Yes Bank has dismissed reports of a ₹30 crore cyber fraud loss as false. The bank stated that its systems and security measures are normal and that no financial loss has been reported in the incident.
Did Yes Bank suffer huge losses due to cyber fraud?
Yes Bank had reportedly suffered a loss of approximately $3.4 million, or approximately ₹30 crore, due to cyber fraud. However, the bank has now dismissed this claim as completely false. The bank maintains that its security and systems are functioning normally and that it has not suffered any financial loss in this alleged cyber fraud.
In fact, a report by The Banker, a publication of the Financial Times Group, claimed that Yes Bank had suffered significant losses in a cyber fraud involving government accounts. According to the report, this incident occurred in late October 2026. However, Yes Bank stated that the information provided in the report is incorrect and does not reflect the actual situation.
What did the bank say while calling the report wrong?
In a statement, Yes Bank said that the media report did not accurately describe the incident. The bank has lodged its objection with the relevant media outlet and requested a retraction of the report. The bank stated that such false news could damage its image and cause unnecessary concern among customers, investors, and other stakeholders. The bank also stated that it is committed to maintaining banking security, operational reliability, and customer trust.
Controversy in AT-1 bond case too
This isn't the first time Yes Bank has responded to a report or allegation. Earlier this month, the bank also responded to allegations by Axis Trustee Services. This dispute relates to the Supreme Court's order to write off ₹8,415 crore worth of Additional Tier-1 (AT-1) bonds. Axis Trustee Services had alleged that the bank delayed restoring the bonds even after the court's order.
Axis Trustee Services had warned that if the bank did not provide proof of the bonds being reinstated and the necessary corporate actions completed within three days of its letter, it would take legal action. It also raised the possibility of contempt proceedings against the bank in this matter.
The bank also informed the stock exchange.
In a filing to the stock exchanges, Yes Bank said it had responded to Axis Trustee Services' letter dated October 28, which had requested the trustee to reissue the bonds and complete the necessary corporate action within three days.
In its response, the bank stated that it disagreed with the allegation that it deliberately disobeyed the Supreme Court's order. According to the bank, the matter was investigated and the impact of the decision assessed to ensure compliance with the Supreme Court's directives.
