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Investments (Tables) | 12 Months Ended
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Mar. 31, 2019
Credit Substitutes |
Available for Sale Securities Amortized Cost and Fair Value | The fair values of credit substitutes by type of instrument as of March 31, 2018 and March 31, 2019 were as follows:
|  | As of March 31, |
|  | 2018 |  |  | 2019 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In millions) |
Available for sale credit substitute debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  | Rs. | 290,893.5 |  |  | Rs. | 289,782.9 |  |  | Rs. | 247,869.1 |  |  | Rs. | 247,152.5 |
Commercial paper |  |  | 34,265.8 |  |  |  | 34,248.6 |  |  |  | 25,681.6 |  |  |  | 25,734.3 |
Total |  | Rs. | 325,159.3 |  |  | Rs. | 324,031.5 |  |  | Rs. | 273,550.7 |  |  | Rs. | 272,886.8 |
|  |  |  |  |  |  |  |  |  | US$ | 3,955.3 |  |  | US$ | 3,945.8 |
Held for Trading |
Portfolio of Trading Securities or Held for Trading Securities Amortized Cost Fair Value | The portfolio of trading securities as of March 31, 2018 and March 31, 2019 was as follows:
|  | 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 |  |  |  | 0.0 |  |  |  | 91,496.0 |
Total |  | Rs. | 167,433.1 |  |  | Rs. | 89.2 |  |  | Rs. | 8.4 |  |  | Rs. | 167,513.9 |
|  | As of March 31, 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 134,084.9 |  |  | Rs. | 163.2 |  |  | Rs. | 0.1 |  |  | Rs. | 134,248.0 |
Other corporate/financial institution securities |  |  | 33,990.6 |  |  |  | 15.8 |  |  |  | 1.1 |  |  |  | 34,005.3 |
Total debt securities |  | Rs. | 168,075.5 |  |  | Rs. | 179.0 |  |  | Rs. | 1.2 |  |  | Rs. | 168,253.3 |
Other securities (including mutual fund units) |  |  | 96,935.6 |  |  |  | 327.2 |  |  |  | 0.0 |  |  |  | 97,262.8 |
Total |  | Rs. | 265,011.1 |  |  | Rs. | 506.2 |  |  | Rs. | 1.2 |  |  | Rs. | 265,516.1 |
Total |  | US$ | 3,831.9 |  |  | US$ | 7.3 |  |  | US$ | 0.0 |  |  | US$ | 3,839.2 |
Available-for-Sale Debt Securities |
Available for Sale Securities Amortized Cost and Fair Value | The portfolio of available for sale debt securities as of March 31, 2018 and March 31, 2019 was as follows:
|  | 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 |  |  |  | 0.0 |  |  |  | 6.8 |  |  |  | 4,217.0 |
Credit substitutes (see note 7) |  |  | 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) (1) |  |  | 137.6 |  |  |  | 0.3 |  |  |  | 0.0 |  |  |  | 137.9 |
Total |  | Rs. | 2,228,983.3 |  |  | Rs. | 12,080.6 |  |  | Rs. | 19,620.6 |  |  | Rs. | 2,221,443.3 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,174,742.9 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,046,700.4 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 2,221,443.3 |
|  | As of March 31, 2019 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 2,147,934.6 |  |  | Rs. | 21,881.4 |  |  | Rs. | 9,834.9 |  |  | Rs. | 2,159,981.1 |
State government securities |  |  | 144,633.7 |  |  |  | 4,864.6 |  |  |  | 475.7 |  |  |  | 149,022.6 |
Government securities outside India |  |  | 7,201.6 |  |  |  | 3.3 |  |  |  | 0.0 |  |  |  | 7,204.9 |
Credit substitutes (see note 7) |  |  | 273,550.7 |  |  |  | 899.9 |  |  |  | 1,563.8 |  |  |  | 272,886.8 |
Other corporate/financial institution bonds |  |  | 3,925.0 |  |  |  | 30.9 |  |  |  | 6.3 |  |  |  | 3,949.6 |
Debt securities, other than asset and mortgage-backed securities |  |  | 2,577,245.6 |  |  |  | 27,680.1 |  |  |  | 11,880.7 |  |  |  | 2,593,045.0 |
Mortgage-backed securities |  |  | 56.3 |  |  |  | 1.0 |  |  |  | 0.4 |  |  |  | 56.9 |
Asset-backed securities |  |  | 38,827.1 |  |  |  | 165.0 |  |  |  | 122.2 |  |  |  | 38,869.9 |
Other securities (including mutual fund units) (1) |  |  | 1,376.3 |  |  |  | 0.3 |  |  |  | 0.0 |  |  |  | 1,376.6 |
Total |  | Rs. | 2,617,505.3 |  |  | Rs. | 27,846.4 |  |  | Rs. | 12,003.3 |  |  | Rs. | 2,633,348.4 |
Total |  | US$ | 37,847.2 |  |  | US$ | 402.6 |  |  | US$ | 173.6 |  |  | US$ | 38,076.2 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 799,718.5 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,833,629.9 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 2,633,348.4 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 38,076.2 |
(1) | The Bank adopted ASU 2016-01 and ASU 2018-03 as of April 1, 2018, resulting in a cumulative effect adjustment from AOCI to retained earnings for net unrealized gains on marketable equity securities AFS. The available-for sale category was eliminated for equity securities amortized cost Rs. 855.6 million and carrying value Rs. 1,267.7 million effective April 1, 2018. See note 2 (w)(ii) and note 14 to the Consolidated Financial Statements for additional details.
Unrealized loss position investments | The gross unrealized losses and fair value of available for sale debt 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 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 31,940.1 |  |  |  | 729.0 |
Government securities outside India |  |  | 4,217.0 |  |  |  | 6.8 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 4,217.0 |  |  |  | 6.8 |
Credit substitutes (see note 7) |  |  | 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 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 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) |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Total |  |  | Rs.748,570.8 |  |  |  | Rs.10,856.5 |  |  |  | Rs.426,172.1 |  |  |  | Rs.8,764.1 |  |  |  | Rs.1,174,742.9 |  |  |  | Rs.19,620.6 |
The gross unrealized losses and fair value of available for sale debt securities at March 31, 2019 was as follows:
|  | As of March 31, 2019 |  |  |  |  |  |  |
|  | 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. | 0.0 |  |  | Rs. | 0.0 |  |  | Rs. | 568,759.0 |  |  | Rs. | 9,834.9 |  |  | Rs. | 568,759.0 |  |  | Rs. | 9,834.9 |
State government securities |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 27,415.5 |  |  |  | 475.7 |  |  |  | 27,415.5 |  |  |  | 475.7 |
Government securities outside India |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Credit substitutes (see note 7) |  |  | 17,996.3 |  |  |  | 88.1 |  |  |  | 165,700.5 |  |  |  | 1,475.7 |  |  |  | 183,696.8 |  |  |  | 1,563.8 |
Other corporate/financial institution bonds |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 2,117.6 |  |  |  | 6.3 |  |  |  | 2,117.6 |  |  |  | 6.3 |
Debt securities, other than asset and mortgage-backed securities |  |  | 17,996.3 |  |  |  | 88.1 |  |  |  | 763,992.6 |  |  |  | 11,792.6 |  |  |  | 781,988.9 |  |  |  | 11,880.7 |
Mortgage-backed securities |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 45.7 |  |  |  | 0.4 |  |  |  | 45.7 |  |  |  | 0.4 |
Assetbacked securities |  |  | 14,191.2 |  |  |  | 48.9 |  |  |  | 3,492.7 |  |  |  | 73.3 |  |  |  | 17,683.9 |  |  |  | 122.2 |
Other securities (including mutual fund units) |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |
Total |  | Rs. | 32,187.5 |  |  | Rs. | 137.0 |  |  | Rs. | 767,531.0 |  |  | Rs. | 11,866.3 |  |  | Rs. | 799,718.5 |  |  | Rs. | 12,003.3 |
Total |  | US$ | 465.4 |  |  | US$ | 2.0 |  |  | US$ | 11,097.9 |  |  | US$ | 171.6 |  |  | US$ | 11,563.3 |  |  | US$ | 173.6 |
Debt securities, other than asset and mortgage-backed securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of available for sale debt securities other than asset and mortgage-backed securities as of March 31, 2019 is set out below:
|  | As of March 31, 2019 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 767,752.7 |  |  | Rs. | 769,080.4 |  |  | US$ | 11,120.3 |
Over one year through five years |  |  | 547,095.3 |  |  |  | 554,493.3 |  |  |  | 8,017.5 |
Over five years through ten years |  |  | 862,305.7 |  |  |  | 868,843.0 |  |  |  | 12,562.8 |
Over ten years |  |  | 400,091.9 |  |  |  | 400,628.3 |  |  |  | 5,792.8 |
Total |  | Rs. | 2,577,245.6 |  |  | Rs. | 2,593,045.0 |  |  | US$ | 37,493.4 |
Asset and Mortgage Backed Securities | Available-for-Sale Debt Securities |
Investments Classified by Contractual Maturity Date | The contractual residual maturity of available for sale mortgage-backed and asset-backed debt securities as of March 31, 2019 is set out below:
|  | As of March 31, 2019 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 19,027.9 |  |  | Rs. | 19,015.0 |  |  | US$ | 274.9 |
Over one year through five years |  |  | 19,812.5 |  |  |  | 19,836.4 |  |  |  | 286.8 |
Over five years through ten years |  |  | 13.2 |  |  |  | 13.0 |  |  |  | 0.2 |
Over ten years |  |  | 29.8 |  |  |  | 62.4 |  |  |  | 0.9 |
Total |  | Rs. | 38,883.4 |  |  | Rs. | 38,926.8 |  |  | US$ | 562.8 |
Realized Investment Gains Losses Net | Gross realized gains and gross realized losses from sale of available for sale debt securities and dividends and interest on such securities are set out below:
|  | Fiscal year ended March 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2019 |
|  | (In millions) |
Gross realized gains on sale |  | Rs. | 10,108.2 |  |  | Rs. | 11,433.8 |  |  | Rs. | 3,788.1 |  |  | US$ | 54.8 |
Gross realized losses on sale |  |  | (502.0 | ) |  |  | (580.6 | ) |  |  | (1,192.1 | ) |  |  | (17.3 | )
Realized gains (losses), net |  |  | 9,606.2 |  |  |  | 10,853.2 |  |  |  | 2,596.0 |  |  |  | 37.5 |
Dividends and interest |  |  | 154,618.6 |  |  |  | 158,209.2 |  |  |  | 190,992.5 |  |  |  | 2,761.6 |
Total |  | Rs. | 164,224.8 |  |  | Rs. | 169,062.4 |  |  | Rs. | 193,588.5 |  |  | US$ | 2,799.1 |

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