4. Investments, held for trading

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

Investments

5. Investments, available for sale debt securities

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.

AFS investments of Rs. 1,866,134.2 million and Rs. 2,309,003.7 million (US$ 33,386.4 million) as of March 31, 2018 and March 31, 2019, 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. 1,354,027.6 million as of March 31, 2018 and Rs. 1,634,673.3 million (US$ 23,636.1 million) as of March 31, 2019, were kept as margins for clearing, collateral borrowing and lending obligation (CBLO) and 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. 13.4 million, Rs. 149.1 million and Rs. 1,081.0 million (USD 15.6 million) as other than temporary impairment in fiscal year 2017, 2018 and 2019, 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 debt securities as of March 31, 2019 are temporary in nature. As of March 31, 2018 and March 31, 2019, 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 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

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

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

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

Investments

6. Investments, held to maturity

There were no HTM securities as of March 31, 2018 and March 31, 2019.