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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2019

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, 2018 and March 31, 2019 are summarized in the table below.

		As of March 31, 2018												As of March 31, 2019
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	0.0			Rs.	0.0			Rs.	519.9			Rs.	0.0			Rs.	0.0			Rs.	625.0
Funds managed by insurance company (2)			0.0				3,797.4				0.0				0.0				4,632.5				0.0
Funds managed by trust
— Government securities			0.0				106.0				0.0				0.0				106.6				0.0
— Debenture and bonds			0.0				372.4				0.0				0.0				320.1				0.0
— Others			90.7				0.0				0.0				37.1				0.0				0.0
Total		Rs.	90.7			Rs.	4,275.8			Rs.	519.9			Rs.	37.1			Rs.	5,059.2			Rs.	625.0

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 2018 and 2019.

		Funds managed by Insurance companies as of March 31,
		2018				2019				2019
		(In millions)
Particulars
Opening balance		Rs.	457.7			Rs.	519.9			US$	7.5
Realized interest credited to fund			40.6				36.7				0.5
Contribution during the period			93.2				88.6				1.3
Amount paid towards claim			(71.6	)			(20.2	)			(0.3	)
Closing balance		Rs.	519.9			Rs.	625.0			US$	9.0

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, 2018 and March 31, 2019:

		As of March 31,
		2018				2019				2019
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	5,225.6			Rs.	5,975.5			US$	86.4
Service cost			741.0				820.6				11.9
Interest cost			392.2				476.7				6.9
Actuarial(gains)/ losses			97.8				(46.4	)			(0.7	)
Benefits paid			(481.1	)			(572.9	)			(8.3	)
Projected benefit obligation, end of the period			5,975.5				6,653.5				96.2
Change in plan assets:
Fair value of plan assets, beginning of the period			3,902.2				4,573.4				66.1
Expected return on plan assets			297.4				347.4				5.0
Actuarial gains/(losses)			12.7				130.2				1.9
Actual return on plan assets			310.1				477.6				6.9
Employer contributions			842.2				1,023.7				14.8
Benefits paid			(481.1	)			(572.9	)			(8.3	)
Fair value of plan assets, end of the period			4,573.4				5,501.8				79.5
Funded Status		Rs.	(1,402.1	)		Rs.	(1,151.7	)		US$	(16.7	)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2017, March 31, 2018 and March 31, 2019 was comprised of the following components:

		Fiscal years ended March 31,
		2017				2018				2019				2019
		(In millions)
Service cost		Rs.	860.6			Rs.	741.0			Rs.	820.6			US$	11.9
Interest cost			454.6				392.2				476.7				6.9
Expected return on plan assets			(389.7)				(297.4)				(347.4)				(5.0	)
Actuarial (gains)/losses			287.6				85.1				(176.6	)			(2.6	)
Net gratuity cost*		Rs.	1,213.1			Rs.	920.9			Rs.	773.3			US$	11.2

* Effective April 1, 2018, the Bank adopted ASU 2017-07 Compensation- Retirement Benefits (Topic 715) -Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Accordingly, service cost is reported in the Consolidated Statements of Income in line Non-interest expense-salaries and staff benefits and other components of net benefit cost is reported in the Consolidated Statements of Income in line Non-interest expense –Administrative and other. The amendments have been applied retrospectively.

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2017				2018		2019
		(% per annum)
Discount rate*			6.8-8.1			7.4-8.0		7.2-8.4
Rate of increase in compensation levels of covered employees			5.0-12.0			5.0-11.0		5.0-9.0
Rate of return on plan assets			7.0-7.6			7.0-8.0		7.0-7.2
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) 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)
2020		Rs.	847.8
2021			713.9
2022			604.1
2023			527.1
2024			470.2
2025 - 2029			1,906.5

Schedule of Allocation of Plan Assets

As at March 31, 2019, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2019
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			76.9	%			15.7	%			36.0	%
Debenture and bonds			17.3	%			29.5	%			48.8	%
Equity securities			5.5	%			53.3	%			0.0
Other			0.3	%			1.5	%			15.2	%
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, 2019 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, 2018 and March 31, 2019:

		As of March 31,
		2018				2019				2019
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	722.2			Rs.	722.8			US$	10.5
Service cost			7.6				7.7				0.1
Interest cost			57.9				66.3				1.0
Actuarial (gains)/losses			22.6				6.5				0.1
Benefits paid			(87.5	)			(125.7	)			(1.8	)
Projected benefit obligation, end of the period			722.8				677.6				9.9
Change in plan assets:
Fair value of plan assets, beginning of the period			361.6				313.0				4.5
Expected return on plan assets			23.6				18.6				0.3
Actuarial gains/(losses)			5.9				4.8				0.1
Actual return on plan assets			29.5				23.4				0.4
Employer contributions			9.4				8.8				0.1
Benefits paid			(87.5	)			(125.7	)			(1.8	)
Fair value of plan assets, end of the period			313.0				219.5				3.2
Funded Status		Rs.	(409.8	)		Rs.	(458.1	)		US$	(6.7	)

Schedule of Net Benefit Costs

Net pension cost for the years ended March 31, 2017, March 31, 2018 and March 31, 2019 was comprised of the following components:

		As of March 31,
		2017				2018				2019				2019
		(In millions)
Service cost		Rs.	12.9			Rs.	7.6			Rs.	7.7			US$	0.1
Interest cost			53.4				57.9				66.3				1.0
Expected return on plan assets			(26.1	)			(23.6	)			(18.6	)			(0.3	)
Actuarial (gains)/losses			17.7				16.7				1.7				0.0
Net pension cost*		Rs.	57.9			Rs.	58.6			Rs.	57.1			US$	0.8

* Effective April 1, 2018, the Bank adopted ASU 2017-07 Compensation- Retirement Benefits (Topic 715) -Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Accordingly, service cost is reported in the Consolidated Statements of Income in line Non-interest expense-salaries and staff benefits and other components of net benefit cost is reported in the Consolidated Statements of Income in line Non-interest expense –Administrative and other. The amendments have been applied retrospectively.

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2017				2018				2019
		(% per annum)
Discount rate*			8.1				8.0				8.4
Rate of increase in compensation levels of covered employees			8.0				8.0				8.0
Rate of return on plan assets			7.0				7.0				7.0
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) 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)
2020		Rs.	107.7
2021			97.5
2022			54.2
2023			26.6
2024			42.8
2025-2029			117.5

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the said plan assets for the pension benefits as at March 31, 2019 is as follows:

Asset category		Funds managed by trust
Government securities			8.5	%
Debenture and bonds			91.5	%
Other			0.0	%
Total			100.0	%

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