RBL Bank receives ₹103 crore GST demand notice for input tax credit availed in FY21; shares lost over 1%

RBL Bank’s board of directors on Friday, August 28, disclosed that the institutional lender has received a goods and services tax (GST) demand notice for input tax credit availed for the financial year 2020-21, according to an exchange filing.

As per the NSE filing, the Assistant Commissioner of State Tax, Mumbai, imposed a GST demand notice of more than ₹103 crore (₹103,76,98,197) on the institutional lender in relation to input tax credit which was availed by RBL Bank.

The filing further mentioned that the input tax credit was availed under the separate GST registration obtained for its Digital Banking business vertical.

“The notice proposes a GST demand of ₹103,76,98,197, including interest and penalty, for the financial year 2020-21, in relation to input tax credit availed by the bank under the separate GST registration obtained for its Digital Banking business vertical,” RBL Bank informed the stock exchanges.

NSE data showed that RBL Bank shares ended 0.88% lower at ₹382 apiece, in comparison to ₹385.40 apiece at the previous equity market close. The company’s stock lost 1.4% during the intraday trading session.

On NSE, the trading volumes surged more than 993,000 equity shares during the market hours on Friday.

What does RBL plan to do?

In response to the GST notice, RBL Bank informed the stock exchanges and shareholders that it will submit a response to the show cause notice and challenge the GST order within the prescribed timelines.

The decision to contest the GST order in front of the relevant authorities comes based on the bank’s assessment, including favourable orders received from the GST authorities on an identical issue for FY 2018-19 and FY 2019-20.

“The bank believes that it has adequate grounds to contest the matter on merits,” said RBL Bank in its exchange filing.

On the financial impact front, the lender said that at this stage RBL Bank does not reasonably expect the matter to have any material adverse impact on its operations or financial position.

RBL Bank share price trend

NSE data showed that RBL Bank shares have delivered more than 134% returns on their investment in the last five years, over 64% gains in the last three years, and more than 52% returns to investors in the past one-year period.

On a year-to-date (YTD) basis, the lender’s stock has gained 21% in 2026 and is up 4.6% in the last one-month period. According to the exchange data, RBL Bank stock was trading 2.7% lower in the last five market sessions.

Shares of RBL Bank surged to their 52-week high of ₹394.50 apiece on August 24, 2026, while the 52-week low was at ₹243.25 apiece on August 28, 2025. The institutional lender’s market capitalisation (m-cap) was at ₹59,051 crore as of the trading session on Friday, August 28, 2026.