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v3.20.2

Investments (Tables) | 12 Months Ended
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Mar. 31, 2020
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, 2019 and March 31, 2020 were as follows:
|  | As of March 31, |
|  | 2019 |  |  | 2020 |
|  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
|  | (In millions) |
Available for sale credit substitute debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  | Rs. | 247,869.1 |  |  | Rs. | 247,152.5 |  |  | Rs. | 236,717.2 |  |  | Rs. | 237,980.3 |
Commercial paper |  |  | 25,681.6 |  |  |  | 25,734.3 |  |  |  | 124,024.3 |  |  |  | 124,393.4 |
Total |  | Rs. | 273,550.7 |  |  | Rs. | 272,886.8 |  |  | Rs. | 360,741.5 |  |  | Rs. | 362,373.7 |
|  |  |  |  |  |  |  |  |  | US$ | 4,785.0 |  |  | US$ | 4,806.7 |
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, 2019 and March 31, 2020 was as follows:
|  | 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 |  |  |  | — |  |  |  | 97,262.8 |
Total |  | Rs. | 265,011.1 |  |  | Rs. | 506.2 |  |  | Rs. | 1.2 |  |  | Rs. | 265,516.1 |
|  | As of March 31, 2020 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 207,131.4 |  |  | Rs. | 592.9 |  |  | Rs. | 17.2 |  |  | Rs. | 207,707.1 |
Other corporate/financial institution securities |  |  | 4,495.9 |  |  |  | 7.1 |  |  |  | 32.5 |  |  |  | 4,470.5 |
Total debt securities |  | Rs. | 211,627.3 |  |  | Rs. | 600.0 |  |  | Rs. | 49.7 |  |  | Rs. | 212,177.6 |
Other securities (including mutual fund units) |  |  | 92,683.9 |  |  |  | 101.4 |  |  |  | — |  |  |  | 92,785.3 |
Total |  | Rs. | 304,311.2 |  |  | Rs. | 701.4 |  |  | Rs. | 49.7 |  |  | Rs. | 304,962.9 |
Total |  | US$ | 4,036.5 |  |  | US$ | 9.3 |  |  | US$ | 0.7 |  |  | US$ | 4,045.1 |
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, 2019 and March 31, 2020 was as follows:
|  | 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 |  |  |  | — |  |  |  | 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 |  |  |  | — |  |  |  | 1,376.6 |
Total |  | Rs. | 2,617,505.3 |  |  | Rs. | 27,846.4 |  |  | Rs. | 12,003.3 |  |  | Rs. | 2,633,348.4 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 799,718.5 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,833,629.9 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 2,633,348.4 |
(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.
|  | As of March 31, 2020 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 2,637,464.4 |  |  | Rs. | 52,630.0 |  |  | Rs. | 1,491.6 |  |  | Rs. | 2,688,602.8 |
State government securities |  |  | 177,055.9 |  |  |  | 11,337.7 |  |  |  | — |  |  |  | 188,393.6 |
Government securities outside India |  |  | 8,367.0 |  |  |  | 48.4 |  |  |  | — |  |  |  | 8,415.4 |
Credit substitutes (see note 7) |  |  | 360,741.5 |  |  |  | 2,309.5 |  |  |  | 677.3 |  |  |  | 362,373.7 |
Other corporate/financial institution bonds |  |  | 29,710.9 |  |  |  | 212.8 |  |  |  | 409.6 |  |  |  | 29,514.1 |
Debt securities, other than asset and mortgage-backed securities |  |  | 3,213,339.7 |  |  |  | 66,538.4 |  |  |  | 2,578.5 |  |  |  | 3,277,299.6 |
Mortgage-backed securities |  |  | 37.3 |  |  |  | 0.8 |  |  |  | — |  |  |  | 38.1 |
Asset-backed securities |  |  | 125,931.2 |  |  |  | 1,746.0 |  |  |  | 150.0 |  |  |  | 127,527.2 |
Other securities (including mutual fund units) |  |  | 1,424.1 |  |  |  | 0.2 |  |  |  | — |  |  |  | 1,424.3 |
Total |  | Rs. | 3,340,732.3 |  |  | Rs. | 68,285.4 |  |  | Rs. | 2,728.5 |  |  | Rs. | 3,406,289.2 |
Total |  | US$ | 44,312.6 |  |  | US$ | 905.8 |  |  | US$ | 36.2 |  |  | US$ | 45,182.2 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 300,932.1 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,105,357.1 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 3,406,289.2 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 45,182.2 |
Unrealized loss position investments | 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. | — |  |  | Rs. | — |  |  | Rs. | 568,759.0 |  |  | Rs. | 9,834.9 |  |  | Rs. | 568,759.0 |  |  | Rs. | 9,834.9 |
State government securities |  |  | — |  |  |  | — |  |  |  | 27,415.5 |  |  |  | 475.7 |  |  |  | 27,415.5 |  |  |  | 475.7 |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
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 |  |  | — |  |  |  | — |  |  |  | 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 |  |  | — |  |  |  | — |  |  |  | 45.7 |  |  |  | 0.4 |  |  |  | 45.7 |  |  |  | 0.4 |
Asset-backed securities |  |  | 14,191.2 |  |  |  | 48.9 |  |  |  | 3,492.7 |  |  |  | 73.3 |  |  |  | 17,683.9 |  |  |  | 122.2 |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 32,187.5 |  |  | Rs. | 137.0 |  |  | Rs. | 767,531.0 |  |  | Rs. | 11,866.3 |  |  | Rs. | 799,718.5 |  |  | Rs. | 12,003.3 |
The gross unrealized losses and fair value of available for sale debt securities at March 31, 2020 was as follows:
|  | As of March 31, 2020 |  |  |  |  |  |  |
|  | 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. | 24,492.8 |  |  | Rs. | 69.8 |  |  | Rs. | 158,735.8 |  |  | Rs. | 1,421.8 |  |  | Rs. | 183,228.6 |  |  | Rs. | 1,491.6 |
State government securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Government securities outside India |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Credit substitutes (see note 7) |  |  | 38,039.9 |  |  |  | 481.2 |  |  |  | 18,680.4 |  |  |  | 196.1 |  |  |  | 56,720.3 |  |  |  | 677.3 |
Other corporate/financial institution bonds |  |  | 18,626.2 |  |  |  | 409.6 |  |  |  | — |  |  |  | — |  |  |  | 18,626.2 |  |  |  | 409.6 |
Debt securities, other than asset and mortgage-backed securities |  |  | 81,158.9 |  |  |  | 960.6 |  |  |  | 177,416.2 |  |  |  | 1,617.9 |  |  |  | 258,575.1 |  |  |  | 2,578.5 |
Mortgage-backed securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Asset-backed securities |  |  | 41,510.7 |  |  |  | 144.7 |  |  |  | 846.3 |  |  |  | 5.3 |  |  |  | 42,357.0 |  |  |  | 150.0 |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 122,669.6 |  |  | Rs. | 1,105.3 |  |  | Rs. | 178,262.5 |  |  | Rs. | 1,623.2 |  |  | Rs. | 300,932.1 |  |  | Rs. | 2,728.5 |
Total |  | US$ | 1,627.1 |  |  | US$ | 14.7 |  |  | US$ | 2,364.5 |  |  | US$ | 21.5 |  |  | US$ | 3,991.6 |  |  | US$ | 36.2 |
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, 2020 is set out below:
|  | As of March 31, 2020 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 1,112,389.9 |  |  | Rs. | 1,115,946.4 |  |  | US$ | 14,802.3 |
Over one year through five years |  |  | 838,625.0 |  |  |  | 861,818.8 |  |  |  | 11,431.5 |
Over five years through ten years |  |  | 916,798.3 |  |  |  | 946,302.3 |  |  |  | 12,552.1 |
Over ten years |  |  | 345,526.5 |  |  |  | 353,232.1 |  |  |  | 4,685.4 |
Total |  | Rs. | 3,213,339.7 |  |  | Rs. | 3,277,299.6 |  |  | US$ | 43,471.3 |
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, 2020 is set out below:
|  | As of March 31, 2020 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 47,973.3 |  |  | Rs. | 48,473.5 |  |  | US$ | 643.0 |
Over one year through five years |  |  | 75,458.2 |  |  |  | 76,412.3 |  |  |  | 1,013.6 |
Over five years through ten years |  |  | 1,576.5 |  |  |  | 1,621.6 |  |  |  | 21.5 |
Over ten years |  |  | 960.5 |  |  |  | 1,057.9 |  |  |  | 14.0 |
Total |  | Rs. | 125,968.5 |  |  | Rs. | 127,565.3 |  |  | US$ | 1,692.1 |
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, |
|  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2020 |
|  | (In millions) |
Gross realized gains on sale |  | Rs. | 11,433.8 |  |  | Rs. | 3,788.1 |  |  | Rs. | 26,128.1 |  |  | US$ | 346.6 |
Gross realized losses on sale |  |  | (580.6 | ) |  |  | (1,192.1 | ) |  |  | (301.9 | ) |  |  | (4.0 | )
Realized gains (losses), net |  |  | 10,853.2 |  |  |  | 2,596.0 |  |  |  | 25,826.2 |  |  |  | 342.6 |
Dividends and interest |  |  | 158,209.2 |  |  |  | 190,992.5 |  |  |  | 198,383.2 |  |  |  | 2,631.4 |
Total |  | Rs. | 169,062.4 |  |  | Rs. | 193,588.5 |  |  | Rs. | 224,209.4 |  |  | US$ | 2,974.0 |

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