ICICI Bank Limited has informed the Exchange regarding "Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015''
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ICICI Bank has received a Show Cause Notice from the Additional Commissioner of CGST and CEx., Mumbai East Commissionerate, raising a GST demand of about ₹216.27 crore (tax amount) plus applicable interest and penalty. The demand relates to GST on services provided by the bank to customers who maintain specified minimum balances in their accounts. The bank noted that it is already in litigation, including writ petitions, on similar issues raised in past orders and notices. The bank will file its reply within the prescribed timelines, and the matter is being disclosed because the cumulative amount crosses the materiality threshold.
This is an unresolved tax demand, not a confirmed liability, and the bank is actively contesting similar issues in court. At ~₹216 crore, the amount is small relative to ICICI Bank's overall size, so any immediate financial impact is limited, but it highlights ongoing regulatory friction around minimum balance-related services.