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Investments (Tables)

12 Months Ended

Mar. 31, 2021

Summary of Allowances for Available for sale debt Securities

Allowances for Available for sale debt Securities as of March 31, 2021 are as follows:

		As of March 31, 2021
		Allowance for credit losses, beginning of the period				Write-offs				Addition to allowance for credit losses				Allowance for credit losses, end of the period
		(In millions)
Government of India securities		Rs.	—			Rs.	—			Rs.	—			Rs.	—
State government securities			—				—				—				—
Government securities outside India			—				—				—				—
Credit substitutes			—				—				2,915.1				2,915.1
Other corporate/financial institution bonds			—				—				—				—
Debt securities, other than asset and mortgage backed securities			—				—				—				—
Mortgage-backed securities			—				—				—				—
Asset-backed securities			—				—				—				—
Other securities (including mutual fund units)			—				—				—				—
Total		Rs.	—			Rs.	—			Rs.	2,915.1			Rs.	2,915.1
Total		US$	—			US$	—			US$	39.9			US$	39.9

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, 2020 and March 31, 2021 were as follows:

		As of March 31,
		2020								2021
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(In millions)
Available for sale credit substitute debt securities:
Debentures		Rs.	236,717.2			Rs.	237,980.3			Rs.	524,448.4			Rs.	537,472.8
Commercial paper			124,024.3				124,393.4				9,778.7				9,804.1
Total		Rs.	360,741.5			Rs.	362,373.7			Rs.	534,227.1			Rs.	547,276.9
										US$	7,304.2			US$	7,482.6

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, 2020 and March 31, 2021 was as follows:

		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
		As of March 31, 2021
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	15,076.0			Rs.	85.8			Rs.	2.6			Rs.	15,159.2
Other corporate/financial institution securities			34,803.9				43.3				0.4				34,846.8
Total debt securities		Rs.	49,879.9			Rs.	129.1			Rs.	3.0			Rs.	50,006.0
Other securities (including mutual fund units)			52,912.2				110.9				3,408.9				49,614.2
Total		Rs.	102,792.1			Rs.	240.0			Rs.	3,411.9			Rs.	99,620.2
Total		US$	1,405.3			US$	3.3			US$	46.6			US$	1,362.0

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, 2020 and March 31, 2021 was as follows:

		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
Securities with gross unrealized losses														Rs.	300,932.1
Securities with gross unrealized gains															3,105,357.1
														Rs.	3,406,289.2

		As of March 31, 2021
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	3,159,905.2			Rs.	31,824.6			Rs.	20,225.8			Rs.	3,171,504.0
State government securities			348,067.7				7,373.7				2,669.6				352,771.8
Government securities outside India			5,932.2				3.8				—				5,936.0
Credit substitutes (see note 7)			534,227.1				13,423.1				373.3				547,276.9
Other corporate/financial institution bonds			36,419.0				352.5				12.3				36,759.2
Debt securities, other than asset and mortgage-backed securities			4,084,551.2				52,977.7				23,281.0				4,114,247.9
Mortgage-backed securities			30.5				1.8				—				32.3
Asset backed securities			157,399.9				4,081.5				311.7				161,169.7
Total		Rs.	4,241,981.6			Rs.	57,061.0			Rs.	23,592.7			Rs.	4,275,449.9
Total		US$	57,998.1			US$	780.2			US$	322.6			US$	58,455.7
Securities with gross unrealized losses														Rs.	1,162,099.9
Securities with gross unrealized gains															3,113,350.0
														Rs.	4,275,449.9
														US$	58,455.7

Unrealized loss position investments

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

The gross unrealized losses and fair value of available for sale debt securities at March 31, 2021 was as follows:

		As of March 31, 2021
		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.	930,710.0			Rs.	20,224.7			Rs.	98.2			Rs.	1.1			Rs.	930,808.2			Rs.	20,225.8
State government securities			133,639.8				2,669.6				—				—				133,639.8				2,669.6
Government securities outside India			—				—				—				—				—				—
Credit substitutes (see note 7)			43,455.7				373.3				—				—				43,455.7				373.3
Other corporate/financial institution bonds			4,957.2				12.3				—				—				4,957.2				12.3
Debt securities, other than asset and mortgage-backed securities			1,112,762.7				23,279.9				98.2				1.1				1,112,860.9				23,281.0
Mortgage-backed securities			—				—				—				—				—				—
Asset-backed securities			49,239.0				311.7				—				—				49,239.0				311.7
Other securities (including mutual fund units)			—				—				—				—				—				—
Total		Rs.	1,162,001.7			Rs.	23,591.6			Rs.	98.2			Rs.	1.1			Rs.	1,162,099.9			Rs.	23,592.7
Total		US$	15,887.4			US$	322.6			US$	1.3			US$	—			US$	15,888.7			US$	322.6

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, 2021 is set out below:

		As of March 31, 2021
		Amortized Cost				Fair Value				Fair Value
		(In millions)
Within one year		Rs.	847,885.7			Rs.	849,275.7			US$	11,611.6
Over one year through five years			1,362,628.4				1,388,323.5				18,981.7
Over five years through ten years			1,133,763.6				1,145,349.2				15,659.7
Over ten years			740,273.5				731,299.5				9,998.6
Total		Rs.	4,084,551.2			Rs.	4,114,247.9			US$	56,251.6

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, 2021 is set out below:

		As of March 31, 2021
		Amortized Cost				Fair Value				Fair Value
		(In millions)
Within one year		Rs.	64,729.1			Rs.	66,238.6			US$	905.6
Over one year through five years			89,730.9				91,976.6				1,257.5
Over five years through ten years			1,127.6				1,135.9				15.5
Over ten years			1,842.8				1,850.9				25.3
Total		Rs.	157,430.4			Rs.	161,202.0			US$	2,203.9

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,
		2019				2020				2021				2021
		(In millions)
Gross realized gains on sale		Rs.	3,788.1			Rs.	26,128.1			Rs.	56,439.4			US$	771.8
Gross realized losses on sale			(1,192.1	)			(301.9	)			(514.2	)			(7.2	)
Realized gains (losses), net			2,596.0				25,826.2				55,925.2				764.6
Dividends and interest			190,992.5				198,383.2				226,690.9				3,099.4
Total		Rs.	193,588.5			Rs.	224,209.4			Rs.	282,616.1			US$	3,864.0

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- Definition

Tabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 9
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+ References

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-Publisher FASB
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-Topic 320
-SubTopic 10
-Section 50
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