Yes Bank Limited will participate in the Citi India Financials Investor Forum through virtual group and one-on-one meetings scheduled from September 21, 2026, to September 25, 2026.

The bank issued an advance intimation regarding the schedule under Regulation 30 read with clause 15 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made on September 16, 2026.

Meeting Details

The engagement will take place in a virtual mode. The bank noted that the schedule may undergo changes due to exigencies on the part of investors or the bank itself. A list of participants will be submitted after the investor meet concludes.

Regulatory Disclosure

The bank stated that no unpublished price-sensitive information is proposed to be shared during the meetings or calls. The information has been hosted on the bank's website pursuant to the Listing Regulations as amended.

Citi has flagged a structural shift in India's UPI payments framework, with the government introducing fee rails for larger merchant payments, effectively ending the zero-MDR-for-all regime that had governed the ecosystem.

Key changes under the new UPI MDR framework

Under the revised structure, peer-to-peer (P2P) transfers and approximately 96% of peer-to-merchant (P2M) volumes, covering transactions at or below ₹2,000, remain free of charge. Transactions above ₹2,000 will attract a merchant discount rate (MDR) of 0.4%, capped at ₹300 per transaction. The distributed fee is intended to fund network expansion rather than function as a government tax.

The table below summarises the key parameters of the new MDR structure:

Revenue and earnings impact

Citi estimates the banking ecosystem could gain ₹16,000-17,000 crore in annual revenue as a result of this change. At an individual bank level, Yes Bank is estimated to see a 6-12% boost to its profit before tax (PBT), reflecting its exposure to UPI-based merchant payment flows.

What the numbers show

The scope of the fee change is deliberately narrow: with approximately 96% of P2M volumes falling at or below the ₹2,000 threshold, the MDR applies only to a small share of total UPI transactions by volume. However, higher-value transactions above ₹2,000 tend to carry larger ticket sizes, which means the aggregate revenue potential for the banking ecosystem is material, as reflected in Citi's ₹16,000-17,000 crore annual revenue estimate. The framing of the fee as a network funding mechanism, rather than a fiscal measure, signals that the policy intent is to sustain infrastructure investment in the UPI ecosystem.