The maturity of gross loans as of March 31, 2020 is set out below:


	As of March 31, 2020
	Wholesale loans		Retail loans		Total
	(In millions)
Maturity profile of loans:
Within one year	Rs.	1,718,893.5	Rs.	2,140,034.9	Rs.	3,858,928.4
Over one year through five years		1,191,304.1		4,290,512.7		5,481,816.8
Over five years		672,857.6		610,252.8		1,283,110.4

Total gross loans	Rs.	3,583,055.2	Rs.	7,040,800.4	Rs.	10,623,855.6

Total gross loans	US$	47,527.0	US$	93,391.6	US$	140,918.6

Gross loans analyzed by performance are as follows:


	As of March 31,
	2019		2020		2020
	(In millions)
Performing	Rs.	8,971,042.1	Rs.	10,466,428.7	US$	138,830.5
Impaired		140,422.5		157,426.9		2,088.1

Total gross loans	Rs.	9,111,464.6	Rs.	10,623,855.6	US$	140,918.6

The following table provides details of age analysis of loans as of March 31, 2019 and March 31, 2020.


	As of March 31, 2019
	31-90 days past due		Impaired / 91 days or more past due		Current 1,2		Total
	(In millions)
Retail Loans
Auto loans	Rs.	4,807.0	Rs.	13,606.7	Rs.	933,330.5	Rs.	951,744.2
Personal loans/Credit card		11,520.2		15,781.5		1,510,805.7		1,538,107.4
Retail business banking		9,087.9		29,945.0		1,439,284.9		1,478,317.8
Commercial vehicle and construction equipment finance		9,225.0		11,254.9		725,808.1		746,288.0
Housing loans		784.9		2,157.1		510,829.6		513,771.6
Other retail		9,480.1		29,523.6		970,670.9		1,009,674.6
Wholesale loans		202.9		38,153.7		2,835,204.4		2,873,561.0

Total	Rs.	45,108.0	Rs.	140,422.5	Rs.	8,925,934.1	Rs.	9,111,464.6

1)	Loans up to 30 days past due are considered current

2)	Includes crop related agricultural loans with days past due less than 366 as they are not considered as impaired Rs. 34.0 billion.


	As of March 31, 2020
	31-90 days past due		Impaired / 91 days or more past due		Current 1,2		Total
	(In millions)
Retail Loans
Auto loans	Rs.	4,049.3	Rs.	15,279.2	Rs.	932,724.6	Rs.	952,053.1
Personal loans/Credit card		16,819.3		14,481.7		1,889,300.6		1,920,601.6
Retail business banking		15,210.9		32,866.3		1,610,693.1		1,658,770.3
Commercial vehicle and construction equipment finance		17,679.2		22,992.2		706,711.0		747,382.4
Housing loans		3,330.9		2,921.3		628,360.2		634,612.4
Other retail		13,038.1		33,462.8		1,080,879.7		1,127,380.6
Wholesale loans		5,126.9		35,423.4		3,542,504.9		3,583,055.2

Total	Rs.	75,254.6	Rs.	157,426.9	Rs.	10,391,174.1	Rs.	10,623,855.6

Total	US$	998.1	US$	2,088.1	US$	137,832.4	US$	140,918.6

1)	Loans up to 30 days past due are considered current

2)	Includes crop related agricultural loans with days past due less than 366 as they are not considered as impaired Rs. 39.0 billion.

The Bank has a credit risk mitigating/monitoring mechanism which is comprised of target market definitions, credit approval process, post-disbursement monitoring and remedial management procedures.

For wholesale credit risk in addition to the credit approval process the Bank has an approved framework for the review and approval of credit ratings. Credit Policies and Procedures articulate credit risk strategy and thereby the approach for credit origination, approval and maintenance. The Credit Policies generally address such areas as target markets, portfolio mix, prudential exposure ceilings, concentration limits, price and non-price terms, structure of limits, approval authorities, exception reporting system, prudential accounting and provisioning norms. These are reviewed in detail at annual or more frequent intervals. To ensure adequate diversification of risk, concentration limits have been set up in terms of borrower/business group, industry and risk grading.

For retail credit, the policy and approval processes are designed for the fact that the Bank has high volumes of relatively homogeneous, small value transactions in retail loans. There are product programs for each of these products, which define the target markets, credit philosophy and process, detailed underwriting criteria for evaluating individual credits, exception reporting systems and individual loan exposure caps. The quantitative parameters considered include income, residence stability, the nature of the employment/business, while the qualitative parameters include accessibility, contractibility and profile. The credit policies/product programs are based on a statistical analysis of the Bank’s experience and industry data, in combination with the judgment of the Bank’s senior officers. The Bank mines data on its borrower account behavior as well as static data regularly to monitor the portfolio performance of each product segment and use these as inputs in revising the Bank’s product programs, target market definitions and credit assessment criteria to meet the Bank’s twin objectives of combining volume growth and maintenance of asset quality.

As an integral part of the credit process, the Bank has a credit rating model appropriate to its wholesale and retail credit segments. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal grading is updated at least annually.

The amount of purchased financing receivable outstanding as of March 31, 2019 and March 31, 2020 is Rs. 514,756.0 and Rs. 644,672.4, respectively.

Retail Loans

Credit quality indicator based on payment activity as of March 31, 2019 and as of March 31, 2020 is given below:


	As of March 31, 2019
	Auto loans		Personal loans/ Credit card		Retail business banking		Commercial vehicle and Construction equipment finance		Housing loans		Other retail		Total
	(In millions)
Performing	Rs.	938,137.5	Rs.	1,522,325.9	Rs.	1,448,372.8	Rs.	735,033.1	Rs.	511,614.5	Rs.	980,151.0	Rs.	6,135,634.8
Impaired		13,606.7		15,781.5		29,945.0		11,254.9		2,157.1		29,523.6		102,268.8

Total	Rs.	951,744.2	Rs.	1,538,107.4	Rs.	1,478,317.8	Rs.	746,288.0	Rs.	513,771.6	Rs.	1,009,674.6	Rs.	6,237,903.6


	As of March 31, 2020
	Auto loans		Personal loans/ Credit card		Retail business banking		Commercial vehicle and Construction equipment finance		Housing loans		Other retail		Total
	(In millions)
Performing	Rs.	936,773.9	Rs.	1,906,119.9	Rs.	1,625,904.0	Rs.	724,390.2	Rs.	631,691.1	Rs.	1,093,917.8	Rs.	6,918,796.9
Impaired		15,279.2		14,481.7		32,866.3		22,992.2		2,921.3		33,462.8		122,003.5

Total	Rs.	952,053.1	Rs.	1,920,601.6	Rs.	1,658,770.3	Rs.	747,382.4	Rs.	634,612.4	Rs.	1,127,380.6	Rs.	7,040,800.4

Total	US$	12,628.4	US$	25,475.5	US$	22,002.5	US$	9,913.5	US$	8,417.7	US$	14,954.0	US$	93,391.6

Wholesale Loans

The Bank has in place a process of grading each borrower according to its financial health and the performance of its business and each borrower is graded as pass/labeled/impaired. Wholesale loans that are not impaired are disclosed as pass or labeled and considered to be performing. Labeled loans are those with evidence of weakness where such exposures indicate deteriorating trends which if not corrected could adversely impact repayment of the obligations. The Bank’s model assesses the overall risk over four major categories – industry risk, business risk, management risk and financial risk. The inputs in each of the categories are combined to provide an aggregate numerical rating, which is a function of the aggregate weighted scores based on the assessment under each of these four risk categories.


	As of March 31,
	2019		2020		2020
	(In millions)
Credit quality indicators-Internally assigned grade and payment activity
Pass	Rs.	2,834,466.7	Rs.	3,524,290.5	US$	46,747.5
Labeled		940.6		23,341.3		309.6
Impaired		38,153.7		35,423.4		469.9

Total	Rs.	2,873,561.0	Rs.	3,583,055.2	US$	47,527.0

Impaired loans are those for which the Bank believes that it is probable that it will not collect all amounts due according to the original contractual terms of the loans and includes troubled debt restructuring. The following table provides details of impaired loans as of March 31, 2019 and March 31, 2020.


	As of March 31, 2019
	Recorded investments		Unpaid principal balance		Related specific allowance		Average recorded investments		Finance receivable on non-accrual status
	(In millions)
Retail Loans
Auto loans	Rs.	13,606.7	Rs.	13,606.7	Rs.	6,169.0	Rs.	11,120.6	Rs.	13,606.7
Personal loans/Credit card		15,781.5		15,781.5		9,694.0		12,966.2		15,781.5
Retail business banking		29,945.0		29,945.0		21,595.3		27,746.1		29,945.0
Commercial vehicle and construction equipment finance		11,254.9		11,254.9		6,544.8		9,111.5		11,254.9
Housing loans		2,157.1		2,157.1		1,105.2		2,028.3		2,157.1
Other retail		29,523.6		29,523.6		20,441.5		26,114.0		29,523.6
Wholesale loans		38,153.7		38,153.7		20,233.2		35,483.3		38,153.7

Total	Rs.	140,422.5	Rs.	140,422.5	Rs.	85,783.0	Rs.	124,570.0	Rs.	140,422.5


	As of March 31, 2020
	Recorded investments		Unpaid principal balance		Related specific allowance		Average recorded investments		Finance receivable on non-accrual status
	(In millions)
Retail Loans
Auto loans	Rs.	15,279.2	Rs.	15,279.2	Rs.	7,814.5	Rs.	14,443.0	Rs.	15,279.2
Personal loans/Credit card		14,481.7		14,481.7		8,535.1		15,131.6		14,481.7
Retail business banking		32,866.3		32,866.3		21,687.4		31,405.7		32,866.3
Commercial vehicle and construction equipment finance		22,992.2		22,992.2		11,607.3		17,123.6		22,992.2
Housing loans		2,921.3		2,921.3		1,414.7		2,539.2		2,921.3
Other retail		33,462.8		33,462.8		24,116.5		31,493.2		33,462.8
Wholesale loans		35,423.4		35,423.4		26,426.4		36,788.6		35,423.4

Total	Rs.	157,426.9	Rs.	157,426.9	Rs.	101,601.9	Rs.	148,924.9	Rs.	157,426.9

Total	US$	2,088.1	US$	2,088.1	US$	1,347.7	US$	1,975.4	US$	2,088.1

Impaired loans by industry as of March 31, 2019 and March 31, 2020 are as follows:


	As of March 31, 2019
	(In millions)
Gross impaired loans by industry:
—Consumer Loans	Rs.	22,513.7
—Agriculture Production—Food		18,915.0
—Wholesale Trade- Non Industrial		15,856.7
—Food and Beverage		8,577.3
—Retail Trade		7,767.0
—Others (none greater than 5% of impaired loans)		66,792.8

Total	Rs.	140,422.5


	As of March 31, 2020
	(In millions)
Gross impaired loans by industry:
—Agri Production—Food	Rs.	22,546.3	US$	299.1
—Consumer Loans		21,718.9		288.1
—Road Transportation		13,067.6		173.3
—Retail Trade		8,823.1		117.0
—Food and Beverage		8,137.5		107.9
—Others (none greater than 5% of impaired loans)		83,133.5		1,102.7

Total	Rs.	157,426.9	US$	2,088.1

Summary information relating to impaired loans during the fiscal year ended March 31, 2018, March 31, 2019 and March 31, 2020 is as follows:


	Fiscal year ended March 31,
	2018		2019		2020		2020
	(In millions)
Average impaired loans, net of allowance	Rs.	41,683.2	Rs.	50,378.2	Rs.	55,232.3	US$	732.6
Interest income recognized on impaired loans	Rs.	7,433.7	Rs.	6,994.7	Rs.	10,160.5	US$	134.8

Allowance for credit losses as of March 31, 2018 are as follows:


	As of March 31, 2018
	Specific																					Unallocated
	Retail
	Auto loans			Personal Loans/ Credit card			Retail business banking			Commercial vehicle and Construction equipment finance			Housing loans			Other retail			Wholesale			Retail		Wholesale		Total
	(In millions)
Allowance for credit losses, beginning of the period	Rs.	2,792.9		Rs.	4,040.0		Rs.	15,278.4		Rs.	4,398.5		Rs.	739.3		Rs.	6,767.5		Rs.	11,713.5		Rs.	28,110.6	Rs.	4,656.2	Rs.	78,496.9
Write-offs		(6,826.4	)		(16,714.3	)		(5,730.0	)		(3,644.0	)		(61.5	)		(4,557.4	)		(444.7	)		—		—		(37,978.3	)
Net allowance for credit losses*		7,715.7			18,856.9			9,161.0			4,051.6			296.6			10,712.7			4,054.2			14,036.8		3,103.1		71,988.6
Allowance for credit losses, end of the period	Rs.	3,682.2		Rs.	6,182.6		Rs.	18,709.4		Rs.	4,806.1		Rs.	974.4		Rs.	12,922.8		Rs.	15,323.0		Rs.	42,147.4	Rs.	7,759.3	Rs.	112,507.2

Allowance for credit losses:
Allowance individually evaluated for impairment	Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	15,323.0		Rs.	—	Rs.	—	Rs.	15,323.0
Allowance collectively evaluated for impairment		3,682.2			6,182.6			18,709.4			4,806.1			974.4			12,922.8			—			42,147.4		7,759.3		97,184.2
Loans:
Loans individually evaluated for impairment		—			—			—			—			—			—			32,812.8			—		—		32,812.8
Loans collectively evaluated for impairment		8,634.5			10,150.9			25,547.2			6,968.1			1,899.5			22,704.3			—			5,137,460.1		2,130,001.6		7,343,366.2

*	Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 12,590.8 million. Recoveries from r etail loans is Rs. 12,254.3 million and from w holesale loans is Rs. 336.5 million.

Allowances for credit losses as of March 31, 2019 are as follows:


	As of March 31, 2019
	Specific																					Unallocated
	Retail
	Auto loans			Personal Loans/ Credit card			Retail business banking			Commercial vehicle and Construction equipment finance			Housing loans			Other retail			Wholesale			Retail		Wholesale		Total
	(In millions)
Allowance for credit losses, beginning of the period	Rs.	3,682.2		Rs.	6,182.6		Rs.	18,709.4		Rs.	4,806.1		Rs.	974.4		Rs.	12,922.8		Rs.	15,323.0		Rs.	42,147.4	Rs.	7,759.3	Rs.	112,507.2
Write-offs		(9,155.3	)		(25,197.0	)		(6,665.5	)		(4,812.8	)		(93.3	)		(5,652.0	)		(1,755.7	)		—		—		(53,331.6	)
Net allowance for credit losses*		11,642.1			28,708.4			9,551.4			6,551.5			224.1			13,170.7			6,665.9			10,793.7		1,748.6		89,056.4
Allowance for credit losses, end of the period	Rs.	6,169.0		Rs.	9,694.0		Rs.	21,595.3		Rs.	6,544.8		Rs.	1,105.2		Rs.	20,441.5		Rs.	20,233.2		Rs.	52,941.1	Rs.	9,507.9	Rs.	148,232.0

Allowance for credit losses:
Allowance individually evaluated for impairment	Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	20,233.2		Rs.	—	Rs.	—	Rs.	20,233.2
Allowance collectively evaluated for impairment		6,169.0			9,694.0			21,595.3			6,544.8			1,105.2			20,441.5			—			52,941.1		9,507.9		127,998.8
Loans:
Loans individually evaluated for impairment		—			—			—			—			—			—			38,153.7			—		—		38,153.7
Loans collectively evaluated for impairment		13,606.7			15,781.5			29,945.0			11,254.9			2,157.1			29,523.6			—			6,135,634.8		2,835,407.3		9,073,310.9

*	Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 16,777.1 million. Recoveries from r etail loans is Rs. 16,590.9 million and from wholesale loans is Rs. 186.2 million.

Allowances for credit losses as of March 31, 2020 are as follows:


	As of March 31, 2020
	Specific																					Unallocated
	Retail
	Auto loans			Personal Loans/ Credit card			Retail business banking			Commercial vehicle and Construction equipment finance			Housing loans			Other retail			Wholesale			Retail		Wholesale		Total			Total
	(In millions)
Allowance for credit losses, beginning of the period	Rs.	6,169.0		Rs.	9,694.0		Rs.	21,595.3		Rs.	6,544.8		Rs.	1,105.2		Rs.	20,441.5		Rs.	20,233.2		Rs.	52,941.1	Rs.	9,507.9	Rs.	148,232.0		US$	1,966.2
Write-offs		(11,524.3	)		(41,646.3	)		(9,379.0	)		(10,838.5	)		(130.3	)		(12,833.1	)		(6,328.1	)		—		—		(92,679.6	)		(1,229.3	)
Net allowance for credit losses*		13,169.8			40,487.4			9,471.1			15,901.0			439.8			16,508.1			12,521.3			31,088.3		3,694.0		143,280.8			1,900.5
Allowance for credit losses, end of the period	Rs.	7,814.5		Rs.	8,535.1		Rs.	21,687.4		Rs.	11,607.3		Rs.	1,414.7		Rs.	24,116.5		Rs.	26,426.4		Rs.	84,029.4	Rs.	13,201.9	Rs.	198,833.2		US$	2,637.4

Allowance for credit losses:
Allowance individually evaluated for impairment	Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	—		Rs.	26,426.4		Rs.	—	Rs.	—	Rs.	26,426.4		US$	350.5
Allowance collectively evaluated for impairment		7,814.5			8,535.1			21,687.4			11,607.3			1,414.7			24,116.5			—			84,029.4		13,201.9		172,406.8			2,286.9
Loans:
Loans individually evaluated for impairment		—			—			—			—			—			—			35,423.4			—		—		35,423.4			469.9
Loans collectively evaluated for impairment		15,279.2			14,481.7			32,866.3			22,992.2			2,921.3			33,462.8			—			6,918,796.9		3,547,631.8		10,588,432.2			140,448.8

*	Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs 25,658.9 million (US$ 340.3 million). Recoveries from r etail loans is Rs.22,548.7 million and from wholesale loans is Rs. 3,110.2 million.

The unallocated allowance is assessed at each period end and the increase/(decrease), as the case may be is recorded in the income statement under allowance for credit losses net of recoveries against write-offs. There is no transfer of amounts to or from the unallocated category to the specific category.

Troubled debt restructuring (TDR)

When the Bank grants a concession, for economic or legal reasons related to a borrower’s financial difficulties, for other than an insignificant period of time, the related loan is classified as a TDR. Concessions could include a reduction in the interest rate below current market rates, payment extensions, forgiveness of principal, forbearance or other actions intended to maximize collection. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, are considered TDRs. On restructuring, the loans are re-measured to reflect the impact, if any, on projected cash flows resulting from the modified terms. Modification may have little or no impact on the allowance established for the loan if there was no forgiveness of the principal and the interest was not decreased. A charge off may be recorded at the time of restructuring if a portion of the loan is deemed to be uncollectible.

During fiscal 2020, the Bank implemented the package announced by RBI on account of COVID-19 situation which grants temporary extensions in repayment obligations to the borrowers without any interest or financial concessions. These did not meet the conditions to be classified as TDR. The following table summarizes the Bank’s TDR modifications during the fiscal year ended March 31, 2019 and March 31, 2020 presented by primary modification type and includes the financial effects of these modifications.There was no TDR modification during fiscal year ended March 31, 2018.


	Fiscal year ended March 31, 2019
	Carrying value		TDRs involving changes in the amount of principal payments (1)		TDRs involving changes in the amount of interest payments (2)		TDRs involving changes in the amount of both principal and interest payments		Balance of principal forgiven		Net P&L impact (3)
	(In millions)
Retail Loans:
Retail business banking	Rs.	17.9	Rs.	—	Rs.	17.9	Rs.	—	Rs.	—	Rs.	4.5
Commercial vehicle and construction equipment finance		—		—		—		—		—		—
Wholesale loans		—		—		—		—		—		—

Total (4)	Rs.	17.9	Rs.	—	Rs.	17.9	Rs.	—	Rs.	—	Rs.	4.5

(1)	TDRs involving changes in the amount of principal payment may include principal forgiveness or deferral of periodic and/or final principal payments.

(2)	TDRs involving changes in the amount of interest payments may involve a reduction in interest rate.

(3)	Balances reflect charge-offs and/or allowance for credit losses and/or income not recognized/deferred.

(4)	TDR modification during the year ended March 31, 2019 comprised of one case.


	Fiscal year ended March 31, 2020
	Carrying value		TDRs involving changes in the amount of principal payments (1)		TDRs involving changes in the amount of interest payments (2)		TDRs involving changes in the amount of both principal and interest payments		Balance of principal forgiven		Net P&L impact (3)
	(In millions)
Retail Loans:
Retail business banking	Rs.	964.1	Rs.	—	Rs.	964.1	Rs.	—	Rs.	—	Rs.	43.1
Commercial vehicle and construction equipment finance		—		—		—		—		—		—
Wholesale loans		—		—		—		—		—		—

Total (4)	Rs.	964.1	Rs.	—	Rs.	964.1	Rs.	—	Rs.	—	Rs.	43.1

Total (4)	US$	12.8	US$	—	US$	12.8	US$	—	US$	—	US$	0.6

(1)	TDRs involving changes in the amount of principal payment may include principal forgiveness or deferral of periodic and/or final principal payments.

(2)	TDRs involving changes in the amount of interest payments may involve a reduction in interest rate.

(3)	Balances reflect charge-offs and/or allowance for credit losses and/or income not recognized/deferred.