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Investments

12 Months Ended

Mar. 31, 2018

Held for Trading

Investments

5. Investments, held for trading

The portfolio of trading securities as of March 31, 2017 and March 31, 2018 was as follows:

		As of March 31, 2017
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	18,230.8			Rs.	38.5			Rs.	1.5			Rs.	18,267.8
Other corporate/financial institution securities			17,106.4				5.1				15.6				17,095.9
Total		Rs.	35,337.2			Rs.	43.6			Rs.	17.1			Rs.	35,363.7
		As of March 31, 2018
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	25,962.2			Rs.	19.0			Rs.	8.0			Rs.	25,973.2
Other corporate/financial institution securities			49,982.3				62.8				0.4				50,044.7
Total debt securities		Rs.	75,944.5			Rs.	81.8			Rs.	8.4			Rs.	76,017.9
Other securities (including mutual fund units)			91,488.6				7.4				—				91,496.0
Total		Rs.	167,433.1			Rs.	89.2			Rs.	8.4			Rs.	167,513.9
Total		US$	2,571.5			US$	1.4			US$	0.1			US$	2,572.8

Available-for-Sale Securities

Investments

6. Investments, available for sale

The portfolio of available for sale securities as of March 31, 2017 and March 31, 2018 was as follows:

		As of March 31, 2017
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	1,528,484.8			Rs.	35,196.3			Rs.	2,811.3			Rs.	1,560,869.8
State government securities			90,652.8				5,537.0				—				96,189.8
Credit substitutes (see note 8)			419,320.5				957.9				737.8				419,540.6
Other corporate/financial institution bonds			10,653.0				83.5				12.1				10,724.4
Debt securities, other than asset and mortgage-backed securities			2,049,111.1				41,774.7				3,561.2				2,087,324.6
Mortgage-backed securities			114.1				5.9				—				120.0
Asset-backed securities			22,472.2				214.1				353.3				22,333.0
Other securities (including mutual fund units)			1,062.0				641.5				95.5				1,608.0
Total		Rs.	2,072,759.4			Rs.	42,636.2			Rs.	4,010.0			Rs.	2,111,385.6
Securities with gross unrealized losses														Rs.	431,324.6
Securities with gross unrealized gains															1,680,061.0
														Rs.	2,111,385.6
		As of March 31, 2018
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	1,748,761.0			Rs.	9,169.5			Rs.	16,843.9			Rs.	1,741,086.6
State government securities			123,426.9				2,349.7				729.0				125,047.6
Government securities outside India			4,223.8				—				6.8				4,217.0
Credit substitutes (see note 8)			325,159.3				495.3				1,623.1				324,031.5
Other corporate/financial institution bonds			8,226.0				0.1				59.0				8,167.1
Debt securities, other than asset and mortgage-backed securities			2,209,797.0				12,014.6				19,261.8				2,202,549.8
Mortgage-backed securities			82.2				2.8				0.1				84.9
Asset-backed securities			18,966.5				62.9				358.7				18,670.7
Other securities (including mutual fund units)			993.2				412.8				0.4				1,405.6
Total		Rs.	2,229,838.9			Rs.	12,493.1			Rs.	19,621.0			Rs.	2,222,711.0
Total		US$	34,247.3			US$	191.9			US$	301.4			US$	34,137.8
Securities with gross unrealized losses														Rs.	1,174,762.5
Securities with gross unrealized gains															1,047,948.5
														Rs.	2,222,711.0
														US$	34,137.8

AFS investments of Rs. 1,657,059.6 million and Rs. 1,866,134.2 million (US$ 28,661.3 million) as of March 31, 2017 and March 31, 2018, respectively, are eligible towards the Bank’s statutory liquidity reserve requirements. These balances are subject to withdrawal and usage restrictions towards the reserve requirements, but may be freely traded by the Bank. Of these investments, Rs. 1,200,857.2 million as of March 31, 2017 and Rs. 1,354,027.6 million (US$ 20,796.0 million) as of March 31, 2018, were kept as margins for clearing, collateral borrowing and lending obligation (CBLO), real time gross settlement (RTGS), with the Reserve Bank of India and other financial institutions.

The Bank evaluated the impaired investments and has fully recognized an expense of Rs. 54.9 million, Rs. 13.4 million and Rs. 149.1 million (USD 2.3 million) as other than temporary impairment in fiscal year 2016, 2017 and 2018, respectively, because the Bank intends to sell the securities before recovery of their amortized cost. The Bank is of the opinion that the other unrealized losses on its investments in equity and debt securities as of March 31, 2018 are temporary in nature. As of March 31, 2017 and March 31, 2018, the Bank did not hold any debt securities with credit losses for which a portion of other-than-temporary impairment was recognized in other comprehensive income.

The gross unrealized losses and fair value of available for sale securities at March 31, 2017 was as follows:

		As of March 31, 2017
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
										(In millions)
Government of India securities		Rs.	234,685.5			Rs.	2,811.3			Rs.	—			Rs.	—			Rs.	234,685.5			Rs.	2,811.3
Credit substitutes (see note 8)			178,908.2				737.8				—				—				178,908.2				737.8
Other corporate/financial institution bonds			3,521.0				12.1				—				—				3,521.0				12.1
Debt securities, other than asset and mortgage-backed securities			417,114.7				3,561.2				—				—				417,114.7				3,561.2
Mortgage-backed securities			—				—				—				—				—				—
Asset-backed securities			9,149.5				257.9				4,929.6				95.4				14,079.1				353.3
Other securities (including mutual fund units)			130.8				95.5				—				—				130.8				95.5
Total		Rs.	426,395.0			Rs.	3,914.6			Rs.	4,929.6			Rs.	95.4			Rs.	431,324.6			Rs.	4,010.0

The gross unrealized losses and fair value of available for sale securities at March 31, 2018 was as follows:

		As of March 31, 2018
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
										(In millions)
Government of India securities		Rs.	540,941.5			Rs.	8,852.9			Rs.	342,621.5			Rs.	7,991.0			Rs.	883,563.0			Rs.	16,843.9
State government securities			31,940.1				729.0				—				—				31,940.1				729.0
Government securities outside India			4,217.0				6.8				—				—				4,217.0				6.8
Credit substitutes (see note 8)			159,026.1				1,002.8				73,734.9				620.3				232,761.0				1,623.1
Other corporate/financial institution bonds			4,057.2				51.8				4,109.6				7.2				8,166.8				59.0
Debt securities, other than asset and mortgage-backed securities			740,181.9				10,643.3				420,466.0				8,618.5				1,160,647.9				19,261.8
Mortgage-backed securities			57.0				0.1				—				—				57.0				0.1
Asset-backed securities			8,331.9				213.1				5,706.1				145.6				14,038.0				358.7
Other securities (including mutual fund units)			19.6				0.4				—				—				19.6				0.4
Total		Rs.	748,590.4			Rs.	10,856.9			Rs.	426,172.1			Rs.	8,764.1			Rs.	1,174,762.5			Rs.	19,621.0
Total		US$	11,497.3			US$	166.8			US$	6,545.4			US$	134.6			US$	18,042.7			US$	301.4

The contractual residual maturity of available for sale debt securities other than asset and mortgage-backed securities as of March 31, 2018 is set out below:

		As of March 31, 2018
		Amortized Cost				Fair Value				Fair Value
		(In millions)
Within one year		Rs.	557,314.1			Rs.	557,374.5			US$	8,560.5
Over one year through five years			548,402.5				552,077.4				8,479.1
Over five years through ten years			762,418.9				754,268.7				11,584.5
Over ten years			341,661.5				338,829.2				5,204.0
Total		Rs.	2,209,797.0			Rs.	2,202,549.8			US$	33,828.1

The contractual residual maturity of available for sale mortgage-backed and asset-backed securities as of March 31, 2018 is set out below:

		As of March 31, 2018
		Amortized Cost				Fair Value				Fair Value
		(In millions)
Within one year		Rs.	9,939.6			Rs.	9,779.0			US$	150.2
Over one year through five years			8,987.0				8,802.4				135.2
Over five years through ten years			19.3				19.3				0.3
Over ten years			102.8				154.9				2.4
Total		Rs.	19,048.7			Rs.	18,755.6			US$	288.1

Gross realized gains and gross realized losses from sale of available for sale securities and dividends and interest on such securities are set out below:

		Fiscal year ended March 31,
		2016				2017				2018				2018
		(In millions)
Gross realized gains on sale		Rs.	5,942.0			Rs.	10,108.2			Rs.	11,433.8			US$	175.6
Gross realized losses on sale			(296.0	)			(502.0	)			(580.6	)			(8.9	)
Realized gains (losses), net			5,646.0				9,606.2				10,853.2				166.7
Dividends and interest			136,062.4				154,618.6				158,209.2				2,429.9
Total		Rs.	141,708.4			Rs.	164,224.8			Rs.	169,062.4			US$	2,596.6

Held-to-maturity Securities

Investments

7. Investments, held to maturity

There were no HTM securities as of March 31, 2017 and March 31, 2018.

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- Definition

The entire disclosure for investments, including all tables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 6
-Section 10
-Paragraph (c)
-Subparagraph (1)

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