Yes Bank Limited announced that the bank has received a communication on July 05, 2024, from Reserve Bank of India (RBI) stating that RBI had imposed a monetary penalty of INR 10,000 on the Bank for non-exchange of mutilated notes. The same was observed during the visit by RBI official at one of the branches of the Bank. This penalty has been imposed under para 2.v. of the Master Circular no.

DCM (CC) No. G- 3/03.44.01/2024-25 dated April 01, 2024 on Scheme of Penalties for bank branches including Currency Chests based on performance in rendering customer service to the members of public. Details of the violation(s)/contravention(s) committed or alleged to be committed: Non-compliance with RBI requirement for non-exchange of mutilated notes at one of the branches of the Bank.