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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2018

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, 2017 and March 31, 2018 are summarized in the table below.

		As of March 31, 2017												As of March 31, 2018
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	—			Rs.	—			Rs.	457.7			Rs.	—			Rs.	—			Rs.	519.9
Funds managed by insurance company (2)			—				3,186.0				—				—				3,797.4				—
Funds managed by trust
— Government securities			—				114.7				—				—				106.0				—
— Debenture and bonds			—				444.2				—				—				372.4				—
— Others			61.2				—				—				90.7				—				—
Total		Rs.	61.2			Rs.	3,744.9			Rs.	457.7			Rs.	90.7			Rs.	4,275.8			Rs.	519.9
														US$	1.4			US$	65.7			US$	8.0

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 2017 and 2018.

		Funds managed by Insurance companies as of March 31,
		2017				2018				2018
		(In millions)
Particulars
Opening balance		Rs.	431.2			Rs.	457.7			US$	7.0
Realized interest credited to fund			47.8				40.6				0.6
Contribution during the period			124.4				93.2				1.4
Amount paid towards claim			(145.7	)			(71.6	)			(1.0	)
Closing balance		Rs.	457.7			Rs.	519.9			US$	8.0

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, 2017 and March 31, 2018:

		As of March 31,
		2017				2018				2018
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	3,590.6			Rs.	5,225.6			US$	80.3
Service cost			860.6				741.0				11.4
Interest cost			454.6				392.2				6.0
Actuarial(gains)/ losses			774.5				97.8				1.5
Benefits paid			(454.7	)			(481.1	)			(7.4	)
Projected benefit obligation, end of the period			5,225.6				5,975.5				91.8
Change in plan assets:
Fair value of plan assets, beginning of the period			2,879.3				3,902.2				59.9
Expected return on plan assets			389.7				297.4				4.6
Actuarial gains/(losses)			486.9				12.7				0.2
Actual return on plan assets			876.6				310.1				4.8
Employer contributions			601.0				842.2				12.9
Benefits paid			(454.7	)			(481.1	)			(7.4	)
Fair value of plan assets, end of the period			3,902.2				4,573.4				70.2
Funded Status		Rs.	(1,323.4	)		Rs.	(1,402.1	)		US$	(21.6	)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2016, March 31, 2017 and March 31, 2018 was comprised of the following components:

		Fiscal years ended March 31,
		2016				2017				2018				2018
		(In millions)
Service cost		Rs.	513.3			Rs.	860.6			Rs.	741.0			US$	11.4
Interest cost			256.1				454.6				392.2				6.0
Expected return on plan assets			(212.3	)			(389.7	)			(297.4	)			(4.6	)
Actuarial (gains)/losses			95.2				287.6				85.1				1.3
Net gratuity cost		Rs.	652.3			Rs.	1,213.1			Rs.	920.9			US$	14.1

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2016				2017		2018
		(% per annum)
Discount rate*			8.6			6.8- 8.1		7.4-8.0
Rate of increase in compensation levels of covered employees			8.0			5.0-12.0		5.0-11.0
Rate of return on plan assets			8.0			7.0-7.6		7.0-8.0
Mortality rates used are based on the published “Indian Assured Lives Mortality (2006-2008) Ultimate” table

* 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)
2019		Rs.	782.7
2020			567.5
2021			473.2
2022			423.4
2023			398.4
2024 - 2028			1,516.6

Schedule of Allocation of Plan Assets

As at March 31, 2018, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2018
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			76.9	%			18.0	%			34.2	%
Debenture and bonds			17.3	%			28.5	%			48.9	%
Equity securities			5.5	%			51.6	%			—
Other			0.3	%			1.9	%			16.9	%
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, 2018 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, 2017 and March 31, 2018:

		As of March 31,
		2017				2018				2018
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	696.8			Rs.	722.2			US$	11.1
Service cost			12.9				7.6				0.1
Interest cost			53.4				57.9				0.9
Actuarial (gains)/losses			25.3				22.6				0.3
Benefits paid			(66.2	)			(87.5	)			(1.3	)
Projected benefit obligation, end of the period			722.2				722.8				11.1
Change in plan assets:
Fair value of plan assets, beginning of the period			383.8				361.6				5.6
Expected return on plan assets			26.1				23.6				0.4
Actuarial gains/(losses)			7.6				5.9				0.1
Actual return on plan assets			33.7				29.5				0.5
Employer contributions			10.3				9.4				0.1
Benefits paid			(66.2	)			(87.5	)			(1.3	)
Fair value of plan assets, end of the period			361.6				313.0				4.9
Funded Status		Rs.	(360.6	)		Rs.	(409.8	)		US$	(6.2	)

Schedule of Net Benefit Costs

Net pension cost for the year ended March 31, 2016, March 31, 2017 and March 31, 2018 was comprised of the following components:

		As of March 31,
		2016				2017				2018				2018
		(In millions)
Service cost		Rs.	9.9			Rs.	12.9			Rs.	7.6			US$	0.1
Interest cost			44.9				53.4				57.9				0.9
Expected return on plan assets			(32.1	)			(26.1	)			(23.6	)			(0.4	)
Actuarial (gains)/losses			155.1				17.7				16.7				0.2
Net pension cost		Rs.	177.8			Rs.	57.9			Rs.	58.6			US$	0.8

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2016				2017				2018
		(% per annum)
Discount rate*			8.6				8.1				8.0
Rate of increase in compensation levels of covered employees			8.0				8.0				8.0
Rate of return on plan assets			8.0				7.0				7.0
Mortality rates used are based on the published “Indian Assured Lives Mortality (2006-2008) Ultimate” table

* 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)
2019		Rs.	105.1
2020			94.2
2021			62.1
2022			25.6
2023			41.3
2024-2028			109.2

Schedule of Allocation of Plan Assets

government securities and other corporate bonds. The weighted-average asset allocation of the said plan assets for the pension benefits as at March 31, 2018 is as follows:

Asset category		Funds managed by trust
Government securities			5.9	%
Debenture and bonds			78.9	%
Other			15.2	%
Total			100.0	%

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