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Retirement benefits (Tables) | 12 Months Ended
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Mar. 31, 2022
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, 2021 and March 31, 2022 are summarized in the table below.
|  | As of March 31, 2021 |  |  | As of March 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In millions) |
Funds managed by insurance company (1) |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 664.1 |  |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 779.8 |
Funds managed by insurance company (2) |  |  | — |  |  |  | 7,445.5 |  |  |  | — |  |  |  | — |  |  |  | 9,016.0 |  |  |  | — |
Funds managed by trust |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Government securities |  |  | — |  |  |  | 87.6 |  |  |  | — |  |  |  | — |  |  |  | 68.1 |  |  |  | — |
— Debenture and bonds |  |  | — |  |  |  | 123.5 |  |  |  | — |  |  |  | — |  |  |  | 53.0 |  |  |  | — |
— Others |  |  | 27.2 |  |  |  | — |  |  |  | — |  |  |  | 111.1 |  |  |  | — |  |  |  | — |
Total |  | Rs. | 27.2 |  |  | Rs. | 7,656.6 |  |  | Rs. | 664.1 |  |  | Rs. | 111.1 |  |  | Rs. | 9,137.1 |  |  | Rs. | 779.8 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 1.5 |  |  | US$ | 120.4 |  |  | US$ | 10.3 |
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 years 2021 and 2022.
|  | Funds managed by Insurance companies as of March 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Particulars |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | Rs. | 600.2 |  |  | Rs. | 664.1 |  |  | US$ | 8.8 |
Realized interest credited to fund |  |  | 60.5 |  |  |  | 48.1 |  |  |  | 0.6 |
Contribution during the period |  |  | 104.5 |  |  |  | 131.1 |  |  |  | 1.7 |
Amount paid towards claim |  |  | (101.1 | ) |  |  | (63.5 | ) |  |  | (0.8 | )
Closing balance |  | Rs. | 664.1 |  |  | Rs. | 779.8 |  |  | US$ | 10.3 |
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, 2021 and March 31, 2022:
|  | As of March 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Change in benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation (“PBO”), beginning of the period |  | Rs. | 7,883.0 |  |  | Rs. | 9,819.6 |  |  | US$ | 129.4 |
Service cost |  |  | 1,107.0 |  |  |  | 1,268.0 |  |  |  | 16.7 |
Interest cost |  |  | 561.6 |  |  |  | 631.2 |  |  |  | 8.3 |
Actuarial(gains)/ losses |  |  | 759.4 |  |  |  | (260.6 | ) |  |  | (3.4 | )
Benefits paid |  |  | (491.4 | ) |  |  | (769.5 | ) |  |  | (10.1 | )
Projected benefit obligation, end of the period |  |  | 9,819.6 |  |  |  | 10,688.7 |  |  |  | 140.9 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of the period |  |  | 5,779.8 |  |  |  | 8,344.6 |  |  |  | 110.1 |
Expected return on plan assets |  |  | 448.4 |  |  |  | 574.1 |  |  |  | 7.6 |
Actuarial gains/(losses) |  |  | 1,223.0 |  |  |  | 237.1 |  |  |  | 3.1 |
Actual return on plan assets |  |  | 1,671.4 |  |  |  | 811.2 |  |  |  | 10.7 |
Employer contributions |  |  | 1,384.8 |  |  |  | 1,633.0 |  |  |  | 21.5 |
Benefits paid |  |  | (491.4 | ) |  |  | (769.5 | ) |  |  | (10.1 | )
Fair value of plan assets, end of the period |  |  | 8,344.6 |  |  |  | 10,019.3 |  |  |  | 132.2 |
Funded Status |  | Rs. | (1,475.0 | ) |  | Rs. | (669.4 | ) |  | US$ | (8.8 | )
Schedule of Net Benefit Costs | Net gratuity cost for the years ended March 31, 2020, March 31, 2021 and March 31, 2022 was comprised of the following components:
|  | Fiscal years ended March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Service cost |  | Rs. | 965.4 |  |  | Rs. | 1,107.0 |  |  | Rs. | 1,268.0 |  |  | US$ | 16.7 |
Interest cost |  |  | 483.3 |  |  |  | 561.6 |  |  |  | 631.2 |  |  |  | 8.3 |
Expected return on plan assets |  |  | (389.9 | ) |  |  | (448.4 | ) |  |  | (574.1 | ) |  |  | (7.6 | )
Actuarial (gains)/losses |  |  | 989.4 |  |  |  | (463.6 | ) |  |  | (497.7 | ) |  |  | (6.5 | )
Net gratuity cost |  | Rs. | 2,048.2 |  |  | Rs. | 756.6 |  |  | Rs. | 827.4 |  |  | US$ | 10.9 |
Schedule of Assumptions Used | The assumptions used in accounting for the gratuity plan are set out below:
|  | Fiscal years ended March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | (% per annum) |
Discount rate* |  |  | 6.0-7.5 |  |  |  | 4.4-7.0 |  |  |  | 5.1-7.3 |
Rate of increase in compensation levels of covered employees |  |  | 7.0-8.0 |  |  |  | 5.0-9.0 |  |  |  | 6.0-11.0 |
Rate of return on plan assets |  |  | 6.0-7.0 |  |  |  | 4.4-7.0 |  |  |  | 5.1-7.0 |
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) |
2023 |  | Rs. | 1,360.9 |
2024 |  |  | 1,203.2 |
2025 |  |  | 992.8 |
2026 |  |  | 1,006.3 |
2027 |  |  | 1,021.9 |
2028 - 2032 |  |  | 3,409.9 |
Schedule of Allocation of Plan Assets | As at March 31, 2022, the plan assets as a percentage of the total funds were as follows:
|  | As of March 31, 2022 |
|  | Funds managed by insurance company (1)* |  |  | Funds managed by insurance company (2)* |  |  | Funds managed by trust |
Government securities |  |  | 79.5 | % |  |  | 25.9 | % |  |  | 26.9 | %
Debenture and bonds |  |  | 14.0 | % |  |  | 23.9 | % |  |  | 23.4 | %
Equity securities |  |  | 5.7 | % |  |  | 44.7 | % |  |  | — |
Other |  |  | 0.8 | % |  |  | 5.5 | % |  |  | 49.7 | %
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, 2022 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, 2021 and March 31, 2022:
|  | As of March 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Change in benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation (“PBO”), beginning of the period |  | Rs. | 598.2 |  |  | Rs. | 862.0 |  |  | US$ | 11.4 |
Plan amendment (prior service cost) |  |  | — |  |  |  | 76.9 |  |  |  | 1.0 |
Service cost |  |  | 14.6 |  |  |  | 16.1 |  |  |  | 0.2 |
Interest cost |  |  | 37.7 |  |  |  | 55.8 |  |  |  | 0.7 |
Actuarial (gains)/losses |  |  | 327.9 |  |  |  | 34.4 |  |  |  | 0.5 |
Benefits paid |  |  | (116.4 | ) |  |  | (204.3 | ) |  |  | (2.7 | )
Projected benefit obligation, end of the period |  |  | 862.0 |  |  |  | 840.9 |  |  |  | 11.1 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of the period |  |  | 95.2 |  |  |  | 3.3 |  |  |  | — |
Expected return on plan assets |  |  | 3.2 |  |  |  | 0.4 |  |  |  | — |
Actuarial gains/(losses) |  |  | (1.7 | ) |  |  | 2.3 |  |  |  | 0.1 |
Actual return on plan assets |  |  | 1.5 |  |  |  | 2.7 |  |  |  | 0.1 |
Employer contributions |  |  | 23.0 |  |  |  | 207.0 |  |  |  | 2.7 |
Benefits paid |  |  | (116.4 | ) |  |  | (204.3 | ) |  |  | (2.7 | )
Fair value of plan assets, end of the period |  |  | 3.3 |  |  |  | 8.7 |  |  |  | 0.1 |
Funded Status |  | Rs. | (858.7 | ) |  | Rs. | (832.2 | ) |  | US$ | (11.0 | )
Schedule of Net Benefit Costs | Net pension cost for the years ended March 31, 2020, March 31, 2021 and March 31, 2022 was comprised of the following components:
|  | As of March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Service cost |  | Rs. | 6.5 |  |  | Rs. | 14.6 |  |  | Rs. | 93.0 |  |  | US$ | 1.2 |
Interest cost |  |  | 45.3 |  |  |  | 37.7 |  |  |  | 55.8 |  |  |  | 0.7 |
Expected return on plan assets |  |  | (11.0 | ) |  |  | (3.2 | ) |  |  | (0.4 | ) |  |  | — |
Actuarial (gains)/losses |  |  | 12.4 |  |  |  | 329.6 |  |  |  | 32.1 |  |  |  | 0.4 |
Net pension cost |  | Rs. | 53.2 |  |  | Rs. | 378.7 |  |  | Rs. | 180.5 |  |  | US$ | 2.3 |
Schedule of Assumptions Used | The assumptions used in accounting for the pension plan are set out below:
|  | Fiscal years ended March 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | (% per annum) |
Discount rate* |  |  | 7.5 |  |  |  | 7.0 |  |  |  | 7.3 |
Rate of increase in compensation levels of covered employees |  |  | 7.0 |  |  |  | 7.0 |  |  |  | 7.0 |
Rate of return on plan assets |  |  | 7.0 |  |  |  | 6.5 |  |  |  | 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) |
2023 |  | Rs. | 140.2 |
2024 |  |  | 147.6 |
2025 |  |  | 134.1 |
2026 |  |  | 45.5 |
2027 |  |  | 49.7 |
2028-2032 |  |  | 717.5 |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of said plan assets for the pension benefits as at March 31, 2022 is as follows:
Asset category |  | Funds managed by trust |
Government securities |  |  | 90.8 | %
Debenture and bonds |  |  | 9.2 | %
Other |  |  | — | %
Total |  |  | 100.0 | %

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