Yes Bank Share: Big news for those who buy the bank's shares

YES BANK has received a tax demand notice of `244 Cr for AY2016-17. YES Bank has received an additional tax demand notice of ₹244.20 crore from the Income Tax Department. This demand has been raised after a recent rectification order. The bank says that this demand has been raised due to a calculation error and it will challenge it immediately.

The bank said in its statement that it has a strong legal basis in this matter and will take all necessary measures.

This did not have any effect on the shares of YES Bank in the stock market. Investors took this news calmly, as the bank has expressed confidence that the matter will be resolved soon. The bank says that it is reviewing this rectification order in depth, and will go to higher appeal authorities if needed. Let us tell you that restructuring is already going on in the bank. In June 2024, YES Bank laid off about 500 employees, who were in various departments such as wholesale, retail and branch banking. The move was aimed at increasing operational efficiency and focusing on digital banking. The affected employees were given a severance package equivalent to three months' salary. Increase in expenses:- YES Bank's operating expenses increased by 13% to Rs 2,657 crore in Q3FY25 (December quarter). Staff expenses also increased by 10% year-on-year to Rs 1,004 crore. As of the end of December 2024, the bank had a total of 28,995 employees, down from 29,571 employees in the previous quarter. Overall- YES Bank is taking rapid steps towards internal restructuring and cost control. These resignations of top management can lead to major changes in the future strategy and way of working of the bank. Investors and customers will now keep an eye on the next step of the bank.

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