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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2015

Schedule of Allocation of Plan Assets

Plan investment assets for gratuity funds and the pension fund measured at fair value by level and in total as of March 31, 2014 and March 31, 2015 are summarized in the table below.

		As of March 31, 2014												As of March 31, 2015
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	0			Rs.	0			Rs.	404.0			Rs.	0			Rs.	0			Rs.	489.2
Funds managed by insurance company (2)			0				1,082.3				0				0				1,688.6				0
Funds managed by trust
— Government securities			0				113.6				0				0				130.2				0
— Debenture and bonds			0				441.3				0				0				440.9				0
— Others			164.7				0				0				99.0				0				0
Total		Rs.	164.7			Rs.	1,637.2			Rs.	404.0			Rs.	99.0			Rs.	2,259.7			Rs.	489.2
														US$	1.6			US$	36.3			US$	7.8

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below presents a reconciliation of all Plan investment assets measured at fair value using significant unobservable inputs (Level 3) during fiscal 2014 and 2015.

		Funds managed by Insurance companies as of March 31,
		2014				2015				2015
		(In millions)
Particular
Opening balance		Rs.	378.6			Rs.	404.0			US$	6.5
Realized interest credited to fund			31.5				0				0
Contribution during the period			131.5				140.8				2.2
Amount paid towards claim			(137.6	)			(55.6	)			(0.9	)
Closing balance		Rs.	404.0			Rs.	489.2			US$	7.8

Gratuity

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the gratuity plan and the amounts recognized in the Bank’s financial statements as of March 31, 2014 and March 31, 2015:

		As of March 31,
		2014				2015				2015
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	2,062.8			Rs.	2,374.3			US$	38.1
Service cost			388.8				504.7				8.1
Interest cost			178.7				182.4				2.9
Actuarial(gains)/ losses			(101.8	)			204.4				3.3
Benefits paid			(154.2	)			(159.9	)			(2.6	)
Projected benefit obligation, end of the period			2,374.3				3,105.9				49.8
Change in plan assets:
Fair value of plan assets, beginning of the period			1,302.3				1,726.0				27.7
Expected return on plan assets			121.1				166.2				2.7
Actuarial gains/(losses)			18.6				213.5				3.4
Actual return on plan assets			139.7				379.7				6.1
Employer contributions			438.2				483.0				7.8
Benefits paid			(154.2	)			(159.9	)			(2.6	)
Fair value of plan assets, end of the period			1,726.0				2,428.8				39.0
Funded Status		Rs.	(648.3	)		Rs.	(677.1	)		US$	(10.8	)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2013, March 31, 2014 and March 31, 2015 was comprised of the following components:

		Fiscal years ended March 31,
		2013				2014				2015				2015
		(In millions)
Service cost		Rs.	387.2			Rs.	388.8			Rs.	504.7			US$	8.1
Interest cost			130.6				178.7				182.4				2.9
Expected return on plan assets			(88.8	)			(121.1	)			(166.2	)			(2.7	)
Actuarial (gains)/ losses			(20.4	)			(120.4	)			(9.1	)			(0.1	)
Net gratuity cost		Rs.	408.6			Rs.	326.0			Rs.	511.8			US$	8.2

Schedule of Assumptions Used

The assumptions used in accounting for the gratuity plan are set out below:

		Fiscal years ended March 31,
		2013				2014				2015
		(% per annum)
Discount rate*			8.1				9.0				8.0
Rate of increase in compensation levels of covered employees			8.5				8.5				8.0
Rate of return on plan assets			8.0				8.0				8.0

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which includes benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2016		Rs.	175.0
2017			185.2
2018			202.0
2019			291.8
2020			337.3
2021-2025			1,170.2

Schedule of Allocation of Plan Assets

As at March 31, 2015, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2015
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			52.2	%			27.0	%			40.2	%
Debenture and bonds			29.9	%			13.6	%			45.1	%
Equity securities			5.5	%			53.7	%			0
Other			12.4	%			5.7	%			14.7	%
Total			100.0	%			100.0	%			100.0	%

* The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2015 are provided separately.

Pension

Schedule of Defined Benefit Plans Disclosures

The following table sets out the funded status of the pension plan and the amounts recognized in the Bank’s financial statements as of March 31, 2014 and March 31, 2015:

		As of March 31,
		2014				2015				2015
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	581.9			Rs.	588.9			US$	9.5
Service cost			7.7				10.2				0.2
Interest cost			48.4				43.7				0.7
Actuarial (gains)/losses			39.7				11.0				0.2
Benefits paid			(88.8	)			(79.4	)			(1.3	)
Projected benefit obligation, end of the period			588.9				574.4				9.3
Change in plan assets:
Fair value of plan assets, beginning of the period			488.8				479.9				7.7
Expected return on plan assets			38.7				36.0				0.6
Actuarial gains/(losses)			34.5				(23.8	)			(0.4	)
Actual return on plan assets			73.2				12.2				0.2
Employer contributions			6.7				6.4				0.1
Benefits paid			(88.8	)			(79.4	)			(1.3	)
Fair value of plan assets, end of the period			479.9				419.1				6.7
Funded Status		Rs.	(109.0	)		Rs.	(155.3	)		US$	(2.6	)

Schedule of Net Benefit Costs

Net pension cost for the year ended March 31, 2013, March 31, 2014 and March 31, 2015 was comprised of the following components:

		As of March 31,
		2013				2014				2015				2015
		(in millions)
Service cost		Rs.	13.2			Rs.	7.7			Rs.	10.2			US$	0.2
Interest cost			41.8				48.4				43.7				0.7
Expected return on plan assets			(40.0	)			(38.7	)			(36.0	)			(0.6	)
Actuarial (gains)/losses			85.1				5.2				34.8				0.6
Net pension cost		Rs.	100.1			Rs.	22.6			Rs.	52.7			US$	0.9

Schedule of Assumptions Used

The assumptions used in accounting for the pension plan are set out below:

		Fiscal years ended March 31,
		2013				2014				2015
		(% per annum)
Discount rate*			8.1				9.0				8.0
Rate of increase in compensation levels of covered employees			8.5				8.5				8.0
Rate of return on plan assets			8.0				8.0				8.0

* Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost.

Schedule of Expected Benefit Payments

The following benefit payments, which include benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2016		Rs.	79.1
2017			38.0
2018			76.7
2019			88.5
2020			76.2
2021-2025			225.7

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the said plan assets for the pension benefits as at March 31, 2015 is as follows:

Asset category		Funds managed by trust
Government securities			7.0	%
Debenture and bonds			78.2	%
Other			14.8	%
Total			100.0	%

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