received a 18 - 4 -

3. A significant portion of remuneration for Senior Executives of the Bank is the Variable Pay and it is dependent
variable remuneration award during the
on the performance of Bank, Business Unit and the Individual. Bank’s Variable Pay Programme rewards financial year.
employees on both short-term and long-term basis. There is a direct correlation between the quantum of (ii) Number and total amount of sign-on awards - - - -
Variable Pay payout and level of risk exposure and level and role of an employee in the organisation. made during the financial year.
(iii) Details of severance pay, in addition to - - - -
4. To assess and incorporate the future risk, deferral arrangements have been incorporated for the payout
accrued benefits, if any.
of Variable Pay, where a certain proportion of Variable Pay (Cash and Non-Cash) is deferred over a period
b) (i) Total amount of outstanding deferred 24 128.50 1 0.90
of time for the Senior Executives of the Bank. The Bank assess through the Business Unit Head/ Risk/ remuneration, split into cash, shares and
Compliance/ Audit/ Finance function for any adverse outcomes in the case of organisational or business share-linked instruments and other forms
unit or individual level prior to the payment of the deferred portion. (ii) Total amount of deferred remuneration paid 16 4.45 1 0.58
out in the financial year.
5. In the event of a negative contribution or adverse outcomes, deferred compensation is subject to
c) Breakdown of amount of remuneration
appropriate malus/claw-back arrangements as decided by the Board Remuneration Committee. awards for the financial year to show fixed
and variable, deferred and non-deferred
(d) Description of the ways in which the Bank seeks to link performance during a performance measurement Total remuneration award 29 380.88 7 159.45
period with levels of remuneration. Of which Fixed Component 29 303.71 7 139.91
The Bank’s performance management process and compensation philosophies are structured to support Of which Variable Component 18 77.17 4 19.54
the achievement of the Bank’s Key Strategic Objectives (KSO) such as Governance Compliance, Liability Deferred 18 71.27 4 8.67
Generation, Cost Management, Customer service, Strengthening Systems, Controls & Processes and Human Non-deferred 1 5.90 4 10.87
Capital Development. The Bank has a comprehensive process towards defining measurable Key Performance
Indicators (KPIs) for MD & CEO/ WTDs/ MRTs, which are set against the financial and non-financial KSOs of the
Bank, and the goals framed for the performance year have a linkage with these KSOs. The targets for these
are determined at the Bank, Business Unit and Individual level. Achievement of targets is assessed during the
Annual Performance Review and the performance assessment outcomes have an impact on the remuneration.
252 253
f)
g)
e)
2. F
1. C
254
Notes:
exercised.
exercised.
adjustments.
adjustments.
adjustments.
approved by the Bank.
1,200,000 ESOPs to 5 risk takers).

clawback have been exercised.
17.5.60 Drawdown from Reserves

financial year ended March 31, 2021.
financial year due to ex- post explicit
financial year due to ex- post implicit

d) (i) Total amount of outstanding deferred
The mean pay for the bank as a whole

(iii) Total amount of reductions during the
(ii) Total amount of reductions during the
*This computation is based on Annual Fixed Pay.

(iii) Number of cases where both malus and
(i) Number of cases where malus has been
17.5.59 Movement in Floating Provisions

remuneration and retained remuneration
exposed to ex post explicit and / or implicit
(ii) Number of cases where clawback has been
pay of each of its WTDs from the mean pay.

(excluding sub-staff) and the deviation of the
Number of Material Key Risk Takers identified
^Vested & not exercised and un-vested ESOPs forfeited.

-
-
-
-
-
2^
25
24
No. of employees
-
-
-
-
-
-
128.50
March 31, 2022
For the year ended
MD&CEO - 27:1*
pay for the Bank –
WTDs from mean
Deviation of Pay of
Mean Pay for
the bank – 1.06*
-
-
-
1
7
-
-
4
No. of employees
During the financial year ended March 31, 2022, the Bank has not drawn down any reserve. (Previous year: ` ‘Nil’).
(` in million except No. of employees)
-
-
-
-
-
-
-
9.57
March 31, 2021
For the year ended
The Bank has not created or utilised any floating provisions during the financial year ended March 31, 2022 and
or the Financial Year ended March 31, 2022, 12,476,000 ESOP were issued to 17 material risk takers and MD & CEO (previous year
ompensation 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
17.5.61 Liquidity Coverage Ratio (LCR)

The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2021-22.
(` in million)
Quarter ended Quarter ended Quarter ended Quarter ended
March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021
Particulars Total Total Total Total Total Total Total Total
Unweighted Weighted Weighted Unweighted Weighted Unweighted Weighted Unweighted
Value Value Value Value Value Value Value Value
High Quality Liquid Assets
1 Total High Quality Liquid Assets (HQLA) 511,293.81 531,757.41 528,984.74 461,423.99
Cash Outflows
2 Retail deposits and deposits from small business 732,728.31 70,444.00 716,542.44 68,818.45 702,599.97 67,484.58 665,156.25 63,864.73
customers, of which:
(i) Stable deposits 56,576.62 2,828.83 56,715.87 2,835.79 55,508.38 2,775.42 53,017.91 2,650.90
CORPORATE OVERVIEW
(ii) Less stable deposits 676,151.68 67,615.17 659,826.56 65,982.66 647,091.59 64,709.16 612,138.35 61,213.83
3 Unsecured wholesale funding, of which: 756,995.60 371,622.53 747,683.29 363,988.00 714,765.14 351,654.46 617,972.73 295,795.59
(i) Operational deposits (all counterparties) 87,148.52 21,787.13 84,245.44 21,061.36 67,850.17 16,962.54 58,603.68 14,650.92
(ii) Non-operational deposits (all counterparties) 669,847.08 349,835.40 663,437.85 342,926.64 646,914.97 334,691.92 559,369.06 281,144.67
(iii) Unsecured debt - - - - - - - -
4 Secured wholesale funding 125,369.09 - 122,199.69 - 57,871.74 - 55,144.54 -
5 Additional requirements, of which 20,210.38 17,708.49 20,805.96 19,441.18 21,421.17 20,963.94 23,015.06 22,457.32
(i) Outflows related to derivative exposures and 17,430.31 17,430.31 19,289.54 19,289.54 20,913.14 20,913.14 22,395.35 22,395.35
other collateral requirements
(ii) Outflows related to loss of funding on debt - - - - - - - -

products
(iii) Credit and liquidity facilities 2,780.07 278.17 1,516.43 151.64 508.03 50.80 619.71 61.97
6 Other contractual funding obligations 56,847.29 56,847.29 39,990.66 39,990.66 55,328.05 55,328.05 31,621.64 31,621.64
7 Other contingent funding obligations 1,066,203.88 40,093.80 1,015,248.18 38,062.74 964,042.22 37,408.04 980,006.61 36,631.22
8 Total Cash Outflows 2,758,354.54 556,716.11 2,662,470.22 530,301.03 2,516,028.28 532,839.07 2,372,916.83 450,370.50
Cash Inflows
STATUTORY REPORTS
9 Secured lending (e.g. reverse repos) 208,951.84 - 202,716.37 - 162,988.85 - 179,950.08 -

10 Inflows from fully performing exposures 107,134.71 70,595.05 97,618.06 71,068.06 72,175.90 56,386.01 84,293.13 70,222.58
11 Other cash inflows 39,984.60 39,984.60 29,666.27 29,666.27 26,766.67 26,766.67 30,182.56 30,182.56
12 Total Cash Inflows 356,071.15 110,579.65 330,000.70 100,734.33 261,931.42 83,152.68 294,425.77 100,405.14
13 TOTAL HQLA 511,293.81 531,757.41 528,984.74 461,423.99
14 Total Net Cash Outflows 446,136.46 429,566.70 449,686.39 349,965.36
15 Liquidity Coverage Ratio (%) 114.6% 123.8% 117.6% 131.8%
The above numbers / ratio includes details of the subsidiaries operational during the year.
255

Qualitative Disclosure:
(15,663.18)
For all the quarters in the current and previous year, the average weighted and unweighted amounts are calculated taking simple average of
Total
Weighted
Value
40,295.72
33,595.86
17,932.68
297,809.51
706,141.61
42.2%
150,550.72
7,366.22
143,184.50
-
-
25,916.96
24,804.32
1,112.64
462,988.09
2,165,688.01 425,779.17 2,105,876.52 389,094.91 2,082,484.58 409,463.67 2,390,110.85 724,074.29

297,809.51
44,322.80
3,584.92
40,737.88
(` in million)
The Bank measures and monitors the LCR in line with the Reserve Bank of India’s circular dated June 09, 2014 and
Quarter ended
June 30, 2020
November 28, 2014 on “Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk
Monitoring Tools and LCR Disclosure Standards” as amended for “Prudential Guidelines on Capital Adequacy and
(15,663.18)
Liquidity Standards” dated March 31, 2015. The LCR guidelines aims to ensure that a bank maintains an adequate
37,509.57 1,061,479.95
Total
Weighted Unweighted
Value
28,641.79
33,595.86
46,574.47
317,214.78
29,464.86
287,749.92
-
35,068.49
34,282.35
24,804.32
9,478.03
462,988.09
479,077.19
71,698.33
407,378.86
level of unencumbered High Quality Liquid Assets (HQLAs) that can be converted into cash to meet its liquidity needs
for a 30 calendar day time horizon under a significantly severe liquidity stress scenario. At a minimum, the stock of
liquid assets should enable the bank to survive until day 30 of the stress scenario, by which time it is assumed that
appropriate corrective actions can be taken. Banks are required to maintain High Quality Liquid Assets of a minimum
Total
Value
-
30,127.26
27,056.72
57,183.98
351,087.47
352,279.69
99.7%
218,940.90
8,618.09
210,322.81
-
-
19,476.36
19,276.43
199.93
86,755.48
351,087.47
46,781.36
4,500.53
42,280.83
The following table sets forth, the daily average of unweighted and weighted values for all the quarters in FY2020-21.
of 100% of its Net Cash Outflows as prescribed by regulator.

September 30, 2020
Quarter ended
• The Bank endeavours to meet the LCR requirement on an ongoing basis. The adequacy in the LCR maintenance
remains a conscious strategy of the Bank towards complying with LCR mandate.
Total
Weighted Unweighted
Value
981,509.23
77,226.42
36,992.04
27,056.74
141,275.18
464,589.16
34,472.37
430,116.79
-
15,568.73
21,243.13
19,276.43
1,966.70
86,755.48
512,818.85
90,010.56
422,808.29
• The Board of Directors of the Bank have empowered ALCO (Top Management Executive Committee) to monitor
and strategise the Balance Sheet profile of the Bank. In line with the business strategy, ALCO forms an Interest
Rate/Liquidity view for the bank with the help of the economic analysis provided by the in-house economic
research team of the bank. ALCO of the Bank channelises various business segments of the Bank to target good
Total
Value
35,620.43
-
21,362.97
25,450.67
46,813.64
380,516.00
342,281.27
111.2%
249,384.42
10,453.38
238,931.04
-
-
15,722.37
15,300.98
421.39
36,664.67
380,516.00
51,703.02
4,171.05
47,531.97
quality asset and liability profile to meet the Bank’s profitability as well as Liquidity requirements with the help of
December 31, 2020
robust MIS and Risk Limit architecture of the Bank.

Quarter ended
• Funding strategies are formulated by the ALCO of the Bank. The objective of the funding strategy is to achieve
The above numbers/ratio includes details of subsidiaries operational during the year.
an optimal funding mix which is consistent with prudent liquidity, diversity of sources and servicing costs.
Total
Weighted Unweighted
Value
947,783.84
126,509.09
34,711.40
25,450.67
186,671.16
532,657.58
41,813.52
490,844.06
-
12,764.85
17,264.88
15,300.98
1,963.90
36,664.67
558,740.70
83,421.00
475,319.70
Accordingly, BSMG (Balance Sheet Management Group) of the Bank estimates daily liquidity requirement of the
various business segments and manages the same on consolidated basis under ALCO guidance. With the help
of Liquidity Statement prepared by the Bank, BSMG evaluates liquidity requirement and takes necessary action.
Periodical reports are also placed before the ALCO for perusal and review.
Total
Value
33,469.44
-
60,482.52
21,445.20
81,927.72
391,772.49
343,851.45
113.9%
276,417.67
12,819.02
263,598.65
-
-
15,804.36
15,414.90
389.46
41,387.14
391,772.49
58,700.56
2,539.10
56,161.46
• The Bank’s HQLA comprises of Excess CRR, Excess SLR, eligible foreign sovereign investments, Marginal Standing
March 31, 2021
Quarter ended
Facility (MSF) and Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) as permitted under prudential
guidance and eligible Level 2 investments. The Bank has a very limited exposure to liquidity risk on account of its
Derivatives portfolio. Further, the Bank believes that all inflows and outflows which might have a material impact
Total
Unweighted
Value
110,590.14
74,407.65
21,445.20
206,442.99
574,309.20
51,276.07
523,033.13
-
12,439.25
17,409.46
15,414.90
907,746.34
-
1,994.56
41,387.14
Retail deposits and deposits from small business 612,396.62
50,782.05
561,614.57
under the liquidity stress scenario have been considered for the purpose of LCR. Further, SLR investments as well
as Corporate Bond portfolio of the Bank considered for HQLA is also well diversified across various instruments
and Liquid Asset Type Mix and should provide the Bank with adequate and timely liquidity.
• The daily average LCR for quarter ending March 31, 2022 is 114.6% which is well above the prudential requirement
of 100%.
Outflows related to derivative exposures and
Non-operational deposits (all counterparties)
Outflows related to loss of funding on debt

Operational deposits (all counterparties)
Inflows from fully performing exposures

Unsecured wholesale funding, of which:
Total High Quality Liquid Assets (HQLA)
Additional requirements, of which
Other contractual funding obligations

Other contingent funding obligations
Secured lending (e.g. reverse repos)
Liquidity Coverage Ratio (%)

other collateral requirements
Credit and liquidity facilities

Secured wholesale funding
Total Net Cash Outflows

High Quality Liquid Assets
Total Cash Outflows

customers, of which:
Less stable deposits
Total Cash Inflows

Other cash inflows
Unsecured debt
Stable deposits
TOTAL HQLA
daily positions.
Cash Outflows
products
Cash Inflows
Particulars
(iii)
(iii)
10
11
15
14
13
12
(ii)
(ii)
(ii)
(i)
(i)
(i)
9
3
6
7
8
1
256 257
17.5.62 Net Stable Funding Ratio (NSFR)
258
(` in million)
Net Stable Funding Ratio (NSFR)

Quarter ended March 31, 2022 Quarter ended December 31, 2021
Unweighted value by residual maturity Unweighted value by residual maturity
Particulars Weighted Weighted
No 6 months to value No 6 months to value
< 6 months ≥ 1 year < 6 months ≥ 1 year
maturity < 1 year maturity < 1 year
ASF Item
1 Capital: (2+3) 470,121.60 - - 14,506.80 484,628.40 470,797.10 - - 8,906.80 479,703.90
2 Regulatory capital 470,121.60 - - - 470,121.60 470,797.10 - - - 470,797.10
3 Other capital - - - 14,506.80 14,506.80 - - - 8,906.80 8,906.80
instruments
4 Retail deposits and 330,830.30 120,169.80 114,035.50 - 508,532.04 317,563.50 117,888.10 123,113.20 - 502,708.32
deposits from small
business customers:
(5+6)
5 Stable deposits - - - - - - - - - -
6 Less stable deposits 330,830.30 120,169.80 114,035.50 - 508,532.04 317,563.50 117,888.10 123,113.20 - 502,708.32
7 Wholesale funding: 248,459.40 326,814.50 200,952.80 113,619.50 501,732.85 206,769.90 300,990.30 173,502.50 94,613.50 435,244.85
(8+9)
8 Operational deposits 109,829.30 - - - 54,914.65 91,297.10 - - - 45,648.55
9 Other wholesale 138,630.10 326,814.50 200,952.80 113,619.50 446,818.20 115,472.80 300,990.30 173,502.50 94,613.50 389,596.30
funding
10 Other liabilities: 381,858.60 34,908.16 236,970.91 541,093.29 677,032.82 373,276.67 70,398.32 184,564.35 552,716.90 680,198.23
(11+12)
11 NSFR derivative 2,418.79 - - - - 877.96 - - - -
liabilities
12 All other liabilities and 379,439.81 34,908.16 236,970.91 541,093.29 677,032.82 372,398.71 70,398.32 184,564.35 552,716.90 680,198.23
equity not included in
the above categories
13 Total ASF (1+4+7+10) 2,171,926.11 2,097,855.30
RSF Item
14 Total NSFR high- 21,331.91 21,355.15
quality liquid assets
(HQLA)
15 Deposits held at other - - - - - - - - - -

financial institutions
for operational
purposes
16 Performing loans 87,465.45 448,798.66 179,738.50 263,799.33 512,535.92 91,260.12 528,719.50 114,256.42 323,877.01 570,435.64
and securities:
(17+18+19+21+23)
(` in million)

Quarter ended March 31, 2022 Quarter ended December 31, 2021
Unweighted value by residual maturity Unweighted value by residual maturity
Particulars Weighted Weighted
No 6 months to value No 6 months to value
< 6 months ≥ 1 year < 6 months ≥ 1 year
maturity < 1 year maturity < 1 year
17 Performing loans to 13,670.90 - - - 2,050.64 14,021.29 - - - 2,103.19

secured by Level 1
HQLA
18 Performing loans to 56,033.40 1,204.38 - - 9,007.20 58,586.11 6,105.69 - - 11,840.76
secured by non-
Level 1 HQLA and
CORPORATE OVERVIEW
unsecured performing
loans to financial
institutions
19 Performing loans 17,761.15 401,974.61 130,596.89 - 275,166.32 18,652.73 449,684.86 92,346.14 - 280,341.87
to non- financial
corporate clients,
loans to retail and
small business
customers, and loans
to sovereigns, central
banks, and PSEs, of
which:
20 With a risk weight of - - - 107,068.33 69,594.42 - - - 184,394.30 119,856.29

less than or equal
to 35% under the
Basel II Standardised
Approach for credit
risk
21 Performing residential - - - 54,334.38 35,317.34 - - - 40,838.21 26,544.84
mortgages, of which:
22 With a risk weight of - - - 54,334.38 35,317.34 - - - 40,838.21 26,544.84
STATUTORY REPORTS
less than or equal

to 35% under the
Basel II Standardised
Approach for credit

risk
23 Securities that are - 45,619.68 49,141.61 48,062.25 121,400.01 - 72,928.94 21,910.27 57,806.30 129,748.69
not in default and do
not qualify as HQLA,
including exchange-
traded equities
24 Other assets: (sum of 544,758.50 - - 831,360.49 1,249,174.57 544,652.59 - - 707,679.54 1,144,142.06

rows 25 to 29)
259

Qualitative Disclosure:
1,775,392.34
707,679.54 1,130,263.02
Weighted
value
11,549.46
-
2,329.58
39,459.49
118.2%
(` in million)
The Net Stable Funding Ratio (NSFR) is a significant component of the Basel III reforms. In the backdrop of the global
financial crisis that started in 2007, the Basel Committee on Banking Supervision (BCBS) proposed certain reforms
to strengthen global capital and liquidity regulations with the objective of promoting a more resilient banking sector.
In this regard, the Basel III rules text on liquidity – “Basel III: International framework for liquidity risk measurement,
≥ 1 year
-
-
-
standards and monitoring” was issued in December 2010 which presented the details of global regulatory standards
Quarter ended December 31, 2021
on liquidity. Two minimum standards, viz., Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) for
Unweighted value by residual maturity
funding liquidity were prescribed by the Basel Committee for achieving two separate but complementary objectives.
The NSFR promotes resilience over a longer-term time horizon by requiring banks to fund their activities with more
6 months to
< 1 year
-
-
-
stable sources of funding on an ongoing basis.
The Liquidity Risk Management of the Bank is governed by the Asset Liability Management (ALM) Policy approved by
the Board. The Asset Liability Committee (ALCO) is a decision-making unit responsible for implementing the liquidity
and interest rate risk management strategy of the Bank in line with its risk management objectives and ensures
< 6 months
-
-
-
adherence to the risk tolerance/limits set by the Board.
The guidelines for NSFR maintenance were made effective from October 01, 2021. The NSFR is defined as the amount
of available stable funding relative to the amount of required stable funding. “Available stable funding” (ASF) is
39,876.38 1,044,012.72
No
maturity
13,587.60
528,735.41
-
2,329.58
defined as the portion of capital and liabilities expected to be reliable over the time horizon considered by the NSFR,
which extends to one year. The amount of stable funding required (“Required stable funding”) (RSF) of a specific
institution is a function of the liquidity characteristics and residual maturities of the various assets held by that
institution as well as those of its off-balance sheet (OBS) exposures.
1,822,918.78
831,360.49 1,233,865.55
Weighted
value
12,695.35
-
2,613.67
119.1%
17.5.63 Intra-Group Exposures to Subsidiaries

he Bank had three subsidiaries viz. “YES Securities (India) Limited, Yes Asset Management (India) Limited and
T
Yes Trustee Limited” as at the end of March 31, 2021. During the year ended March 2022, the Bank had sold two
≥ 1 year
-
-
subsidiaries viz. “ Yes Asset Management (India) Limited and Yes Trustee Limited “
Quarter ended March 31, 2022
Below mentioned are details of Intra-Group Exposure as of March 31, 2022 and March 31, 2021.
Unweighted value by residual maturity
(` in million)
As of As of
6 months to
< 1 year
-
-
Particulars
March 31, 2022 March 31, 2021
Total amount of intra-group exposures 2,950 2,000
Total amount of top-20 intra-group exposures 2,950 2,000
Percentage of intra-group exposures to total exposure of the bank on borrowers / 0.08% 0.06%
< 6 months
-
-
customers (%)
uring the year ended March 31, 2022 and March 31, 2021, the intra-group exposures were within the limits specified
D
by RBI.
1,062,579.34
No
maturity
14,935.71
-
2,613.67
527,209.13
17.5.64 Transfers to Depositor Education and Awareness Fund (DEAF)

(` in million)
Particulars
March 31, 2022 March 31, 2021
NSFR derivative assets
deduction of variation
default funds of CCPs
included in the above
Net Stable Funding

and contributions to
Opening balance of the amount transferred to DEAF 77.75 53.68

derivative contracts
All other assets not
Off-balance sheet
Add: Amounts transferred to DEAF during the year 44.02 26.52

Assets posted as
initial margin for
liabilities before
NSFR derivative
Physical traded
margin posted
including gold
commodities,
Less: Amounts reimbursed by DEAF towards claims 2.67 2.45

categories
Closing balance of amounts transferred to DEAF 119.10 77.75

Total RSF
Ratio (%)
items
Particulars
32
31
25
26
27
28
29
30
260 261

17.5.65 Investor Education and Protection Fund he Bank has maintained provision of ` 850.90 million (Previous year: of ` 736.55 million) and additional capital of
T
he unclaimed dividend amount due to be transferred to the Investor Education and Protection Fund (IEPF) during
T ` 2,199.25 million (Previous year: of ` 1,945.24 million) on account of Unhedged Foreign Currency Exposure of its
the year ended March 31, 2022 and year ended March 31, 2021 has been transferred without any delay. borrowers as at March 31, 2022.
17.5.66 Marketing and distribution 17.5.70 Provisioning pertaining to Fraud Accounts
he Bank has received a fee of ` 1,370.70 million in respect of the marketing and distribution function (excluding
T The details on the number and amount of frauds as well as the provisioning thereon are given below:
bancassurance business) during the year ended March 31, 2022 (Previous year: ` 673.70 million).
As of As of
Particulars
March 31, 2022 March 31, 2021
17.5.67 Implementation of IFRS converged Indian Accounting Standards (Ind AS) Number of frauds reported 283 383
he Institute of Chartered Accountants of India has issued Ind AS (a revised set of accounting standards) which largely
T Amount involved in fraud (` million) 68,747.98 1,29,215.25
converges the Indian accounting standards with International Financial Reporting Standards (IFRS). The Ministry Amount of provision made for such frauds (` million) # 54,212.13 35,792.25
of Corporate Affairs (MCA) has notified these accounting standards (Ind AS) for adoption. The RBI through press Amount of Unamortised provision debited from ‘other reserves’ as at the end of the year 4,752.16 -
release RBI/2018-2019/146 DBR.BP.BC. No.29/21.07.001/2019-20 March 22, 2019 updated all scheduled commercial (` million) *
banks that legislative amendments recommended by the RBI are under consideration of the Government of India.
# Excludes amount written-off.
Accordingly, RBI has decided to defer the implementation of Ind AS till further notice.
* With respect to three borrower accounts classified as fraud during Q4 FY22, the Bank has transferred ` 4,752.16 million to Revenue
As per RBI directions, YES Bank has taken following steps so far: and other Reserves on account of unamortised fraud provision in terms of RBI circular DOR.No.STR.REC.55/21.04.048/2021-22 dated
October 01, 2021 during the year ended March 31, 2022 (Previous year: ` ‘Nil’).
• The Bank is submitting half yearly Proforma Ind AS financial statements to the RBI
• Formed Steering Committee for Ind AS implementation. The Steering Committee comprises Chief Financial 17.5.71 Disclosure of complaints
Officer (CFO) (Chairman), Chief Risk Officer (CRO), Chief Operating Officer (COO), Chief Information Officer (CIO) A. Summary information on complaints received by the bank from customers and from the OBOs
and members of the Senior Management from Financial Management, Risk Control and Treasury Operations. The
Sr. No Particulars FY 2021-22 FY 2020-21
Committee oversees the progress of Ind AS implementation in the Bank and provides guidance on critical aspects
of the implementation such as Ind AS technical requirements, systems and processes, business impact, people Complaints received by the bank from its customers
and project management. The Committee closely reviews progress of the implementation. 1 Number of complaints pending at beginning of the year 1,354 2,593
2 Number of complaints received during the year 47,188 63,035
• Steering committee updates the Audit Committee and the Board on preparedness for migration to Ind AS on a
half yearly basis. 3 Number of complaints disposed during the year 47,091 64,274
3.1 Of which, number of complaints rejected by the bank 4,000 2,113
• The Bank will continue to liaise with RBI and industry bodies on various aspects pertaining to Ind AS implementation.
4 Number of complaints pending at the end of the year 1,451 1,354
17.5.68 Payment of DICGC Insurance Premium Maintainable complaints received by the bank from OBOs
(` in million) 5 Number of maintainable complaints received by the bank from OBOs 2,847 3,303
Sr. 5.1 Of 5, number of complaints resolved in favour of the bank by BOs 2,741 2,579
Particulars March 31, 2022 March 31, 2021
No. 5.2 Of 5, number of complaints resolved through conciliation/ mediation/ advisories 106 724
i) Payment of DICGC Insurance Premium 2,135.10 1,433.60 issued by BOs
ii) Arrears in payment of DICGC premium - - 5.3 Of 5, number of complaints resolved after passing of Awards by BOs against the 1 1
bank
6 Number of Awards unimplemented within the stipulated time (other than those - -
17.5.69 Unhedged Foreign Currency Exposure of Bank’s Customer
appealed)
he Bank has in place a policy on managing credit risk arising out of unhedged foreign currency exposures of its
T
Note: Maintainable complaints refer to complaints on the grounds specifically mentioned in BO Scheme 2006 and covered within the ambit
borrowers. The objective of this policy is to maximise the hedging on foreign currency exposures of borrowers by of the Scheme.
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
Auditors have relied upon the information presented by management as above.
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.
262 263

B. Top five grounds of complaints received by the bank from customers 17.5.75 Software Capitalised under Fixed Assets
% increase/ The Bank has capitalised software under Fixed Asset amounting to ` 1,043.53 million and ` 2,022.21 million during
Number of Number of decrease in Number of Of 5, number the financial year ended March 31, 2022 and March 31, 2021 respectively.
complaints complaints the number complaints of complaints
Grounds of complaints, (i.e. complaints relating to) pending at received of complaints pending at pending (` in million)
the beginning during the received over the end of the beyond 30
As at As at
of the year year the previous year days Particulars
March 31, 2022 March 31, 2021
year
1 2 3 4 5 6
At cost at March 31 of preceding year 8,252.88 6,248.33
Additions during the year 1,043.53 2,022.21
Current Year FY 2022
Deductions during the year - (17.67)
ATM/Debit Cards 671 17,102 (28%) 496 68
Depreciation to date (6,856.91) (5,479.94)
Internet/ Mobile/ Electronic Banking 464 14,830 (41%) 766 79
Net block 2,439.50 2,772.93
Loans and advances 109 5,878 16% 85 -
Credit Cards 10 1,622 24% 9 -
17.5.76 Provision for Long-Term contracts
Account opening/difficulty in operation of accounts 3 417 (36%) 4 -
Others 97 7,339 2% 91 - 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
Total 1,354 47,188 (25%) 1,451 147
under any law /accounting standards for material foreseeable losses on such long-term contracts (including derivative
Previous Year FY 2021
contracts) in the books of account and disclosed the same under the relevant notes in the financial statements.
Internet/ Mobile/ Electronic Banking 1,238 24,937 0% 464 65
ATM/Debit Cards 1,185 23,853 (62%) 671 102
17.5.77 PSLCs sold and purchased during the year ended March 31, 2022
Loans and advances 49 5,062 23% 109 -
(` in million)
Credit Cards 27 1,313 (41%) 10 - 2021-22 2020-21
Account opening/difficulty in operation of accounts 2 653 (64%) 3 - Particulars
Purchased Sold Purchased Sold
Others 92 7,217 (52%) 97 1
PSLC – Agriculture - - - -
Total 2,593 63,035 (44%) 1,354 168
PSLC – SF/MF 138,265 - - -
The above is based on the information available with the Bank which has been relied upon by the auditors. PSLC – Micro Enterprises - - - -
PSLC – General - - - -
17.5.72 Dues to Micro and Small Enterprises
nder the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from October 02,
U
2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises. There have
been ` 1,046.93 million (Previous year: ` 570.14 million) worth bills which were paid with delays to micro and small
enterprises. There have been ` 17.42 million worth bills remained unpaid as at March 31, 2022. There have been 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.
17.5.73 Securitisation Transactions (separate table if there is any securitised transactions)

The Bank has not done any securitisation transactions during the year ended March 31, 2022 and March 31, 2021.
17.5.74 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, 2022 and March 31, 2021.
264 265
STANDALONE FINANCIAL STATEMENTS INDEPENDENT AUDITORS’ REPORT

17.5.78 Description of Contingent Liabilities To the Members of

Sr. YES BANK Limited
Contingent Liabilities Brief
No.
1. Claims against the Bank The Bank is a party to various legal and tax proceedings in the normal course of business. Report on the audit of the consolidated fi nancial and its consolidated cash flows for the year ended on
not acknowledged as debts The Bank does not expect the outcome of these proceedings to have a material adverse effect statements that date.
on the Bank’s financial conditions, results of operations or cash flows.
Opinion
2. Liability on account of The Bank enters into foreign exchange contracts, currency options, forward rate agreements,
forward exchange and currency swaps and interest rate swaps with interbank participants and customers. Forward We have audited the accompanying consolidated Basis of opinion
derivative contracts. exchange contracts are commitments to buy or sell foreign currency at a future date at the financial statements of YES BANK Limited (hereinafter We conducted our audit in accordance with the
contracted rate. Currency swaps are commitments to exchange cash flows by way of interest/
referred to as the ‘Bank’ or ‘Holding Company’) and its Standards on Auditing (‘SAs’) specified under Section
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 subsidiaries (the Holding Company and its subsidiaries 143 (10) of the Act. Our responsibilities under those SAs
of financial instruments of such foreign exchange contracts and derivatives provide a basis together referred to as ‘the Group’), which comprise are further described in the ‘Auditor’s Responsibilities
for comparison with instruments recognised on the balance sheet but do not necessarily the Consolidated Balance Sheet as at March 31, for the Audit of the Consolidated Financial Statements’
indicate the amounts of future cash flows involved or the current fair value of the instruments
2022, the Consolidated Profit and Loss Account and section of our report. We are independent of the Group
and, therefore, do not indicate the Bank’s exposure to credit or price risks. The derivative
instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations the Consolidated Cash Flow Statement for the year in accordance with the Code of Ethics issued by the
in market rates or prices relative to their terms. The aggregate contractual or notional amount then ended, and notes to the consolidated financial Institute of Chartered Accountants of India (‘the ICAI’)
of derivative financial instruments on hand, the extent to which instruments are favourable or statements, including a summary of the significant together with the ethical requirements that are relevant
unfavourable and, thus the aggregate fair values of derivative financial assets and liabilities can
accounting policies and other explanatory information to our audit of the consolidated financial statements
fluctuate significantly.
(hereinafter referred to as the ‘Consolidated Financial under the provisions of the Act, and the Rules thereunder,
3. Guarantees given on As a part of its commercial banking activities the Bank issues documentary credit and
behalf of constituents, guarantees on behalf of its customers. Documentary credits such as letters of credit enhance Statements’/’Statements’). and we have fulfilled our other ethical responsibilities
acceptances, endorsements the credit standing of the customers of the Bank. Guarantees generally represent irrevocable In our opinion and to the best of our information and in accordance with these requirements and the Code
and other obligations assurances that the Bank will make payments in the event of the customer failing to fulfill its of Ethics. We believe that the audit evidence we have
financial or performance obligations.
according to the explanations given to us, and based
on the consideration of report of the other auditor obtained, is sufficient and appropriate to provide a basis
4. Other items for which the Purchase of securities pending settlement, capital commitments, amount deposited with for our opinion on the consolidated financial statements.
Bank is contingently liable RBI under Depositor Education Awareness Fund (DEAF), bill re-discounting, Foreign Exchange on separate financial statements and on the other
Contracts (Tom & Spot), Undrawn partial credit enhancement facilities, When Issued (‘WI’) financial information of the subsidiaries, the aforesaid
securities. consolidated financial statements give the information Key Audit Matters
Refer Schedule 12 for amounts relating to contingent liability.

required by the Section 29 of the Banking Regulation Key audit matters are those matters that, in our
Act, 1949 as well as the Companies Act, 2013 (the ‘Act’) professional judgement, were of most significance in
Prior period comparatives and circulars and guidelines issued by the Reserve the audit of the consolidated financial statements of
Bank of India, in the manner so required for banking the current year. These matters were addressed in
Previous year’s figures have been regrouped where necessary to conform to current year classification.
companies and give a true and fair view in conformity the context of our audit of the consolidated financial
with the accounting principles generally accepted in statements as a whole, and in forming our opinion
For M P Chitale & Co. For and on behalf of the Board of Directors India, including the Accounting Standards prescribed thereon, and we do not provide a separate opinion
Chartered Accountants YES BANK Limited under Section 133 of the Act, read with rules made on these matters. We have determined the matters
thereunder, of the consolidated state of affairs of the described below to be the key audit matters to be
Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda Bank as at March 31, 2022, and its consolidated profit, communicated in our report:
Key Audit Matters Auditor’s Response
Recognition and Measurement of Deferred Tax Asset
For Chokshi & Chokshi LLP The Bank has recognised a net deferred tax asset of Our audit procedures involved gaining an understanding of the applicable
Chartered Accountants `918,420 lakh as on March 31, 2022, including net tax laws and relevant regulations applicable to the Bank. We performed the
Firm's Registration No. 101872W/W100045 decrease of ` 36,964 lakhs during the year. following audit procedures as part of our controls testing:
Besides objective estimation, recognition and • evaluation of the policies used for recognition and measurement of
measurement of deferred tax asset is based on deferred tax assets in accordance with AS 22 Accounting for Taxes on
the judgement and numerous estimates regarding Income;
the availability and visibility of profits in the future
• assessed the probability of the availability of future taxable profits based
and also considering probable impact of Covid-19
Mumbai on assumptions and other parameters used by the Management including
pandemic.
April 30, 2022 the probable impact of Covid-19 pandemic against which the Bank will be
The amount of deferred tax assets recognised able to use this deferred tax asset in the future with reference to forecast as
presumes availability and forecasting of profits noted by the Board of Directors while adopting the consolidated financial
over an extended period of time thus increasing statements.
uncertainty and the inherent risk of inappropriate
• assessed the method for determining the Deferred Tax Asset with
recognition of the said asset.
reference to applicable tax rates and tested the arithmetical accuracy.
266 267
Key Audit Matters Auditor’s Response Key Audit Matters Auditor’s Response
Income Recognition and Asset Classification of Advances and Investments (IRAC) and Provisioning as per regulatory norms IT Systems and Controls over financial reporting
Please refer to schedule 5, schedule 9, schedule 8 Our audit approach included testing the design, operating effectiveness of The Bank’s key financial accounting and reporting • We have planned, designed and carried out the desired audit procedures
read with Note nos. 17.6.4 relating to provisions internal controls and substantive audit procedures in respect of income processes are highly dependent on Core Banking and and sample checks, taking into consideration the IT systems of the Bank.
and contingencies, Asset Quality in respect of recognition, asset classification and provisioning pertaining to advances and Treasury Solutions and other supporting software As part of our IT controls testing, we have tested ITGC as well as ITAC.
movement of Non-Performing Assets (NPAs) and investments. In particular: and hardware controls. The volume of transactions The focus of testing of ITGCs was based on the various parameters such
related provisions and disclosures with regard to processed and recorded is huge. Moreover, a as Completeness, Validity, Identification/ Authentication Authorization,
• we have evaluated the Bank’s internal control system in adhering to the
Non Performing Investments (NPI) respectively. transaction may be required to be recorded across Integrity and Accountability. On the other hand, focus of testing automated
relevant RBI guidelines regarding income recognition, asset classification
multiple applications depending upon the process controls from applications was whether the controls prevent or detect
As required under prudential norms issued by the and provisioning pertaining to advances and investments;
and each application has different rules and a Unauthorized transactions and support financial objectives including
Reserve Bank of India (RBI) in respect of income
• we have tested key IT systems/ applications used and their design and different set of user access and authority matrix. completeness, accuracy, authorization and validity of transactions.
recognition, asset classification and provisioning
implementation as well as operational effectiveness of relevant controls, These applications are interlinked using different The procedures adopted by us are, in our opinion, adequate to provide
pertaining to advances as well as those pertaining
including involvement of manual process and manual controls in relation technologies so that data transfer happens in real reasonable assurance on the adequacy of IT controls in place. Towards this
to investments , “Resolution framework for
to income recognition, asset classification viz., standard, sub-standard, time or at a particular time of the day; in batches or end, we obtained an understanding of Bank’s IT environment.
Covid-19 related Stress” (the “Resolution
doubtful and loss with reference to their days-past-due (DPD) status at a transaction level and in an automated manner
Framework”) issued by the RBI on August 06, 2020 • In ITGC testing, on sample basis, we reviewed control areas such as User
(including consideration of non-financial parameters of NPA, restructuring or manually. The Core Banking Solution (CBS) itself
and May 05, 2021 and relevant other circulars, Management, Change Management, Systems Security, cyber security,
guidelines, the Regulatory Package and Resolution framework) and has many interfaces, such that there exists a risk
notifications and directives issued by the RBI which interface testing, deployment of new applications, Incident Management,
provisioning pertaining to advances and investments; that gaps in the IT control environment could
were collectively considered by the Bank till March Physical & Environmental Security, Backup and Restoration, Business
result in the financial accounting and reporting
31, 2022 classifies advances into performing and • we have test checked advances to examine the validity of the recorded Continuity and Disaster Recovery, Service Level Agreement.
records being materially misstated. The Bank has
non-performing advances (NPA) which consists of amounts, loan documentation, examined the statement of accounts,
a process for identifying the applications where • For ITAC, we carried out on sample basis, compliance tests of system
Standard, Sub-standard, Doubtful and Loss and indicators of impairment, impairment provision for non‑performing
the controls are embedded. It also has a process functionality in order to assess the accuracy of system calculations. We
makes appropriate provisions. assets, and compliance with income recognition, asset classification and
to ensure that systems, processes and controls also carried out procedures such as validations and limit checks on data
provisioning pertaining to advances in terms of applicable RBI guidelines;
The Bank, as per its governing framework, made remain relevant. The Bank’s IT control framework entered into applications, approvals, process dependencies and restriction
the performing and non-performing advances • we have selected restructured accounts on sample basis and tested their includes automated, semi-automated and manual on time period in which transactions may be recorded.
provisions based on Management’s assessment of compliance with relevant RBI guidelines; controls designed to address identified risks. IT • We tested the control environment using various techniques such as
the degree of impairment of the advances subject • For the selected non-performing advances, we assessed Management’s controls are stated in Entity Level Controls (ELC), IT inquiry, walk-throughs in live environment, review of documentation/
to and guided by minimum provisioning levels forecast and inputs of recoverable cash flows, borrower’s audited financial General Controls (ITGC) and IT Application Controls record/ reports, observation and re-performance. We also tested few
prescribed under RBI guidelines. statements , valuation of underlying security and collaterals, estimation of (ITAC). Such controls contribute to risk mitigation controls using negative testing technique. We had taken adequate samples
recoverable amounts on default and other sources of repayment; of erroneous output data. We have identified IT of instances for our tests considering the audit universe.
The Classification, Provisioning and Write off
Controls Framework as a Key Audit Matter as the
of Advances including Investments is a Key • Reviewed Bank’s policy including Standard Operating Procedures • Wherever deviations were noted either the same were explained to our
Bank’s business is highly dependent on technology,
Audit Matter as the Bank has significant credit with respect to implementation of Regulatory package and Resolution satisfaction or we tested compensating controls and performed alternate
the IT environment is complex and the design and
risk exposure to a large number of borrowers framework (‘guidelines’) and tested sample to ascertain the implementation procedures, where necessary, to draw comfort.
operating effectiveness of IT controls have a direct
across various sectors, products, industries of those guidelines by the Bank. impact on its financial reporting process. Review of • In addition, we have also relied on IS audit conducted by internal audit
and geographies and there is a high degree
Provisions for advances: these controls allows us to provide assurance on department, and also the audit of Internal Financial Control over Financial
of complexity, uncertainty and judgement
the integrity and completeness of data processed Reporting conducted by the Operational Risk Management department of
involved in recoverability of advances, nature of • Tested the Bank’s processes for making provision on advances for through various IT applications which are used for the Bank.
transactions and estimation of provisions thereon compliance with RBI regulations and internally laid down policies for the preparation of financial reports.
and identification of accounts to be written off provisioning;
and the current processes at the Bank which are
not fully automated, management estimates and • Tested the completeness and accuracy of data transferred from underlying Information other than the consolidated financial
source systems used for computing collective provision; (collectively called as “Other Information”) but does
judgement. statements and Auditor’s Report thereon not include the consolidated financial statements and
• We had undertaken the walk through for the new automated E-NPA
deployed in the current financial year and tested the core functionality for The Bank’s management and Board of Directors are our auditor’s report thereon. The Annual report is
selected sample considering the audit universe. responsible for the Other Information. The other expected to be made available to us after the date of this
• Validated the parameters used to calculate collective provisions with information comprises the Management Discussion auditor’s report.
reference to IRAC norms, and Regulatory Package; and Analysis, Directors’ Report including Annexures to Our opinion on the consolidated financial statements
• Tested provision created for fraud accounts as at March 31, 2022 as per Directors’ Report and the Pillar III Disclosures under the does not cover the other information and we do not
the RBI circular; New Capital Adequacy Framework (Basel III disclosures) express any form of assurance conclusion thereon.
• Re-performed, for a sample of retail and corporate portfolios, the
calculation of provisions, to determine the accuracy of the same; (Collective
for standard portfolio and case specific for non‑performing portfolio)
• Reviewed the Bank’s process for granting moratorium to borrowers as per
the Regulatory Package announced by the RBI. We tested the completeness
and accuracy of the data used for computing general provision in line with
Regulatory package updates issued by RBI.
• Assessed the adequacy of disclosures against the RBI Guidelines.
268 269
In connection with our audit of the consolidated the going concern basis of accounting unless the Board statements made by the Management and Board consolidated financial statements of which we are the
financial statements, our responsibility is to read of Directors either intends to liquidate the Group or to of Directors. independent auditors regarding, among other matters,
the Other Information identified as above when it cease operations, or has no realistic alternative but to • Conclude on the appropriateness of the Management the planned scope and timing of the audit and significant
becomes available and, in doing so, consider whether do so. and Board of Directors use of the going concern audit findings, including any significant deficiencies in
the Other Information is materially inconsistent The respective Board of Directors of the Company basis of accounting and, based on the audit evidence internal control that we identify during our audit.
with the consolidated financial statements or our included in the Group are responsible for overseeing the obtained, whether a material uncertainty exists related We also provide those charged with governance with
knowledge obtained in the audit or otherwise appears financial reporting process of the Group. to events or conditions that may cast significant doubt a statement that we have complied with relevant
to be materially misstated. When we read the other on the Group’s ability to continue as a going concern. ethical requirements regarding independence, and to
information, if we conclude that there is a material Auditor’s Responsibilities for the Audit of the If we conclude that a material uncertainty exists, we communicate with them all relationships and other
misstatement therein, we are required to communicate Consolidated Financial Statements are required to draw attention in our Auditor’s Report matters that may reasonably be thought to bear on our
the matter to those charged with governance. to the related disclosures in the consolidated financial independence, and where applicable, related safeguards.
Our objectives are to obtain reasonable assurance
about whether the consolidated financial statements as statements or, if such disclosures are inadequate, From the matters communicated with those charged
Management’s and Board of Director’s Responsibility to modify our opinion. Our conclusions are based
for the Consolidated Financial Statements a whole are free from material misstatement, whether with governance, we determine those matters that were
due to fraud or error, and to issue an Auditor’s Report on the audit evidence obtained up to the date of of most significance in the audit of the consolidated
The Bank’s management and Board of Directors are that includes our opinion. Reasonable assurance our Auditor’s Report. However, future events or financial statements of the current year and are
responsible for the matters stated in Section 134(5) of is a high level of assurance, but is not a guarantee conditions may cause the Group to cease to continue therefore the key audit matters. We describe these
the Act with respect to the preparation and presentation that an audit conducted in accordance with SAs will as a going concern. matters in our auditor’s report unless law or regulation
of these consolidated financial statements that give always detect a material misstatement when it exists. • Evaluate the overall presentation, structure and precludes public disclosure about the matter or when,
a true and fair view of the consolidated financial Misstatements can arise from fraud or error and are content of the consolidated financial statements, in extremely rare circumstances, we determine that
position, consolidated financial performance and considered material if, individually or in the aggregate, including the disclosures, and whether the a matter should not be communicated in our report
consolidated cash flows of the Group in accordance they could reasonably be expected to influence the consolidated financial statements represent the because the adverse consequences of doing so would
with the accounting principles generally accepted in economic decisions of users taken on the basis of these underlying transactions and events in a manner that reasonably be expected to outweigh the public interest
India, including the Accounting Standards specified consolidated financial statements. achieves fair presentation. benefits of such communication.
under Section 133 of the Act, provisions of Section 29 of
the Banking Regulation Act, 1949 and the circulars and As part of an audit in accordance with SAs, we exercise • Obtain sufficient appropriate audit evidence
professional judgement and maintain professional regarding the financial information of the entities or Other Matters
guidelines issued by Reserve Bank of India (‘RBI’) from
time to time, as applicable to the Bank. The respective scepticism throughout the audit. We also: business activities within the Group to express an (a) The Bank has sold its entire stake in its wholly
Board of Directors of the Company included in the opinion on the Consolidated Financial Statements. owned subsidiaries YES Asset Management (India)
Group are responsible for maintenance of adequate • Identify and assess the risks of material misstatement We are responsible for the direction, supervision and Limited and YES Trustee Limited on November
accounting records in accordance with the provisions of of the consolidated financial statements, whether due performance of the audit of the financial statements 01, 2021. Accordingly, the consolidated financial
the Act and the RBI Guidelines, for safeguarding of the to fraud or error, design and perform audit procedures of such entities included in the Consolidated Financial statements include figures of these two subsidiaries
assets of the Group and for preventing and detecting responsive to those risks, and obtain audit evidence Statements of which we are the independent auditors. till October 31, 2021. The interim financial results
frauds and other irregularities; selection and application that is sufficient and appropriate to provide a basis For the other entities included in the Consolidated of these subsidiaries for period up to September
of appropriate accounting policies; making judgements for our opinion. The risk of not detecting a material Financial Statements, which have been audited by 30, 2021 included in the consolidated financial
and estimates that are reasonable and prudent; and misstatement resulting from fraud is higher than for other auditors, such other auditors remain responsible statements have been reviewed by other
design, implementation and maintenance of adequate one resulting from error, as fraud may involve collusion, for the direction, supervision and performance of independent auditors on which we have relied upon.
internal financial controls that were operating effectively forgery, intentional omissions, misrepresentations, or the audits carried out by them. We remain solely The interim financial results of these subsidiaries
for ensuring the accuracy and completeness of the the override of internal control. responsible for our audit opinion. Our responsibilities for a period of October 01, 2021 till October 31, 2021
accounting records, relevant to the preparation and • Obtain an understanding of internal control relevant in this regard are further described in para (a) of the included in the consolidated financial statements
presentation of the consolidated financial statements to the audit in order to design audit procedures section titled ‘Other Matters’ in this audit report. have been reviewed by one of the joint statutory
that give a true and fair view and are free from material that are appropriate in the circumstances. Under • We believe that the audit evidence obtained by us auditors. These interim financial results included in
misstatement, whether due to fraud or error, which Section 143(3)(i) of the Act, we are also responsible along with the consideration of audit reports of the the statement reflects total revenues of ` 99.86 lakh
have been used for the purpose of preparation of the for expressing our opinion on whether the bank has other auditors referred to in sub-paragraph (a) of and total net loss after tax of ` 741.79 lakh for the
consolidated financial statements by the Directors of the adequate internal financial controls with reference the Other Matters paragraph below, is sufficient and seven months ended October 31, 2021 respectively
Holding Company, as aforesaid. to financial statements in place and the operating appropriate to provide a basis for our audit opinion on as considered in the Annual Consolidated
effectiveness of such controls. the Consolidated Financial Statements Financial Results.
In preparing the consolidated financial statements,
the Management and Board of Directors included in • Evaluate the appropriateness of accounting policies Our opinion on the Consolidated Financial
We communicate with those charged with governance Statements, is not modified in respect of the above
the Group are responsible for assessing the Group’s used and the reasonableness of accounting estimates of the Bank and such other entities included in the
ability to continue as a going concern, disclosing, as and related disclosures in the consolidated financial matters with respect to our reliance on the work
applicable, matters related to going concern and using
270 271
done and the reports of the other auditors and the from our examination of those books and the term contracts including derivative contracts Funding Party (‘Ultimate Beneficiaries’) or
financial statement certified by the management. reports of the other auditors; – Refer Note 17.6.14 to the consolidated provide any guarantee, security or the like
(b) The Financial Results of YES Securities (India) (c) the consolidated balance sheet, the financial statements; on behalf of the Ultimate Beneficiaries; and
Limited, included in the Statement, reflects Group’s consolidated profit and loss account, and (c) there has been no delay in transferring (iii) Based on such audit procedures that were
share of total assets of `73,183 lakh as at March 31, the consolidated cash flow statement dealt amounts, required to be transferred, to the considered reasonable and appropriate in
2022, Group’s share of total revenue of `15,853 lakh with by this Report are in agreement with the Investor Education and Protection Fund by the the circumstances, nothing has come to
and Group’s share of total net profit after tax of `526 relevant books of account maintained for the Holding Company and its subsidiary companies our notice that has caused us to believe
lakh for the year ended March 31, 2022 respectively. purpose of preparation of the consolidated incorporated in India during the year ended that the representations under sub-
This financial results have been audited by its financial statements; March 31, 2022 – Refer Note 17.6.18 to the clause (i) and (ii) of Rule 11(e) contain any
independent auditor. The independent auditor’s (d) in our opinion, the aforesaid consolidated consolidated financial statements. material misstatement.
report on financial results of this entity has been financial statements comply with the (d) (i) The management of the Bank and its (e) No dividend has been declared or paid during
furnished to us and our opinion on the Statement, Accounting Standards specified under Section respective subsidiary have represented the year by the Bank and its subsidiaries.
in so far as it relates to the amounts and disclosures 133 of the Act, to the extent they are not that, to the best of their knowledge
included in respect of this entity, is based solely 4. With respect to the matter to be included in the
inconsistent with the accounting policies and belief, other than as disclosed in Auditors’ Report under Section 197(16) of the Act:
on the report of such auditor and the procedures prescribed by RBI; the notes to accounts, (Refer Note No.
performed by us are as stated in paragraph above. 17.6.19 no funds have been advanced or In our opinion and according to the information
(e) on the basis of the written representations and explanations given to us, requirements with
Our opinion on the consolidated financial statement received from the directors of the Bank as on loaned or invested (either from borrowed
is not modified in respect of these matters. funds or share premium or any other respect to the matter to be included in the Auditor’s
March 31, 2022, taken on record by the Board Report under Section 197(16) are not applicable to
c) One of the current Joint Statutory Auditors has of Directors of the Bank and the reports sources or kind of funds) by the Bank
or its subsidiary company to or in any banking companies.
carried out audit of the consolidated financial of the statutory auditors of its subsidiary
statements of the Bank for the year ended March companies, none of the directors of the Group other person(s) or entity(ies), including Based on the reports of the statutory auditor of
31, 2021 and issued an unmodified opinion vide is disqualified as on March 31, 2022, from being foreign entities (“Intermediaries”), with the subsidiary company which was not audited by
their report dated April 30, 2021. appointed as a director in terms of Section 164 the understanding, whether recorded in us, the remuneration paid during the current year
(2) of the Act; and writing or otherwise, that the Intermediary by the subsidiary companies to its directors is in
Report on other legal and regulatory requirements shall, whether, directly or indirectly lend accordance with the provisions of Section 197 of the
(f) with respect to the adequacy of the internal or invest in other persons or entities Act. The remuneration paid to any director by the
1. The consolidated balance sheet and the consolidated financial controls with reference to consolidated identified in any manner whatsoever by subsidiary companies is not in excess of the limit
profit and loss account have been drawn up in financial statements of the Group and the or on behalf of the Bank or its subsidiary laid down under Section 197 of the Act.
accordance with the provisions of Section 29 of the operating effectiveness of such controls, refer companies (‘Ultimate Beneficiaries’) or
Banking Regulation Act, 1949 and Section 133 of the to our separate report in ‘Annexure A’. provide any guarantee, security or the like For M P Chitale & Co. For Chokshi & Chokshi LLP
Act and relevant rules issued thereunder. 3. With respect to the other matters to be included on behalf of the Ultimate Beneficiaries; Chartered Accountants Chartered Accountants
2. As required by Section 143(3) of the Act, based on in the Auditors’ Report in accordance with Rule (ii) The management of the Bank and its (Firm Regn. No. 101851W) (Firm Regn. No. 101872W /
our audit and on the consideration of report of the 11 of the Companies (Audit and Auditors) Rules, respective subsidiary have represented W100045)
other auditors on separate financial statements and 2014, as amended in our opinion and to the best that, to the best of their knowledge
the other financial information of such subsidiaries of our knowledge and belief and according to the and belief, other than as disclosed in Anagha Thatte Vineet Saxena
as were audited by other auditors, as noted in the information and explanations given to us and based the notes to accounts (Refer Note No. Partner Partner
‘Other Matters’ paragraph, we report, to the extent on the consideration of the report of the other 17.6.19 no funds have been received by (Membership No. 105525) (Membership No. 100770)
applicable, that: auditor on separate financial statements of the the Bank or its subsidiary company from UDIN: 22105525AIJURB5884 UDIN: 22100770AILBBB3296
(a) we have sought and obtained all the subsidiary as noted in the ‘Other Matters’ paragraph: any person(s) or entity(ies), including
information and explanations which to the best (a) the consolidated financial statements disclose foreign entities (“Funding Parties”), with Place: Mumbai Place: Mumbai
of our knowledge and belief were necessary the impact of pending litigations as at March the understanding, whether recorded Date: April 30, 2022 Date: April 30, 2022
for the purposes of our audit of the aforesaid 31, 2022 on the consolidated financial position in writing or otherwise, the Bank or
consolidated financial statements; of the Group – Refer Note 17.6.20 to the its subsidiary company shall, whether,
(b) in our opinion, proper books of account as consolidated financial statements; directly or indirectly, lend or invest in
required by law relating to preparation of the (b) provision has been made in the consolidated other persons or entities identified in any
aforesaid Consolidated Financial Statements financial statements, as required under the manner whatsoever by or on behalf of the
have been kept by the Bank so far as it appears applicable law or accounting standards, for
material foreseeable losses, if any, on long-
272 273
ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

of even date on the consolidated financial statements of YES BANK Limited
for the year ended March 31, 2022 1. pertain to the maintenance of records that, in Opinion
(Referred to in paragraph 3(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent reasonable detail, accurately and fairly reflect In our opinion, the Holding Company (the Bank) and its
Auditor’s Report of even date to the members of YES BANK Limited on the consolidated financial statements the transactions and dispositions of the assets of subsidiary company, which is incorporated in India, have
for the year ended March 31, 2022) the Bank; maintained, in all material respects, an adequate internal
Report on the Internal Financial Controls with with reference to consolidated financial statements. 2. provide reasonable assurance that transactions financial control system with reference to consolidated
reference to the aforesaid consolidated financial Those Standards and the Guidance Note require that we are recorded as necessary to permit preparation financial statements and such internal financial controls
statements under Clause (i) of sub-section 3 of comply with ethical requirements and plan and perform of consolidated financial statements in accordance with reference to the consolidated financial statements
Section 143 of the Companies Act, 2013 (“the Act”) the audit to obtain reasonable assurance about whether with generally accepted accounting principles, and were operating effectively as at March 31, 2022, based
adequate internal financial controls with reference to that receipts and expenditures of the Bank are on internal control with reference to consolidated
We have audited the internal financial controls with being made only in accordance with authorisations financial statements criteria established by the Bank and
reference to consolidated financial statements of YES consolidated financial statements were established
and maintained and whether such controls operated of management and directors of the Bank; and the respective subsidiary companies considering the
BANK Limited (“the Bank”) and its subsidiary company, essential components of internal control stated in the
which is companies incorporated in India as of March 31, effectively in all material respects. 3. provide reasonable assurance regarding prevention
or timely detection of unauthorised acquisition, Guidance Note.
2022, in conjunction with our audit of the consolidated Our audit involves performing procedures to obtain
financial statements of the Bank for the year ended on audit evidence about the adequacy of the internal use, or disposition of the Bank’s assets that
could have a material effect on the consolidated Other Matter
that date. financial controls with reference to consolidated
financial statements and their operating effectiveness. financial statements. Our aforesaid reports under Section 143(3)(i) of the Act
Management’s Responsibility for Internal Financial Our audit of internal financial controls with reference on the adequacy and operating effectiveness of the
Controls to consolidated financial statements included obtaining Inherent Limitations of Internal Financial Controls internal financial controls with reference to consolidated
an understanding of internal financial controls with with Reference to Consolidated Financial Statements financial statements in so far as it relates to one
The respective company’s management and Board subsidiary company, is based on the corresponding
of Directors are responsible for establishing and reference to consolidated financial statements, Because of the inherent limitations of internal financial
assessing the risk that a material weakness exists, controls with reference to consolidated financial report of the auditor of this company.
maintaining internal financial controls with reference
to consolidated financial statements based on criteria and testing and evaluating the design and operating statements, including the possibility of collusion or Our opinion is not modified in respect of this matter.
established by the Bank and respective companies effectiveness of internal control based on the assessed improper management override of controls, material
considering the essential components of internal control risk. The procedures selected depend on the auditor’s misstatements due to error or fraud may occur and not For M P Chitale & Co. For Chokshi & Chokshi LLP
stated in the Guidance Note on Audit of Internal Financial judgement, including the assessment of the risks of be detected. Also, projections of any evaluation of the Chartered Accountants Chartered Accountants
Controls Over Financial Reporting (‘the Guidance Note’) material misstatement of the consolidated financial internal financial controls with reference to consolidated (Firm Regn. No. 101851W) (Firm Regn. No. 101872W /
issued by the Institute of Chartered Accountants of India statements, whether due to fraud or error. financial statements to future periods are subject to the W100045)
(‘the ICAI’). These responsibilities include the design, We believe that the audit evidence we have obtained risk that the internal financial control with reference
implementation and maintenance of adequate internal and the audit evidence obtained by the other auditors to consolidated financial statement may become Anagha Thatte Vineet Saxena
financial controls that were operating effectively for of the respective subsidiary companies, in terms of inadequate because of changes in conditions, or that Partner Partner
ensuring the orderly and efficient conduct of its business, their report referred to in the Other Matters paragraph the degree of compliance with the policies or procedures (Membership No. 105525) (Membership No. 100770)
including adherence to the respective Company’s below, is sufficient and appropriate to provide a basis for may deteriorate. UDIN: 22105525AIJURB5884 UDIN: 22100770AILBBB3296
policies, the safeguarding of its assets, the prevention our audit opinion on the internal financial controls with
and detection of frauds and errors, the accuracy and reference to consolidated financial statements of the Place: Mumbai Place: Mumbai
completeness of the accounting records, and the timely Bank and its subsidiary companies, which are companies Date: April 30, 2022 Date: April 30, 2022
preparation of reliable financial information, as required incorporated in India.
under the Companies Act, 2013 (“the Act”).
Meaning of Internal Financial Controls with Reference
Auditors’ Responsibility to Financial Statements
Our responsibility is to express an opinion on the internal A Bank’s internal financial controls with reference
financial controls with reference to consolidated financial to consolidated financial statements is a process
statements of the Bank and its subsidiary companies, designed to provide reasonable assurance regarding the
which are companies incorporated in India, based on reliability of financial reporting and the preparation of
our audit. We conducted our audit in accordance with consolidated financial statements for external purposes
the Guidance Note and the Standards on Auditing in accordance with generally accepted accounting
(‘the Standards’), issued by the ICAI and deemed to be, principles. The Bank’s internal financial control with
prescribed under Section 143(10) of the Act, to the extent reference to consolidated financial statement includes
applicable to an audit of internal financial controls, both those policies and procedures that
issued by the Institute of Chartered Accountants of India
274 275
CONSOLIDATED BALANCE SHEET CONSOLIDATED PROFIT AND LOSS ACCOUNT

as at March 31, 2022 for the period ended March 31, 2022
( ` in thousands) (` in thousands)
Schedule Schedule
CAPITAL AND LIABILITIES I. INCOME
Capital 1 50,109,906 50,109,812 Interest earned 13 190,187,665 200,392,826
Other income 14 34,047,514 31,070,807
Reserves and surplus 2 286,879,780 281,273,123
TOTAL 224,235,179 231,463,633
Minority Interest 2A - -
II. EXPENDITURE
Deposits 3 1,970,625,763 1,628,459,313 Interest expended 15 125,284,351 126,109,333
Borrowings 4 723,401,826 639,490,848 Operating expenses 16 69,811,429 59,173,029
Other liabilities and provisions 5 154,760,078 136,601,325 Provisions and contingencies Refer note 17.6.4 18,498,865 81,070,548
TOTAL 3,185,777,353 2,735,934,421 TOTAL 213,594,645 266,352,910
III. PROFIT / (LOSS)
ASSETS
Share of earnings/loss in Associates
Cash and balances with Reserve Bank of India 6 90,672,666 68,127,898 Consolidated Net profit/(loss) for the year before deducting Minorities' 10,640,534 (34,889,278)
Balances with banks and money at call and short notice 7 376,809,359 225,124,617 Interest
Investments 8 517,539,857 431,146,483 Less: Minorities' Interest - -
Advances 9 1,809,590,101 1,668,048,605 Consolidated profit/(loss) for the year attributable to the Group 10,640,534 (34,889,278)
Add: Brought forward consolidated profit/(loss) attributable to the group (109,299,952) (69,287,215)
Fixed assets 10 21,410,068 21,583,785
TOTAL (98,659,418) (104,176,493)
Other assets 11 369,755,302 321,903,033 IV. APPROPRIATIONS
Goodwill on Consolidation - - Transfer to Statutory Reserve 2,665,531 -
TOTAL 3,185,777,353 2,735,934,421 Transfer to Capital Reserve 108,307 4,969,760
Contingent liabilities 12 6,801,462,379 4,596,422,894 Transfer to Investment Reserve 34,300 153,699
Transfer to Investment Fluctuation Reserve 1,347,886 -
Bills for collection 49,919,078 22,140,477
Transfer to Revenue and other Reserves Refer note 17.6.4 4,752,161 -
Significant Accounting Policies and Notes to Accounts forming part of financial 17 Dividend paid for previous year - -
statements
Balance carried over to balance sheet (107,567,593) (109,299,952)
The Schedules referred to above form an integral part of the Consolidated Balance Sheet TOTAL (98,659,408) (104,176,492)
Significant Accounting Policies and Notes to Accounts forming part of financial 17
The Balance Sheet has been prepared in conformity with Form A of the Third Schedule to the Banking Regulation statements
Act, 1949 Earning per share (Refer Sch. 17.6.10)
Basic (`) 0.42 (1.65)
As per our report of even date attached.
Diluted (`) 0.42 (1.65)
For M P Chitale & Co. For and on behalf of the Board of Directors (Face Value of Equity Share is `2/-)
The Schedules referred to above form an integral part of the Consolidated Profit and Loss Account
The Profit and Loss Account has been prepared in conformity with Form B of the Third Schedule to the Banking
Regulation Act, 1949.
Membership No. 105525 (DIN: 07562475) (DIN: 00065343) (DIN: 03502424) As per our report of even date attached.
For Chokshi & Chokshi LLP For M P Chitale & Co. For and on behalf of the Board of Directors
Chartered Accountants Chartered Accountants YES BANK Limited
Firm's Registration No. 101872W/W100045 Firm's Registration No. 101851W
Vineet Saxena Mahesh Krishnamurti Niranjan Banodkar Shivanand R. Shettigar Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda
Partner Director Chief Financial Officer Company Secretary Partner Managing Director & CEO Chairman Director
Membership No. 100770 (DIN: 02205868) Membership No. 105525 (DIN: 07562475) (DIN: 00065343) (DIN: 03502424)
Mumbai For Chokshi & Chokshi LLP

April 30, 2022 Chartered Accountants

Mumbai
April 30, 2022
276 277
CONSOLIDATED CASH FLOW STATEMENT CONSOLIDATED CASH FLOW STATEMENT

Year ended Year ended Year ended Year ended
31 March, 2022 31 March, 2021 31 March, 2022 31 March, 2021
Cash flow from/(used in) Operating Activities Cash and cash equivalents as at April 1st 293,252,515 84,303,578
Net profit before taxes 14,336,891 (47,617,752) Cash and cash equivalents as at Mar 31st 467,482,025 293,252,515
Adjustment for: Notes to the Cash flow statement:
ESOP Compensation Expense 90,449 - Cash and cash equivalents includes the following
Depreciation for the year 4,033,317 3,600,318 Cash and Balances with Reserve Bank of India 90,672,666 68,127,898
Amortisation of premium on investments 3,400,038 1,785,855 Balances with Banks and Money at Call and Short Notice 376,809,359 225,124,617
Impairment/Revaluation on Investments 7,596,484 16,130,913 Cash and cash equivalents as at March 31st 467,482,025 293,252,515
Provision for standard advances (251,526) 6,895,356
Provision/write off of non-performing advances 21,157,827 71,158,190 As per our report of even date attached.
Other provisions (2,190) 2,904,826
(Profit)/Loss on sale of land, building and other assets 125,884 34,601 For M P Chitale & Co. For and on behalf of the Board of Directors
(i) 50,487,174 54,892,307 Firm's Registration No. 101851W
Adjustments for:
Increase/(Decrease) in Deposits 342,166,450 575,347,633 Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda
Increase/(Decrease) in Other Liabilities 10,136,805 (28,079,679)
(Increase)/Decrease in Investments 43,738,615 (18,097,194)
(Increase)/Decrease in Advances (162,699,323) (37,273,428) For Chokshi & Chokshi LLP
(Increase)/Decrease in Other assets (46,866,663) 15,181,410
(ii) 186,475,884 507,078,742
Payment of direct taxes (iii) (985,611) (8,013,982) Vineet Saxena Mahesh Krishnamurti Niranjan Banodkar Shivanand R. Shettigar
Net cash generated from/(used in) operating activities (A) (i+ii+iii) 235,977,447 553,957,067 Partner Director Chief Financial Officer Company Secretary
Cash flow from/(used in) investing activities
Purchase of fixed assets (4,102,775) (2,696,005) Mumbai
Proceeds from sale of fixed assets 117,290 108,671 April 30, 2022
(Increase)/Decrease in Held To Maturity (HTM) securities (141,128,511) 6,511,977
Net cash generated/(used in) from investing activities (B) (145,113,996) 3,924,643
Cash flow from/(used in) financing activities
Increase in Borrowings 98,039,228 (483,088,553)
Innovative Perpetual Debt (paid)/raised - (3,070,000)
Tier II Debt repaid during the year (14,128,250) (12,064,000)
Proceeds from issuance of Equity Shares (net of share issue expense) 635 148,802,131
Dividend paid during the year - -
Net cash generated from/(used in) financing activities (C) 83,911,613 (349,420,422)
Effect of exchange fluctuation on translation reserve (D) (545,554) 487,649
Net increase in cash and cash equivalents (A+B+C+D) 174,229,510 208,948,937
278 279
SCHEDULES SCHEDULES
forming a part of Consolidated Balance Sheet forming a part of Consolidated Balance Sheet
SCHEDULE 1 – CAPITAL VII. Cash Flow Hedge Reserve
Authorised Capital Opening balance (8,020) (40,856)
30,000,000,000 equity shares of `2/- each 60,000,000 60,000,000 Additions during the year 8,020 32,836
20,000,000 preference shares of `100/- each 2,000,000 2,000,000 Deductions during the year - -
Issued and subscribed capital (Refer Sch 17.6.1) Closing balance - (8,020)
25,054,952,981 equity shares of `2/- each 50,109,906 50,109,812 VIII. Investment Fluctuation Reserve
(March 31, 2021 : 25,054,905,981 equity shares of 2/- each) Opening balance 539,066 539,066
TOTAL 50,109,906 50,109,812 Additions during the year 1,347,886 -
(` in thousands)
Closing balance 1,886,952 539,066
As at As at
March 31, 2022 March 31, 2021 IX. ESOP Compensation Reserve
SCHEDULE 2 – RESERVES AND SURPLUS Opening balance - -
I. Statutory Reserves Additions during the year (Refer Sch 17.6.3) 90,449 -
Opening balance 48,934,100 48,934,100 Deductions during the year - -
Additions during the year 2,665,531 - Closing balance 90,449 -
Deductions during the year - - X. Balance in Profit and Loss Account (107,567,593) (109,299,952)
Closing balance 51,599,631 48,934,100 TOTAL 286,879,780 281,273,123
II. Share Premium (` in thousands)
Opening balance 322,949,240 199,155,977 As at As at
March 31, 2022 March 31, 2021
Additions during the year (Refer Sch 17.6.1) 541 125,068,632
Deductions during the year - 1,275,369 SCHEDULE 2A – MINORITY INTEREST
Closing balance 322,949,781 322,949,240 Minority interest at the date on which the parent-subsidiary relationship came into existence - -
III. Capital Reserve Subsequent increase/decrease - -
Opening balance 17,159,844 12,190,084 Minority interest on the date of balance sheet - -
Additions during the year 108,307 4,969,760 (` in thousands)
Deductions during the year - - As at As at
Closing balance 17,268,151 17,159,844 March 31, 2022 March 31, 2021
IV. Capital Reserve on Consolidation SCHEDULE 3 – DEPOSITS

Opening balance - A. I. Demand Deposits
Additions during the year 164,816 i) From Banks 21,632,926 13,696,165
Deductions during the year - ii) From others 241,916,662 176,257,900
Closing balance 164,816 - II. Savings Bank Deposit 349,704,727 235,898,654
V. Investment Reserve III. Term Deposits
Opening balance 533,829 380,130 i) From Banks 128,534,720 164,737,144
Additions during the year 34,300 153,699 ii) From others (incl. CD's issued) 1,228,836,728 1,037,869,450
Deductions during the year - - TOTAL 1,970,625,763 1,628,459,313
Closing balance 568,129 533,829 B. I. Deposits of branches in India 1,970,275,960 1,628,021,051
VI. Foreign Currency Translation Reserve II. Deposits of branches outside India 349,803 438,262
Opening balance 465,018 (22,630) TOTAL 1,970,625,763 1,628,459,313
Additions during the year (545,554) 487,648
Closing balance (80,536) 465,018
280 281
SCHEDULES SCHEDULES
SCHEDULE 4 – BORROWINGS SCHEDULE 7 – BALANCES WITH BANKS, MONEY AT CALL AND SHORT NOTICE
A. Borrowing in India I. In India
i) Reserve Bank of India1 70,600,000 54,150,000 Balances with banks
ii) Other banks 26,304,116 21,752,150 i) in current accounts 2,606,916 1,496,175
iii) Other institutions and agencies1 & 2 359,432,742 295,643,624 ii) in other deposit accounts 3,665,852 3,119,727
iv) Innovative Perpetual Debt Instruments (IPDI) 2,800,000 2,800,000 Money at call and short notice
v) Tier II Borrowings 157,050,000 165,695,000 i) with Banks - -
TOTAL (A) 616,186,858 540,040,774 ii) with other institutions - -
B. Borrowings outside India iii) lending under reverse repo (RBI & Banks) 343,850,000 173,960,000
i) Borrowings outside India3 107,214,968 93,966,824 TOTAL (I) 350,122,768 178,575,902
ii) Innovative Perpetual Debt Instruments (IPDI) - - II. Outside India
iii) Tier II Borrowings - 5,483,250 i) in current account 25,246,534 45,159,625
TOTAL (B) 107,214,968 99,450,074 ii) in other deposit account - -
TOTAL (A+B) 723,401,826 639,490,848 iii) money at call and short notice 1,440,058 1,389,090
TOTAL (II) 26,686,591 46,548,715
(1) Secured borrowings are `126,362,748 thousands (March 31, 2021: `54,150,000 thousands).
TOTAL (I+II) 376,809,359 225,124,617
(2) `265,869,994 thousands of refinance borrowing (March 31, 2021: `257,843,624 thousands) `16,450,000 thousands (March 31 2021:
`16,450,000 thousands) of Green Infrastructure Bonds raised to fund ‘Green Projects’ and `21,350,000 thousands (March 31, 2021: (` in thousands)
`21,350,000 thousands) of Long-Term Infrastructure Bonds raised to finance affordable housing and infrastructure projects. As at As at
March 31, 2022 March 31, 2021
(3) Bonds of `36,143,131 thousands (March 31, 2021: `34,839,972 thousands) of Medium Term Notes issued in earlier year by IFSC Banking
Unit (IBU) in GIFT city Gujarat. SCHEDULE 8 – INVESTMENTS (Net of provisions)
A. Investments in India
(` in thousands)
i) Government Securities* 437,084,560 334,737,624
As at As at
March 31, 2022 March 31, 2021 ii) Other approved securities - -
iii) Shares 214,321 241,978
SCHEDULE 5 – OTHER LIABILITIES AND PROVISIONS
iv) Debentures and bonds 53,921,028 66,924,747
I. Bills payable 7,317,200 5,686,395
v) Subsidiaries and/or joint ventures - -
II. Inter-office adjustments (net) - -
vi) Others (CPs, CDs, Security Receipts, Pass through certificates, MFs, VCF etc) 21,615,852 24,634,031
III. Interest accrued 17,825,241 15,287,712
TOTAL (I) 512,835,761 426,538,380
IV. Others (including provisions)
B. Investments outside India
- Provision for standard advances 19,241,018 19,492,544
i) Government Securities 3,030,418 2,924,350
- Country risk exposures 103,851 69,400
ii) Shares 6,243 10,401
- Others 110,272,768 96,065,274
iii) Debentures and bonds - -
- Income Tax Provision - -
iv) Others (MFs) 1,667,435 1,673,352
TOTAL 154,760,078 136,601,325
TOTAL (II) 4,704,096 4,608,103
(` in thousands)
TOTAL (I+II) 517,539,857 431,146,483
As at As at
March 31, 2022 March 31, 2021
C. Investments in India
(i) Gross value of investments 578,795,368 494,062,501
SCHEDULE 6 – CASH AND BALANCES WITH RESERVE BANK OF INDIA
(ii) Aggregate of provisions for depreciation 65,959,607 67,524,121
I. Cash in hand (including foreign currency notes) 7,929,037 7,903,956
(iii) Net investment TOTAL (I) 512,835,761 426,538,380
II. Balances with Reserve Bank of India
D. Investments outside India
- In current account 82,743,629 60,223,942
(i) Gross value of investments 4,704,096 7,344,078
- In other account - -
(ii) Aggregate of provisions for depreciation - 2,735,976
TOTAL 90,672,666 68,127,898
(iii) Net investment TOTAL (II) 4,704,096 4,608,103
TOTAL (I+II) 517,539,857 431,146,483
* Includes securities of face value `135,100,288 thousands (previous year `66,333,080 thousands) pledged for clearing facility and margin
requirements.
282 283
SCHEDULES SCHEDULES
SCHEDULE 9 – ADVANCES (Net of provisions) SCHEDULE 10 – FIXED ASSETS

A. i) Bills purchased and discounted 32,139,729 23,281,200 I. Premises
ii) Cash credit, overdrafts and loans repayable on demand 438,996,134 338,485,372 At cost as on March 31st of preceding year 12,480,561 378,031
iii) Term loans 1,338,454,238 1,306,282,033 Additions during the year - 12,102,530
TOTAL 1,809,590,101 1,668,048,605 Deductions during the year - -
B. i) Secured by tangible assets 3 1,348,751,115 1,318,455,918 Accumulated depreciation to date (219,207) (41,583)
ii) Covered by Bank/Government guarantees 28,727,222 14,232,450 IA. Premises under construction -
iii) Unsecured 1 & 2 432,111,764 335,360,237 TOTAL (I) 12,261,354 12,438,978
TOTAL 1,809,590,101 1,668,048,605 II. Other Fixed Assets (including furniture and fixtures and software)
(1) Includes at March 31, 2022 advances of `36,761,150 thousands (March 31, 2021: `80,805,626 thousands) for which At cost as on March 31st of preceding year 25,759,702 20,987,202
security documentation is either being obtained or being registered. Additions during the year 3,478,693 5,301,841
(2) Includes at March 31, 2022 advances amounting to `14,363,265 thousands (March 31, 2021: `1,588,072 thousands) Deductions during the year (1,955,575) (495,896)
has been secured by intangible securities such as charge over the rights, licenses, authority, etc.
Accumulated depreciation to date (19,385,988) (17,276,138)
(3) Includes advances secured by book debts of ` 91,079,788 thousands (March 31, 2021: ` 63,017,987 thousands)
pertaining to NBFC & Services sector, factoring exposure and dealer financing loans to the customer. IIA. Leased Assets
C. (i) Advances in India At cost as on March 31st of preceding year -
i) Priority sectors 634,489,440 500,119,882 Additions during the year -
ii) Public sector 62,480 234,014 Deductions during the year -

Accumulated depreciation to date -
iii) Banks 7,751,064 1,223,832
TOTAL (II) 7,896,833 8,517,009
iv) Others 1,089,853,584 1,067,871,694
TOTAL (I+II) 20,158,187 20,955,987
TOTAL (I) 1,732,156,568 1,569,449,422
III. Capital work-in-progress (net of provision) 1,251,880 627,798
(ii) Advances outside India
TOTAL 21,410,068 21,583,785
i) Due from Banks 336,186 146,219
ii) Due from others 77,097,347 98,452,964 (` in thousands)
(a) Bills purchased and discounted - - As at As at

March 31, 2022 March 31, 2021
(b) Syndicated loans 7,108,155 14,236,912
SCHEDULE 11 – OTHER ASSETS
(c) others 69,989,192 84,216,052
I. Interest Accrued 17,768,396 15,062,231
TOTAL (II) 77,433,533 98,599,183
II. Advance tax and tax deducted at source (net of provision) 6,079,253 5,123,088
TOTAL (I+II) 1,809,590,101 1,668,048,605
III. Deferred tax asset (Refer Sch 17.6.12) 91,842,076 95,538,433
IV. Stationery and stamps 5,544 4,915
V. Non-Banking assets acquired in satisfaction of claims 353,000 353,000
VI. Others* 253,707,033 205,821,366
TOTAL 369,755,302 321,903,033
*Includes deposits placed with NABARD/ SIDBI/ NHB, etc. of `172,696,815 thousands (previous year `133,437,163 thousands) on account
of shortfall in priority sector targets.
284 285
SCHEDULES SCHEDULES
forming a part of Consolidated Balance Sheet forming a part of Consolidated Profit and Loss Account
SCHEDULE 12 – CONTINGENT LIABILITIES SCHEDULE 13 – INTEREST EARNED
I. Claims against the bank not acknowledged as debts 1,208,279 612,500 I. Interest/ discount on advances/ bills 150,891,119 166,394,185
II. Liability for partly paid investments - - II. Income on investments (including dividend) 28,780,909 26,800,743
III. Liability on account of outstanding forward exchange contracts 3,421,931,086 2,021,391,776 III. Interest on balances with Reserve Bank of India and other inter-bank funds 7,020,739 3,320,253
IV. Liability on account of outstanding derivative contracts - IV. Others 3,494,899 3,877,645
(a) Single currency Interest Rate Swap 2,294,845,134 1,574,827,703 TOTAL 190,187,665 200,392,826
(b) Others 314,403,390 355,127,777
(` in thousands)
V. Guarantees given on behalf on constituents - For the year ended For the year ended
(a) In India 399,862,550 393,303,132 March 31, 2022 March 31, 2021
(b) Outside India - - SCHEDULE 14 – OTHER INCOME
VI. Acceptances, endorsement and other obligations 148,184,168 131,798,720 I. Commission, exchange and brokerage 16,380,441 12,352,338
VII. Other items for which the bank is contingently liable - II. Profit/(Loss) on the sale of investments (net) 2,594,601 11,080,030
(a) Purchase of securities pending settlement 4,995,690 849,834 III. Profit/(Loss) on the revaluation of investments (net) 307,297 (2,092,086)
(b) Capital commitment 2,811,655 3,798,016 IV. Profit/(Loss) on sale of land, building and other assets (125,884) (34,601)
(c) Amount deposited with RBI under Depositor Education and Awareness Fund (DEAF) 119,099 77,756 V. Profit on exchange transactions (net) 6,008,156 4,845,890
(d) Foreign exchange contracts (Tom & Spot) 211,190,532 113,029,721 VI. Income earned by way of dividends etc. from subsidiaries, companies and/or joint - -
(e) Custody 1,910,795 1,605,959 ventures abroad/in India
(f) Bills Rediscounting - - VII. (a) Lease finance income - -
(g) Undrawn partial credit enhancement facilities - - (b) Lease management fee - -
(h) When Issued (‘WI’) securities - - (c) Overdue charges - -
TOTAL
6,801,462,379 4,596,422,894 (d) Interest on lease rent receivables - -
VIII. Miscellaneous income 8,882,903 4,919,236
Contingent Liability on account of outstanding forward exchange contracts and single currency interest rate swap as on March 31,
TOTAL 34,047,514 31,070,807
2022 includes notional amount of `2,760,893,820 thousands and `750,794,782 thousands (Mar 31, 2021: `1,592,382,517 thousands and
`318,138,617 thousands) guaranteed by CCIL representing 80.68% and 32.72% (Mar 31, 2021: 78.78% and 20.20%) of total outstanding (` in thousands)
forward exchange contracts and single currency interest rate swaps respectively.
March 31, 2022 March 31, 2021
SCHEDULE 15 – INTEREST EXPENDED

I. Interest on deposits 84,522,616 76,639,394
II. Interest on Reserve Bank of India/inter-bank borrowings/ Tier I and Tier II debt 40,705,478 52,366,790
instruments
III. Others* 56,257 (2,896,851)
*includes reversal of provision created for penalty on SLR breach of `3,344,384 in thousands
in March 2021.
TOTAL 125,284,351 126,109,333
286 287
SCHEDULES CONSOLIDATED FINANCIAL STATEMENTS

forming a part of Consolidated Profit and Loss Account for the year ended March 31, 2022
(` in thousands) 17. SIGNIFICANT ACCOUNTING POLICIES AND he Bank consolidates its subsidiaries in accordance
T
For the year ended For the year ended NOTES FORMING PART OF THE ACCOUNTS FOR with Accounting Standard (‘AS’) 21, Consolidated
March 31, 2022 March 31, 2021
THE YEAR ENDED MARCH 31, 2022 Financial Statements notified under section 133 of the
SCHEDULE 16 – OPERATING EXPENSES Companies Act 2013, read together with paragraph 7
I. Payments to and provisions for employees 29,585,717 25,172,549 17.1 Background of the Companies (Accounts) Rules 2014 issued by the
II. Rent, taxes and lighting 4,007,109 4,462,970 Ministry of Corporate Affairs to the extent applicable on
ES BANK is a publicly held bank engaged in providing a
Y
III. Printing and stationery 311,982 300,412 a line-by-line basis by adding together the like items of
wide range of banking and financial services. YES BANK is
IV. Advertisement and publicity 280,797 392,263
a banking company governed by the Banking Regulation assets, liabilities, income and expenditure.
V. a. Depreciation on Group's property other than Leased Assets 3,986,017 3,600,318 Act, 1949. The Bank was incorporated as a limited
b. Depreciation on Leased Assets 47,300 company under the Companies Act, 1956 on November 17.3 Basis of preparation
VI. Directors' fees, allowances and expenses 47,835 32,776 21, 2003. The Bank received the licence to commence he financial statements have been prepared in
T
VII. Auditors' fees and expenses 36,431 39,751 banking operations from the Reserve Bank of India accordance with requirements prescribed under the
VIII. Law charges 401,314 190,286 (‘RBI’) on May 24, 2004. Further, YES BANK was included Third Schedule (Form A and Form B) of the Banking
IX. Postage, telegrams, telephones, etc. 467,295 461,281 to the Second Schedule of the Reserve Bank of India Act, Regulation Act, 1949. The accounting and reporting
X. Repairs and maintenance 371,363 326,760 1934 with effect from August 21, 2004. Also the Bank policies of the Bank used in the preparation of these
XI. Insurance 2,010,543 1,358,723 has a branch at International Financial Services Centre financial statements conform to Generally Accepted
XII. Amortisation of Goodwill - - (‘IFSC’) at GIFT City, Gujarat (‘IBU’). The Bank classifies Accounting Principles in India (Indian GAAP), the
XIII. Other expenditure 28,257,727 22,834,940 transactions undertaken by IBU as overseas operation. guidelines issued by the Reserve Bank of India (RBI) from
TOTAL 69,811,429 59,173,029 he Bank had three wholly owned subsidiaries namely
T time to time, the accounting standards notified under
Yes Securities (India) Limited, YES Asset Management section 133 of the Companies Act 2013 and Companies
(India) Limited and YES Trustee Limited. On November 1, (Accounting Standards) Amendment Rules, 2016 to the
2021, the Bank has completed the sale of its entire stake extent applicable and practices generally prevalent
in its wholly owned subsidiaries YES Asset Management in the banking industry in India. The Bank follows the
(India) Limited and YES Trustee Limited to GPL Finance accrual method of accounting and the historical cost
and Investments Limited. convention, unless otherwise stated by RBI guidelines.
ES Securities (India) Limited (‘the Company’)

Y 17.4 Use of estimates
was incorporated on March 14, 2013, as a wholly
owned subsidiary of YES Bank Limited (‘YBL’ / ‘Holding he preparation of financial statements requires the
T
Company’). The Company is a securities broker registered management to make estimates and assumptions that
with the Securities and Exchange Board of India since are considered while reporting amounts of assets and
July 8, 2013. The Company also got SEBI registration as liabilities (including contingent liabilities) as of the date
Category I Merchant Banker w.e.f. September 3, 2015 of the financial statements and income and expenses
and as a Research Analyst w.e.f. November 30, 2015. during the reporting period. Management believes that
The Company also got SEBI registration as Investment the estimates used in the preparation of the financial
Adviser w.e.f. March 20, 2017. The Company offers, inter statements are prudent and reasonable. Actual results
alia, trading / investment in equity, merchant banking could differ from these estimates. The impact of any
and other financial products along with various value revision in these estimates is recognised prospectively
added services. The Company is member of the National from the period of change.
Stock Exchange (‘NSE’) since May 2, 2013 and the Bombay he outbreak of the COVID-19 pandemic had led
T
Stock Exchange (‘BSE’) since June 11, 2013 and MCX since to a nation-wide lockdown in April-May 2020. This
February 5, 2019, NCDEX since February 6, 2020. was followed by localized lockdowns in areas with a
significant number of COVID-19 cases. In FY2022, India
17.2 Principles of Consolidation witnessed two more waves of the Covid-19 pandemic
he Bank has sold its entire stake in its wholly owned
T and the re-imposition of localised/regional lock-down
subsidiaries YES Asset Management (India) Limited and measures in certain parts of the country. Currently,
YES Trustee Limited on November 01, 2021. Accordingly, while the number of new Covid-19 cases have reduced
the consolidated financial statements include figures of significantly and the Government of India has withdrawn
these two subsidiaries till October 31, 2021. most of the Covid-19 related restrictions, however, the
extent to which the COVID-19 pandemic will continue
288 289
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS

to impact the Group’s results will depend on ongoing as • Interest income, account opening income and other On transfer from HTM to AFS/HFT category, Equity investments in subsidiaries/joint ventures
well as future developments, which are uncertain. income is recognized on accrual basis.. securities are immediately revalued and resultant are classified under ‘Held to Maturity’. The Bank
• Fee for subscription based services are recognised as depreciation, if any, is provided. assesses these investments for any permanent
17.5 Significant accounting policies earned on a pro rata basis over the term of the plan. Transfer of investments from AFS to HFT or vice- diminution in value and appropriate provisions
17.5.1 Revenue recognition a- versa (in exceptional circumstances and with are made.
17.5.2 Investments the approval of the Board of Directors/ ALCO/ Treasury Bills, Commercial Paper and Certificates of
Revenue is recognized to the extent it is probable that
the economic benefits will flow to the Group and the Classification and valuation of the Bank’s investments Investment Committee) is done at the book value. deposit being discounted instruments, are valued at
revenue can be reliably measured. are carried out in accordance with RBI Circular DOR. Depreciation carried, if any, on such investments is carrying cost.
MRG.42/21.04.141/2021-22 dated 1 August 25, 2021. also transferred from one category to another. Pass Through Certificates purchased for priority
• Interest income is recognized in the profit and loss sector lending requirements are valued at Book
account on accrual basis, except in the case of non- Accounting and Classification d) Valuation Value in accordance with RBI guidelines.
performing assets. Interest on non-performing assets The Bank follows settlement date accounting for Investments categorized under AFS and HFT The market/ fair value applied for the purpose of
is recognized as per the prudential norms of the RBI. Investments. In compliance with RBI guidelines, all categories are marked to market (MTM) on periodical valuation of quoted investments included
Penal Interest for covenant breach is recognized upon investments, are categorized as “Held for trading” (‘HFT’), periodical basis as per relevant RBI guidelines. in the AFS and HFT categories is the market price of
certainty of its realization. Late payment penalty on “Available for sale” (‘AFS’) or “Held to maturity” (‘HTM’) at Net depreciation, if any, in the category under the scrip as available from the trades/ quotes on
retail loans is recognized on cash basis. the time of its purchase. For the purpose of disclosure the classification mentioned in Schedule 8 the recognized stock exchanges and for Subsidiary
• Dividend income is recognized when the right to in the balance sheet, investments are classified as (‘Investments’) is recognized in the profit and loss General Ledger (‘SGL’) account transactions,
receive payment is established. disclosed in Schedule 8 (‘Investments’) under six groups account. The net appreciation, if any, in the category the prices as periodically declared by Financial
(a) government securities (b) other approved securities under each classification is ignored, except to the Benchmarks India Pvt. Ltd.(FBIL).
• Commission on Guarantees and Letters of Credit (‘LC’) (c) shares (d) bonds and debentures (e) subsidiaries and extent of depreciation previously provided. The
issued by the Bank is recognized as income over the joint ventures and (f) others. book value of individual securities is not changed The market/ fair value of unquoted government
period of the Guarantee and LC respectively. consequent to periodic valuation of investments. securities included in the AFS and HFT category is
• Income on non-coupon bearing discounted a) Cost of acquisition determined as per the prices published by FBIL.
Investments received in lieu of restructured Further, in the case of unquoted bonds, debentures,
instruments is recognized over the tenure of the Costs such as brokerage pertaining to investments, advances scheme are valued in accordance with
instrument on a straight line basis. In case of coupon pass through certificates (other than priority sector)
paid at the time of acquisition and broken period RBI guidelines. Any diminution in value on these and preference shares, valuation is carried out
bearing discounted instruments, discount income interest are charged to the profit and loss account investments is provided for and is not used to
is recognized over the tenor of the instrument on by applying an appropriate mark-up (reflecting
as per the RBI guidelines. set off against appreciation in respect of other associated credit risk) over the Yield to Maturity
yield basis. performing securities in that category. Depreciation (‘YTM’) rates of government securities. Such mark
• In case of Bonds and Pass Through Certificates (PTC), b) Basis of classification on equity shares acquired and held by the Bank up and YTM rates applied are as per the relevant
premium on redemption, if any, is amortised over the Securities that are held principally for resale within under restructuring scheme is provided as per rates published by FIMMDA/FBIL.
tenure of the instrument on a yield basis. 90 days from the date of purchase are classified RBI guidelines.
The Bank undertakes short sale transactions in
• Revenue from financial advisory services is under the HFT category. Investments that The Bank Investments classified under the HTM category are Central Government dated securities in accordance
recognized in line with milestones achieved as per intends to hold till maturity are classified under the carried at their acquisition cost and any premium with RBI guidelines. The short position is reflected
terms of agreement with clients which is reflective of HTM category, or as per RBI guidelines. Securities over the face value, paid on acquisition, is amortised as the amount received on sale which is categorized
services rendered. which are not classified in the above categories are on a straight line basis over the remaining period under HFT category and is netted in the Investment
• Facility fees and loan processing fees are recognised classified under the AFS category. to maturity. Amortization expense of premium on schedule. The short position is marked to market
when due and realizable. investments in the HTM category is deducted from and loss, if any, is charged to the Profit and Loss
c) Transfer between categories interest income in accordance with RBI Circular account while gain, if any, is ignored. Profit / Loss on
• Other fees and commission are accounted for as and DOR.MRG.42/21.04.141/2021-22 dated August
when they became due. Reclassification of investments from one category settlement of the short position is recognised in the
to the other, if done, is in accordance with RBI 25, 2021.Where in the opinion of management, a Profit and Loss account.
• Brokerage income is recognised as per contracted rate guidelines. Transfer of scrips from AFS / HFT diminution, other than temporary in the value of
on execution of transaction on behalf of the customers investments classified under HTM has taken place, Units of Venture Capital Funds (VCF) held under
category to HTM category is made at the lower of AFS category are valued using the Net Asset Value
on the trade date, GST and stock exchange expenses. book value or market value. In the case of transfer suitable provisions are made. Profit/loss on sale
of investments in the ‘Held to Maturity’ category (NAV) shown by VCF as per the financial statement.
• Fee income from Investment banking / Merchant of securities from HTM to AFS / HFT category, the The VCFs are valued based on the audited results
banking services are recognised based on completion investments held under HTM at a discount are is recognised in the profit and loss account and
profit is thereafter appropriated (net of applicable once in a year. In case the audited financials are
of milestone as per the engagement letter. Further Fee transferred to AFS / HFT category at the acquisition not available for a period beyond 18 months, the
income in relation to public issues/ other securities price/book value and investments placed in the taxes and statutory reserve requirements) to
Capital Reserve. investments are valued at ` 1 per VCF.
is recognised based on mobilization and intimation HTM category at a premium are transferred to AFS/
received from clients / intermediaries. HFT at the amortized cost.
290 291

Quoted equity shares are valued at their closing Treasury curve in the chronological order based adjustment facility (LAF) with RBI are treated as makes provision for the entire amount of overdue and
price on a recognized stock exchange. Unquoted on availability. collateralized borrowing and lending transactions future receivables relating to positive marked to market
equity shares are valued at the break-up value if Non- Sovereign foreign currency Bonds are valued respectively in accordance with RBI Circular DOR. value of the said derivative contracts.
the latest balance sheet is available, else, at ` 1 per using either Composite Bloomberg Bond Trader MRG.42/21.04.141/2021-22 dated August 25, 2021. The Bank considers an account as restructured, where
company, as per relevant RBI guidelines. (CBBT) price, Bloomberg Valuation Service (BVAL) The first leg of the repo transaction is contracted at for economic or legal reasons relating to the borrower’s
At the end of each reporting period, security receipts price , Bloomberg Generic price (BGN) , Last the prevailing market rates. The difference between financial difficulty, the Bank grants concessions to the
issued by the asset reconstruction company are available CBBT pricing for the instrument or Proxy consideration amounts of first and second (reversal borrower, that the Bank would not otherwise consider.
valued in accordance with the guidelines applicable Bond Pricing from Bloomberg in the chronological of first) leg reflects interest and is recognized The moratorium granted to the borrowers based on
to such instruments, prescribed by RBI from time to order based on availability. as interest income/expense over the period RBI guidelines is not accounted as restructuring of loan.
time. Accordingly, in cases where the cash flows from of transaction. The RBI guidelines on ‘Resolution Framework for COVID-
Masala bonds are valued using either Composite
security receipts issued by the asset reconstruction Bloomberg Bond Trader (CBBT) price, Bloomberg 19-related Stress’ provide a prudential framework for
company are limited to the actual realization of g) Investment fluctuation reserve resolution plan of certain loans. The borrowers where
Valuation Service (BVAL) price or as per FIMMDA
the financial assets assigned to the instruments in guided valuation methodology for unquoted bonds With a view to building up of adequate reserves resolution plan was implemented under these guidelines
the concerned scheme, the Bank reckons the net in the chronological order based on availability. to protect against increase in yields, RBI through are classified as standard restructured.
asset value obtained from the asset reconstruction circular number RBI/2017-18/147 DBR.No.BP. In respect of non-retail loans reported as fraud to RBI
company from time to time, for valuation of such Special bonds such as oil bonds, fertilizer bonds, BC.102/21.04.048/2017-18 dated April 2, 2018,
UDAY bonds etc. which are directly issued by the entire amount, is provided for over a period not
investments at each reporting date. In case of advised all banks to create an IFR with effect from exceeding four quarters starting from the quarter
investment in Security Receipts on or after April Government of India (‘GOI’) is valued based on the FY 2018-19.
FBIL valuation. in which fraud has been detected. In respect of non-
01, 2017 which are backed by more than 50% of Transfer to IFR will be lower of the following retail loans where there has been delay in reporting
the stressed assets sold by the bank or 10% of the Equity shares in the Banks demat account, acquired (i) net profit on sale of investments during the the fraud to the RBI or which are classified as loss
stressed asset sold by the bank post April 01, 2018, through exercise of pledge, is not accounted as year or (ii) net profit for the year less mandatory accounts, the entire amount is provided immediately.
provision for depreciation in value is made at higher investments. Upon sale of the pledged shares, the appropriations; until the amount of IFR is at In case of fraud in retail accounts, the entire amount is
of - provisioning rate required in terms of net assets proceeds are utilized to offset the borrower’s liability least 2 percent of the HFT and AFS portfolio, on a provided immediately.
value declared by Reconstruction Company(RC)/ Non-performing investments are identified and continuing basis.
Securitization Company(SC) or the provisioning The Bank makes additional provisions as per RBI
depreciation / provision are made thereon based guidelines for the cases where viable resolution plan has
rate as per the extant asset classification and on the RBI guidelines. Based on management 17.5.3 Advances
provisioning norms as applicable to the underlying not been implemented within timelines prescribed by
assessment of impairment, The Bank additionally Accounting and classification RBI, from the date of default. These additional provisions
loans, assuming that the loan notionally continue creates provision over and above the RBI guidelines.
in the books of the Bank. All other investments in Advances are classified as performing and non- are written back on satisfying the conditions for reversal
The depreciation / provision on such non- as per RBI guidelines.
the Security Receipts are valued as per the NAV performing investments are not set off against performing based on the relevant RBI guidelines.
obtained from issuing RC/SC. the appreciation in respect of other performing Advances are stated net of specific provisions, interest As per the RBI guidelines a general provision is made on
Investments in quoted Mutual Fund (MF) Units are securities. Interest on non-performing investments in suspense, inter-bank participation certificates issued, all standard advances, including provision for borrowers
valued at the latest repurchase price/net asset value is not recognised in the Profit and Loss account until direct assignment and bills rediscounted. having unhedged foreign currency exposure and for
declared by the mutual fund. Investments in un- received in cash. Assets transferred through direct assignment of cash credit exposures computed as per the current marked
quoted MF Units are valued on the basis of the latest flows are de-recognised in the Balance Sheet when to market values of interest rate and foreign exchange
re-purchase price declared by the MF in respect of e) Profit/Loss on sale of Investments they are sold (true sale criteria being fully met with) and derivative contracts. The general provision also includes
each particular Scheme. consideration is received by the Bank. provision for stressed sector exposures and provision
Profit/Loss on sale of Investments in the HTM for incremental exposure of the banking system to a
Investment in listed instruments of Real Estate category is recognized in the profit and loss Provisioning specified borrower beyond Normally Permitted Lending
Investment Trust (REIT)/Infrastructure Investment account and profit thereafter is appropriated Provisions in respect of non-performing advances are Limit (NPLL) in proportion to bank’s funded exposure
Trust (INVIT) is valued at closing price on a (net of applicable taxes and statutory reserve made based on management’s assessment of the degree to specified borrower. Further, provision requirement
recognized stock exchange with the higher volumes. requirements) to Capital Reserve. Profit/Loss on of impairment of the advances, subject to the minimum under various Restructure scheme of RBI also forms
In case the instruments were not traded on any sale of investments in HFT and AFS categories is provisioning level prescribed in relevant RBI guidelines. part of general provision. Such provisions are included in
stock exchange within 15 days prior to date of recognized in the Profit and Loss account. The specific provision levels for retail non-performing Schedule 5 - ‘Other liabilities & provisions - Others’.
valuation, valuation is done based on the latest NAV assets are also based on the nature of product and
(not older than 1 year) submitted by the valuer. f) Accounting for repos / reverse repos/targeted In respect of restructured standard and non performing
delinquency levels. Specific provisions in respect of advances, provision is made for the present value of
Sovereign foreign currency bonds are valued using long-term repo operations (TLTRO) non-performing advances are charged to the Profit principal and interest component sacrificed at the time
Composite Bloomberg Bond Trader (CBBT) price Securities sold under agreements to repurchase and Loss account and included under Provisions and of restructuring the assets, based on the RBI guidelines.
or Bloomberg Valuation Service (BVAL) price or on (Repos) and securities purchased under agreements Contingencies. In relation to non-performing derivative
to resell (Reverse Repos) including liquidity contracts, as per the extant RBI guidelines, the Bank
292 293

As per requirement of RBI guideline, any interest accrued and Loss Account and correspondingly in other assets the settlement price and the resultant marked to market 14, 2007. Premium on option transaction is recognized
and due if converted into a loan (i.e. Funded Interest (representing positive Mark-to-Market) and in other profit / loss is daily set. as income/expense on expiry or early termination of the
Term Loan) then such income will be reversed and will be liabilities (representing negative Mark-to-Market (‘MTM’)) transaction. Mark to market (MTM) gain/loss (adjusted for
recognised on cash basis. on a gross basis. 17.5.5 Earnings per share premium received/paid on option contracts) is recorded
Accounts are written-off in accordance with the Bank’s Financial conduct authority (‘FCA’) of the United The Group reports basic and diluted earnings per equity under ‘Other Income’.
policies. Recoveries from bad debts written-off are Kingdom has phased out London interbank offered rate share in accordance with Accounting Standard (AS) 20, The amounts received/paid on cancellation of option
recognised in the Profit and Loss account and included (‘LIBOR’) on December 2021, replacing it by Alternate “Earnings per Share” notified under section 133 of the contracts are recognized as realized gains/losses on
under Provisions and Contingencies Reference rate (‘ARR’). Libor was used by the Bank as Companies Act 2013. Basic earnings per equity share options. Charges receivable/payable on cancellation/
In case of loans sold to asset reconstruction company, benchmark for funded as well as Non-funded exposure. have been computed by dividing net profit after tax termination of foreign exchange forward contracts and
if consideration is more than net book value, the Bank Accordingly, MIFOR (derived with LIBOR and forward for the year by the weighted average number of equity swaps are recognized as income/ expense on the date of
records the security receipts as investment at Net Book premium in forex markets) has also been replaced by shares outstanding for the period. cancellation/ termination under ‘Other Income’.
Value as per RBI guidelines. Modified MIFOR. Diluted earnings per equity share have been computed Valuation of Interest Rate Futures (IRF) is carried out on
The Bank has in place a Country Risk management policy RBI vide the press release CO.FMRD.DIRD. using the weighted average number of equity shares the basis of the daily settlement price of each contract
as part of its Board approved Credit policy, which is S39/14.02.001/2021-22 on July 08, 2021 has encouraged and dilutive potential equity shares options outstanding provided by the exchange.
based on extant regulatory guidelines and addresses the the Banks to cease entering into new financial contracts during the period except where the results are anti The requirement for collateral and credit risk mitigation
identification, measurement, monitoring and reporting that has reference LIBOR/MIFOR as a benchmark and -dilutive. on derivative contracts is assessed based on internal
of country risk. Countries are categorized into seven instead use widely accepted ARR. Bank has started credit policy. Overdue if any, on account of derivative
risk categories, viz. Insignificant, Low Risk, Moderately offering new transaction based on ARR curve w.e.f Jan 17.5.6 Accounting for derivative transactions transactions are accounted in accordance with extant
Low Risk, Moderate Risk, Moderately Risk, High Risk and 1, 2022 except existing underlying transactions linked to Derivative transactions comprises forward rate RBI guidelines.
Very High Risk. The Bank calculates direct and indirect LIBOR/MIFOR as permissible by the regulations. agreements, swaps and option contracts. The Bank As per the RBI guidelines on ‘Prudential Norms for Off-
country risk in line with the policy requirements. Indirect In accordance with AS 11 ‘The Effects of changes in undertakes derivative transactions for market making/ balance Sheet Exposures of Banks’ a general provision
exposure is reckoned at 50% of the exposure in case Foreign Exchange Rates’, contingent liabilities in respect trading and hedging on-balance sheet assets and is made on the current gross MTM gain of the contract
of countries where the net funded exposure exceeds of outstanding foreign exchange forward contracts, liabilities. All market making/trading transactions are for all outstanding interest rate and foreign exchange
1% of the Bank’s total assets. Further, if the net funded derivatives, guarantees, endorsements and other marked to market on a monthly basis and the resultant derivative transactions.
exposure of the Bank in respect of each country exceeds obligations are stated at the exchange rates notified by unrealized gains/losses are recognized in the profit and
1% of the Bank’s total assets, provisioning is required to FEDAI corresponding to the balance sheet date. loss account. The Bilateral Netting of Qualified Financial Contracts Act,
be made on exposure to such countries. Depending on 2020 (the Act), has been notified by the Government of
Both monetary and non-monetary foreign currency Derivative transactions that are undertaken for hedging India and subsequent to this the RBI through circular dated
the risk category of the country, provisioning is done on assets and liabilities of non-integral foreign operations are accounted for on accrual basis except for the
a graded scale ranging from 0.25% to 100%. March 30, 2021 allowed netting of the Qualified Financial
are translated at closing exchange rates notified by transaction designated with an asset or liability that is Contracts (QFC). The Bank shall work progressively on
FEDAI at the Balance Sheet date and the resulting profit / carried at market value or lower of cost or market value classification of multiple permissible transactions into
17.5.4 Transactions involving foreign exchange loss arising from exchange differences are accumulated in the financial statements, which are accounted similar to a netting set which may result in reduction in capital
Foreign currency income and expenditure items of in the Foreign Currency Translation Account until the the underlying asset or liability. requirement due to these transactions over the period.
domestic operations are translated at the exchange disposal of the net investment in the non-integral Cross currency interest rate swaps which are used by the
rates prevailing on the date of the transaction. Income foreign operations. Bank to hedge its foreign currency borrowings have been 17.5.7 Fixed assets
and expenditure items of integral foreign operations In accordance with the RBI clarification, the Bank designated as cash flow hedges (effective hedges) and are
are translated at the daily average closing rates and of Fixed assets are stated at cost less accumulated
does not recognise in the profit and loss account the measured at fair value. The corresponding gain or loss is depreciation, amortization and accumulated impairment
non-integral foreign operations (foreign branches) at the proportionate exchange gains or losses held in the recognised as cash flow hedge reserve. Further to match
monthly average closing rates. losses. Cost comprises the purchase price and any
foreign currency translation reserve on repatriation of profit/ loss on account of revaluation of foreign currency cost attributable for bringing the asset to its working
Premia/discounts on foreign exchange swaps, that are profits from overseas operations. borrowing, the corresponding amount is recycled from condition for its intended use. Subsequent expenditure
used to hedge risks arising from foreign currency assets Currency future contracts are marked to market daily cash flow hedge reserve to Profit and Loss account. incurred on assets put to use is capitalised only when it
and liabilities, are amortized over the life of the swap. using settlement price on a trading day, which is the The Bank follows the option premium accounting increases the future benefit /functioning capability from
Monetary foreign currency assets and liabilities are closing price of the respective future contracts on that framework prescribed by FEDAI SPL- circular dated Dec / of such assets.
translated at the balance sheet date at rates notified day. While the daily settlement prices is computed on
by the Foreign Exchange Dealers’ Association of India the basis of weighted average price of such contract,
(‘FEDAI’). Foreign exchange contracts are stated at the final settlement price is taken as the RBI reference
net present value using risk-free rates (‘RFRs’)/SWAP rate on the last trading day of the future contract or as
curves of the respective currencies with the resulting may be specified by the relevant authority from time to
unrealised gain or loss being recognised in the Profit time. All open positions are marked to market based on
294 295

17.5.8 Depreciation Options granted till March 31, 2021, the Group measures National Pension System (NPS)
Depreciation on fixed assets is provided on straight-line method, over estimated useful lives, as determined by the compensation cost relating to employee stock options The NPS is a defined contribution retirement plan.
management, at the rates mentioned below- using the intrinsic value method. Compensation cost is The primary objective is enabling systematic savings
measured by the excess, if any, of the fair market price and to provide retirees with an option to achieve
Useful life of Assets as per Useful life of Assets as per
Class of asset of the underlying stock (i.e. the last closing price on the financial stability. Pension contributions are invested
Companies Act, 2013 Group’s Accounting Policy
stock exchange on the day preceding the date of grant of in the pension fund schemes. The Bank has no liability
Owned Premises 60 years 60 years
stock options) over the exercise price. The exercise price for future fund benefits other than the voluntary
Office equipment 5 years 5 years
of the Bank’s stock option is the last closing price on the contribution made by employees who agree to
Computer hardware1 6 years 3 years
stock exchange on the day preceding the date of grant of contribute to the scheme.
Computer software * 6 years 4 years
Vehicles1 8 years 5 years
stock options and accordingly there is no compensation
Furniture and Fixtures 10 years 10 years
cost under the intrinsic value method. 17.5.11 Leases
Leasehold improvements to premises - Over the lease period or 9
Compensated absences Leases where the lessor effectively retains substantially
years whichever is less.
all risks and benefits of ownership are classified as
The employees of the Group are entitled to carry operating leases. Operating lease payments are
*As per RBI Guidelines.
forward a part of their unavailed/unutilized leave subject recognized as an expense in the profit and loss account
1 Based on technical evaluation, the management believes that the useful lives as given above best represent the period over which to a maximum limit. The employees cannot encash on a straight line basis over the lease term in accordance
management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part unavailed/unutilized leave. The Group provides for
C of Schedule II of the Companies Act 2013. with Accounting Standard -19, Leases.
leave encashment / compensated absences based on
an independent actuarial valuation at the Balance Sheet 17.5.12 Income taxes
• Asset costing up to ` 5,000 are fully depreciated in the 17.5.10 Employee benefits date, which includes assumptions about demographics,
year of purchase. Employee Stock Option Scheme (‘ESOS’) early retirement, salary increases, interest rates and Tax expense comprises current and deferred tax.
• For assets purchased/ sold during the year, leave utilisation. Current tax comprises of the amount of tax for the period
The Employee Stock Option Scheme (‘the Scheme’) determined in accordance with the Income-tax Act,
depreciation is being provided on pro rata basis by provides for the grant of options to acquire equity shares
the Bank. Gratuity 1961 and the rules framed there under. Deferred taxes
of The Group to its employees. The options granted to reflect the impact of timing differences between taxable
• Improvements to leasehold assets are depreciated employees vest in a graded manner and these may be The Group provides for gratuity, for all employees. The income and accounting income for the current year and
over the remaining period of lease exercised by the employees within specified periods. Gratuity is payable to an employee as per Payment of reversal of timing differences of earlier years and carry
• Reimbursement, if any, is recognised on receipt and is Measurement of the employee share-based payment Gratuity Act. The Group accounts for the liability for forward losses. Deferred tax assets and liabilities are
adjusted to the book value of asset and depreciated plans is done in accordance with the Guidance Note on future gratuity benefits using the projected unit cost recognised for the future tax consequences of timing
over the balance life of the asset Accounting for Employee Share-based Payments issued method based on annual actuarial valuation. differences between the carrying values of assets and
• Whenever there is a revision in the estimated useful by Institute of Chartered Accountants of India (ICAI) The defined gratuity benefit plans are valued by an liabilities and their respective tax bases, and operating
life of the asset, the unamortised depreciable amount and SEBI (Share Based Employee Benefits) Regulations, independent actuary as at the Balance Sheet date using loss carry forwards. Deferred tax assets and liabilities
is charged over the revised remaining useful life of the 2014. RBI, vide its clarification dated August 30, 2021 on the projected unit credit method as per the requirement are measured using the enacted or substantively
said asset Guidelines on Compensation of Whole Time Directors of AS-15, Employee Benefits, to determine the present enacted tax rates at the balance sheet date. The impact
/ Chief Executive Officers / Material Risk Takers and value of the defined benefit obligation and the related of changes in deferred tax assets and liabilities is
• The useful life of assets is based on historical Control Function Staff, advised Banks that the fair value service costs. Under this method, the determination recognised in the profit and loss account.
experience of the Bank, which is different from of share-linked instruments on the date of grant should is based on actuarial calculations, which include
the useful life as prescribed in Schedule II to the Deferred tax assets are recognized only to the extent
be recognized as an expense for all instruments granted assumptions about demographics, early retirement, there is reasonable certainty that the assets can
Companies Act, 2013. after the accounting period ending March 31, 2021. salary increases and interest rates. Actuarial gain or loss be realized in future. Deferred tax assets in case of
17.5.9 Impairment of assets Accordingly, the Group has changed its accounting policy is recognised in the Profit and Loss account. unabsorbed depreciation/ losses are recognized only if
from the intrinsic value method to the fair value method there is virtual certainty that such deferred tax asset can
The Bank assesses at each Balance Sheet date whether for all share-linked instruments granted after March 31, Provident fund
there is any indication that an asset may be impaired. be realized against future taxable profits. Deferred tax
2021. The fair value of the stock-based compensation All employees of the Group are covered under the assets are recognized and reassessed at each balance
Impairment loss, if any, is provided in the Profit and Loss is estimated on the date of grant using Black-Scholes
Account to the extent the carrying amount of assets Employees Provident Fund, a defined contribution plan sheet date based upon management’s judgement and
model is recognized as compensation expense over the in which both the employee and the Bank contribute appropriately adjusted to reflect the amount that is
exceeds their estimated recoverable amount. vesting period. monthly. Contribution to provident fund are recognized reasonably certain to be realised.
as expense as and when the services are rendered. The
Group has no liability for future provident fund benefits
other than its annual contribution.
296 297

17.5.13 Provisions and contingent assets/liabilities Provisions for liabilities on said reward points are made 17.6 CAPITAL 17.6.3 Employee Stock Option Plan (ESOP) Compensation
In accordance with AS 29, Provisions, Contingent based on the actuarial valuation report as furnished 17.6.1 Equity Issue Reserves
Liabilities and Contingent Assets, the Bank creates a by the said independent actuary and included in The Bank has transferred ` 90.45 million to ESOP
other liabilities. FY 2021-22
provision when there is a present obligation as a result Compensation Reserves during the year ended March
of a past event that probably requires an outflow of During FY 2021-22, the Bank has issued 47,000 equity 31, 2022 (Previous year: ` ‘Nil’).
resources and a reliable estimate can be made of the 17.5.17 Bullion shares of face value of `2 each pursuant to the exercise
amount of the obligation. The Bank imports bullion (gold and silver bars) on a of stock options by employees under the approved stock 17.6.4 Provisions and contingencies
consignment basis for selling to its customers. The option schemes.
Provisions are reviewed at each balance sheet date The breakup of provisions of the Group for the
and adjusted to reflect the current best estimate. If imports are typically based on a request of the client year ended March 31, 2022 and March 31, 2021 are
and are settled based on a back to back price fixing with FY 2020-21
it is no longer probable that an outflow of resources given below:
would be required to settle the obligation, the provision supplier and client. The Bank earns a fee on such bullion On July 23, 2020, the Bank issued 12,504,433,750 equity
(` in million)
is reversed. transactions. The fee is classified in other income. The shares of face value of ` 2 each for cash pursuant to FPO
Bank also deals in gold borrowing and lending and the aggregating to ` 14,872 crore (Accreted ` 12,371 crore as Particulars
March 31, 2022 March 31, 2021
A contingent liability is a possible obligation that arises interest paid/received thereon is classified as interest share premium net of share issue expenses). The Issue Provision for taxation 3,696.36 (12,728.47)
from past events whose existence will be confirmed expense / income respectively. was made through book building process in accordance Provision for 7,903.78 14,038.83
by the occurrence or non-occurrence of one or more with regulation 129(1) of the SEBI ICDR Regulations. The investments#
uncertain future events not wholly within the control of 17.5.18 Share issue expenses Bank has issued ‘Nil’ shares pursuant to the exercise of Provision for standard (251.53) 6,895.36
the Bank or a present obligation that arises from past stock options. advances
events that is not recognized because it is not probable Share issue expenses are adjusted from Share Premium
Provision made/write 7,185.19 70,447.66
that an outflow of resources will be required to settle Account in terms of Section 52 of the Companies
Movement in Share Capital off for non performing
the obligation or a reliable estimate of the amount of the Act, 2013. advances#
(` in million)
obligation cannot be made. The Bank does not recognize Other Provisions*# (34.94) 2,417.18
17.5.19 Segment information As at As at
a contingent liability but discloses its existence in the Share Capital TOTAL 18,498.87 81,070.55
March 31, 2022 March 31, 2021
financial statements. The disclosure relating to segment information is in Opening Share Capital 50,109.81 25,100.94
Contingent assets are not recognized in the financial accordance with AS-17, Segment Reporting and as per Addition due to exercise of 0.09 - #In compliance with the RBI circular dated August 30, 2021
guidelines issued by RBI. Stock Option (further updated on November 15, 2021), on Master Direction on
statements. However, contingent assets are assessed Financial Statements - Presentation and Disclosures, the Bank has
continually and if it is virtually certain that an inflow Addition due to shares - 25,008.87 regrouped/reclassified provision for depreciation on investments,
of economic benefits will arise, the asset and related 17.5.20 Priority Sector Lending Certificates (PSLCs) issued for QIP/FPO Foreign Currency Translation Reserve (FCTR) and bad debt recovery
Addition due to - - from written off accounts. Though there is no change in the net
income are recognized in the period in which the The Bank, in accordance with RBI circular FIDD.CO.Plan.
shares issued under profit/loss for the previous periods, the previous period figures
change occurs. BC.23/ 04.09.01/2015-16 dated April 7, 2016, trades in Reconstruction scheme regrouped/reclassified wherever necessary to conform to current
priority sector portfolio by selling or buying PSLCs. There Closing Share Capital 50,109.90 50,109.81 period classification.
17.5.14 Cash and Cash equivalents is no transfer of risks or loan assets in these transactions. * Other Provisions includes provision made against other assets.
Cash and cash equivalents include cash in hand, balances The fee paid for purchase of the PSLCs is treated as an 17.6.2 Proposed Dividend:
with RBI, balances with other banks and money at call ‘Expense’ and the fee received from the sale of PSLCs is 17.6.5 Income Taxes
treated as ‘Other Income’ and the same is amortised on During FY 2021-22, the Bank had not declared any
and short notice. dividend on equity shares. RBI vide circular dated April Provisions made for Income Tax during the year
a straight line basis over the life of the certificate.
22, 2021 allowed banks to pay dividend for the financial
17.5.15 Corporate social responsibility year ended March 31, 2021, subject to the quantum of (` in million)
17.5.21 Related Party Transactions
Expenditure towards corporate social responsibility, in dividend being not more than fifty percent of the amount For the year ended For the year ended
Particulars
accordance with Companies Act, 2013, are recognised in The Bank has formulated a policy on dealing with determined as per the dividend payout ratio prescribed
March 31, 2022 March 31, 2021
the Profit and Loss account. Related Party Transactions in terms of the provisions of in the RBI guidelines. However, during FY 2020-21, the
Current income tax - -
Section 188 of the Companies Act, 2013 and Regulation expense
Bank had reported a loss and as a consequence to that
23 of LODR Regulations, and the same is placed on the Deferred income tax 3,696.36 (12,728.47)
17.5.16 Debit and credit cards reward points the Bank had not declared any dividend. credit
Banks website.
The Bank estimates the probable redemption of TOTAL 3,696.36 (12,728.47)
debit and credit card reward points and cost per point
using actuarial valuation method by employing an
independent actuary, which includes assumptions such
as mortality, redemption and spends.
298 299

17.6.6 Staff retirement benefits (` in million) The assumptions used in accounting for the gratuity plan its annual contribution for the employees who agree to
For the year ended For the year ended are set out below: contribute to the scheme.
The following table sets out the funded status of the Particulars
March 31, 2022 March 31, 2021
Gratuity Plan and the amounts recognized in the Group’s Contributions 8.59 300.50 For the year ended For the year ended
Particulars Provident Fund (PF)
financial statements as of March 31, 2022 and March 31, March 31, 2022 March 31, 2021
Benefits paid (276.67) (165.05)
2021 which is as per AS-15 Employee Benefits (Revised): Discount Rate 5.15%~5.85% 5.45%~6.00% The Group has recognised in the profit and loss account
Actuarial gain/( loss) on 34.08 30.23
plan assets
Expected Return on 5.85%~7.00% 6.00%~7.00% ` 1,054.41 million for the year ended March 31, 2022
Changes in present value of Obligations: Plan Assets (March 31, 2021: ` 965.00 million) towards contribution
Fair value of plan assets 1,315.37 1,461.84
Mortality 100% of IALM IALM to the provident fund.
(` in million) at the end of the period
2012-14 (2012-14) Ult
As at As at
Particulars The Group has entire contribution of Gratuity Fund Future Salary Increases 6.00%~11.00% 6.00%~9.00%
March 31, 2022 March 31, 2021 Compensated absences
Present Value of 1,681.07 1,584.20 as Investments with Insurance Companies which are Disability - -
Obligation at the invested primarily in debt instruments as approved The Group has recognised ` 76.74 million in the profit and
Attrition 20%-50% 13%-38%
beginning of the year by IRDA. loss account for the year ended March 31, 2022 (March
Retirement 60 yrs 60 yrs
Interest Cost 100.66 94.99 31, 2021: ` 2.69 million) towards compensated absences.
Estimated rate of return on plan assets is based on Actuarial assumption on salary increase also takes into
Current Service Cost 295.32 310.32
the expected average long-term rate of return on consideration the inflation, seniority, promotion and 17.6.7 Segment Results
Past Service Cost - -
investments of the Fund during the estimated term of other relevant factors.
Benefits Paid (279.82) (165.05) the obligations Pursuant to the guidelines issued by RBI on AS-17
Actuarial (gain)/loss on (92.00) (143.39) (Segment Reporting) - Enhancement of Disclosures
Obligation Net gratuity cost for the year ended March 31, 2022 and Position of plan asset / liability dated April 18, 2007, effective from period ending
Present Value of 1,705.23 1,681.07 March 31, 2021 comprises the following components: (` in million) March 31, 2008, the following business segments have
Obligation at the end (` in million) For the year ended For the year ended been reported.
of the year For the year ended For the year ended
March 31, 2022 March 31, 2021
Particulars
March 31, 2022 March 31, 2021 Fair value of plan assets 1,315.43 1,461.84
at the end of the period
• Treasury: Includes investments, all financial markets
Changes in the fair value of plan assets: Current Service Cost 295.89 310.32
activities undertaken on behalf of the Group’s
Interest Cost 100.65 94.99 Present Value of 1,705.24 1,681.07
(` in million) customers, proprietary trading, maintenance of
Obligation at the end of
For the year ended For the year ended Expected Return on (87.54) (73.27)
Particulars the year reserve requirements and resource mobilisation from
March 31, 2022 March 31, 2021 plan assets
Plan asset / (liability) (389.81) (219.23) other banks and financial institutions.
Fair value of plan assets 1,461.84 1,222.89 Net Actuarial gain (125.99) (173.62)
at the beginning of the recognized in the year
The Group is yet to determine future contribution to • Corporate / Wholesale Banking: Includes lending,
year Past Service Cost - - deposit taking and other services offered to
Gratuity fund for Financial Year 2022-23.
Expected return on plan 87.53 73.27 Expenses recognized 183.02 158.42 corporate customers.
assets
National Pension Scheme • Retail Banking: Includes lending, deposit taking and
The Group has contributed ` 40.50 million for the year other services offered to retail customers.
ended March 31, 2022 (March 31, 2021: ` 31.08 million) to • Other Banking Operations: Includes para banking
Experience History: NPS for employees who had opted for the scheme. The activities like third party product distribution,
(` in million) Group has no liability for future fund benefits other than merchant banking etc.
For the year ended For the year ended For the year ended For the year ended For the year ended
March 31, 2022 March 31, 2021 March 31, 2020 March 31, 2019 March 31, 2018
Segmental results for the year ended March 31, 2022 are set out below:
(Gain)/Loss on (26.74) - (252.08) 57.48 (70.88)
obligation due (` in million)
to change in Corporate / Other Banking
Business Segments Treasury Retail Banking Total
assumption Wholesale Banking Operations
Experience (Gain)/ (126.45) (137.29) 47.97 (31.99) 113.80 Segment Revenue 62,669.63 95,022.75 78,567.39 4,885.40 241,145.18
Loss on obligation Add/ (Less): Inter-segment (16,910.00)
Actuarial Gain/(Loss) 34.08 30.23 (27.02) (26.51) (5.21) Exceptional Item
on plan assets Revenue net of inter- segment 224,235.18
Result 6,468.75 20,318.06 30.76 1,715.36 28,532.93
Unallocated Expenses (14,196.04)
Operating Profit 14,336.89
Income Taxes 3,696.36
Extra-ordinary Profit/(Loss) -
Net Profit 10,640.54
300 301

(` in million) 17.6.8 Related Party Disclosures

Corporate / Other Banking
Wholesale Banking Operations The Group has transactions with its related parties comprising of subsidiary, key management personnel and the
Other Information: relative of key management personnel
Segment assets 1,215,658.24 1,010,562.00 842,931.13 7,574.35 3,076,725.71
As per AS 18 “Related Party Disclosures”, notified under section 133 of the Companies Act 2013, read together with
Unallocated assets 109,051.64
paragraph 7 of the Companies (Accounts) Rules 2014, the Group’s related parties for the year ended March 31, 2022
Total assets 3,185,777.35
are disclosed below:
Segment liabilities 833,963.78 1,062,734.70 942,695.72 4,559.55 2,843,953.75
Unallocated liabilities 341,823.60
Total liabilities 3,185,777.35
Individuals having significant influence:
Other banking operations includes income from bancassurance business ` 1,785.54 million during year ended March • Mr. Prashant Kumar, Managing Director & CEO
31, 2022. Investing Company
Segmental results for the year ended March 31, 2021 are set out below: • Investing party - State Bank of India Limited (SBI)
(` in million)
Corporate / Other Banking Key Management Personnel (‘KMP’) (Whole time Director)
Wholesale Banking Operations
Segment Revenue 118,488.54 123,895.42 58,677.74 3,433.42 304,495.12
Less: Inter-segment (69,741.22) The following represents the significant transactions between the Bank and such related parties including relatives
Revenue net of inter- 234,753.90 of above mentioned KMP during the year ended March 31, 2022:
segment
(` in million)
Result 43,945.50 (53,903.38) (25,222.88) 962.58 (34,218.18)
Enterprise
Unallocated (13,399.57) Relatives of
Whole time where
Expenses whole time
Maximum directors / Maximum Maximum relative of
directors /
Operating Profit (47,617.75) Investing Balance individual Balance Balance whole time
Items / Related Party Category individual
Income Taxes (12,728.47) Party during the having during the during the director
having
year significant year year having
Extra-ordinary Profit/ - significant
influence significant
(Loss) influence
influence
Net Profit (34,889.28) Deposits # # # #
Other Information: Investment # #
Segment assets 908,441.58 1,048,233.58 662,044.76 4,736.88 2,623,456.80 Interest received #
Unallocated assets 112,477.62 Interest paid # #
Total assets 2,735,934.42 Receiving of services #
Segment liabilities 766,327.76 865,547.78 757,132.49 3,671.10 2,392,679.13 Receivable #
Unallocated liabilities 343,255.29 Payable #
Total liabilities 2,735,934.42 Funded/Non Funded #
Other banking operations includes income from bancassurance business ` 1,301.96 million during year ended March Exposure taken
31, 2021. Remuneration paid #
# As per RBI Circular, where there is only one entity in any category of related party, banks need not disclose any details pertaining to that
Notes for segment reporting:
related party other than the relationship with that related party
1. The business of the Group is concentrated largely in India. Accordingly, geographical segment results have not 1 As
per Accounting Standard 18 - Related Party Disclosure, State Bank of India Limited (SBI) is an investing company for YES Bank Limited
been reported in accordance with AS-17 (Segment Reporting). and YES BANK is associate of SBI.
2. In computing the above information, certain estimates and assumptions have been made by the Management
and have been relied upon by the auditors. During the year ended March 31, 2022, the Bank has contributed ‘Nil’ (previous year ‘Nil’) to YES Foundation. YES
3. Income, expense, assets and liabilities have been either specifically identified with individual segment or Foundation is an independent public charitable trust which undertakes social charitable activities. YES Foundation
allocated to segments on a systematic basis or classified as unallocated. does not qualify as Related Party, as defined under the Accounting Standard 18 - Related Party Disclosure and
RBI guidelines.
4. The unallocated assets includes tax paid in advance/tax deducted at source and deferred tax asset.
5. The unallocated liabilities include Share Capital and Reserves & Surplus.
6. Inter-segment transactions have been generally based on transfer pricing measures as determined by
the Management.
302 303

The following represents the significant transactions between the Bank and such related parties including relatives The difference between weighted average number of (ii) YBL Employee Stock Option Scheme, 2020 (YBL
of above mentioned KMP during the year ended March 31, 2021: equity shares outstanding between basic and diluted ESOS 2020) which is consisting of YBL Joining
(` in million)
in the above mentioned disclosure is on account of Employee Stock Option Plan, 2018 (JESOP 2018),
Enterprise
Maximum
Whole time Relatives of whole
where relative outstanding ESOPs. YBL Performance Employee Stock Option Plan,
directors / Maximum time directors Maximum
Items / Related Investing Balance
individual having Balance during / individual Balance during
of whole time
Basic earnings per equity share has been computed 2018 (PESOP 2018), YBL Performance Employee
Party Category Party during the director having
year
significant the year having significant the year
significant by dividing net profit for the year attributable to the Stock Option Plan, 2020 (PESOP 2020) and YBL
influence influence
influence
equity shareholders by the weighted average number of MD&CEO Stock Option Plan, 2020 (MD&CEO Plan
Deposits # # # #
equity shares outstanding for the year. Diluted earnings 2020). Effective September 10, 2020 nomenclature
Investment # # of the scheme was changed from YBL ESOS – 2018
Interest # per equity share has been computed by dividing
the net profit for the year attributable to the equity to YBL ESOS -2020 and all the plans under the said
received
Interest paid # # shareholders by the weighted average number of equity scheme continue to be valid. All new options have
Receivable # shares and dilutive potential equity shares options been granted under the YBL ESOS 2020 (which inter-
Payable # alia consist of JESOP 2018, PESOP 2018, PESOP 2020
Funded/Non # outstanding during the year, except where the results
are anti-dilutive. The dilutive impact is on account of and MD & CEO Plan 2020. YBL ESOS 2020 and plans
Funded
Exposure taken # stock options granted to employees by the Bank. There formulated thereunder are in compliance with the
is no impact of dilution on the profits in the current year SEBI (Share Based Employees Benefits) Regulations,
During the year ended March 31, 2021, the Bank has contributed ‘Nil’ (previous year ` 405.42 million) to YES Foundation. YES 2014 as amended from time to time. Source of
Foundation is an independent public charitable trust which undertakes social charitable activities. YES Foundation does and previous year.
shares are primary in nature, since the Bank has
not qualify as Related Party, as defined under the Accounting Standard 18 - Related Party Disclosure and RBI guidelines. been issuing new equity shares upon exercise
17.6.11 ESOP disclosures
of options.
17.6.9 Operating Leases YES Bank Limited
Grants under JESOP IV/PESOP I and JESOP V/ PESOP
Lease payments recognized in the profit and loss account for the year ended March 31, 2022 was ` 3,403.22 million The Bank has three Employee Stock Option Plans II -2010 had been discontinued w.e.f. June 12, 2018
(Previous year: ` 3,928.57 million). During the year ended March 31, 2022, the Group had paid minimum lease Schemes in operation viz: pursuant to coming into effect of YBL ESOS 2018.
payment ` 3,359.79 million (Previous year: ` 3,940.04 million). (i) YBL JESOP V/PESOP II (Consisting of three sub However, any options already granted under the
The following table sets forth, for the period indicated, the details of future rentals payment on operating leases: schemes JESOP V/ PESOP II/PESOP II -2010); and abovementioned plans would be valid in accordance
(` in million) with the terms & conditions mentioned in the plans.
As at As at
Lease obligations
March 31, 2022 March 31, 2021 In accordance with the various Employee Stock Option Plans/ Schemes of the Bank as mentioned above, the
Not later than one year 2,957.53 3,379.33 Employees can exercise the options granted to them from time to time:
Later than one year and not later than five years 10,190.29 10,285.96
Later than five years 11,433.36 12,661.96 JESOP/PESOP ESOP Scheme Exercise period
TOTAL 24,581.18 26,327.25 JESOP JESOP V 50% after 3 years and balance after 5 years
from the Grant date
The Group does not have any provisions relating to contingent rent.
JESOP 2018 50% after 3 years and balance after 5 years
The terms of renewal/purchase options and escalation clauses are those normally prevalent in similar agreements. from the Grant date
There are no undue restrictions or onerous clauses in the agreements. PESOP PESOP II – 2010 30%, 30% & 40% each year, from end of 3rd
year from the Grant date
17.6.10 Earnings Per Share (‘EPS’) PESOP 2018 30%, 30% & 40% each year, from end of 3rd
year from the Grant date
The Group reports basic and diluted earnings per equity share in accordance with Accounting Standard (AS) 20,
PESOP 2020 25% will vest at the end of 12, 24, 36, 42
“Earnings Per Share”. The dilutive impact is mainly due to stock options granted to employees by the Bank. months from the grant date
The computation of earnings per share is given below: MD & CEO Plan MD & CEO plan 2020 25% will vest at the end of 12, 24, 36, 42
(` in million) months from the grant date
Particulars
March 31, 2022 March 31, 2021 Options under all the aforesaid plans are granted for a term of 10 years (inclusive of the vesting period) and are
Basic (annualised) settled with equity shares being allotted to the beneficiary upon exercise.
Weighted average no. of equity shares outstanding 25,054,915,063 21,183,670,327
Net profit / (loss) (` ) 10,640.53 (34,889.28)
Basic earnings per share (` ) 0.42 (1.65)
Diluted (annualised)
Weighted average no. of equity shares outstanding 25,057,565,654 21,186,000,617
Net profit / (loss) (` ) 10,640.53 (34,889.28)
Diluted earnings per share (` ) 0.42 (1.65)
Nominal value per share (` ) 2 2
304 305

Summary of the status of the Bank’s stock option plans as on March 31, 2022 and March 31, 2021 is set out below: YES Securities India Ltd. has issued ESOP’s at fair value October 2, 2006, certain disclosures are required to be
as on issue date as per the discounted cashflow method. made relating to Micro, Small and Medium enterprises.
As at March 31, 2022 As at March 31, 2021
The ‘Employees cost’ for the YSIL for the year ended There have been ` 1,046.93 million (previous year ` 570.14
PESOP JESOP PESOP JESOP
March 31, 2022 is higher by ` 8.03 million and ‘Nil’ for the million) worth bills which were paid with delays to micro
Options outstanding at the beginning of 54,717,740 9,787,677 36,696,790 14,514,052
the year
year ended March 31, 2021. and small enterprises. There have been ` 26.72 million
Granted during the year 71,479,000 525,000 34,663,500 42,500
worth bills remained unpaid as at March 31, 2022. There
Exercised during the year 47,000 - - - 17.6.12 Deferred Taxation have been no demand of interest on these payments.
Forfeited / lapsed during the year 15,568,510 2,133,150 16,642,550 4,768,875 The deferred tax asset of ` 91,842.08 million as at March The above is based on the information available with the
Options outstanding at the end of the year 110,581,230 8,179,527 54,717,740 9,787,677 31, 2022 and ` 95,538.43 million as at March 31, 2021, Bank which has been relied upon by the auditors.
Options exercisable 16,986,335 5,663,277 12,952,555 6,318,927 is included under other assets and the corresponding
Weighted average exercise price (`) 13.50 - - - credits have been taken to the profit and loss account. 17.6.14 Provision for Long Term contracts
Weighted average remaining contractual 1.62 1.73 1.95 1.60
The components that give rise to the deferred tax asset The Group has a process whereby periodically all long
life of outstanding option (yrs) term contracts (including derivative contracts) are
included in the balance sheet are as follows:
The Bank has changed its accounting policy from the assessed for material foreseeable losses. At the year
For the year ended For the year ended (` in million)
intrinsic value method to the fair value method for all March 31, 2022 March 31, 2021 end, the Group has reviewed and recorded adequate
As at As at
share-linked instruments granted beginning from April
Particulars
March 31, 2022 March 31, 2021 provision as required under any law / accounting
Risk free interest rate 4.06%-6.75% 3.73%-6.21%
01, 2021. The fair value of the stock-based compensation Deferred tax asset standards for material foreseeable losses on such long
Expected life 1.5 yrs-7.5 yrs 1.5 yrs - 7.5 yrs
is estimated on the date of grant using Black-Scholes Depreciation 670.86 569.12 term contracts (including derivative contracts) in the
Expected volatility 41.73%-60.75% 43.18%-77.70%
model and is recognized as compensation expense over Provision for gratuity 429.29 367.57 books of account and disclosed the same under the
Expected dividends 1.10% 1.10% and unutilized leave
the vesting period. As a result, ‘Employees cost’ for the relevant notes in the financial statements.
In computing the above information, certain estimates Provision for Non- 49,668.84 47,645.19
year ended March 31, 2022 is higher by ` 82.4 million Performing Assets
and ‘Nil’ for the year ended March 31, 2021. The Bank has and assumptions have been made by the Management. 17.6.15 Credit / Debit card reward points
Amortization of 77.17 126.01
adopted the Fair Value method (based on Black- Scholes premium on HTM Provision for credit card and debit card reward points for
pricing model), for pricing and accounting of options for YES Securities India Ltd. (‘YSIL’) securities the year ended March 31, 2022.
the year ended March 31, 2022. If the Bank had adopted The employees of YSIL are granted stock options of the Business Loss 19,309.20 23,947.84 (` in million)
the Fair Value for all the options granted till March 31, YES Securities India Ltd. as below: Unabsorbed 914.39 914.39
Depreciation Particulars
2021, the net profit after tax would have been lower by March 31, 2022 March 31, 2021
- Employee Stock Option Scheme 2018 Provision for standard 4,795.27 4,858.57
` 175.95 million (the net loss after tax would have been Opening provision 451.99 342.86
advances
higher by ` 338.86 million in previous year), the basic - Performance Employee Stock Option Scheme 2020 Provision made during 235.27 144.35
Other Provisions 15,977.06 17,109.74
earnings per share would have been ` 0.42 (Previous The schemes include provisions for grant of options to the year
Deferred tax asset 91,842.08 95,538.43
year: ` (1.65)) per share instead of ` 0.43 (Previous year: eligible employees of the YSIL. All the aforesaid schemes Utilised/Write-back of (157.81) (35.22)
` (1.63)) per share; and diluted earnings per share would have been approved by the Board Remuneration The Group has a total deferred tax asset of ` 91,842.08 provision
have been ` 0.42 (Previous year: ` (1.66)) per share Committee and the Board of Directors. million as at March 31, 2022. During the year ended Closing provision 529.45 451.99
instead of ` 0.43 (Previous year: ` (1.65)) per share. March 31, 2022, the Group has reported net profit of
Options under all the aforesaid plans are granted for ` 10,640.53 million. The Group continues to carry such The valuation of credit card and debit card reward points is based
The following assumptions have been made for a term of 42 months (inclusive of the vesting period) deferred tax asset in its Balance Sheet, as basis financial on actuarial valuation method obtained from an independent
computation of the fair value of ESOP granted for the and are settled with equity shares being allotted to the projections approved by the Board of Directors, there is
actuary.
year ended March 31, 2022 and March 31, 2021: beneficiary upon exercise. reasonable certainty of having sufficient taxable income
to enable realization of the said deferred tax asset as 17.6.16 Corporate Social Responsibility (CSR)
A summary of the status of the YSIL stock option plans granted to employees as on 31 March 2022 is set out below: specified in Accounting Standard 22 (Accounting for Amount required to be spent by the Group on CSR during
Taxes on Income). The Group has opted to exercise the the year was ‘Nil’ (previous year ` ‘Nil’). Amount spent
As at 31st March 2022 As at 31st March 2021
Particulars option permitted under section 115BAA of the Income- towards CSR during the year and recognised as expense
PESOP JESOP PESOP JESOP
tax Act, 1961 as introduced by the Taxation Laws in the Profit and Loss account on CSR related activities is
Options outstanding at the beginning of - - - -
the year
(Amendment) Ordinance, 2019. Accordingly, the Group ‘Nil’ (previous year ` ‘Nil’).
Granted during the year 2,905,000 - - -
has recognised Provision for Income Tax basis the rate
Exercised during the year - - - - prescribed in the aforesaid section. 17.6.17 Net Overnight Open Position (NOOP) of the
Forfeited / lapsed during the year 740,000 - - - Group
Options outstanding at the end of the 2,165,000 - - - 17.6.13 Dues to Micro and Small Enterprises The Group’s Net Overnight Open Position (NOOP) is
year Under the Micro, Small and Medium Enterprises ` 1,868.11 million (March 31, 2021 ` 2,743.24 million).
Weighted average exercise price 12.43 - - - Development Act, 2006 which came into force from
306 307

17.6.18 Investor Education and Protection Fund or kind of funds) by the Bank to or in any other persons 17.6.21 Divergence in Asset Classification and Provisioning for NPAs
The unclaimed dividend amount due to be transferred to or entities, including foreign entities (“Intermediaries”) 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 Investor Education and Protection Fund (IEPF) during with the understanding, whether recorded in writing the divergences in asset classification and provisioning consequent to RBI’s annual supervisory process in their notes
the year ended March 31, 2022 and year ended March 31, or otherwise, that the Intermediary shall lend or to accounts to the financial statements, wherever either or both of the following conditions are satisfied: (a) the
2021 has been transferred without any delay. invest in party other persons or entities identified by additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and
or on behalf of the Bank (Ultimate Beneficiaries) or contingencies for the reference period and (b) the additional Gross NPAs identified by RBI exceed 15 per cent of the
17.6.19 Disclosure on borrowing and lending activities provide any guarantee, security or like on behalf of the published incremental Gross NPAs for the reference period.
Ultimate Beneficiaries.
The Bank, as part of its normal banking business, grants Based on the condition mentioned in RBI circular, no disclosure on divergence in asset classification and provisioning
loans and advances, makes investments, provides The Bank has also not received any fund from any for NPAs is required with respect to RBI’s supervisory process for FY2020 and FY2021.
guarantees to and accept deposits and borrowings persons or entities, including foreign entities (‘Funding
from its customers, other entities and persons. These Party’) with the understanding, whether recorded 17.6.22 Additional disclosure
transactions are part of the Bank’s normal banking in writing or otherwise, that the Bank shall whether,
directly or indirectly lend or invest in other persons or Additional statutory information disclosed in the separate financial statements of the Bank and subsidiaries having
business and are undertaken in accordance with the no material bearing on the true and fair view of the consolidated financial statements and the information pertaining
guidelines prescribed by the Reserve Bank of India. entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or to the items which are not material have not been disclosed in the consolidated financial statement.
Other than the transactions described above, no funds provide any guarantee, security or the like on behalf of
have been advanced or loaned or invested (either from the Ultimate Beneficiaries Prior period comparatives
borrowed funds or share premium or any other sources Previous year’s figures have been regrouped where necessary to conform to current year classification.
17.6.20 Description of contingent liabilities
Sr. Firm's Registration No. 101851W
Contingent Liabilities Brief
No.
1. Claims against The Group is a party to various legal and tax proceedings in the normal course of business. The Group Anagha Thatte Prashant Kumar Sunil Mehta Atul Bheda
the Group not does not expect the outcome of these proceedings to have a material adverse effect on the Group’s Partner Managing Director & CEO Chairman Director
acknowledged as debts financial conditions, results of operations or cash flows. Membership No. 105525 (DIN: 07562475) (DIN: 00065343) (DIN: 03502424)
2. Liability on account of The Group enters into foreign exchange contracts, currency options, forward rate agreements,
forward exchange and currency swaps and interest rate swaps with interbank participants and customers. Forward exchange
derivative contracts. 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 Vineet Saxena Mahesh Krishnamurti Niranjan Banodkar Shivanand R. Shettigar
of such foreign exchange contracts and derivatives provide a basis for comparison with instruments Partner Director Chief Financial Officer Company Secretary
recognized on the balance sheet but do not necessarily indicate the amounts of future cash flows Membership No. 100770 (DIN: 02205868)
involved or the current fair value of the instruments and, therefore, do not indicate the Group’s
exposure to credit or price risks. The derivative instruments become favorable (assets) or unfavorable Mumbai
(liabilities) as a result of fluctuations in market rates or prices relative to their terms. The aggregate April 30, 2022
contractual or notional amount of derivative financial instruments on hand, the extent to which
instruments are favorable or unfavorable and, thus the aggregate fair values of derivative financial
assets and liabilities can fluctuate significantly.
3. Guarantees given on As a part of its commercial banking activities the Bank issues documentary credit and guarantees on
behalf of constituents, behalf of its customers. Documentary credits such as letters of credit enhance the credit standing of
acceptances, the customers of the Bank. Guarantees generally represent irrevocable assurances that the Bank will
endorsements and make payments in the event of the customer failing to fulfill its financial or performance obligations.
other obligations
4. Other items for Purchase of securities pending settlement, capital commitments, amount deposited with RBI under
which the Group is Depositor Education Awareness Fund (DEAF), bill re-discounting, Foreign Exchange Contracts (Tom &
contingently liable Spot), undrawn partial credit enhancement facilities, When Issued (WI) securities
Refer Schedule 12 for amounts relating to contingent liability.
308 309
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.
2 Name of the subsidiary YES Securities (India) Limited
3 Reporting period for the subsidiary concerned, if different from the holding company’s NA
reporting period
4 Reporting currency and Exchange rate as on the last date of the relevant Financial year in NA
the case of foreign subsidiaries
5 Share capital 800,000
6 Reserves & surplus 260,900
7 Total assets 7,318,300
8 Total liabilities 6,257,400
9 Investments 74,300
10 Turnover 1,574,900
11 Profit/(Loss) before taxation 52,600
12 Provision for taxation -
13 Profit/(Loss) after taxation 52,600
14 Proposed Dividend -
15 % of shareholding 100%
1. Names of subsidiaries which are yet to commence operations – Nil

2. Names of subsidiaries which have been liquidated or sold during the year – On November 01, 2021, the Bank has
completed the sale of its entire stake in its wholly owned subsidiaries YES Asset Management (India) Limited and
YES Trustee Limited to GPL Finance and Investments Limited.
Part “B”: Asscociates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Asscoiate 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 01, 2015 on ‘Basel III Capital Regulations’
read together with RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines
on Capital Adequacy and Liquidity Standards – Amendments’ requires banks to make applicable Pillar 3 disclosures
including leverage ratio and liquidity coverage ratio on a consolidated basis under Basel III Framework. The Pillar
III disclosures have not been subjected to review or audit by the statutory auditors. The Bank has made these
disclosures which are available on its website at the following link.
https://www.yesbank.in/pdf?name=basel_iii_disclosure_mar_31_2022.pdf
310
YES BANK Limited
Regd. & Corporate Office
YES BANK House
Off Western Express Highway,
Santacruz East,
Mumbai - 400055, India
W: www.yesbank.in
T: +91 (22) 5091 9800; +91 (22) 6507 9800
F: +91 (22) 2619 2866
CIN: L65190MH2003PLC143249

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Embracing the New.

YES BANK LIMITED | Annual Report 2021-22

STATUTORY REPORTS Our technology transformation has significantly contributed

17.4% flexibility while reducing risk.

184-310 Capital Adequacy Ratio

60% Several aspects of our transformation are converging to

AT A GLANCE PRODUCTS & SERVICES

Milestones on the high-growth path Addressing diverse financial needs

YES Family Global Indian Retail Banking Rural and

Credit Cards Merchant Fintech Small and Micro

J 318,220 cr #1 24,346 1,122 Page 63 Page 64 D

#1 service for top ATMs / BNAs / CRMs

60% NEFT outward debit management

As the economy recovered from the blow of the COVID-19 pandemic,

Accordingly, the Bank’s key strategic objectives are as follows:

‘Bigger and Better’ Banker to the new age Be good,

A new beginning with

Dear Shareholders, EXTERNAL ENVIRONMENT

customer experiences and service differentiation. REIMAGINING THE BANK

MESSAGE FROM MANAGING DIRECTOR & CEO

Message from Managing Director & CEO

KEY PERFORMANCE INDICATORS

1,066 197,192 2.3 5.0

FY 2020-21 (3,462) FY 2020-21 162,947 FY 2020-21 2.8 FY 2020-21 6.0

FY 2019-20 (16,418) FY 2019-20 105,364 FY 2019-20 2.2 FY 2019-20 6.5

181,052 318,220 126.8 91.6

FY 2020-21 166,893 FY 2020-21 273,543 FY 2020-21 122.3 FY 2020-21 102.4

FY 2019-20 171,443 FY 2019-20 257,827 FY 2019-20 37.0 FY 2019-20 162.7

31.1 60.0 : 40.0 17.4 11.6

FY 2020-21 26.1 FY 2020-21 51.0 49.0 FY 2020-21 17.5 FY 2020-21 11.2

FY 2019-20 26.6 FY 2019-20 44.0 56.0 FY 2019-20 8.5 FY 2019-20 6.3

Retail MSME Corporate

13.9 4.5 3.2 0.4

FY 2020-21 15.4 FY 2020-21 5.9 FY 2020-21 (11.4) FY 2020-21 (1.3)

FY 2019-20 16.8 FY 2019-20 5.0 FY 2019-20 (81.8) FY 2019-20 (5.1)

OUR INTEGRATED APPROACH

Responsible banking Our value creation model

NATURAL HUMAN INTELLECTUAL FINANCIAL MANUFACTURED I SOCIAL &

Our value creation model

INPUT OUTPUT INPUT OUTPUT

Resources Emissions Employees Employees

Our value creation model

INPUT OUTPUT INPUT OUTPUT

Digital Mandates Capital Advances

Our value creation model

transition to green SCOPE 1

Emissions from diesel

Emissions from business

For more details on the Bank’s GHG emissions,

The Bank is also exploring the potential of using

*Estimated figures are unaudited

Working towards a Employees: Enabling a growth

Key Data Points for

HUMAN CAPITAL INTELLECTUAL CAPITAL

KEY D&I MEASURES

PEOPLE DEMOGRAPHICS – DIVERSITY

HEALTH AND WELLNESS TRAINING AND DEVELOPMENT

Market leader in the digital payments

Unified Payment Interface Immediate Payment Aadhaar Enabled Payment

FINANCIAL INCLUSION CUSTOMER SERVICE EXPERIENCE AND SATISFACTION

(g) Unclaimed Dividend and Transfer of Dividend and Shares to IEPF: