Date: September 25, 2026
Regulatory & Legal Disclosure
ICICI Bank Limited received a show cause notice (SCN) under Section 73 of the West Bengal Goods and Services Tax Act, 2017 from the Joint Commissioner of Revenue, West Bengal on September 25, 2026, at 11:29 a.m.
The notice includes a Goods and Services Tax (GST) demand totaling ₹16,75,96,536 (Indian Rupees Sixteen Crore Seventy-Five Lakh Ninety-Six Thousand Five Hundred Thirty-Six). This amount is broken down as follows:
- Tax: ₹9,30,73,770 (Indian Rupees Nine Crore Thirty Lakh Seventy-Three Thousand Seven Hundred Seventy)
- Interest: ₹6,52,15,388 (Indian Rupees Six Crore Fifty-Two Lakh Fifteen Thousand Three Hundred Eighty-Eight)
- Penalty: ₹93,07,378 (Indian Rupees Ninety-Three Lakh Seven Thousand Three Hundred Seventy-Eight)
The demand pertains to services provided by the Bank to customers maintaining specified minimum balances in their accounts.
The Bank disclosed that it is already in litigation (including a writ petition) regarding similar issues raised in past orders/SCNs.
The aggregate/cumulative amount involved in this notice crosses the materiality threshold for regulatory disclosure under SEBI Listing Regulations.
The Bank stated it will file a reply to the SCN within the prescribed timelines.
Correspondence Details
The disclosure was made via letter addressed to:
- BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001
- National Stock Exchange of India Limited Listing Department, Exchange Plaza, 5th floor, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051
Copies were sent to:
- New York Stock Exchange
- SIX Swiss Exchange Limited
- Singapore Stock Exchange
- Japan Securities Dealers Association