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v3.22.2

Investments | 12 Months Ended
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Mar. 31, 2022
Held for Trading |
Investments | 4. Investments, held for trading The portfolio of trading securities as of March 31, 2021 and March 31, 2022 was as follows:
|  | 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 |
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 28,159.7 |  |  | Rs. | 57.7 |  |  | Rs. | 21.9 |  |  | Rs. | 28,195.5 |
Other corporate/financial institution securities |  |  | 3,635.4 |  |  |  | 1.9 |  |  |  | 6.0 |  |  |  | 3,631.3 |
Total debt securities |  | Rs. | 31,795.1 |  |  | Rs. | 59.6 |  |  | Rs. | 27.9 |  |  | Rs. | 31,826.8 |
Other securities (including mutual fund units) |  |  | 21,933.5 |  |  |  | 128.2 |  |  |  | 689.0 |  |  |  | 21,372.7 |
Total |  | Rs. | 53,728.6 |  |  | Rs. | 187.8 |  |  | Rs. | 716.9 |  |  | Rs. | 53,199.5 |
Total |  | US$ | 708.2 |  |  | US$ | 2.5 |  |  | US$ | 9.5 |  |  | US$ | 701.2 |
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, 2021 and March 31, 2022 was as follows:
|  | 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 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,162,099.9 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,113,350.0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 4,275,449.9 |
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (In millions) |
Government of India securities |  | Rs. | 3,226,917.6 |  |  | Rs. | 10,995.6 |  |  | Rs. | 42,946.3 |  |  | Rs. | 3,194,966.9 |
State government securities |  |  | 429,146.8 |  |  |  | 4,395.9 |  |  |  | 5,865.9 |  |  |  | 427,676.8 |
Government securities outside India |  |  | 2,279.2 |  |  |  | — |  |  |  | 3.4 |  |  |  | 2,275.8 |
Credit substitutes (see note 7) |  |  | 578,922.3 |  |  |  | 5,381.4 |  |  |  | 1,283.5 |  |  |  | 583,020.2 |
Other corporate/financial institution bonds |  |  | 36,689.5 |  |  |  | 179.8 |  |  |  | 163.5 |  |  |  | 36,705.8 |
Debt securities, other than asset and mortgage-backed securities |  |  | 4,273,955.4 |  |  |  | 20,952.7 |  |  |  | 50,262.6 |  |  |  | 4,244,645.5 |
Mortgage-backed securities |  |  | 24.2 |  |  |  | — |  |  |  | 1.3 |  |  |  | 22.9 |
Asset-backed securities |  |  | 142,954.6 |  |  |  | 1,519.6 |  |  |  | 579.5 |  |  |  | 143,894.7 |
Total |  | Rs. | 4,416,934.2 |  |  | Rs. | 22,472.3 |  |  | Rs. | 50,843.4 |  |  | Rs. | 4,388,563.1 |
Total |  | US$ | 58,217.1 |  |  | US$ | 296.2 |  |  | US$ | 670.1 |  |  | US$ | 57,843.2 |
Securities with gross unrealized losses |  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 1,791,389.0 |
Securities with gross unrealized gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,597,174.1 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Rs. | 4,388,563.1 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | US$ | 57,843.2 |
AFS investments of Rs. 3,524,275.8 million and Rs. 3,622,643.8 million (US$ 47,748.0 million) as of March 31, 2021 and March 31, 2022, 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. 1,694,645.4 million as of March 31, 2021 and Rs. 1,648,213.8 million (US$ 21,724.2 million) as of March 31, 2022, 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. Amortized cost is net of Rs. 2,915.1 million and nil as allowance for credit losses as at March 31, 2021 and March 31, 2022, respectively. There was no allowance recorded as at April 1, 2020 upon adoption of the CECL accounting guidance from April 1, 2020. 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 |
The gross unrealized losses and fair value of available for sale debt securities at March 31, 2022 was as follows:
|  | As of March 31, 2022 |  |  |  |  |  |  |
|  | 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. | 447,360.3 |  |  | Rs. | 7,893.5 |  |  | Rs. | 838,788.4 |  |  |  | Rs.35,052.8 |  |  | Rs. | 1,286,148.7 |  |  | Rs. | 42,946.3 |
State government securities |  |  | 146,365.0 |  |  |  | 1,213.6 |  |  |  | 131,616.3 |  |  |  | 4,652.3 |  |  |  | 277,981.3 |  |  |  | 5,865.9 |
Government securities outside India |  |  | 2,275.7 |  |  |  | 3.4 |  |  |  | — |  |  |  | — |  |  |  | 2,275.7 |  |  |  | 3.4 |
Credit substitutes (see note 7) |  |  | 118,798.2 |  |  |  | 972.4 |  |  |  | 37,138.9 |  |  |  | 311.1 |  |  |  | 155,937.1 |  |  |  | 1,283.5 |
Other corporate/financial institution bonds |  |  | 15,823.3 |  |  |  | 163.5 |  |  |  | — |  |  |  | — |  |  |  | 15,823.3 |  |  |  | 163.5 |
Debt securities, other than asset- and mortgage-backed securities |  |  | 730,622.5 |  |  |  | 10,246.4 |  |  |  | 1,007,543.6 |  |  |  | 40,016.2 |  |  |  | 1,738,166.1 |  |  |  | 50,262.6 |
Mortgage-backed securities |  |  | 23.0 |  |  |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | 23.0 |  |  |  | 1.3 |
Asset-backed securities |  |  | 25,557.2 |  |  |  | 310.6 |  |  |  | 27,642.7 |  |  |  | 268.9 |  |  |  | 53,199.9 |  |  |  | 579.5 |
Other securities (including mutual fund units) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | 756,202.7 |  |  | Rs. | 10,558.3 |  |  | Rs. | 1,035,186.3 |  |  | Rs. | 40,285.1 |  |  | Rs. | 1,791,389.0 |  |  | Rs. | 50,843.4 |
Total |  | US$ | 9,967.1 |  |  | US$ | 139.1 |  |  | US$ | 13,644.2 |  |  | US$ | 531.0 |  |  | US$ | 23,611.3 |  |  | US$ | 670.1 |
As of March 31, 2022 there were 119 AFS investments in Government of India securities, State government securities and Government securities outside India with unrealized losses totaling Rs. 48,815.6 million. Upon analyzing the debt security portfolios, the Bank determined that no allowance was required as at March 31, 2022 in government issued or backed securities as for these debt securities the risk of loss was deemed minimal. Additionally, none of the remaining AFS investments in debt securities held by the Bank were past due or in non-accrual status as of March 31, 2022. The declines in the market value of these securities were attributable to changes in interest rates and not credit quality, and because the Bank had the ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Bank did not record any allowance for credit losses on any of these securities at March 31, 2022. 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) |
Credit substitutes |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 2,915.1 |  |  | Rs. | 2,915.1 |
Other corporate/financial institution bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | Rs. | — |  |  | Rs. | — |  |  | Rs. | 2,915.1 |  |  | Rs. | 2,915.1 |
Allowances for Available for sale debt Securities as of March 31, 2022 are as follows:
|  | As of March 31, 2022 |
|  | Allowance for credit losses, beginning of the period |  |  | Write-offs |  |  | Addition/(Deletion) 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. | 2,915.1 |  |  | Rs. | — |  |  | Rs. | (2,915.1 | ) |  | Rs. | — |
Total |  | US$ | 38.4 |  |  | US$ | — |  |  | US$ | (38.4 | ) |  | US$ | — |
Credit Quality Indicators The Bank monitors the credit quality of its investment securities through various risk management procedures, including the monitoring of credit ratings. A majority of the debt securities in the Bank’s investment portfolio were issued by the Government of India or State governments or entities or agencies that are either explicitly or implicitly guaranteed by such governments. The Bank believes the long history of no credit losses on these securities indicates that the expectation non-payment of the amortized cost basis is zero, even if such governments were to technically default. Therefore, for the aforementioned securities, the Bank does not assess, or record expected credit losses due to the zero loss assumption. The Bank monitors the credit quality of its remaining AFS investment portfolio which is updated periodically. Such of the remaining AFS investment portfolio in an unrealized loss position are evaluated to determine if the loss is attributable to credit related factors and if an allowance for credit loss is needed. The average credit rating of the securities comprising the mortgage -backed securities and asset-backed securities was AAA (based upon external ratings where available) as at March 31, 2022 . The contractual residual maturity of available for sale debt securities other than asset and mortgage-backed securities as of March 31, 2022 is set out below:
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 881,418.9 |  |  | Rs. | 882,468.1 |  |  | US$ | 11,631.3 |
Over one year through five years |  |  | 1,492,816.4 |  |  |  | 1,503,308.7 |  |  |  | 19,814.3 |
Over five years through ten years |  |  | 1,334,162.1 |  |  |  | 1,314,014.4 |  |  |  | 17,319.3 |
Over ten years |  |  | 565,558.0 |  |  |  | 544,854.3 |  |  |  | 7,181.4 |
Total |  | Rs. | 4,273,955.4 |  |  | Rs. | 4,244,645.5 |  |  | US$ | 55,946.3 |
The contractual residual maturity of available for sale mortgage-backed and asset-backed debt securities as of March 31, 2022 is set out below:
|  | As of March 31, 2022 |
|  | Amortized Cost |  |  | Fair Value |  |  | Fair Value |
|  | (In millions) |
Within one year |  | Rs. | 63,824.9 |  |  | Rs. | 64,300.8 |  |  | US$ | 847.5 |
Over one year through five years |  |  | 78,315.3 |  |  |  | 78,781.6 |  |  |  | 1,038.4 |
Over five years through ten years |  |  | 774.2 |  |  |  | 771.9 |  |  |  | 10.2 |
Over ten years |  |  | 64.4 |  |  |  | 63.3 |  |  |  | 0.8 |
Total |  | Rs. | 142,978.8 |  |  | Rs. | 143,917.6 |  |  | US$ | 1,896.9 |
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, |
|  | 2020 |  |  | 2021 |  |  | 2022 |  |  | 2022 |
|  | (In millions) |
Gross realized gains on sale |  | Rs. | 26,128.1 |  |  | Rs. | 56,439.4 |  |  | Rs. | 18,604.5 |  |  | US$ | 245.2 |
Gross realized losses on sale |  |  | (301.9 | ) |  |  | (514.2 | ) |  |  | (1,858.7 | ) |  |  | (24.5 | )
Realized gains (losses), net |  |  | 25,826.2 |  |  |  | 55,925.2 |  |  |  | 16,745.8 |  |  |  | 220.7 |
Dividends and interest |  |  | 198,383.2 |  |  |  | 226,690.9 |  |  |  | 240,943.0 |  |  |  | 3,175.7 |
Total |  | Rs. | 224,209.4 |  |  | Rs. | 282,616.1 |  |  | Rs. | 257,688.8 |  |  | US$ | 3,396.4 |
Held-to-maturity Securities |
Investments | 6. Investments, held to maturity There were no HTM securities as of March 31, 2021 and March 31, 2022.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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