Indian Overseas Bank — Others, 28-02-2025: Action(s) taken or orders passed

Indian Overseas Bank has received a demand for GST liability amounting to ₹699.52 crore, including interest and penalty, from the Deputy Commissioner (ST)-III, Chennai, related to the Assessment Year 2020-21. The penalty is ₹35.26 crore. The Bank maintains a strong legal stance against this demand, believing it lacks justification and will be overturned by appellate authorities. Given this perspective, the Bank expects no material impact on its financials or operations. Investors may see this as a positive outlook, reinforcing confidence in the Bank's legal strategy and overall stability.