Yes Bank Launches One-Click GST Payment Facility Via NetBanking

Yes Bank, the sixth-largest private sector bank in India, strengthened its online banking services on Friday by announcing the opening of its Goods and Services Tax (GST) payment option. With the help of YES BANK's Retail and Corporate Internet Banking systems, as well as any of its many branches, corporates and sole proprietor enterprises can quickly and safely fulfil their tax obligations thanks to this initiative's direct connectivity with the GST portal.

This integration allows taxpayers to create GST challans on the official GST portal (www.gst.gov.in) and pay GST by choosing the "Over the Counter" payment option for tax payments across the bank's wide branch network or YES BANK NetBanking for instant online payments that ensure real-time approvals and downloadable e-challans.

Mr. Prashant Kumar, Managing Director & CEO, YES BANK, said "At YES BANK, customer delight is at the core of everything we do. With a digital-first approach driven by innovation, responsibility, and accountability, we strive to deliver seamless and efficient financial solutions. This mandate from Government of India & Reserve Bank of India - enabling a direct integration with the GST portal - is a testament to this vision of providing businesses with a fast, secure, transparent and hassle-free tax payment experience. By simplifying statutory payments, we aim to empower enterprises - small and large alike - to focus on growth, while we enhance efficiency in their financial journeys."

Important Features of the GST Payment System

As per Yes Bank, here are the key highlights of the GST payment system.

• Seamless Integration: Customers can generate and pay GST challans directly via YES BANK's NetBanking platform or over the counter at branches of YES BANK.
• Secure & Efficient: Real-time transaction confirmations, transparent and competitive fee structures, and an intuitive user interface.
• Universal Access: Open to YES BANK account holders and non-account holders, thereby widening the gateway for digital tax payments.
• Comprehensive Offering: Complements the Bank's existing suite of digital tax payment services, enabling a one-stop solution for financial compliance.

"YES BANK's new GST payment offering further strengthens its position as a key player in India's journey toward a digitally empowered and financially inclusive economy. By expanding the range of digital payment avenues for both individual run businesses and enterprises, the Bank reinforces its mission to deliver accessible and innovative financial solutions," said Yes Bank in a statement on Friday.

In its continuous attempts to recover its assets, Yes Bank revealed a noteworthy financial breakthrough on Thursday. As part of the previous NPA sale to JC Flowers Asset Reconstruction Company (ARC), the bank received Rs 82 crore from a single trust under the Security Receipts Portfolio. The bank has reported this transaction in compliance with SEBI's Listing Regulations since the amount exceeds the regulatory mandated level for materiality. In December 2022, Yes Bank sold its Non-Performing Asset (NPA) portfolio to JC Flowers ARC. This was a calculated move to get rid of high-risk assets and strengthen the bank's finances.

SES ESG Research Pvt. Ltd., an independent ESG rating agency registered with SEBI, awarded Yes Bank an Environmental, Social, and Governance (ESG) Score of 80.4 on March 11th, demonstrating the bank's continued dedication to sustainable banking. This is an improvement above its 2023 score of 78.4, which demonstrated the bank's steady advancement in ethical governance and environmental policies. In accordance with international ESG criteria, Yes Bank has confirmed its position as a progressive, open, and sustainability-focused organisation with an 80.4 score.