Yes Bank Denies $3.4 Million Cyber Fraud Loss, Claims Systems Are Secure
Yes Bank refutes claims of a $3.4 million cyber fraud loss, asserting its systems are secure and no financial damage occurred.
New Delhi, November 14 (Daily Kiran) : Yes Bank has dismissed reports claiming the bank suffered a loss of approximately $3.4 million from a cyber fraud linked to government accounts. The bank emphasized that its systems remain fully secure and that it has not experienced any financial damage.
The bank’s statement comes in response to an article published by ‘The Banker’, a Financial Times Group outlet, titled “India on High Alert After Alleged $3.4 Million Cyber Loss at Yes Bank.” The report suggested that the incident occurred at the end of October 2026.
Refuting these claims, Yes Bank stated that the report did not accurately reflect the situation. The bank has contacted the media outlet to address the inaccuracies and has requested a retraction of the report.
Yes Bank expressed concern that the dissemination of false information could harm its reputation and create unnecessary anxiety among stakeholders. The bank reiterated its commitment to maintaining the highest standards of banking security, operational integrity, and customer trust.
Earlier this month, Yes Bank also rejected allegations made by Axis Trustee Services regarding willful non-compliance with directives related to the reinstatement of ₹8,415 crore in Additional Tier-1 (AT-1) bonds. This issue arose after the Supreme Court ordered the reinstatement of the bonds, overturning a previous write-off decision.
However, the bank now faces potential contempt of court, as Axis Trustee Services warned that legal action would commence if the bonds are not reinstated within three days of their communication.
In a notice to the stock exchange, Yes Bank confirmed that it responded to the trustee’s letter on October 28. The trustee had requested the reinstatement of the bonds and the completion of all necessary corporate actions within a three-day timeframe.
In its response, Yes Bank stated it does not accept the characterization of its actions as willful non-compliance. The bank indicated that it has conducted an investigation and assessed the outcomes to ensure full compliance with the Supreme Court’s decision.
