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Retirement benefits (Tables)

12 Months Ended

Mar. 31, 2021

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, 2020 and March 31, 2021 are summarized in the table below.

		As of March 31, 2020												As of March 31, 2021
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
		(In millions)
Funds managed by insurance company (1)		Rs.	—			Rs.	—			Rs.	600.2			Rs.	—			Rs.	—			Rs.	664.1
Funds managed by insurance company (2)			—				4,937.3				—				—				7,445.5				—
Funds managed by trust
— Government securities			—				110.8				—				—				87.6				—
— Debenture and bonds			—				108.7				—				—				123.5				—
— Others			118.0				—				—				27.2				—				—
Total		Rs.	118.0			Rs.	5,156.8			Rs.	600.2			Rs.	27.2			Rs.	7,656.6			Rs.	664.1
														US$	0.4			US$	104.7			US$	9.1

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 2020 and 2021.

		Funds managed by Insurance companies as of March 31,
		2020				2021				2021
		(In millions)
Particulars
Opening balance		Rs.	625.0			Rs.	600.2			US$	8.2
Realized interest credited to fund			48.0				60.5				0.9
Contribution during the period			89.5				104.5				1.4
Amount paid towards claim			(162.3	)			(101.1	)			(1.4	)
Closing balance		Rs.	600.2			Rs.	664.1			US$	9.1

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, 2020 and March 31, 2021:

		As of March 31,
		2020				2021				2021
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	6,653.5			Rs.	7,883.0			US$	107.8
Service cost			965.4				1,107.0				15.1
Interest cost			483.3				561.6				7.7
Actuarial(gains)/ losses			368.9				759.4				10.4
Benefits paid			(588.1	)			(491.4	)			(6.7	)
Projected benefit obligation, end of the period			7,883.0				9,819.6				134.3
Change in plan assets:
Fair value of plan assets, beginning of the period			5,501.8				5,779.8				79.1
Expected return on plan assets			389.9				448.4				6.1
Actuarial gains/(losses)			(620.5	)			1,223.0				16.7
Actual return on plan assets			(230.6	)			1671.4				22.80
Employer contributions			1,096.7				1384.8				18.9
Benefits paid			(588.1	)			(491.4	)			(6.7	)
Fair value of plan assets, end of the period			5,779.8				8,344.6				114.10
Funded Status		Rs.	(2,103.2)			Rs.	(1,475.0)			US$	(20.2)

Schedule of Net Benefit Costs

Net gratuity cost for the years ended March 31, 2019, March 31, 2020 and March 31, 2021 was comprised of the following components:

		Fiscal years ended March 31,
		2019				2020				2021				2021
		(In millions)
Service cost		Rs.	820.6			Rs.	965.4			Rs.	1,107.0			US$	15.1
Interest cost			476.7				483.3				561.6				7.7
Expected return on plan assets			(347.4	)			(389.9	)			(448.4	)			(6.1	)
Actuarial (gains)/losses			(176.6	)			989.4				(463.6	)			(6.3	)
Net gratuity cost		Rs.	773.3			Rs.	2,048.2			Rs.	756.6			US$	10.4

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2019				2020				2021
		(% per annum)
Discount rate*			7.2-8.4				6.0-7.5				4.4-7.0
Rate of increase in compensation levels of covered employees			5.0-9.0				7.0-8.0				5.0-9.0
Rate of return on plan assets			7.0-7.2				6.0-7.0				4.4-7.0
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 includes benefits attributable to expected future service, as appropriate, are expected to be paid.

Year ending March 31,		Benefit payments
		(In millions)
2022		Rs.	1,271.4
2023			1,058.3
2024			927.5
2025			837.2
2026			746.1
2027 - 2031			3,017.0

Schedule of Allocation of Plan Assets

As at March 31, 2021, the plan assets as a percentage of the total funds were as follows:

		As of March 31, 2021
		Funds managed by insurance company (1)*				Funds managed by insurance company (2)*				Funds managed by trust
Government securities			79.5	%			22.7	%			36.5	%
Debenture and bonds			14.0	%			26.2	%			51.9	%
Equity securities			5.7	%			46.1	%			—
Other			0.8	%			5.0	%			11.6	%
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, 2021 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, 2020 and March 31, 2021:

		As of March 31,
		2020				2021				2021
		(In millions)
Change in benefit obligations:
Projected benefit obligation (“PBO”), beginning of the period		Rs.	677.6			Rs.	598.2			US$	8.2
Service cost			6.5				14.6				0.2
Interest cost			45.3				37.7				0.5
Actuarial (gains)/losses			15.3				327.9				4.5
Benefits paid			(146.5	)			(116.4	)			(1.6	)
Projected benefit obligation, end of the period			598.2				862.0				11.8
Change in plan assets:
Fair value of plan assets, beginning of the period			219.5				95.2				1.3
Expected return on plan assets			11.0				3.2				—
Actuarial gains/(losses)			2.9				(1.7	)			—
Actual return on plan assets			13.9				1.5				—
Employer contributions			8.3				23.0				0.3
Benefits paid			(146.5	)			(116.4	)			(1.6	)
Fair value of plan assets, end of the period			95.2				3.3				—
Funded Status		Rs.	(503.0)			Rs.	(858.7)			US$	(11.8)

Schedule of Net Benefit Costs

Net pension cost for the years ended March 31, 2018, March 31, 2019 and March 31, 2020 was comprised of the following components:

		As of March 31,
		2019				2020				2021				2021
		(In millions)
Service cost		Rs.	7.7			Rs.	6.5			Rs.	14.6			US$	0.20
Interest cost			66.3				45.3				37.7				0.50
Expected return on plan assets			(18.6	)			(11.0	)			(3.2	)			—
Actuarial (gains)/losses			1.7				12.4				329.6				4.50
Net pension cost		Rs.	57.1			Rs.	53.2			Rs.	378.7			US$	5.2

Schedule of Assumptions Used

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

		Fiscal years ended March 31,
		2019				2020				2021
		(% per annum)
Discount rate*			8.4				7.5				7.0
Rate of increase in compensation levels of covered employees			8.0				7.0				7.0
Rate of return on plan assets			7.0				7.0				6.5
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)
2022		Rs.	227.7
2023			94.1
2024			147.8
2025			126.6
2026			42.4
2027-2031			625.6

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of the said plan assets for the pension benefits as at March 31, 2021 is as follows:

Asset category		Funds managed by trust
Government securities			54.5	%
Debenture and bonds			45.5	%
Other			—	%
Total			100.0	%

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