Yes Bank has been penalised ₹31.80 lakh by the Reserve Bank of India (RBI) for failing to implement a system using the KYC Identifier assigned by the Central KYC Records Registry. This penalty arises from the bank’s inability to establish an account-based relationship with customers as per regulatory requirements.
The communication regarding the penalty was received by Yes Bank on 8 May 2026. The RBI imposed the monetary penalty under the provisions of section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act, 1949. The bank’s non-compliance with these provisions led to this regulatory action.
The penalty highlights the importance of adhering to KYC norms and maintaining robust systems for customer verification. The use of KYC Identifiers is crucial in preventing fraud and ensuring the integrity of banking operations.
Yes Bank has disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The relevant details have been made available on the websites of BSE Limited and the National Stock Exchange of India Limited, as well as on the bank’s official website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).