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Investments
 12 Months Ended
Mar. 31, 2020
Held for Trading  
Investments
4. Investments, held for trading
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  
Investments
5. Investments, available for sale debt securities
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
 
                                 
AFS investments of Rs. 2,309,003.7 million and Rs. 2,876,996.4 million (US$ 38,161.5 million) as of March 31, 2019 and March 31, 2020, 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. 1,634,673.3 million as of March 31, 2019 and Rs. 1,760,859.1 million (US$ 23,356.7 million) as of March 31, 2020, 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. 149.1 million, Rs. 1,081.0 million and Rs. 9,109.0 million (USD 120.8 million) as other than temporary impairment in fiscal year 2018, 2019 and 2020, 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, 2020 are temporary in nature. As of March 31, 2019 and March 31, 2020, 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, 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
 
                                                 
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
 
                         
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
 
                         
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
 
                                 
Held-to-maturity Securities  
Investments
6. Investments, held to maturity
There were no HTM securities as of March 31, 2019 and March 31, 2020.