RBL Bank Receives ₹173 Crore GST Demand Notice for Digital Banking Unit
RBL Bank received a GST demand notice of ₹173.09 crore for its Digital Banking unit for FY 2022-23. The bank believes it has grounds to contest the notice and does not expect a material adverse impact on its financials, citing favorable past rulings.
While the bank does not expect a material adverse impact, a GST demand of over ₹173 crore is a significant amount that could potentially affect financial operations if not successfully contested.
The bank has received a significant GST demand notice, which is negative. However, the bank believes it has strong grounds to contest and does not expect a material adverse impact, mitigating the negativity.
RBL Bank Limited has received a show cause notice (SCN) dated September 29, 2026, from the Assistant Commissioner of State Tax - Mumbai, under Section 73 of the Maharashtra Goods and Services Tax Act, 2017. The notice proposes a Goods and Services Tax (GST) demand of ₹1,73,08,68,535, including interest and penalty, for the financial year 2022-23. This demand relates to input tax credit availed by the Bank for its Digital Banking business vertical under a separate GST registration.
The Bank intends to submit its response to the show cause notice within the stipulated timelines. RBL Bank believes it has strong grounds to contest the matter based on its assessment, particularly citing favorable orders received from GST authorities on identical issues for FY 2018-19 and FY 2019-20. Consequently, the Bank does not anticipate any material adverse impact on its financial position, operations, or profitability from this notice.
In compliance with SEBI Listing Regulations, the information has been hosted on the Bank's website at www.rbl.bank.in. The Bank will ensure this information is recorded.
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