Yes Bank has denied a report that it suffered a cyber fraud loss of nearly $3.4 million involving government accounts, and clarified that its systems are intact with no financial losses.
NEW DELHI — Yes Bank has denied a report that it suffered a cyber fraud loss of nearly $3.4 million involving government accounts, and clarified that its systems are intact with no financial losses.
The statement from the bank refuted the report by The Banker, a publication of the Financial Times Group, titled 'India on high alert after alleged $3.4mn cyber loss at Yes Bank', alleging that the incident had occurred at the end of October 2026, according to multiple reports.
Calling the claims factually incorrect, the bank said the report did not reflect the actual position and that the matter was taken to the media organisation, describing the factual inaccuracies and with demand for a retraction.
The lender said the publication of incorrect information was detrimental to its reputation and could create unwarranted concerns among stakeholders, as per reports.
"YES BANK remains committed to upholding the highest standards of banking security, operational integrity and customer trust," the bank said.
Earlier this month, Yes Bank rejected allegations of wilful disobedience levelled by Axis Trustee Services over the delay in reinstating Additional Tier-1 (AT-1) bonds worth Rs 8,415 crore, following the Supreme Court's order setting aside their write-off.
The lender, however, faces the prospect of contempt proceedings, with Axis Trustee Services warning that it would initiate legal action if the bonds were not restored within three days of its communication to the bank.
In a stock exchange filing, Yes Bank said it had responded to the trustee's letter of October 28, which sought reinstatement of the bonds and completion of all necessary corporate actions within three days.
In its response, the bank said it did not accept the trustee's characterisation of its conduct as wilful disobedience, adding that its examination of the matter and assessment of the consequences were aimed at ensuring compliance with the Supreme Court judgment.