Yes Bank's stock said on Friday, September 20, 2024, that it has received a notice from the Income Tax. This notice mentions a penalty. The bank's stock has fallen by 4 percent in three months. At the same time, the stock has given a return of 30 percent in a year.

On the exchange, the bank said that it   has received a notice from the Income Tax. This notice is for the assessment year 2018-2019. Under this, a fine of Rs 10,000 has also been imposed on the bank.

 

Apart from this, another news has come. Data from the National Payments Corporation of India (NPCI) shows that Axis Bank is poised to become the largest service bank in the UPI ecosystem. It is getting closer to Yes Bank and may gain the top spot before the end of September. Third-party UPI apps, called traps, need to partner with banks becoming PSPs to connect to NPCI servers to enable UPI transactions on their platforms. Axis Bank is growing rapidly in this. In August 2024, Yes Bank facilitated about 5.14 billion transactions as a PSP bank, while Axis Bank facilitated 5.13 billion transactions. The gap between the two banks has narrowed to 13 million from 1.5 billion a year ago. Google Pay, the country's second-largest UPI app, has seen a dramatic drop in its UPI market share from 44 percent to around 32-34 percent. Axis has been the primary PSP partner and this has resulted in a larger gap between the top two PSP banks in 2022. Google Pay has regained its market share to 37 per cent in the last year and a half.